Checkout and Settlement Essay Example for Free

Checkout and Settlement Essay Check out and settlement are part of the final stages of the guest cycle. It is the final phase of the guest cycle and examines the various activities involved in checkout and settlement. Check out involves the front desk as also other departments such as housekeeping, bell desk, cashier’s desk, Point of sales etc. Main areas for a checkout are the belldesk and the cashier. The FO performs at least 3 important functions during the checkout and settlement process. †¢ It resolves outstanding guest account balances. †¢ It updates room status information †¢ It creates guest history records. Guest account settlement depends on effective FO accounting system that maintains accurate guest folios, verifies and authorizes a method of settlement and resolves discrepancies in account balances. Hotels find it most effective to settle a guest account while the guest is still in the hotel. Guest can settle the bill by paying cash, charging the balance to a credit card, deferring payment to an approved direct billing entity or using a combination of payment methods. Most hotels require a guest to specify during registration an eventual method of settlement. FO should verify or confirm guest credit card or direct billing information before he/she arrives at the desk for check out. Pre settlement verification activities ensure that the hotel will be paid for accommodation and services. DEPARTURE ACTIVITIES AT VARIOUS DESKS: 1) At the Bell Desk: During checkout a luggage outpass has to be obtained from the cashier stating that the guest has settled his account and returned the room key. Once this is received a departure errand card is made and filled out by the bell boy and will got to the guest room to bring down the luggage. The bell captain will also make an entry regarding this in the bell captain’s control sheet. On reaching the guest room the bell boy will announce himself, knock on the door enter the room on gaining permission. The bellboy will also ensure the following: 1. Collect room keys from the guest 2. Check the room for any possible damage to the property. 3. Draws the curtains, locks the balcony. 4. Checks bathroom and fittings. 5. The guest is escorted by him to the front desk 6. He puts a â€Å"room to be cleaned tag† card on the door after switching of the lights and air conditioner. The departure room is then inspected by a housekeeping supervisor/ Room attendant to ensure that nothing is left behind by the guest. The housekeeping/ In room dining department will also check the minibar for anything consumed by the guest to be charged to the bill. At the lobby the bell boy will: Keep the guest’s luggage at the bell desk Put hotel stickers and mark the luggage with â€Å"D† indicating departure luggage. Collect the luggage out clearance slip from the reception and loads the luggage in the car/taxi. Return the errand card to the bell captain which will then be entered onto the bell captain’s control sheet. 2) At the Reception desk: The Front desk receptionist checks the list of expected checkouts for the day and will confirm with the guest his date and time of checkout. Departure notification slips are printed to inform the other departments of the guest’s checkout. In a manual system the room racks are updated. The departure register is also updated. Checking for the mail messages and faxes. Checking for safe deposit box or in room safe keys. 3) At the cashier’s desk: 1. Verifying account information. 2. Posting any remaining charges to the guest’s folio. 3. Presenting the guest folio. 4. Verifying the method of payment. 5. Processing the account payment. 6. Securing the room key. 7. Updating the room status. The procedures used will vary among Front Offices depending upon hotels level of service and degree of automation. Some Front Offices offer automated or express check out. Traditionally at check out guest is presented a final copy of his/her account folio for review and settlement. FOA should confirm how the guest intends to settle the account. Guest may establish credit by presenting a credit card but may choose to settle his bill by cash or travelers cheques. VIP or special guests or corporate accounts should not be asked for settlement if their account is marked that all charges are to be Direct Billed. FOA should bring the guest account balance to zero, called zeroing out. When guest pays by cash or credit card, hotels assume that the payment is full and close the folio. If the account is to be paid through Direct Billing by the hotel, however the account is not brought to a zero balance because it must be transferred to the city ledger and billed through the account receivable system. METHODS OF SETTLEMENT A guest account can be brought to a zero balance in several ways. Methods of settlement include cash payment, credit card or Direct Billing transfer or combined settlement method. I. CASH PAYMENT IN FULL Cash payment in full at check out will bring a guest account balance to zero. A cash receipt has to be issued to the guest by the cashier. The cashier should mark the folio paid. If the guest has produced a credit card at check in, the cashier should destroy the guest credit card voucher imprinted at registration when the guest pays the account in full with cash. Guests paying in foreign currency should convert their money to local currency (some international currencies like $ are accepted). Hotels often charge a fee to convert currencies as banks charge the fee from the hotels. Currency conversion rates are displayed at the Cashiers counter or it can also be taken from business sections of newspapers. Guests can also use traveler’s cheques to settle their bills. Traveler’s cheques are issued by banks and avoid the risk of carrying cash. At the time of settlement the cashier should confirm the identity of the guest from the safety and security point of view. Also there is no danger of them being stolen as they can be encashed only when the signature of the holder tallies with the signature signed at the time of issue. A foreign traveler’s cheque should be treated as foreign currency and the necessary records, statements and certificates must be maintained like in the case of foreign currency and should be sent to the Reserve Bank of India. Difference between an ordinary cheque and a traveler’s cheque |Ordinary cheque |Travelers cheque | |For issuing a person should have a bank account (either |No need of any bank account for purchasing and encashing of | |current or saving). |traveler’s cheque. | |Any amount can be filled in the cheque as they are blank. |Have a fixed amount printed on its face and available in different | | |denominations. | |Only one signature is needed of the holder. |Two signatures are required (one in the presence of the issuing | | |authority and second in the presence of encashing authority). | |Ordinary cheques are valid only for 3-6 months. |Valid for indefinite period of time unless dated. | |These cheques can be crossed for account payee. |No such provision. | |No slip/list of lost, damaged or stolen cheques is issued by |Many banks issue a stop list for stolen and damaged cheques. | |the bank. | | |Cheque may bounce as the balance in the account may be less |No such possibility as the amount is already printed on the face of | |than the cheque |the cheque. | |Not safe as someone might force the owner to sign the cheque. |Quite safe because the second signature have to be put in front of | | |the encashing authority. | Procedure for accepting foreign currency: †¢ Request guest passport and determine the credentials such as name and photo identification place of issue and date of expiry of the passport. †¢ Confirm that the guest is a resident of the hotel by asking his room no. If the guest is a non-resident the permission of the lobby manager is obtained who will extend this facility to VIP’s and regular guests. †¢ Receive the cash or traveler’s cheque in foreign currency. †¢ Calculate the total amount of ocal currency to be paid by multiplying the foreign currency by the exchange rate displayed. †¢ Fill in details of the foreign currency encashment certificate. †¢ Request the guest to sign the foreign currency encashment certificate and compare the signature with the passport. †¢ Request the guest to sign the traveler’s cheque if it is an instrument of exchange. †¢ Give the total amount of local currency with the encashment certificate to the guest †¢ Second copy of the certificate is attached to the notes or traveler’s cheques received †¢ Third copy remains in the encashment certificate book. †¢ Fill in details in the record of foreign currency transactions. †¢ Fill in details of the foreign currency transaction in the cashier’s report. II. CREDIT CARD TRANSFER Even though credit card transfer settlement brings a guest account to zero, the amount of the charge must be tracked until payment is actually received from the credit card Co. Credit card settlement creates a transfer of credit on the guest folio and moves an account balance from the guest ledger to a credit card account in the city ledger (non- guest ledger). (Procedure). Guest signature completes this transaction. In some hotels computer system sends the settlement transactions directly to the credit card Co. guest only signs on the voucher present at FO. There is no need to sign on imprinted voucher. When foreign guests pay by credit card, credit card Co. payment is in local currency. III. DIRECT BILLING TRANSFER Like credit card settlement, direct billing transfers a guest account balance from the guest ledger to the city ledger. Unlike credit card settlement responsibility for billing and collecting a direct billing lies with the hotel rather than an outside agency. Billing should be arranged and approved by hotel’s credit department. Guest signs the folio and accepts the responsibility to pay the bill should direct billing account not pay the bill. IV. COMBINED SETTLEMENT METHOD A guest may elect to use more than one settlement method to bring the folio balance to zero. E.g., guest may make partial cash payment and charge the reminder of the account balance to an acceptable credit card. FOA must accurately record the combined settlement methods and take care that all required paper work is properly completed. Once the guest has settled the account the FOA should provide the guest with a copy of the folio. Good evaluation and follow up should be there as it is the last chance to make an impression. LATE CHECK OUTS Guests do not always check out by the hotels posted check out time. To minimise late check outs, the front office should post check out time notices in conspicuous places such as back of the guest room door, FO, in departure material etc. some hotels charge late check out fee. Explain to the guest why the fee is charged (management policy, HK can prepare room for other guests arriving that day). CHECK OUT OPTIONS Advance in technology with special guest service to expedite departure activities. 1. Express check out Guests may encounter line at front desk when checking out during the peak hours (e.g., between 7.30 and 9.30 am). To ease front desk volume, some FO initiate check out activity before the guest is actually ready to leave. A common pre departure activity involves producing and distributing guest folios to guests expected to check out. FO, HK or Security staff can quietly slip the folio into the guestroom, while they go for their rounds. By completing such a form, guest authorises the front office to transfer his or her outstanding folio to the credit card voucher created during registration. Procedure for express check-out: The receptionist should inform the guest about the express check out facility in the hotel If the guest wishes to use this facility obtain his card during check in Take the impression of the card on a charge slip and on the express check out slip. The charge slip is signed by the guest. One copy of the express check out slip is given to the guest. Explain to the guest that he needs to wrap his room key in the copy and drop it in the express check out drop box located in the lobby at the time of his departure. Attach a copy of the charge slip and express check out sip to the registration card The lobby manager/duty manager files his copy of express check out slip as per the check out date. A day prior to the guests check out the copy of the guest bill is sent to the room with an ECO sticker attached An ECO rooms list should be printed every morning which is necessary for monitoring the entire system. The second copy of this list is given to the bell desk. This system is available only for credit card paying guests and is a facility given to those guests who avoid going physically to the cashier’s desk at the time of check out for considerable time saving. 2. Self check out In some hotels guests can check themselves out of the hotel by accessing self check out terminals in the lobby or in room system interfaced with front office computer intended to reduce check out time and front desk traffic. Some resemble automatic bank teller machines while others posses video and audio capability. Credit card has to be used (number or magnetic strip). Check out is complete when the guest’s balance is transferred to a credit card account and an itemised account statement is printed and dispersed to the guest. This system sends an updated room status to front office computer. In room folio review and check out usually relies on an in room television or guestroom telephone access via an in room TV. Guests can pick up a printed folio at the front desk on his way out. In room self check out automatically updates room status and creates Guest History records. Another advantage is guests can look at their folios at any time during their stay. UNPAID ACCOUNT BALANCES No matter how carefully the front office monitors guest’s stay there is always possibility that the guest will leave without settling his account. Guest may forget to check out or front office may discover late charges for a guest who has already checked out. After departure charges or outstanding balances represent unpaid account balances. LATE CHARGES may be a major concern in guest account settlement. Restaurant, telephone, room service charges etc are the examples of some potential late charges. Sometimes additional cost of postage, stationary, labor, etc is more than the late charge itself. It is important in maximising the profitability. FOLLOWING STEPS CAN BE TAKEN TO REDUCE LATE CHARGES: In automated and semi automated system front office can- †¢ Post transactional vouchers as soon as they arrive at the front desk. †¢ Survey front office equipment and voucher and folio racks for unposted charges. E.g., local telephone, in room movie charge meters may posses information not recorded in a voucher. †¢ Ask departing guests whether they have incurred any charge purchase or long distance calls that do not appear on the folio. Front may appoint runners to collect vouchers or get information on phone at peak hours. Front office computer system that interfaces with revenue center outlets is often the most effective means of reducing or even eliminating late charges. Room key deposits at reception counter help in reducing unpaid balances. ACCOUNT COLLECTION Late charges that are billed to departed guests should not be classified as un- collectible until the front office has exhausted all billing and collection procedures. A registration card should contain guest address, phone number etc. Procedures for collection of late charges will be different for cash and credit card depending on company policy for late charges. Guest account not settled at check out regardless of the credit established or prepayments processed during registration are transferred from the guest ledger to the city ledger, from front office to hotels accounting division. TYPICAL CITY LEDGER ACCOUNT INCLUDE: 1. Credit card billing- to authorised credit card billing. 2. Direct billing–to approved company and individual account. 3. Travel agency account- for authorised tours and groups. 4. Bad cheque account- resulting from departed guests whose personal cheques were returned unpaid. 5. Skipper account- guests who left the hotel without settling their account. 6. Disputed bills account- for guests who refuse to settle their account (in part or in full) because of a discrepancy. 7. Guaranteed reservation account- for billing and tracing no show guests. 8. Late charges account- for guests who checked out before some charges were posted to their account. 9. House accounts- for non-guest business and promotional activities. To be effective, the front office must establish a policy for billing departed guests with overdue account. Account receivable billing include determining: 1. When outstanding account balances are payable. 2. The number of days between billing. 3. How to control departed guests whose accounts are overdue. Collection schedules can range from aggressive (short cycle) to lenient (long cycle) depending on the hotels financial needs, clientele profile, history of collection patterns and so on. †¢ Firm in any encounters involving deferred payment. †¢ Documented procedure for collecting overdoes. †¢ Credit for tour group to be established well before they arrive. †¢ Uncollectible accounts to be sent back to the departments that originally accepted the uncollectible charge. FRONT OFFICE RECORDS Front office usually makes two copies of each guest account folio. 1 copy – guest receipt 2 copy – hotels permanent record Front office that uses three part folio, file the third copy with credit card voucher or direct billing statement in case the guest later needs a summary of charges. Registration cards are filed alphabetically whereas guest folios are filed numerically. GUEST HISTORIES Front office management can better understand its clientele and determine guest trends when it develops and maintains a guest history file. It contains personal and financial data of the guest hence it is confidential and proprietary. It is the last step in check out and account settlement. Many hotels build guest history cards from expired registration cards. It has information about the guest’s spouse, family etc. the information may help develop ads that appeal to the types of clientele the hotel is attempting to attract. Guest histories may also point out the need for new, supplementary or enhanced services. MARKETING FOLLOW THROUGH Hotels marketing department may rely in part on guest history files to develop new marketing strategies. Also, a property-marketing programme may depend on the front office performance and follow through at check out. E.g., marketing department creates a program to reward frequent guests with a free stay. Front office may be responsible for tracking the number of stays. Frequent travelers clubs are designed to encourage brand loyalty. Here airlines work as co marketers. GROUP DEPARTURE: At the Bell desk: Sufficient number of bell boys are arranged to handle luggage of the group. Baggage down time and wake up calls times are important and must be checked and followed strictly. Allocate floors and rooms to bell boys to bring down the luggage down to the lobby. If on the day of departure the guests are not in the room the bell boys go to each group member’s rooms and â€Å"pull† each group members baggage out of the room and bring it down to the lobby until the group is ready to leave. This process is called as â€Å"bag pull† Baggage is brought down to the lobby and counted. Bell captain obtains a baggage outpass. Room keys are handed to reception After clearance from the cashier and reception Finally the baggage is loaded onto the vehicle by the bellboys. At the reception: Departure notification sips are issued half an hour prior to actual departure by the receptionist to telephones, housekeeping, room service, and food and beverage etc. to avoid any late charges. At the cashier: Cashier prints out the master folio and individual folios {if any}. Makes a room wise summary for easy collection Master folio given to the tour leader and the individual bills are collected with the assistance of tour leader.

The Decisions to Bomb the Serbs :: essays research papers

THE DECISION TO BOMB THE SERBS   Ã‚  Ã‚  Ã‚  Ã‚  The Decision to Bomb the Serbs was a very interesting case study. It was hard for me to choose a case study but after reading my top three choices I finally came to a conclusion. I never knew about this particular topic, but as I read I was impressed with it, which brought this question to my mind. Should the US have intervened to prevent or end violations of human rights in Kosovo, when these violations did not directly affect other American interests? This was one of the many questions that I and the American public asked themselves, their congressmen and ultimately, their government, during the chaos in the Middle East. It must have been a difficult task to decide whether or not to take action against Milosevic in Belgrade. In this case there are many underlying concepts that shape the way in which the events that led to the bombing of Kosovo played out. I will attempt, in this paper, to discuss the different themes that played a role in this case study. It was thought that the Kosovo crisis came at a time when the President of the United States was most distracted, and could easily have made the wrong decisions. Based on the severity of the situation in Kosovo, one would need to focus on the negotiations necessary to find peace. The Clinton Administration ¡Ã‚ ¦s primary focus was on the pending impeachment of their leader. The case against President Bill Clinton required his undivided attention, as it pertained to his promiscuous actions while in office. The lack of personal attention to this crisis as it developed, may have been the triggering factor that led to many deaths and violent acts of crime that took place in Kosovo. The decision to bomb was one that could not follow the rational method of decision making, even though the goals, alternatives and consequences were known. The US government knew what the primary goal was pertaining to Kosovo, they needed to negotiated or come to some form of middle ground with Milosevic, allowing for peace. They had alternatives to the negotiation process, which was to take military action. The consequence of taking these actions would be the repercussions of the bombings. Even with all this known, it would still be impossible to follow the rational decision-making model as defined by Charles Lindbolm. However, a more appropriate method would be the  ¡Ã‚ ¥Branch Method ¡Ã‚ ¦.

Fdi in retail in india

As India has liberalized its single brand retail industry to permit 100 percent foreign investment, we take a look at the regulatory issues and legal structures pertinent to establishing operations In this new dynamic market. That India should be well on the radar for foreign retailers was recently supported by A. T. Kearney, whose 2011 Global Retail Development Index ranks the nation as fourth globally. India's retail industry is estimated to be worth approximately USS411. 8 billion and is still growing, expected to reach USS804. 06 billion in 2015. As part of the economic liberalization process set in place by the Industrial Policy of 1 991 , the Indian government has opened the retail sector to FDI slowly through a series of steps: The Indian government removed the 51 percent cap on FDI into single-brand retail outlets in December 2011, and opened the market fully to foreign investors by permitting 100 percent foreign investment In this area.It has also made some, albeit limited, progress In allowing multi-brand retalllng, which has so far been prohibited In India. At present, this Is restricted to 49 percent foreign equity partlclpatlon. The specter of large supermarket brands displacing traditional Indian mom-and-pop stores is a hot political issue in India, and the progress and development of the newly liberalized single-brand retail industry will be watched with some keen eyes as concerns further possible liberalization in the multi-brand sector.In this article, we discuss the policy developments for FDI in these two retail categories, with a focus on the details of the multi-brand retail FDI discussion paper and related policy developments. FDI In â€Å"single-brand† retail While the precise meaning of single-brand retail has not been clearly defined In any Indian government circular or notification, single-brand retail generally refers to the selling of goods under a single brand name. Up to 100 percent FDI is permissible in single-brand retail, subject to the Foreign Investment Promotion Board (FIPB) sanctions and conditions mentioned in Press Note 3[8].These conditions stipulate that: Only single-brand products are sold (i. e. sale of multi-brand goods is not allowed, even if produced by the same manufacturer) Products are sold under the same brand Internationally Single-brand products Include only those Identified during manufacturing Any dditional product categories to be sold under single-brand retail must first receive additional government approval FDI In slngle-orana retall Implles tnat a retall store wltn Torelgn Investment can only sell one brand.For example, if Adidas were to obtain permission to retail its flagship brand in India, those retail outlets could only sell products under the Adidas brand. For Adidas to sell products under the Reebok brand, which it owns, separate government permission is required and (if permission is granted) Reebok products must then be sold in separate retail outlets. FDI in †Å"multi-brand† retail While the government of India has also not clearly defined the term â€Å"multi-brand retail,† FDI in multi-brand retail generally refers to selling multiple brands under one roof.Currently, this sector is limited to a maximum of 49 percent foreign equity participation. In July 2010, the Department of Industrial Policy and Promotion (DIPP) and the Ministry of Commerce circulated a discussion paper on allowing FDI in multi-brand retail. The Committee of Secretaries, led by Cabinet Secretary Alit Seth, recommended opening the retail sector for FDI with a 51 percent cap on FDI, inimum investment of IJS$IOO million and a mandatory 50 percent capital reinvestment into backend operations.Notably, the paper does not put forward any upper limit on FDI in multi-brand retail. Immediately following the release of this discussion paper, the shares of a number of retail companies in India grew; domestic retail giant, Pantaloon Retail gained 7 percent on the sam e day, while Shoppers Stop, an Indian department store chain and emerging retailer, gained 2. 9 percent. The long-awaited scheme has been sent to the Cabinet for approval, but no decision has yet been made.There appears to be a broad consensus within the Committee of Secretaries that a 51 percent cap on FDI in multi-brand retail is acceptable. Meanwhile the Department of Consumer Affairs has supported the case for a 49 percent cap and the Small and Medium Enterprises Ministry has said the government should limit FDI in multi-brand retail to 18 percent. In terms of location, the proposed scheme allows investment in towns with populations of at least 10 lakh (1 million), while retailers with large space requirements may also be allowed to open shop within a 10 kilometer radius of such cities.Our view is that while we do expect further liberalization towards foreign investment in the multi-brand sector, this is highly unlikely to be gazetted until after the next elections, due to be co mpleted towards the end of 2012. Any additional liberalization of this market will therefore depend on the political make-up of the next government. Government â€Å"safety valves† on FDI There is concern about the competition presented to domestic competitors and the monopollzatlon 0T tne oomestlc market Dy large Internatlonal retall glan ts.Ine Inalan government feels that FDI in multi-brand retailing must be dealt with cautiously, iven the large potential scale and social impact. As such, the government is considering safety valves for calibrating FDI in the sector. For example: A stipulated percentage of FDI in the sector could be required to be spent on building back-end infrastructure, logistics or agro-processing units in order to ensure that the foreign investors make a genuine contribution to the development of infrastructure and logistics.At least 50 percent of the Jobs in the retail outlet could be reserved for rural youth and a certain amount of farm produce could be required to be procured from poor farmers. A minimum percentage of manufactured products could be required to be sourced from the SME sector in India. To ensure that the public distribution system and the Indian food security system, is not weakened, the government may reserve the right to procure a certain amount of food grains.To protect the interest of small retailers, an exclusive regulatory framework to ensure that the retailing giants do not resort to predatory pricing or acquire monopolistic tendencies. Benefits of FDI in multi-brand retail Soaring inflation is one of the driving motives behind this move towards multi-brand etail. Allowing international retailers such as Wal-Mart and Carrefour, which have already set up wholesale operations in the country, to set up multi-brand retails stores will assist in keeping food and commodity prices under control.Moreover, industry experts feel allowing FDI will cut waste, as big players will build backend infrastructure. FDI in m ulti-brand retail would also help narrow the current account deficit. Additional benefits include moving away from an industry focus on intermediaries and Job creation. Moving away from intermediary-only benefits There is broad agreement on the need to improve efficiencies in the household trade of consumer goods. Competent management practices and economies of scale, joined with the acceptance of global best practices and modern technology, could immensely recover systemic competence.Like their foreign counterparts, Indian customers are entitled to receive quality products, produced, processed and handled under a hygienic environment through professionally-managed outlets. Speculative apprehensions that small retailers will be adversely affected are not reason enough to deny millions of consumers access to roducts that meet global standards. Furthermore, todays intermediaries amid producers and customers add no value to tne products, aaalng nugely to Tlnal costs Instead.By tne time products Tilter tnrougn various intermediaries and into the marketplace, they lose freshness and quality, and often go to waste. However, intermediaries garner huge profits by distributing these losses between producers and customers by buying products at low prices from producers, but selling at extremely marked-up prices to consumers. In an unbalanced system that incorporates multiple intermediaries simply for logistics, nly intermediaries benefit.With organized retail, every intermediate step – procurement, processing, transport and delivery – adds value to the product. This happens because it uses international best practices and modern technology, ensuring maximum efficiency and minimum waste. Organized retail enables on-site processing, scientific handling and quick transport through cold storage chains to the final consumer. Once modern retailers introduce an organized model, other vendors, including small retailers, would mechanically copy this model to improv e efficiencies, boost margins and stay in business.Organized retail would thereby bring more stability to prices, unlike the present system where hoarding and artificial shortages by profiteering intermediaries push up product prices. Job creation Despite predictions from some analysts that millions of Jobs would be lost due to FDI in retail, it may in fact be the other way around. With the entry of branded retailers, the market will increase, creating additional employment in retail and other tertiary sectors. Given their professional approach, organized retailers will allot some quantity of resources towards the training and development of the resources they mploy.This effect of branded retailing can already be seen with the Bharti-Wal-Mart collaboration, which has Joined forces with state governments to open training and development centers in Amritsar, Delhi and Bangalore, preparing local youth for Jobs in retail. Training is entirely free and more than 5,600 local youth have al ready been trained. Retail Jobs don't require higher education or highly specialized abilities. No threat to kiranas (mom-and-pop stores) The Indian retail industry is generally divided into organized and unorganized retailing: Organized retailingOrganized retailing refers to trading activities undertaken by licensed retailers, those who have registered for sales tax, income tax, etc. These include corporate-backed hypermarkets and retail chains, and also privately-owned large retail businesses. Unorganized retailing Unorganized retailing refers to the traditional forms of low-cost retailing, for example, local Klrana snops, owner-operated general stores, paan/Dee01 snops, convenlence stores, hand cart and street vendors, etc.The question of whether or not organized and unorganized retailing can peacefully co-exist is a primary concern. While the Indian retail sector is still heavily weighted towards unorganized retailers, which occupy 97 percent of the market, organized retail is g rowing quickly. But with a mere 7 percent of the market, organized retailers are unlikely to drive kiranas (local grocery stores) out of business. Indian retailers simply lack the deep pockets and in-depth field expertise required to be on a par with global models.However, the presence of foreign retailers through Joint ventures and other means could speed up the process of transforming India's retail trade. Considering that small stores offer customers quick doorstep delivery and even credit xtensions – conveniences that no organized retailer in India has so far matched – local, unorganized retailers will likely retain a sizeable market share. The example of China demonstrates clearly that increased FDI in retailing does not necessitate the complete closure of local retailers.China first allowed FDI in retail in 1992, capping it at 26 percent, while India capped FDI in single-brand retail at 26 percent. Only in 2004 did China finally permit 100 percent FDI and local C hinese grocery stores have since grown from 1. 9 million to more than 2. 5 million. Organized etail has Just 20 percent market penetration in China, despite a 20 year lapse since the initial introduction of FDI. According to the proposed state regulations, the minimum FDI would be IJS$IOO million and retail stores would only be allowed in cities with more than one million people.Front-end operations would be allowed only in states that agree to authorize FDI in multi-brand retail. It will also be mandatory for retailers to source at least 30 percent of the value of manufactured goods, barring food products, from small and medium-sized, local enterprises. Such terms will serve as ample safeguards for small retailers. Farmers and small producers will benefit in the long run from better prices for their products and produce, while consumers receive higher quality products at lower prices, along with better service.The advantages outweigh the disadvantages of allowing unrestrained FDI i n the retail sector, as successful experiments in countries like Thailand and China demonstrate. In both countries, the issue of allowing FDI in the retail sector was first met with incessant protests, but allowing such FDI led to GDP growth and a rise in the level of employment. Moreover, in the fierce battle between the advocates and opponents of unrestrained FDI flows in the Indian retail sector, the impact of the consumer on the outcome of these policy changes has been largely disregarded.Consumers will ultimately respond to the incentives of convenience, price, variety and service. Thus, the Interests 0T tnose In tne unorganlzea retall sector will not De gravely unaermlnea; rather, the choice to visit a mega shopping complex or a small retailer/sab]imandi is purely left to the consumer, whose tastes are complex and constantly changing.

Essay on The Nature and Function of Dreams - 2690 Words

The Nature and Function of Dreams There is a state of consciousness in which one could be or experience anything imaginable. This state encompasses the ability to dream (1). The dream state is quite remarkable and incorporates infinite possibilities for the dreamer within each of us. Nietzsche (1844-1900), a German philosopher, points out that dreams were a puzzle since â€Å"the ages of rude beginning of culture† when â€Å"man believed that he was discovering a second real world in a dream... (2).† The question that human beings were wrestling with since then is: why do we have dreams and what, if anything, do they mean. On the one hand, there are a number of prominent scientists, such as Drs. Allan Hobson and Robert McCarley of Harvard†¦show more content†¦Dreams occur in the stage of the sleep cycle called REM sleep or paradoxical sleep. The subjects who awake from another stage of sleep called NREM sleep (occurs before REM sleep) do not describe their prior experience as dreaming (4). According to biologists, consciousness is â€Å"an ability to react to the environment.† This ability is temporarily suspended during sleep and thus dreaming can be thought of as an unconscious process (5). Brain waves, eye movements, and muscle tone, are the three major measures of sleep that are used in its study. From the polygraph records of the two major stages of sleep, NREM and REM sleep, it is apparent that eye movement is much more intense during REM sleep (in fact, the letters stand for rapid eye movement). During wake periods, muscle tone is high relative to NREM muscle tone, which can be considered to be moderate. However, during REM sleep there is no significant muscle tone and the sleeper can be considered virtually paralyzed (6). The central paradox of REM sleep is that there is an increased responsiveness to sensory stimuli in the thalamocortical region of the brain (much like in the awakened state) despite the fact that there is a lack of cognitive responsiven ess to sensory stimuli (7).Show MoreRelatedThe Mind Divided Into Three Different Levels1083 Words   |  5 Pageselicited in a dream. Jung was on the second floor in a Renaissance Period house ornately furnished in baroque style. He wandered to the first floor, which was detailed in a less ornate, medieval style. Descending further into a stone floored basement, he found a trap door that led to a dusty, dank cave in the very bottom of the house. There he found two bashed in skulls (Baer, 2003, p.177). 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