Tuesday, December 31, 2019

Can Entrepreneurship Be Taught - 1355 Words

GROUP 3 PRESENTATION Question 3 †¢ Can we teach entrepreneurship and bring some entrepreneurial awareness and changes among individuals. Give evidence Approach in answering the Question †¢ Definition of Entrepreneurship †¢ Entrepreneurship education †¢ Approaches to teach entrepreneurship †¢ Conclusion The concept of entrepreneurship There is no universal agreed definition of entrepreneurship. However, Entrepreneurship is defined differently by different scholars. Schumpeter (1934) defines Entrepreneurship as a person’s ability to be innovative in terms of goals, methods of production, markets, sources of supply and industrial organization. The concept of entrepreneurship cont†¦. Also, Craven (2008) believes that all successful†¦show more content†¦Ã¢â‚¬ ¢ The University of Illinois’s Academy for Entrepreneurial Leadership describes entrepreneurship as â€Å"a process that can lead to creative solutions to social problems or the formation of new and innovative enterprises.† †¢ As such, entrepreneurship â€Å"spans opportunity recognition and resource acquisition and leads to innovation and invention.† The key aspects of entrepreneurship Three aspects of the entrepreneurial process are identified in these definitions: †¢ Opportunity identification and recognition, †¢ Resource acquisition and †¢ Innovation. The key aspects of entrepreneurship cont.. †¢ Schumpeter’s interpretation of entrepreneurship includes all three of these aspects, while Schultz’s idea of adjustment to exogenous economic change is largely covered by opportunity recognition and resource acquisition. †¢ Knight’s, Kirzner’s, and Schultz’s concepts of entrepreneurship also suggest a fourth aspect: the management of existing resources in a new or established organization. The key aspects of entrepreneurship cont.. †¢ All these aspects of entrepreneurship involve bearing uncertainty, as suggested by Cantillon and Knight . How are these aspects of entrepreneurship taught? Let us consider each aspect in turn ï  ¶Identifying andShow MoreRelatedEntrepreneurship As An Entrepreneur, Real World Experience Essay1568 Words   |  7 PagesEntrepreneurship is a topic that is heavily debated in regards to if it can be taught or not. The word Entrepreneurship originates from a French word that means to undertake. In the business sense, it is defined in the Merriam-Webster dictionary as one who organizes, manages, and assumes the risks of a business or enterprise. Since entrepreneurship is an appealing career path, people want to know if they can be taught it or if it is something they have intrinsically. The objective of this essayRead MoreEntrepreneurship Is A Nature Or Nurture Process Essay1468 Words   |  6 PagesEntrepreneurship is a complex field of study in business that sparks much debate. One prominent discussion relates to whether entrepreneurship is a nature or nurture process. In order to answer this question, entrepreneurship must first be defined. As it is a multi-faceted field that spans across a wide range of contexts, there is no agreed definition of entrepreneurship (Schaper, 2014). For the context of this essay, however, it is a process that brings together a team- with a leading entrepreneur-Read MoreEntrepreneurship By Bruce. R. Barringer832 Words   |  4 Pages Entrepreneurship has become the new buzz in town. The new cool thing. But the question that has been popping up a lot these days is, ‘Can it really be taught?’ Is it a trait that one is born with or is it a trade that can be taught. Entrepreneurship is a growing field which has a constantly changing definition. It’s a wide spectrum and new improvements are made to it, every day. The word entrepreneur derives from the French words entre, meaning â€Å"between,† and prendre, meaning â€Å"to take.† The wordRead MoreEntrepreneurship Education Of Chemical Engineering1591 Words   |  7 PagesEntrepreneurship Education in Chemical Engineering Economic trends and rapidly changing hiring conventions are fueling a rapid expansion in value awareness of entrepreneurship education to engineering students. Each year, a growing proportion of the two hundred thousand engineering graduates find work in small businesses or start-up ventures, eliciting a new type of engineer, an entrepreneurial engineer, who needs a broad range of skills and knowledge above and beyond a strong science and engineeringRead MoreThe Potential Benefits Of Being An Entrepreneur1190 Words   |  5 Pagesthe employer offers them. †¢ Entrepreneurship offers independence as entrepreneurs make their own decisions and are not restricted by company policy. †¢ Another key benefit of being an entrepreneur is that it is flexible in terms of scheduling tasks around other commitments. †¢ Entrepreneurship is primarily a paragon for innovation as it allows entrepreneurs to explore and create ideas and make them in to successful business plans. †¢ Additionally, entrepreneurships opens the door to numerous opportunitiesRead MoreEntrepreneurs Are Born and Not Made?1364 Words   |  6 Pagesan ordinary office manager. Many believe that these are skills are innate in a person, that they are born with them and they are skills and characteristics that cannot be taught. (Scott Shane, wall street journal) ‘40 percent of the variation in the tendency to be an entrepreneur is inherited.’ Some people say that not anyone can become an entrepreneur; they have to have the right innate qualities from birth alongside the external influences for their talents to be recognized in business. â€Å"If theRead MoreBusiness School At Washington University Essay944 Words   |  4 PagesDescribe your interest in entrepreneurship. Please include any past experiences in innovation and entrepreneurship: Ever since I was a young child I always wanted to create the next newest and biggest invention. For example, when I found out the creator of Jibits for crocs (those small plastic accessories that go into the holes of crocs sold her company to crocs for millions of dollars. It was such a simple idea, but also so creative and innovative. I was hooked on the idea of creating a productRead MoreImportance Of Entrepreneurship During The World Countries Essay1578 Words   |  7 PagesA) The importance of entrepreneurship in 3rd world countries: One valuable lesson I learned through this placement that also pertains very much so to international development, is the importance of entrepreneurship in both the first and third world. Entrepreneurship is not the first thing that is taught to the average Canadian student when asked to decide what they want to do post graduating high school. I however believe it should at least be taught, if only to provide our youth with another optionRead MoreEntrepreneurial Skills and the Entrepreneurial Instinct 1387 Words   |  6 Pagessaid regarding entrepreneurship and entrepreneurial skills â€Å"The entrepreneurial instinct is in you. You cant learn it, you cant buy it, and you cant put it in a bottle. Its just there and it comes out† (Mail online, 2010). Surprisingly enough this is a view not shared by everyone. Whilst it cannot be denied that entrepreneurs are all ultimately unique in some way empirical evidence suggests that they all do share some common characteristics and sk ills, some of which can be taught (Colette, et alRead MoreWhat does Entrepreneur Means Essay1044 Words   |  5 Pages(Sanworth, Stanworth, Granger, Blyth, 1989). The social marginality model argued by the group of scholars is attempting to further understand the process of entry into entrepreneurship. The model is defined as ‘a perceived incongruity between an individual’s personal attributes and the role they hold in society’. Furthermore, this notion can be applied to an individual or a group of people in the organisation (Sanworth, Stanworth, Granger, Blyth, 1989). However, Brockhuas and Horwitz’s dismiss the above

Monday, December 23, 2019

Expanding Powers Of Presidency The United States Government

Albert Jian PLSC 210 11AM Prompt 2 April 11th, 2016 Professor Armitage Expanding Powers of Presidency The President is regarded as the most powerful individual in the United States government nowadays, with powers expressed in the constitution or congressional act, inferred from the constitution, or assumed by himself. While the executive branch appears the most powerful at current times, most framers had thought that legislative branch would possess the most power. In The Federalist No. 51, James Madison expressed his concerns in the inequalities between the three branches; particularly, he stated that, â€Å"[i]n republican government, the legislative authority necessarily predominates†. Most framers did not foresee a future with strong†¦show more content†¦Presidents asserted inherent powers that were inferred from the constitution to expand their powers. Article II, Section 3 of the Constitution states that the president â€Å"shall take Care that the Laws be faithfully executed†. The clause is known as the take care clause, which many presidents used to extract more powers from. In the famous case of Louisiana Purchase in 1803, President Thomas Jefferson signed a treaty with France to purchase Louisiana at a high price of $15 million dollars. As a strong anti-federalist, Jefferson performed such a federalist action that simply surpassed the restrictions of constitution on executive branch. Yet, Jefferson defended himself of his action that: â€Å"strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of preservation, of saving our country when in danger, are of higher obligation†. Jefferson also argued that the purchase is crucial to United States national security by avoiding a war. Most federalists in Congress chided at his ultra-federalist approach in the purchase and saw the action as a political opportunity as it discredit Jefferson and his power. Since most Americans and Congress agreed with his actions, there were no negative con sequences to Jefferson’s improper use of his presidential power. Louisiana Purchase thus became a precedent in presidential power on

Sunday, December 15, 2019

Jamnagar Free Essays

Jamnagar is today known as ‘Oil City’ because the world’s biggest refinery complex belonging to Reliance Industries and a smaller one belonging to Essar Oil are located in Jamnagar. It was earlier known as ‘Brass City’, the city housing more than 5,000 large scale and 10,000 small scale units manufacturing brass items in and around the industrial estates of Shankar Tekari, Udhyognagar, M P Shah Udhyognagar and Dared. Nearly 200 tons of brass goods are produced in this area daily. We will write a custom essay sample on Jamnagar or any similar topic only for you Order Now The Jamnagar Refinery is a private sector crude oil refinery owned by Reliance Industries Limited in Jamnagar, India.The refinery was commissioned on 14 July 1999 with an installed capacity of 661,000 barrels per day (105,100 m? /d). It is the largest greenfield refinery in the world and third largest refinery in the world. The refinery is currently undergoing massive expansion, scheduled for commissioning in 2008, that will double its capacity to 1. 2 million barrels per day (190,000 m? /d). According to an article in the April 28, 2008 issue of FORTUNE Magazine, the world-class Reliance Industries oil refinery at Jamnagar will output 1. million gallons of gasoline, or 5% of the world’s capacity, after an expansion is completed in December 2008. The expansion was begun in October 2005 and is managed by San Francisco-based Bechtel Corporation.The expanded refinery consumes an area equal to 1/3 the size of Manhattan. The refinery is advanced in that it can process a wide range of crude oils, including heavy high-sulpher sour crude, which many refineries can not handle. Reliance Industries has said that the refinery’s output is for export only, and will not be sold domestically within India. Reliance is targeting the U. S. arket for gasoline and the European market for diesel. The refinery is owned by Reliance’s Reliance Petroleum Ltd. unit, in which U. S. oil company Chevron Corp. has a 5% stake. (also see article in the Friday, December 26, 2008 issue of the Wall Street Journal) Jamnagar to its credit also have base stations of all three wings of Defence. Indian Air Force, Indian Army Indian Navy all the three wings have their training and big bases. Geographically Jamnagar supports all the arms of the defence as it has got sea for Indian Navy and strong Air Base including Army due to strategic location close to Pakistan.Jamnagar Manufacturing Division located in Jamnagar, Gujarat, is spread over 7,400 acres. It comprises of a petroleum refinery and associated petrochemical plants. The refinery is equipped to refine various types of crude oil (sour crude, sweet crude or a mixture of both) and manufactures various grades of fuel from motor gasoline to Aviation Turbine Fuel (ATF). The petrochemicals plants produces plastics and fibre intermediates. Created in a record time of less than three years, the Jamnagar Manufacturing Division would always remain a special experience for Reliance.The project is of titanic proportion and has taken, for its completion, millions of engineering man-hours spread over many international engineering offices; thousands of tonnes in equipment and material, procured from leading suppliers across the globe; highly advanced construction equipment of unbelievable sizes; construction workforce of over 75,000 working round the clock for months; a great number of innovative techniques in project execution; and project management expertise of Reliance acquired over the past several years.With a Complexity Index of 11. 3 (as defined by the Nelson Complexity Index) RIL’s refinery at Jamnagar is able to process heavy and sour crude oils to produce high value products. This allows the Company to benefit from the lower input cost compared to light crude oils. The Reliance refinery at Jamnagar was adjudged the most Energy Efficient Refinery by Shell Global Solutions in 2004 and was awarded the International Refiner of the Year, 2005 by Hart Energy Publishing LP; the first Asian company to receive the recognition.The Jamnagar Manufacturing Division has a 33 – million tonnes per annum refinery that is fully integrated with downstream petrochemicals units which manufacture naphtha-based aromatics as well as propylene-based polymers. Situated on the northwest coast of India, the integrated refinery-cumpetrochemicals complex is located at Motikhavdi, Lalpur Taluka, Jamnagar District, in the state of Gujarat. It is in proximity to the Gulf of Kutch, a sheltered bay close to the Middle-East crude oil sources.The location of RIL’s refinery on the west coast of India supported by world-class logistics and port facilities provides the Company with freight advantages. Most of the crude imported is transported on Very Large Crude Carrie rs (â€Å"VLCC†). The refinery has operated at near 100% utilization with minimal downtime, consistently outperforming the average utilization rates of refineries in the Asia Pacific region, the European Union and North America, as reported by PEL Market Services, Biannual Refining Report, July 2005. With a Complexity Index of 11. 3 (as defined by the Nelson Complexity Index), the refinery has achieved Gross Refining Margins (â€Å"GRMs†) that are consistently higher by US$ 2 to US$3 per barrel than the benchmark Singapore complex margins. In addition to the operating efficiencies achieved by this refinery, it is also differentiated from other global refineries in terms of its ability to take advantage of the light/heavy crude price differential.The existing refinery complex at Jamnagar has more than 50 process units, which together process the basic feedstock, crude oil, to obtain various finished products deploying the following major refining processes: * Crude oil distillation (Atmospheric as well as vacuum distillation) * Catalytic cracking (Fluidised Catalytic Cracker) * Catalytic reforming (Platforming) * Delayed Coking The new SEZ refinery RIL’s new refinery in the Special Economic Zone at Jamnagar, is the world’s sixth largest and has a Nelson Comple xity Index of 14. , making it the largest and most complex refinery globally. The refinery has a capacity of processing 580,000 barrels of crude oil per stream day (BPSD. In addition to size and complexity, the SEZ refinery has several advantages: * Ability to process challenged crude varieties * Able to produce Euro V grades of gasoline and diesel * Highly competitive operating cost due to advantages of scale, technology and operational synergies * Capability to produce alkylates – a premium gasoline blend component. It will have the flexibility to maximize production of alkylate by converting butane to isobutene All key processing units, including the Fluidised Catalytic Cracking Unit (FCCU), Vacuum Gas Oil (VGO), Hydrogen Manufacturing Unit (HMU), Diesel Hydro De-Sulphurisation (DHDS), Propylene Recovery Unit (PRU), Coker unit and the Polypropylene complex are operating close to their respective design capacities. All the support units and utilities are fully operational and presently the refinery is operating at its design capacity.The refinery has successfully processed more than 20 types of crude oils, including difficult crude oils within a few months of its start-up, thus reflecting superior quality of assets and capabilities. Exports have commenced to 26 countries, including to the US and Europe. Polypropylene Plant : The Polypropylene plant at Jamnagar has a huge capacity of 1030 KTA of Polypropylene producing a wide range of grades that cater to an equally diverse range of sectors which include Raffia, Films (BOPP/IPP), Injection Moulding, Extrusion, Fibre etc.Name of Plant| Commissioned Year| Technology used| Capacity ( KTA )| Polypropylene| 1999 | The Dow ChemicalCompany | 1030| The new PP line in the SEZ facility at RIL is expected to be fully operational in FY 2009-10. This would result in additional capacity of 0. 9 million tonnes of PP operative in the year. Township : The complex includes a self-contained township, appropriately named as Reliance Greens, for Reliance employees and their families. Sprawling over 415 acres of land, the township has been designed to provide the best possible residential, educational and recreational facilities to the employees.The township includes fully furnished housing for the employees, as well as a medical centre, school, playgrounds, temple, community centers, health centers, recreation facilities, banks, mall/supermarket, gas station, parks, swimming pool, golf course and tennis courts etc. BRASS IDUSTRIES AND BUILDING MATERIAL PRODUCT Since its inception in the year 1984, Shree Mahavir Industries has laid stress on the quality of its products and embraces the latest technology to manufacture its products, in accordance with international standards.Shree Mahavir was established with an objective to be recognized as one of India’s renowned manufac turers and exporters of Builders Hardware ; Locks. The company is professionally managed with expert managerial ; engineering skills and a hard working experienced team. The organizations achievements have been quite remarkable, and this can be attributed to a number of factors, such as our knowledge and experience of the industry, continuous improvements in quality and full complete customer satisfaction.The quality control department is equipped with all the necessary testing equipment, used by a technical qualified Quality Controllers team. Quality control forms an integral part at every stage right from the receipt of raw materials to delivery of finished goods. Various tests like salt spray tests, Acetone rub tests, pencil hardness tests, life cycle tests, etc. are carried out to make sure that our products can measured up to international standards.Our Commitment to quality is evident from the facts that we manufacture the products in accordance with the relevant international standard and have the necessary product approvals. Our extensive experience allows us to offer a technical support services, from design advice through to Testing and Co mmissioning of the Product. Due to strict quality control procedures our customers are ensured that their requirements are met accurately and consistently. Our persistent endeavors have infused a spectral pace in the domain of sustainence of quality standards.Shree Mahavir Industries’s modern manufacturing plant in Jamnagar, (Gujarat) is equipped with the latest electroplating and electrophoresis lacquering plant, forging and power presses, fully equipped tool room design department and a technically qualified quality assurance team. Lock manufacturing is carried out with state-of- the art CNC machines which help in getting maximum lever combinations, resulting in maximum security. Our production plant is well equipped with sound and sophisticated infrastructure and technology.Apart from quality machines our strength comes from our engineering and design groups who develop and analyze each standard or custom product to assure optimum function, safety, and maintenance. We provide customized, state-of-the -art products and world class after sales service at highly competitive prices to our clients all across the globe. Products : Manufacturers and Exporters of:- Builders Hardware:- Brass Hinges, Brass Tower Bolts, Knobs, Brass Aldrops, Hooks, Gate Hooks Napkins Rods, Pivot, Door Stopper Bolt Catch, Brackets, Window Stay, Hasp Staple.Door Handles:- Rose Set Door Handles, Mortice Door Handles, Mortice Door Handles, Furniture Handles. Locks:- Mortise Locks, Lever Locks, Night Lathes, Pin Cylinder Locks. OUR PRODUCTS:- Door Handles, Door Locks, Brass Hinges, Brass Tower Bolts. Asha Industries is actively involved in the manufacturing of Brass Electrical Components, Brass Automobile Parts Brass Electronics Parts. We have catered to different sectors such as electronics, electrical, auto, hardware, etc. and have established a prominent presence in the market. Asha Industries was incepted in the year 1988 with the chief intent to provide quality merchandise to clients.Our long standing experience and excellence has assisted us in fostering high technological standards in the buoyant market economy. Due to the cumulative efforts of our CEOs, Mr. Janakbhai. V. Gori Mr. Vimal. N. Gori, we have achieved a competitive edge. Quality Control Policy Quality forms the thrust of our organization. We, therefore manufacture products using high quality brass using latest production techniques. In addition to this, we conduct stringent quality tests under various quality parameters to ensure flawless products. Infrastructure ResourcesWe possess a technically sound infrastructure that forms the cornerstone of the company. Our well-organized production unit is equipped with advanced machines and electronically operated testing equipments. Some of them are calipers, threads gauges, plug gauges, micrometers, profile projector, electronic venires, and all kinds of gauges etc. We are also supported with the team of deft professionals who are well-versed with the nuances of this industry and give their best to produce zero-defect products. Clientele Customer satisfaction is amongst the cardinal objectives of the company.We provide quality merchandise, affordable prices and expedite deliveries so as to render complete delight to customers. As a result, we have been successful in garnering number of clients all over the country. Furthermore, we have established good rapport with our customers we aspire to go global in the coming years. Moreover, we aspire to go global in the coming future. We have also carved a niche as one of the most outstanding Brass Electronics Parts Manufacturers from India. Year of Establishment : 1988 Primary Business Type : Manufacturer SupplierAsha Industries has evolved expertise in the domain of manufacturing of Brass Auto Parts, Brass Electrical Parts, Brass Electronics Parts, Switch Gear Parts, Automobile Switch Parts, Brass Riveting Parts Brass Small Parts. Some of the other products we are dealing are electronic parts and switch gear parts. With the assistance of qualified engineers and technicians, we manufacture brass products using high quality brass. Our products are utilized in array of industries such as Engineering, hardware, electronics, auto, electrical as well as energy meter manufacturing companies.Long life, corrosion resistance and high precision are the buzzwords that represent the products offered by us. Furthermore, all our products are quality certified and tested on parameters such as corrosion, finish, dimensional a ccuracy, strength etc. In addition to this, we provide availability of products in unlike sizes and grades as per the drawings laid by clients. We ensure safe and prompt delivery of products to the desired destination. Last but not the least, our products can be obtained at the most affordable prices. How to cite Jamnagar, Papers

Saturday, December 7, 2019

Features of Legal Regulation of Electronic †MyAssignmenthelp.com

Question: Discuss about the Features of Legal Regulation of Electronic. Answer: Introduction: Among every other profession, the legal profession is considered as a pious and noble profession and the people practicing it are said to hold a strong dogma of ethics and morals in order to put and give an honest and service to the society through the role played by them in their profession. Over time, strict rules regarding the profession have been developed throughout the world. However, in this case, special reference is made regarding the legal norms and ethics which prevail in South Africa, which like those in any other part of the world, are very strict and severe as to their implication and violation respectively. Breach of any professional ethics may even dismiss the practicing licence of the concerned legal practitioner and stuck his name out of the enrolment of names of legal practitioners. One important feature of the rules and ethics of the profession is that they are not mentioned in any legislation and are hence identified on the basis of the ideologies and principles of the senior practicing professionals and guided as per their perspective and outlook. Coming down to the issue of virtual money in South Africa, there is one important aspect which requires to be mentioned giving due importance and mention. The tax legislation in South Africa covers a very vast extent as to its application, and therefore, analysis of every aspect of it would be difficult due to its extensive nature. The current legislation of South Africa although does not make any distinctive and particular provision regarding Bit coin, it has suggested a provision as to the issue stating that the concerned authorities of South Africa have the privilege to to make amendments and alterations in the countrys legislation as they consider it to be convenient and essentia. Every related provision regarding the banking services and the financial services in South Africa include a series of activities which are highly regulated. In this aspect, financial technology has done a great deal in making a significant and distinct challenge to the existing framework. This challenge has been however, accepted by the South African Reserve Bank and initiatives are duly taken to figure them out and meet them. In this aspect it is important to mention that financial technology has a great potential to alter and frame down the existing model of financial and banking working structure, which essentially follows the traditional way of working. Financial technology has a related aspect known as Block Chain which gives a provision to the concerned people according to which the working of the middleman and the associated cost as to his service can be cut short or eliminated from the whole range of activities in this aspect. This system can be disruptive as it has the users have the ability to record the transactions of any person with any other person. As a result of all these aspects, the traditional provisions relating to financial and banking services have become greatly irrelevant and the financial technologies which are based on solutions which are framed upon self service framework which have gained prevalence. Certain risks have been associated with virtual currencies which are figured out by the South African Reserve Bank, and some of them are claimed to be related with the Block Chain technologies. Certain risks associated with this system include risks related to credit and liquidity, stability of price, money laundering risks and customer risks. An important aspect regarding Block Chain system is that, it is not regulated and controlled by a single person and hence, the entire system lacks in a well defined provider of centralised services who could be inquired by any regulator in case of any supervision. An effective study of the entire process gives an assumption that the regulating framework regarding payment can be easily accommodated with the use of the Block Chain services. Some hold the assumptions that similar regulating framework regarding payment processes can be easily synchronised with the use of Block Chain services. Another set of intermediary ideas have been brought by m any researchers which state that the same regulatory framework as followed by the concerned financial technologies are adopted in the Block Chain services. As a consequence to all these factors, if the regulating framework intends to the entire system with the help of a central figure or a well defined management body, such services or programmes shall prove to be insufficient and inadequate, which means that due consideration and analysis is required for the fundamental and philosophical plannings in the system of payment regulation. The various researches regarding the affect and extended popularity of virtual currency has given rise to several hypothesis or ideologies which are needed to be discussed along with the other aspects related to the concept. Virtual currency does not exactly fall under the definition of money or currency in general terms under the ascertained legal perspective. It is more appropriately considered as digital money which is not issued by banks or by any credit insurance, or by any e-commerce institution. The emerging business models are an important factor in making any kind of research analysis regarding virtual currencies. They assess, store and transfer the units of virtual currency. Some of the researches are designed with an entirely different and new technical characteristic with the aim to improve the functioning and working of certain essential ingredients in the ecosystem dealing with virtual currencies. Apart from all these factors, there is a unit called VCS which have grabb ed the attention of a number of international institutions. The research works as made in accordance with VCS bring out the various disadvantages associated with the entire process which include lack of factors like transparency, clarity, and an attitude to continue, highly volatile character and excessive dependency on information technology management. However, the international institutions supporting VCS, after making sufficient research on such related issue have stated that all the researches have brought positive aspects regarding financial innovations and also by providing extra and additional means of providing payment alternatives to the customers. The Financial Action Task Force (FATF) has issued a report which states that the coming of the issue of virtual currencies have not only emerged as a completely new dimension, but has also attracted the idea of investing in payment infrastructure which is entirely build on their particular working protocols. The main intention behind the working of these new payment mechanisms is providing new methods for transferring transaction and related data over the internet. FATF has brought with it a new aspect of financial innovations; while on the other hand, concepts and services like virtual currency programmes have initiated the matters of money laundering and terrorist financing, giving rise to several money risks and crime risks. The researches have thus, confined the approach regarding virtual currency to only payment, excluding products and services, thus limiting the entire discussions to only payments. He matters regarding virtual money is important in several areas and fields which include those of enforcement of law, tax authorities and regulators of law or legal regulators. They all emphasise the ways and the related methods in which the aspect of virtual money fits into the framework of the above mentioned issues. The legality of virtual money would depend upon the identity of the person and the acts of the particular person regarding the work so done in order to gain of formulate the virtual money. The way to control the use of virtual money and the means to bring their circulation under control has made many legal practitioners and people working in the legal perspective conscious and alert. Also the means to control this issue of virtual money has been put in the forefront of the legal arena with sufficient interest and emphasis given to it. Whether virtual money is legal or not has been answered by many eminent legal practitioners in the most efficient way. Virtual money can acquire the status of legal money and be considered to be legal based on the point and depending upon what its owner is doing with it, or how the owner of the virtual money is utilising it. Virtual money has been ever since the cause of money laundering and law professionals are always concerned about the fact that, currency has a feature of been decentralised. The law authorities of South Africa have made a distinction between decentralised digital currencies like web money, gold, etc and virtual money. Such authorities expressed their concerns that due to the improper regulation of off shore services, an opportunity may be given to the criminals in which they can use the acquired virtual money without been able to be traced. Such use of virtual money can be curbed essentially for fulfilling illegal and illicit initiatives. The virtual money so acquired is largely used for as a popular form of currency while trading in Silk Roads. Silk Roads are anonymous markets a ccess to which can be attained only by browsing networks. The Silk Roads are primarily used for buying and selling of certain goods which are otherwise illegal throughout the world or globally, but are legal in many countries. Such goods include drugs like narcotics. Virtual currency has been named as surrogate currency and a demand or call has been made to curb down its use and its availability as well and bring it in the category of controlled substance[12]. The regulations so put up may be on a nationalised basis or on the sub country level and they vary accordingly. Regulators and law practitioners work both at national and sub country level in order to draw a control over the possession and use of the virtual money. They allot guidelines regarding the way virtual currencies should be actually used and utilised on a welfare motive. Further, under these provisions, the transactions made with virtual currencies are classified as money service business or money transmitting business. In such cases, a distinctive feature called Anti Money Laundering Service is required to be undertaken along with another feature called Know Your Client measures in order to trace the business line and getting to know the people with whom the holders of virtual money are conducting business with. A virtual stockholder is basically of three types. Each holder of virtual money can fall in more than one category and each such category has its own distinct features and its own individual legal considerations. Owners or holders of virtual money either spend them by investing in several businesses, or may hoard the virtual currency. As per the legal provisions dealing with virtual currency, those holders who hold them only for the sale and purchase of goods and services are using it legally. In this aspect, mention is to be given to the finCEN concept or guidance which deals with this issue which says that, any owner of virtual currency who creates a convertible unit of virtual currency which is essentially used for the purpose of buying and purchasing real goods and services, is not exposed to the rules and regulations as a money transmitter, rather, is the one who is the user of convertible virtual currency. However, as per the same concept, those owners or holders of virtual cur rency are actually the ones who create such currency and exchange them for flat notes, are the ones who can be termed as the danger or threat to the entire system or procedure, and are not considered to be safe. This concept further says that a person who owns virtual currency and uses it to make convertible units of such currency, so as to sale those created units of currency to people in exchange of real currency, so as to transmit the money to another location, are termed as money transmitters and pose a serious threat. The miners are considered to fall under this particular category, and they have asked for a real clarification for putting them under such category, which has been duly provided. The third category includes those persons who work as an exchange and accepts the convertible currency which is decentralised, from one person and passes it to another, as a part of the exchange or transfer of the currency in the form of funds, or any other value, which can be substituted in the place of currency. The entire study and analysis made in this project have clearly brought down all the related, virtual and direct aspects of virtual currency. Its main element of Bit coin has elaborately discussed by giving due emphasis on every term and issue related to it. The various ways in which the harmful effects of virtual currency can be duly regulated have also been discussed accordingly. The risks which are associated with regulating and efficiently dealing and regulating virtual currency gave been clearly chalked out. The research hypothesis and the research methodologies so associated have been keenly illuminated giving a spotlight on every research made on this upcoming topic of virtual currency. Lastly, the legal provisions associated with the limitation and control along with the analysis of the concept has been elaborately discussed. Conclusion The reports so made by the legal authorities of South Africa have been evaluated by the jurisdiction of several other countries and held to be apt and appropriate. The prescribed regulations and the given statements have been considered by several government offices who deal with the issues regarding virtual currencies and also by government offices who deal with virtual currency handling in business transactions. The various impacts and consequences are studied and appropriate measures are also reached and further innovations are planned to be achieved with progress of time. References Belloc, H. (1967).On. Freeport, N.Y.: Books for Libraries Press. 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