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Age of candidacy
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Age of candidacy is the minimum age at which a person can legally qualify to hold certain elected government offices. In many cases, it also determines the age at which a person may be eligible to stand for an election or be granted ballot access.
The first known example of a law enforcing age of candidacy was the Lex Villia Annalis, a Roman law enacted in 180 BCE which set the minimum ages for senatorial magistrates.[1]
Contents
[hide]
1 Controversies
2 Reform efforts
3 In various countries
3.1 See also
4 Notes and references
Controversies[edit]
The examples and perspective in this article deal primarily with the United States and do not represent a worldwide view of the subject. You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. (December 2016) (Learn how and when to remove this template message)
In 1972, Linda Jenness ran for President of the United States although she was only 31 at the time.
Many youth rights groups view current age of candidacy requirements as unjustified age discrimination.[2] Occasionally people who are younger than the minimum age will run for an office in protest of the requirement or because they don't know that the requirement exists. On extremely rare occasions, young people have been elected to offices they do not qualify for and have been deemed ineligible to assume the office.
In 1934, Rush Holt of West Virginia was elected to the Senate of the United States at the age of 29. Since the U.S. Constitution requires senators to be at least 30, Holt was forced to wait until his 30th birthday, six months after the start of the session, before being sworn in.[3]
In 1954, Richard Fulton won election to the Tennessee Senate. Shortly after being sworn in, Fulton was ousted from office because he was only 27 years old at the time. The Tennessee State Constitution required that senators be at least 30.[4] Rather than hold a new election, the previous incumbent, Clifford Allen, was allowed to resume his office for another term. Fulton went on to win the next State Senate election in 1956 and was later elected to the US House of Representatives where he served for 10 years.
In South Carolina, two Senators aged 24 were elected, but were too young according to the State Constitution: Mike Laughlin in 1969 and Bryan Dorn (later a US Congressman) in 1941. They were seated anyway.[5]
On several occasions, the Socialist Workers Party (USA) has nominated candidates too young to qualify for the offices they were running for. In 1972, Linda Jenness ran as the SWP presidential candidate, although she was only 31 at the time. Since the U.S. Constitution requires that the President and Vice President be at least 35 years old, Jenness was not able to receive ballot access in several states in which she otherwise qualified.[6] Despite this handicap, Jenness still received 83,380 votes.[7] In 2004, the SWP nominated Arrin Hawkins as the party's vice-presidential candidate, although she was only 28 at the time. Hawkins was also unable to receive ballot access in several states due to her age.[8]
Reform efforts[edit]
In the United States, many groups have attempted to lower age of candidacy requirements in various states. In 1994, South Dakota voters rejected a ballot measure that would have lowered the age requirements to serve as a State Senator or State Representative from 30 to 18. In 1998, however, they approved a similar ballot measure that reduced the age requirements for those offices from 25 to 21. In 2002, Oregon voters rejected a ballot measure that would have reduced the age requirement to serve as a State Representative from 21 to 18.
During the early 2000s, the British Youth Council and other groups successfully campaigned to lower age of candidacy requirements in the United Kingdom.[9] The age of candidacy was reduced from 21 to 18 in England, Wales and Scotland on 1 January 2007,[10] when section 17 of the Electoral Administration Act 2006 entered into force.[11]
In various countries[edit]
Country
Minimum required age
comments
references
president
vice-president
prime minister
upper house
lower house
European Parliament
state/region governor
state/region vice-governor
regional parliament
mayor
municipal council
Australia - - 18 18 18 - 18 18
Austria 35 - 18 18 [12]
Belgium - - 21 21 21
Belize - - 18 18 18 - 18 required 30 years old to be Speaker of the House of Representatives/ Senate [13]
Brazil 35 35 35 21 - 30 30 21 21 18 [14]
Canada - - 30 - in Canada (other than Alberta, Manitoba, Ontario, the Prince Edward Island, Quebec and Saskatchewan) a person must be aged 19 or over (18 in Alberta, Manitoba, Ontario, the Prince Edward Island, Quebec and Saskatchewan) to stand for election to public office;
member of the Senate must possess land worth at least $4,000 in the province for which he or she is appointed, and must own real and personal property worth at least $4,000, above his or her debts and liabilities
Chile 35 35 21 - [15]
China 45 45 - [16]
Cyprus 35
Czech Republic 40 40 21 21 18 18 [17]
Denmark - - 18 - 18 18 18 18
Estonia 40 - 21 18 18 [18]
France 18 24 18
Germany 40 18 18 18 18 18 the only exception is the Landtag election in Hesse where a minimum age of 21 is required [19]
Hong Kong 21 - 21 a person must be at least 40 to be candidate in the Chief Executive election, and also at least 40 to be candidate in the election for the President of the Legislative Council from among the members of the Legislative Council
India 35 35 25 30 25 - 35 35 21 21
Indonesia 35 35 21 21 - 30 30 21 25 25 years old to be Regent, Vice Regent, Mayor, or Deputy Mayor
Israel 30 - 21 - 21
Italy 50 40 25 18
Iran 21 - [20]
Iraq 40 35 - 30 - [21][22][23]
Ireland 35 30 21 21 18 [24][25][25][26][25][27][28]
Japan 30 25 - 30 25 25 25 [29]
South Korea 40 25 - 25 [30]
Malaysia 30 21 -
Mexico 35 25 21 -
Netherlands - - 18 18 18 18 18 18
New Zealand - - 18 -
Nigeria 40 40 35 30 - 35
Norway - - 18 - 18 - 18 18
Pakistan 40 25 25 - 25
Philippines 40 40 35 25 - 35 21 21
Poland 35 - 30 21 21 25 18
Portugal 35 - 18 [31][32]
Singapore 25 -
South Africa 18 - 18
Switzerland 18 -
Thailand 35 -
Turkey 40 30 30 - [33]
United Kingdom - - 18 18 18 18 in the United Kingdom, a person must be aged 18 or over in Northern Ireland, England, and Wales, and 16 or over in Scotland to stand in elections to all parliaments, assemblies, and councils at the European, UK, devolved, or local level
United States 35 35 - 30 25 - [34]
Venezuela 30 30 - 21 - 25
See also[edit]
Youth
Youth suffrage
Youth rights
Ageism
Ballot access
Electoral reform
Voting age
Notes and references[edit]
Jump up ^ Broughton, Thomas; Marcia Patterson (1951). The Magistrates of the Roman Republic. American Philological Association. p. 388.
Jump up ^ "BYC Youth Manifesto" (PDF). British Youth Council. 2008. Archived from the original (PDF) on 2009-03-06. Retrieved 2008-07-28. Young people believe that the age to stand as candidates for local, regional, national and European elections should be 16, as should the age to become a trustee of a charity. Young people have significant responsibilities to society at the age of 16 and can have significant responsibilities in the private sector as company directors; this inconsistency should be rectified. Young people have lots to offer and the decision of their appointment to positions of political authority or governance of organisations should be in the hands of the electorate or membership respectfully.
Jump up ^ "Unsworn Senators". Time Magazine (January 14, 1935).
Jump up ^ Battle, Dick; Tom Flake (January 5, 1955). "Senate Vote Ousts Fulton". Nashville Banner.
Jump up ^ O'Brian, Jack (11 January 1969). "Senate To Have Ineligible Man". Spartanburg Herald. Spartanburg, SC. Retrieved 15 January 2015.
Jump up ^ Freeman, Jo (2008). We Will Be Heard: Women's Struggles for Political Power in the United States. Rowman & Littlefield. p. 91. Only 31, Linda Jenness did not meet the Constitutional age requirement to hold the office of President, but the SWP was on the ballot in 25 states — six more than in 1968.
Jump up ^ "1972 Presidential General Election Results". Dave Leip's Atlas of U.S. Presidential Elections. Retrieved 2008-07-28.
Jump up ^ "Presidency 2004". Politics1.com. Archived from the original on 2007-07-30. Retrieved 2007-10-16. Since they weren't going to be elected anyways, the Socialist Workers Party didn't care that they nominated a ticket entirely ineligible to be elected. Why? Because Róger Calero is both foreign born and also not a US citizen; and Arrin Hawkins is too young. To avoid ballot access problems for the SWP, as the constitutional ineligibility may also render them unable to be listed on the ballot in some states, the 2000 SWP ticket of James Harris for President and Margaret Trowe for Vice President are being used in states that will not permit the Calero-Hawkins slate to be listed.
Jump up ^ "How old is old enough?" (PDF) (Press release). British Youth Council. October 2003. Archived from the original (PDF) on 2007-10-11. Retrieved 2008-07-16. BYC believes that at the age of 18 a person may hold elected office. A candidate’s breadth of life experience is something that can be evaluated by the electorate... BYC strongly believes that the age of voting should be lowered to 16 and candidacy age should be lowered to 18...
Jump up ^ The Electoral Administration Act 2006 (Commencement No. 2, Transitional and Savings Provisions) Order 2006, article 3 and Schedule 1(14)(d).
Jump up ^ The Electoral Administration Act 2006 - Part 5, Section 17 Archived July 2, 2008, at the Wayback Machine.
Jump up ^ 31/BNR (XXIII. GP) Bundes-Verfassungsgesetz, ss. 2 and 6, Republik Österreich Parlament (German). Retrieved on 1 July 2007.
Jump up ^ Laws of Belize, Volume II, Title VIII, Chapter 88, Part III. "Any person shall be eligible to be elected as a member of a council who: is a citizen of Belize; and has ordinarily resided in the village for at least one year immediately preceding the election; and is at least eighteen years old."
Jump up ^ Brazilian Constitution (in Portuguese)
Jump up ^ "Ley Chile - Biblioteca del Congreso Nacional". leychile.cl. Retrieved 2013-01-14.
Jump up ^ Constitution of the People's Republic of China, Section 2, Article 79.
Jump up ^ https://www.psp.cz/docs/guide/
Jump up ^ Constitution of the Republic of Estonia Archived April 13, 2009, at the Wayback Machine.
Jump up ^ Landtagswahlgesetz - LWG I. Allgemeines - § 4 Wählbarkeit. Retrieved 24 December 2014.
Jump up ^ Piven, Ben; Ben Willers (11 June 2013). "Infographic: Choosing Iran's next president". Al Jazeera English. Retrieved 12 June 2013.
Jump up ^ Constitution of Iraq, Article 68
Jump up ^ Constitution of Iraq, Article 77
Jump up ^ Iraqi Election Law No. 45 of 2013, Article 8 (a)
Jump up ^ Constitution of Ireland Article 12.4.1° (President) Article 16.1.1° (Dáil Éireann), Article 18.2 (Seanad Éireann)
^ Jump up to: a b c "Children and rights in Ireland". p. Elections. Retrieved 8 May 2015.
Jump up ^ "European Parliament Elections Act, 1997, Section 11". Irish Statute Book. Retrieved 8 May 2015.
Jump up ^ "Electoral (Amendment) Act, 1973, Section 4". Irish Statute Book. Retrieved 8 May 2015.
Jump up ^ Constitution of the Irish Free State, Article 31; "Constitution (Amendment No. 8) Act, 1928, Section 1". Irish Statute Book. Retrieved 8 May 2015.
Jump up ^ "公職選挙法". Ministry of Justice (Japan).
Jump up ^ 국가법령정보센터 - 공직선거법
Jump up ^ "O que é preciso para ser candidato a Presidente da República". Retrieved January 31, 2018.
Jump up ^ Cmoissão Nacional de Eleições (Portugal). "Perguntas Frequentes: Candidatura". Retrieved January 31, 2018.
Jump up ^ "18 maddelik anayasa değişikliği teklifinin tam metni". Evrensel.net (in Turkish). 10 January 2017.
Jump up ^ "Age of Candidacy Law & Legal Definition". USLegal.com. Retrieved 2012-11-07.
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South Korean won
From Wikipedia, the free encyclopedia
Jump to: navigation, search
South Korean won
대한민국 원 (Korean)
Coins and banknotes of the South Korean won.
ISO 4217
Code
KRW
Number
410
Exponent
0
Denominations
Subunit
1⁄100
jeon (전/錢)
Theoretical (not used)
Plural
The language(s) of this currency does not have a morphological plural distinction.
Symbol
₩
Banknotes
Freq. used
₩1,000, ₩5,000, ₩10,000, ₩50,000
Rarely used
₩2,000
Coins
Freq. used
₩10, ₩50, ₩100, ₩500
Rarely used
₩1, ₩5
Demographics
User(s)
South Korea
Issuance
Central bank
Bank of Korea
Website
eng.bok.or.kr
Printer
Korea Minting and Security Printing Corporation
Website
english.komsco.com
Mint
Korea Minting and Security Printing Corporation
Website
english.komsco.com
Valuation
Inflation
1.3% (Feb 2016, Year-on-Year % Change)
Source
[6], February 2016
South Korean won
Hangul
대한민국 원
Hanja
大韓民國 원
Revised Romanization
Daehanmin(-)guk won
McCune–Reischauer
Taehanmin'guk wŏn
The won (/wʌn/;[1] Korean: 원, Korean pronunciation: [wʌn]; symbol: ₩; code: KRW) or the Korean Republic Won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul. The official currency of North Korea, issued by the Central Bank of the Democratic People's Republic of Korea which is based in its capital city, Pyongyang, is divided into the same number of units, and is known as the North Korean won.
Contents
[hide]
1 Etymology
2 First South Korean won
2.1 History
2.2 Banknotes
3 Second South Korean won
3.1 History
3.2 Coins
3.3 Banknotes
3.3.1 New series
3.3.2 The 1,000-won note security features[30]
3.3.3 The 5,000-won note security features[31]
3.3.4 The 10,000-won note security features[32]
3.3.5 The 50,000-won note security features[33]
4 Future of the South Korean won
5 Currency production
6 Current exchange rates
7 See also
8 References
9 External links
Etymology[edit]
Main article: Etymology of the Korean currencies
The old "won" was a cognate of the Chinese yuan and Japanese yen. It is derived from the hanja 圓 (원), meaning "currency" or "coin." The won was subdivided into 100 jeon (Hangul: 전; Hanja: 錢; RR: jeon; MR: chŏn), itself a cognate of the Chinese character 錢 (qián) which means "money" and also used as a unit of money in ancient times.[when?] The current won (1962 to present) is written in hangul only.[2]
First South Korean won[edit]
Main article: South Korean won (1945–53)
History[edit]
During the Colonial era, the won was replaced at par by the yen, made up of the Korean yen.
In 1945 after World War II, Korea became divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.
The South Korean won was initially pegged to the U.S. dollar at a rate of 15 won = 1 dollar. A series of devaluations followed, the later ones in part due to the Korean War. The pegs were:
Pegs for the first South Korean won
Date introduced
Value of U.S. dollar in won
October, 1945 15
July 15, 1947 50
October 1, 1948 450
June 14, 1949 900 (non-government transactions only)
May 1, 1950 1,800
November 1, 1950 2,500
April 1, 1951 6,000
The first South Korean won was replaced by the hwan on February 15, 1953 at a rate of 1 hwan = 100 won. Republic of Korea Banknotes 5th Edition
Banknotes[edit]
In 1946, the Bank of Joseon introduced 10- and 100-won notes. These were followed in 1949 by 5- and 1,000-won notes.
A new central bank, the Bank of Korea, was established on 12 June 1950,[3] and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500-won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.
Second South Korean won[edit]
History[edit]
The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = $US 1. The following pegs operated between 1962 and 1980:
Pegs for the second South Korean won
Date introduced
Value of U.S. dollar in won
June 10, 1962 125
May 3, 1964 255
August 3, 1972 400
December 7, 1974 480
January 12, 1980 580
On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund.[4] Shortly after, the won was devalued to almost half of its value, as part of the East Asian financial crisis.
Coins[edit]
Until 1966, 10- and 50-hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the common era, earlier coins having used the Korean calendar. The 10- and 50-hwan coins were demonetized on March 22, 1975.[5]
In 1968, as the intrinsic value of the brass 1-won coin far surpassed its face value, new aluminum 1-won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5- and 10-won coins were issued in 1970, struck in brass. Cupronickel 100-won coins were also introduced that year, followed by cupronickel 50 won in 1972.[5]
1966–1982 issued coins[6][7] (in Korean)
Image
Value
Technical parameters
Description
Date of
BOK series designation
Obverse
Reverse
Diameter
Mass
Composition
Edge
Obverse
Reverse
First minting
Issue
Withdrawal
₩1 17.2 mm 1.7 g Brass
60% copper
40% zinc Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 December 1, 1980 Series I (가)
₩1 17.2 mm 0.729 g 100% aluminium Plain Rose of Sharon, value, bank title (hangul) Value (digit), bank title, year of minting 1968 August 26, 1968 1992 Series II (나)
₩5 20.4 mm 3.09 g Commercial bronze
88% copper
12% zinc Plain Geobukseon, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 1992 Series I (가)
₩5 20.4 mm 2.95 g High brass
65% copper
35% zinc Plain Geobukseon, value, bank title (hangul) Value (digit), bank title, year of minting 1970 July 16, 1970 1992 Series II (나)
₩10 22.86 mm 4.22 g Commercial bronze
88% copper
12% zinc Plain Dabotap Pagoda, value, bank title (hangul) Value (digit), bank title, year of minting 1966 August 16, 1966 Still circulating Series I (가)
₩10 22.86 mm 4.06 g High brass
65% copper
35% zinc Plain Dabotap Pagoda, value, bank title (hangul) Value (digit), bank title, year of minting 1970 July 16, 1970 Still circulating Series II (나)
₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel Milled Stalk of rice, value (hangul) Value (digit), bank title (hangul), year of minting 1972 December 1, 1972 Still circulating Series I (가)
₩100 24 mm 5.42 g Cupronickel
75% copper
25% nickel Yi Sun-sin, value, bank title (hangul) Value (digit), year of minting 1970 November 30, 1970
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.
In 1982, with inflation and the increasing popularity of vending machines, 500-won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1-, 5-, 10-, 50-, and 100-won coins was issued, using the same layout as the 500-won coins, but conserving the coins old themes.[5]
1982–2006 issued coins[8][9]
Image
Value
Technical parameters
Description
Date of
BOK series designation
Obverse
Reverse
Diameter
Mass
Composition
Edge
Obverse
Reverse
First minting
Issue
₩1 17.2 mm 0.729 g 100% aluminium Plain Rose of Sharon, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series III (다)
₩5 20.4 mm 2.95 g High brass
65% copper
35% zinc Plain Geobukseon, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series III (다)
₩10 22.86 mm 4.06 g Dabotap Pagoda, value (hangul)
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.
Current coins
Image
Value
Technical parameters
Description
Date of
BOK series designation
Obverse
Reverse
Diameter
Mass
Composition
Edge
Obverse
Reverse
First minting
Issue
₩10 18 mm 1.22 g Copper-plated aluminium
48% copper
52% aluminium Plain Dabotap pagoda, value (hangul) Value (digit), bank title, year of minting 2006 December 18, 2006 Series IV (라)
₩50 21.6 mm 4.16 g 70% copper
18% zinc
12% nickel Milled Stalk of rice, value (hangul) Value (digit), bank title, year of minting 1983 January 15, 1983 Series II (나)
₩100 24 mm 5.42 g Cupronickel
75% copper
25% nickel Yi Sun-sin, value (hangul)
₩500 26.5 mm 7.7 g Red-crowned crane, value (hangul) 1982 June 12, 1982 Series I (가)
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.
The Bank of Korea announced in early 2006 its intention to redesign the 10-won coin by the end of that year. With the increasing manufacturing price, then at 38 won per 10-won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce.[10] The new coin is made of copper-coated aluminium with a reduced diameter of 18 mm, and a weight of 1.22 g. Its visual design is the same as the old coin.[11] The new coin was issued on December 18, 2006.[12][13]
The 1- and 5-won coins are difficult to find in circulation today, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets.[14] In 1998, the production costs per coin were: 10-won coins each cost 35 won to produce, 100-won coins cost 58 won, and 500 won coins cost 77 won.[15]
The 100-won coins have exactly the same shape as the U.S. quarter, the only difference is the composition, with the 100-won coin struck in cupronickel rather than the U.S. quarter's cupronickel-clad composition.[16]
Banknotes[edit]
The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, ₩1,000 issued in 1983 is series II (나) because it is the second design of all ₩1,000 designs since the introduction of the South Korean won in 1962.
In 1962, 10- and 50-jeon, 1-, 5-, 10-, 50-, 100- and 500-won notes were introduced by the Bank of Korea. The first issue of 1-, 5-, 10-, 50-, 100- and 500-won notes was printed in the UK by Thomas De La Rue. The jeon notes together with a second issue of 10- and 100-won notes were printed domestically by the Korea Minting and Security Printing Corporation.
In 1965, 100-won notes (series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500-won notes followed in 1966, also using intaglio printing, and for the 50-won notes in 1969 using lithoprinting.[5]
1962 Thomas De La Rue Series[6] (in Korean)
Image
Value
Dimensions
Main color
Description
Date of
BOK series designation
Obverse
Reverse
Obverse
Reverse
Issue
Withdrawal
₩1 94 × 50 mm Pink Bank of Korea's symbol Value June 10, 1962 May 20, 1970 None
₩5 Blue May 1, 1969
₩10 108 × 54 mm Green September 1, 1962 Series I (가)
₩50 156 × 66 mm Orange Haegeumgang near Geoje Torch, value May 20, 1970
₩100 Green Independence Gate (Dongnimmun) February 14, 1969
₩500 Grey Namdaemun February 3, 1967
1962–1969 KOMSCO Series[6] (in Korean)
10 jeon 90 × 50 mm Blue "Bank of Korea" and value (Korean) "Bank of Korea" and value (English) December 1, 1962 December 1, 1980 None
50 jeon Brown
₩10 140 × 63 mm Purple Cheomseongdae Geobukseon September 21, 1962 October 30, 1973 Series II (나)
₩50 149 × 64 mm Green and orange / blue Tapgol Park in Seoul Beacon, Rose of Sharon March 21, 1969 Series II (나)
₩100 156 × 66 mm Green Independence Gate Gyeonghoeru Pavilion at Gyeongbok Palace November 1, 1962 Series II (나)
Sejong the Great Main building of the Bank of Korea August 14, 1965 December 1, 1980 Series III (다)
₩500 165 × 73 mm Brown Namdaemun Geobukseon August 16, 1966 May 10, 1975 Series II (나)
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
With the economic development from the 1960s, the value of the 500-won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones.[5] In 1970, the 100-won notes were replaced by coins, with the same happening to the 50-won notes in 1972.
Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including watermark, security thread, and ultraviolet response fibres, and were intaglio printed. The release of 10,000-won notes was planned to be at the same time as the 5,000-won notes, but problems with the main theme delayed it by a year.[17] Newly designed 500-won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000-won notes in 1975.
1972–1973 Series[7] (in Korean)
Image
Value
Dimensions
Main color
Description
Date of
BOK series designation
Plate produced
Obverse
Reverse
Obverse
Reverse
Watermark
Issue
Withdrawal
₩5,000 167 × 77 mm Brown Yi I Main building of the Bank of Korea July 1, 1972 December 1, 1980 Series I (가) By Thomas de la Rue[18]
₩10,000 171 × 81 mm Green Sejong the Great, Rose of Sharon] Geunjeongjeon at Gyeongbok Palace June 12, 1973 November 10, 1981 Series I (가) In Japan[17]
1973–1979 Series[7] (in Korean)
₩500 159 × 69 mm Green and pink Yi Sun-sin, Geobukseon Yi Sun-sin's Shrine at Hyeonchungsa None September 1, 1973 May 12, 1993 Series III (다)
₩1,000 163 × 73 mm Purple Yi Hwang, Rose of Sharon Dosan Seowon (Dosan Confucian Academy) August 14, 1975 Series I (가) In Japan[19]
₩5,000 167 × 77 mm Orange Yi I Ojukheon in Gangneung June 1, 1977 May 12, 1993 Series II (나) In Japan[18]
₩10,000 171 × 81 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of Sharon June 15, 1979 May 12, 1993 Series II (나) In Japan[17]
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
In 1982, the 500-won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life.[5]
To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000- and 10,000-won notes were released between 1994 and 2002 with various new security features, which included color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5,000- and 10,000-won notes are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.
The plates for the 5,000-won notes were produced in Japan, while the ones for the 1,000- and 10,000-won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.[17][18][19]
With the release of a new set of notes, no plan has yet been made to withdraw these notes from circulation.[20]
1983–2002 Series[21] (in Korean)
Image
Value
Dimensions
Main Color
Description
Date of issue
BOK series designation
Modification
Obverse
Reverse
Obverse
Reverse
Watermark
₩1,000 151 × 76 mm Purple Yi Hwang Dosan Seowon (Dosan Confucian Academy) Reversed portrait June 11, 1983 Series II (나)
₩5,000 156 × 76 mm Orange Yi I Ojukheon in Gangneung June 11, 1983 Series III (다)
June 12, 2002 Series IV (라) Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription
₩10,000 161 × 76 mm Green Sejong the Great, Water clock Gyeonghoeru Pavilion at Gyeongbok Palace October 8, 1983 Series III (다)
January 20, 1994 Series IV (라) Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image
Reversed portrait, Taeguk June 19, 2000 Series V (마) Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
New series[edit]
In 2006, it became a major concern that the Korean won banknotes were being counterfeited/forged. Notably, around 50% of 5,000-won notes (worth about US$5) were confiscated as counterfeit.[citation needed] This led the government to issue a new series of banknotes, with the 5,000-won note being the first one to be redesigned. Later in 2007, the 1,000- and 10,000-won notes were introduced.
On June 23, 2009, the Bank of Korea released the 50,000-won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000-won note. This note is the first Korean banknote to feature the portrait of a woman.[22] The release of the 50,000-won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000-won note.[23]
New 100,000-won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands.[24][25][26][27]
The banknotes include over 10 security features in each denomination. The 50,000-won note has 22 security features, the 10,000-won note 21, the 5,000-won note 17, and the 1,000-won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:
Holograms with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000)
Watermark portraits of the effigy of the note are visible when held to the light in the white section of the note.
Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper
Security thread in the right side of the obverse side with small lettering "한국은행 Bank of Korea" and the denomination
Color-shifting ink on the value number at the back of the note:
For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported to Europe, North America, etc.[28]
2006–2017 Series[29] (in Korean)
Image
Value
Dimensions
Main color
Description
Date of issue
BOK series designation
Obverse
Reverse
Obverse
Reverse
Watermark
₩1000 136 × 68 mm Blue Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon Reversed portrait, value January 22, 2007 Series III (다)
₩2000 Gray Seven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled) Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) December 11, 2017 Series I (가)
₩5,000 142 × 68 mm Orange Yi I, Ojukheon in Gangneung, black bamboo "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang January 2, 2006 Series V (마)
₩10,000 148 × 68 mm Green Sejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga, the first work of literature written in hangul Globe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the background January 22, 2007 Series VI (바)
₩50,000 154 × 68 mm Yellow Shin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background Bamboo and a plum tree June 23, 2009 Series I (가)
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
The 1,000-won note security features[30][edit]
Intaglio latent image: From the position of eyes, if one looks askance at the note, "WON" appears, due to a special intaglio printing method.
Windowed security thread: The security thread is a plastic film with hologram letters. It is exposed at the left side of the portrait on the obverse regularly.
Color-shifting ink: Because of special ink, which is mixed with different material having different reflection to the light, the color of face-value number changes from green to blue.
See-through register: Patterns are printed in the same place on both sides of the note. Holding the note up to the light, the shapes on the obverse and reverse combine to make a completed taegeuk.
Microlettering: Difficult to see with the naked eye, it can be discerned with a magnifier. It appears as a line or dotted line when forged by color printer or color copier.
Watermark: Held up to the light, a hidden reverse image portrait appears in the nonimage space on the left side of the obverse, due to the variation in thickness within each note.
Special press and soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.
Intaglio printing: A special method applying ink to a concave plate, the slightly raised figures produced can be felt.
Fluorescent security fiber: Fluorescent fibers are inserted into the paper. Under ultraviolet light, the fluorescent fibers can be seen scattered throughout.
Endless pattern: A printing method interlinking the pattern between top and bottom, right and left around the edge of the note
Rainbow printing: A printing method whereby color gradients give a rainbow-like effect.
The 5,000-won note security features[31][edit]
Hologram (optically variable device): Changing designs are seen at different angles. At different angles, "map of Korea", "face value number, and "Taegeuk" (the Great Absolute), and "Four signs of divination" can be seen.
Color-shifting ink: Depending on the angle, the value (5,000) on the reverse changes between gold and green.
Intaglio latent image: From the position of eyes, "WON" appears due to intaglio printing.
Security thread: Held up to the light, the banknote shows microletters within a thin fluorescent plastic film.
See-through register: Patterns are printed in the same place on both sides of the note.
Microlettering: Difficult to see, it appears as a line or dotted line when forged by color printer or color copier.
Watermark: Held up to the light, a hidden reverse image portrait appears in the nonimage space on the left side of the obverse, due to the variation in thickness within each note.
Special press and soldering: Without holding the note up to the light, the watermark can still be read because of higher differences in paper thickness.
Watermark bar: Held up to the light, three horizontal dark bars and two bright bars appear, in turn, due to the variation in thickness within each note.
Intaglio printing
Fluorescent security fiber
Endless pattern
Rainbow printing
The 10,000-won note security features[32][edit]
Hologram: At different angles, "map of Korea," "face value number" and "Taegeuk "(the Great Absolute)," and "Four signs of divination" can be seen.
Color shifting ink: Depending on the angle, the value (10,000) on the reverse changes between gold and green.
Intaglio latent image
Security thread
See-through register
Microlettering
Watermark
Special press and soldering
Watermark bar
Intaglio printing
Fluorescent security fiber
Endless pattern
Rainbow printing
The 50,000-won note security features[33][edit]
Holographic strip (optically variable device): The holographic strip is a special film applied on the left end of the obverse. On the top, middle and bottom of the strip, are three sets of changing images: "map of Korea," "taegeuk (two comma roundel)," and "the four trigrams." When the banknote is tilted, each of them appears in turn. Between the sets of changing images, the denomination, 50,000, is printed vertically on the strip. On the left top and bottom of the holographic strip, against a background of geometric guilloche, the words "BANK OF KOREA 50000" are printed vertically. A line of a Korean traditional lattice pattern is embossed on the strip's right end.
Moving image security thread ("Motion"): The 50,000 won note has a special blue and gray film with numerous Taegeuk patterns all over it. Taegeuk patterns move to the left and right when the note is tilted up and down, while moving up and down when the note is tilted to the left and right. When the note is held up to the light, the movement of the Taegeuk patterns appears more clearly.
Novel numbering: The sizes of the digits (numbers and letters) used in the serial number increase gradually from left to right.
Color-shifting ink: The color of the face value number (50,000) on the top right of the reverse changes between green and magenta when the note is tilted.
Watermark: Held up to the light, a hidden portrait (of Shin Saimdang), produced by using the variation in thickness of the note paper, appears in the non-image area on the left side of the obverse.
Special press and soldering: A kind of watermark, it isproduced using the maximized thickness variations in the note paper. It is located on the right bottom of the watermark and if one holds the banknote up to a light source or looks at it with the naked eye, the number "5" appears within the pentagon.
Intaglio latent image: If the note is held horizontally and tilted at eye level, the number "5" appears within the intaglio-printed pentagon.
Security thread: If the note is held up to the light, the microletters "한국은행 BANK OF KOREA 50000" are printed within a special film hidden on the right side of the portrait.
Intaglio printing: Granular texture can be felt when touching the portrait of Shin Saimdang, the Wolmaedo painting, letters, five lines of tactile marks and denomination numbers.
See-through register: When the note is held up to the light, the round images on the obverse and reverse are combined, appearing as a two-comma roundel (Taegeuk).
Endless pattern
Rainbow printing
Fluorescent security ink and fiber: When the note is illuminated with ultraviolet light, fluorescent green (security ink) on the grape painting and short fluorescent red, blue and green lines (fluorescent security fibers) show all over the banknote.
Filter through latent image: Through a specially produced filter, the hidden face value number "50000" is seen in the nonimage area of the reverse.
Microlettering: Intaglio-printed microletters (consonants of Korean alphabets and "BANK OF KOREA") and offset-printed microletters ("50000") can be discerned with a magnifying glass.
Future of the South Korean won[edit]
As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins of the South Korean won.[34]
Currency production[edit]
The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are printed/minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.
Current exchange rates[edit]
Current KRW exchange rates
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From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD CNY INR
South Korean won to U.S. dollar exchange rate
South Korean won to euro exchange rate
See also[edit]
South Korea portal
Numismatics portal
Economy of South Korea
History of the Korean currencies
References[edit]
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Jump up ^ [5][dead link]
Jump up ^ "Currency < Currency in circulation < Introduction to Banknotes | THE BANK OF KOREA. #2". Bok.or.kr. Retrieved 2012-09-01.
Jump up ^ Security features of the 1,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
Jump up ^ Security features of the 5,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
Jump up ^ Security features of the 10,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25.
Jump up ^ Security features of the 50,000 won banknote The Bank of Korea (www.bok.or.kr). Retrieved on 2014-08-25
Jump up ^ South Korea begins coinless society trial BBC (www.bbc.com). April 19, 2017. Retrieved on 2017-07-14.
Krause, Chester L.; Clifford Mishler (2003). 2004 Standard Catalog of World Coins: 1901–Present. Colin R. Bruce II (senior editor) (31st ed.). Krause Publications. ISBN 0873495934.
Cuhaj, George S. (editor) (2005). Standard Catalog of World Paper Money: Modern Issues 1961-Date (11th ed.). Krause Publications. ISBN 0-89689-160-7. CS1 maint: Extra text: authors list (link)
Pick, Albert (1996). Standard Catalog of World Paper Money: General Issues to 1960. Colin R. Bruce II and Neil Shafer (editors) (8th ed.). Krause Publications. ISBN 0-87341-469-1.
External links[edit]
Wikimedia Commons has media related to Money of South Korea.
"BOK Announces Smaller Banknotes". The Chosun Ilbo. 2005-07-21. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
"New W5,000 Ready for Release on Jan. 2". The Chosun Ilbo. 2005-12-13. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
"New W1,000 Note Unveiled". The Chosun Ilbo. 2006-01-17. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
"Dollar Plummets to Pre-Crisis Level Against Won". The Chosun Ilbo. 2006-01-25. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
"New W5,000 Bills Forgery- but not Water-Proof". The Chosun Ilbo. 2006-01-25. Archived from the original on 2006-10-26. Retrieved 2006-10-17.
"New W10,000 Note Unveiled". The Chosun Ilbo. 2006-05-18. Archived from the original on 2006-07-09. Retrieved 2006-10-17.
New South Korean won banknotes, information page of BOK's new notes
Pronunciation of Won at freedictionary.com
Preceded by:
Korean yen
Ratio: at par Currency of South Korea
1945 – 1953 Succeeded by:
South Korean hwan
Reason: inflation
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Preceded by:
South Korean hwan
Reason: inflation
Ratio: 1 won = 10 hwan Currency of South Korea
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Poverty alleviation programmes in India
From Wikipedia, the free encyclopedia
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This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2016) (Learn how and when to remove this template message)
The poverty alleviation programmes in India can be categorized based on whether it is targeted for rural areas or urban areas. Most of the programmes are designed to target rural poverty as prevalence of poverty is high in rural areas. Also targeting poverty is challenging in rural areas due to various geographic and infrastructure limitations. The programmes can be mainly grouped into 1) Wage employment programmes 2) Self-employment programmes 3) Food security programmes 4) Social security programmes 5) Urban poverty alleviation programmes.
The five year plans immediately after independence tried to focus on poverty alleviation through sectoral programmes. The first five-year plan focused on agricultural production as a way of addressing poverty while second and third plans focused on massive state led investments for employment generation in public sector. While these policies did some policy generation, they did not have enough strength to effect a sweeping effect.
Contents
[hide]
1 Jawahar Gram Samridhi Yojana (JGSY)
2 National Old Age Pension Scheme (NOAPS)
3 National Family Benefit Scheme (NFBS)
4 National Maternity Benefit Scheme
5 Annapurna
6 Integrated Rural Development Program(IRDP)
7 Pradhan Mantri Gramin Awaas Yojana
8 National Rural Employment Guarantee Act (NREGA)
9 References
10 External links
Jawahar Gram Samridhi Yojana (JGSY)[edit]
This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2017) (Learn how and when to remove this template message)
Jawahar Gram Samridhi Yojana(JGSY) is the restructured, streamlined and comprehensive version of the Jawahar Rozgar Yojana (JRY). It was started on 1 April 1999. The main aim of this programme was development of rural areas. Infrastructure like roads to connect the village to different area, which made the village more accessible and also other social, educational (schools) and infrastructure like hospitals. Its secondary objective was to give out sustained wage employment. This was only given to BPL (below the poverty line) families and fund was to be spent for individual beneficiary schemes for SCs and STs and 3% for the establishment of barrier free infrastructure for the disabled people. The village panchayats were one of the main governing body of this programme. Rs. 1841.80 crore was used and they had a target of 8.57 lakh works. 5.07 lakh works were completed during 1999-2000.
National Old Age Pension Scheme (NOAPS)[edit]
This scheme came into effect on 15 August 1995. The scheme provides pension to old people who were above the age of 65 (now 60) who could not find for themselves and did not have any means of subsistence. The pension that was given was Rs 200 a month. This pension is given by the central government. The job of implementation of this scheme in states and union territories is given to panchayats and municipalities. The states contribution may vary depending on the state. The amount of old age pension is Rs. 200 per month for applicants aged 60–79. For applicants aged above 80 years, the amount has been revised in Rs. 500 a month according to the 2011–2012 Budget.
National Family Benefit Scheme (NFBS)[edit]
This scheme was started in August 1995 by the Government of India. This scheme is sponsored by the state government. It was transferred to the state sector scheme after 2002-03. It is under the community and rural department. This scheme provides a sum of Rs 20000 to a person of a family who becomes the head of the family after the death of its primary breadwinner. The breadwinner is defined as a person who is above 18 who earns the most for the family and on whose earnings the family survives.
National Maternity Benefit Scheme[edit]
This scheme provides a sum of 6000 Rs to a pregnant mother in three installments. The women have to be older than 19 years of age. It is given normally 12–8 weeks before the birth and in case of the death of the child the women can still avail it. The NMBS is implemented by states and union territories with the help of panchayats and municipalities. During 1999–2000 the total allocation of funds for this scheme was 767.05 crores and the amount used was Rs 4444.13 crore. It is for families below the poverty line. The scheme was updated in 2005-06 into Janani Suraksha Yojana with Rs 1400 for every institutional birth.
First instalment (in first trimester of pregnancy) - 3,000/-[1]
• Early Registration of Pregnancy, preferably within first three months. • Received one antenatal check-up.
Second instalment[2]
• At the time of institutional delivery - 1500/-
Third instalment (3 months after delivery) - 1500/-
• Child birth is registered.[3] • Child has received BCG vaccination. • Child has received OPV and DPT-1 & 2.
Annapurna[edit]
This scheme was started by the government in 1999–2000 to provide food to senior citizens who cannot take care of themselves and are not under the National Old Age Pension Scheme (NOAPS), and who have no one to take care of them in their village. This scheme would provide 10 kg of free food grains a month for the eligible senior citizens. The allocation for this scheme in 2000-2001 was Rs 100 crore.They mostly target groups of 'poorest of the poor' and 'indigent senior citizens'.
Integrated Rural Development Program(IRDP)[edit]
Main article: Integrated Rural Development Program
This section does not cite any sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2017) (Learn how and when to remove this template message)
IRDP in India is among the world's most ambitious programs to alleviate rural poverty by providing income-generated assets to the poorest of the poor. This program was first introduced in 1978-79 in some selected areas, but covered all the areas by November 1980. During the sixth five-year plan (1980–85) assets worth 47.6 billion rupees were distributed to about 16.6 million poor families. During 1987-88, another 4.2 million families were assisted with an average investment of 4,471 per family or 19 billion rupees overall.
The main objective of IRDP is to raise families of identified target group below poverty line by creation of sustainable opportunities for self-employment in the rural sector. Assistance is given in the form of subsidy by the government and term credit advanced by financial institutions (commercial banks, cooperatives and regional rural banks.) The program is implemented in all blocks of the country as centrally sponsored scheme funded on 50:50 basis by the center and the states. The target group under IRDP consists of small and marginal farmers, agricultural laborers and rural artisans having annual income below Rs. 11,000 defined as poverty line in the Eighth Plan. In order to ensure that benefits under the program reach the more vulnerable sectors of the society, it is stipulated that at least 50 per cent of assisted families should be from scheduled castes and scheduled tribes with corresponding flow of resources to them. Furthermore, 40 per cent of the coverage should be of women beneficiaries and 3 per cent of physically challenged persons. At the grassroots level, the block staff is responsible for implementation of the program. The State Level Coordination Committee (SLCC) monitors the program at state level whereas the Ministry of Rural Areas and Employment is responsible for the release of central share of funds, policy formation, overall guidance, monitoring and evaluation of the program.
Pradhan Mantri Gramin Awaas Yojana[edit]
Main article: Pradhan Mantri Gramin Awaas Yojana
This scheme aimed at creating housing for everyone.It was initiated in 1985. It aimed at creating 20 lakh housing units out of which 13 lakhs were in rural area. This scheme also would give out loans to people at subsidized rates to make houses. It was started in 1999–2000. In 1999–2000, Rs 1438.39 crore was used for this scheme and about 7.98 lakh units were built. In 2000-01 a central outlay of Rs 1710.00 crores was provided for this scheme.it improving the standard of living of rural areas:health,primary education,drinking water,housing,roads.
National Rural Employment Guarantee Act (NREGA)[edit]
Main article: National Rural Employment Guarantee Act, 2005
The NREGA bill notified in 2005 and came into force in 2006 and further modified it as the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) in Oct 2,2009. This scheme guarantees 100 days now 150 days of paid work to people in the rural areas. The scheme has proved to be a major boost in Indian rural population's income.
To augment wage employment opportunities by providing employment on demand and by specific guaranteed wage employment every year to households whose adult members volunteer to do unskilled manual work to thereby extend a security net to the people and simultaneously create durable assets to alleviate some aspects of poverty and address the issue of development in the rural areas.[4]
The Ministry of Rural Development (MRD) is the nodal Ministry for the implementation of NREGA. It is responsible for ensuring timely and adequate resource support to the States and to the Central Council. It has to undertake regular review, monitoring and evaluation of processes and outcomes. It is responsible for maintaining and operating the MIS to capture and track data on critical aspects of implementation, and assess the utilization of resources through a set of performance indicators. MRD will support innovations that help in improving processes towards the achievement of the objectives of the Act. It will support the use of Information Technology (IT) to increase the efficiency and transparency of the processes as well as improve interface with the public. It will also ensure that the implementation of NREGA at all levels is sought to be made transparent and accountable to the public.Now 100 to 150 days work for all is provided.[citation needed]
References[edit]
Jump up ^ http://pib.nic.in/newsite/PrintRelease.aspx?relid=156094
Jump up ^ http://pib.nic.in/newsite/PrintRelease.aspx?relid=156094
Jump up ^ http://pib.nic.in/newsite/PrintRelease.aspx?relid=156094
Jump up ^ Vasudeva, Vikrant N. (1 October 2010). "LEGAL INTERVENTION IN POVERTY ALLEVIATION: ENRICHING THE POOR THROUGH LAW". NUJS Law Review. Retrieved 3 January 2015.
External links[edit]
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