Mammon Rules

Here's a great way to attain nirvana. This method is guaranteed to liberate you from ordinary mortality and take into higher realms of being. Okay this is what you do. First take out a hundred-rupee note from your pocket. Next, take a lighter and burn your hundred-rupee note. Do it now!

What? You can't do it? Not even if nirvana is guaranteed? Well I guess you are only mortal and will forever remain one. It's not a bad thing really because besides stopping people from thinking you're crazy, you'll probably also be saved from being jailed, as burning legal tender is supposed to be a crime. Of course this is all secondary, the main point of the story is that it's not easy to destroy money. Money has just too much value to be wasted away like that.

A hundred-rupee banknote in your hands gives you the power to attain a variety of materialistic things. Burning it might give you only a first hand realization of man's power to sacrifice. As Buddha did. Of course it is now well and truly proven that this world can have but one Buddha. The rest of humanity are mere mortals and as such are slaves in the hands of Mammon. Yes, money rules. Yes, money is man's master.

So, if such is truth then let us accept that money is if not the most important, then at least as important as the next most important thing in our lives. If so, along with the pursuit of life, liberty and happiness, man's other eternal quest will always be the pursuit of money. Has always been. Will always be. Is. So let us talk about money. If we were to define money we would have to say that it is anything that is widely used for making payments and accounting for debts and credits.

Rare Coins and More

The earliest coins recorded in Nepal are the 'punch marked' coins (6th-5^th BC.) and 'kushan', 'kaniksha' and 'havisha' coins (1^st AD) found during excavations in Tilaurkot during the period 1967-1976. Lichhavi coins originated during King Mandeva's rule in 5^th AD. During the Malla period, coins were issued in denominations of 2 mohur (equivalent to one rupee), 1 mohur (50 paisa), one and a half sukka (36 paisa), sukka (25 paisa), sukki, or 'tinnani', (12 paisa), anni (6 paisa), adhani (3 paisa), paisa (1 paisa), and dam (1/4 paisa).

Indrasinga Deva, King of Dolakha, is credited with minting the first silver coins in 1545 AD, and the rupee coin weighed 11.6 gms (1 tola). Within the valley, the first silver coins were minted during Mahendra Malla's rule and each 1 tola coin was called a Mahendra Malli. During Jayaprakash Malla's reign (last Malla king of Kantipur), the 'windblown type' silver coin called 'Fukadam' ('Chundam' in Newari), is reportedly listed in the Guinness Book of Records as the world's smallest coin.

Coins of the Shah dynasty started during Prithivi Narayan's time in 1754 with the use of silver 'mohur' coins from Nuwakot. Noble and base metals like gold, silver, copper, nickel, brass and aluminum were used to make coins but during Mathasingh's brief reign, (the Khasiya king from western Nepal who attacked the valley in 1328 AD), clay coins were also issued. These had no face value and were given as tokens to lowly paid laborers who having collected a certain number, could then exchange them for real coins having monetary value. Similarly, at a certain period in Nepal's history leather coins were also used. These too had no monetary value and it was rumored that 'Sarki' kings could have been responsible for their circulation.

During the 1640's, Nepali coins were accepted in Tibet as legal tender and one such coin was known as '15 karma'. Such a coin would be fragmented so as to get smaller denominations called 'chotangs'. Since the coins had a design of eight petals, fragmentation was based on number of petals. Thus, 5 petals equaled ten karma, 4 petals, seven and a half karma and 3 petals, five karma.

From the Lichhavi period to until 1945 AD, only coins were used, and denominations and rates were fixed on weight of the metal used. An interesting aside about Nepalese coins is that, during Prime Minister Mohan Shamsher's rule when the child Prince Gyanendra was crowned King after the flight of King Tribhuvan to India, one rupee and one mohur (1/2 rupee) coins were hurriedly minted to give legitimacy and authority to the regime. While the one rupee coins were produced in abundant quantities, only 27 pieces of the one-mohur coins were minted, making this particular coin, one of the rarest in the country's history.

Paper money was introduced in Nepal on October 14/15, 1945, when Rs.5, Rs.10 and Rs.100 bank notes were issued. For comparison's sake, in the United States, the first paper money issued was on March 10, 1862 in denominations of $5, $10 and $20. In China the issue of paper money became common from about 960 AD onwards, making it perhaps the first country to do so. (Perhaps this was only natural as China is credited with inventing paper). However, by 1020 AD there was acute inflation due to over production. This was followed by constant bouts of hyperinflation in the following centuries and around 1455 AD, after about 500 years of using paper money, China abandoned its use.

Coming back to paper money, bank-notes were known not as Rupees but as 'Mohru' until 1956. "I promise to pay the bearer on demand the sum of five pounds" and below that it carries the signature of the chief cashier of the Bank of England. This is a reminder that originally banknotes were regarded in Nepal, and in many other countries, as a substitute for money and only later did they come to be accepted as the real thing.

Well, so much for the history of money in Nepal. Perhaps we should also dwell on some other factors concerning money. Banks are the guardians of money and with their ever-increasing number in the country, we can rest assured that our money is indeed well guarded. Well, guarded yes, but unfortunately, such safe money doesn't add much value to itself as the years go by.  In life as in love, man does try to take a chance in the hope that his life will be bettered, and what better way to do so than by doubling his money in as short a time as possible?

So then, we come to the question of investing money. Sadly, at present times, there are precious few ways to do so. Even at the best of times, it's not an easy task, but many do persevere, and in doing so, succeed in making their money manifold. No doubt all cannot so persevere, and maybe such people will be trying out their luck somewhere else this Tihar. There are certain places where money can be doubled, tripled or even made thirty five fold. These places are the abodes of gamblers, and yes, you guessed it, are called casinos.

Houses of Chance-Casinos

Just as banks are there to keep your money safe, similarly casinos are there to make you take great risks with your money. Custom requires that you take your chances during Tihar, and although there are many ways of giving Lady Luck a go, let's talk about the exotic houses of chance, i.e. casinos. However, there's a small problem. Casinos have been instructed to put up signboards reading, 'Nepalese not allowed'.

Reminds me of this Bruce Lee film where he comes across a restaurant in some town in Japanese occupied China that reads, ' Chinese and dogs not allowed'. Bruce Lee was after all Bruce Lee, so what does he do? His face contorts in fury and with a blood-curdling yell he jumps and smashes the signboard with a terrific kick. That is exactly how I would like to destroy similar signboards put up in Nepal. So maybe I shouldn't go near any casinos then, right? But really, why cannot Nepalese visit casinos?

In gambling you need money, and for serious gambling you need serious money. Most of us don't have that so even if one were to try out one's luck once in a while, the stakes would be severely limited to what one can afford. For most, it’s a few hours of fun, nothing more. Having got that out of my system, let us see what casinos are all about.

Around the globe, Las Vegas, Atlantic City, Reno and Lake Tahoe in the USA, Macao in China, the Principality of Monaco, etc… are renowned for their super luxury casinos. Las Vegas with its numerous multibillion-dollar casinos undoubtedly is in a class by itself, having over 120,000 hotel rooms (more than all of India) that boast 95% occupancy throughout the year. In South Asia, Nepal's casinos too are no less famous. There are seven casinos in the country: Casino Nepal, Casino Anna, Casino Royale, Casino Everest, Casino RAD and Casino Tara in the capital. The seventh is in Fulbari Resort in Pokhara.

All casinos are lavishly designed and furnished. Personable guest relation officers hover around as inconspicuously as practicable trying to be helpful without intruding. Although casinos are open twenty-four hours, much of the action starts after midnight. Rows of brightly-lit slot machines are the first things that attract one's attention. Further infield are the green felt-topped gaming tables with snappily dressed croupiers manning their particular little empires (pits). Casino Anna has 200 slot machines. For comparison's sake, American casinos like Foxwood and Mohegan Sun in Connecticut, have 5600 and 3000 slot machines respectively.

The slot machines are simple to play. All you do is drop either one or three coins into the machine and jerk, sorry, pull, the handle. As the reels begin to spin you watch, either with narrowed eyes if you're praying, or with wide open eyes if your mind's blank. Payoffs range from Rs.10 to Rs. 10000.

For some real gambling off you go to the 'Roulette' table. Casinos here use American Roulette version with 36 numbered pockets and one marked single zero. You'll have to be careful that you've understood rules regarding bets because it's quite complicated. For instance your winning bet on 0 or any single number gets 35 to 1 and if you've bet on two numbers or split, then 17 to 1.  Bets on three numbers across, eg. 13, 14, 15 pays 11 to 1 and on four joining numbers like 22, 23, 25, 26 pays 8 to 1. There are other combinations as well.

Anyway, now that the bets are placed, the croupier spins the wheel anticlockwise and the ball, clockwise. You watch mesmerized and feel like you're in a James Bond movie, especially if there are some blondes around (unlikely, most of the time), the wheel slows down and the ball with a few hiccups comes to a halt. If you won, you cash the chips right there at the table. Exciting game what?

No less adrenaline pumping is 'Baccarat', a card game in which six decks are shuffled. You can bet on banker, player or tie. Two cards each are dealt to player and banker. All cards are worth their face value except picture cards and ten that are counted as zero. Last digit of total is counted, eg. 7+6=13 is counted as 3. If player or banker gets 8 or 9 it’s a natural, and bets are settled immediately. If not then you can either stand or draw another card, the higher of the two hands wins. If there's a tie, then you win if you have betted on tie, otherwise the bets may be withdrawn. If the banker wins with 6 and you have betted on the banker, you get only half the original bet plus your stake. Tie bets pay 8 to 1 but odds are dead against you.

Blackjack is the most popular table game in casinos. Cards 2 to 9 are worth face value, 10, jack, queen and king are worth 10. Ace can be valued either as 1 or 11. The dealer stands on 17 or more but draws to all hands of 16 or less. One card is first dealt to each player including the dealer followed by another round. A Blackjack is an ace and a 10 that equals 21, the highest total for a win. You can draw as many cards as you wish but if your total goes over 21 you go bust. You can double the bet on any two cards in which case you get only one more card. If your hand has a pair, you can split the two, by placing another bet equal to the first hand on the split card.

Other card games like flush, paplu and marriage really need not be explained, as surely, they're played very commonly everywhere. Most games have from $ 1 to $ 500 betting limits. There's extra entertainment, (as if that's needed!), in the form of dance and music shows and plenty of complimentary refreshments for gamblers. Well, yes, those entering casinos have to be called gamblers, what else? Only keep in mind that there's a big difference between a gambler and a great gambler. The latter mostly exists in the minds of movie moghuls; the former is the ordinary Ram, Shyam and Rita who are out to have a good time while at the same time testing their luck.

However, it must be mentioned that some pretty heavy gambling takes place quite frequently in the casinos and there are instances of some gamblers continuing at a stretch for 72 hours or more at the same table. Locals are well advised not to get carried away by the excitement for it must be remembered that the odds are always, but always, in favor of casinos.

Anyway, coming back to whatever has been mentioned before about Nepalese not being allowed in casinos, must be taken with a big pinch of salt because, according to inside information, " no casino can survive without local gamblers." A visit to any casino anytime of day or night will leave no doubt that yes, Ram, Shyam and Rita are most welcome to play no matter what the law dictates.

Well then, shall we say, 'best of luck, Ram, Shyam and Rita?'

While we wish them luck let us also put aside a thought for the Haris, Laxmans and Gitas in shores far from home, working day in and day out, earning precious foreign currency that they send home regularly. Without this sizeable remittance from abroad, this nation would have been in the doldrums by now. It is quite possible that many here will be celebrating Tihar more cheerfully due to such remittances from family members working abroad.

Manna from Foreign Shores-Remittances

Remittance has emerged as the largest contributor to the country’s forex earnings. With more and more people seeking foreign employment, statistics are expected to rise every year. A study, "Foreign Labor Migration and the Remittance Economy of Nepal," conducted by David Seddon in 1997, found that Nepalese working abroad were sending home nearly Rs 69 billion every year. There are 3.5 million people in the cities searching for a better life and you may find that every third home has his/her uncle aunt, brother, sister, wife or husband seeking fortunes in foreign lands. Our daju-bhais from the villages may be fleeing their land of birth for many reasons but rest assured, one of the prime reasons is to earn money.

At the same time, with the onset of the festive season, people are searching half-empty wallets with probing hands. Many hopes are kept alight with expectations that loved ones abroad will fatten purses at home. A hundred-dollar bill sent by an uncle to his nephew would be very handy especially when the shops are offering heavy discounts.

With such expectations alive in many hearts, it would be interesting to know how money is sent home from these lands of fortune. Time has long gone when people used to carry money in back packs and sail for months on ships or travel over rough trails on horseback. Nowadays anyone who needs to send or receive money can do so within 10 minutes through banks and remittance service providers.

Generally, the sender initiates the transaction by completing a "To Send Money" form and pays the agent cash to cover the transfer amount plus the applicable fee. The agent immediately processes the transaction through a sophisticated worldwide computer network. To collect the money, the receiver completes a "To Receive Money" form at the appropriate agency location and provides the proper identification or answers a test question. On fulfillment of formalities, the agent pays the transfer amount to the receiver.

There are many financial institutions that provide transfer service. According to Nepal Rastra Bank, 40 licensed companies are currently in operation, and 30 more have applied for permission. Western Union Money Transfer, International Money Exchange, Krishi Premura and Money Gram have agents all over the country. According to a Western Union employee, “we expect to receive Rs. 25 million within a one month period”. Usually, amounts ranging from Rs. 5000 to Rs. 300000 are sent at a time.

Since more Nepalese are working in gulf countries, service providers have given special care to that particular area. People can send up to Rs. 2,00,000 by just paying $10 as transfer charge. Others have established regional offices specially to take care of transfers in the particular regions. For example, IME has opened its branch in Malaysia. In addition, they charge just 1% of the principal amount as fee.

The business is so attractive that even corporate giants have entered the fray. Western Union has four agents in Nepal: Chaudhary Group, Annapurna Travels, Sita Travels and Nabil Bank.  Chaudhary Group alone has over 100 transfer outlets all over the country. Banks also provide remittance services, but according to Nepal Investment Bank (NIBL) authorities, the transfer procedure is a little different. Money transfer is based on SWIFT account system (Society of Worldwide Inter Bank Financial Telecommunication). Money can be sent through any bank through out the world by providing the SWIFT account of the bank they want to send the money to. The receiver needs to present the proper documents at the bank counter to collect the money. According to authorities at NIBL, the receiver need not have a bank account but the bank charges a commission of $5 per remittance.

The country's failing economy and the search for a respectful life is forcing hundreds to leave the country every day. Human resources leaving the country may be a sad story but the greener side is that it has become the only consistent means of income for the country, the amount crossing billions.

And Finally

Well whatever the case may be, money is as money does. So whether you want to keep whatever money you have safe and sound, then there's no problem at all. There are enough banks in the country to fulfil your wish. For those who want to double their money quickly, sorry, there's no quick way in today's scenario. Not legally at least. Gambling is a choice one makes at one's discretion, and although they say fortune favors the brave, it's always wise to know when the odds are against you. As for remittances, one would think that keeping it as a foreign currency account would be the best kind of investment keeping in mind the leaps and bounds by which foreign currency has jumped viz a viz our own. This would definitely assure good dividends for all the hard work and sacrifice endured by those who go to foreign lands to seek their fortunes.