To ignore the comment directed to you
This practice decreases fraudulent activity by supporting documentation procedure principle of control activities.
Explanation:
In professional and educational institute there is a norm to give transport allowance and dearness allowance for attending educational trip, assignments or meetings. But for that the party need to show valid receipt of tickets, fooding and lodging bill. Otherwise some disloyal person will take advantage of it and will try to withdraw more money by not showing the actual spent amount.
Here University medical center is giving reimburse for travel expenses and meal for attending a medical conference. But for that the receipt of meal is required otherwise many of the professors and students will take the charges of alcohol by adding it's price with the meal. So, documentation procedures need to be followed to avoid this discrepancy.
Answer:
The three primary stakeholders are the banks, the merchants, and the consumers.
Banks = Against, since this would mean that they will be receiving less
Merchants = For, since they would be paying less
Consumers = Generally unaffected. But I believe they would be more against the proposal because if interchange fees are capped, then the banks will find other ways to retrieve the lost revenues by other means, such as increasing the interest or etc.
Several reasons actually. The most important one was its location. Thanks to it it enabeled the trade with African, European and Asian countries. Another thing is that it also was a good place to start a war on other countries.
