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wdbv I evswKs

2

1.1 A_vqbi aviYv A_vqb Znwej ee vcbv wbq KvR Ki| Kvb Drm _K Kx cwigvY Znwej msMn Ki, Kv_vq Kxfve wewbqvM Kiv nj Kvievi mevP gybvdv ne, A_vqb mB msv cwiKbv cYqb I ev evqb Ki| GKwU eemv cwZvbi gvjvgvj weq _K A_i AvMgb nq| Kvievi gvjvgvj c Z I q Kivi Rb wewfb aibi Znweji cqvRb nq| hgb: gwkbc q, KuvPvgvj q, kwgK`i gRywi c` vb BZvw`| Gjv Znweji eenvi| Znweji GB cqvRb Abyhvqx cwiKbvgvwdK Znwej msMn KiZ nq, hb Drcv`bcwqv AevnZ _vK| A_vqb ejZ Znwej msMn I eenvi-msv GB cwqvK eySvq|

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cwieviI A_vqbi cqvM AvQ| mvaviYZ cwZwU cwievii GK ev GKvwaK Avqi Drm _vK| PvKzwi, eemv, KwlKvR, AvZD`vM BZvw`i gvag cwievif` Avqi ms vb nZ cvi| Avevi `bw`b evRvi LiP, evwo fvov, zji eZb, wewfb wej c` vb BZvw` LvZ cwievii wbZbwgwK eq msNwUZ nq| Avqi mv_ hgb eqi msMwZ ivLv cqvRb, Zgwb eqi mwVK mgqi w`KUvI msMwZc~Y nIqv cqvRb| hLb hB cwigvY eq cqvRb, ZLb mB cwigvY A_ bv _vKj nqZv zji eZb eKqv nq hve, dj zj _K bvg KvUvI hZ cvi| c~ecwiKbvgvwdK GB Znweji Drm wbaviY I Zvi myz eenviB cwievii A_vqb cwqv| wbZbwgwK GB aibi cqvRb QvovI gvSga cwieviK Zvi Avqi evBiI eo AsKi eq KiZ nZ cvi| evmvq bZzb Uwjwfkb wKsev iwdRviUi qi Rb hw` Avqi wbqwgZ Drm _K A_ mieivn Kiv me bv nq, ZLb `xNgqvw` FY wbq GB NvUwZ c~iY Kiv hZ

`jxq KvR : wkv_xiv cwievii wbZbwgwK eq I eo AsKi eqi jvi Qwe PvU Dc vcb Ki cvwievwiK A_vqbi ewkjv wjwce Kie|

A_vqb I eemvq A_vqb 3

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`jxq KvR : wkv_xiv wkKi mnvqZvq KqKwU `j wef nq cwZwU `j hKvbv GKwU eemv cwZvbi PjwZ LiP I vqx LiPjv wPwZ Kie| mB mv_ G `yUv LiPi ewkMZ cv_Ki ZvwjKv c Z Kie|

wdbv I evswKs

4

1.2 A_vqbi kwYwefvM A_vqb cwqv GKwU eemvqx cwZvbi Rb hgb iZc~Y Zgwb, GKwU Aeemvqx cwZvbi RbI iZc~Y| cwZwU cwZvbB GKKwU A_vqb cwqvi mv_ RwoZ| wewfb cwZvbi GB cwqv wewfb ic bq| Gevi Avgiv A_vqbi GB aibi GKwU kwYwefvM AvjvPbv Kie| hw`I Avgv`i cvVi g~j welq Kvievwi A_vqb, wK GLvb Avgiv Ab wKQz cwZvbi A_vqb cwqviI GKwU msw aviYv cve|

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A_vqb I eemvq A_vqb 5

GKK KvR : wkK `k e`wkK gy` vi mq ewZ KiYxq - kxlK GKwU AvjvPbv Kvmi AvqvRb Kieb Ges cieZx Kvmi Rb G welqwUi Dci GKwU evwoi KvR w`eb|

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wdbv I evswKs

6

`jxq KvR : wkv_xiv cvVcy Ki D`vnviYjv Aaqbi gvag Aeemvqx cwZvb, eemvqx cwZvb I miKvwi cwZvbi A_vqb cwqvi ga GKwU Zzjbvg~jK QK c Z Kie|

Kiv nq: GKgvwjKvbv Kvievi, Askx`vwi Kvievi I h_ g~jawb Kvievi| GB wZb cKvi cwZvbiB A_vqbi mvaviY ewk njv wewbqvMi Rb A_ msMn I A_ ee vcbv| A_ msMni ^xq g~jab I FY Drm wnmve eeZ nq| eemvq A_vqbB GB cvVi g~j welq|

evsjv`ki mePq Rbwcq Kvievwi cwZvb mvaviYZ QvU cwZvb, hv GKgvwjKvbv ev Askx`vwi Kvievi wnme MwVZ| wewfb z` I KzwUi wk, Mvg-Mi nvUj I iziU eemv, gyw` `vKvb, mjyb, eywUK kc BZvw` GB aibi eemv cwZvb| GKgvwjKvbv cwZvb jvf nj gvwjK GKv fvM Ki, jvKmvb nj wZc~iYi Rb gvwjKi ewMZ mwI eeZ nq|

Askx`vwi cwZvb Askx`vi`i ga SzuwK ewZ nq weavq eemvi Avw_K wZ enb ewMZ mw eenvii Rb c Z _vKZ nq| G aibi GKgvwjKvbv ev Askx`vwi eemv cwZvb Znwej msMni Drm gvwjKi wbR ^ Znwej, gybvdv, AvZxq^Rb _K MwnZ FY, evsK A_ev MvgxY gnvRb _K my`i wfwZ FY MnY| myZivs wbR ^ Znwej wbqvM Ki Gi h_vhvM eenvi wbwZ Ki gybvdv ARb KivB G aibi cwZvbjvi A_vqbi g~j Dk|

h_ g~jawb Kvvwbi A_vqb cwqv wfb aibi| GKwU cwZvb h_ g~jawb nZ nj miKvwi Abygv`b wbZ nq| miKvi Abygv`b `Iqvi AvM b~ bZg g~jabi cwigvY cwiPvjKMYi cwiPqc, eemvi Dk I bvbvwea `wjjvw` wePvi-weklY Ki| Abygv`b cj GKwU Kvvwb Zvi eo AsKi KvwZ g~jabK QvU QvU AsK wef Ki kqvi wnme weq Ki| hgb: 10 KvwU UvKvi g~jab 1,000 UvKvi 1 j kqvi wef Ki mvaviY RbMYi KvQ weq Kiv nq| GKKwU kqvii g~j gv 1,000 UvKv nIqvi KviY `ki cZ Aj QvU wewbqvMKvixivI Kvvwbi kqvi wKbZ cvi| kqvinvviMY Kvvwbi gvwjK Ges cwZvbwU jvfRbK nj Zviv mvaviYZ wbqwgZfve jfvsk cq _vKb| kqvinvviiv kqvievRvi hgb XvKv K GP kqvi weq Ki kqviwU bM` A_ icvi KiZ cvi| kqvi Qvov e I wWevi weq KiI h_ g~jawb Kvievi mvaviY RbMY _K FYi gvag Znwej msMn KiZ cvi| m wWevinvvi A_vr hviv wWevi ev FYc q Ki, Zv`iK wbw ` nvi wbqwgZfve my` c` vb KiZ ne| Kbbv Zviv kqvinvvi`i gZv Kvvwbi gvwjK bq|

P) evsK I Avw_K cwZvb hKvbv `ki A_bwZK KgKv mvaviYZ m `ki evsK I Abvb Avw_K cwZvbK K ` Ki AvewZZ nq| mvbvjx evsK, RbZv evsK, icvjx evsK, cvBg evsK, kvnRvjvj Bmjvgx evsK- G aibi miKvwi I emiKvwi evwYwRK evsKjv gybvdvwfwK eemv cwZvb, Ze G`i A_vqb cwqv mvaviYZ eemv cwZvb _K GKUz wfb cKwZi| GB evsKjv gvbyli z` ZnwejK msMn Ki wewfb gqvw` AvgvbZ mw Ki Ges AvgvbZKvixK wbw` nvi my` c`vb Ki| Avevi GB Znwej nZ evsKjv wewfb Kvievi D`vv`i FY c` vb Ki| GQvov ewMZ wewfb cqvRbI evsK _K FY bqv hvq| GB FYi Dci evsK wbw ` nvi my` avh Ki| wK evsK KZK FY MwnZvi Rb avhKZ my`i nvi AvgvbZKvixK c`q my`i nvi nZ AcvKZ ewk| GB y`aibi my`i nvii cv_KB evsKjvi

A_vqb I eemvq A_vqb 7

gybvdv| evswKs Aavq Avgiv Gme cwZvb mK we vwiZ Rvbe| evwYwRK evsK Qvov wKQz Avw_K cwZvbI `ki A_bwZK KgKv iZc~Y f~wgKv ivL| evsjv`ki cvcU Ggb wKQz cwZvbi D`vniY njv BbfgU Kcvikb Ae evsjv`k (AvBwmwe), evsjv`k Mn wbgvY A_vqb ms v, evsjv`k Kwl evsK BZvw`| GB Avw_K cwZvbjv evsjv`ki A_bxwZi wfb wfb LvZi Dbqb mwekl f~wgKv cvjb Ki|

1.3 Kvievwi A_vqbi iZ eZgvb cwZhvwMZvg~jK gyevRvi ee vq gybvdv ARbi Rb cwZwU miKvwi, emiKvwi, AvRvwZK eemv cwZvbjvK wekl iZi mv_ c~e cwiKbvgvwdK A_vqb KiZ nq| mywPwZ I my` A_vqb ee vcbvi eenvi eemv cwZvbjvi SzuwK nvm cvq Ges gybvdv ew cvq| wbPi welqmg~n A_vqb ee vcbvK AwaK A_en Ki Zvj|

K) eemvwqK g~jab-msKU evsjv`ki cvcU A_vqb mwKZ aviYv wekl iZ enb Ki| evsjv`k GKwU `wi ` `k ej Avw_K msKU eemv cwZvbjvi Rb GKwU wbZbwgwK NUbv| GB msKUi Rb Kvievi cwZvb myPviic cwiPvjbv Kiv GKwU `yin KvR| D`vniY wnme ejv hvq, GKwU cwZvbi KuvPvgvj Kbv cqvRb wK A_msKUi Rb m hw` h_vmgq Dchy cwigvY KuvPvgvj wKbZ AcviM nq, Zvnj cwZvbwUi Drcv`bcwqv evnZ nZ cvi| A_vqb-msv aviYv ZvK cwiKbvgvwdK h_vmgq cqvRbxq cwigvY A_ msMn I Zvi h_v_ eenvi mnvqZv Ki|

L) AbMmi evsKee v Dci DbZ weki gZv Avgv`i Avw_K cwZvbjv h_ mymsMwVZ bq ej FYi Rb Ave`b KijI KvwZ mgqi ga FY cvIqv hvq bv| AbK mgq evsK FYi wecixZ h mw eK ivLZ nq, Zvi AcZzjZvi KviY evsK FY Dchy mgq I h_v_ cwigvY cvIqv hvq bv| dj eemvqx`i G A_msKU nZ D~Z mgmv gvKvwejv Kivi Rb LyeB cwiKwZfve A_i ms vb KiZ nq Ges mwVK wewbqvM wmvi gvag A_i jvfRbK eenvi Kivi cqvRb nq| mwVK Avw_K cwiKbv I ee vcbv eemvqx`i G aibi mgmv c~evbygvb KiZ mvnvh Ki Ges hme cwZZ Zv gvKvwejv Kiv hvq Zvi aviYv `q|

M) ^wkwZ D`vv evsjv`ki ewki fvM z` cwZvbi D`vviv ^wkwZ ej Zviv GKwU `xNgqvw` cwiKbvi gvag A_vqb Kvhg cwiPvjbvi KiZ cvi bv| GZ Ki AbK jvfRbK cwZvb Dchy Avw_K cwiKbvi Afve Avw_K msKU myzfve PjZ cvi bv Ges Aekl jvfi e`j wZi myLxb nq| A_P GB wZi KviY ay Avw_K Aee vcbv| A_vqb ee vcbvwelqK vb _vKj mnRB GKRb eemvqx cwiKbvgvwdK ^g~j cqvRbxq cwigvY A_ ms vb Ki Zvi mwVK wewbqvMi gvag eemv cwiPvjbv Ki chv gybvdv

ARb KiZ cvi|

N) Drcv`bgyLx wewbqvM I RvZxq Avq GKwU mdj wewbqvM RvZxq Avq ewZ cZ f~wgKv ivL| A_vqbwelqK vbi cqvM GKRb eemvqx wewbqvMi wewfb cKjvi ga fwelr Avq-eqi mveZv wek lY Ki mePq jvfRbK cKwU eQ

wdbv I evswKs

8

Qwe t Kvievi cYi ewPvqb

wbZ cvi| GB aibi jvfRbK wewbqvM KvieviwUi Rb hgb A_en, Zgb mviv `ki A_bwZK Dbqbi RbI wekl iZc~Y|

1.4 Kvievwi A_vqbi bxwZ Kvievwi A_vqb ee vcbv ejZ Kvievii Rb cqvRbgvwdK Znwej msMn, ^ I `xN gqv` mB Znwej wewbqvM Ges Znwej ebmsv ee vcbvK eySvq| GB ee vcbvi wKQz bxwZgvjv AvQ, hv wbP Zzj aiv njv|

K) Zvij ebvg gybvdvbxwZ GKRb gyw` `vKvwb Zvi cwZw`bi weqj bM` Avq (Zij m`) m~YUvB KuvPvgvj q I AvbylwK Abvb eqi K_v wPv Ki wbRi KvQ iL w`Z cvi A_ev mB bM` A_i wKQz Ask KuvPvgvj qi Rb iL evwKUv Kvbv evsKi GKvDU Rgv ivLZ cvi, hv _K wbw ` mgq wKQz my` /gybvdv cvIqv me| G `vKvwbK wmv wbZ nq, bM` A_ Kx cwigvY wbRi KvQ ivLj `bw`b cqvRb wgUvbv me| hw` bM` A_ ewk cwigvY `vKvwb wbRi KvQ iL `q, ZvZ evsK _K cvc Avqi cwigvY Kg hve| Avevi evsK ewk cwigvY A_ wewbqvM Kij eemvi `bw`b eq wbevni Rb cqvRbxq bM` A_i NvUwZ ne, hv eemvi myz cwiPvjbvK evnZ Kie| dj eemvqxK Zvij I wewbqvMi ga fvimvg iL Avw_K ee vcbv KiZ ne| A_vr GKw`K ZvK hgb `bw`b Kvh cwiPvjbvi gZv bM` A_ nvZ ivLv cqvRb, Abw`K gybvdv ARbi Rb mB A_ wewbqvM KivI cqvRb| bM` A_ I gybvdvi ga wecixZ mK| bM` A_ ewk ivLj gybvdv Kg hvq, Avevi gybvdv ewK ewk wewbqvM Kiv nj Zvij NvUwZ nq| Zvij I gybvdvi ga Dchy fvimvg eRvq ivLv A_vqbi GKwU AbZg bxwZ|

L) DchyZvi bxwZ ^gqvw` Znwej w`q PjwZ g~jab I `xNgqvw` Znwej w`q vqx g~jab mieivn Kiv A_vqbi GKwU

bxwZ| GKwU eemv cwZvb Pvwjq ivLvi Rb h wbZbwgwK A_i cqvRb co, mwUB PjwZ g~jab; hgb: KuvPvgvj q, kwgKi gRywi c` vb BZvw`| Abw`K gwkb q, Kvievii `vjvbKvVv wbgvY BZvw` njv vqx g~jab| PjwZ g~jabi cwigvY Kg nq ej Gi cvcI Kg nq, dj GwU ^gqvw` Drm nZ msMn Kiv fvjv| evwYwRK evsK, wewfb A_vqb cwZvb, wewbqvM evsK, wWevinvvi, GB aibi Drmjv `xNgqvw` FY c` vb Ki _vK| cvi weqj A_ w`q PjwZ g~jab ee vcbv Kiv DwPZ| `xNgqvw` Drm _K Znwej msMni Rb FY`vZv cwZvbjvK AwaK nvi my` c` vb KiZ nq| dj hw` PjwZ eq wbevni Rb `xNgqvw` Drm nZ A_ msMn Kiv nq, Ze `Lv hvq DcvwRZ Avq nZ FYi my` cwikva Kiv Ame nq hvq|

M) Kvievii ewPvqY I SzuwK eb Znwej wewbqvMi Kvievwi cY ev mev hZ ~`i me ewPc~Y nj Kvievii SuywK ewZ nq I nvm cvq| cwZwU eemv cwZvb AwbwZ fwelrK K ` Ki gybvdv ARbi Pv Ki| dj eemvK bvbvgyLx SuywKi myLxb nZ nq| GB SzuwKjv wewfY KviY mw nZ cvi| hgb: A_bwZK, ivRbwZK, mvgvwRK cvcUi cwieZb,

A_vqb I eemvq A_vqb 9

evRvi bZzb cYi Dcw wZ, cvKwZK y`hvM, AvKwK y`NUbv BZvw`| Gme cwieZbjvK wbqY Kiv ev Gi Rb c wZ bIqv ee vcK`i c mvaviYZ me bq| Ze SzuwK ebi bxwZ AbymiYi dj AwbwZ evRvi cwiw wZZI cZvwkZ gybvdv ARb me| GKRb eemvqx hw` ay GKaibi cYi eemv Ki, Zvnj eemvqi gybvdv ARb ek SzuwKc~Y nq hvq| cvi Kvievii cY hw` wewfb I ewPc~Y nq, Zvnj SzuwK ewZ nq hvq| A_vr Kvbv GKwU cwiw wZZ GKwU cYi weq nvm cj Abvb cYi weq w`q KvieviwUi nvmKZ weq cywlq bqv me nq, dj me aibi Ae vq KvwZ cwigvY gybvdv AwRZ nq| GKRb gyw` `vKwb hw` Zvi `vKvb mbvZbx mvevb I nvjvj mvevb y`aibi mvevbB wew Kib Ze y`aibi ZviB `vKvb mgvMg ne| `vKvwb hw` ay mvaviY ev mbvZbx mvevb ivLb, Ze nvjvj mvevbi Zviv Ab `vKvb wMq nvjvj mvevb wKbe, GZ ay mbvZbx mvevb weZvi gvU weq nvm cve| AvenvIqv I FZzf`I Kvbv Kvbv cYi wew nvm ev ew nq| hgb: kxZe i Pvwn`v ay kxZKvj ewk _vK| dj GB mgq Gi weq ew cvq| GKRb Kvco weZv hw` kxZe I MxKvjxb e y`B aibi e B Zvi `vKvb weq Kib, Ze FZzwfwK cYi Pvwn`v nvm-ewi KviY gybvdv ARb wZM ne bv| Ggwbfve GKwU eBqi `vKvb hw` ay UK eyK weq Kiv nq, Avi cvkvcvwk Ab GKwU `vKvb hw` UK eyK, Mi eB, agxq eB, wewfb wkYxq eB weq Kiv nq, Ze `Lv hvq Zviv UK eyK Kbvi Rb cii `vKvbwUZB wfo Kie| KviY Zviv GLvb _K bvbv aibi cqvRbxq eB GKB mv_ wKbZ cvie| GQvov ay UK eB weq Kij eQii c_g weq ew cjI mviv eQi weq gvivZK nvm cZ cvi| SuyuywK nvm ewPvqYi GB bxwZ Znwej msMni eenvi Kiv hvq| mLvb GKwU Drmi e`j ewea Drm _K Znwej msMn KivK cvavb `qv nq|

1.5 Avw_K eevcKi Kvhvewj Avw_K ee vcKiv y`aibi wmv wbq KvR Ki :

1| Avq wmv ev A_vqb wmv 2| eq wmv ev wewbqvM wmv

Avq wmv ev A_vqb wmv Avq wmv ejZ g~jZ Znwej msMni cwqvK eySvq| A_vqb wmvi AvIZvq Znwej msMni wfb Drm wbevPb Ges Gme Drmi myweav-Amyweav weklY Ki A_vqb-msv cwiKbv MnY Kiv nq| mvaviYZ PjwZ eq wbevni Rb ^gqvw` Drm _K Avi vqx eq wbevni Rb `xNgqvw` Drm _K A_ msMn Kiv nq| mvaviYZ eemvi Znwej msMn gvwjKci wbR ^ cyuwR I wewfb Drm nZ FY MnYi gvag eemvi Znwej msMn Kiv nq| GQvov eo Kvvwbjv kqvi weqi gvag g~jab msMn KiZ cvi| GB kqvinvviivB Kvvwbi gvwjK| Kvbv cwZvb FYi gvag Znweji h Ask msMn Ki, Zvi Rb cwZvbwUi FYi `vq ew cvq, Avevi gvwjKc nZ msMnxZ g~jabi cwigvYi Dci wfw Ki gvwjKci AwaKvi cwZwZ nq| dj mwVK A_vqb wmvi gvagB GKwU cwZvb FYi `vq I gvwjKvbv ^Zi ga jvfRbK fvimvg mwZ mdj nq|

eq wmv ev wewbqvM wmv GKwU `wR `vKvbi mjvB gwkb q-msv wmv GKwU wewbqvM wmv| gyw` `vKvbi Avmevec, iwdRviUi q-msv wmv GKwU wewbqvM wmv| Drcv`bKvix cwZvbi Rb Drcv`bgyLx gwkb

wdbv I evswKs

10

q, KviLvbv wbgvYi LiPI GB RvZxq wmv| GB wmvi gvag cZvwkZ AvMgb-wbMgbi GKwU cwiKbv KiZ nq| hgb: c ZKvix cwZvbi gwkb q-msv wmvwU MnxZ nq| hw` gwkb viv c ZKZ cYmvgMxi weq c~ei Zzjbvq ew cvq, GZ Ki hw` gybvdv I bM` cevn ew cvq Ges megvU bM` cevn hw` gwkbi q g~j _K ewk nq|

A_vr, gwkbwU hw` AvMvgx `k eQi eenvi Kiv hve gb nq, Zvnj gwkbi wewbqvM wmvwUi Rb AvMvgx `k eQi gvjvgvj weq _K h A_i AvMgb ne Zvi mv_ gwkbi qg~ji Zzjbv KiZ ne| myZivs AvMvgx `k eQi cYi g~j Kx ne Ges Kx cwigvY weq ne Zv weePbv KiB Kej AvMvgx `k eQii weqj bM` cevn ei Kiv me| bM` cevn nZ gybvdvi cwigvY wbYqi Rb weqj A_ _K Drcv`b I Abvb LiP ev` w`q bM` cevn wbaviY KiZ nq|

fwelZi cY weqi cwigvY I cYi g~j wbaviY GKwU y`in KvR ej wewbqvM wmvwU cwZvbi Rb GKwU iZc~Y wmv|

Abvb wmv DcwiD y`wU wmv Avw_K ee vcKi Rb mevcv iZc~Y| GQvov Avw_K ee vcKK Aviv wKQz wmv wbZ nq, hgb-

K) Kx cwigvY KuvPvgvj q ev cwZvbi Rb DchvMx Ges mB A_ Kv_v _K msMn Kiv hve- G msv wmvK PjwZ wewbqvM wmv ej|

L) `bw`b cqvRb wbevn Kivi Rb Kx cwigvY bM` A_ ivLv DwPZ, mUvI GKwU iZc~Y wmv|

M) hme Drm _K Znwej msMn Kiv nqQ, Zv`i cvc c` vb Kiv AviKwU wmv|

evsK FY I Abvb FY hgb- e, wWevi BZvw`i gvag Znwej msMnxZ nj h_vmgq wbw` cwigvY my` c` vb Kivi wmv Avw_K ee vcKi GKwU iZc~Y `vwqZ GKBfve kqvi weqi gvag msMnxZ Znweji cZvwkZ nvi gybvdv ARb I jfvsk eb I Avw_K ee vcKi Rb iZc~Y weeP welq|

1.6 A_vqbi gvbqbi aviv m`k kZvxi wkwec ei ciB Drcv`b Kkj RwUjZi nq Ges weklvwqZ I wefvwRZ cwqvi gvag Drcv`b-cwqv DrKlZv jvf Ki| evRvi cwZhvwMZvq wUK _vKZ nj A_vqb-msv aviYv I eenvi AZvekK nq hvq| wnmvekvi weKvki mv_ mv_ Av`k kZvwZ wdbv g~jZ Avw_K weeiYxi wePvi-weklYi KvR wbqvwRZ wQj| K vwmKj avivi ewK A_bxwZi DbwZi mv_ mv_ Kvievii wbR ^ I weklvwqZ A_bxwZ wbqI Ebwesk kZvxi kli w`K A_vqb m wQj| A_vqbi gweKvki GB aviv A_vqbi cKwZ I AvIZv mK Avgv`i GKwU A_en aviYv `q| MZvbyMwZK avivq Avw_K ee vcK`i cavb `vwqZ wQj wnmve msiY I Zv weklYc~eK fwelr Kvhg cYqb| GQvov cwZvbi cKZ Ae v mK wewfb cwZe`b Zwi Kiv Ges bM` A_i eevcbvi gvag cwZvbwU Zvi c`q wejjv hb

gy AvjvPbv : A_vqb I wewbqvM - G y`wU wmvi ga KvbwU mevwaK iZc~Y?

A_vqb I eemvq A_vqb 11

h_vh_ mgq cwikva mg_ nq, ZvI A_vqbi gweKvki avivq A_vqbi KvR wnme hy nq| wK mfZv weKvki mv_ mv_ cwZvbi evw I chywMZ Dbqb Avw_K ee vcK`i `vwqZK cwiewZZ KiQ| A_vqbi weKvki g~j PviYf~wg hyiv A_vqbi h weeZb MZ kZvxZ msNwUZ nqQ Zv ci mviv wekB A_vqbi weeZbi aviv wnme cwiPq jvf Ki| m Abyhvqx, A_vqbi gvbqb avivK chvqwgKfve Dcvcb `Lv hvq :

K) 1930-Gi c~eeZx `kK : GB mgqKvj hyivi Kvvwbjvi ga GKxKiYi ceYZv i nq| Avw_K weeiYx weklY Ki Kvb cwZvbi mv_ Kvb cwZvb GKxKiY nIqv DwPZ GB msv iciLv w`Z Avw_K ee vcK`i `vwqZ cvjb KiZ nq| Zviv GB GKxKiY wekvj AsKi A_ms vb I Avw_K weeiYx Zwi Kivi `vwqZ cvjb Kib|

L) 1930-Gi `kK : GKxKiY ceYZv hyiv h_ mdjZv cvqwb| AvMi `kK GKxf~Z AbK cwZvbB cii `kK `Dwjqv nq hvq| Dci wki `kK hyiv Pig g`v i nq| AbK jvfRbK cwZvbI wZM i ZvwjKvq co hvq| mgZve vq Kvievijv cybMVb Ki Kxfve cwZvbjvK `DwjqvZ _K iv Kiv ivLv hvq, G evcvi Avw_K ee vcK wekl `vwqZ cvjb Kib| G mgq _KB kqvi wewi gvag A_vqbi cqvRb `Lv `q|

M) 1940-Gi `kK : G mgq myzfve Kvievi cwiPvjbvi Rb Zviji cqvRbxqZv weklfve Dcjw Kiv hvq| bM` A_cevni evRU Ki mycwiKwZ bM`cevni gvag A_vqb mB `vwqZ cvjb Ki|

N) 1950-Gi `kK : GB `kK A_vqb c~eI `wfw cwieZb Ki mevP jvfRbK wewbqvM cK g~jvqb bvbv cKvi MvwYwZK weklY KvR wbqvwRZ nq| my` ~icmvix cvjbi gvag Dchy `xNgqvw` wewbqvM Ki weq ew I eq nvm Ki gybvdv mevPKiY KivB ZLb A_vqbi cavb KvR cwiYZ nq| GB avivK A_vqbi mbvZb aviv wnme MY Kiv nq|

P) 1960-Gi `kK : GB mgq _KB AvaywbK A_vqbi hvv i| A_vqb g~jab evRviK AMvwaKvi w`Z i Ki| kqvinvviiv cwZvbi gvwjK dj kqvi nvvi`i m` ev kqvii evRvi`i mevaxKiYB wQj GB mgqi A_vqbi Dk| GB DkK mdj Kivi bvbv iKg Avw_K weklYg~jK Kvh i nq| A_vqb SuywKi aviYv eywSq `q h gybvdv ewi mv_ mv_ mvaviYZ SuywKI ew cvq| myZivs gybvdv ew me`v KvwZ bvI nZ cvi|

Q) 1970-Gi `kK : GB `kK KwDUvi Aavqi i nq, hv ay Drcv`b KkjB bq, Kvievwi A_vqbKI cvwq `q| A_vqb GLb AsKwbfi nq DV| ewk fvM Avw_K wmv g~jZ RwUj AsKwbfi Ges KwDUvii gvagB Zv myPviic mv`b Kivi ceYZv GB mgq wekl RbwcqZv cvq| hgb SuywKi aviYv GLb AbK mwVKfve cwigvc I ee vcbv Kiv nq| g~jawb KvVvgvi mbvZb aviYvI AbK RwUj I AsKwbfi nq| GB mgq hme ZvwK Kvievwi A_vqbK bvbv Zi weklY mg KiwQjb, Zv`i ga

`jxq Dc vcbv : eZgvb I AZxZi Avw_K ee vcK`i Kvhcwqvi ga h aibi cv_K mw nqQ Zvi Zzjbvg~jK weklY Ki|

wdbv I evswKs

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nvwi gvKvBR, gvUb wgjvi, gwWwM qvwb wQjb Dj LhvM| cieZxZ 1990-Gi `kK Gme ZvwKMY MvwYwZK weklYi gvag A_vqbi AMMwZZ iZc~Y f~wgKv cvjbi Rb bvej cyivi jvf Kib|

R) 1980-Gi `kK : eemv mcmviY I cwZhvwMZvg~jK evRviee vq wUK _vKvi Rb A_vqb Zvi mbvZbx `vwqZi cwieZb Ki bZzbic Avwef~Z nq| GB mgq cwZvbi wewfb cKi ga g~jabi my` eb I cKjv nZ AwRZ Avqi wePvi-weklYB wQj A_vqbi g~j welq|

S) 1990-Gi `kK I AvaywbK A_vqbi m~Pbv : GB `kK wek evwYR ms v (World Trade Organization) AvZcKvk Ki| wekevcx Avg`vwb-ivwbi cwZeKZv evcKfve nvm cvq| A_vqbI G mgq AvRvwZKZv jvf Ki| GKw`K hgb A_vqbi wewbqvM wmv cw_exi Kv_vq, Kvb cY c Z Kiv I weq Kiv jvfRbK mUv weePbv Ki, AviKw`K weki Kvb g~jawb evRvi Kx cKwZi I Kv_v _K Znwej msMn Kiv jvfRbK, ZvI A_vqbi welqeZ cwiYZ nq| dj A_vqb njv eemv cwZvbi ee vcbvq GKwU cvqvwMK mgvavbi , hv wnmveiY, A_bxwZ I Abvb Avw_K welqjvK mswgkY Ki mw nqQ|

Abykxjbx ewbevPwb ck : 1. bM` A_ I gybvdvi ga mK wKic?

K. Ea myL L. wecixZ M. wbg gyLx N. mgvbycvZ

2. Kvievwi A_vqb ee vcbv njv- i. chv cwigvY A_ hvMvb ii. KqK gvmi Rb g~jab LvUvbv iii. A_ eb-msv wmv wbPi KvbwU mwVK ?

K. i I ii L. i I iii M. ii I iii N. i, ii I iii

msw Di ck : 1. kqvii wewbgq wewbqvMKvixK wbqwgZfve Kx c` vb Kiv nq? 2. miKvwi A_vqbi g~j j Kx? 3. gyevRvi ee vcbvq eemvq cwZvbK wekl iZi mv_ Kxfve A_vqb KiZ nq?

A_vqb I eemvq A_vqb 13

mRbkxj ck : 1. 2012 mvji Avw_K weeiYxZ `Lv hvQ cwZvbwU wZi myLxb nQ| K. ivwb _K Avg`vwb ewk nj Kvb aibi NvUwZ `Lv hvq? L. miKviK Kvb `ki Rb AbK A_ eq KiZ nq? M. G K GUvicvBRi ee vcK Rbve mvnvbi mvgwMK KvhgK Kx ejv hvq? eYbv Ki| N. Rbve mvnvb Kvb bxwZwU wVKgZv AbymiY Kij wZi myLxb nZb bv ej gb Ki?

2. K-cwZvb L-cwZvb cY gybvdv/wZ fvMKvix

K. wKmi ci _KB Drcv`b Kkj RwUjZi nq? L. GKRb eemvqxi Kvb aibi vb _vKj cwiKbvgvwdK ^g~j cqvRbxq cwigvY A_ms vb

KiZ cvi? evLv Ki| M. K cwZvbwU Kxfve A_vqb KiZ cvi? evLv Ki|

N. DcwiD y`wU cwZvbi ga Kvb cwZvbwUi SuywK Kg ej gb nq? wek lY Ki|

wgwbcvK kvy evZjRvZ mvywgwbcvK mvy nvievj mvy

gvwjK GKvB me gvwjKi ga eZ nq|

meyR evsK 15% my` FY 8,00,000 UvKv 5 eQii Rb

G K GUvicvBRi eevcK Rbve mvnvb 10 j UvKv

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kqvi, e I wWevi Share, Bond and Debenture

Kvvwb KZK Bmy KZ kqvi, e I wWevi wewbqvMKvix`i Rb GKKwU wewbqvM nvwZqvi wnme weewPZ nq| wewbqvMi Drm wnme eeZ Gme wewbqvM nvwZqvii cZKwUi wbR ^ ewk, myweav Ges Amyweav iqQ| Gme wewbqvM nvwZqvi _K wewbqvMKvix`i cZvwkZ Avq Ges SzuwKZ wfbZv _vK| dj GKRb wewbqvMKvixi wewbqvM wmv bqvi AvM cZKwU wewbqvM nvwZqvii wewfb w`K mK we vwiZ Rvbv `iKvi| G Aavq Avgiv wewbqvMKvixi `wKvY _K Gme wewbqvM nvwZqvi mK we vwiZ RvbZ cvie|

G Aavq cvV kl Avgiv RvbZ cvie

kqvi, e I wWevii aviYv eYbv KiZ cvie| wewfb cKvii kqvii kwYwefvM KiZ cvie| wewfb cKvi kqvii Zzjbvg~jK cv_K wbYq KiZ cvie| e I wWevii cv_K eYbv KiZ cvie| jfvskbxwZ evLv KiZ cvie|

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7.1 f~wgKv c~eeZx AavqjvZ eemv cwZvbi A_vqbi Drm wnme mvaviY kqvi, AMvwaKvi kqvi e I wWevi mK RbQ| Kvvwb KZK Bmy KZ Gme A_vqbi nvwZqvi webqvMKvix`i Rb wewbqvMi Drm wnme weewPZ nq| GKRb wewbqvMKvix wewfb LvZ Zvi A_ wewbqvM KiZ cvi| gb Ki, Zvgvi evevi 10 j UvKv AvQ| GB `k j UvKv wZwb BQ Kij Kvbv evsK vqx RvgvbZ wnme ivLZ cvi A_ev wZwb D UvKv w`q Kvbv Kvvwb KZK Bmy KZ mvaviY kqvi, AMvwaKvi kqvi, e Ges wWevi G`i hKvbv GK ev GKvwaK wewbqvM KiZ cvi| wewbqvMi Drm wnme G`i cZKwUi wbR ^ ^KxqZv iqQ| G`i cwZwU _K wewbqvMKvixi Avq Ges SzuwKZ wfbZv iqQ| cieZx AbyQ`jvZ wewbqvMi Drm wnme G`i cwZwUi ^KxqZv, myweav-Amyweav Ges Zzjbvg~jK wePvi AvjvPbv Kiv nqQ|

7.2 mvaviY kqvi cvewjK wjwgUW Kvvwbi Znwej msMni GKwU iZc~Y Drm njv kqvi weq| eo AsKi gvU g~jabK QvU QvU L wef Ki kqvi wnmve weq Kiv nq| miKvii AbygwZ wbq b~ bZg g~jab msMni ci msev`ci gvag weeiYc Qvwcq KvvwbwU mK GKwU aviYv w`q RbMYi wbKU kqvi qi Ave`b PvIqv nq| AbK Ave`b coj jUvwii gvag kqvi eb Kiv nq| dj z` wewbqvMKvixivI kqvi wKb wewbqvM AskMnY KiZ cvi| GivB cKZ c Kvvwbi gvwjK| cwZvbi jvf nj G`i gaB gybvdv jfvsk wnmve ewZ nq| kqvinvvi`i wewbqvMKZ A_ diZhvMbq| Ze Zviji cqvRb coj kqvinvviiv mKvwi gvKU (hgb: XvKv K GP) GB kqvi weq KiZ cvi Ges mLvb g~j ew cj Zv`i jvf nq| mvaviYZ jvfRbK Kvvwbi kqvinvviiv wbqwgZfve jfvsk cq _vK| Ze jfvsk c` vbi Kvbv wbw ` nvi c~e wbavwiZ _vK bv| Kvvwbi Rb jfvsk c` vb Kiv evaZvg~jKI bq| gybvdv bv nj mvaviYZ jfvsk c` vb Kiv nq bv| gybvdv njI m~Y AsKi gybvdv jfvsk wnme eb Kiv nq bv| Kvvwb BQ Kij hKvbv nvi jfvsk c` vb KiZ cvi, Avevi jfvsk bvI c` vb KiZ cvi| Ze m kqvinvvi`i KvwZ cwigvY jfvsk c` vb KiZ bv cvij mKvwi gvKU kqvii g~j nvm cvq, hv Kvvwbi Rb fvjv bq|

wewbqvMKvix`i Rb kqvi q GKwU SzuwKc~Y wewbqvM| kqvi BmyKvix Kvvwb memgq kqvi gvwjK`i jfvsk w`Z eva _vK bv| Kvbv eQi Kvvwb chv gybvdv KiZ bv cvij kqvi gvwjK`i Kvbv jfvsk `Iqv nq bv| Avevi Kvcvwbi AemvqbKvj mw wew nZ cv A_ _K mKj `bv`vi Ges AMvwaKvi kqvi gvwjK`i `vwe gUvbvi ci mvaviY kqvi gvwjK`i `vwe gUvbv nq| dj me `vwe gUvbvi ci Kvbv Aewk A_ bv _vKj mvaviY kqvi gvwjKiv Zv`i wewbqvMKZ A_i cwieZ wKQyB bv cvIqvi Avkv _vK| Gme KviY mvaviY kqvi wewbqvM mePq SzuwKc~Y wewbqvM wnme weewPZ nq| Ze SzuwKc~Y wewbqvM weavq GiKg kqvi _K Avqi mvebvI ewk _vK| eyS-b wewbqvM Kij mvaviY kqvi GKRb wewbqvMKvixi Rb GKwU fvjv wewbqvM Drm wnme weewPZ nZ cvi| wewbqvMi nvwZqvi wnme mvaviY kqvii wKQy ^KxqZv iqQ| wbg mjv eYbv Kiv njv:

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K) mvaviY kqvi wewbqvMKvixK Kvvwbi gvwjKvbv `q| dj Kvvwbi gvwjK wnme Bnvi AwRZ jvf Ges mwi Dci AvBbMZ AwaKvi _vK|

L) mvaviY kqvi Bnvi gvwjK`i Kvvwb wbqYi c~Y gZv `q| kqvi gvwjKiv iZc~Y wmv MnY Zv`i fvUvwaKvi cqvM Kivi gvag KvvwbK wbqY Ki|

M) mvaviY kqvi mnR n vihvM| wewbqvMKvix BQ Kij hKvbv mgq Zvi aviYKZ kqvi n vi KiZ cvi|

wewbqvMi nvwZqvi wnme mvaviY kqvii wKQy myweav I Amyweav iqQ|

m yweav K) AwaK Avq : eyS-b wewbqvM Kij mvaviY kqvi GKRb wewbqvMKvixi Rb fvjv Avqi

Drm nZ cvi| wewbqvMi Abvb nvwZqvi hgb: AMvwaKvi kqvi, e I wWevi _K wewbqvMKvixi cv Avq wbw ` _vK| wK mvaviY kqvi _K Avq wbw ` _vK bv| dj Kvvwb AwaK Avq Kij wewbqvMKvix`i cv AvqI ew cvq|

L) mxgve `vq : mvaviY kqvi gvwjKiv h_fve Kvvwbi SzuwK enb Ki| Kvbv AevZB GKRb wewbqvMKvixi SzuwK Zvi wewbqvMKZ A_i AwaK nq bv| D`vniY^ic, gb Ki GKRb wewbqvMKvix Kvbv Kvvwbi 10 UvKv g~ji 100wU kqvi q Kib, dj Zvi `vq mevP 10100 = 10,000 UvKv ch nZ cvi|

M) Zvij : mvaviY kqvi wewbqvMKvixi KvQ Zij m` wnme mgv `Z| wewbqvMKvix hKvbv mgq BQ Kij Zvi aviYKZ kqvi wew Ki bM` UvKv msMn KiZ cvi| Ze me Kvvwbi kqvii ZvijZv mgvb nq bv| mvaviYZ eo Ges fvjv Kvvwbi kqvii Zvij Ab Kvvwbjvi Pq ewk nq|

Amyweav K) SzuwK : mvaviY kqvi wewbqvM AcvKZ AwaK SzuwKc~Y| kqvievRvi AbK dUKv

wewbqvMKvix _vK| dj eyS-b wewbqvM bv Kij wZ nIqvi Avkv _vK|

L) gybvdv I mw eb AwaKvi : Kvvwb gybvdv eb mevi `vq Z_v AMvwaKvi kqvi, e I FYc gvwjK`i cv Avq cwikvai ci Aewk gybvdvi Dci mvaviY kqvi gvwjK`i AwaKvi _vK| Abyicfve Kvvwbi AemvqbKvj mw wewi cv A_ _K Kvvwbi me `vq cwikva Kivi ci Aewk A_ kqvi gvwjKiv fvMvfvwM Ki bq| A_vr, Dfq B AMvwaKvi kqvi, e I FYc gvwjK`i `vwe mvaviY kqvi gvwjK`i `vwe _K AMMY wnme weewPZ nq|

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7.3 AMvwaKvi kqvi hme wewbqvMKvix kqvi wewbqvM _K wbw ` nvi Avq cZvkv Ki, Zv`i Rb AMvwaKvi kqvi GKwU fvjv wewbqvM nvwZqvi wnme weewPZ nq| Ze Avgv`i `k AMvwaKvi kqvii msLv Lye ewk `Lv hvq bv| mvaviY kqvii bvq AMvwaKvi kqvii wbR ^ wKQz ^KxqZv I ewk iqQ|

K) gvwjKvbv : AMvwaKvi kqvi gvwjK`i Kvvwbi cyivcywi gvwjK ejv nq bv| Zv`iK mvaviY kqvi gvwjK Ges e I FYc gvwjK`i gvSvgvwS Ae vb weePbv Kiv nq|

L) icvihvMZv : AbK AMvwaKvi kqvi GKwU wbw ` mgq ci mvaviY kqvi icvi Kivi weK myhvM _vK| dj wewbqvMKvix BQ Kij GB myhvM eenvi Ki mvaviY kqvi gvwjK nZ cvi|

wewbqvMKvixi `wKvY _K AMvwaKvi kqvii wKQz myweav I Amyweav iqQ| wbg AMvwaKvi kqvii myweav I Amyweavmg~n AvjvPbv Kiv njv :

myweav K) wbw` nvi Avq : AMvwaKvi kqvi gvwjKiv wbw ` nvi jfvsk cvq| dj kqvi gvwjK`i

Avqi AwbqZv Kg _vK|

L) gybvdv Avqi Dci AMvwaKvi : jfvsk c` vb AMvwaKvi kqvi gvwjKiv mvaviY kqvi gvwjK`i jfvsk c` vbi AvM AMvwaKvi cvq|

M) m`i Dci `vwe: Kvvwbi Aemvqb ev wejywi mgq m`i Dci AMvwaKvi kqvi gvwjK`i `vwe mvaviY kqvi gvwjK`i `vwei c~e weePbv Kiv nq| Ze AekB FYc gvwjK`i `vwei ci Zv`i `vwe c~iY Kiv nq|

Amyweav K) wbqY: AMvwaKvi kqvi gvwjK`i Kvbv fvUvwaKvi _vK bv| dj AMvwaKvi kqvi

gvwjK`i Kvvwbi Dci Kvbv wbqY _vK bv|

L) mxwgZ Avq : AMvwaKvi kqvi gvwjK`i Avq nvi wbw` _vK| dj Kvvwb AwZwi gybvdv Kij I AMvwaKvi kqvi gvwjKiv Gi Kvbv Ask cvq bv|

KvR : GKRb wewbqvMKvixi `wKvY _K mvaviY kqvi I AMvwaKvi kqvii ga Zzjbvg~jK wePvi Ki|

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7.4 e wewbqvMKvix`i Rb wewbqvMi AviKwU nvwZqvi nQ e| c~eB RbQ h `wjj ev Pzwci gvag Kvvwb wewbqvMKvix`i _K FY g~jab ms vb Ki, mwUK e ejv nq| `k AwaKvsk Kvvwb evsK ev Abvb Avw_K cwZvb _K FY wbq FY g~jabi ms vb Ki| dj wewbqvMi nvwZqvi wnme e GLbI Avgv`i `k Lye ewk cwiwPwZ cvqwb|

wewbqvMKvixi `wKvY _K ei wKQz Avjv`v ^KxqZv ev ewk iqQ| wbg mjv AvjvPbv Kiv njv:

K) RvgvbZ : ei wecixZ Kvvwb mvaviYZ vqx mw ev `wjjcvw` RvgvbZ wnme ivL| dj Kvvwb wewbqvMKvix`i cvIbv cwikva KiZ bv cvij Gme mw wew Ki wewbqvMKvixiv Zv`i A_ Av`vq KiZ cvi|

L) cwicKZvi ZvwiL : Kvvwb KZK Bmy KZ ei GKwU wbw ` cwicKZvi ZvwiL _vK| D cwicKZvi ZvwiL wewbqvMKvix e Dwj wLZ wjwLZ g~j diZ cvq|

M) FY`vZv : e gvwjKiv Kvvwbi FY`vZv wnme MY nq| dj Zv`i Kvbv fvUvwaKvi _vK bv|

N) icvihvMZv : Kvvwb AbK mgq wewbqvMKvix`i KvQ icvihvM e wew Ki _vK| G e gvwjKiv BQ Kij FYc Dwj wLZ kZ Abymvi Zv`i aviYKZ eK wbw `msLK mvaviY kqvi icvi KiZ cvi|

myweav K) my`i nvi : my`i nvi wbw ` _vK weavq e wewbqvMKvix`i Avq wbw ` _vK| dj Zv`i

Avq AwbqZv Kg _vK| Ze Kvbv Kvbv mgq my`i nvi cwieZbkxjI nZ cvi|

L) SzuwK Kg : ei wecixZ vqx ev Abvb mw RvgvbZ wnme ivLv nq weavq e wewbqvMKvix`i SzuwK nvm cvq|

M) gybvdv Ges m`i Dci AwaKvi : Kvvwb KZK AwRZ Avq _K mec_g e gvwjK`i my` c` vb Kiv nq| Abw`K Kvvwb wejyw ev AemvqbKvj m` wewi cv A_ _K mec_g e gvwjK`i cvIbv UvKv cwikva Ki Ab`i `vwe c~iY Kiv nq| A_vr e gvwjK`i `vwe mvaviY Ges AMvwaKvi kqvi gvwjK`i `vwe _K AMMY wnme weewPZ nq|

Amyweav K) Kg Avq nvi : mvaviY kqvi Ges AMvwaKvi kqvii Zzjbvq Kg SzuwKc~Y weavq e gvwjK`i

Avq nvi Kg nq|

L) wbqY : AMvwaKvi kqvii bvq e gvwjK`i fvUvwaKvi _vK bv weavq e gvwjKiv Kvvwbi wbqY AskMnY KiZ cvi bv|

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7.5 wWevi wWevi nQ GKwU RvgvbZwenxb e| dj ei AwaKvsk ewk wWevi we`gvb| e I AMvwaKvi kqvii bvq wWeviI Avgv`i `k Lye ewk `Lv hvq bv|

ei Zzjbvq Gi wbR ^ ewk nQ, wWevii wecixZ Kvbv RvgvbZ _vK bv| wWevii wecixZ RvgvbZ _vK bv weavq me Kvvwbi wWevi wewbqvMKvixiv q Ki bv| wewbqvMKvixiv mvaviYZ eo ^bvgab Kvvwb KZK Bmy KZ wWevi Zv`i A_ wewbqvM Ki|

wWevii myweav I Amyweav wewbqvMi nvwZqvi wnme wWevii wKQz myweav I Amyweav wbgic :

myweav K) wbqwgZ Avq : ei bvq wewbqvMKvixiv wWevi _K wbw` nvi wbqwgZ Avq cvq|

L) wbw ` mgq : wWevii wbw ` gqv`i KviY AbK wewbqvMKvixi KvQ GwU Rbwcq|

Amyweav K) RvgvbZnxbZv : wWevii wecixZ Kvbv RvgvbZ _vK bv weavq GwU SzuwKc~Y|

L) wbqY : ei bvq wWevi gvwjK`i fvUvwaKvi _vK bv| dj Kvvwbi cwiPvjbvq wWevi gvwjK`i Kvbv wbqY _vK bv|

M) gybvdv I m` AwaKvi : wWevi gvwjKiv mvaviY cvIbv`vi`i mgvb ghv`v fvM Ki| dj Kvvwbi AwRZ Avq _K wWevi gvwjK`i my` `Iqvi AvM e gvwjK`i my` cwikva Kiv nq| Abyicfve Kvvwbi wejywi mgq ev AemvqbKvj e gvwjK`i `vwe ev cvIbv cwikvai ci wWevi gvwjK`i cvIbv cwikva Kiv nq|

7.6 evsjv`ki kqvievRvi hKvbv `ki A_bxwZZ kqvievRvi g~jab msMni evRvi wnmve iZc~Y f~wgKv cvjb Ki| GRb mvaviY RbMY ev wewbqvMKvixi cZvkv _vK kqvievRvi hb myzfve cwiPvwjZ nq| mgqi mv_ mv_ wewfb cwieZbi gvag evsjv`ki kqvievRvi gk DbwZ mvab KiQ| kqvievRvi wewbqvM GKwU SzuwKc~Y wewbqvM| AZGe, kqvievRvi wewbqvM mK mwVK aviYv bv _vKj wewbqvM Kiv DwPZ bq| GZ jvfi mv_ mv_ wZ nIqvi Avkv _vK| kqvievRvi wewbqvMi c~e Kvvwbjvi evwlK Avw_K weeiYx msMn Ki Kvvwbi wewfb Z_ hgb: kqvicwZ Avq (BwcGm), eemvi aib, Kvvwbi ee vcbv, wbU m`g~jmn (GbGwf) Abvb Avw_K Z_vw` wek lY Kiv cqvRb| Kvvwbjvi cvkvcvwk wk LvZ Ges `ki A_bwZK Ae v mK chv vb msMn Ki wewbqvM wmv wbZ nq| cqvRb evRvi wekl`i civgk bIqv hvq| Ze Kvbv Ae vZB Rei gvag cvIqv Z_ _K wewbqvM wmv bIqv DwPZ bq|

wdbv I evswKs

79

kqvi Bmy Kvix Kvvwb Ges wewbqvMKvix`i kqvi q-weq myzfve mv`bi Rb mycwZwZ cwZvbi cqvRb nq| Gic cwZvbK K GP ejv nq| K GP bvgK cwZvb mvaviY RbMY ev cwZvb _K KvvwbK Znwej ms vb mvnvh Ki Ges wewbqvMKvix`i Rb kqvi q-weqi GKwU wbw ` vbi ee v Ki| evsjv`k y`wU K GP iqQ|

1) XvKv K GP wjwgUW 2) PMvg K GP wjwgUW

DwjwLZ y`wU GP wewfb Kvvwbi mvaviY kqvi, wgDPzqvj dv, wWevi Ges e BZvw` q weq nq| wewbqvMKvix`i wewbqvM wmv bqvi myweav_ K GP ZvwjKvfy Kvvwbi kqvijvK G,we, wR, Gb Ges RW BZvw` kwYZ wef Kiv nqQ|

mvaviYZ kqvievRvii MwZ ev mvweK Ae v eySvi Rb m~PK eenvi Kiv nq| D`vniY^ic XvKv K GP :

K) mKj kqvig~j m~PK (All Shares Price Index),

L) wWGmB mvaviY m~PK (DSE General Index) Ges

M) wWGmB 20 m~PK (DSE20 Index) bvg wZbwU m~PK eenvi Kiv nq|

Abyicfve PMvg K GP :

K) wmGmB mKj kqvig~j m~PK (CSE All Shares Price Index)

L) wmGmwmG m~PK (CSE Selective Categories Index) Ges

M) wmGmB 30 m~PK (CSE 30 Index) bvg wZbwU m~PK cPwjZ AvQ|

kqvievRvii m~PK cwZw`b cwZwbqZ IVvbvgv Ki| Gme IVvbvgv evRvii MwZ ev w`K mK Z_ `q| G m~PKi IVvbvgv kqvievRvi ZvwjKvfy Kvvwbjvi kqvig~j IVvbvgvi Dci wbfi Ki| AwaKvsk kqvii `vg evoj m~PK evo, Avevi AwaKvsk Kvvwbi kqvii `vg Kgj m~PK Kg|

7.7 kqvi wewbqvM cwZ kqvievRvi wewbqvMKvixiv y`wU Dcvq wewbqvM KiZ cvi| h_v :

K) cv_wgK evRvii (Primary Market) gvag

L) mKvwi evRvii (Secondary Market) gvag|

K) cv_wgK evRvi : cv_wgK evRvi ejZ Kvvwb h evRvi kqvi wewi c_g c ve (Initial public offering) Ki, m evRviK eySvq| Kvbv Kvvwb c_gevii gZv evRvi kqvi wew Kij mwUK kqvi wewi c_g c ve ejv nq| GKRb wewbqvMKvix Kvbv Kvvwbi kqvi wewi c_g c ve AskMnY Ki kqvi q Kij, m cv_wgK evRvi kqvi q KiQ ej gb Kiv nq|

kqvi, e I wWevi

80

L) mKvwi evRvi : Kvvwb KZK c_gevi wewbqvMKvix`i KvQ kqvi wewi ci wewbqvMKvixiv wbR`i ga kqvi q-weq KiZ cvi| h evRvi wewbqvMKvixiv wbR`i ga kqvi q-weq Ki, m evRviK mKvwi evRvi ejv nq|

7.8 jfvsk I jfvsk bxwZ GKwU Kvvwbi AwRZ jvf ev gybvdv kqvi gvwjK`i cvc Avq| dj AwRZ jvf ev gybvdv kqvi gvwjK`i ga eb Kiv nq| mvaviYZ Kvvwb AwRZ jvf ev gybvdvi cyiv Ask kqvi gvwjK`i ga eb Ki bv| jvf I gybvdvi GKwU Ask fwelZ eemvi KvR A_vqbi Rb msiwZ Ki Ges evwK Ask kqvi gvwjK`i ga eb Ki| jvf ev gybvdvi h Ask kqvi gvwjK`i ga eb Kiv nq, m AskK jfvsk ejv nq| Kvvwb mvaviYZ y`Bfve jfvsk w`Z cvi|

K) bM` jfvsk

L) K jfvsk ev evbvm kqvi

K) bM` jfvsk : h jfvsk bM` UvKvq cwikva Kiv nq, m jfvskK bM` jfvsk ejv nq| D`vniY ^ic: gb Ki, GKwU Kvvwb 10% bM` jfvsk NvlYv Ki| GKRb kqvi gvwjK H Kvvwbi 10 UvKv gyji 500 kqvi aviY Ki| D ew bM` jfvsk wnme 1500 UvKv ev 500 UvKv cve| L) K jfvsk : Kvvwb AbK mgq bM` jfvski cwieZ K jfvsk ev bM` jfvski cvkvcvwk K jfvsk w`q _vK| Kvvwb mvaviYZ eZgvb Bmy KZ kqvii Dci AvbycvwZK nvi K jfvsk w`q _vK| dj Kvvwbi kqvii msLv ew cvq| gb Ki, GKwU Kvvwbi eZgvb 10 UvKv g~ji 1 KvwU kqvi AvQ| Kvvwb 50 kZvsk ev 2:1 AbycvZ K jfvsk NvlYv Ki| dj Kvb wewbqvMKvixi eZgvb 500wU kqvi _vKj K jfvsk cvevi ci kqvi msLv 750wU ne| Abyicfve Kvvwbi gvU BmyKZ kqvi 1.5 KvwU ne|

jfvsk bxwZ KvvwbK cwZeQi jfvsk-msv wewfb wmv wbZ nq| hgb: AwRZ jvfi KZ Ask jfvsk `qv ne, bM` jfvsk bv K jfvsk `qv ne BZvw`| Gme wmv bqvi Rb cwZwU Kvvwbi mywbw ` bxwZgvjv _vK, hv KvvwbK jfvsk c` vb w`Kwb `kbv w`Z cvi| Gme bxwZgvjvK jfvsk bxwZ ej| mvaviYZ wZb cKvi jfvsk bxwZ cwijwZ nq| h_v

K) w wZkxj UvKv jfvsk bxwZ : G bxwZ Abyhvqx cwZeQi AwRZ jvf _K mgcwigvY UvKv jfvsk `qv nq| D`vniY ^ic: GKwU Kvvwb cwZeQi kqvicwZ 10 UvKv jfvsk w`j GwUK w wZkxj jfvsk bxwZ ejv ne| kqvicwZ Avq hZ ewk nvK bv Kb, Kvvwb MZ eQijvZ c` jfvski mgcwigvY jfvsk c` vb Ki| Ze G cwZZ mvaviYZ jfvski cwigvY Kg bv|

L) jfvsk c`vb AbycvZ bxwZ : G bxwZ Abyhvqx Kvvwb cwZeQi Avqi KZ Ask jfvsk c`vb Kie, G welq wmv bq| wmv Abyhvqx Kvvwb cwZeQi AvbycvwZK nvi jfvsk c` vb Ki| D`vniY ^ic,

wdbv I evswKs

81

gb Ki, Kvbv Kvvwb 50% jfvsk c` vbi AvbycvwZK nvi wnme wbaviY Ki| dj Kvbv eQi hw` Kvvwbi AwRZ Avq 2 KvwU UvKv nq, Zvnj Kvvwb jfvsk wnme kqvi gvwjK`i 2 KvwU 50% ev 1 KvwU UvKv c` vb Kie|

M) w i jfvsk mv_ AwZwi jfvsk bxwZ : hme Kvvwbi Avq w wZkxj ev wbqwgZ bq, mme Kvvwbi Rb GwU GKwU Av`k jfvsk bxwZ| G bxwZ Abyhvqx Kvvwb cwZeQi b~ bZg w wZkxj jfvski mv_ AwZwi jfvsk c` vb Ki| Abvb jfvsk bxwZi Zzjbvq GwU AbK bgbxq weavq AbK Kvvwb GB jfvsk bxwZ AbymiY Ki|

Abykxjbx

ewbevPwb ck

1| g~jab LvUvbvi Drm

i. kqvi ii. e iii. wWevi

wbPi KvbwU mwVK? K. i I ii L. i I iii M. ii I iii N. i, ii I iii

2| AMvwaKvi kqvi gvwjK`i Amyweav KvbwU? K. gybvdvi Dci AMvwaKvi L. mxgve `vq M. mxwgZ Avq N. wbw` nvi Avq

3| K GPi ZvwjKvfy Kvvwbi kqvijv Kq kwYZ fvM Kiv hvq? K. 2 L. 3 M. 4 N 5

wbPi DxcKwU co 4 I 5 b^i cki Di `vI Rbve nvwee eve Kvvwbi c_gevii gZv kqvi wewi cve `L AvK nq Zv q Kib| KqK eQi ci Zvi Avw_K msKU `Lv w`i wZwb Zv wew KiZ evRvi hZ PvQb|

4| Rbve nvwee eve Kvvwbi kqvi Kv_v _K msMn KiQb? K. Kvvwbi cavb Awdm L. wmwKDwiwUR G GP Kwgkb M. cv_wgK evRvi N. mKvwi evRvi

kqvi, e I wWevi

82

5| kqvi wewi Rb Rbve nvweei Kvb evRvi hywmZ ne? K. Kvvwbi cavb Awdm L. wmwKDwiwUR G GP Kwgkb M. cv_wgK evRvi N. mKvwi evRvi

msw Di ck 1. Kvb jfvsk bxwZZ Avqi Kg Ask jfvsk c` vb Kiv nq| 2. gybvdvi GKwU Ask fwelZ eemvqi Kvb aibi KvRi Rb msiwZ _vK? 3. kqvievRvii mvweK Ae v evSvi Rb Kx eenvi Kiv nq| 4. kqvievRvi hKvbv `ki A_bxwZZ Kvb aibi evRvi wnmve f~wgKv ivL?

mRbkxj ck 1| kvnxbyi miKvwi PvKwi _K AemiMnYi ci KqK j UvKv nvZ cvb| wZwb GB A_ KvvwbZ

wewbqvM KiZ PvQb| wZwb Ggb wewbqvMKvix nZ Pvb hb ZvK my` cZ bv nq Ges Kvvwbi iZc~Y wmv MnY AskMnY KiZ cvib| ZvB wZwb m~hv`q I mKZ Kvvwbi wewfb Kvhg Z_ msMn Ki Zv wek lY KiQb|

K. wWevi gvwjKiv Kv`i mgvb ghv`v fvM Ki?

L. Kvb aibi jfvsk c` vb Kij Kvvwbi kqvii msLv ew cve? evLv Ki|

M. kvnxbyi m~hv`q I mKZ Kvvwbi Kvb Z_ wek lY KiQb? evLv Ki N. Kvb aibi wewbqvMKvix nIqv kvnxbyii Rb hywhy ne ej Zzwg gb Ki| wek lY Ki|

2| A & Z Kvvwb Zv`i Rwg Rbve Lwei nvmbi KvQ RvgvbZ wnme iL 2 KvwU UvKv FY g~jab msMn Ki| Lwei nvmbi mv_ Kvvwbi h Pzw nqQ ZvZ A_ diZ cvIqvi ZvwiL 2012 mvj 1 Rvbyqvwi Dj L AvQ| nVvr KvvwbwU 2010 mvji Ryb gvm wejy ne ej NvlYv Avm| ZvZ wZwb wePwjZ nbwb|

K. kqvi gvwjK`i cvc Avq Kx?

L. hme Kvvwbi Avq w wZkxj, Zviv Kb w i jfvski mv_ AwZwi bxwZ AbymiY Ki? evLv

Ki|

M. A & Z Kvvwb A_vqbi Rb Kvb KkjwU eQ wbqQ? eYbv Ki| N. A & Z Kvvwb wejy nIqv ev bv nIqv Dfq Lwei nvmbi wewbqvMi wbivcvwU g~jvqb

Ki|

ZZxq Aavq

A_i mgqg~j

A_vqbi ewki fvM wmvi g~j A_i mgqg~ji aviYvwU RwoZ| GLbKvi 100 UvKv Avi 10 eQi cii 100 UvKv mgvb g~j enb Ki bv| A_i mgqg~ji GB aviYv Avgv`i `bw`b A_vqbI cqvRb| MvgxY gnvRb _K hw` A_ FY bqv nq, ZLb m Kx nvi my` wnmve Ki, GUv Rvbv _vKj Avgiv Abvb Drmi mv_ Zyjbv Ki mePq MnYhvM Drm ei Ki A_vqb KiZ cvie| evsK _K FY wbj Avgv`i fwelZ h FYi wKw cwikva KiZ nq, Zv Kxfve wbaviY Kiv nq GB msv AsK Avgiv GB Aavq wkLe| GB Aavqi AsK KiZ Zvgv`i cZKi mvBwUwdK KvjKzjUi jvMe| Ze wdbvwqvj KvjKzjUi eenvi Kiv hve bv|

Qwe: KvjKzjUi

GB Aavq cvV kl Avgiv RvbZ cvie- A_i eZgvb g~j I fwelr g~ji ga mK cKZ my`i nvi wbYq Kivi cwZ FYi wKw wbYq Kivi cwZ mq wgi fwelr g~j wbYq Kivi cwZ

wdbv I evswKs 28

3.1 A_i mgqg~ji aviYv wdbvi `wZ mgqi mv_ mv_ A_i g~j cwiewZZ nq A_vr GLbKvi 100 UvKv Avi cuvP eQi cii 100 UvKv mgvb g~j enb Ki bv, GLbKvi 100 UvKv AwaKZi g~jevb| GUvB A_i mgqg~j aviYv| A_i mgqg~ji g~j KviY my`i nvi| gb Ki, Zywg Zvgvi eyi KvQ 100 UvKv cvI, GgZve vq m ejj 100 UvKv GLb bv cwikva Ki 1 eQi ci cwikva Kie| A_i mgqg~j ej h GLbKvi 100 UvKv Avi GK eQi cii 100 UvKv mgvb g~j enb Ki bv| aiv hvK, my`i nvi kZKiv 10 fvM A_vr Zywg hw` mvbvjx evsK GLb 100 UvKv Rgv ivL, Ze AvMvgx eQi evsK ZvgvK 110 UvKv `e| myZivs GLbKvi 100 UvKv Ges AvMvgx eQii 110 UvKv A_i mgqg~j Abyhvqx mgvb g~j enb Ki|

3.2 A_i mgqg~ji m~ Dcii D`vniY Avgiv RbwQ h my`i nvi kZKiv 10 fvM nj GLbKvi 100 UvKv, AvMvgx eQii 110 UvKv Ges 2 eQi cii 121 UvKv mgvb g~j enb Ki| GB 100 UvKvK ejv nq eZgvb g~j Ges 110 I 121 UvKvK ejv nq fwelr g~j|

3.2.1 fwelr g~j I evwlK Pew eZgvb g~j Rvbv _vKj 1bs m~ eenvi Ki fwelr g~j ei Kiv hvq|

GLvb FV nQ Future Value

eZgvbi 100 UvKvi 1 eQi cii fwelr g~j = 100 (1+0.10)1

= 100 1.10 = 110 UvKv

eZgvbi 100 UvKvi 2 eQi cii fwelr g~j = 100 (1+ 0.10)2 = 100 1.21 = 121 UvKv

fwelr g~j wbaviYi Rb DcwiD D`vniY h cwqvwU eeZ nqQ, ZvK ejv nq PewKiY cwZ| GLvb jYxq h GK eQi ci 110 UvKv fwelr g~ji ga Avmj 100 UvKv I my` 10% nvi 10 UvKv| GKB fve wZxq eQi AviI 10 UvKv my` nj wZxq eQi fwelr g~j nIqv DwPZ 120 UvKv wK wZxq eQii fwelr g~j nqQ 121 UvKv| Gi KviY wZxq eQii iZ Avmj aiv nq 110 UvKv Ges ZvZ Ki wZxq eQi 10% nvi my` nq 11 UvKv| Gfve c_g eQii my` vmjK wZxq eQii Avmj ai Zvi Dci wZxq eQii my` avh Kivi cwqvK ejv nq PewKiY cwZ| PewKiY cwZZ

m~ -1: fwelr g~j (FV) = eZgvb gyj (1+ my`i nvi) evrmwiK gqv`

A_i mgqg~j 29

cwZeQi my` vmji Dci my` avh Ki fwelr g~j wbaviY Kiv nq| A_vr my` Avmji Dci h my` c` vb Kiv nq ZvK Pew my` ejv nq| wK mij my`i Kej Avmji Dci my` MYbv Kiv nq|

3.2.2 eZgvb g~j I evwlK evvKiY fwelr g~j Rvbv _vKj 2bs m~ Abyhvqx eZgvb g~j wbYq Kiv hvq| 1bs m~ h Dcv`vbwU w`q b Kiv nqwQj, GLvb Zv w`q fvM Kiv ne| GUvK ejv nq evvKiY cwqv|

m~~ bs 2 : eZgvb g~j gqv` nvi)my`i + (1j~g fwelr=

hgb : 1 eQi cii 100 UvKvi eZgvb g~j (PV) 1 10) + (1100=

= 90.91 UvKv

eZgvb g~j wbaviYi Rb Dciv D`vniYwUZ evvKiY cwZ eeZ nqQ| evvKiY cwZZI wVK wecixZfve cwZeQi fwelr my` vmjK my`i nvi w`q fvM Ki eZgvb g~j wbaviY Kiv nq _vK| myZivs, Zvgvi ey hw` 1 eQi ci 100 UvKv `q, Ze Zvi H UvKvi eZgvb g~j njv 90.91 UvKv| my`i nvii KviY eZgvb I fwelr mgqi ga A_i g~ji cv_K NU|

KqKwU D`vniYi gvag Pew I evvKiY cwZi eenvi Ki GKKvjxb A_cevni eZgvb I fwelr g~j wbYq Kiv njv:

D`vniY1: kZKiv 10% nvi eZgvb 100 UvKvi 5 eQi cii fwelr g~j KZ ne?

m~ : 1 Abyhvqx:

GLvb, eZgvb g~j (PV) = 100 UvKv (PV=Present Value) my`i nvi (i) = 10% gqv`Kvj (n) = 5 eQi fwelr g~j (FV) = KZ?

FV = PV ( 1 + i) n

m~ gvb ewmq, FV = 100(1+ .10)5

= 100 (1.10)5 = 1001.610 = 161 UvKv

aviYv : eZgvb 100 UvKvi h g~j, my`i nvi 10% nj 5 eQi cii 161 UvKv mgvb g~j enb Ki|

wdbv I evswKs 30

D`vniY2 : my`i nvi 10% nj 5 eQi cii 100 UvKvi eZgvb g~j KZ? m~ bs 2 eenvi Ki Avgiv eZgvb g~j ei Kie|

GLvb, fwelr g~j ( FV) = 100 UvKv

my`i nvi (i) = 10%

gqv` (n) = 5 eQi

AZGe, eZgvb g~j (PV) = ni)(FV

+1

m~ gvb ewmq, PV = 5(1.10)100 = 62.09 UvKv|

aviYv : 5 eQi cii 100 UvKvi eZgvb g~j cvq 62 UvKv| myZivs Zvgvi ey hw` 100 UvKv GLb cwikva bv Ki 5 eQi ci cwikva Ki, Zvnj eZgvb g~j Abyhvqx Zvgvi wZ nq (10062)= 38 UvKv|

my`i nvi 20% nj 5 eQi cii 100 UvKvi eZgvb g~j (PV) = 5(1.20)100

= 40.187 UvKv|

GLvb jYxq my`i nvi 10% nZ 20% wY njI 5 eQi cii 100 UvKvi eZgvb g~j 62 UvKv nZ Kg AaK ne bv| A_vr my`i nvii mv_ A_i mgq g~ji nvm-ewi mKwU mgvbycvwZK bq|

3.2.3 eQi GKvwaKevi PewKiYi gvag fwelr g~j wbaviY Dcii D`vniY ai bqv nqQ h eQi GKevi Pew ne wK KLbv KLbv eQi GKvwaevi Pew nZ cvi| hgb : evsK UvKv ivLj gvwmK wfwZ Pew nq| A_vr eQi 12 evi Pew nq| m m~wUZ y`wU cwieZb KiZ ne| eQi hw` evievi Pew nq, Zvnj c_gZ my`i nviK 12 w`q fvM KiZ ne Ges wZxqZ gqv`KI 12 w`q b KiZ ne| GKwU D`vniYi gvag m~wUi cqvM `Lvbv njv|

D`vniY3: hw` Zywg 10% Pew my` 100 UvKv evsK Rgv ivL Ges Zywg Rvbv eQi 12 evi Pew ne, Ze 1 eQi ci Zywg KZ UvKv cve? Gi mgvavbi Rb ZvgvK wbPi m~wU eenvi KiZ ne|

m~ 3: FV = PV )(

mi mn

+1

A_i mgqg~j 31

GLvb, eZgvb g~j (PV) = 100 UvKv my`i nvi (i) = 10% eQi Pewi msLv (m) = 12 eQii msLv (n) = 1 eQi

fwelr g~j (FV) = KZ ?

m~ gvb ewmq, FV = 100 (1+12

0.10 )112

= 110.46 UvKv|

aviYv : kZKiv 13.5% nvi gvwmK PewZ 50,000 UvKv evsK GLb Rgv ivLj 10 eQi ci KZ UvKv cvIqv hve?

FV = PV )(

mi mn

+1

GLvb, eZgvb g~j (PV) = 50,000 UvKv

my`i nvi (i) = 13.5%

eQi Pewi msLv (m) = 12

eQii msLv (n) = 10 eQi

fwelr g~j (FV) = KZ?

m~ gvb ewmq, FV = 50000 (1+12

0.135 )1012

= 50000(1.011)120 = 500003.828 = 1,91,423.02 UvKv|

aviYv : myZivs GLbKvi 50,000 UvKv Ges D cwjwmi 10 eQi cii 1,91,423.02 UvKv mgvb g~j enb Ki|

3.2.4 eQi GKvwaKevi evvKiYi gvag eZgvb g~j wbaviY Dcii D`vniY wfb `wKvY _K `Lj Avgiv eZgvb g~j mK GB aviYv jvf KiZ cvwi h 5 eQi cii 191,423 UvKvi eZgvb g~j njv 50,000 UvKv| myZivs fwelr g~j Rvbv _vKj Avgiv eZgvb g~j ei KiZ cvwi| GK ej evvKiY cwqv| GKvwaKevi Pewi fwelr g~j _K Avgiv evvKiYi gvag eZgvb g~j wbYq Kiev| GKwU D`vniY w`q evcviwU Zyj aiv njv:

wdbv I evswKs 32

D`vniY5: 5 eQi ci 50,000 UvKv cvIqvi Avkvq Zywg eZgvb wKQy UvKv Rwgq evsK ivLZ PvI| GKwU evsK ZvgvK evwlK 10% nvi my` c` vbi c ve w`qQ Ges Avi GKwU evsK ZvgvK 9.5% nvi gvwmK Pewi c ve w`qQ| GgZve vq Zywg Kvb& evsK UvKv Rgv ivLe? G wmvwUi Rb Avgiv y`wU c veiB eZgvb g~j wbaviY Kie|

evsKK (evwlK 10% evvKiY nvi)

GLvb fwelr g~j (FV) = 50,000 UvKv my`i nvi (i) = 10% eQii msLv (n) = 5 eQi eZgvb g~j (PV) = KZ?

m~ gvb ewmq, PV = 5(1.1)50,000

= 31,046.07 UvKv|

evsKL (gvwmK 9.5% nvi Pew my`)

PV = nm)

mi

FV+(1

GLvb fwelr g~j (FV) = 50,000 UvKv my`i nvi (i) = 9.5% eQi Pewi msLv (m) = 12 eQii msLv (n) = 5 eQi eZgvb g~j (PV) = KZ?

m~ gvb ewmq, PV = 125

121 0.095(

50,000+ )

= 60

50,000

(1.007)

= 1.605050,000

= 31,152.64 UvKv|

m~ 4: PV = ni)FV+(1

A_i mgqg~j 33

aviYv : A_vr 5 eQi ci 50000 UvKv cvIqvi Rb evsKK-G eZgvb 31,046.07 UvKv Rgv w`Z ne Avi evsKL-G 31,152.40 UvKv Rgv w`Z ne| dj evsKK jvfRbK c ve|

3.3 cKZ my`i nvi

MvgxY gnvRb _K mvvwnK 1% nvi Pew my` FY MnY Kij evwlK ev bvwgK my`i nvi nq 52 eQi 52% wK 52 evi Pew nj cKZ my`i nvi wfb nq| wbgwjwLZ m~wUi gvag mvvwnK 1% nvi Pewi cKZ my`i nvi wbYq Kiv njv :

(EAR=Effective Annual Rate)

GLvb, mvvwnK my`i nvi (r) = 1%

evwlK my`i nvi (i) = 52%

eQi Pewi msLv (m) = 52

eQii msLv (n) = 1

cKZ my`i nvi (EAR) = KZ?

m~ gvb ewmq , EAR = 152.52

1 52 + )(

= 11.01)52 ( = 1.67768-1

= 67.768%

aviYv: A_vr evwlK 67.61% my`i nvi Ges mvvwnK 1% my`i nvi GKB K_v|

3.4 evwlK ew ev fvv FY Gevi Avgv`i AvjvPbv fvv FY| evsK _K fvMcY hgb: Mvwo, wdR, KwDUvi BZvw` q Kivi Rb h FY bIqv nq, ZvK ej fvv FY| G aibi FY cwjwmZ GKUv gvUv AsKi A_ FY wnmve eZgvb MnY Kiv nq Ges fwelZ mgvb AsKi wKw Z wbqwgZfve GKwU gqv`Kvji ga FYwU cwikva Kiv nq| GB wKw i eZgvb g~j wbaviY ev FYi cwigvY wbaviYi m~wUi cqvM GKwU D`vniYi gvag `Lvbv njv|

m~-5 : EAR = 11 + m)mi(

wdbv I evswKs 34

D`vniY-7 : Avgiv hw` 10% nvi evwlK wKw 1 UvKv Ki AvMvgx 10 eQi cwikva Kwi Zvnj eZgvb h AsKi FY cvIqv hve Zv DcwiD m~wU eenvi Ki wbYq Kiv njv :

3.4.1. FYi cwigvY wbYq

my-6 : AvbyBwUi eZgvb g~j (Present Value of Annuity) = ( )

+i

Cni1

1-1

cwZ wKw i cwigvY = C

my`i nvi (i) = 10%

gvU wKw i msLv (n) = 10

FYi cwigvY (Present Value of Annuity) = KZ?

Dci evKUi fZii AskwUK ejv nq AvbyBwUi m~| AvbyBwUi m~ gvb ewmq Avgiv GKwU Dcv`vb cve, hUv eenvi Ki FYi cwigvY ei Kiv hvq| GLvb Dcv`vbwUi g~j :

( )

+

0.10.1)(11

-110

= 6.14

aviYv : myZivs cwZeQi 1 UvKv Ki 10wU wKw 10% nvi cwikva Kivi wecixZ eZgvb 6.14 UvKv FY cvIqv hve| GKB fve cwZwU wKw hw` 1 nvRvi UvKv Ki nq, Ze FYi cwigvY ne 6.14x 1,000=6,140 UvKv

3.4.2. evwlK wKwi cwigvY wbYq Avevi GKB m~ eenvi Ki evwlK wKwi cwigvY I wbYq Kiv hvq|

D`vniY8 : Zvgvi zji KwDUvi jvei Rb 15% my`i nvi 12 eQi cwikvahvM 5,00,000 UvKv FYi cqvRb| evwlK wKw KZ ne?

GLvb, FYi cwigvY (Present Value of Annuity) = 5,00,000 UvKv

my`i nvi (i) = 15%

wKw i gqv` (n) = 12

A_i mgqg~j 35

evwlK wKw (C) = KZ?

m~-7: PVAnnuity = ( )

15

1.15

1-1

12

.C

m~ gvb ewmq: 5,00,000 = C 5.420619 A_ev, C =

5.4206195,00,000

A_ev, C = 92,240.39

aviYv: 15% my`i nvi 5,00,000 UvKv FY MnYi Rb FYMnxZvK AvMvgx 12 eQi ai cwZeQi 92,240.39 UvKvi wKw c` vb KiZ ne|

3.4.3. gvwmK wKwi cwigvY wbYq

AbK mgq wKw evwlK wfwZ bv cwikva Ki 6 gvm, 3 gvm GgbwK cwZ gvm cici cwikva Kiv nZ cvi| m m~wU Gfve cwieZb Ki wbZ ne|

m~-8 :

+

=

mimi

C

mn

1

11

AnnuityPV

wbP GKwU D`vniYi gvag DcwiD m~wUi cqvM `Lvbv nj :

D`vniY9 : GKwU KwDUvi q Kivi Rb Zvgvi 50,000 UvKv FY wbZ ne| FYi wKwjv gvwmK wfwZ cwikva KiZ ne| evsK ejj, my`i nvi 24%| Zywg hw` 2 eQi GUv cwikva KiZ PvI Zvnj cwZwU wKw KZ UvKv Ki ne?

GLvb, g~j FYi cwigvY (PVAnnuity ) = 50,000 UvKv

FYi my` (i) = 24%

eQii msLv (n) = 2 eQi

wdbv I evswKs 36

evwlK wKw i msLv (m) = 12

gvwmK wKw i cwigvY (C) = KZ?

m~ gvb ewmq : 50000 = 12

.2412.24

1

11 12)(2

+

c

= C 18.91393 UvKv AZGe, C = 50000/18.91393

C = 2,643.56 UvKv

aviYv : 50,000 UvKv FY MnYi Rb FYMnxZvK 24% my`i nvZ gvwmK wKw 2,643.55 UvKv Ki 2 eQi ch cwikva KiZ ne|

3.4.4. mq cK: mqi fwelr g~j

D`vniY10 : aiv hvK Kvbv mqx wg cwZeQi kl 1 UvKv Ki 5 eQi ch Rgv Kiv nq| GB A_i Dci 8% nvi my` cvIqv hvq| gqv` kl 5 eQi ci GB evwlK ewi fwelr g~j KZ ne?

m~-9 : evwlK mqx wnmvei fwelr g~j (FVAnnuity)= ( ) c

ii n + 11

GLvb, evwlK wKw i cwigvY (c) = 1 UvKv

wKw i gqv` (n) = 5 eQi

my`i nvi (i) = 8%

fwelr g~j (FVAnnuity) = KZ?

m~ gvb ewmq, FVA = ( )

10.08

10.081 5 +

= 10.08

11.469

= 10.08

0.46932

= 5.866 UvKv|

A_i mgqg~j 37

avibv : A_vr 5 eQi ai evwlK 1 UvKv Ki Rgv Ki 5 eQi ci IB wnmve _K 5.866 UvKv cvIqv hve| mqx wnmve gvwmK wfwZI A_ Rgv Kiv hvq| Ze m m~wUK GKUy cwieZb Ki wbZ nq|

D`vniY11 : aiv hvK Zywg gvwmK 1,000 UvKv Ki 15 eQii Rb evsK UvKv Rgv Kie, hvi Dci ZvgvK 10% nvi my` c` vb Kiv ne| gqv` kl Zywg KZ UvKv cve?

m~-10 : gvwmK mqi fwelr g~j : (FVA) =

mi

mi n

+

11

m

C

GLvb, gvwmK wKw i cwigvY (C) = 1000 UvKv

my`i nvi (i) = 10%

wKw i gqv` (n) = 15 eQi

evwlK wKw i msLv (m) = 12

gvwmK mqi fwelr g~j (FVA) = KZ?

m~ gvb ewmq, FVA =

+

120.10

11215

120.101

1000

= ( ){ }

120.10

11.00810001000

180

= ( )

120.10

1-4.19610001000

=

120.10

3.4531000

= 0.10

123453.9195 = 41,4470.35 UvKv

wdbv I evswKs 38

aviYv : gvwmK 1000 UvKv Ki 10% my`i nvi mqx wnmve ivLj 15 eQi ci 4,14,470.35 UvKv cvIqv hve| jYxq h Gi ga Zvgvi Rgv nQ (1000*12*150)=1,80,000 UvKv evwK UvKv, AvmQ Pew my`i KviY|

3.5 A_i mgqg~ji iZ eemvqi cwZwU wmvi mv_B A_i Avtcevn I ewntcevn RwoZ _vK| mwVK wmv MnYi Rb GB Avtcevn I ewntcevni gqv`wfwK eZgvb I fwelr g~j wbaviY Kiv cqvRb| dj A_i mgqg~ji iZ weePbvq ejv hvq

K) myhvM eq : Kvbv GKwU cK A_ wewbqvM Kij Ab Kvbv cK A_ wewbqvMi myhvMK ZvM KiZ nq| hvK A_vqb wewbqvMi myhvM ejv nq| myZivs A_i mgqg~ji m~ cqvMi gvag GB myhvM eqi cwigvY wbaviY Kiv hvq| D`vniY^ic: Zvgvi GjvKvq Rwgi g~j 10 eQi wY nq| cvi mvbvjx evsK mqx wnmve my`i nvi aiv hvK kZKiv 8 fvM| Rwg wKbj mvbvjx evsK UvKv ivLv hve bv, ZvB Rwg qi myhvM eq G 8%| G Avgiv GB Aavqi m~ bs 1 eenvi Ki wmv MnY KiZ cvwi h Rwg Kbv DwPZ, bvwK mvbvjx evsK UvKv ivLv DwPZ| G evcvi GKwU mnR Ges gvUvgywU mwVK cwZ ij 72 bvg cwiwPZ| UvKv wY nj 72-K gqv` w`q fvM Kij my`i nvi cvIqv hvq, Avevi 72-K my`i nvi w`q fvM Kij gqv` cvIqv hvq| Rwgi g~j hnZz 10 eQi wY nq| myZivs my`i nvi (72/10) ev 7.2%| myZivs Rwg q bv Ki mvbvjx evsK UvKv ivLv hywmsMZ|

L) cK g~jvqb : `xNgqvw` cK g~jvqb cKi eZgvb eqi mv_ fwelr Avqi ga Zyjbv KiZ nq| GB Aavq Avgiv RbwQ, UvKvi eZgvb g~j I fwelr g~j mgvb bq| myZivs fwelr mve AvqK eZgvb g~j bv Gb Avgiv `xNgqvw` cK g~jvqb wmv wbZ cvwi bv| cieZx Aavq KvwcUvj evRwUs Kivi mgq Avgiv GB aviYvi cqvM `Le|

M) FYMnY wmv : evsK ev hKvbv Avw_K cwZvb _K FY MnYi AvM wKw cwikvai gZv weePbv KiZ nq| FY cwikvai wewfb gqv`i wfwZ wKw i cwigvY wfb wfb nq| hgb: 5 eQi gqvw` A_ev 8 eQi gqvw` FYi wKw wewfb ne, Avevi GB wewfb gqvw` nZ cvi hgb: evwlK, gvwmK BZvw`| m I wKw i cwigvY wewfb ne| A_i mgqg~j wbYq Ki Avgiv wewfb cwigvY FYi wewfb gqvw` wKw ei KiZ cvwi Ges mB Abyhvqx wmv wbZ cvwi h Kx aibi gqv` Kxfve cwikva wKw Z KZ UvKv FY wbj KvieviwUi Rb Dchy ne| G aibi cwiKbvi Afve AbK Kvievi `Dwjqv nq hvq, KviY FY MnYi AvM cwikva gZv hvPvB Ki Ze FY wbZ nq| gb ivLZ ne FYi UvKv cwikva Kiv evaZvg~jK, cwikva e_ nj KvieviwU `Dwjqv nq hvq|

A_i mgqg~j 39

Abykxjbx

ewbevPwb ck :

1. A_i mgqg~j wbaviYi g~j KviY KvbwU?

K. my`i nvi

L. gy` v bxwZ

M. A_i Zvij N. ewaZ gybvdv|

2. my` vmji Dci c` vb Kiv nq wbPi KvbwU? K. mij my` L. Pew my` M. gvU my` N. wbU my`

3. evvKiY cwqv ejZ evSvq

i. evvi cwigvY wbaviY cwqv ii. A_i eZgvb g~j wbaviY cwqv iii. my` vmjK my`i nvi viv fvMi cwqv wbPi KvbwU mwVK?

K. i I ii L. i I iii M. ii I iii N. i, ii I iii

4. wbPi KvbwUi A_i mgqg~ji iZ Acwimxg

K. my`i nvi wbaviY|

L. wewbqvM wmv MnY|

M. Avw_K Ae v wbicY| N. FYi wKw nvm Kiv|

5. Rbve nvib cwfWU dv _K wKQy UvKv Zzj 12% my` wWwRUvj evsK 5 eQii Rb ivLZ PvBj evsK gqv` kl ZvK 5,00,000.00 UvKv w`Z PvBj| Rbve nvib KZ UvKv Rgv ivLZ Pvb?

K. 2,00,730.00 UvKv L. 2,83,720.00 UvKv M. 3,13,520.00 UvKv N. 4,40,000.00 UvKv

wdbv I evswKs 40

wbPi DxcKwU co 6, 7 I 8 bs cki Di `vI Rbve iRvDj Kwig wbR^ A_ bv _vKvq GKwU evsKi gvag 12% my` gvm 1000.00 UvKv wKw Z 10 eQi cwikva Kivi wbwg GKwU wdR q Kib|

6. evsK KZK Rbve iRvDjK c` myweavK Kvb cwjwmi Afy Kiv nq?

K. MvnK mev

L. fvv FY

M. MnvqY FY

N. myhvM eq|

7. Rbve iRvDji xZ wdRi eZgvb g~j KZ?

K. 5,667.00 UvKv

L. 56,667.00 UvKv

M. 70,000.00 UvKv

N. 1,20,000.00 UvKv

8. Abvb kZ AcwiewZZ iL my`i nvi 24% nj

i. qg~j wdR wKbZ ne|

ii. cwikva FY wY ne| iii. FYi cwigvY nvm cve|

wbPi KvbwU mwVK?

K. i I ii L. i I iii M. ii I iii N. i, ii I iii

msw Di ck :

1| A_i mgqg~j Kx?

2| Pew my` Kx?

3| my`i nvi ejZ Kx evSvq?

4| cKZ my`i nvi Kx?

5|fvvi FY Kx?

A_i mgqg~j 41

mRbkxj ck :

1. Rbve Avjxg mvne GKwU evwYwRK evsKi 6 eQi UvKv wY nIqvq cwjwmZ 2 j UvKv Rgv ivLZ wMq Zvi ezi civgk evsK bv iL 13% gybvdvq GKB gqv`i mqc q Kib|

K. my`i nvii KviY eZgvb I fwelr mgqi ga wKmi cv_K mw nq?

L. PewKiY cwZwU evLv Ki|

M. Rbve Avjxgi A_i fwelr g~j Pew cwqv wbYq Ki| N. A_ wewbqvMi Rbve Avjxgi wmvi hwKZv g~jvqb Ki|

2. Rbve dinv` mvne Zvi mwZ 10 j UvKv 10% my` 10 eQii Rb cv evsK Rgv ivLZ PvBj| wK Zvi x mvjgv ZvK evsK Rgv bv iL wbR cimfvq Rwg Kbvi civgk `b, hLvb 8 eQi Rwgi g~j w`Y nIqvq Ges D mgqi ga Rwg _K AwZwi 2 j UvKv Avqi wbqZv AvQ| welqwU wbq Rbve dinv` mvne wmvnxbZvq fyMQ|

K. evvKiY cwqvq A_i Kvb g~jK fvM Kiv nq?

L. A_i eZgvb I fwelr g~ji cv_KKvix Dcv`vbwU evLv Ki|

M. cv evsKi kZvbyhvqx Rbve dinv`i A_i fwelr g~j wbYq Ki| N. wewbqvMi Rb Rbve dinv`i Kvb wU evQvB Kiv DwPZ ej gb Ki? Dii c hyw `vI|

PZz_ Aavq

SzuwK I AwbqZv Risk and Uncertainty

SzuwK I AwbqZv eemv cwZvb _K i Ki wewbqvMKvix ch mevBK j ARb evav `q| eemv cwZvb Ges wewbqvMKvix`i cZvwkZ Ges cv djvdji ga mvaviYZ Miwgj ev wePzwZ _vK| Avi G wePz wZ _KB SzuwK mw nq| eemv cwZvb ev wewbqvMKvix`i wewfb wmv MnY GB SzuwK f~wgKv ivL| dj SzuwKmg~n wPwZ Kiv Ges SzuwKi cwigvc Kivi cqvRb nq| G Aavq Avgiv SzuwK Ges AwbqZvi wewfb w`K RvbZ cviev|

Qwe: AwMKv I f~wgK q-wZi Qwe|

G Aavq cvV kl Avgiv -

SzuwK I AwbqZvi aviYv evLv KiZ cvie| wewfb aibi SzuwK I AwbqZvi Drm wPwZ KiZ cvie| Avw_K wmv MnY SzuwK I AwbqZvi cfve weklY KiZ cvie| SzuwKgy Avq I SzuwKej Avqi cv_K wbYq KiZ mg ne| Av`k wePz wZ I f`v eenvi Ki Avw_K wmv MnYi cwqv evLv KiZ cvie|

wdbv I evswKs 43

5.1 f~wgKv ivnvb beg kwYi Qv| m Zvi GmGmwm cixvq wRwcG 5 cZvkv Ki| ivk` mvne GKRb KlK| wZwb G eQi Rwg _K fvjv djb cZvkv Kib| mygb XvKv wekwe`vjqi weweG kl eli Qv| m Zvi weweG wWwM kl Ki GKwU fvjv PvKwi Avkv Ki| GLvb ivnvbi wRwcG 5 cvIqv, ivk` mvnei Rwg _K fvjv djb Ges mygbi fvjv PvKwi cvIqv cwZwU welq AwbwZ| KviY cwZwU welq fwelZi mv_ RwoZ| ivnvb wRwcG 5 cZ cvi, bvI cZ cvi, ivk` mvnei RwgZ G eQi fvjv djb nZ cvi, bvI cvi Ges mygb fvjv PvKwi cZ cvi; bvI cZ cvi| Gfve gvbyli ewMZ Rxeb cwZwbqZ wewfb AwbqZv we`gvb _vK| gvbyli ewMZ Rxebi bvq eemvwqK wewfb iKg AwbqZv cwijwZ nq| D`vniY^ic fwelZ Kvvwbi cYi Avkvbyic wew ne wK bv, cZvwkZ gybvdv ARb KiZ cvie wK bv, cZvwkZ g~j KuvPvgvj q KiZ cvie wK bv-Gic AmsL AwbqZv _vK| Abyicfve GKRb wewbqvMKvix Kvvwbi kqvi q Ki cZvwkZ jfvsk cve wK bv, GKwU Kvvwb `xNgqvw` cK wewbqvM _K cZvwkZ bM` cevn cve wK bv Gme AwbqZvi myLxb nq|

Gme AwbqZvi KviY eemv cwZvbi wewfb wmvi cKZ djvdj cZvwkZ djvdji Pq Kg ev ewk nq| cKZ djvdj cZvwkZ djvdj _K wfb nIqvi mvebvKB eemv A_vqb SzuwK ejv nq| hgb: Kvvwb Avkv KiQ, AvMvgx eQi 20% wbU gybvdv jvf Kie, wK cKZ jvf njv 15%| GLvb, GB 5% wePz wZ SuywKi Drm| wbg Aviv KqKwU D`vniYi gvag SzuwK wek lY Kiv njv:

gb Ki, GKwU Kvvwb AvMvgx wZb eQi h_vg 50 j UvKv, 65 j UvKv Ges 75 j UvKvi cY wew ne ej cZvkv Ki| wK wZb eQi kl `Lv Mj DjwLZ eQijvZ Kvvwbi cY wew nq h_vg 45 j UvKv, 66 j UvKv Ges 71 j UvKv| Avevi GKRb wewbqvMKvix eQi cwZ kqvi 15 UvKv jfvsk cZvkv Ki GKwU Kvvwbi kqvi Kb| wK eQi kl `Lv Mj, Kvvwb cwZ kqvi gv 10 UvKv jfvsk NvlYv Ki| wewbqvMKvix Ges eemv cwZvbi cwZwU wmvi cZvkvi _K cvwi GKwU eeavb _vK Ges G eeavb nIqvi mvebv nZ SzuwKi mw nq| DjL Kvbv wewbqvMKvixi cZvwkZ Avq _K cKZ Avq ewk njI SzuwKi mw nZ cvi| hgb: D wewbqvMKvix cwZ kqvi hLb 15 UvKv jfvsk cZvkv Ki eQi kl 20 UvKv jfvsk cvq, ZLbv GB 5 UvKv wePz wZ SuywKi Drm ej weewPZ| KviY IB Aevq cKZ Avq Kb cZvwkZ Avq _K ewk njv mB KviY wewbqvMKvixi KvQ ARvbv, GB KviY mUvI SzuwK|

SuywKi AviKwU D`vniY GB iKg| y`wU wewbqvMi c_gwU _K Avgiv MZ wZb eQi 10% nvi gybvdv cqwQ| wZxq wewbqvM _K Avgiv MZ wZb eQi 5%, 10% I 15% gybvdv cqwQ| GLvb `ywU wewbqvM cwZwUi AwRZ gybvdvi Mo mgvb ev 10% wK c_g wewbqvM SuywKgy I wZxq wewbqvM SuyuywKhy| KviY SuywKi AviKwU aviYv njv Avqi Dvb-cZb| hZ ewk Dvb-cZb ne ZZ ewk SzuwK Ges Dvb-cZb bv nj SuywK bB|

SzuwK I AwbqZv 44

5.2 SzuwK I AwbqZvi ga cv_K hw`I AwbqZv _K SzuwKi mw nq, SzuwK I AwbqZvi ga wKQy cv_K iqQ| c_gZ, me AwbqZv SzuwK bq| c~eB ejv nqQ, Lvivc Kvbv NUbv NUvi AvkvB nQ SzuwK| wK Lvivc Kvbv NUbv NUvi Avkv Kgb Zv hw` Rvbv bv _vK, Ze mB AwbqZvK SzuwK ejv hvq bv| Abfve ejv hvq, AwbqZvi h AskUzKz cwigvc Kiv hvq m AskK SzuwK ejv nq| wKQz wKQz AwbqZv AvQ, hv cwigvc Kiv hvqbv| D`vniY ^ic, GKwU Kvvwbi cavb KgKZvi gZz nZ cvi, GUv GKUv AwbqZv, wK GB AwbqZvK cwigvc Kiv hvq bv| dj GB iKg AwbqZvK SzuwK ejv hvq bv| wZxqZ, SzuwK cwigvc Kiv hvq ej wewfb Kkj cqvM Ki SzuwKi cwigvY Kgvbv hvq| wK AwbqZvK wewfb Kkj cqvM Ki Kgvbv ev cwinvi Kiv hvq bv| D`vniY^ic, N~wYSoi KviY Kvbv Kvvwbi Awdm `vjvb fO hZ cvi, wK N~wYSo Kvvwbi wbqY bB ej GB AwbqZvK Kvvwb cwinvi KiZ cvi bv| cvi, AvMvgx eQi Kvvwbi weq Kg hvIqvi Avkv GKwU SuywK| KviY, GB SuywK cwigvc Kiv hvq Ges GB SzuwK nvm Kivi Rb Kvvwb wewfb Kkj Aej^b KiZ cvi| hgb: AwMg wew KiZ cvi|

5.3 SyuwKi Drm eemv cwZvbi cwZwU wmvi mv_ wKQz bv wKQz SzuwK RwoZ _vK| Gme SyuwKi KviY eemv cwZvbi KvwZ djvdj bv cvIqvi mvebv `Lv `q| dj eemv cwZvbK Gme SzuwK h_vh_fve ee vcbv KiZ nq| SzuwK ee vcbvi Rb Gme SzuwKi Drm I kwY LuyR ei Kiv Riwi| G evcvi Kvievii cvcU Avi wewbqvMKvixi cvcU wfb| wbP wewfb `wKvY _K SzuwKi Drm AvjvPbv Kiv njv|

eemv cwZvbi `wKvY _K

K) eemvwqK SzuwK : eemv cwZvb mdjfve Pvjvbvi Rb wewfb iKg cwiPvjbv eqi mw nq| D`vniY ^ic, KuvPvgvj q, kwgK`i eZb, Awdm fvov, wegv LiP BZvw`| Gme cwiPvjbv LiP cwikvai AgZv _K eemvwqK SzuwKi mw nq| Kvbv Kvvwbi cwiPvjbv eq gUvbvi mgZv wbfi Ki weq _K Avqi w wZkxjZv Ges cwiPvjbv LiPi wgkY A_vr vqx Ges PjwZ LiPi AbycvZi Dci| weq Avq w wZkxjZv bv _vKj A_vr weqj Kvbv mgq Avq ewk Avevi Kvbv mgq Kg nj, cwZvbi cwiPvjbv eq gUvZ AwbqZv `Lv `q| Avevi cwiPvjb eq vqx LiP hgb: Awdm fvov, wegv LiP BZvw`i cwigvY ewk nj eemvwqK SzuwKi mw nq| hw` KvvwbwU m~Y AfixY Drm _K Znwej msMn Ki _vK A_vr Kvvwb Kvbv ewn A_vqb bv Ki ZLb gybvdvmsv GB AwbqZvK eemvwqK SuywK ej| Gi Drm wnme weqg~j cwieZb, weq cwigvY cwieZb, Drcv`bi DcKiYi g~j cwieZb, AwZwi vqx LiPi ceYZv BZvw` DjLhvM|

wdbv I evswKs 45

L) Avw_K SzuwK : GB aibi SuywK ewn Drm _K A_vqb nZ mw nq| h cwZvbi FY g~jab ewk, mB cwZvbi Avw_K SuywK ewk| KviY FY g~jabi Rb my` c`vb Kiv evaZvg~jK| cvi, AfixY Drm _K Znwej msMn Kiv nj gybvdv eb evaZvg~jK bq| myZivs FY g~jab eenvi Kiv nj KvieviwU hw` jvfRbK bv nq ZLb FY`vZv cwZvb AvBbi Avkq wbZ cvi Ges djkwZZ KvieviwUi wejvcmvab nZ cvi| FY g~jab eenvi Kij my` Ges D A_ cwikvai `vq mw nq| D`vniY ^ic, Kvbv Kvvwb hw` 15% nvi 50 j UvKvi 5 eQi gqvw` e weq Ki, Zvnj cwZeQi 750,000 UvKv my` Ges cvuP eQi kl 50 j UvKv cwikvai `vq mw nq| Kvvwb mvaviYZ FYKZ g~jab wewbqvM _K cv bM` cevn w`q FYKZ g~jabi `vq cwikva Ki| Kvbv KviY eemv cwZvb wewbqvMKZ A_ _K chv bM` cevn bv cj `vq cwikvai AgZv `Lv w`Z cvi| `xNw`b `vq cwikva KiZ bv cvij FY mieivnKvix Kvvwbi wei AvBbvbzM ee v wbZ cvi Ges Kvvwb `Dwjqv nIqvi Avkv _vK| dj Gic `vq cwikvai AgZv _K h SzuwKi mw nq, ZvK Avw_K SzuwK ejv nq|

wewbqvMKvixi `wKvY _K

K) my` nvii SzuwK : hme wewbqvMKvix e, wWevi BZvw` q Ki, Zv`iK my` nvii SzuwK gvKvwejv KiZ nq| KviY evRvi my`i nvii cwieZbi mv_ mv_ Zv`i wewbqvMi g~j DVv-bvgv Ki| my`i nvi evoj Gme wewbqvMi A_vr e, wWevii evRvig~j Kg, Avevi my`i nvi Kgj Gme wewbqvMi evRvig~j evo| my`i nvii cwieZbi KviY wewbqvMi g~j Kgvi AvkvKB my` nvii SzuwK ejv nq|

L) Zvij SzuwK : wewbqvMKvixi A_ kqvi e ev wWevi BZvw`Z wewbqvMi ci hKvbv mgq Gme wewbqvM bM`vqbi cqvRb nq| Avkv Kiv nq, wewbqvMKvix Gme wewbqvM hywmsMZ g~j weq Ki bM`vqb KiZ cvie| wK Kvbv KviY hw` wewbqvMKvix mnR Ges hywmsMZ g~j weq KiZ bv cvi, ZLb Zvij SzuwKi mw nq| Zvij SzuwK mvaviYZ h evRvi Gme wewbqvM h_v: kqvi, e, wWevi BZvw` KbvePv nq, m evRvii AvKvi Ges KvVvgvi Dci wbfi Ki| GKgvwjKvbv I Askx`vwi Kvievi Zvij SuywK AbK ewk| KviY bM` A_i cqvRb nj KvieviwUi vei-Avei m` mnR I hywmsMZ g~j weq Kiv hvq bv| cvi, GKRb wewbqvMKvix Kvbv Kvvwbi kqvi wKbj, ZvK Zvij SzuwK wbq Zgb wPv KiZ nq bv| KviY m BQ Kij hKvbv mgq gvawgK g~jab evRvi ev kqvi gvKU wMq Zvi kqvi wew Ki w`Z cvi| Aek Avgv`i g~jawb evRvi GKRb wewbqvMKvix hw` Kvbv Kvvwbi e ev wWevi q Ki, Ze ZvK Zvij SzuwK wbq wPv KiZ nq| KviY Avgv`i gvawgK g~jawb evRvi hZ mnR kqvii Zv cvIqv hvq, ZZ mnR e-wWevii Zv cvIqv hvq bv| ZvB m wewbqvMK bM`vqb Kiv mgqmva I eqej nq IV|

KvR : eemvwqK SzuwK Ges Avw_K SzuwKi ga cv_Kjv wbYq Ki|

SzuwK I AwbqZv 46

5.4 SzuwKi Zvrch

eemv cwZvbi wewfb wmv MnY SzuwKi wekl f~wgKv iqQ, hv SzuwKi Zvrch enb Ki|

c_gZ : hKvbv Kvvwbi mvdj Z_v mvweK Dk mvab SzuwKi cfve iqQ| c~eB ejv nqQ cZvkvi evBi Kvbv wKQz NUvi mvebvKB SyuwK ejv nq| dj eemv cwZvbi cwiKbv cYqbi mgqB fwelZi mve NUbvmg~n wePvi-weklY Ki mB Abyhvqx ee v MnY Kij AcZvwkZ wZ _K euvPv hvq| D`vniY^ic, GKwU Kvvwb ay b`xc_ KvuPvgvj Avbqbi myweavi K_v wPv Ki b`xi avi KviLvbv vcbv Ki| wK y`fvMRbKfve y`-GK eQi ci RjvQvm, b`xfvObi dj KviLvbvwU b`xZ wejxb nq Mj cwZvbK wecyj wZi myLxb nZ ne| dj KvvwbwUi mvdj ARb me ne bv| wK cwZvbwU hw` GB mvebvi K_v AvM _KB weePbv KiZ, Ze nqZv wVK b`xi cvoB KviLvbv vcb KiZ bv Ges ZvZ Ki GKwU mdj cwZvb wnme cwiMwYZ nZv|

wZxqZ : eemv cwZvbi gybvdv ARb wbfi Ki cYi evRvi Pvwn`vi Dci| dj eemv i Kivi AvMB cwZwU cwZvbi evRvi Pvwn`v mwKZ wePvi-weklY Ki ev emZ Pvwn`vi Abygvb Ki mB Abyhvqx eemvq cwiPvjbv I ev evqb KiZ nq| evRvii cKZ Pvwn`v Abygq Pvwn`v _K Kg ev ewk nZ cvi| Kvbv KviY cKZ weq Abygq weq _K Lye Kg nj chv gybvdv ARb me nq bv| D`vniY^ic elvKvj AwZ ewcvZ Avkv Ki QvZv c ZKvix GKwU Kvvwb AwaK QvZv c Z Ki; wK cieZxZ hw` elvKvj Kg ewcvZ nq, QvZv c ZKvixi QvZv AwexZ _vKvi mvebv _vK| dj cwZvbwUi c cqvRbxq gybvdv ARb me ne bv| IBAe vq QvZvi mv_ hw` Ab wKQz cYI Kvvwb Zwi KiZ, Ze nqZv ew Kg njI mB cYi Pvwn`v nvm cZ bv Ges KvieviwU KvwZ gybvdv ARb KiZ cviZ|

5.5 SzuwKgy Avq I SzuwKej Avq mKj Avq SzuwKej bq, wKQz Avq AvQ hv SzuwKgy Avq wnme MY nq| A_vr G iKg Avq, cKZ Avq me mgq cZvwkZ Avqi mgvb nq| Kvbv evsK hw` Zzwg gqvw` AvgvbZ ivL, Ze Gi cZvwkZ Avq I ev e Avqi ga Zgb cv_K nq bv| GUv SuywKgy Avqi GKwU aib| Kvbv `ki miKvi KZK Bmy KZ URvwi wej I URvwi e _K cv Avq SzuwKgy Avq wnme MY nq| miKvi KZK Bmy nq ej Gme wewbqvMK SuzwKgy wewbqvM wnme MY Kiv nq| Gme SzuwKgy wewbqvM _K cv Avq wbw` _vK ej A_vr wbw ` nvi Avq `qv nq ej, cv AvqK SzuwKgy Avq wnme MY Kiv nq|

cZvwkZ Avq _K cKZ Avqi ga eeavb nevi mvebv nQ SzuwK| mvaviY Avqi GKUv Ask SuywKgy Avi evwKUv SuyywKhy| hme Avqi mv_ SzuwK RwoZ mme AvqK SzuwKej Avq ejv nq| D`vniY^ic, GKRb wewbqvMKvix Kvbv Kvvwbi mvaviY kqvi q Kij fwelZ jfvsk cvw Zvi cZvwkZ jfvski mgvb neGiKg Kvbv wbqZv _vK bv| fwelZ Kvvwb Kx cwigvY jfvsk `e mUv wbfi Ki fwelr eQijvZ AwRZ gybvdv Ges Abvb welqi Dci| AZGe, wewbqvMKvixi Rb D kqvi _K Avq GKwU SzuwK enj Avq wnme cwiMwYZ ne| GgbwK Avq wbw ` _vK bv ej mvaviY kqvi _K cv Avq mePq ewk SzuwKej Avq wnme MY nq|

wdbv I evswKs 47

5.6 SyuwK I AwbqZvi cwigvc eemv cwZvb mdjfve cwiPvjbvi Rb SzuwK cwigvc Kiv AZvekKxq| cZvwkZ Avq _K cKZ Avqi wePzwZ _KB SzuwKi mw nq| cZvwkZ Avq _K cKZ Avqi wePzwZ hZ ewk nq, SzuwK ZZ evo, Avqi wePzwZ hZ Kg SzuwK ZZ Kg| G KviY cZvwkZ Avq Ges cKZ Avqi wePzwZ ev cZvwkZ djvdj Ges cKZ djvdji wePzwZ _K SzuwK cwigvc Kiv nq|

SzuwK cwigvci wewfb cwZ iqQ| cqvRb ev Ae ,f` wewfb cwZ cqvM Kiv nq| GB chvq Avgiv SuywK cwigvci Rb Av`k wePy wZi eenvi `Le|

Av`k wePzwZ : Av`k wePzwZ eenvi Ki AZxZ AwRZ Avqi wePz wZ _K hgb SzuwK cwigvc Kiv nq, Zgwb fwelZ cZvwkZ Avqi SzuwK I cwigvc Kiv nq| GwU GKwU cwimsLvwbK cwZ| wbP Av`k wey wZi m~ `qv njv :

Av`k wePywZ 1-b

nvi) Mo-nvi (Avq 2=

GLvb,

(Avq nvi-Mo nvi)2 = AZxZ AwRZ Avq nvi _K Mo Avq nvii cv_Ki eMi mgw b = eQii msLv

D`vniY : wbPi QK, GKwU cKi 2007 mvj _K 2011 mvj ch GB cuvP eQii Avq `qv AvQ| Avgiv Gi Avq I SuywK MYbv Kie|

eQi Avq (%) Mo _K eeavb

(Avq - Mo) eeavbi eM

2007 20 (20-13)=7 (77)=49 2008 5 (5-13)=-8 (88)=64 2009 -5 (-5-13)=-18 (1818)=324 2010 15 (15-13)=2 (22)=4 2011 30 (30-13)=17 (1717)=289

hvMdj = 65% eeavbi eMi hvMdj= 730

Mo Avq 65/5=13% eeavbi eMi Mo=730/(b-1) 182.5

Av`k wePzwZ 182.5= = 13.5%

SzuwK I AwbqZv 48

c_g cvuP eQii Avq hvM Ki 5 w`q fvM Kij Avgiv MZ cuvP eQii Mo Avq cve| Uwej GUv `Lv hvQ 13%| Gevi SuywK MYbvi Rb Av`k wePz wZ MYbv KiZ ne| c_g Avgiv cwZeQii Avq _K Mo Avq ev 13%-Gi eeavb ei Kie| Gi cii Kjvg GUvK eM KiZ ne| Gevi D eMmg~ni hvMdj ei njv 730| GK (b-1) ev (5-1) ev 4 w`q fvM KiZ ne| hZ eQii Avq Zv _K me` vB 1 Kg w`q fvM KiZ ne| fvMdjK eMg~j Kij Avgiv Av`k wePzwZ cve| D`vniY GUv 13.5%| myZivs 2007 _K 2011 ch Avqi wfwZ Avgv`i Mo Avq 13% Avi SuywKi cwigvY 13.5%| GB Avq I SuywK eenvi Ki Avgiv fwelZi wmv wbZ cvie| hgb: Gi weK GKUv cK hw` Avgiv 13% Avq cvB Ges 15% Av`k wePz wZ ev SuywK cvB, Ze mUv _K Avgv`i c_g cK ewk MnYhvM| KviY GKB Avq Kg SuywK ewk MnYhvM| Avevi Ab GKwU weK cK hw` mgvb SuywK nq wK jvfi Mo Kg nq, Ze mUv _KI Avgv`i g~j cK ewk MnYhvM| KviY mgvb SuywKZ AwaK jvf ewk MnYhvM|

wmv MnY bxwZ : mvaviYZ Av`k wePz wZi eo gvb AwaK SzuwK Ges Av`k wePz wZi QvU gvb Kg SzuwK wb `k Ki| mgvb Avq Kg SuywK ewk MnYhvM Ges mgvb SuywKZ AwaK jvf ewk MnYhvM|

Abykxjbx

ewbevPwb ck

1| Awdm LiP, wegv LiP BZvw` cwikvai AgZv _K Kx mw nq?

K. Avw_K wZ L. g~jabi ^Zv

M. SuywK N. Kvievi Aee vcbv

2| Kvbv eemv cwZvb SuywKi Zvrchc~Y f~wgKv iqQ?

K. wmv MnYi L. cwiKbv cYqb

M. cwiPvjbvi N. g~jab msMn|

3. SuywKi cwigvc Kiv nq

i. wewfb Kkj Aej^b Ki

ii. mwVK cwiKbvi gvag

iii. cwZvbi eq Kwgq Gb

KvR : GKRb wewbqvMKvixi MZ `k eQi wewbqvM _K cv Avqi nvi h_vg 10%, 20%, -5%, 15%, 35%, 10%, 25%, 30%, 12% I 0%| Av`k wePzwZ wbYq Ki|

wdbv I evswKs 49

wbPi KvbvwU mwVK?

K. i L. iii

M. i I ii N. i I iii

msw ck :

1| cZvkvi evBi Kvbv wKQy NUvi mvebvK Kx ej?

2| Av`k wePz wZ Kvbv aibi cwZ?

mRbkxj ck ivqbv nK dvkb wWRvBb BbwwUDU _K cwkY kl AbK wPvfvebvi ci Avnevb vqvU bvg GKwU cwZvb Mo Zvjb| GwU XvKv I Kzwgj v kni Aew Z| Zvi evex ivgvbv UUvBj BbwwUDU _K cvm Ki gwbcyix ZuvZ e i wewfb cvkvK mvgMxi eemv i Ki wmjUi wewfb Aj| Zv`i KqK eQii eemvqi wP wbg `qv njv|

K. AZxZ AwRZ Avqi wePzwZ _K Kx cwigvc Kiv nq? L. eemv cZvwkZ dji PvBZ cKZ dj Kg nevi KviYwU evLv Ki| M. ivgvbvi eemvq Kg mvdj nevi KviY eYbv Ki| N. ivqbv I ivgvbvi eemvwqK wPwUi Zzjbvg~jK wek lY Ki|

ivqbv nK ivgvbv

SzuwK I AwbqZv 50

mRbkxj ck

wewbqvMKvixi bvg Rbve kwdKzi ingvb

wewbqvM Kiv cwZvbi bvg : K) SYv Kvvwb wjwgUW

L) AvRv` Kvvwb wjwgUW

K. fwelZi mve NUbvmg~n wePvi weklY Ki mB Abyhvwq ee v MnY Kij Kvb aibi wZ _K euvPv hvq?

L. e wewbqvMKvix`i Kvb SuywK gvKvejv KiZ nq? evLv Ki|

M. Rbve kwdKzi ingvbi AvRv` KvvwbZ wewbqvM Kxic evLv Ki|

N. SYv Kvvwbi AvqK wbqwgZ Kivi Rb Kvb c`c bIqv hywmZ ne? wek lY Ki|

cg Aavq

g~jawb Avq-eq cvjb Capital Budgeting

hKvb eemv cwZvbi mvdj I wUK _vKv wbfi Ki `xNgqvw` wewbqvM wmvi Dci| D`vvK eemv cwiPvjbvi wewfb mgq vqx mw hgb : Rwg, `vjvbKvVv, Avmevec, hcvwZ BZvw` q, Gme vqx mw cwZ vcb, Drcv`b cwZi AvaywbKvqb, bZzb cY evRvi QvovGiKg AbK `xNgqvw`

wewbqvM wmv wbZ nq| Gme wewbqvM wmv Kvvwbi Rb KZUzKz jvfRbK ne ev Av` jvfRbK ne wK, bv mRb Gme wewbqvM wmvi mwVK g~jvqbi Rb wKQy cwZ ev bxwZgvjv `iKvi| A_vqbi h me cwZ ev bxwZgvjv Gme `xNgqvw` wewbqvM wmv MnY mvnvh KiZ cvi, m mK Avgiv G Aavq RvbZ cvie|

G Aavq cvV kl Avgiv RvbZ cvie

y g~jab evRwUsqi aviYv evLv KiZ cvie| y g~jab evRwUsqi Dk I iZ wek lY KiZ cvie| y g~jab evRwUsqi wewfb Kkj cqvM KiZ cvie| y g~jab evRwUsqi wewfb Kkji mxgveZvmg~n wP wZ KiZ cvie|

wdbv I evswKs 52

5.1 g~jab evRwUs wZb ez iwng, Kwig I ksKi Avjv`v Avjv`v eemv Kib| wKQz w`b ai iwng Zvi gyw`i `vKvbi Rb GKwU wdR Kbvi wPv-fvebv KiQb| Qq gvm c~e Kwig GKwU mjvB gwkb w`q Zvi `wR eemv i Ki| AwZwi Pvwn`vi K_v wPv Ki eZgvb wZwb AviKwU mjvB gwkb Kbvi wmv wbjb| Abw`K ksKi GKwU AvaywbK mjyb eemv i Kivi Rb cqvRbxq Avmevec (Bj Pqvi) I Pzj KvUvi gwkb Kbvi wPv KiQb| GLvb gyw`i `vKvbi wdR, `wR eemvi mjvB gwkb Ges mjybi Bj Pqvi Ges Pzj KvUvi gwkb Kbvi wmv GKKwU `xNgqvw` wewbqvM wmv| Gme `xNgqvw` wewbqvM wmv cwZvbi Rb KZUzKz jvfRbK ne ev Av` jvfRbK ne wK bv, m Rb wdbvi GKwU g~jvqb cwqv cqvRb| g~jab evRwUs Gic GKwU g~jvqb cwqv| G cZKwU wewbqvM wmvi ev cKi Avq-eq cvjb KiZ nq| Avq-eq cvjb kl Gme wmvi ev cKi wbU bM` cevn ev wbU gybvdv wbaviY Kiv nq| GLvb Avq ejZ weq _K AwRZ A_ Ges eq ejZ KvPuvgvj LiP, weq LiP Ges AePqmn Abvb LiPK eySvq| Avq _K eq ev` w`j gvU gybvdv Ges gvU gybvdv _K Ki ev` w`j wbU gybvdv cvIqv hvq| Avevi gybvdvi mv_ AePq hvM Kij bM` Avtcevn cvIqv hvq| GB Avtcevni mv_ cviwK wewbqvM ev bM` ewntcevni mv_ Zzjbv Ki hw` Avtcevn ewntcevn _K ewk nq Zvnj wewbqvMwU jvfRbK cZxqgvb nq Ges MnYhvM weewPZ nq| G cwqvK g~jab evRwUs cwqv ejv nq|

AZGe ejv hvq, g~jab evRwUs nQ cwZvbi `xNgqvw` wewbqvM wmvi mv_ RwoZ GKwU cwqv| G cwqvi cwZvbi vqx mw hgb: Rwg, `vjvbKvVv, hcvwZ, Avmevec BZvw` q _K i Ki Gme mwi cwZ vcb, eemvi mcmviY hgb: bZzb gwkb vcb, Drcv`b cwZi AvaywbKvqb Ges Abvb `xNgqvw` wewbqvM wmvi Avq-eq cvjb Ki mve jvfRbKZv weklY Ki Z`bymvi wmv MnY Kiv nq|

5.2 g~jab evRwUsqi cqvM `xNgqvw` wewbqvMi me B g~jab evRwUs cqvM Kiv nq| vqx mw q _K i Ki, eemvi cmvi, eemvi AvaywbKvqb, vqx mwi cwZ vcb Ges bZzb cY evRvi Qvov msv mKj cKvi wewbqvM ch mKj g~jab evRwUsqi cqvM iqQ| Gevi Avgiv g~jab evRwUs cqvMi KqKwU Rbwcq AvjvPbv Kie|

vqx mwi q : hKvbv Kvvwb bZzb eemv i KiZ Mj vqx mw hgb: Rwg, `vjvbKvVv, hcvwZ, Avmevec BZvw` q KiZ nq| D`vniY^ic, gyw` `vKvwbK Zvi eemv i Kivi mgq wdR, ZvwKqv, IRb gvcvi j qi wmv wbZ nq| iziU gvwjKK Zvi eemv ii mgq Pqvi, Uwej, nuvwo-cvwZj, ivbvi Abvb mivg qi wmv wbZ nq| Abyicfve eo eemv cwZvbi Rb Rwg, `vjvbKvvVv, KviLvbv wbgvY, gwkbvwiR q BZvw` wmv wbZ nq| hKvbv eemv cwZvbi Gme mw qi wmv MnYi g~jab evRwUs cqvM Kiv nq| Kvievi PjZ PjZ wewfb mgq Gme

g~jawb Avq-eq cvjb 53

vqx mw AKRv ev b nq hZ cvi| GgZve vq Gme vqx mw cwZ vcbi cqvRb nq| GI g~jab evRwUs cqvM Ki Kvvwb wmv bq|

eemvi cY Drcv`b gZv ewK mmviY : Pjgvb Kvbv cwZvbi Zvi eemv i Kivi ci Drcv`b gZv evovbvi cqvRb nZ cvi| Drcv`b gZv evovbvi Kvvwbi bZzb gwkb qi cqvRb nq| D`vniY ^ic `wRi `vKvwb Zvi eZgvb eemvq 1wU mjvB gwkb _vKv mI fvv`i C`i Pvwn`vi K_v wPv Ki bZzb Avi GKwU mjvB gwkb Kbvi wPv KiZ cvi| gyw`i `vKvwb Zvi `vKvb wdR _vKv mI AviKwU wdR Kbvi wmv wbZ cvi| GRb KvvwbK bZzb gwkb q eve` KZ eq ne, Kvievii Avq ZvZ Ki KZ evoe BZvw` cvjb Ki g~jab evRwUs cqvM Ki wmv MnY KiZ nq|

cY ewPvqY : Kvvwb Zvi eemvi mcmviYi Rb Pjgvb cYi cvkvcvwk bZzb cY evRvi Qvovi cqvRb nZ cvi| D`vniYmic, Kvbv Kvcvwb cY ewP Avbqbi Rb Avgi Rzmi cvkvcvwk Kgjvi Rzm ev Avcji Rzm evRvi Qvovi wPv KiZ cvi| bZzb cY evRvi Qvovi bZyb cYi Avqyvj, cYi Drcv`b LiP, evRvi Pvwn`v, cwiPvjbv LiP Ges mve Avq cvjb Ki wmv wbZ nq| G g~jab evRwUsqi cqvM j Kiv hvq|

cwZ vcb I AvaywbKvqb : eemvi cqvRb Drcv`b cwZi cwZ vcb I AvaywbKvqbi cqvRb nq| D`vniYmic, `wRi `vKvwb cv-PvwjZ mjvB gwkbi cwieZ we` zr PvwjZ mjvB gwkb Kbvi wmv wbZ cvi| Abw`K Pzj KvUvi mjzbi gvwjK Zvi `vKvbK fZii mvRmv cwieZb Ki Gwm mjzb evbvbvi wmv wbZ cvi| G cavb Dk nQ Drcv`b LiP Kgvbv Ges Gi gvag eemvi jvf ew Kiv| G Kvvwbi cyivZb Drcv`b cwZi mv_ bZzb cwZi Zzjbv cqvRb nq| Dfq cwZZ Kvvwb Avq, cwiPvjbv eq, Avqyvj BZvw` wnmve Ki wbU bM` cevn wbaviY Ki wmv MnY KiZ nq| AZGe, Drcv`b cwZi cwZ vcb I AvaywbKvqb g~jab evRwUsqi cqvM j Kiv hvq|

5.3 g~jab evRwUsqi iZ g~~jab evRwUs A_vqbi mvdji PvweKvwV| g~~jab evRwUs ev emZ I mwVK nj Kvievi mivmwi DcKZ nq| g~jab evRwUs e_ nj KvieviwUI mvaviYZ e_ nq| e_Zvi `vwqZ A_ ee vcKK wbZ nq| g~jab evRwUs GZ iZc~Y nevi KqKwU KviY wbP Dj L Kiv njv:

1. gybvdv-msv : GKwU cwZvbi g~j j gybvdv ARb| gybvdv ARb g~jab evRwUs iZc~Y f~wgKv cvjb Ki| Kvvwb mvaviYZ bM` cevn cvevi Avkvq Zvi `xNgqvw` wewbqvMhvM Znwej DcvRbKvix mwZ wewbqvM Ki| dj cwZvbi gybvdv AbKUv wbfi Ki g~jab evRwUs wmvi Dci| gyw`i `vKvwb wdR Kbvi dj ^vfvweKfve Vvv cvbxq I AvBmwg weq ew cve| dj Kvievii gybvdv ew cve| wK `vKvwbi Avkcvki jvKRb hw` Vvv cvbxq I AvBmwg LZ Af bv, nq m wdR Kbvi wmv cwZvbi Rb Kvbv myweav Avbe bv| myZivs, fvjv wewbqvM wmv hgb KvieviwUi Rb

wdbv I evswKs 54

chv Avq wbwZ KiZ cvi, Abw`K wUc~Y wewbqvM wmvi KviY KvieviwU jvKmvbi myLxb nZ cvi| ZvB ejv hvq, g~jab evRwUs wmv GKwU Kvievii Divi mgwi wekl iZ enb Ki|

2. wewbqvMi wekvj AvKvi : vqx mw q, mshvRb, AvaywbKvqb Ges cwZ vcb cfwZ g~jab evRwUs wmvi Rb mvaviYZ eo AsKi Znwej cqvRb nq| dj Kvbv KviY wmv fyj nj mwU mskvab Kivi mvaviYZ myhvM _vK bv Ges Avi mskvabi myhvM _vKjI eo AsKi gvj w`Z nq| D`vniY^ic GKwU Kvvwb XvKvi A`~ii GKwU RvqMvq Zv`i KviLvbv vcbi wmv bq GB fe h mLvb mgqgZv we y` r Ges Mvm mieivn cve| wK KviLvbv vcbi ci `Lv Mj miKvi bZzb we y` r Ges Mvm mshvM e ivLvi wmv wbqQb| GgZvevq KvieviwU KviLvbvi Drcv`b Avi KiZ cvie bv| wK KvieviwUK nqZv G KviY evsK _K eo AvKvii FY wbZ nqQ, hvi my` evsK wbqwgZ cwikva KiZ ne| dj GiKg GKwU fyj wmv KvieviwUK e_ Ki w`Z cvi| A UvKvi evcvi nj Ab Kv_vI _K nqZv, A_ msKzjvb Kiv hZ wK eo wewbqvM ej Zgb myhvMI bB| GLb hw` cKwU weq Ki evsKi FY cwikva Kivi wmv bqv nq, mLvb Dchy g~j cvIqv hve bv| KviY cKwU BwZga AjvfRbK cZxqgvb nqQ| myZivs KvieviwUK eo AsKi gvj w`Z ne|

3. SuzwKi wfwZ : g~~jab evRwUsq AwaKvsk AbygvbB fwelZi Dci wbfikxj| GKwU vqx mw hgb: gwkbwUZ wewbqvM Kiv DwPZ wK bv GB wmvwU wbfi Ki IB gwkbwUZ Drcvw`Z cY fwelZ KZ UvKv Ki Ges Kx cwigvY weq ne, KZ UvKvq cYwU Drcv`b ne BZvw`i Dci| fwelZi GB Z_-Dcv Abygvbwbfi, hv evemZ bvI nZ cvi| myZivs, g~jab evRwUs me` vB SuywKhy wmv| hgb: elvKvj AwZwi ewcvZi AvksKv Ki QvZv c ZKvix Zvi eemvi mcmviY Ki I Drcv`b gZv evovbvi Rb bZzb gwkb wKb AwaK QvZv Drcv`b Ki| Drcv`bKvixi cvjb Abyhvqx elvKvj ew bv nj Avkvbyic QvZvi wew ne bv| dj eemv cwZvbK wZi myLxb nZ ne| GRb `xNgqvw` wewbqvM SzuwK wbicY I SzuwKi MnYhvMZv hvPvB cqvRb nq| G g~jab evRwUs iZc~Y f~wgKv cvjb Ki|

5.4 g~jab evRwUsqi cwqv `xNgqvw` wewbqvM wmv g~jab evRwUs-cwqv cqvM RwoZ avcjv wbgic :

K) bM` cevn cvjb

L) evv nvi wbaviY

M) g~jab evRwUs cwZ wbevPb I cqvM

K) bM` cevn cvjb : hKvbv `xNgqvw` wewbqvM wmv hgb: vqx mw q, eemvi mvmviY, Drcv`b cwZi hvwKxKiY Ges Abvb wmvi mv_ bM` cevn RwoZ| g~jab evRwUs-cwqv cqvMi c_g avc nQ bM`i Avtcevn I ewntcevn cvjb Kiv| cwZvbi bM` cevn KiZ cwZvbK weq c~evbygvb, PjwZ LiP c~evbygvb, gyjabx eq Ges Abvb eq wbaviY KiZ ne| weq _K cwZvbi

g~jawb Avq-eq cvjb 55

AvtbM` cevn NU Ges PjwZ LiP, g~jawb eq Ges Abvb LiP c~evbygvb _K bM` ewntcevn NU| GLvb weq Abygvb, PjwZ LiP, vqx LiP cZKwU welq AwZ mZKZvi mv_ wbaviY KiZ nq| AvMB ejwQ GKwU cwZvbi gvU weq Abygvb KiZ nj cwZwU cYi fwelZ weqg~j Ges cwZeQi KZjv cY wew ne Zv c~evbygvb KiZ nq| Gjv c~evbygvbi ci cwZeQi wew _K gvU AwRZ Avq cvIqv hvq| GB AwRZ Avq _K AvtbM` cevn cvIqv hvq| AZGe ejv hvq, bM` cevni mwVK cvjb wbfi Ki cYi fwelr eQijvZ weqg~j Ges KZjv cY weq ne Zvi Dci| G KviY, fwelr weqg~j Abygvb ev cY wewi msLv Abygvb fyj nj mwUi cfve bM` cevnK cfvweZ Ki| Abyicfve cwZvbi gvU LiPi gvag bM` ewntcevn NU| GKwU cwZvbi PjwZ LiP Ges vqx LiP wgj gvU LiP nq| PjwZ LiP ejZ KuvPvgvj q eve` LiP, KgPvix`i eZb Ges Abvb cwiPvjbv LiP Ges vqx LiP ejZ Awdm fvov, wegv LiP, AePqmn Abvb LiPK eySvbv nq| weq Abygvbi gZv cZK PjwZ LiP Ges vqx LiP c~evbygvb AwZ mveavbZv Aej^b KiZ nq| Kvbv KviY G mKj LiP Abygvb fyj nj g~jab evRwUs fyj wmv w`Z cvi, h KviY cwZvb wZM nZ cvi|

L) evv nvi : bM` cevn wbaviY Kivi ci mjvK bM` g~j icvi Kivi Rb evv nvi cqvRb nq| A_i mgq g~j Aavq Zvgiv RbQ h fwelr eQijvZ AvMZ bM` cevni cwigvY mgvb njI mjvi eZgvb g~j mgvb nq bv| A_i mgqg~j Abyhvqx bM` cevn hZ `wiZ cvIqv hvq, mwUi eZgvb g~j ZZ Kg| wewbqvM myhvM ev cK _K hnZz ek KqK eQi ai bM` cevn cvIqv hvq, mnZz g~jab evRwUsqi gvag mwVK wewbqvM myhvM wbZ nj fwelZ AvMZ bM` cevnjvi eZgvb g~j wbYq KiZ nq| evvKiY cwqvq fwelZi bM` cevnK eZgvb g~j icvi Kiv nq| G KviY evv nvii cqvRb nq| mvaviYZ cwZvbi g~jab LiPK g~jab evRwU-cwqvi evv nvi wnmve eenvi Kiv nq| g~jab eq mcK Zvgiv cii Aavq we vwiZ RvbZ cvie| Avq-eq cvjbi c~eB evv nvi wbaviY Kiv LyeB iZc~Y|

M) g~jab evRwUs cwZi cqvM : bM` cevn cvjb Ges evv nvi wbaviYi ci g~jab evRwUs cwZ wbevPb KiZ nq| wewbqvM myhvM ev cK g~jvqbi Rb g~jab evRwUsqi wewfb cwZ iqQ| cZKwU cwZ mgvbfve MnYhvMZv cvqwb| cZKwU cwZi wKQy myweav-Amyweav iqQ| wewbqvM myhvM ev cKi aib, SzuwK Ges Abvb welq weePbv Ki mwVK cwZwU wbevPb KiZ nq|

5.5 gyjab evRwUsqi cwZmg~n cwZvbi wewbqvM wmv mwVK w`Kwb `kbv `Iqvi gyjab evRwUsqi wewfb cwZ cPwjZ AvQ| cwZvbi ji mv_ msMwZc~Y Ges mvweKfve jvfRbK wewbqvM ev cK wbevPb KivB gyjab evRwUs cwZmg~ni KvR| D`vniY: `wRi `vKvwbi mjvB gwkb, gyw`i `vKvwbi wdR Ges Pzj KvUvi mjyb gwkb Kbvi wmv eemvi Rb jvfRbK ne wK, bv Gme wmv g~jab evRwUs cwZ mwVK wb `kbv w`Z cvi| g~jab evRwUsqi cwZmg~n wbgic: 1) Mo gybvdvi nvi cwZ (Accounting rate of return method)

2) c-evK mgq cwZ (Pay back period method)

wdbv I evswKs 56

3) wbU eZgvb g~j cwZ (Net present value method) 4) AfixY gybvdvi nvi cwZ (Internal rate of return method)

1. Mo gybvdvi nvi cwZ g~jab evRwUsqi GKwU mnR cwZ njv Mo gybvdvi nvi cwZ| cwZvbi Avw_K cwZe`b _K cv Z_vw` Mo gybvdv nvi wbaviY eenvi Kiv nq| G cwZZ cZvwkZ bM` cevni cwieZ cZvwkZ wbU gybvdvK weePbv Kiv nq| Zvgiv RbQ h weq _K Kimn me LiP ev` w`j wbU gybvdv cvIqv hvq| cZvwkZ evwlK Mo wbU gybvdvK Mo wewbqvM w`q fvM Kij Mo gybvdvi nvi cvIqv hvq| A_vr

Mo gybvdv nvi qvMwewb Mo

gybvdv bxU Mo=

G cwZZ cwZeQii cZvwkZ gvU gybvdvK gvU eQii msLv w`q fvM Kij Mo gybvdv Ges wewbqvMK 2 w`q fvM Kij Mo wewbqvM cvIqv hve|

wmv bxwZ y Mo gybvdvi nvi hZ ewk nq ZZ fvjv| evsK _K FY wbq hw` cK A_vqb Kiv nq, Ze evsKi

GKwU Pvwn`v _vK| Mo gybvdvi nvi Zvi Kg nj FY cvIqv hvq bv| GgZve vq cKwUi Mo gybvdv AwaKZi nj MnYhvM| Kvbv Kvbv Kvvwbi Mo gybvdvi GKwU mewbg nvi c~e wbavwiZ _vK| wbw ` Kvbv wewbqvM ev cKi Rb wbYxZ Mo gybvdvi nvi Kvvwbi ee vcbv KZK wbavwiZ mewbg nvi _K Kg nj wewbqvM myhvM ev cKwU evwZj ev eRb Kiv nq| cvi, Mo gybvdvi nvi hw` KvwZ nvi _K ewk nq, Ze cKwU MnY Kiv nq|

y GKvwaK cKi Dci ewYZ bxwZ Abymvi MnYhvM wewbqvM myhvM ev cKjvK gvbymvi mvRvbv nq Ges cwZvbi g~jabi chvZv mvc cqvRbxq msLK wewbqvM myhvM ev cK wbevPb Kiv nq|

Mo gybvdv nvi cwigvc Kivi m~ Zgb RwUjZv bv _vKvi KviY GwU eySv mnR| Avevi cwZvbi Avw_K weeiYx _K cqvRbxq Z_vw` cvIqv hvq ej GwU AbKi KvQ Rbwcq| Ze cwZwUi wKQz Amyweav iqQ| c_gZ, Mo gybvdv cwZ bM` cevni cwieZ wbU gybvdv eenvi Ki, wbU gybvdvi wKQz mxgveZv AvQ ej AbK cwZwUK wbfihvM gb Ki bv| wZxqZ, cwZwU A_i mgq g~jK weePbv Ki bv| hKvbv wewbqvM myhvM ev cKi bM` cevn fwelr eQijv _K Avm| hnZz AvRKi 1 UvKv fwelZi 1 UvKvi mgvb bq, fwelZ AvMZ bM` cevni g~j mgvb nq bv| wK Mo gybvdv cwZ me bM` cevn mgg~ji weePbv Ki, GwU cwZwUi mePq eo mxgveZv| GLb Avgiv D`vniYi gvag Mo gybvdvi cqvM mK cwiwPZ ne| D`vniY : gb Ki, Zvgvi evev K Ges L bvg y`wU wewbqvM cK wewbqvMi wPvfvebv KiQb| cK y`wUi we vwiZ weeiY wbP `Iqv