g]kfn /fi6 a}+s

s]Gb|Lo sfof{no

cfly{s jif{ @)&#&$ sf] df}lb|s gLlt

k[i7e"ld
1.

2.

3.

4.

-;f/f+z_

cfly{s jif{ @)&@&# df d'n'ssf] ;dli6ut cfly{s :yfloTjsf k|d'v ;"rsx? lgoGq0fleq /x]tfklg
;du| cfly{s ultljlw cg's"n /xg ;s]g . ;Ldf gfsf cj/f]w / cfk"lt{ Joj:yfdf cfPsf] c;xhtfsf
sf/0f k'FhLut vr{ Pjd\ lghL If]qsf] cfly{s ultljlw ;+s'lrt x'g'sf ;fy} df};d k|lts"n /x]sf]n] s[lif
If]q ;d]t ck]lIft ?kdf lj:tf/ x'g ;s]g . kmn:j?k, cfly{s jif{ @)&@&# df d'n'ssf] ;du| cfly{s
j[l4b/ Go"g /xg] b]lvPsf] 5 .
ljZj ahf/df k]6f]lnod kbfy{ Pjd\ wft'hGo j:t'sf] d"Nodf cfPsf] lu/fj6 tyf l5d]sL d'n'sx?df
/x]sf] Go"g d"Noj[l4sf] nfe ;Ldf gfsf cj/f]w nufotsf sf/0f g]kfnn] lng ;s]g . kl/0ffd:j?k,
d'b|f:kmLlt nlIft :t/eGbf s]xL dfly /xg uof] .
ck]lIft ?kdf shf{sf] dfu a9\g g;Sbf ;dLIff jif{sf] ;'?b]lv g} a}+ls If]qdf clws t/ntfsf] l:ylt
/Xof] . tyflk, v'nfahf/ sf/f]af/nfO{ yk lqmofzLn agfOPsf]n] kl5Nnf] ;dodf clws t/ntf
Joj:yfkg x'Fb} uPsf] 5 .
l5d]sL d'n's ef/t tyf rLgsf] cfly{s j[l4sf] cj:yf, ljZjsf] Go"g cfly{s j[l4, pbLodfg d'n'sx?sf]
ljQLo l:ylt, dWok"j{ Pjd\ clk|msfaf6 ;[lht o'/f]ksf] cfk|jf;L ;d:of tyf a]nfotsf] hgdt ;+u|xn]
o'/f]k]nL o'lgogaf6 cnu x'g u/]sf] lg0f{o nufotsf] cGt/f{li6o k[i7e"ld tyf ;/sf/L ljQ gLlt, e"sDk
kl5sf] k'glg{df{0f / ljk|]if0f cfk|jfxsf] 36\bf] j[l4b/ h:tf cfGtl/s kl/b[ZonfO{ b[li6ut u/L cfly{s jif{
@)&#&$ sf] df}lb|s gLlt th'{df ul/Psf] 5 .

cGt/f{li6o cfly{s kl/b[Zo

5.

6.

cGt/f{li6o d'b|f sf]ifn] ljZj cy{tGqsf] j[l4b/ ;g\ @)!^ df #=@ k|ltzt / ;g\ @)!& df #=% k|ltzt
/xg] cg'dfg u/]sf] 5 . ;g\ @)!^ df ljsl;t d'n'sx?sf] cy{tGq !=( k|ltztn] / ljsf;zLn tyf
pbLodfg d'n'sx?sf] cy{tGq $=! k|ltztn] j[l4 x'g] sf]ifsf] k|If]k0f 5 . To;}u/L, ;g\ @)!^ df ef/t
tyf rLgsf] cfly{s j[l4b/ qmdzM &=% k|ltzt / ^=% k|ltzt /xg] sf]ifn] hgfPsf] 5 .
;g\ @))* sf] ljQLo ;+s6kZrft\ ljsl;t d'n'ssf s]Gb|Lo a}+sx?n] cjnDag ub}{ cfPsf] df}lb|s
gLltsf] u}/k/Dk/fjfbL] c8fgdf s]xL kl/jt{g b]lvPsf] 5 . cd]l/sL km]8]/n l/he{n] ;g\ @)!%
l8;]Da/df km]8]/n km08 /]6sf] 6fu]{6 /]GhnfO{ )=@% k|ltzt ljGb'n] j[l4 u/L df}lb|s gLltnfO{
;fdfGoLs/0f ub}{ n}hfg] ;]t u/]sf] 5 eg] Hffkfg tyf :jL6\h/Nof08 h:tf d'n['sx?n] C0ffTds
Aofhb/ gLlt cjnDag u/]sf 5g\ .

cfly{s l:yltsf] ;dLIff

7.

cfly{s jif{ @)&@&# Dff s'n ufx{:Yo pTkfbg j[l4b/ nlIft ^ k|ltzteGbf cToGt Go"g )=^ k|ltzt
-pTkfbssf] d"Nodf_ /xg] cg'dfg 5 . h;dWo] s[lif If]qsf] j[l4b/ !=# k|ltzt / u}/s[lif If]qsf] j[l4b/
)=^ k|ltzt /xg] cg'dfg 5 . cfly{s jif{ @)&!&@ df s'n ufx{:Yo pTkfbg j[l4b/ @=& k|ltzt /x]sf]
lyof] .
1

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cfly{s jif{ @)&@&# df jflif{s cf};t d'b|f:kmLlt b/ *=% k|ltzt /xg] k|If]k0f lyof] . ;Ldf gfsf
;[lht cfk"lt{ Jojwfgsf sf/0f rfn' cfly{s jif{sf] P3f/ dlxgfdf cf};t pkef]Qmf d'b|f:kmLlt b/ (=(
k|ltzt /x]sf] 5 . cl3Nnf] jif{ o:tf] d'b|f:kmLlt b/ &=@ k|ltzt /x]sf] lyof] .
cfly{s jif{ @)&@&# df k'FhLut vr{ ?= @)( ca{ / rfn' vr{ ?= $*$ ca{ /xg] cg'dfg ul/Psf]df
@)&# c;f/ @$ ut];Dd k'FhLut vr{ ##=@ k|ltzt / rfn" vr{ ^%=! k|ltzt ePsf] 5 . @)&# c;f/
@$ ut];Dd ;/sf/sf] /fh:j ;+sng ?= $#$ ca{ @& s/f]8 cyf{t\ nIo ?= $&% ca{sf] (!=$ k|ltzt
k'u]sf] 5 .
cfly{s jif{ @)&@&# df ?= *& ca{ && s/f]8 cfGtl/s C0f kl/rfng ePsf] 5 eg] ?= %) ca{ $)
s/f]8 cfGtl/s C0f e'QmfgLsf] Joj:yf 5 . cfly{s jif{ @)&@&# sf] cflvl/;Dd ;/sf/sf] s'n ltg{
afFsL cfGtl/s C0f ?= @#$ ca{ !% s/f]8 /xg] b]lvG5 .
cfly{s jif{ @)&@&# sf] P3f/ dlxgf;Dddf ?= !&! ca{ !% s/f]8 zf]wgfGt/ art tyf ?= !)@! ca{
&$ s/f]8 ljb]zL ljlgdo ;+lrlt sfod /x]sf] 5 . xfn a}ls If]q;Fu /x]sf] ljb]zL ljlgdo ;l~rlt
sl/a !^=* dlxgfsf] j:t' cfoft / sl/a !$=# dlxgfsf] j:t' tyf ;]jf cfoft wfGg kof{Kt 5 .
@)&@ c;f/ d;fGtsf] t'ngfdf @)&# c;f/ @( ut] g]kfnL ?k}ofF cd]l/sL 8n/;Fu %=^ k|ltztn]
cjd"Nog ePsf] 5 .

df}lb|s tyf ljQLo l:yltsf] ;dLIff

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df}lb|s l:ylt
cfly{s jif{ @)&@&# sf] df}lb|s gLltn] lj:t[t d'b|fk|bfosf] jflif{s j[l4b/ !* k|ltzt x'g] k|If]k0f u/]sf]
lyof] . @)&# h]7 dlxgfdf lj:t[t d'b|fk|bfosf] jflif{s ljGb'ut j[l4b/ !( k|ltzt /x]sf] 5 .
rfn' cfly{s jif{df df}lb|s If]qaf6 k|jflxt x'g] s'n cfGtl/s shf{ @#=$ k|ltztn] j[l4 x'g] k|If]k0f /x]sf]]
lyof] . jflif{s ljGb'ut cfwf/df @)&# h]7 d;fGtdf o:tf] shf{sf] j[l4b/ !$=$ k|ltzt /x]]sf] 5 .
lghL If]qtkm{ k|jfx x'g] shf{sf] j[l4b/ @) k|ltzt k|If]k0f ul/Psf]df @)&# h]7df ;f] shf{sf] jflif{s
ljGb'ut j[l4b/ @)=# k|ltzt /x]sf]] 5 . jflif{s ljGb''ut cfwf/df @)&# h]7df a}+s tyf ljQLo
;+:yfx?sf] lgIf]k !*=% k|ltztn] a9]sf] 5 .
t/ntf Joj:yfkg tyf Aofhb/
@)&@ ;fpgb]lv @)&# c;f/ @( ut];Dddf ljleGg v'nf ahf/ sf/f]af/ pks/0fx?dfkm{t\ o; a}+sn]
?= %** ca{ %( s/f]8 t/ntf k|zf]rg u/]sf] 5 .
@)&@ ;fpgb]lv @)&# c;f/ @$ ut];Dddf o; a}+sn] ljb]zL ljlgdo ahf/af6 cd]l/sL 8n/ $ ca{
@^ s/f]8 v'b vl/b u/L ?= $%) ca{ %$ s/f]8 a/fa/sf] v'b t/ntf k|jfx u/]sf]] 5 . ;f]xL cjlwdf
cd]l/sL 8n/ # ca{ $) s/f]8 / o'/f] !# s/f]8 %) nfv laqmL u/L ?= #&^ ca{ # s/f]8 a/fa/sf]
ef=?= vl/b ul/Psf] 5 .
cfly{s jif{ @)&@&# sf] P3f/ dlxgfdf jfl0fHo a}+sx?n] ?= *^@ ca{ !& s/f]8 / cGo ljQLo
;+:yfxn] ?= ($ ca{ &( s/f]8sf] cGt/a}+s sf/f]af/ u/]sf 5g\ .
@)&# h]7 d;fGtdf (! lbg] 6]h/L lansf] efl/t cf};t Aofhb/ )=!@ k|ltzt / jfl0fHo a}sx?sf]
efl/t cf};t cGt/ a}+s Aofhb/ )=#^ k|ltzt k'u]sf] 5 . g]kfn /fi6 a}+s C0fkqsf] clt Aofhb/
)=(* k|ltzt /x]sf] 5 . To;}u/L, @)&# h]7df jfl0fHo a}+sx?sf] cf};t Aofhb/ cGt/ %=)$ k|ltzt
/ cf};t cfwf/ Aofhb/ ^=@& k|ltzt /x]sf] 5 .
g]kfnsf] ;]o/ ahf/ kl/;"rs g]K;] ;"rsf @)&@ c;f/ d;fGtsf] (^!=@ ljGb'af6 @)&# c;f/ @(
ut] !,^()=$ ljGb'df k'u]sf] 5 .
2

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ljQLo /fxt tyf ;x'lnot

e"sDk tyf ;Ldf gfsf cj/f]w kl5sf] cj:yfdf a}+s tyf ljQLo ;+:yfaf6 x'g] shf{ k|jfx g/f]lsof];\ /
cfly{s ultljlw rnfodfg xf];\ eGg] p2]Zon] o; a}+sn] ljljw lgofdsLo 5'6 lbPsf] lyof] . o;
cGtu{t e"sDk kLl8tx?nfO{ @ k|ltztsf] Aofhb/df shf{ pknAw u/fpgsf] nflu z"Go k|ltzt
Aofhb/df k'g/shf{ ;'ljwf lbg]], shf{ gf]S;fgL Joj:yfnfO{ ;xh agfpg], Ps jif{;Ddsf] cjlw yk u/L
shf{ k'g;{+/rgf jf k'gtf{lnsLs/0f ug{ ;Sg], AofhcfDbfgL n]vfg ug]{ ;dofjlw yk ug]{, pBf]u,
Jofkf/, lzIff, :jf:Yo, ko{6g / phf{ nufotsf lgdf{0ffwLg kl/of]hgfdf shf{ e'QmfgL u|]; cjlw Ps
jif{ yk ug]{ tyf cfoft shf{sf] ;dofjlw !@) lbgaf6 a9fO{ !*) lbg k'ofpg] nufotsf ljifox?
;dfj]z ul/Psf lyP .
e"sDk / ;Ldf gfsf cj/f]wsf sf/0f cy{tGqdf k/]sf] c;/nfO{ Go"gLs/0f ub}{ cfly{s ultlzntf a9fpg
g]kfn ;/sf/ dGqLkl/ifbaf6 :jLs[t ePsf] cfly{s k'g?4f/ sf]if -:yfkgf / ;~rfng_ sfo{ljlw,
@)&@ cg'?k Aofh cg'bfg tyf k'g/shf{ ;'ljwfsf] Joj:yf sfof{Gjogdf NofOPsf] 5 .
ljQLo sfo{qmdx?sf] sfof{Gjog l:ylt
lgIf]k kl/rfng, ljQLo k|uf9tf, kx'Fr, ;r]tgf nufotsf ljQLo ;"rsx? ;'wf/f]Gd'v /x]sf 5g\ . ljQLo
If]qsf] :yfloTj Pjd\ ;'b[9Ls/0fsf nflu cufl8 a9fOPsf] sfg"gL ;'wf/, a}+s tyf ljQLo ;+:yfx?sf] k'FhL
j[l4 Pjd\ af;]n# h:tf lgodgsf/L Joj:yfx? sfof{Gjogsf] qmddf /x]sf 5g\ .
@)&# h]7 d;fGtdf jfl0fHo a}+sx?sf] zfvf ;+Vof !*%!, ljsf; a}+sx?sf] *$*, ljQ sDkgLx?sf]
!() / n3'ljQ ;+:yfx?sf] !##) u/L s'n zfvf ;+Vof $@!( k'u]sf] 5 .
tf]lsPsf s[lif Joj;fosf] nflu a}+s tyf ljQLo ;+:yfxaf6 ^ k|ltztsf] ;x'lnot Aofhb/df shf{
pknAw u/fpg ePsf] Joj:yf cGt{ut @)&@ r}t d;fGt;Dddf @#$@ hgf ls;fgxnfO{ ?= ! ca{
(( s/f]8 shf{ k|jfx ePsf] 5 .
tf]lsPsf pTkfbgd"ns If]qx? s[lif, pmhf{, ko{6g If]q / 3/]n' tyf ;fgf pBf]udf k|jflxt shf{ s'n
shf{sf] Go"gtd @) k|ltzt k'ofpg' kg]{ Joj:yf cGt{ut jfl0fHo a}+sx?n] @)&# h]7 d;fGt;Dddf
!^=* k|ltzt shf{ nufgL u/]sf 5g\ .
@)&# h]7 d;fGt;Dddf ?= ^ ca{ @@ s/f]8sf] ;fwf/0f k'g/shf{ tyf ?= ! ca{ #) s/f]8sf] lgof{t
k'g/shf{ pkof]u ePsf] 5 .
?= @ nfv;Ddsf] a}+s lgIf]knfO{ ;'/If0f ug]{ Joj:yf cg'?k @)&# h]7 d;fGt;Dddf !%) a}+s tyf
ljQLo ;+:yfx?sf] hDdf ?= #!* ca{ #^ s/f]8 lgIf]ksf] ;'/If0f ul/Psf] 5 . shf{ ;'/If0f Joj:yf
cGt{ut s'n ?= @ ca{ (# s/f]8 shf{ ;'/If0f ePsf] 5 .
@)&# h]7 d;fGt;Dddf (^ j6f Ohfhtkqk|fKt a}+s tyf ljQLo ;+:yfx? Ps cfk;df ufleP/ #% j6f
;+:yf sfod ePsf 5g\ . To;}u/L, xfn;Dd ! jfl0fHo a}+sn] @ ljQ sDkgL / ! ljsf; a}+sn] csf]{ !
ljsf; a}+snfO{ k|flKt u/]sf 5g\ .
a}+s tyf ljQLo ;+:yfx?sf] r'Qmf k'FhL @)&# h]7df ?= !^@ ca{ @^ s/f]8 k'u]sf] 5 . @)&@ c;f/
d;fGtdf oL ;+:yfx?sf] r'Qmf k'FhL ?= !$! ca{ ^) s/f]8 /x]sf] lyof] .

cfly{s jif{ @)&#&$ sf] df}lb|s gLltsf] :j?k

31.
32.

df}lb|s gLltsf] sfo{lbzf

/fli6o Pjd\ cGt/f{li6o cfly{s kl/b[Zo / g]kfn ;/sf/sf] cfly{s jif{ @)&#&$ sf] ah]6n] cjnDag
u/]sf p2]Zo tyf k|fyldstf;Fu tfbfTDo sfod ub}{ k|:t't df}lb|s gLltsf] sfo{lbzf to ul/Psf] 5 .
dfu kIfaf6 d'b|f:kmLltdf rfk kg{ glbg df}lb|s of]ufx?nfO{ jfl~5t ;Ldfleq /fVg] u/L df}lb|s gLltsf]
sfo{lbzf lgwf{/0f ul/Psf] 5 .
3

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ljQLo ahf/df b]lvg] ptf/ r9fjnfO{ ;Daf]wg ug]{ pkfosf] ?kdf cNksfnLg Aofhb/nfO{ jfl~5t
:t/df /fVg] df}lb|s sfo{lbzfsf] nIo /x]sf] 5 .
ljk|]if0f cfk|jfxdf xfn b]lvPsf] 36\bf] j[l4b/ / cfoftdf cfpg ;Sg] a9f]Q/Lsf sf/0f afXo If]q
:yfloTjdf kg{ ;Sg] hf]lvd Go"gLs/0fnfO{ klg df}lb|s gLltsf] sfo{lbzf to ubf{ Wofg lbOPsf] 5 .
3/hUuf Pjd\ ;]o/ sf/f]af/ nufotsf If]qdf x'g] shf{ lj:tf/sf sf/0f ;du| ljQLo :yfloTjdf kg{
;Sg] ;+efljt c;/k|lt ;hu /xFb} a9LeGbf a9L ljQLo ;fwg s[lif, pmhf{, ko{6g, 3/]n' tyf ;fgf pBf]u
nufotsf pTkfbgzLn If]q Pjd\ ljkGg ju{df k|jfx x'g] u/L df}lb|s gLltsf] sfo{lbzf to ul/Psf] 5 .
ljQLo ;fIf/tf / ljQLo kx'Fr lj:tf/sf dfWodaf6 ljQLo ;dfj]zLs/0fdf hf]8 lbg]tkm{ ;d]t df}lb|s
gLlt cled'v /x]sf] 5 .
cfly{s tyf df}lb|s nIo
cfly{s jif{ @)&#&$ sf] ah]6df pNn]v eP adf]lhd pkef]Qmf d'b|f:kmLlt b/nfO{ &=% k|ltztsf]
;Ldfleq /flvg]5 .
df}lb|s tyf afXo If]q Joj:yfkgdfkm{t\ sDtLdf * dlxgfsf] j:t' tyf ;]jfsf] cfoft wfGg kof{Kt x'g]
ljb]zL ljlgdo ;l~rlt sfod /flvg]5 .
g]kfn ;/sf/sf] ah]6 jQmJodf plNnlvt ^=% k|ltztsf] cfly{s j[l4 xfl;n ug{ ;xof]u k'Ug] u/L
cfjZos t/ntfsf] Joj:yfkg ul/g]5 .
df}lb|s gLltsf] cGtl/d nIosf] ?kdf /x]sf] lj:t[t d'b|fk|bfosf] j[l4b/nfO{ !& k|ltztdf ;Lldt
ul/g]5 .
shf{ of]ufx?dWo] cfGtl/s shf{ lj:tf/ nIo @% k|ltzt sfod ul/Psf] 5 . To;}u/L, lghL If]qtkm{sf]
shf{ @) k|ltztn] j[l4 x'g] k|If]k0f 5 .
df}lb|s gLltsf] ;~rfng nIo tyf pks/0f
cNksfnLg Aofhb/df cfpg] ptf/ r9fjnfO{ Go"gLs/0f ub}{ Aofhb/ :yfloTj sfod ug]{ / df}lb|s
Joj:yfkgnfO{ cfw'lgsLs/0f ug]{ p2]Zon] Aofhb/ sl/8f]/nfO{ qmdzM nfu" ug]{ Joj:yf ldnfOPsf] 5 .
b'O{ xKtf cjlwsf] ahf/df cfwfl/t k"j{ lgwf{l/t l/kf] /]6nfO{ gLltut b/sf] ?kdf lnOg]5 . v'nf ahf/
sf/f]af/ ;ldltn] b'O{ sfo{ lbg cufl8sf] efl/t cf};t cGt/a}+s b/df @)) a]l;; KjfOG6 ykL l/kf] /]6
lgwf{/0f ug]{5 . ;f] b/df tf]lsPsf sfp06/kf6L{x?nfO{ 3f]lift /sddf af]nsaf]n ug{ cfXjfg ul/g]5 .
ahf/df cfwfl/t k"j{ lgwf{l/t Aofhb/df b'O{xKt] lgIf]k ;+sng af]nsaf]ndfk{mt\ t/ntf k|zf]rg ug]{
Joj:yf ul/g]5 . v'nf ahf/ sf/f]af/ ;ldltn] b'O{ sfo{ lbg cufl8sf] efl/t cf};t cGt/a}+s b/df !)
cfwf/ ljGb' -a]l;; KjfOG6_ n] 36fO{ lgIf]k ;+sng b/ lgwf{/0f ug]{5 . sfp06/kf6L{x?nfO{ /sddf
af]nsaf]n ug{ cfXjfg ul/g]5 .
df}lb|s gLltsf p2]Zo / t/ntf cg'udg tyf k|If]k0f ;+/rgfn] lgwf{/0f u/]sf] t/ntf kl/df0fnfO{ cfwf/
agfO{ v'nf ahf/ sf/f]af/ ;ldltn] cfjZostf cg';f/ b'O{ xKtf cjlwsf] lgIf]k ;+sng af]nsaf]nsf]
nflu cfXjfg ug]{5 .
Aofhb/ sl/8f]/sf] dflyNnf] ;Ldf (Upper bound) sf] sfd :yfoL t/ntf ;'ljwfsf] b/n] / tNnf] ;Ldf
(Lower bound) sf] sfd b'O{ xKtf cjlwsf] lgIf]k ;+sngsf] Aofhb/n] ug]{5 . :yfoL t/ntf ;'ljwf
sfp06/kf6L{x?nfO{ ;fljs adf]lhd lwtf]o'Qm % lbg;Ddsf] t/ntf k|bfg ug]{ f/sf] ?kdf /xg]5 .
cGt/a}+s Aofhb/ / b'O{ xKtf cjlwsf] l/kf]b/ Aofhb/ sl/8f]/leq /xg] 5g\ .
;f]e}m laqmL, vl/b, l/kf] / l/e;{ l/kf] af]n]saf]n h:tf v'nf ahf/ pks/0fx?sf] ;fljss} Joj:yf
adf]lhd cfjZostfg';f/ t/ntf Joj:yfkgsf nflu k|of]u ul/g]5 . To;}u/L, lgIf]k ;+sng af]nsaf]n
ax'Aofhb/df / g]kfn /fi6 a}+s C0fkq af]nsaf]n Psn Aofhb/df lgisfzg ul/g] k2ltnfO{ oyfjt
sfod ul/Psf] 5 .
4

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clgjfo{ gub cg'kft oyfjt sfod ul/Psf] 5 . ;fy}, a}+s tyf ljQLo ;+:yfx?sf] o; a}+sdf /x]sf]
df}HbftnfO{ clgjfo{ gub cg'kft u0fgf k|of]hgsf nflu lnOg] Joj:yfnfO{ lg/Gt/tf lbO{Psf] 5 .
clgjfo{ gub df}Hbft sfod ug]{ cjlwnfO{ ;fljs Ps xKtfaf6 b'O{ xKtf ul/Psf] 5 . o:tf] df} Hbft
b}lgs ?kdf &) k|ltzt sfod ug'{kg]{ Joj:yf ul/Psf] 5 . 7Ls b'O{ xKtf cufl8sf] Ps xKtfsf] cf};t
:jb]zL lgIf]ksf] cfwf/df df}Hbft cg'kft u0fgf ug]{ Joj:yf ldnfOg] 5 .
ljBdfg a}+sb/ tyf j}wflgs t/ntf cg'kft oyfjt\ sfod ul/Psf] 5 . To;}u/L, ljBdfg ;fwf/0f tyf
ljz]if k'g/shf{ b/x?nfO{ klg oyfjt sfod ul/Psf] 5 .
Jofj;flos s[lif kl/of]hgfsf] lwtf]df a}+s tyf ljQLo ;+:yfx?af6 k|jfx ul/g] ?= !) nfv;Ddsf]
kl/of]hgf shf{nfO{ ljkGg ju{ shf{df u0fgf ug]{ Joj:yf ldnfOg]5 .
s]/f nufotsf kmnkm'n v]tL, t/sf/L v]tL, kz'k+IfL Pjd\ dT:okfng nufotsf Jofj;flos s[lif,
hnljB't / tf]lsPsf cGo pTkfbgzLn If]qtk{msf] shf{df o; a}+sn] k|bfg ub}{ cfPsf] ;fwf/0f k'g/shf{
b/nfO{ $ k|ltztdf oyfjt sfod ul/Psf] 5 . ;fy}, cli6r kfng, cn}+rL v]tL / df}/L kfng u/L
lgof{t u/]df lgof{t a/fa/sf] /sddf ljBdfg k|lqmof cg';f/ ! k|ltzt Aofhb/df ljz]if k'g/shf{
k|bfg ug]{ Joj:yf ul/g]5 .
jfl0fHo a}+sx?n] cfgf] s'n shf{sf] @) k|ltzt tf]lsPsf pTkfbgzLn If]qdf k|jfx ug'{kg]{ Joj:yfnfO{
lg/Gt/tf lbOPsf] 5 . o;dWo] s[lif tyf pmhf{ If]qdf k|jfx ug'{kg]{ shf{sf] Go"gtd ;Ldf xfnsf] !@
k|ltztaf6 @)&$ c;f/ d;fGt;Dddf !% k|ltzt k'ofpg' kg]{ Joj:yf ul/Psf] 5 .
ko{6sLo ;+efjgf /x]sf t/ t'ngfTds ?kdf ljsf; x'g g;s]sf ko{6sLo uGtJo kflye/f, dfOkf]v/L,
xn];L, nf6f, :ju{f/L, dflyNnf] d':tf, u9LdfO{, hgsk'/wfd, /f/f tyf vKt8 If]qdf ;'ljwf ;DkGg
:t/Lo xf]6n :yfkgf ug{ ;fwf/0f k'g/shf{ pknAw u/fpg] Joj:yf ul/g]5 .
jfl0fHo a}+sx?n] ljkGg ju{df nufgL ug'{kg]{ % k|ltztsf] shf{ cg'kftnfO{ oyfjt\ /fvL o; cGtu{t
Go"gtd\ @ k|ltzt shf{ k|ToIf ?kdf nufgL ug'{kg]{ Joj:yf ul/Psf] 5 . ;fy}, ljsf; a}+s / ljQ
sDkgLx?n] nufgL ug'{kg]{ ljkGg ju{ shf{ cg'kftnfO{ oyfjt\ sfod /flvPsf] 5 .
df}lb|s gLltdf plNnlvt Joj:yfx?sf] k|ultsf ;DaGwdf q}dfl;s ;dLIff ul/g]5 .
;dli6ut ljj]szLn lgodg
o; a}+sn] ljQLo :yfloTj tyf pRr cfly{s j[l4b/ ;xhLs/0fsf nflu pTkfbgzLn If]qdf shf{ lj:tf/
/ d"No l:y/tf h:tf cfly{s p2]Zox? xfl;n ug{ df}lb|s gLltsf cltl/Qm ;dli6ut ljj]szLn lgodg
nfu" ub}{ cfPsf] 5 .
jfl0fHo a}+sx?n] ljj]szLn lgodg cGtu{t @)&# ;fpgb]lv af;]n# df cfwfl/t Go"gtd\ sdg OlSjl6
l6o/ ! k'FhL cg'kft $=% k|ltzt sfof{Gjogdf Nofpg' kg]{ Joj:yf ul/Psf] 5 . To;}u/L, k|fylds k'FhL
cGtu{tsf cf}hf/x? u0fgf ug]{ u/L s'n hf]lvd efl/t ;DklQsf] @=% k|ltzt ljGb'n] x'g] k'FhL Soflk6n
sGh/e];g akm/ sfod ug'{kg]{ Joj:yf ul/g]5 .
;dli6ut cfly{s r/x?df ePsf] ptf/ r9fj / cy{tGqsf] rqmLo k|efjsf] sf/0f ljQLo If]qdf kg{
;Sg] c;/nfO{ Go"gLs/0f ug{sf nflu s'n hf]lvd efl/t ;DklQsf] clwstd\ @=% k|ltzt ljGb';Ddsf]
cltl/Qm sfpG6/ ;fOlSnsn akm/ (Counter Cyclical Buffer) @)&$ c;f/ leq sfod ug'{kg]{ Joj:yf
ul/Psf] 5 .
/fli6o :t/sf ljsf; a}+sx?df xfn /x]sf] ;dfgfGt/ k'FhL u0fgf ljlw x6fO{ af;]n@ k"0f{ ?kdf nfu" ug]{
Joj:yf ldnfOg]5 . ;fy}, /fli6o :t/sf ljQ sDkgLx?df ;d]t ;dfgfGt/ ?kdf af;]n@ adf]lhd kF"hL
u0fgf ug]{ Joj:yf ldnfOg]5 .
jfl0fHo a}+sx?n] @)&# ;fpgb]lv nfu" x'g] u/L q}dfl;s ?kdf $ k|ltzt lne/]h cg'kft sfod ug'{kg]{
Joj:yf ul/Psf] 5 .
5

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64.

65.

jfl0fHo a}+sx?n] s'n lgIf]kdf ;+:yfut lgIf]ksf] c+z ;fljssf] ^) k|ltztaf6 36fO{ %) k|ltztsf]
;Ldfleq /fVg'kg]{ Joj:yf ul/Psf] 5 .
z]o/sf] lwtf]df k|jfx x'g] dflh{g k|s[ltsf] shf{sf] ;'/If0f jfkt ;]o/sf] d"Nofg ubf{ kl5Nnf] !*)
lbgsf] clGtd d"Nosf] cf};t d"No jf ;]o/sf] k|rlnt ahf/ d"NodWo] h'g sd x'G5 ;f]sf] a9Ldf %)
k|ltzt /sd;Dd dfq shf{ k|jfx ug{ ;lsg] Joj:yf ul/Psf] 5 .
l/on :6]6 shf{ / To;sf] ;'/If0faLrsf] cg'kft -Pn6LeL /]l;of]_ xfnsf] ^) k|ltztaf6 a9Ldf %)
k|ltzt sfod ug'{kg]{ Joj:yf ul/Psf] 5 . cfjf;Lo l/on :6]6 shf{sf] xsdf o:tf] cg'kft ^)
k|ltzt;Dd /xg] Joj:yf ul/Psf] 5 .
?= %) s/f]8 jf ;f]eGbf a9Lsf] ax'a}ls shf{ pkof]u ug]{ C0fLx?sf] shf{nfO{ ;xljQLos/0f shf{df
kl/0ft ug'{kg]{ ;Ldf j[l4 u/L ?= ! ca{ sfod ul/Psf] 5 .

cfly{s jif{ @)&#&$ sf] ljQLo If]q sfo{qmd

66.

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ljQLo If]q ;'wf/

g]kfnn] lj=;+= @)$@ b]lv k|f/De u/]sf] klxnf] r/0fsf] ljQLo If]q ;'wf/ sfo{qmdn] k|lt:kwf{sf] jftfj/0f
l;h{gf uof] eg] lj=;+= @)%) sf] bzssf] dWolt/ z'? ul/Psf] bf];|f] r/0fsf] sfo{qmd ;+:yfut ;'zf;g
tyf ljQLo If]qsf] ;'b[9Ls/0fdf s]lGb|t /x]sf] 5 . klxnf] / bf];|f] r/0fsf] ljQLo If]q ;'wf/ sfo{qmdsf
pknlAwx?nfO{ hu]gf{ ub}{ kl/jlt{t cfly{s ;+/rgf;Fu tfnd]n vfg] ;dfj]zL ljQLo ;+/rgf lgdf{0fdf
t];|f] r/0fsf] ljQLo If]q ;'wf/ sfo{qmd s]lGb|t ug'{kg]{ b]lvG5 .
ljQLo If]q ljsf; /0fgLlt :jLs[t ePkZrft\ pQm /0fgLltdf plNnlvt sfo{qmdx? r/0fj ?kdf
sfof{Gjog ub}{ nlug]5 .
lgodg tyf ;'kl/j]If0f
a}+s tyf ljQLo ;+:yfx?n] dxfgu/kflnsf tyf pkdxfgu/kflnsf If]qleq / gu/kflnsfsf ;b/d'sfd
afx]ssf :yfgx?df zfvf vf]Ng o; a}+ssf] k"j{ :jLs[lt lng' gkg]{ Joj:yf ul/Psf] 5 .
k"jf{wf/sf If]qdf nufgL ug{ lghL If]q ;d]tsf] ;xeflutfdf k"jf{wf/ ljsf; a}+s :yfkgf ug{] sfo{
cufl8 a9fOg] 5 .
;du| a}+ls k|0ffnLsf] ;+:yfut ;'zf;g Pjd\ hf]lvd Joj:yfkgsf] u'0f:t/ ;'wf/ ug{sf nflu
cGt/f{li6o c;n cEof; ;d]6L a}+s tyf ljQLo ;+:yfsf ;~rfnsx?nfO{ cled'vLs/0f ug{ ;~rfns
lzIff sfo{qmd ;~rfng ul/g]5 .
;fdflhs ;'/Iff eQf a}+s vftfdfkm{t\ pknAw u/fpg tyf ;a} g]kfnLsf] a}+s vftf cleofg ;~rfng
ug]{ ;DaGwdf cfjZos Joj:yf ldnfOg]5 .
a}+s tyf ljQLo ;+:yfx?n] ;+:yfut pQ/bfloTj ;DaGwL sfo{df cfgf] d'gfkmfsf] sDtLdf ! k|ltzt
/sd 5'\ofpg' kg]{ tyf s'n sd{rf/L vr{sf] Go"gtd # k|ltzt /sd tflnd tyf j[lQ ljsf;df vr{
ug'{kg]{ Joj:yf ul/g]5 .
gub sf/f]af/af6 x'g] hf]lvd Go"gLs/0f ug{ ?= %) nfveGbf a9Lsf] sf/f]af/ clgjfo{ ?kdf r]sdfkm{t\
ug'{kg]{ Joj:yf /x]sf]df pQm ;LdfnfO{ 36fO{ ?= #) nfv sfod ul/Psf] 5 .
n3'ljQ tyf ljQLo ;fIf/tf
n3'ljQ ;+:yfx?n] shf{ nufgL ubf{ u|fxs;Fu lng] Aofhb/ ;DalGwt ;+:yfsf] sf]ifsf] nfut
(Cost of fund) df a9Ldf & k|ltzt :k|]8 sfod u/L Aofhb/ lgwf{/0f ug]{ Joj:Yff ldnfOg]5 .
;+3Lo ;+/rgf tyf ODoflksf] cWoog k|ltj]bg ;d]tnfO{ b[li6ut u/L n3'ljQ ;+:yfx?sf] ljQLo
kx'Frsf] cj:yf, :t/ j[l4, dh{/k|flKt tyf ;+rfng ;DaGwdf cWoog u/L cfjZos gLltut Joj:yf
ul/g]5 . o:tf] Joj:yf geP;Ddsf nflu n3'ljQ ;+:yf :yfkgf Pjd\ ljQLo sf/f]af/ ug{ Ohfhtkqsf]
6

76.
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79.

80.

81.
82.
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84.

nflu cfj]bg lng] sfo{ :yug ul/Psf] 5 . t/ tf]lsPsf lhNnfdf k|wfg sfof{no /xg] u/L :yfkgf x'g]
n3'ljQ ;+:yfx?sf] nflu ljBdfg Ohfht gLltnfO{ oyfjt\ /flvPsf] 5 .
/fli6o :t/sf] yf]s shf{ k|bfg ug]{ n3'ljQ ;+:yfx?n] @)&% c;f/ d;fGt;Dd Go"gtd\ r'Qmf k"FhL
?= ^) s/f]8 sfod ug'{kg]{ Joj:yf ul/Psf] 5 .
n3'ljQ ;+:yfx?af6 k|jfx x'g] ljBdfg shf{ ;Ldf j[l4 ul/Psf] 5 .
hg;fwf/0fnfO{ ljQLo ;]jfsf] pkof]u ug{sf nflu k|f]T;fxg ug{, ljQLo ;]jfsf u|fxsx?sf] lxt ;+/If0f
ug{ tyf ljQLo ;dfj]zLs/0f a9fpg g]kfn ;/sf/af6 /fli6o ljQLo ;fIf/tf gLlt :jLs[t ePkZrft\
;f] cg';f/sf] sfo{ cufl8 a9fO{g]5 .
ljb]zL ljlgdo Joj:yfkg
ef/t afx]s t];|f] d'n'sx?af6 8f66L=6L=sf] dfWodaf6 j:t' cfoft ubf{ Ps k6sdf a9Ldf cd]l/sL
8n/ $) xhf/ a/fa/;Ddsf] kl/jTo{ ljb]zL d'b|f e'QmfgL lbg kfOg] Joj:yf /x]sf]df ;f] ;Ldfdf j[l4
u/L cd]l/sL 8n/ %) xhf/ sfod ul/g]5 .
ef/taf6 kl/jTo{ ljb]zL d'b|f e'StfgL x'g] u/L ;6j]o/ vl/b ug{'k/]df xfn Psk6sdf a9Ldf cd]l/sL
8n/ !) xhf/ ;Ldf /x]sf]df o;nfO{ j[l4 u/L cd]l/sL 8n/ !% xhf/;Ddsf] ;km\6j]o/ Pn=;L=dfkm{t\
cfoft ug{ kfpg] Joj:yf ul/g]5 .
ljk|]if0f tyf dlgr]~h/ Joj;fodf ;+nUg ;+:yfx?n] sfod ug'{kg]{ r'Qmf k'FhL j[l4 ug'{kg]{ Joj:yf
ul/Psf] 5 .
kl/jTo{ ljb]zL d'b|fdf vftf x'g] g]kfnLn] cfgf] vftfaf6 j:t' tyf ;]jf vl/b ug]{ k|of]hgsf nflu
jflif{s cd]l/sL 8n/ !% xhf/;Dd e'QmfgL lbg;Sg] Joj:yf ul/g]5 .
kl/jTo{ ljb]zL d'b|fsf] dfunfO{ b[li6ut u/L vl/bb/ dfq pNn]v x'g] ljb]zL d'b|fx?sf] vl/bb/ /
laqmLb/ b'a} tf]sL laqmL ug]{ Joj:yf ldnfOg]5 .
>d :jLs[lt lnO{ sfo{ ul//x]sf ljb]zL gful/sx?n] kl/jTo{ ljb]zL d'b|fdf t];|f] d'n'sdf kfl/>lds
k7fpg' kbf{ tf]lsP adf]lhdsf] sfuhft lnO{ tf]lsP adf]lhdsf] /sd a}+s tyf ljQLo ;+:yfx?af6 ;f]em}
e'QmfgL ug]{ Joj:yf ldnfOg]5 .

cGTodf,
85. rfn' cfly{s jif{sf] kl5Nnf] ;dodf cfly{s ultljlwdf cfPsf] ;'wf/;Fu} cfufdL lbgdf cy{tGqn] ult
lng] ck]Iff ul/Psf] 5 . cy{tGqsf] k'g?Tyfg Pjd\ k'glg{df{0fdf s]lGb|t ;/sf/L ah]6sf] sfof{Gjogaf6
d"Nodf bafa kg{ glbg] u/L df}lb|s Joj:yfkgdf ;Gt'ng ldnfpg' kg]{ r'gf}tL ylkPsf] 5 . To;}u/L,
ljk|]if0f cfk|jfxdf cfpg ;Sg] ptf/r9faaf6 ljQLo tyf afXo If]qdf kg{ ;Sg] hf]lvdnfO{ Go"gLs/0f
ug{ ;fjwfgLk"j{s df}lb|s Joj:yfkg ug'{kg]{ cj:yf 5 .
86. kl5Nnf] ;dodf shf{ nufgLsf] jftfj/0fdf ;'wf/ x'Fb} uPsf] kl/k|]Iodf g]kfn ;/sf/sf] ah]6;Fu
;Gt'ng ldnfO{ th'{df ul/Psf] cfly{s jif{ @)&#&$ sf] df}lb|s gLltsf] sfof{Gjogaf6 ;dli6ut
cfly{s :yfloTj sfod ug{ tyf nlIft cfly{s j[l4 xfl;n ug{ ;xof]u k'Ug] ck]Iff ul/Psf] 5 .
87. k|:t't df}lb|s gLlt th'{dfsf] qmddf ;xof]u k'ofpg] g]kfn ;/sf/sf lgsfox?, a}+s tyf ljQLo
;+:yfx?, ljleGg Jofj;flos ;+3;+:yfx?, ljt\ ju{, ;~rf/ dfWod nufot ;a} ;/f]sf/jfnfx?nfO{
wGojfb 1fkg ub}{ of] df}lb|s gLltdf Joj:yf ul/Psf gLlt tyf sfo{qmdx?sf] sfof{Gjogdf ;bfem}
;a}sf] ;xof]u k|fKt x'g] ck]Iff ul/Psf] 5 .
wGoafb
ldltM @)&# c;f/ #) ut]