405-Introduction To Financial Market Hindi X

foRrh; cktkj
dk ifjp;
,u ,l D;w ,Q ysoy-II
fo|kFkhZ fooj.k iqfLrdk d{kk&X
` dsanzh; ekè;fed f'k{kk cksMZ

f'k{kk dsanz] 2] dE;qfuVh lsaVj] izhr fogkj] fnYyh&110301
foRrh; cktkj dk ifjp;
,u ,l D;w ,Q
ysoy-II
fo|kFkhZ fooj.k iqfLrdk
d{kk&X
dsanzh; ekè;fed f'k{kk cksMZ

foRrh; cktkj dk ifjp;
,u ,l D;w ,Q ysoy-II
d{kk&X ds fy, fo|kFkhZ fooj.k iqfLrdk
ewY; : `
izFke laLdj.k : ebZ 2016, lh-ch-,l-bZ-
izfr;k¡ :
iz;qDr dkxt % 80 th,l,e lhch,lbZ lisQn eSifyFkks
¶izLrqr iqLrd dks ;k mlds fdlh Hkh Hkkx dks fdlh Hkh O;fDr ;k fdlh Hkh ,tsalh
ds }kjk iqu% izdkf'kr ugha fd;k tk ldsxkA¸
izdk'kd : lfpo] dsanzh; ekè;fed f'k{kk cksMZ] f'k{kk dsanz] 2] dE;qfuVh lsaVj]
izhr fogkj] fnYyh&110301
fMtkbu ysvkmV : 'khy iSdlZ fizafVax izsl] dhfrZ uxj baMfLVª;y ,fj;k
ubZ fnYyh&110015
eqnzd : 'khy iSdlZ fizafVax izsl] dhfrZ uxj baMfLVª;y ,fj;k

ubZ fnYyh&110015
ii
Hkkjr dk lafo/ku
mísf'kdk
1
ge] Hkkjr ds yksx] Hkkjr dks ,d lEiw.kZ izHkqRo&laiUu lektoknh iaFkfujis{k yksdra=kkRed x.kjkT; cukus ds fy,] rFkk
mlds leLr ukxfjdksa dks%
lkekftd] vkfFkZd vkSj jktuSfrd U;k;]
fopkj] vfHkO;fDr] fo'okl] /eZ
vkSj mikluk dh Lora=krk]
izfr"Bk vkSj volj dh lerk
izkIr djkus ds fy,
rFkk mu lc esa O;fDr dh xfjek
2
vkSj jk"Vª dh ,drk vkSj v[kaMrk
lqfuf'pr djus okyh ca/qrk c<+kus ds fy,
n`<+ladYi gksdj viuh bl lafo/ku lHkk esa vkt rkjh[k 26 uoEcj] 1949 bZñ dks ,rn~}kjk bl lafo/ku dks vaxhÑr]
vf/fu;fer vkSj vkRekfiZr djrs gSaA
1- lafo/ku (c;kyhloka la'kks/u) vf/fu;e] 1976 dh /kjk 2 }kjk (3-1-1977) ls ¶izHkqRo&laiUu yksdra=kkRed x.kjkT;¸ ds LFkku ij izfrLFkkfirA
2- lafo/ku (c;kyhloka la'kks/u) vf/fu;e] 1976 dh /kjk 2 }kjk (3-1-1977) ls ¶jk"Vª dh ,drk¸ ds LFkku ij izfrLFkkfirA
Hkkx 4 d
ewy dÙkZO;
51 d- ewy dÙkZO; & Hkkjr ds izR;sd ukxfjd dk ;g dÙkZO; gksxk fd og &
(d) lafo/ku dk ikyu djs vkSj mlds vkn'kksZa] laLFkkvksa] jk"Vªèot vkSj jk"Vªxku dk vknj djs_
([k) Lora=krk ds fy, gekjs jk"Vªh; vkanksyu dks izsfjr djus okys mPp vkn'kksZa dks ân; esa latks, j[ks vkSj mudk ikyu djs_
(x) Hkkjr dh izHkqrk] ,drk vkSj v[kaMrk dh j{kk djs vkSj mls v{kq..k j[ks_
(?k) ns'k dh j{kk djs vkSj vkg~oku fd, tkus ij jk"Vª dh lsok djs_
(Ä) Hkkjr ds lHkh yksxksa esa lejlrk vkSj leku Hkzkr`Ro dh Hkkouk dk fuekZ.k djs tks /eZ] Hkk"kk vkSj izns'k ;k oxZ ij vk/kfjr lHkh
HksnHkko ls ijs gksa] ,slh izFkkvksa dk R;kx djs tks fL=k;ksa ds lEeku ds fo#¼ gSa_
(p) gekjh lkekfld laLÑfr dh xkSjo'kkyh ijaijk dk egÙo le>s vkSj mldk ifjj{k.k djs_
(N) izkÑfrd i;kZoj.k dh ftlds varxZr ou] >hy] unh] vkSj oU; tho gSa] j{kk djs vkSj mldk lao/Zu djs rFkk izk.kh ek=k ds izfr
n;kHkko j[ks_
(t) oSKkfud n`f"Vdks.k] ekuookn vkSj KkuktZu rFkk lq/kj dh Hkkouk dk fodkl djs_
(>) lkoZtfud laifÙk dks lqjf{kr j[ks vkSj fgalk ls nwj jgs_
(×k) O;fDrxr vkSj lkewfgd xfrfof/;ksa ds lHkh {ks=kksa esa mRd"kZ dh vksj c<+us dk lrr iz;kl djs ftlls jk"Vª fujarj c<+rs gq, iz;Ru
vkSj miyfC/ dh ubZ mapkb;ksa dks Nw ys_
1
(V) ;fn ekrk&firk ;k laj{kd gS] Ng o"kZ ls pkSng o"kZ rd dh vk;q okys vius] ;FkkfLFkfr] ckyd ;k izfrikY; ds fy;s f'k{kk ds
volj iznku djsA
1- lafo/ku (N;klhoka la'kks/u) vf/fu;e] 2002 dh /kjk 4 }kjk izfrLFkkfirA
iii
THE CONSTITUTION OF INDIA
PREAMBLE
WE, THE PEOPLE OF INDIA, having solemnly resolved to constitute India into a 1SOVEREIGN
SOCIALIST SECULAR DEMOCRATIC REPUBLIC and to secure to all its citizens :
JUSTICE, social, economic and political;
LIBERTY of thought, expression, belief, faith and worship;
EQUALITY of status and of opportunity; and to promote among them all
FRATERNITY assuring the dignity of the individual and the2unity and integrity of the Nation;
IN OUR CONSTITUENT ASSEMBLY this twenty-sixth day of November, 1949, do HEREBY ADOPT,
ENACT AND GIVE TO OURSELVES THIS CONSTITUTION.
1. Subs, by the Constitution (Forty-Second Amendment) Act. 1976, sec. 2, for "Sovereign Democratic Republic” (w.e.f. 3.1.1977)
2. Subs, by the Constitution (Forty-Second Amendment) Act. 1976, sec. 2, for "unity of the Nation” (w.e.f. 3.1.1977)
THE CONSTITUTION OF INDIA

Chapter IV A
FUNDAMENTAL DUTIES
ARTICLE 51A
Fundamental Duties - It shall be the duty of every citizen of India-
(a) to abide by the Constitution and respect its ideals and institutions, the National Flag and the National
Anthem;
(b) to cherish and follow the noble ideals which inspired our national struggle for freedom;
(c) to uphold and protect the sovereignty, unity and integrity of India;
(d) to defend the country and render national service when called upon to do so;
(e) to promote harmony and the spirit of common brotherhood amongst all the people of India transcending
religious, linguistic and regional or sectional diversities; to renounce practices derogatory to the dignity of
women;
(f) to value and preserve the rich heritage of our composite culture;
(g) to protect and improve the natural environment including forests, lakes, rivers, wild life and to have
compassion for living creatures;
(h) to develop the scientific temper, humanism and the spirit of inquiry and reform;
(i) to safeguard public property and to abjure violence;
(j) to strive towards excellence in all spheres of individual and collective activity so that the nation constantly
rises to higher levels of endeavour and achievement;
1
(k) to provide opportunities for education to his/her child or, as the case may be, ward between age of 6 and 14
years.
1. Subs. by the Constitution (Eighty - Sixth Amendment) Act, 2002
iv
çkDdFku
ekuo lalk/ku fodkl] Hkkjr ljdkj] dkS'ky ,oa l{kerk fodkl ij fo'ks"k :i ls /;ku dsfnzar
dj jgk gSA rnuqlkj] Hkfo"; esa leLr jkstxkj dks us'kuy fLdy DokWfyfQds'ku QzseodZ
¼,u,lD;w,Q½ ds vuqlkj vgZrk,a izkIr djus ls lac) fd;k tk,xkA blls jkstxkj ikus gsrq
dkS'ky fodkl vkSj l{kerk esa iwjk dk;kdYi gks tk,xkA ,u,lD;w,Q dkS'ky vkSj l{kerk
fodkl esa Nk=ksa dks lgk;rk iznku djsxk vkSj ;g Nk=ksa dks cgq {ks=ksa esa f'k{kk ds fy, izos'k ikus
rFkk viuh i<+kbZ iwjh djus eas mUgsa pkSrjQk :i ls lgk;rk iznku djsxkA
ch,Q,lvkbZ ¼cSafdax foRrh; lsokvksa vkSj chek½ m|ksx esa izf'kf{kr O;kolkf;dksa dh dkQh deh
gSA jk"Vªh; dkS'ky fodkl fuxe ¼,u,lMhlh½ us Nk=ksa esa dkS'ky fodflr djus gsrq ftu 21 {ks=ksa
dks fodkl ds fy, fpfUgr fd;k gS mlesa ch,Q,lvkbZ Hkh 'kkfey gSA ,u,llh] tks fd
ch,Q,lvkbZ {ks= dk lg&izoÙkZd Hkh gS vkSj ;g ch,Q,lvkbZ esa l{kerk ,oa dkS'ky fodflr
djus dh ftEesnkjh Hkh blh dh gSA
mijksDr dks /;ku esa j[krs gq, f'k{kk cksMZ us f'k{k.k o"kZ 2015&16 ls vkxs dh vof/k ds fy,
us'kuy LVkWd ,Dlpsat ¼,u,lbZ½ ds lg;skx ls 9oha d{kk ls vkxs dh d{kkvksa ds fy, ,Q,e,e
dks ykxw fd;k gSA
Nk= 10$2 Lrj ij ,Q,e,e dk v/;;u dj vkxs dh f'k{kk Hkh izkIr dj ldrs gSa D;ksafd 16 ls
Hkh vf/kd fo'ofo|ky;] ftUgksaus ,u,llh ds lkFk lg;ksx LFkkfir fd;k gS] foRrh; cktkjksa esa
chch,] ,ech, esa igys ls gh Nk=ksa dks izos'k ds fy, vkeaf=r djrs vk jgs gSaA
10oha d{kk ¼ysoy 2½ ds fy, orZeku iqLrd ^^foRrh; cktkjksa ls ifjp;** esa lkekU; :i ls fuos'k
ds ewy fl)karksa] izfrHkwfr;ksa] izkbejh cktkj] lsd.Mjh cktkj] MsfjosfVo ¼ok;nk cktkj mRikn½]
fMiksftVjh] E;wpwvy QaM] fo'ys"k.k ds ewy fl)karksa vkSj mldh izfdz;k] vuqikr fo'ys"k.k vkfn
dks 'kkfey fd;k x;k gSA
f'k{kk cksMZ ,u,lD;w,Q ds rgr ,Q,e,e ikB~;dze dks lQyrkiwoZd vkjaHk vkSj dk;kZfUor
djus gsrq fo"k;&oLrq laca/kh lgk;rk miyC/k djkus esa ,u,llh ds mYys[kuh; dk;Z dh ljkguk
djrk gSA Nk=ksa ds dkS'ky&fodkl esa ,u,llh yuZ Vw VsªM ¼,u,yVh½ lkWQV os;j mUgsa okLrfod
cktkj ¼fj;y ykbQ ekfdZV½ dkS'ky fodflr djus esa lgk;rk djsxkA bl iqLrd ds ladyu esa
lhch,lbZ O;kolkf;d f'k{kk izdks"B dh Vhe }kjk fn;k x;k ;ksxnku Hkh iz'kalk dk ik= gSA
iqLrd esa vkSj vf/kd lq/kkj ykus gsrq vkidh fVIif.k;ksa vkSj lq>koksa dk Lokxr gSA
v/;{k] ds-ek-f'k-cks-
v
vkHkkj
ijke'kZnkrk
Jh okb-,l-ds- 'ks"kq dq ekj
ps;jeSu] lhch,lbZ
Jh ds- ds- pkS/kjh

daVªksyj vkWQ ,Dtkfeus'kUl o Mk;jsDVj ¼oksds'kuy ,tqds'ku½] lhch,lbZ
Jh jfo okjk.klh
phQ fctusl MsoyiesaV] ,u,lbZ
Jherh jk.kk mLeku

lhfu;j vflLVsaV okbl izsflMsaV] ,u,lbZ
daVsaV fodflr fd;k x;k

us'kuy LVkWd ,Dlpsat eqacbZ
,fMfVax vkSj dkWfMZus'ku

MkW fcLothr lkgk
,fM'kuy Mk;jsDVj ¼oksds'kuy ,tqds'ku½] lhch,lbZ
Jh th- lh- 'kekZ

gsM Qkbusaf'k;y ,tqds'ku] Ldwy ,aM ;wfuoflZVht vkWQ ,u,lbZ
vi
fo"k;&oLrq
vè;k; &1
fuos’k dh ewy ckrsa --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1
vè;k; & 2
lsD;qfjVh
2-1 jsxqysVj ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 6
2-2 Hkkxhnkj ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 7
vè;k; & 3
çkFkfed cktkj
3-1 'ks;j dk fuxZeu ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 8
3-2 fons'kh iw¡th dk çdk'ku ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 14
vè;k; & 4
lsdsaMjh cktkj
4-1 ifjp; ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 16
4-1-1 LVkWd ,Dlpsat / 'ks;j cktkj ----------------------------------------------------------------------------------------------------------------------------------------------------- 16
4-1-2 LVkWd O;kikj--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 17
4-2 lsdsaMjh cktkj ds çksMDV--------------------------------------------------------------------------------------------------------------------------------------------------------------- 20
4-2-1 bfDoVh fuos'k --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 21
4-2-2- _.k fuos'k------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 24
vè;k; & 5
MsfjosfVo---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 26
vè;k; & 6
U;klh ¼MsiksftVjh½ ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- 28
vè;k; & 7
E;wpqoy QaM------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 30
vii
vè;k; & 8
fofo/k
8-1 dkWiksZjsV ,sD'kal -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 35
8-2 baMsDl ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 37
8-3 fDy;fjax] lsVyesaV vkSj fjMªsly ------------------------------------------------------------------------------------------------------------------------------------------------ 37
vè;k; & 9
fo'ys"k.k dh vo/kkj.kk ,oa izdkj -------------------------------------------------------------------------------------------------------------------------------------------------- 40
vè;k; & 10
js'kks ,ukfyfll ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 55
vè;k; &1
fuos'k dh ewy ckrsa
fuos'k D;k gS\
vki tks èku dekrs gSa mldk dqN Hkkx [kpZ dj nsrs gSa vkSj ck¡fd Hkfo"; dh vko';drkvksa dks iwjk djus ds fy,
cpkrs gSaA cpr dks csdkj iM+s j[kus ds cnys vki vius cpr ls Hkfo"; esa ykHk ikuk ilan djsaxsA ;gh fuos'k
dgykrk gSA
gesa fuos'k D;ksa djuk pkfg,\
gesa fuos'k blfy, djuk pkfg, %

■ vius csdkj iM+s lalkèku ij çfrQy ikus ds fy,
■ Hkfo"; ds fof'k"V mís'; ds fy, èku dk fof'k"V ;ksx vftZr djus ds fy,
■ vfuf'pr Hkfo"; ds fy, çkoèkku cukus ds fy,
fdlh O;fä }kjk lksp le> dj fuos'k djus dk lcls çeq[k dkj.k gS] bu¶ys'ku dh dher ls tw>ukA bu¶ys'ku
og nj gS ftl ij thou ;kiu dh ykxr c<+rh gSA thou ;kiu dh ykxr og gS ftl ij vki lkekU;r% vius
fnup;kZ ds fy, oLrq,¡ vkSj lsok,¡ [kjhnrs gSaA bu¶ys'ku èku dh dher de djrk gS] D;ksafd blls Hkfo"; esa
leku ek=k esa oLrq,¡ vkSj lsok,¡ ugha [kjhnh tk,xh] ftruk fd blls vHkh [kjhnh tk jgh gS ;k igys [kjhnh xbZ
FkhA mnkgj.k ds fy,] ;fn vxys 20 o"kksZa ds fy, bu¶ys'ku dh nj 6 çfr'kr Fkk] rks vkt dk 100 #i;s dk [kjhn
vxys 20 o"kksZa esa 321 #i;k dk gks tk,xkA ;gh dkj.k gS fd fuos'k dks fdlh yach vofèk dh ;kstuk ds fy, ,d
eq[; dkjd ekuk tkrk gSA fdlh fuos'k ds çfrQy ds ôkLrfod* nj dh vksj ns[kuk ;kn j[ksa] tks bu¶ys'ku ds
ckn dk çfrQy gSA fuos'k dk y{; bu¶ys'ku dh nj ls Åij çfrQy miyCèk djkuk gksuk pkfg, rkfd ;g
lqfuf'pr gks lds fd fuos'k dk ewY; de ugha gks jgk gSA mnkgj.k ds fy,] ;fn okf"kZd bu¶ys'ku dh nj 6
çfr'kr gS] rks vius ewY; dh o`f) lqfuf'pr djus ds fy, fuos'k dks 6 izfr'kr ls vfèkd vftZr djus dh
vko';drk gksxhA ;fn vkids fuos'k ij dj pqdkus ds ckn dk çfrQy bu¶ys'ku nj ls de gS] rks vkidh laifÙk
dk ewY; okLro eas de gqbZ gS( vFkkZr~ blls vki vkt mruk [kjhnnkjh ugha dj ldrs gSa ftruk fd fiNys o"kZ
fd;s FksA
fuos'k dc çkjaHk djuk pkfg,
dksbZ O;fä ftruk tYn fuos'k çkjaHk djrk gS mlds fy, mruk gh vPNk gksrk gSA tYn fuos'k dj vki vius
fuos'k dh o`f) ds fy, vfèkd le; miyCèk djkrs gSa] rFkk çfro"kZ C;kt dk ;ksx dh èkkj.kk ¼bls ge ckn esa ns[ksaxs½
ewyèku vkSj C;kt dks lkFk ykdj ;k çfro"kZ bl ij vftZr ykHkka'k vkidh vk; c<+k;sxhA lHkh fuos'kdksa ds fy,
rhu egÙoiw.kZ fu;e gSa -
■ 'kh?kz fuos'k
■ fu;fer :i ls fuos'k
■ yach vofèk ds fy, fuos'k u fd vYikofèk ds fy,
fuos'k djrs le; gesa D;k lkoèkkuh cjruh pkfg,\
dksbZ fuos'k djus ls igys] gesa lqfuf'pr djuk pkfg, fd %
foRrh; cktkj dk ifjp; 1

1- ,sls nLrkostksa dks i<+sa vkSj le>sa
2- fuos'k dh lgh gksus dh tk¡p djsa
3- fuos'k ls lacafèkr ykxr rFkk ykHk dk irk yxk;sa
4- fuos'k ds tksf[ke&çfrQy :ijs[kk dk ewY;kadu djsa
5- fuos'k ds fyfDofMVh vkSj lqj{kk igywvksa dks tkusa
6- lqfuf'pr djsa fd D;k ;g vkids fof'k"V mís'; ds fy, mi;qä gS
7- bl fooj.k dh rqyuk vU; miyCèk fuos'k voljksa ls djsa
8- tk¡p djsa fd D;k ;g vkids }kjk fopkj fd;s tk jgs ;k vkids }kjk fopkj fd;s x;s vU; fuos'k ;kstuk ls
esy [kk jgk gSA
9- flQZ fdlh çkfèk—r eè;LFk ds ekè;e ls gh orkZo djsa
10- eè;LFk vkSj fuos'k ds ckjs esa lHkh Li"Vhdj.k dh [kkst djsa
11- ;fn dqN xyr gks x;k gks rks vius miyCèk fodYi ls Nku chu djsa] vkSj fQj larq"V gksus ij gh fuos'k djsa
bUgsas fuos'k ds ckjg çeq[k pj.kksa ds uke ls tkuk tkrk gSA
C;kt ls D;k rkRi;Z gS \
tc ge èku mèkkj ysrs gSa] rks gels bl èku ds mi;ksx ds cnys esa Hkqxrku dh vk'kk dh tkrh gS & bls C;kt dgk
tkrk gSA C;kt og jk'kh gS tks dtZnkrk ds èku ds ç;ksx ds cnys esa mèkkj ysus okys ls olwyk tkrk gSA C;kt
lkekU;r% 'ks"k ewyèku ¼mèkkj fy;s x;s èku jk'kh½ ds çfr'kr ds :i esa vkdfyr dh tkrh gSA dtZ dh vofèk ij
çfr'kr nj fuf'pr dh tkrh gS] ;k ;g dtZ dh vofèk ds vkèkkj ij ifjorZuh; gks ldrk gSA
C;kt nj fuèkkZj.k ds dkjd D;k gSa\
tc ge C;kt nj ds ckjs esa ckr djrs gSa rks] C;kt nj Hkh dbZ çdkj ds gksrs gSa & nj tks cSad vius tekdÙkkZvksa dks
nsrh gS] nj ftl ij og vius dtZnkrkvksa dks dtZ nsrh gS] nj ftl ij ljdkj ckW.M ;k ljdkjh lsD;qfjVh
cktkj esa mèkkj nsrh gS] vYi cpr ;kstuk tSls& ,u ,l lh] ih ih ,Q esa fuos'kdksa dks çnÙk nj] nj ftl ij
daiuh lkofèk tek tkjh djrh gS] bR;kfnA
bu C;kt njksa dks fuèkkZfjr djus okys dkjd vfèkdka'kr% vFkZO;oLFkk ls lacafèkr gksrs gSa vkSj lkekU;r% eSØks
vFkZ'kkL= dkjd ds uke ls tkuk tkrk gSA buesa ls dqN dkjd gSa %
■ èku dh ek¡x
■ ljdkjh mèkkj dk Lrj
■ èku dh vkiwfrZ
■ bu¶ys'ku nj
■ Hkkjrh; fjtoZ cSad vkSj ljdkjh uhfr tks mi;Zqä of.kZr dqN pyksa dk fuèkkZj.k djrh gSA
fuos'k ds fy, miyCèk fofHkUu fodYi D;k gS\
dksbZ O;fä buesa fuos'k dj ldrk gS %
■ HkkSfrd laifÙk tSls& fj;y bLVsV] lksuk ;k vkHkw"k.k] eky bR;kfn vkSj] ;k
■ foÙkh; laifÙk tSls& cSad esa lkofèk tek] Mkd?kj esa vYi lsok midj.k] chek] Hkfo"; QaM] isa'ku bR;kfn ;k
lsD;qfjVh cktkj ls lacafèkr midj.k tSls 'ks;j] c‚.M fMcsapj bR;kfnA
2
2
fuos'k ds fy, miyCèk fofHkUu de le; okyh foÙkh; fodYi D;k gS\
O;kid :i ls dgsa rks] cpr cSad [kkrk] laifÙk cktkj] fyfDoM QaM vkSj cSad esa lkofèk tek dks vYikofèk foÙkh;
fuos'k ds :i esa ekuk tk ldrk gS%
cpr cSad [kkrk yksxksa }kjk ç;ksx dh tkus okyh vDlj çFke cSafdax çksMDV gS] tks de C;kt nsrk gS ¼4 çfr'kr &
5 çfr'kr çfro"kZ½] tks bls lkofèk tek ls FkksM+k vPNk cukrk gSA
laifÙk cktkj ;k fyfDoM QaM E;wpqoy QaM dk ,d fof'k"V :i gS ftls fo'ks"kr% vYikofèk lkofèkd vk; midj.k
esa fuos'k fd;k tkrk gS vkSj bl çdkj vklku fyfDofMVh çnku djrk gSA vfèkdka'k E;wpqoy QaM ds foijhr laifÙk
cktkj QaM çkFkfed :i ls vkidh laifÙk dh lqj{kk ds fy, çfrc) gS] rFkk blds ckn bldk y{; çfrQy dks
c<+kuk gSA laifÙk cktkj QaM cpr [kkrk dh rqyuk esa vis{kk—r csgrj ysfdu cSad lkofèk tek ls de çfrQy nsrk
gSA
cSad esa lkofèk tek dks lkofèkd tek ds uke ls Hkh tkuk tkrk gS vkSj cSad esa lkofèkd fuos'k dh U;wure vofèk
30 fnuksa dh gksrh gSA cSad esa lkofèk tek de tksf[ke mBkus okys fuos'kdksa ds fy, gS] vkSj bls 6&12 eghus fuos'k
vofèk dk ekuk tkrk gS] D;ksafd 6 eghus ls de dh vofèk dk fuos'k lkekU;r% laifÙk cktkj QaM ds çfrQy ls de
ekuk tkrk gSA
fuos'k ds fy, miyCèk fofHkUu vfèkd le; ds fy, foÙkh; fodYi D;k gS\
Mkd?kj cpr ;kstuk] tu Hkfo"; QaM] daiuh lkofèk tek] c‚.M vkSj fMcsapj] E;wpqoy QaM bR;kfnA
Mkd?kj cpr % Mkd?kj ekfld vk; ;kstuk ,d vYi tksf[ke cpr midj.k gS] ftls fdlh Hkh Mkd?kj ds }kjk
çkIr fd;k tk ldrk gSA ;g 8 çfr'kr çfro"kZ dh nj ls C;kt miyCèk djkrh gS] ftldk Hkqxrku ekfld fd;k
tkrk gSA fuos'k dh tkus okyh U;wure jk'kh 1]000 #i;k gSA vfèkdre jk'kh 3]00]000 #i;k ¼vdsyk½ ;k 6]00]000
#i;k ¼la;qä :i ls½ okf"kZd gSA bldh esP;ksfjVh vofèk 6 o"kZ dh gSA esP;ksfjVh ds le; esa 10 çfr'kr cksul dk
Hkqxrku fd;k tkrk gSA ,d o"kZ ls vfèkd dh tek dh fLFkfr esa esP;ksfjVh iwoZ fudklh Hkh Loh—r gSA esP;ksfjVh
iwoZ fudklh dh fLFkfr esa ewyèku ls 5 çfr'kr jk'kh dh dVkSrh dh tkrh gS( 10 çfr'kr cksul dk Hkqxrku Hkh ugha
fd;k tkrk gSA
(PPF) lkoZtfud Hkfo"; QaM % ;g ,d vfèkd le; ds fy, cpr midj.k gS ftldh esP;ksfjVh vofèk 15
o"kksZa dh gS rFkk C;kt 8 çfr'kr dh nj ls okf"kZd :i ls Hkqxrku fd;k tkrk gSA ,d lkoZtfud Hkfo"; QaM [kkrk
èku tek djus ds fy, fdlh j"Vªh;—r cSad ds ekè;e ls o"kZ esa fdlh Hkh le; [kksyk tk ldrk gSA fuos'k dh xbZ
jk'kh ij dj ykHk çkIr fd;k tk ldrk gS rFkk çkIr C;kt dj eqä gksrk gSA [kkrk [kksyus dh frfFk ds lkrosa
foÙkh; o"kZ ls çfro"kZ fudklh Lohdk;Z gS rFkk fudklh dh jk'kh fudkys x;s o"kZ ls rRdky çkjaHk dj pkSFks o"kZ ls ;k
iwoZorÊ o"kZ ds var esa ftlesa dtZ dh jk'kh de gks] tek 'ks"k dk 50% rd lhfer fd;k x;k gS A
daiuh lkofèk tek % ;g daiuh }kjk fu;r C;kt nj ij vYikofèk ¼N% ekg½ ls eè;e vofèk ¼rhu ls ik¡p lky½
rd nh tkus okyh jk'kh gS ftldk Hkqxrku ekfld] rhu eghus esa] vYi okf"kZd ;k okf"kZd fd;k tkrk gSA ;g lap;h
lkofèkd tek Hkh gks ldrk gS ftlesa dtZ vofèk ds var esa dqy ewyèku C;kt ds lkFk Hkqxrku dh tkrh gSA daiuh
lkofèkd tek esa C;kt dh nj 6 ls 9 çfr'kr rd ifjofrZr gksrh jgrh gSA C;kt dh çkfIr dj dks dkVdj dh
tkrh gSA
c‚.M % laifÙk c<+kus ds mís'; ds fy, ;g ,d fu;r vkenuh ¼dtZ½ midj.k gS ftls ,d o"kZ ls vfèkd dh vofèk
ds fy, fuxZe fd;k tkrk gSA dsUæ ;k jkT; ljdkj] fuxe ;k leku laLFkk c‚.M csprk gSA ckW.M lkekU;r%

ewyèku dks fu;r C;kt nj ds lkFk fufnZ"V frfFk] ftls esP;ksfjVh frfFk dgrs gSa] ij fQj ls Hkqxrku ds fy, ,d
cpu i= gksrk gSA
E;wpqoy QaM % ;g og QaM gS tks fdlh fuos'k daiuh }kjk pyk;k tkrk gS rFkk tks turk ls iSls bdëk dj]
dfFkr mís'; ds vuqlkj mls laifÙk lewg ¼'ks;j fMcsapj bR;kfn½ esa fuos'k djrh gSA ;g mldk çfrLFkkiu gS tks
lhèks bfDoVh ;k _.k esa lalkèku] le; ;k tkudkjh ds vHkko esa fuos'k djus esa l{ke ugha gksrs gSaA ykHk esa
O;olkf;d èku çcaèku] de ek=k esa [kjhn vkSj fofoèkrk 'kkfey gksrs gSaA E;wpqoy QaM bdkbZ QaM çcaèku daiuh
}kjk fuxZe rFkk eqä dh tkrh gS tks QaM ds dqy laifÙk ewY; ¼,u , oh½ ij vkèkkfjr gksrh gS rFkk tks çR;sd O;kikj
l= ds var esa fuèkkZfjr dh tkrh gSA ,u , oh dk vkdyu QaM ds lHkh 'ks;jksa esa [kpZ dks ?kVkdj rFkk fuxZe fd;s
x;s bdkbZ ls foHkkftr dj fd;k tkrk gSA E;wpqoy QaM lkekU;r% nh?kZ vofèk fuos'k ç.kkyh gS] blds ckotwn Hkh
laifÙk cktkj tSls E;wpqoy QaM Js.kh vYikofèk midj.k Hkh gSA
LVkWd ,Dlpsat ls D;k rkRi;Z gS\
lsD;qfjVh vuqcaèk ¼fofu;e½ vfèkfu;e] 1956 ¼,l lh vkj ,½ ds vuqlkj LVkWd ,Dlpsat fdlh O;fäxr] pkgs
og mlesa lekfo"V fd;k x;k gks ;k ugha] fcØh] [kjhnnkjh ;k lsD;qfjVh O;kikj dks lgk;rk nsus] fu;af=r djus
ds xfBr fd;k x;k gSA LVkWd ,Dlpsat ,d {ks=h; LVkWd ,Dlpsat Hkh gks ldrk gS ftlds lapkyu ;k
U;k;kfèkdj.k dk {ks= fuèkkZj.k bldh Loh—fr dh tkrh gS A us'kuy ,Dlpsat çkjafHkd le; ls gh iwjs ns'k esa O;kikj
djus dh vuqefr nh tkrh gSA ,u ,l b dks us'kuy LVkWd ,Dlpsat ds :i esa lekfo"V fd;k x;k FkkA
bfDoVh ;k 'ks;j D;k gS\
fdlh daiuh dh dqy bfDoVh laifÙk dks NksVs oxZ ds leku bdkbZ esa foHkkftr fd;k x;k gS] çR;sd bdkbZ dks 'ks;j
dgk tkrk gSA mnkgj.k ds fy, fdlh daiuh esa 20000000 #i;s dh dqy bfDoVh laifÙk dks 10 #i;s ds 2000000
bdkbZ esa foHkkftr fd;k tkrk gSA10 #i;s ds ,slh lHkh bdkbZ 'ks;j dgykrh gSA bl çdkj daiuh dks 10 #i;s ds
2000000 bfDoVh 'ks;j ds :i esa tkuk tkrk gSA ,sls 'ks;j èkkjdksa dks daiuh dk lnL; ekuk tkrk gS vkSj mls er
nsus dk vfèkdkj gksrk gSA
(Debt) _.k midj.k D;k gS\
_.k midj.k fdlh vuqca/k dk çfrfufèkRo djrk gS ftlds ekè;e ls ,d ikVÊ fdlh nwljs ikVÊ dks C;kt nj rFkk
vofèk] mèkkj ysus okys }kjk dtZ nkrk dks ewyèku jk'kh dk fQj ls Hkqxrku ds lacaèk esa iwoZ fuèkkZfjr 'krksZa ds vkèkkj
ij èku mèkkj nsrk gSA
Hkkjrh; lsD;qfjVh cktkj esa] ^c‚.M* 'kCn dk ç;ksx _.k midj.k ds :i esa fd;k tkrk gS tks dsUæ ljdkj] jkT;
ljdkj rFkk lkoZtfud {ks= laLFkk }kjk fuxZe fd;k tkrk gS rFkk ^fMcsapj* 'kCn dk ç;ksx futh fuxe {ks= ds
midj.kksa ds fy, fd;k tkrk gSA
MsfjosfVo D;k gS\
MsfjosfVo ,d çksMDV gS ftldk ewY; ,d ;k ,d ls vfèkd ewy izHkkfor djus okyh oLrq,sa ls fy;k tkrk gS ftls
(underlying) vaMjykbax dgk tkrk gSA bl çdkj dh laifÙk bfDoVh] baMsDl] fons'kh fofue; ¼QksjsDl½] eky
;k dksbZ vU; laifÙk gks ldrh gSA
4
çkjaHk esa yxHkx rhu lkS o"kksZa rd MsfjosfVo çksMDV eky ds ewY; rFkk eky ls lacafèkr phtksa ds mrkj p<+ko ds
fo#) ,d daVªksyj midj.k ds :i esa lkeus vk;k FkkA foÙkh; MsfjosfVo 1970 ds ckn ds n'kdksa esa foÙk cktkjksa
c<+rh ekax vfLFkjrk ds dkj.k lekus vk;kA fQj Hkh] buds m)o dky 1990 ls] ;g çksMDV cgqr yksdfç; gqvk]
;g MsfjosfVo çksMDV esa dqy dk;Z&laiknu ds yxHkx nks frgkbZ ds :i esa vkdfyr dh tkrh gSA
E;wpqoy QaM D;k gS\
E;wpqoy QaM ,d lkewfgd bdkbZ gS tks lsch ¼Hkkjrh; lsD;qfjVh rFkk fofue; cksMZ½ esa iath—r gksrs gSa tks O;fä
fo'ks"k ;k fuxe fuos'kdksa ls èku bdëk djrh gS vkSj fofHkUu foÙkh; midj.kksa esa ;k lsD;qfjVh tSls& bfDoVh 'ks;j]
ljdkjh lsD;qfjVh] c‚.M] fMcsapj bR;kfn esa bls fuos'k djrh gSA bl çdkj E;wpqoy QaM dks fuos'k O;kikj esa
foÙkh; eè;LFk ds :i esa ekuk tk ldrk gS tks yksxksa ls QaM bdëk djrh gS rFkk fuos'kdksa ds fy, bls fuos'k djrh
gSA E;wpqoy QaM fuos'kdksa dks bdkbZ fuxZe djrh gSA foHkkx ;k lsD;qfjVh ftlesa E;wpqoy QaM ds èku dk fuos'k
fd;k x;k gS] dh ç'kalk fuos'kdksa }kjk fuos'k fd;s x;s bdkbZ ds ewY; ij fuHkZj djrk gSA E;wpqoy QaM }kjk vius
fooj.k&if=dk esa fuèkkZfjr fuos'k dk mís'; E;wpqoy QaM ;kstuk esa layXu gksrk gSA fuos'k dk mís'; lsD;qfjVh ds
oxZ dks funZs"V djrh gS ftlesa E;wpqoy QaM dk fuos'k fd;k tk ldrk gSA E;wpqoy QaM fofHkUu laifÙk oxZ esa
tSls& bfDoVh] c‚.M] fMcsapj] O;kolkf;d isij] rFkk ljdkjh lsD;qfjVh esa fuos'k fd;k tkrk gSA E;wpqoy QaM }kjk
miyCèk ;kstuk çR;sd QaM esa ifjofrZr gksrs gSaA dqN 'kq) bfDoVh ;kstuk gksrs gSa( ckfd bfDoVh vkSj c‚.M dk
fefJr :i gksrs gSaA fuos'kdksa dks ykHkka'k ikus dk fodYi fn;k tkrk gS] ftldh ?kks"k.kk E;wpqoy QaM }kjk
le;≤ ij dh tkrh gS] ;k flQZ ;kstuk ds laifÙk lao`f) esa Hkkx ysus dk fodYi fn;k tkrk gSA
baMsDl D;k gS\
baMsDl crkrk gS fd cktkj dh ço`fÙk dh lwpuk nsus ds fy, fdlh 'ks;j ewY; dk fof'k"V foHkkx fdl çdkj vkxs
c<+rk gSA ;g lsD;qfjVh dh (basket) ckfLDV gS rFkk lsD;qfjVh dh (basket) ckfLDV dh vkSlr ewY; xfrfofèk
baMsDl dh xfr dks crkrk gS fd og Åij dh vksj tk jgh gS ;k uhps dh vksjA
U;klh ¼MsiksftVjh½ D;k gS\
U;klh ¼MsiksftVjh½ ,d cSad dh rjg gS tgk¡ lsD;qfjVh ¼tSls& 'ks;j] fMcsapj] c‚.M ljdkjh lsD;qfjVh ] bdkbZ
bR;kfn½ bysDVªkfud :i esa tek jgrh gSA
fMesVfj;sykbts'ku D;k gS\
fMesVfj;sykbts'ku ,d fofèk gS ftlds }kjk fdlh fuos'kd ds HkkSfrd çek.k&i= dks bysDVªksfud :i esa leku
lsD;qfjVh la[;k esa cnyk tkrk gS rFkk fuos'kd ds [kkrs esa mlds (Depository Participant) MsiksftVjh
izfrHkkfx;ksa ¼Mh ih½ ds lkFk tek fd;k tkrk gSA

vè;k; & 2
lsD;qfjVh
lsD;qfjVh ls D;k rkRi;Z gS\
lsD;qfjVh vuqcaèk fofu;e vfèkfu;e ¼,l lh vkj ,½] 1956 ds vuqlkj ^lsD;qfjVh* dh ifjHkk"kk esa 'ks;j] c‚.M]
(Scripts) fLdIV]
z LVkWd ;k vU; fdlh fuxe daiuh ;k fuxe bdkbZ] ljdkjh lsD;qfjVh ] lsD;qfjVh MsfjosfVo]
lkewfgd fuos'k ;kstuk dh bdkbZ] lsD;qfjVh esa C;kt rFkk vfèkdkj] lsD;qfjVh ikorh ;k dsUæ ljdkj }kjk ?kksf"kr
dksbZ vU; midj.k 'kkfey gSA
lsD;qfjVh cktkj dk D;k dk;Z gS\
lsD;qfjVh cktkj og LFkku gS tgk¡ lsD;qfjVh Øsrk vkSj foØsrk 'ks;j] c‚.M] fMcsapj bR;kfn [kjhn dh ysu&nsu ds
fy, ços'k dj ldrs gSaA vkxs ;g ukxfjd lg;ksx ls fuxe] Bsdsnkjksa dks vius daiuh rFkk O;olk; ds lalkèkuks
dks c<+kus esa lg;ksx djrh gSA lsD;qfjVh cktkj ds ekè;e ls vpy fjlkslZ ¼fuos'kdksa½ dks budh vko';drk okys
¼fuxeksa½ dks çHkkoh rjhds ls VªkalQj dh tkrh gSA vkSipkfjd :i ls] lsD;qfjVh cktkj fuos'k vkSj fuxe dks fQj
ls cpr djus ds fy, ekè;e çnku djrh gSA fofHkUu eè;LFkksa ds ekè;e ls fofHkUu foÙkh; çksMDV }kjk ftls
^lsD;qfjVh * dgrs gSa] cpr dks fuos'k ls tksM+ fn;k tkrk gSA
fdu lsD;qfjVh esa dksbZ fuos'k dj ldrk gS\
■ 'ks;j
■ ljdkjh lsD;qfjVh
■ MsfjosfVo çksMDV
■ E;wpqoy QaM dh bdkbZ bR;kfn] dqN lsD;qfjVh gS ftlesa lsD;qfjVh cktkj ds fuos'kd fuos'k dj ldrs gSaA
2.1 jsxqysVj
lsD;qfjVh cktkj (Regulator) jsxqysVj dh vko';drk D;ksa iM+rh gS\
lsD;qfjVh cktkj esa leqfpr çfr;ksfxrk dh 'krksZa ds vHkko us (Regulator) jsxqysVj dh Hkwfedk dks egÙoiw.kZ cukrk
gksA (Regulator) jsxqysVj lqfuf'pr djrk gS fd cktkj dk Hkkxhnkj mfpr rjhds ls is'k vk jgs gSa rkfd
lsD;qfjVh cktkj fuxe vkSj ljdkj ds fy, foÙk dk eq[; lzksr cuk jgs vkSj fuos'kdksa ds fgrksa dh j{kk gks ldsA
lsD;qfjVh cktkj dks dkSu fu;af=r djrk gS\
lsD;qfjVh cktkj dks fu;af=r djus dk nkf;Ro vkfFkZd ekeyksa ds foHkkx ¼Mh b ,½] daiuh ekeyksa ds foHkkx ¼Mh lh
,½] Hkkjrh; fjtoZ cSad ¼vkj ch vkb½ vkSj Hkkjrh; lsD;qfjVh rFkk fofue; cksMZ ¼lsch½ }kjk lk>k fd;k tkrk gSA
6
lsch D;k gS rFkk bldh Hkwfedk D;k gS\
(The Security Exchange Board of India) Hkkjrh; lsD;qfjVh rFkk fofue; cksMZ ¼lsch½ ] Hkkjr ds cksMZ ¼lsch½] lsch
vèkhfu;e 1992 dh vuqHkkx 3 ds varxZr LFkkfir gSA lsch vèkhfu;e १९९२ oSèkkfud vfèkdkjksa ds lkFk Security Exchange
Board of India Hkkjrh; lsD;qfjVh rFkk fofue; cksM ¼lsch½ dh LFkkiuk miyCèk djkrh gS&
¼d½ lsD;qfjVh esa fuos'kdksa ds fgrksa dk j{kk djuk

¼[k½ lsD;qfjVh cktkj ds fodkl dks çksUur djuk vkSj
¼x½ lsD;qfjVh cktkj dks fu;af=r djukA
lsD;qfjVh cktkj ls lacafèkr lHkh eè;LFkksa rFkk O;fä;ksa ds vfrfjä blds fu;a=.k çkfèkdkj dks laifÙk dks fuxZe djus rFkk lsD;qfjVh
ds gLrkarj.k esa fuxeksa rd c<+k;k x;k gSA lsch dks leqfpr :i ls dfFkr dk;Z dks laikfnr djus ds fy, cpuc) fd;k x;k gSA
fo'ks"k :i ls bls fuEufyf[kr vfèkdkj gS %
■ LVkWd ,Dlpsat rFkk vU; lsD;qfjVh cktkj esa O;kikj dks fu;af=r djukA
■ LV‚d czksdjksa] miczksdjksa bR;kfn ds dk;Z dks iath—r djuk rFkk fu;af=r djukA
■ Lo;a fu;af=r laxBu dks çksUur djuk rFkk mls fu;af=r djukA
■ èkks[kkèkM+h rFkk vuqfpr O;kikj cktkj ij jksd yxkukA
■ liFk tk¡p] LVkWd ,Dlpsat dh ys[kk rFkk tk¡p] eè;LFkksa] Lofu;af=r laxBuksa] E;wpqoy QaM rFkk lsD;qfjVh cktkj ls lacafèkr vU;
O;fä;ksa dks lqpuk ds fy, cqykukA
2.2 Hkkxhnkj
lsD;qfjVh cktkj ds Hkkxhnkj dkSu gksrs gSa\
lsD;qfjVh cktkj esa vko';d :i ls rhu çdkj ds Hkkxhnkj gksrs gSa uker%] lsD;qfjfV;ksa dks tkjh djus okyk] lsD;qfjfV;ksa esa fuos'kd
rFkk eè;LFk] tSls& O;kikjh cSadj] czksdj bR;kfnA tgk¡ fuxe vkSj ljdkj viuk nkf;Ro fuHkkus ds fy, lsD;qfjVh cktkj esa fjlkslZ dh
o`f) djrh gS] ogha ifjokj lsD;qfjVh cktkj esa vius cpr dk fuos'k djrh gSA
D;k eè;LFk ds ekè;e ls fuos'k djuk vko';d gS\
;g lykg nh tkrh gS fd fdlh eè;LFk ds ekè;e ls ysu&nsu djsaA mngj.k ds fy, ;fn vki LVkWd ,Dlpsat ij dksbZ lsD;qfjVh
[kjhnuk ;k cspuk pkgrs gSa rks vkidks fdlh LVkWd fofue; ds O;kikj lnL; ds ekè;e ls ysu&nsu djus dh vko';drk gksxhA ;fn
vki fMeV ds :i esa lsD;qfjVh dks cjdjkj j[kuk pkgrs gSa rks vkidks fdlh U;klh ¼MsiksftVjh½ ds lkFk [kkrk cukus dh vko';drk
gksxhA ;fn vki lkoZtfud fuxZeksa esa fuos'k djrs gSa rks vkidks blds fy, cSadj ds lkFk èku tek djus dh vko';drk gksxhA ;fn vki
fdlh eè;LFk ds ekè;e ls fyu&nsu djrs gSa rks vkidks fn'kk&funZs'k feysaxsA fdlh lsch iath—r eè;LFk dk pquko djsa] D;ksafd og
vius fØ;kdyki ds çfr mÙkjnk;h gSA iath—r eè;LFkksa dh lwph fofue;] m|ksx laxBu bR;kfn esa miyCèk gksrs gSaA
lsD;qfjVh cktkj ds fdrus Hkkx gSa\
lsD;qfjVh cktkj ds nks eq[; Hkkx gaS % çkFkfed ¼u;k miyCèk½ cktkj rFkk lsdsaMjh cktkjA çkFkfed cktkj u;s lsD;qfjVh dks cspus dk
lzksr miyCèk djkrk gS tcfd lsdsaMjh cktkj igys ls miyCèk lsD;qfjVh dks ns[krk gSA

vè;k; & 3
çkFkfed cktkj
^çkFkfed cktkj* dh D;k Hkwfedk gS\
çkFkfed cktkj ubZ lsD;qfjVh dks cspus dk lzksr miyCèk djkrk gSA çkFkfed cktkj ljdkj rFkk fuxeksa dks mudh
fuos'k lacaèkh vko';drk dh iwfrZ ds fy, lalkèku c<+kus rFkk vU; nkf;Ro fuHkkus ds fy, lsD;qfjVh çnku djus dk
volj çnku djrk gSA ;s vafdr ewY; ij ;k NwV vFkok fçfe;e ij lsD;qfjVh fuxZe dj ldrs gSa] vkSj ;s
lsD;qfjVh vusd :iksa esa gks ldrs gSa tSls& bfDoVh] _.k bR;kfnA ;s ?kjsyw cktkjksa rFkk varjkZ"Vªh; cktkjksa esa
lsD;qfjVh fuxZe dj ldrs gSaA
fdlh 'ks;j ;k fMcsapj ds vafdr ewY; ls D;k rkRi;Z gS\
fdlh tkjhdrkZ okyk }kjk lsD;qfjVh esa yxk;s tkus okys lkekU; ;k dfFkr jk'kh ¼#i;s esa½A 'ks;j ds fy, ;g
çek.k&i= esa fn[kk;s x;s LV‚d dk ewy dher gS( c‚.M ds fy, ;g esP;ksfjVh ij fuos'kd dks Hkqxrku dh tkus
okyh jk'kh gSA bls leewY; ;k le ds uke ls fHk tkuk tkrk gSA fdlh bfDoVh 'ks;j ds fy, vafdr ewY; lkekU;r%
vfr vYi jk'kh ¼5 ;k 10 #i;s½ gS vkSj 'ks;j ds ewY; ij vfèkd çHkko ugha Mkyrk gS] tks cktkj esa vfèkd crk;k tk
ldrk gS] 100 #i;k ;k 1000 #i;k ;k blls Hkh vfèkdA _.k lsD;qfjVh ds fy,] vafdr ewY; og jk'kh gS ftldk
fuos'kd dks c‚.M ifjiDo gks tkus ij fQj ls Hkqxrku fd;k tkrk gS ¼lkekU;r% ljdkjh lsD;qfjVh vkSj fuxe ds
c‚.M dk vafdr ewY; 100 #i;k gksrk gS½A vFkZO;oLFkk ds C;kt nj ds mrkj&p<+ko ij og ewY; ftlds Åij
lsD;qfjVh O;kikj fuHkZj djrk gSA
lsD;qfjVh cktkj esa fçfe;e vkSj NwV tSls 'kCnksa ls vki D;k le>rs gSa\
lsD;qfjVh lkekU;r% 5+ 10 ;k 100 dh ek=k esa fuxZe dh tkrh gSA ;g lsD;qfjVh dk vafdr ewY; ;k leewY;
dgykrk gS tSlk fd igys crk;k x;k gSA tc fdlh lsD;qfjVh dks mlds vafdr ewY; ls Åij ds ewY; ij cspk
tkrk gS rks bls fçfe;e ij fuxZe ekuk tkrk gS vkSj tc bls vafdr ewY; ls de ij cspk tkrk gS rks bls NwV ij
fuxZe ekuk tkrk gSA
3-1 'ks;j dk fuxZeu
daiuh }kjk turk dks 'ks;j fuxZe djus dh vko';drk D;ksa iM+rh gS\
vfèkdka'k daifu;k¡ vius leFkZdksa }kjk futh rkSj ij çkjaHk fd;k tkrk gSA vr% leFkZdksa dh iw¡th vkSj cSad rFkk
foÙkh; laLFkk ls fy;k x;k mèkkj yacs le; rd O;olk; dks LFkkfir djus rFkk mls pykus ds fy, i;kZIr ugha
gksrk gSA blhfy, daifu;k¡ yksxksa dks bfDoVh esa lg;ksx nsus ds fy, vkeaf=r djrh gS vkSj O;fäxr fuos'kdksa dks
'ks;j fuxZe djrh gSA yksxksa ls ^tu fuxZe* ds ekè;e ls 'ks;j iw¡th vkeaf=r dh tkrh gSA lkekU;r% tu fuxZe
yksxksa ds fy, daiuh ds 'ks;j iw¡th esa lg;ksx ds fy, ,d çLrko gSA tc ;g iwjk dj fy;k tkrk gS rks lsch }kjk
fuèkkZfjr fu;eksa ds vuqlkj daiuh vkosndksa dks 'ks;j miyCèk djkrh gSA
8
fofHkUu çdkj ds fuxZe D;k gSa\
çFker;k] fuxZe dks tu] vfèkdkj ;k fuxZe Js"Brk ¼futh LFkkukiUu ds uke ls Hkh tkuk tkrk gS½ ds vkèkkj ij
oxÊ—r fd;k tk ldrk gSA tgk¡ tu rFkk vfèkdkj igyqvksa esa dbZ fu;e 'kkfey gS] futh LFkkukiU; ;k fuxZe
Js"Brk vis{kk—r ljy gSA fuxZe dk çdkj uhps fd;k x;k gS%
çkjafHkd tu viZ.k ¼vkb ih vks½ og gS tc fdlh fcuk lwph okyh daiuh us turk ds fy, ;k rks u;k lsD;qfjVh
fuxZe djrh gS ;k viuh orZeku lsD;qfjVh cspus dk çLrko j[krh gS ;k ,d gh le; ij nksuksa dk;Z djrh gSA ;g
dk;Z tkjhdrkZ ds lsD;qfjVh dks lwphc) djus rFkk O;kikj ds fy, dke vklku cukus dk dk;Z djrh gSA
tu miyCèkrk dk vuqlj.k ¼vkxs dk fuxZeu½ rc gksrk gS tc igys ls lwphc) daiuh ;k rks turk ds fy,
u;k lsD;qfjVh cukrk gS ;k turk dks fuxZe nLrkost ds ekè;e ls fcØh dk çLrko nsrh gSA
vfèkdkj miyCèkrk rc gksrk gS tc iath—r frfFk ij fdlh lwphc) daiuh us vius orZeku 'ks;jèkkjdksa dks ubZ
lsD;qfjVh miyCèk djrh gSA vfèkdkj lkekU;r% fuxZe ls igys ds lsD;qfjVh dh la[;k ds fo'ks"k vuqikr esa
çLrkfor dh tkrh gSA ;g fuxZeu ml daiuh ds fy, vfèkd mi;qä gS tks vius orZeku 'ks;j èkkjdksa dks lk>snkjh
ls gVk;s fcuk vius iw¡th dks c<+kuk pkgrk gSA
Js"Brk miyCèkrk daiuh vfèkfu;e] 1956 ds vuqHkkx 81 ds varxZr lwphc) daifu;ksa }kjk O;fä;ksa ds lewg ds
pquko ds fy, ,d 'ks;j çLrko ;k ifjorZuh; lsD;qfjVh gS] tks u rks vfèkdkj miyCèkrk gS vkSj u rks tu fuxZeu
gSA ;g fdlh daiuh }kjk bfDoVh iw¡th c<+kus dk 'kh?kzre ekè;e gSA fuxZe djus oyh daiuh dks lsch fn'kk&funZs'k
ds vè;k; esa of.kZr daiuh vèkhfu;e rFkk vko';drkvksa dk ikyu djuk gksxk] ftlesa ewY;] uksfVl }kjk crkuk
bR;kfn lkFk&lkFk 'kkfey gSA
fuxZeu (issues) dk Hksn
fuxZeu
turk vf/kdkj vf/kekU;
bfuf'k;y ifCyd vkWQfjax QnZj ifCyd vkWQfjax
Qzs'k b';wt vkWQj QkWj lsy Qzs'k b';wt vkWQj QkWj lsy
fuxZeu (issues) ewY; dk D;k vFkZ gS\
og ewY; ftl ij çkjaHk esa daiuh ds 'ks;j dks çkFkfed cktkj esa fuxZe fd;k tkrk gS] fuxZe ewY; dgykrk gSA
tc ;g O;kikj djuk çkjaHk djrk gS] rks cktkj ewY; fuxZe ewY; ls Åij ;k uhps gks ldrk gSA

cktkj iw¡thdj.k ls D;k rkRi;Z gS\
fdlh dfFkr daiuh dk cktkj ewY;] ftldk vkdyu mlds orZeku 'ks;j ewY; ¼cktkj ewY;½ dks miyCèk 'ks;j dh
la[;k ls xq.kuQy }kjk fd;k tkrk gS] cktkj iw¡thdj.k dgykrk gSA mnkgj.k ds fy, daiuh v }kjk tkjh 'ks;jksa
dh la[;k 120 gS vkSj orZeku cktkj ewY; 100 #i;s gSa rks daiuh v dk cktkj iwathdj.k 12000 fefy;u #i;s gSaA
tu fuxZeu ¼issues½ vkSj futh VªkalQj esa D;k varj gS\
tc dksbZ fuxZeu ¼issues½ flQZ fdlh pqus gq, O;fä;ksa ij ugha djrs gq, lkekU; tu ds fy, rFkk foLr`r :i esa fdlh vU;
fuos'kdksa ds fy, [kksy fn;k tkrk gS] rks mls tu fuxZeu dgk tkrk gSA ysfdu ;fn fuxZeu fdlh pqus gq, O;fä;ksa esa fd;k tkrk gS rks
mls futh LFkkukiUu dgk tkrk gSA daiuh vfèkfu;e] 1956 ds vuqlkj dksbZ fuxZeu lkoZtfud gks tkrk gS tc mls 50 O;fä;ksa ;k
blls vfèkd O;fä;ksa dks vkoafVr dh tkrh gSA bldk rkRi;Z gS fd dksbZ fuxZeu futh :i ls LFkkukiUu fd;k tk ldrk gS] tc
mldk c¡Vokjk 50 O;fä;ksa ls de ds chp fd;k tkrk gSA
çkjafHkd tu çLrko ¼vkb ih vks½ D;k gS\
fdlh çkFkfed cktkj esa turk ds chp lsD;qfjVh dh fcØh çkjafHkd tu çLrko ¼vkb ih vks½ gSA ;g rc gksrk gS tc dksbZ lwph ls
vyx daiuh ;k rks u;k lsD;qfjVh miyCèk djrh gS ;k vius orZeku lsD;qfjVh dh fcØh dk çLrko j[krh gS ;k nksuksa dk;Z turk ds
chp igyh ckj djrh gSA ;g tkjhdrkZ ds lsD;qfjVh ds lwphdj.k rFkk mlds O;kikj dk ekxZ ç'kLr djrh gSA lsD;qfjVh dh fcØh ;k
rks iqLrd fuekZ.k ds ekè;e ls dh tkrh gS ;k bls lkekU; turk esa miyCèk dj fd;k tkrk gSA
fdlh fuxZe dk ewY; fuèkkZj.k dkSu djrk gS\
Hkkjrh; çkFkfed cktkj dk çknqHkkZo Lora= ewY; dky esa 1992 esa gqvkA blds ckn] ;g fn'kk&funZs'k miyCèk djk;k x;k fd ewY; dk
fuèkkZj.k O;kikj cSadj ds laidZ dk fuxZeudrkZ }kjk fd;k tk,xkA lsch }kjk dksbZ ewY; lw= dk vuqcaèk ugha fd;k x;k gSA ewY; LFkkiu
esa lsch dh dksbZ Hkwfedk ugha gSA fQj Hkh daiuh vkSj O;kikjh cSadj dks çkpky ds iw.kZ fMLDykstj dh vko';drk gS] tks mlus fuxZe ewY;
dk fu.kZ; ysrs le; fuèkkZfjr dh FkhA fuxZe ds nks çdkj gSa] igyk tgk¡ daiuh vkSj (Lead) yhM O;kikjh cSadj ewY; fuèkkZfjr djrk gS
¼ftls fu;r ewY; dgrs gSa½ vkSj nwljk] tgk¡ daiuh vkSj (Lead) yhM eSustj ¼,y ,e½ fuEu ewY; ;k ewY; cS.M dk vuqcaèk djrk gS
vkSj bldk vafre ewY; ¼iqLrd fuekZ.k fofèk ds }kjk ewY; dh [kkst½ fuèkkZj.k djus ds fy, bls cktkj çcyrk ij NksM+ fn;k tkrk gSA
îqLrd fuekZ.k fofèk }kjk ewY; dh [kkst* ls D;k rkRi;Z gS\
iqLrd fuekZ.k ewy :i ls çHkkoh ewY; dh [kkst ds fy, vkbZ ih vks esa ç;ksx dh tkus okyh ,d fofèk gSA ;g ,d ;a= gS tgk¡] vkb ih vks
ds [kqys jgus dh vofèk esa fuos'kdksa }kjk vyx&vyx ewY;ksa ij Mkd ,df=r dh tkrh gS] tks çkjafHkd ewY; ls vfèkd ;k leku gksrh
gSA çLrko ewY; dk fuèkkZj.k Mkd ds can gksus dh frfFk ds ckn dh tkrh gSA
iqLrd fuekZ.k ds ekè;e ls 'ks;j dk çLrko rFkk lkekU; tu fuxZeu }kjk 'ks;j dk çLrko esa D;k
varj gS\
ftl ewY; ij lsD;qfjVh dk vkoaVu fd;k tk,xk mls iqLrd fuekZ.k }kjk 'ks;j çLrko fofèk ls ugha tkuk tkrk gS] tcfd lkekU;
tu fuxZeu }kjk 'ks;j çLrko dh fLFkfr esa fuos'kdksa dks vfxze :i ls ewY; dk irk gksrk gSA iqLrd fuekZ.k ds varxZr fuos'kd çkjafHkd
ewY; ij ;k blls Åij 'ks;j dk Mkd yxkrk gS rFkk iqLrd fuekZ.k fofèk ds can gks tkus ds ckn ewY; dk fuèkkZj.k 'ks;j vkoaVu ds fy,
fd;k tkrk gSA
10
iqLrd fuekZ.k ds ekeys esa] ek¡x dh tkudkjh çfrfnu gks ldrh gS D;ksafd iqLrd dk fuekZ.k fd;k tkrk gSA ysfdu tu fuxZeu ds
ekeys esa fuxZeu ds can gksus ij ek¡x dh tkudkjh feyrh gSA
vafre ewY; D;k gS\
iqLrd fuekZ.k fuxZeu esa] tkjh djus okys dks lwfpr djus dh vko';drk gksrh gS fd çkjafHkd ewY; ;k ewY; cSaM fooj.k if=dk esa gSA
okLrfod [kkstk x;k fuxZe ewY; dher cSaM esa ik;s tkus okys dksbZ Hkh ewY; ;k çkjafHkd ewY; ls Åij dk dksbZ Hkh ewY; gks ldrk gSA ;g
fuxZe ewY; ^vafre ewY;* dgykrk gSA tkjh djus okyk vkSj (Lead) yhM eSustj iqLrd ds ekè;e ls bldk fu.kZ; ysrk gS vkSj
fuos'kd LV‚d dk vfHkyk"kk j[krk gSA
iqLrd fuekZ.k ds ekeys esa çkjafHkd ewY; D;k gS\
çkjafHkd ewY; og U;wure ewY; gS ftl ij fd Mkd ;k cksyh yxkbZ tkrh gSA
fdlh iqLrd fufeZr IPO ¼vkb ih vks½ esa ewY; cSaM D;k gS\
fooj.k iqfLrdk esa lsD;qfjVh dk çkjafHkd ewY; ;k fuos'kdksa }kjk Mkd dh tk ldus okyh ewY; cSaM ik;k tk ldrk gSA ewY; cSaM ds
çkjafHkd rFkk vafre fcanq ds chp dk varj 20 çfr'kr ls vfèkd ugha gksxkA vU; 'kCnksa esa] bldk vFkZ gS fd vafre fcanq çkjafHkd ewY; ds
120 çfr'kr ls vfèkd ugha gksuk pkfg,A ewY; cSaM dk la'kksèku gks ldrk gS vkSj ewY; cSaM esa bl çdkj ds la'kksèku dks LVkWd ,Dlpsat
dks lwfpr dj çsl }kjk rFkk lacafèkr osc lkbV vkSj iqLrd fuekZ.k fofèk esa Hkkx ysus okys O;kikj lnL;ksa ds VfeZuy esa ifjorZu dks
lwfpr dj foLr`r :i ls çpkfjr fd;k tk ldrk gSA ewY; cSaM ds la'kksèku dh fLFkfr esa Mkd vofèk dks vxys rhu fnuksa rd c<+k;k tk
ldrk gS] c'krZs fd dqy Mkd vofèk nl fnuksa ls vfèkd u gksA
ewY; cSaM dk fu.kZ; dkSu djrk gS\
;g le>k tk ldrk gS fd fuxZeu ds ewY; fuèkkZj.k esa jsxqys'kura= dh dksbZ Hkwfedk ugha gksrh gSA ewY; ;k ewY; cSaM dk fuèkkZj.k O;kikjh
cSadjksa ds laidZ ls daiuh rd lhfer jgrk gSA
iqLrd fuekZ.k dh vofèk esa Mkd ds [kqys jgus ds fy, U;wure fnuksa dh la[;k D;k gS\
iqLrd U;wure rhu fnuksa rd [kqyh jguh pkfg,A
D;k iqLrd fuekZ.k ds fy, [kqyh cksyh ç.kkyh dk ç;ksx fd;k tk ldrk gS\
ugh]a lcsh ds vulqkj flQZ byDsVkªfWud ls tMqk+ VkªlaikjVas QfslfyVh dk ç;kxs iLqrd fuek.Zk ds ekeys eas ç;kxs djus ds fy, Loh—r gAS
D;k dksbZ vdsyk buosLVj vkosnu djus ds fy, iqLrd fuekZ.k lqfoèkk dk ç;ksx dj ldrk gS\
gk¡A
dksbZ dSls tkurk gS fd 'ks;j vkb ih vks ;k çLrko esa fcØh ds fy, vkcafVr gS\ 'ks;j vkcafVr ugha
fd;s tkus dh fLFkfr esa okilh çkIr djus dk le; lhek D;k gS\
lsch vfèkfu;e] 2009 ds vuqlkj ¼iw¡th fuxZeu rFkk mn~?kkVu vko';drk½ vkcaVu dk vkèkkj fuxZe dh can gksus dh frfFk ls vkB fnuksa

rd iwjk gks tkuk pkfg,A T;ksa gh vkcaVu dk vkèkkj iwjk gks tkrk gS] fMeV [kkrk ;k vkcaVu lykg vkSj okilh vkns'k dk çs"k.k nks dk;Z
fnol ds vanj iwjk djus gksrk gSA bl çdkj fuos'kd dks fuxZeu can gksus ls yxHkx 11 fnuksa rd irk gks tkuk pkfg, fd mUgsa 'ks;j dk
vkcaVu gqvk gS ;k ughaA
'ks;j fuxZeu ds ckn lqphc) gksus esa fdruk le; yxrk gS\
iqLrd fuekZ.k fuxZeu ds can gksus ds ckn blesa 12 dk;Z fnol dk le; yxrk gSA
fdlh fuxZeu esa ^jftLVªkj* dh D;k Hkwfedk gksrh gS\
jftLVªkj vekU; vkosnuksa dks gVkdj ;ksX; vkcaVdksa dh lwph dks vafre :i nsrk gS] tks lqfuf'pr djrk gS fd vkosndksa ds fMeV [kkrs
esa 'ks;j dks ØsfMV djus esa fuxe dk;Z djrk gS rFkk v;ksX; vkosndksa dks okilh dk vkns'k Hkstk tkrk gSA (Lead) yhM eSustj
vuqlj.k dks lqfuf'pr djus esa jftLVªkj dk lg;ksx djrk gS rkfd cSad 'kk[kk ls ,df=r djus esa vkosnuksa dk vkgj.k] vkosnuksa ij
dk;Zokgh rFkk vU; rF;ksa dks vkoaVu ds vkèkkj rd vafre :i fn;k tk lds] lsD;qfjVh çek.k i= rFkk okilh vkns'k dk çs"k.k iwjk gks
lds rFkk lsD;qfjVh lwphc) fd;k tk ldsA
D;k ,u ,l b vkb ih vks dks dksbZ lqfoèkk çnku djrk gS\
gk¡] ,u ,l b dk bysDVªkWfud O;kikj usVodZ ns'k esa pkjksa vksj QSyk gqvk gS tks lqnwj {ks=ksa ds fuos'kdksa dks tksM+rk gSA ,u ,l b us bl
lqfoèkk ds çLrko dks iqLrd fuekZ.k fofèk ds ekè;e ls vk¡u ykbu vkb ih vks miyCèk djkus dk fu.kZ; fy;k gSA ,u ,l b ,d iw.kZr%
Lopkfyr LØhu vkèkkfjr Mkd ç.kkyh dk lapkyu djrk g]S ftls ,u b , Vh vkbZ ih vks dgrs gSa tks O;kikj ds lnL;ksa dks muds
dk;kZy; ls ifj"—r Vsyh lwpuk usVodZ ds ekè;e ls lhèks Mkd esa ços'k djus ds fy, çsfjr djrk gSA
,u ,l b ç.kkyh ds ekè;e ls iqLrd fuekZ.k ls dbZ ykHk gaS %

■ ,u ,l b ç.kkyh lsD;qfjVh esa iwjs ns'k esa Mkd lqfoèkk çnku djrk gSA vkèkqfudre bysDVªkWfud ç.kkyh ds ç;ksx }kjk ;g leqfpr]
çHkkoh vkSj ikjn'kÊ Mkd miyCèk djkrk gSA
■ fuxZeu esa 'kkfey ykxr lkekU; vkb ih vks ds ykxr ls dkQh de gksrs gSaA
■ ;g ç.kkyh fuxZeu fofèk ds iwjk gksus esa yxus okys le; dks de djrk gSA vkb ih vks cktkj dk le; 10-00 cts iwokZà ls 5-00
cts eè;kà rd gSA
fooj.k lwph D;k gS\
cgqr cM+h la[;k esa ubZ daifu;k¡ lkoZtfud fuxZe fudkyrh gSA tgk¡ bu daifu;ksa esa vfèkdka'k vlyh gksrs gSa ogha dqN fuos'kdksa dk
'kks"k.k djuk pkgrh gSA blhfy, ;g vko';d gks tkrk gS fd fdlh fuos'kd dks fdlh daiuh esa fuos'k djus ls igys ml daiuh dh
Hkfo"; dh laHkkouk dks igpkusA lsch }kjk tkjh fn'kk&funZs'k dk ,d Hkkx turk ds fy, lwpuk dk mn~?kkVu gSA bl mn~?kkVu esa èku
c<+kus dk dkj.k] èku [kpZ ds çkoèkku ds rjhds] èku ij vuqekfur okilh tSls lwpuk 'kkfey gksrs gSaA ;g lwpuk ^fooj.k iqfLrdk* ds
:i esa gksrs gSa] ftlesa fuxZeu dk vkdkj] daiuh dh orZeku fLFkfr] mldk bfDoVh iw¡th] mldk orZeku rFkk Hkwr dk çn'kZu] çksUufr]
çkstsDV] çkstsDV dk ykxr] tek djus dk lkèku] çksMDV vkSj {kerk bR;kfn tSlh lwpuk Hkh 'kkfey gksrs gSaA blesa vèkksfyf[kr rFkk
oSèkkfud ckè;rk ls lacafèkr vko';d lwpuk Hkh ik;k tkrk gSA ;g fuos'kd dks daiuh ds vYikofèk rFkk vfèkd le; ds fy, laHkkouk
dks vkdfyr djus esa enn djrk gSA
12
^Mªk¶V çLrkfor nLrkost* ls D;k rkRi;Z gS\
^çLrko nLrkost* ls rkRi;Z gS tu fuxZeu ds ekeys esa fooj.k lwph ;k vfèkdkj fuxZeu ds ekeys esa fcØh ds fy, çLrko rFkk çLrko
i= tks daiuh ds jftLVªkj ¼vkj vks lh½ vkSj LVkWd ,Dlpsat ¼,l b½ ds lkFk Qkby dh tkrh gSA fdlh ^çLrko nLrkost* esa fuos'kd
ds fuos'k djus ds fu.kZ; ls lacafèkr lHkh vko';d lwpuk ekStwn gksrs gSaA
^Mªk¶V çLrko nLrkost* dk vFkZ gS Mªk¶V fLFkfr esa çLrko nLrkostA Mªk¶V çLrko nLrkost yky gsfjax fooj.k lwph ds iathdj.k ;k
vkj vks lh ds lkFk fooj.k lwph ls de ls de 30 fnu igys lsch ds lkFk Qkby fd;k tkrk gSA Mªk¶V çLrko nLrkost esa fdlh
ifjorZu] ;fn dksbZ gks rks] dks lsch fufnZ"V dj ldrk gS vkSj tkjh djus okyk ;k QkWjoMZ O;kikj cSadj Mªk¶V çLrko nLrkost esa ,sls
ifjorZu dks vkj vks lh ds ikl ,sls nLrkost ys tkus ls igys fuiVk,xkA Mªk¶V çLrko nLrkost lsch osclkbV ij tu fVIi.kh ds
fy, 21 fnuksa dh vofèk rd lsch ds lkFk Mªk¶V çLrko nLrkost Qkby djus ds fy, miyCèk jgsxkA
^laf{kIr fooj.k lwph* D;k gS\
^laf{kIr fooj.k lwph* fooj.k lwph dk vYi :i gS vkSj blesa fooj.k lwph ds lHkh vko';d fo'ks"krk ikbZ tkrh gSA blesa tu fuxZeu ds
vkosnu QkeZ miyCèk gksrs gSaA
^fooj.k lwph ;k çLrko nLrkost* dkSu rS;kj djrk gS\
lkekU;r% daiuh dh tu fuxZe Ô;kikj cSadj }kjk tkjh dh tkrh gS] tks ifj;kstuk ds ewY;&fuèkkZj.k] ifj;kstuk ds ewY; dks vafre :i
nsus] ykHk vkdyu vkSj ^fooj.k lwph* rS;kj djus ds fy, mÙkjnk;h gksrk gSA ^fooj.k lwph* dks lsch ds vuqeksnu ds fy, j[kk tkrk gSA
y‚d&bu ls D;k rkRi;Z gS\
^y‚d&bu* 'ks;j dh fcØh esa dqN vofèk ds fy, :dkoV dks lwfpr djrk gSA lsch dk fn'kk&funZs'k çkseksVj }kjk 'ks;j ds y‚d&bu
vko';drk dks eq[; :i ls ;g lqfuf'pr djus ds fy, vuqcafèkr djrk gS fd daiuh dks fu;a=.k djus okyk çkseksVj ;k eq[; O;fä
tu fuxZeu ds ckn daiuh ds fy, dqN U;wure çfr'kr j[kuk tkjh j[k ldsA
^lsD;qfjVh ds lwphdj.k* ls D;k rkRi;Z gS\
lwphdj.k ls rkRi;Z fdlh vkSipkfjd djkj ds ekè;e ls LVkWd ,Dlpsat esa O;kikj ykHk ds fy, tkjh djus okyk ds lsD;qfjVh dk
ukekadu gSA fofue; esa ukekadu dk eq[; mís'; lsD;qfjVh dks fyfDofMVh vkSj cktkjhdj.k miyCèk djkus ds lkFk&lkFk O;kikj dks
çHkkoh :i ls fu;af=r djus rFkk i;Zos{k.k ds fy, ;a=&jpuk miyCèk djkuk gSA
^lwphc) djkj* D;k gS\
LVkWd ,Dlpsat ij fdlh daiuh dh lsD;qfjVh dh lwph rS;kj djrs le;] daiuh dks fofue; ds lkFk ,d lwphc) djkj esa ços'k djus
dh vko';drk gksrh gSA lwphc) djkj lwph rFkk mn~?kkVu ds fu;eksa ,oa 'krksZa dks fufnZ"V djrh gS tks fofue; ds fy, daiuh }kjk
fu;fer :i ls cuk;k tk,xkA

^lsD;qfjVh dk (Dilis ng) MhfyfLVax ls D;k rkRi;Z gS\
^lsD;qfjVh dks (Dilis ng) MhfyfLVax djuk* tSls okD; dk vFkZ fdlh lwphc) daiuh dh lsD;qfjVh dks LVkWd ,Dlpsat ls LFkk;h
:i ls gVkuk gSA lwph ls gVkus ds ifj.kkeLo:i] ml daiuh dh lsD;qfjVh ml LVkWd fofue; esa O;kikj ugha dj ldsxkA
fdlh fuxZeu esa lsch dh D;k Hkwfedk gS\
fdlh daiuh }kjk tu fuxZeu cukrs le; ;k fdlh lqphc) daiuh }kjk 50 yk[k #i;s ls vfèkd ewY; dk vfèkdkj fuxZeu cukus ds
fy, mls lsch ds lkFk mlds voyksdu gsrq Mªk¶V çLrko nLrkost Qkby djus dh vko';drk gksrh gSA daiuh lsch ds voyksdu ds
ckn gh igyw ij vkxs c<+ ldrh gSA lsch ds voyksdu i= dk ekU;rk vofèk ek= rhu eghuk gS] vFkkZr~ daiuh dks viuk eqík rhu eghus
ds vanj gh [kksyuk gSA
lsch ds fdlh fuxZeu ds vuqeksnu ls D;k rkRi;Z gS\
lsch ugha rks fdlh fuxZeu dk vuqeksnu djrh gS vkSj u gh fdlh ;kstuk ds foÙkh; çHkko ;k fdlh ifj;kstuk dh ftlds fy, fuxZeu
(issues) çLrkfor gS ;k fn;s x;s dFku ds lqèkkj ds fy, ;k çLrko nLrkost esa fn;s x;s fopkj ds fy, dksbZ nkf;Ro ysrk gSA lsch
eq[; :i ls ;g ns[kus ds fy, fuxZeu (issues) dh tk¡p djrk gS fd tkjhdrkZ daiuh }kjk fooj.k lwph ;k çLrko nLrkost esa
i;kZIr mn~?kkVu fd;k x;k gSA
D;k lsch dk yscy fdlh O;fä dh laifÙk dks lqjf{kr djrk gS\
fuos'kd dks çLrko nLrkost esa mn~?kkfVr fo"k; lwph ds vkèkkj ij [kqn ,d lwfpr fu.kZ; ysuk pkfg,A lsch [kqn dks fdlh fuxZeu
(issues) ;k tkjh djus okyk ds lkFk lacafèkr ugha djrk gS rFkk fuxZeu ds ekè;e ls fuos'kd }kjk çLrkfor fdlh QaM dh xkjaVh
ugha nsrk gSA fQj Hkh fuos'kd dks lkekU;r% fuxZe ls lacafèkr lHkh rF;ksa ds lkFk&lkFk tksf[ke igyqvksa dks fdlh fuos'k ds fu.kZ; ysus
ls igys vè;;u djus dh lykg nsrh gSA fdlh xSj ljdkjh ^rjhds* ;k lekpkjksa ij foÜokl djus ds fc#) mUgsa çHkkoh :i ls
lkoèkku fd;k tkrk gSA
3.2 fons'kh iw¡th dk çdk'ku
D;k Hkkjrh; daifu;k¡ fons'kh eqæk lalkèku mBk ldrh gS\
gk¡A Hkkjrh; daifu;k¡ nks eq[; lzksrksa }kjk fons'kh eqæk fjlkslZ dks mBkus ds fy, vuqeksfnr gS% d½ fons'kh eqæk ifjorZuh; c‚.M dk
fuxZeu ftls vke :i ls ^;wjks* fuxZeu ds uke ls tkuk tkrk gS rFkk [k½ U;klh ¼MsiksftVjh½ ikorh ds ekè;e ls vke 'ks;j dk fuxZeu
ftls ôSf’od U;klh ¼MsiksftVjh½ ikorh ¼th Mh vkj½ ;k vejhdh U;klh ¼MsiksftVjh½ ikorh ¼, Mh vkj½ ds uke ls tkuk tkrk gS] dks
fons'kh fuos'kdksa dks fuxZe dj vFkkZr~ lkaLFkkfud fuos'kdksa ;k oS;fäd fuos'kdksa dks tkjh djA
vejhdh ¼MsiksftVjh½ / (Receipt) ikorh ;kstuk D;k gS\
vejhdh ¼MsiksftVjh½ / (Receipt) ikorh ;kstuk vejhdh U;klh ¼MsiksftVjh½ 'ks;j ¼, Mh ,l½ ds LokfeRo ds çek.k dk ,d HkkSfrd
çek.k&i= gSA bl 'kCn ds ç;ksx ds fy, vDlj , Mh ,l dk ç;ksx fd;k tkrk gSA
14
, Mh ,l D;k gS\
vesfjdu MsiksftVjh 'ks;j ¼, Mh ,l½ fdlh xSj la;qä jkT; daiuh esa la;qä jkT; }kjk bfDoVh LokfeRo dk ukfer :i gSA ;g daiuh
ds x`g jk"Vª esa fdlh ifjj{kd cSad }kjk tek fd;s x;s daiuh ds fons'kh 'ks;j dk çfrfufèkRo djrk gS vkSj , Mh vkj çek.k&i= ds
fu;eksa ds vuqlkj fons'kh 'ks;j ds fuxe rFkk vkfFkZd vfèkdkj dh j{kk djrk gSAfdlh ,d HkkSfrd , Mh vkj çek.k&i= ds ekè;e ls
,d ;k dbZ , Mh ,l dk çfrfufèkRo fd;k tk ldrk gSA , Mh vkj vkSj , Mh ,l 'kCnksa dk ç;ksx cny dj Hkh fd;k tkrk gSA
, Mh ,l] ;w ,l fuos'kdksa dks fons'kh lsD;qfjVh esa fuos'k djus rFkk xSj ;w ,l lsD;qfjVh dk ;w ,l esa O;kikj djus dk vklku rjhdk
miyCèk djkrk gSA , Mh ,l] ts ih eksxZu pst cSad tSls MsikstsVjh cSad ds }kjk miyCèk dh tkrh gSA bldk O;kikj mlh rjhds ls
fd;k tkrk gS tSls fd ;w ,l daiuh esa 'ks;j dk fd;k tkrk gS] U;w;kdZ LVkWd ,Dlpsat esa ¼,u okbZ ,l b½ vesfjdu LVkWd ,Dlpsat
esa ¼, ,e b ,Dl½ ;k ,u , ,l Mh , D;w esa rFkk vksoj&n&dkm.Vj cktkj esa m)`r gksrk gSA
;|fi , Mh ,l la;qä jkT; M‚yj ukfer lsD;qfjVh gS vkSj ykHkka'k dk Hkqxrku ;w ,l M‚yj esa djrk gS] fQj Hkh ;s fdlh xSj ;w ,l
daiuh ds fuos'k ls lacafèkr eqæk tksf[ke dks lekIr ugha djrk gSA
oSf'od U;klh ¼MsiksftVjh½ ikorh ls D;k rkRi;Z gS\
oSf'od U;klh ¼MsiksftVjh½ ikorh ¼th Mh vkj½ dks oSf'od foÙk okgu ds :i esa ifjHkkf"kr fd;k tk ldrk gS] tks tkjh djus okyk dks
oSf'od çLrko ds }kjk nks ;k nks ls vfèkd cktkjksa esa ,d lkFk iw¡th c<+kus dh vuqefr nsrh gSA th Mh vkj dk mi;ksx la;qä jkT; ds
varxZr ;k ckgj ds lkoZtfud ;k futh cktkj esa fd;k tk ldrk gSA th Mh vkj tks ,d fofues; çek.k i= gS] lkekU;r% daiuh dk
O;kikfjd bfDoVh ;k _.k dk çfrfufèkRo djrk gSA th Mh vkj ls lacafèkr 'ks;j fu;r vuqikr esa gksrk gS] vFkkZr~ 1 th Mh vkj ¾
10 'ks;jA

vè;k; & 4
lsdsaMjh cktkj
4-1 ifjp;
lsdsaMjh cktkj ls D;k rkRi;Z gS\
lsdsaMjh cktkj ls rkRi;Z ml cktkj ls gS tgk¡ lsD;qfjVh dks çkFkfed cktkj esa turk dks çLrkfor dj fn;s tkus ds ckn ;k LVkWd
,Dlpsat esa lwphc) dj fn;s tkus ds ckn mldk O;kikj fd;k tkrk gSA vfèkdka'k O;kikj lsdsaMjh cktkj esa gh fd;k tkrk gSA lsdsaMjh
cktkj cktkj esa bfDoVh cktkj rFkk _.k cktkj 'kkfey gksrs gSaA
lsdsaMjh cktkj dh D;k Hkwfedk gS\
vke fuos'kd ds fy,] lsdsaMjh cktkj mlds lsD;qfjVh ds O;kikj ds fy, ,d çHkkoh IysVQkeZ miyCèk djkrk gSA daiuh ds çcaèku ds
fy,] lsdsaMjh bfDoVh cktkj ,d lapkyd rFkk daVªksyj dh rjg lsok djrk gS& ewY; o`f) fu;a=.k fØ;k dh lqfoèkk miyCèk dj]
çksRlkgu vkèkkfjr çcaèku dk¡VªsDV dk dk;kZUo;u dj rFkk lwpuk ,df=r dj ¼ewY; [kkstdj½ tks çcaèku ds fu.kZ;ksa dks xkbM djrk gSA
çkFkfed vkSj lsdsaMjh cktkj esa D;k varj gS\
çkFkfed cktkj esa iw¡th ;k QaM dks c<+kus ds fy, lsD;qfjVh va'knku ls turk dks tkjh fd;k tkrk gSA lsdsaMjh cktkj ,d bfDoVh
cktkj LFky gS tgk¡ igys ls iM+s ;k orZeku lsD;qfjVh;ksa ls fuos'kdksa ds chp O;kikj fd;k tkrk gSA lsdsaMjh cktkj dk¡VªsDV ;k O;kikjh
cktkj gks ldrk gSA tgk¡ LVkWd ,Dlpsat dk¡VªsDV cktkj dk ,d Hkkx gS] vksoj&n&dkmaVj Mhyj cktkj dk ,d Hkkx gSA
4-1-1 LVkWd ,Dlpsat
'ks;j dks [kjhnus vkSj cspus esa LVkWd ,Dlpsat dh D;k Hkwfedk gS\
Hkkjr dk LVkWd ,Dlpsat jsxqys'ku çkfèkdj.k ds lEiw.kZ fujh{k.k esa] Hkkjrh; lsD;qfjVh vkSj fofue; cksMZ ¼lsch½ ,d O;kikj eap miyCèk
djkrk gS] tgk¡ foØsrk vkSj Øsrk lsD;qfjVh ;ksa ds ysu&nsu ds fy, fey ldrs gSaA ,u ,l b }kjk miyCèk djk;s tkus okys O;kikj eap
bysDVª‚fud gksrk gS vkSj Øsrk rFkk foØsrk dks O;kikj ds fy, fdlh HkkSfrd LFky ij feyus dh vko';drk ugha gksrh gSA os ,u ,l b
O;kikj lnL;ksa ds ikl miyCèk daI;wVjh—r O;kikj LØhu ds ekè;e ls ;k ,u ,l b O;kikj lnL;ksa }kjk miyCèk djk;s x;s baVjusV
vkèkkfjr lqfoèkk ds ekè;e ls O;kikj dj ldrs gSaA
LVkWd ,Dlpsat dk fME;wPoykbts'ku D;k gS\
fME;wPoykbts'ku fdlh fofue; ds dkuwuh lajpuk dks bafxr djrk gS tgk¡ fofue; dk LokfeRo] çcaèku vkSj O;kikj dk vfèkdkj
,d nwljs ls vyx j[kk tkrk gSA
,d fME;wPoykbTM fofue; E;wPoykbTM fofue; ls fdl çdkj fHkUu gS\
E;wPoykbTM fofue; esa] LokfeRo] çcaèku vkSj O;kikj ds rhu dk;ksZa dks ,dy lewg esa feyk;k tkrk gSA ;gk¡ fofue; ds czksdj lnL;ksa
esa Lokeh rFkk O;kikjh nksuksa gksrs gSa vkSj os vkxs fofue; dk çcaèku Hkh djrs gSaA dHkh&dHkh ;g fu.kZ; ysrs le; vfèkdkj ds Vdjko dk
16
:i Hkh èkkj.k dj ysrh gSA nwljh vksj ,d fME;wPoykbTM fofue; esa ;s lHkh rhuksa dk;Z iw.kZ :i ls vyx gksrs gSa vFkkZr~ LokfeRo]
çcaèku vkSj O;kikj vyx&vyx gkFkksa esa gksrs gSaA
4-1-2 LVkWd O;kikj
LØhu vkèkkfjr O;kikj D;k gS\
Hkkjr ds LVkWd fofue; esa O;kikj O;kikj ds rRdky feyku ;k fjdkMZ ds fy, lwpuk çkS|ksfxdh ds mi;ksx ds fcuk [kqyh uhfr ds
ekè;e ls gksrh FkhA ;g vfèkd le; ysus okyk rFkk vçHkkoh FkkA ;g O;kikj ifjek.k vkSj n{krk nksuksa dks lhfer djrk FkkA n{krk]
fyfDofMVh vkSj ikjnf'kZrk miyCèk djkus ds fy, ,u ,l b us jk"VªO;kih] vku&ykbu iw.kZr% Lopfyr LØhu vkèkkfjr O;kikj ç.kkyh
dh 'kq#vkr dh tgk¡ dksbZ lnL; daI;wVj esa lsD;qfjVh dh ek=kvksa rFkk ysu&nsu lacaèkh vius ilanhnk ewY; dks iap dj ldrk gS] vkSj
T;ksafga fdlh foijhr ikVÊ dk feyku fcØ; ;k Ø; vkns'k feyrk gS] ysu&nsu laiUu gks tkrk gSA
,u b , Vh D;k gS\
,u ,l b O;kikj ds fy, lsVsykbV lwpuk çkS|ksfxdh dk mi;ksx djus okyk fo'o dk igyk fofue; gSA bldk O;kikj ç.kkyh ftls
Lor% O;kikj ds fy, us'kuy ,Dlpsat QkWj vksVkWesfVM VsªfMsx ¼,u b , Vh½ dgk tkrk gS] ,d dykRed xzkgd lsok ij vkèkkfjr
mi;ksx gSA loZj ds var esa lHkh O;kikj lwpuk dks bu&feeksjh MkVkcsl esa mi;ksxdrkZ ds fy, U;wure çfrfØ;k le; rFkk vfèkdre
flLVe miyCèkrk çkIr djus ds fy, LVksj fd;k tkrk gSA blesa 99-7 çfr'kr le; dk fjdkMZ jgrk gSA ,u b , Vh ç.kkyh esa çfo"V
fd;s x;s lHkh O;kikj ds fy, ,d lsdaM ls de dk ,d leku çfrfØ;k le; gksrk gSA
czksdj ds lkFk fdl rjg vkns'k j[kuk pkfg,\
vki czksdj ds dk;kZy; esa tk ldrs gSa ;k Qksu] baVjusV ij vkns'k ns ldrs gSa] ;k tSlk fd e‚My djkj esa ifjHkkf"kr fd;k x;k gS fd
lHkh xzkgd dks vius czksdj ds lkFk ços'k djus dh vko';drk gksrh gSA
dksbZ fuos'kd fdl çdkj baVjusV vkèkkfjr O;kikj lqfoèkk rd ços'k djrk gS\
,u ,l b esa vusd czksdj gSa tks vius xzkgdksa dks baVjusV vkèkkfjr O;kikj lqfoèkk miyCèk djkrs gSaA baVjusV vkèkkfjr O;kikj fdlh
fuos'kd dks baVjusV ds ekè;e ls lsD;qfjVh;ksa dks [kjhnus ;k cspus esa leFkZ cukrk gS ftls daI;wVj ls fuos'kd ds vkokl ij ;k fdlh
vU; txg ij ns[kk tk ldrk gSA fuos'kd dks baVjusV vkèkkfjr lsok dk ykHk mBkus ds fy, ,u ,l b czksdj ds laidZ esa jgus dh
vko';drk gksrh gS] tks mls ;g lsok miyCèk djkrk gSA
dk¡VªsDV uksV D;k gS\
dk¡VªsDV uksV xzkgd ds fy, fdlh O;kikj lnL; }kjk fo'ks"k fnu ds O;kikj uksV dh iqf"V gSA ;g fcØh ;k [kjhn rFkk O;kikj ds
fuiVku ds lacaèk esa xzkgd vkSj O;kikj lnL; ds chp oSèkkfud çorZuh; lacaèk LFkkfir djrk gSA ;g fuos'kd vkSj O;kikj lnL;ksa ds
chp ds fookn ;k f'kdk;rksa ds lekèkku esa Hkh enn djrk gSA fookn dh fLFkfr esa O;kikj lnL;ksa ds fo#) f'kdk;r Qkby djuk ;k
eè;LFk lquokbZ djuk iwokZo';d gks tkrk gSA ekU; dk¡VªsDV uksV fufnZ"V :i esa gksuk pkfg,] blesa O;kikj dk C;kSjk ik;k tkrk gS]
vko';d ewY; ls LVafir fd;k jgrk gS rFkk çkfèk—r vèkksgLrk{kjh }kjk gLrk{kfjr gksrk gSA dk¡VªsDV uksV dks nksgjs :i esa j[kk tkrk
gS] O;kikj lnL; vkSj xzkgd dks ,d&,d çfr j[kuk pkfg,A mlesa ik;s tkus gkys O;kSjs dk lR;kiu gks tkus ds ckn xzkgd ,d çfr
j[k ysrk gS vkSj ikorh ds lkFk nwljh çfr dks O;kikj lnL; dks okil dj nsrk gSA

LV‚d czksdj }kjk miyCèk dk¡VªsDV uksV esa fdl çdkj dk C;kSjk of.kZr djus dh vko';drk iM+rh gS\
fdlh czksdj dks LVkWd ,Dlpsat }kjk fufnZ"V QkeZ esa xzkgdksa dks lHkh ysu&nsu dk dk¡VªsDV uksV fuxZe djuk gksrk gSA dk¡VªsDV uksV esa
vU; ckrksa ds lkFk&lkFk fuEufyf[kr gksuk pkfg, %
■ lnL; czksdj dk uke] irk vkSj lsch iathdj.k la[;kA
■ Hkkxhnkjh] U;klh ¼MsiksftVjh½ ;k çkèkh—r vèkksgLrk{kjh dk ukeA
■ dk;Zdkjh dk;kZy; dk irk] VsfyQksu la[;k] QSDl la[;k] ,Dlpsat }kjk fn;s x;s lnL; dk dksM la[;kA
■ laidZ la[;] dk¡VªsDV uksV fuxZe dh frfFk] fuiVku la[;k vkSj fuiVku ds fy, le; lhekA
■ la?kVd ¼xzkgd½ dk uke] dksM la[;kA
■ O;kikj ls lacafèkr vkns'k laD;k rFkk vkns'k dk le;A
■ O;kikj la[;k vkSj O;kikj dk le;A
■ xzkgd }kjk [kjhns ;k csps x;s lsD;qfjVh dh ek=k rFkk çdkjA
■ czksdjh rFkk Ø; ;k foØ; njA
■ lsokj dj njsa] lsD;qfjVh gLrkarj.k dj rFkk czksdj }kjk yxk;k tkus okyk dksbZ vU; [kpZA
■ dk¡VªsDV uksV ij leqfpr Mkd fVdV yxk;k tkuk pkfg, ;k ;g o.kZu djuk pkfg, fd lesfdr Mkd fVdV dk Hkqxrku dj
fn;k x;k gSA
■ LV‚d czksdj ;k çkfèk—r vèkksgLrk{kjh dk gLrk{kjA
fdlh czksdj }kjk fy;s tkus okys 'kqYd dk vfèkdre czksdjh fdruk gksrk gS\
deh'ku ds :i esa fdlh czksdj }kjk vius xzkgdksa ls yh tkus okyh 'kqYd lacafèkr [kjhn ;k fcØh esa of.kZr ewY; ds 2-5 çfr'kr ls vfèkd
ugha gks ldrk gSA
fdlh O;fä dks 'ks;j [kjhn ;k fcØh ds fy, flQZ ekU; LVkWd ,Dlpsat ls gh O;kikj D;ksa djuk
pkfg,\
;fn dksbZ fuos'kd LVkWd ,Dlpsat ls ckgj O;kikj djrk gS rks mls fdlh çdkj dh lqj{kk ugha feyrh gSA fofue; ij O;kikj djus ls
fuos'kdksa dks ml le; cktkj esa py jgs csgrj ewY; çnku fd;k tkrk gS] fdlh foijhr ikVÊ ls tksf[ke ugha gksrk gS tks fuxe dh
(NSCCL) ,u ,l lh lh ,y ls fd;k tkrk gS] fuos'kd ds f'kdk;r rFkk LV‚d cktkj ds iqufuZekZ.k ra= dk fuiVku] fuos'kd lqj{kk
QaM ls fufnZ"V lhek rd lqj{kk bR;kfnA
;g dSls irk pysxk fd czksdj ;k mi&czksdj iath—r gS\
lsch }kjk fuxZe iathdj.k çek.k&i= dh tk¡p dj ge bls lqfuf'pr dj ldrs gSaA fdlh czksdj dk iathdj.k la[;k dh 'kq#okr ^vkbZ
,u ch* 'kCnksa ls rFkk mi&czksdj ds iathdj.k la[;k dh 'kq#okr dk ^vkbZ ,u ,l* ls gksrk gS
LVkWd cktkj esa fuos'k djus ls igys gesa D;k lkoèkkfu;k¡ cjruh pkfg,\
cktkj esa fuos'k djus ls igys dqN egÙoiw.kZ fcanqvksa ds uke ;gk¡ fn;s x;s gS %
■ lqfuf'pr djsa fd vkidk czksdj lsch rFkk fofue; esa iath—r gS rFkk xSj iath—r eè;LFk ds lkFk ysu nsu ugha djsaA
■ lqfuf'pr djsa fd O;kikj ds lapkyu ls ,d dk;Z fnol ds vanj vius lHkh ysu nsu dk dk¡VªsDV uksV vkidks fey jgk gSA
■ lHkh fuos'k esa fdlh çdkj ds tksf[ke ik;s tkrs gSaA blesa ik;s tkus okys tksf[ke ls fuos'kdksa dks tkx#d gksuk pkfg, rFkk vius
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■ daiuh dh ekSfydrk dk vè;;u dj lwfpr fu.kZ; ysaA daiuh ftl O;kikj esa gS mldk irk djsa] mldh Hkfo"; dh ;kstuk] çcaèku
xq.koÙkk] igys dk fjdkMZ bR;kfn lzksr daiuh dh okf"kZd fjiksVZ] vkfFkZd if=dk rFkk O;kikfj;ksa ds ikl miyCèk MkVkcsl rFkk
vius foÙkh; lykgdkj ls çkIr dj ldrs gSaA
■ ;fn vkids foÙkh; lykgdkj ;k czksdj us vkidks ml daiuh esa fuos'k djus dh lykg nsrk gS ftlds ckjs esa vkius dHkh lquk Hkh
ugha gSa rks ,slh fLFkfr esa lkoèkku jgsaA fuos'k ls igys daiuh dh tk¡p djus esa dqN le; O;rhr djsaA
■ fdlh daiuh ds vPNs ifj.kke ;k lekpkj fjiksVZ dh ?kks"k.kk ls vkdf"kZr ugha gksuk pkfg,A fdlh LVkWd esa fuos'k djus ls igys
vki viuk vuqlaèkku djsaA
■ daiuh ds ckjs esa i;kZIr vè;;u fd;s fcuk baVjusV osclkbV ds vkèkkj ij LVkWd esa vkdf"kZr ugha gksuk pkfg,A
■ vfr vYi dher okys LVkWd ;k isuh LVkWd esa fuos'k mPp okilh dh xkjaVh ugha nsrh gSA
■ ml LVkWd ls lkoèkku jgsa ftlesa ewY; ;k O;kikj dk;Z esa vpkud mrkj&p<+ko gksrh gSA
■ dksbZ lykg ;k rjhdk tks nkok djrk gS fd blesa mPp okilh dh vk'kk dh tkrh gS] fo'ks"kdj tYnhckth esa dk;Z djus ds fy,]
og tksf[ke Hkjk gks ldrk gS rFkk blesa vkids dqN ;k vfèkdka'k èku dh gkfu gks ldrh gSA
LVkWd cktkj esa fuos'k djus ls igys fuos'kdksa dks fdu&fdu ckrksa ij è;ku nsuk pkfg, fd D;k djsa
vkSj D;k ugha djsa\
■ eè;LFk ¼czksdj ;k mi&czksdj½ ds ikl lsch dk ekU; çek.k&i= dks lqfuf'pr djsaA
■ vius czksdj ;k mi&czksdj ds lkFk fu;eksa vkSj çkoèkkuksa ds lki&lkQ fuèkkZj.k ds fy, djkj djsaA
■ lqfuf'pr djsa fd ^vius xzkgd dks tkus* Q‚eZ esa vki viuk lHkh C;kSjk ns jgs gSaA
■ lqfuf'pr djsa fd vki ^tksf[ke fMLDykstj nLrkost dks lkoèkkuh iwoZd i<+ fy;s gSa vkSj le> fy;s gSa] fQj bldh ikorh HkstsaA
■ çfr fnu fd;s x;s O;kikj ds fy, flQZ vius czksdj }kjk fuxZe fd;s x;s dk¡VªsDV uksV ij cy nsaA
■ ysu nsu ds 24 ?kaVs ds vanj vius czksdj ls dk¡VªsDV uksV dh çkfIr lqfuf'pr djsaA
■ lqfuf'pr djsa fd dk¡VªsDV uksV esa czksdj dk uke] O;kikj dk le; rFkk la[;k] ysu nsu dk ewY;] czksdjh] lsok dj] lqj{kk ysu nsu
dj bR;kfn O;kSjk miyCèk gS rFkk ;g czksdj ds çkfèk—r vèkks&gLrk{kjh }kjk gLrk{kfjr gSA
■ ysu nsu dh okLrfodrk dk fQj ls tk¡p djus ds fy,] ,u ,l b osclkbV (www.nseindia.com) ij ykWx&bu djsa rFkk
,u ,l b }kjk cuk, x, O;kikj tk¡p lqfo/kk ij tk,¡A psd ;k ek¡x&Mk¶V ª flQZ vius czksdj ds uke ls gh tkjh djsa] tSlk czksdj
ds dk¡VªsDV uksV ;k lsch iathdj.k izek.k&i= ij izrhr gksrk gSA
■ viuh ckè;rk dh iwfrZ ds fy, vius czksdj dks 'ks;j lqiqnZ djrs le;] lqfuf'pr djsa fd vius czksdj ds flQZ çkfèk—r [kkrs ij gh
lqiqnZxh funZs'k cuk;k x;k gSA
■ vius czksdj ls QaM vkSj lsD;qfjVh ds lkofèkd [kkrk fooj.k ij cy nsaA vius [kkrs dh vPNh rjg ls tk¡p djsa rFkk mldk
feyku djsa rFkk fdlh deha dh fLFkfr esa bls vius czksdj ds rRdky crk;saA lqfuf'pr djsa fd vki vius czksdj ls Hkqxrku fd;s
tkus ds ,d dk;Z fnol ds vanj vius ysu nsu dh ikorh ys jgs gSaA
lqfuf'pr djsa fd vki fdlh vU; ds fy, ysu nsu ugha dj jgs gSa ;k vki vius uke ij O;kikj djsa rFkk fQj vius ifjokj ds lnL; ;k
vius fe= ds cSad [kkrs ls psd tkjh djsaA
■ Bhd blh rjg] fMeV lqiqnZxh funZs'k ipÊ vkids vius fMeV [kkrs ls gksuk pkfg,] ugha fd vkids fdlh ifjokj ds lnL; ;k fe=
ds [kkrs dkA
■ lsD;qfjVh Hkqxrku ckè;rk dh iwfrZ ds le; [kkyh lqiqnZxh funZs'k ij gLrk{kj ugha djsaA
■ fu;r okilh lqfuf'pr djrs gq, cktkj dk dksbZ Hkh eè;LFk tek Lohdkj ugha dj ldrk gSA vr% okilh dh lqfuf'prrk ds cnys
viuk èku tek ugha djk;saA
■ ih ,e ,l ds fy, lsch }kjk fof'k"V vuqeksnu çkIr eè;LFk gh îksVZQksfy;ks çcaèku lsok* çnku dj ldrk gSA vr% iksVZQksfy;ks
çcaèku ds fy, vius QaM dks fdlh vufèk—r O;fä dks ugha nsaA
■ lqiqnZxh funZs'k ipÊ cgqr gh cgqewY; nLrkost gSA dHkh Hkh [kkyh lqiqnZxh funZs'k ij gLrk{kj ugha djsaA ckè;rk ds fy, Hkqxrku ds
le; lqfuf'pr djsa fd lqiqnZxh funZs'k Q‚eZ ij çkfèk—r eè;LFk dk lgh vkb Mh Hkjk x;k gSA

■ fdlh çkfèk—r eè;LFk ls QaM ysrs le; lkoèkku jgsa D;ksafd ,slk ysu nsu fofue; ds fuiVku xkjaVh ra= ds varxZr ugha vkrk gSA
■ vkidks vkoafVr fd;s x;s fof'k"V xzkgd dksM ds varxZr lHkh vkns'k ds fu"iknu ij cy nsaA
vius Mh ih [kkrs ds lapkyu ds fy, tc vki fdlh dks ^çfrQaM* cukrs gSa rks lqfuf'pr djsa fd %
■ vkidk çkfèkdj.k flQZ iath—r eè;LFk ds fy, gh gSA
■ ;g çkfèkdj.k MsfcV rFkk ØsfMV ds flQZ lhfer ysu nsu ds fy, gh gS tks flQZ mlh eè;LFk ds ekU; ysu nsu ds fy, gSA
■ vki Mh ih fooj.k dks le;≤ ij vFkkZr~ çfr ekg ;k iaæg fnuksa esa ;g tkuus ds fy, lR;kfir djsa fd vkids [kkrs ls dksbZ
vufèk—r ysu nsu ugha dh xbZ gSA
■ vkids }kjk fn;k x;k çkfèkdkj dk mfpr :i ls ç;ksx fd;k x;k gS ftlds fy, fd vkius çkfèk—r fd;k FkkA
■ xyr çfof"V dh fLFkfr esa vki bls çkfèk—r eè;LFk dks fyf[kr esa fjiksVZ djsaA
■ fcuk gLrk{kj fd;k x;k ;k udyh dk¡VªsDV uksV Lohdkj ugha djsaA
■ fdlh vufèk—r O;fä }kjk gLrk{kfjr dk¡VªsDV uksV Lohdkj ugha djsaA
■ czksdj dks Hkqxrku djus ;k lqiqnZxh esa nsjh ugha djsaA
■ fdlh vk'kadk ;k fookn dh fLFkfr esa] bls rRdky fyf[kr :i esa czksdj dks nsa ¼czksdj }kjk ikorh½ vkSj mlds mfpr fuiVu dks
lqfuf'pr djsaA
■ mi&czksdj ls fookn dh fLFkfr esa] ftruk tYn gks lds eq[; czksdj dks fyf[kr :i esa lwfpr djsaA ;fn vkidk nyk; ;k
mi&czksdj fof'k"V vofèk esa f'kdk;r dk gy ugha fudkyrk gS rks bls ,u ,l b ds ^fuos'kd lsok foHkkx* dks crk;saA
■ ,u ,l b ds ^fuos'kd f'kdk;r foHkkx* esa f'kdk;r ntZ djkrs le;] ;g vfr vko';d gS fd vki dk¡VªsDVuksV] 'ks;j ds Hkqxrku
;k lqiqnZxh dk çek.k bR;kfn tSls lHkh vko';d nLrkost f'kdk;r ds lkFk tek djsaA ;kn j[ksa fd i;kZIr nLrkost ds vHkko esa]
f'kdk;r dk lekèkku dfBu gks tkrk gSA
■ dksbZ ysu nsu djus ls igys vius vki dks LVkWd ,Dlpsat ;k lsch }kjk tkjh fu;eksa] fofu;eksa vkSj dk;Zo`Ùkksa ls voxr djk;saA
4-2 lsdsaMjh cktkj ds çksMDV
lsdsaMjh cktkj esa mi;ksx fd;s tkus okys çksMDV dkSu&dkSu ls gSa\
lsdsaMjh cktkj esa mi;ksx dh tkus okyh eq[; foÙkh; çksMDV ;k midj.k fuEufyf[kr gSa ftls foLr`r :i ls 'ks;j vkSj c‚.M esa
foHkkftr fd;k tk ldrk gS%
'ks;j
bfDoVh 'ks;j % fdlh bfDoVh 'ks;j dks vke rkSj ij lkekU; 'ks;j ds uke ls tkuk tkrk gS] ;g O;kikj tksf[ke esa foÙkh; LokfeRo
dk çfrfufèkRo djrk gSA
vfèkdkj çLrko ;k vfèkdkj 'ks;j % orZeku 'ks;jèkkjdksa dks igys ls ik;s tkus okys 'ks;j ds vuqikr esa ubZ lsD;qfjVh dk
fuxZeuA mnkgj.k ds fy, 125 #i;s ij 2%3 dk vfèkdkj fuxZeu fdlh 'ks;jèkkjd dks 125 #i;s çfr 'ks;j dh nj ls çR;sd 3 'ks;j
esa 2 'ks;j çkIr djus dk gd nsrk gSA
cksul 'ks;j % 'ks;jèkkjd }kjk j[ks x;s 'ks;j ds vkèkkj ij daiuh }kjk miyCèk ewY; jfgr 'ks;jA
fçQjsal 'ks;j % bl çdkj ds 'ks;j dk ekfyd fu;fer :i ls bfDoVh 'ks;j ij ykHkka'k ds Hkqxrku ls igys fu;r ykHkka'k ;k fu;r
nj ij vkdfyr ykHkka'k dk gdnkj gksrk gSA ;s bfDoVh 'ks;jèkkjdksa ij vfèkHkkj ij çkFkfedrk dk ykHk Hkh mBkrk gSA ysfdu
fyfDofMVh dh fLFkfr esa] budk nkok daiuh ds tek/kkjdksa] c‚.Mèkkjdksa rFkk fMcsapj èkkjdksa ls de jSad ikrk gSA
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lesfdr fçQjsal 'ks;j % fçQjsal 'ks;j og gS ftlij Hkqxrku ugha fd;s tkus dh fLFkfr esa ykHkka'k c<+rk tkrk gSA fçQjsal
ykHkka'k dk lHkh cdk;k bfDoVh 'ks;j ij ykHkka'k dk Hkqxrku djus ls igys Hkqxrku dj nsuk gksrk gSA
lesfdr ifjorZuh; fçQjsal 'ks;j % fçQjsal 'ks;j dk ,d çdkj tgk¡ Hkqxrku ugha fd;s tkus dh fLFkfr esa leku laxzg ij
ykHkka'k dk Hkqxrku fd;k tkrk gSA fdlh fof'k"V fnol ds ckn] ;s 'ks;j daiuh ds bfDoVh iw¡th esa ifjofrZr gks tk,xkA
c‚.M % c‚.M _.k dks lwfpr djus okyk ,d fofues; çek.k&i= gSA ;g lkekU;r% vlqjf{kr gksrk gSA _.k lqj{kk lkekU;r% fdlh
daiuh] uxjikfydk ;k ljdkjh ,tsalh }kjk fuxZe fd;k tkrk gSA c‚.M fuos'kd tkjh djus okyk dks èku dtZ nsrk gS] vkSj tkjh djus
okyk cnys esa fof'k"V esP;ksfjVh frfFk ij _.k pqdkus dk opu nsrk gSA tkjh djus okyk lkekU;r% _.k dh iwjh vofèk ds fy, lkofèkd
C;kt dk Hkqxrku djrk gSA c‚.M ds fofHkUu çdkj fuEufyf[kr gS%
'kwU; dwiu c‚.M % ;g c‚.M NwV ij fuxZe dh tkrh gS vkSj vafdr ewY; ij bldk fQj ls Hkqxrku fd;k tkrk gSA fuxZe ewY; vkSj
foekspu ewY; dk varj çkfIrdrkZ ds okilh dks lwfpr djrk gSA bl c‚.M ds Øsrk c‚.M dh esP;ksfjVh ij flQZ ,d ckj Hkqxrku ikrk
gSA
ifjorZuh; c‚.M % ;g c‚.M fdlh fu;r ifjorZu ewY; ij fuos'kd dks c‚.M dks bfDoVh esa cnyus dk fodYi nsrk gS
[ktkuk fcy % vYi le; ¼,d o"kZ rd½ds fy, vius udn vko';drk dks yxkus ds fy, ljdkj }kjk miyCèk tkjhdrkZ ds NwV
dk lqj{kkA
4-2-1 bfDoVh fuos'k
fdlh O;fä dks fo'ks"k :i ls bfDoVh esa fuos'k D;ksa djuk pkfg,\
tc vki fdlh daiuh ds 'ks;j [kjhnrs gSa] vki ml daiuh dk 'ks;jèkkjd cu tkrs gSaA 'ks;j dks bfDoVh Hkh dgk tk;k gSA bfDoVh esa
le; ds vuqlkj ewY; c`f) dh {kerk gksrh gSA vuqlaèkku lkfcr djrk gS fd fuos'k okilh ds vU; vfèkdka'k çdkjksa esa bfDoVh dh
okilh csgrj gksrk gSA fuos'kd bfDoVh 'ks;j ;k bfDoVh ij vkèkkfjr E;wpqoy Q.M [kjhnrk gS] D;ksafd%&
■ yach vofèk ds fuos'k ds fy, vU; fuos'k fodYi dh rqyuk esa bfDoVh dks vfèkd Qk;nsean ekuk tkrk gSA
■ vuqlaèkku ls ;g lkfcr gqvk gS fd yach vofèk ds fuos'k okys fdlh 'ks;j esa fuos'k fdlh vU; fuos'k dh rqyuk esa vfèkd okilh
nsrk gSA vafre iaæg o"kZ dh vofèk esa LV‚d cktkj dk vkSlr okf"kZd okilh ;fn dksbZ fu¶Vh dks okilh vkdyu ds csapekdZ ds :i
esa ysrk gS rks ;g yxHkx 16 ds vklikl gSA
fQj Hkh bldk rkRi;Z ;g ugha gS fd lHkh bfDoVh fuos'k leku :i ls mPp okilh dk xkjaVh nsrk gSA bfDoVh mPp tksf[ke fuos'k gSA
ftruk mPp tksf[ke gksrk gS mruh gh vèkhd okilh gksrh gS] mPp tksf[ke ;g Hkh lwfpr djrk gS fd ewY; ds foijhr fn'kk esa tkus ds
dkj.k fuos'kd vius dqN ;k lHkh fuos'k dks [kks nsus ds fy, vpy gSA fdlh O;fä dks fuos'k fd;s tkus okys bfDoVh cktkj vkSj LV‚d
dk fuos'k djus ls igys lkoèkkuhiwoZd vè;;u djus dh vko';drk gksrh gSA
Hkkjr esa bfDoVh ij vkSlr okilh D;k jgk gS\
;fn ge fiNys iaæg o"kksZa rd ds fu¶Vh lwpdkad okilh dks ysa rks Hkkjrh; LV‚d cktkj fuos'kdksa dks 'ks;j ewY; ds o`f) ij ;k okf"kZd
:i ls iw¡th o`f) ij vkSlru 16 çfr'kr ds vkl&ikl okilh dh gSA blds vfrfjä vkSlr LV‚d ij okf"kZd :i ls 1-5 çfr'kr
ykHkka'k dk Hkqxrku fd;k gSA ykHkka'k fdlh 'ks;j ds vafdr ewY; dk çfr'kr gS tks dksbZ daiuh vius 'ks;jèkkjdksa dks vius okf"kZd ykHk
ls okil djrh gSA fuos'k ds vfèkdka'k nwljs Hkkx ds fuos'k dh rqyuk esa ;fn yach vofèk rd fuos'k djsa rks bfDoVh 'ks;j esa fuos'k mPp
okilh nj çnku djrk gSA
fdlh LV‚d ds ewY; dks çHkkfor djus okys dkSu ls dkjd gSa\
foLr`r :i ls nks dkjd gS % ¼1½ LVkWd vkèkkfjr vkSj ¼2½ cktkj vkèkkfjrA
LVkWd vkèkkfjr dkjd daiuh ds ckjs esa yksxksa dh vis{kk] blds Hkfo"; esa vtZu {kerk] foÙkh; LokLF; çcaèku] çkS|ksfxdh Lrj vkSj cktkj
dkS'ky ls lacafèkr gSA
cktkj vkèkkfjr dkjd iwjh rjg ls LV‚d cktkj dh vksj fuos'kd ds euksHkko ls çHkkfor gksrk gSA ;g dkjd fdlh fo'ks"k daiuh ds
çn'kZu ls vfèkd ogk¡ ds okrkoj.k ij fuHkZj djrh gSA fdlh vFkZO;oLFkk] jktuhfrd ;k jsxqys'ku okrkoj.k ds i{k dh ?kVuk] tSls mPp
vkfFkZd fodkl] eupkgk ctV] fLFkj ljdkj bR;kfn fuos'kdksa esa lq[k&cksèk tSlh bZaèku Hkj ldrh gS] ifj.kkeLo:i cktkj esa mNky
vkrh gSA nwljh vksj vuqi;qä ?kVuk tSls ;q)] vkfFkZd ladV] lkEçnkf;d naxs] vYi ljdkj bR;kfn dqN daiuh ds vPNs çn'kZu ds
ckotwn cktkj dks ºzkl djrh gSA fQj Hkh cktkj ds lkisf{kd dkjd dk çHkko lkekU;r% vYi dkfyd gksrs gSaA mrkj vkSj p<+ko ds
ckotwn] LV‚d lkisf{kd dkjd ij vkèkkfjr yacs vofèk rd pyus okys LV‚d dk ewY; fLFkj gks tkrs gSaA
o`f) LV‚d ;k ewY; LV‚d tSls 'kCnksa ls D;k le>rs gSa \
o`f) LV‚d % fuos'k ds lalkj esa ge o`f) LV‚d] ewY; LV‚d bR;kfn tSls 'kCnksa ls xqtjrs gSaA ftl daiuh dk fcØh rFkk vtZu dh
{kerk esa o`f) mR—"V gksrh gS] og cktkj ds ;k mlh m|ksx ds vU; LV‚d ds vU; daifu;ksa ls vfèkd rhoz xfr ls fodkl djrh gS rFkk
bls o`f) LV‚d dgrs gSaA ;s daifu;k¡ lkekU;r% vYi ykHkka'k dk Hkqxrku djrh gS ;k ykHkka'k dk Hkqxrku ugha Hkh djrh gS rFkk blds
cnys vkxs dh o`f) ds fy, vius O;olk; esa bls iqufuZos'k djuk ilan djrh gSA
ewY; LV‚d % ;gk¡ vU; fuos'kdksa }kjk NksM+s x;s LV‚d dks ns[kuk gksrk gS] ftldk ^xqIr ewY;* gks ldrk gSA ;s daifu;k¡ fdlh cqjh
?kVuk ds dkj.k ewY;ksa dk ekjk gks ldrh gS] ;k ,sls m|ksx esa gks ldrs gSa tgk¡ vfèkdka'k fuos'kdksa dks vkdf"kZr ugha dj ldrh gksA fQj
Hkh] ;fn dksbZ daiuh vius LV‚d dks ?kVrs ns[k jgh gks] mlds uke ij laifÙk gksrh gS] tSls& edku] py laifÙk] eky&lwph] lgk;d
laifÙk bR;kfnA bu laifÙk esa ;|fi dbZ;ksa ds vc Hkh ewY; gksrs gSa] rFkkfi ;s ewY; LV‚d ds ewY; esa fj¶ysDV ugha fd;s tkrs gSaA ewY;
fuos'kd ml LV‚d dks [kjhnuk pkgrk gS tks de dher ds gksrs gSa] vkSj ml LV‚d dks rc rd cuk;s j[krk gS tc rd fd vfèkdka'k
ck¡fd cktkj daiuh dh laifÙk dk okLrfod ewY; eglwl ugha dj ysrs gSaA ewY; fuos'kd fdlh daiuh ds ml LVkWd dks [kjhnus dk
bjknk j[krk gS] tks lkekU;r% daiuh dh orZeku cktkj ewY; vkSj dqN O;olk; fl)karksa ij vkèkkfjr gksrh gSA os ih vkSj b ds vuqikr
dks fdlh fuf'pr lhek ls uhps ilan djrs gSa( fdlh fuf'pr vkèkkj ij dqy fcØh daiuh ds cktkj iw¡thdj.k ls lkisf{kd] ;k cktkj
ewY; bR;kfnA
fdlh O;fä dks bfDoVh 'ks;j dSls fey ldrk gS\
vki fuxeksa }kjk çkFkfed cktkj esa 'kkfey çLrkoksa esa va'knku dj ldrs gSaA çkFkfed cktkj esa] fuxeksa }kjk u;s tu fuxZeu ds ekè;e
ls ;k futh LFkkiUu }kjk fjlkslZ dks QSyk;k tkrk gS ¼vkb ih vks½A oSdfYid :i ls vki lsdsaMjh cktkj ls 'ks;j [kjhn ldrs gSaA
lsD;qfjVh;ksa dks [kjhnus vkSj cspus ds fy, oSdfYid :i esa vkidks fdlh ekU; LVkWd ,Dlpsat ds lsch iath—r O;kikj lnL; ¼czksdj½
ds ikl tkuk pkfg,A
fcM vkSj ek¡x ewY; D;k gS\
^fcM* Øsrk dk ewY; gksrk gSA ;g ,slk ewY; gksrk gS ftls vkidks tkuus fd vko';drk gksrh gS fd vkidks LVkWd dh fcØh dc djuk
gSA fcM LV‚d ds fdlh rS;kj Øsrk ds fy, nj ;k ewY; gksrk gS] ftls vki cspuk pkgrs gSaA
22
êk¡x* ¼;k çLrko½ og gS ftls vkidks tkuus dh t#jr gksrh gS fd vki dc [kjhn jgs gSa] vFkkZr~ ;g nj ;k ewY; gS ftl ij dksbZ
fcØsrk viuk LV‚d cspus ds fy, rS;kj gksrk gSA fcØsrk viuk LV‚d rHkh cspsxk tc mls m)`r (Ask) êk¡x* ewY; feysxkA
;fn dksbZ fuos'kd d][k]x fyfeVsM ds LV‚d ij m)j.k ds fy, daI;wVj LØhu ns[krk gS] rks mls dqN&dqN bl çdkj fn[kkbZ nsxk%
fcM ¼Øsrk dh vksj½ ek¡x ¼fcØsrk dh vksj½
ek=k ewY; ¼#i;k½ ek=k ewY; ¼#i;k½
1000 50.25 50.35 2000

500 50.10 50.40 1000
550 50.05 50.50 1500
2500 50.00 50.55 3000
1300 49.85 50.65 1450
dqy 5850 8950
;gk¡] ck;ha vksj fcM ek=k vkSj ewY; ds ckn] tgk¡ nk;ha vksj ge ek¡xh xbZ ek=k vkSj ewY; ikrs gSaA lcls vPNk [kjhn ¼fcM½ vkns'k
mPpre ewY; ds vkns'k esa gS vkSj blfy, ;g fcM dh vksj ls igyh ykbu esa j[kk x;k gS ¼1000 'ks;j 50-25 #i;k çfr 'ks;j dh nj
ls½A lcls vPNk fcØh ¼ek¡x½ vkns'k fuEure fcØh ewY; dk vkns'k gS ¼2000 'ks;j 50-35 #i;k çfr 'ks;j dh nj ls½A lcls vPNs fcM
ds ewY; vkSj ek¡x ds ewY; esa varj dks fcM&ek¡x QSyko dgrs gSa vkSj ;g fdlh LV‚d ds fyfDofMVh dk lwpd gksrk gSA ;g varj
ftruk de gksrk gS] LV‚d mruk gh vfèkd fyfDoM ;k O;kikfjd gksrk gSA
iksVZQksfy;ks D;k gS\
iksVZQksfy;ks fofHkUu fuos'k laifÙk;ksa dk lfEefyr :i gksrk gS rFkk fdlh fuos'kd ds y{; dks çkIr djus ds fy;k feyk;k tkrk gSA
vkids iksVZQksfy;ks ds Hkkx ds :i esa ekus tkus okys phtksa esa vkids }kjk 'ks;j] fMcsapj] c‚.M] E;wpqoy QaM ;wfuV ls LokfeRo dk dksbZ
laifÙk 'kkfey gS tSls& lksuk] dyk ;k okLrfod jktLo bR;kfnA fQj Hkh vfèkdka'k fuos'kdksa ds fy, ,d iksVZQksfy;ks 'ks;j] fMcsapj]
lkofèkd tek] E;wpqoy QaM ;wfuV tSls foÙkh; midj.k esa fuos'k dks lkFkZd cukrk gSA
MkbolÊfQds'ku D;k gS\
;g ,d tksf[ke çcaèku rduhd gS tks fdlh ,d iksVZQksfy;ks ds varxZr fuos'k ds foLr`r :i dks fefJr djrk gSA bls laiw.kZ
iksVZQksfy;ks çn'kZu ij fdlh ,d lsD;qfjVh ds çHkko dks de djus ds fy, fMtkbu fd;k x;k gSA MkbolÊfQds'ku fdlh
iksVZQksfy;ks esa tksf[ke dks de djus dk laHkor% lcls vPNk rjhdk gSA
MkbolÊQkbM iksVZQksfy;ks ds gksus dk D;k ykHk gS\
,d vPNk fuos'k iksVZQksfy;ks laifÙk oxZ ds foLr`r ifjlj dk feJ.k gSA le; ds fdlh fcanq ij vyx&vyx lsD;qfjVh fofHkUu çdkj
ls çn'kZu djrh gS] blfy, laifÙk ds fefJr çdkj ls fdlh ,d lsD;qfjVh ds iru ds çHkko ls vkidk laiw.kZ iksVZQksfy;ks çHkkfor ugha
gksrh gSA tu vkidk LV‚d uhps tkrk gS] rks fQj Hkh vkids iksVZQksfy;ks esa c‚.M dk LFkkf;Ro ik;k tk ldrk gSA lHkh çdkj ds
vdkneh vè;;u vkSj lw= gS tks crkrk gS fd MkbolÊfQds'ku vko';d D;ksa gS] ysfdu ;g okLrfod :i esa ^lHkh vaMs ,d Vksdjh esa
ugha j[kus* tSlk vH;kl gSA ;fn vki vius fuos'k dks fofHkUu çdkj ds cktkj rFkk laifÙk;ksa esa QSykrs gSa] rks vki fdlh ,d laifÙk oxZ
ds çfrdwy okilh ds çHkko ls vius laiw.kZ iksVZQksfy;ks dks tksf[ke ds çHkko ls cpk ldrs gSaA

4-2-2- _.k fuos'k
^_.k midj.k* D;k gS\
_.k midj.k fdlh dk¡VªsDV dk çfrfufèkRo djrk gS tgk¡ ysunkj }kjk nsunkj dks C;kt dh vofèk] ewyèku jk'kh dk fQj ls Hkqxrku
tSls iwoZ fuèkkZfjr 'krksZa ij ,d ikVÊ nwljs ikVÊ dks èku mèkkj nsrh gSA
Hkkjrh; lsD;qfjVh cktkj esa] ^c‚.M* 'kCn dsUæ] jkT; ljdkj rFkk lkoZtfud {ks= ds laxBu }kjk miyCèk _.k midj.k ds :i esa
mi;ksx fd;k tkrk gS vkSj ^fMcsapj* 'kCn dk mi;ksx futh fuxe {ks= }kjk mi;ksx dh tkus okys midj.kksa ds :i esa fd;k tkrk gSA
dtZ midj.kksa dh fo'ks"krk,¡ D;k gSa\
lHkh _.k midj.k ds rhu fo'ks"krk,¡ gksrs gS % esP;ksfjVh ] dwiu vkSj ewyèkuA
esP;ksfjVh % fdlh c‚.M dh esP;ksfjVh ml frfFk dks crkrk gS tc og ifjiDo gksrk gS] ;g og frfFk gksrh gS tc dksbZ ysunkj ewyèku
ds fQj ls Hkqxrku ds fy, jkth gksrk gSA esP;ksfjVh dh vofèk fdlh c‚.M ds ifjiDo gksus esa cps o"kksZa dh la[;k crkrk gSA esP;ksfjVh
dh 'krZ c‚.M ds fuxZeu dh frfFk ls çfr fnu ifjofrZr gksrh gSA fdlh c‚.M ds esP;ksfjVh dh vofèk ,slh frfFk rFkk esP;ksfjVh dh
frfFk ds chp ds varj ds :i esa fdlh Hkh frfFk dks vkdfyr dh tk ldrh gSA ;g c‚.M dh vofèk rFkk dk;Zdky ds :i esa Hkh tkuk
tkrk gSA
dwiu % ysunkj ¼;g c‚.M dk tkjh djus okyk Hkh gksrk gS½ }kjk nsunkj ¼c‚.M dk xzkgd½ dks lkofèkd C;kt dk Hkqxrku dwiu
dgykrk gSA dwiu nj og nj gksrk gS ftl ij fd C;kt dk Hkqxrku fd;k tkrk gS rFkk ;g lkekU;r% c‚.M ds leewY; ds çfr'kr ds
:i esa tkuk tkrk gSA
ewyèku % ewyèku og jk'kh gS tks dtZ fy;k tkrk gS] vkSj bls c‚.M dk leewY; ;k vafdr ewY; Hkh dgk tkrk gSA dwiu ewyèku rFkk
dwiu nj dk xq.kuQy gSA
c‚.M dk uke Lor% fdlh c‚.M ds eq[; xq.kksa dks crkrk gSA mnkgj.k ds fy, ,d (GSCG 2008) th ,l lh th 2008 11-40 çfr'kr
c‚.M dsUæ ljdkj ds c‚.M dks crkrk gS tks 2008 esa ifjiDo gks jgk gS rFkk 11-40 çfr'kr dwiu dk Hkqxrku dj jgk gSA pw¡fd dsUæ
ljdkj ds c‚.M dk leewY; 100 #i;k gksrk gS vkSj dwiu dk Hkqxrku lkekU;r% v)Z okf"kZd gksrh gS] ;g c‚.M esP;ksfjVh rd 5-70
#i;s v)Z okf"kZd dwiu ds :i esa Hkqxrku djsxkA
fMcsapj ;k c‚.M ds ekè;e ls Hkqxrku fd;s tkus okys fMcsapj ls D;k rkRi;Z gS\
fdlh fof'k"V vofèk ds fy, jk'kh mèkkj ysus gsrq ysunkj ¼daiuh½ }kjk nsunkj ¼fMcsapjèkkjh½ dks Hkqxrku dh tkus okyh jk'kh C;kt
dgykrh gSA C;kt dk Hkqxrku okf"kZd] vèkZ okf"kZd] frekgh ;k ekfld fd;k tk ldrk gS rFkk ;g lkekU;r% c‚.M ds vafdr ewY;
¼c‚.M çek.k&i= ij fy[ks ewY;½ ij Hkqxrku fd;k tkrk gSA
Hkkjr ds _.k cktkj ds fofHkUu Hkkx dkSu&dkSu gSa\
Hkkjr ds _.k cktkj ds rhu eq[; Hkkx gSa] ;Fkk]

¼1½ ljdkjh lsD;qfjVh ]
¼2½ lkoZtfud {ks= dh bdkbZ ¼ih ,l ;w½ c‚.M] vkSj
¼3½ dkWisfjV lsD;qfjVhA
24
ljdkjh lsD;qfjVh cktkj esa dsUæ] jkT; rFkk jkT;&çk;ksftr lsD;qfjVh 'kkfey gSaA gky gh esa dqN fnu igys uxjikfydk tSls LFkkuh;
bdkbZ us Hkh QaM ds fy, _.k cktkj esa ços'k djuk çkjaHk dj fn;k gSA dqN ih ,l ;w c‚.M dj jfgr gksrs gSa] tcfd vfèkdka'k c‚.M
ftlesa ljdkjh lsD;qfjVh Hkh 'kkfey gSa] dj jfgr ugha gksrs gSaA fuxe c‚.M cktkj esa O;kolkf;d isij vkSj c‚.M 'kkfey gksrs gSaA bu
c‚.M dh lajpuk fuos'kdksa rFkk tkjh djus okyk fuxe ds vko';drk dh mi;qärk ds fy, cuk;k x;k gS rFkk blesa C;kt Hkqxrku
rFkk foekspu ls lacafèkr fofHkUu Vsyj&fufeZr fo'ks"krk 'kkfey fd;k x;k gSA
_.k cktkj ds Hkkxhnkj dkSu&dkSu gksrs gSa\
O;kikj ds fn;s x;s foLr`r vkdkj esa] _.k cktkj çcy :i ls ,d Fkksd cktkj gksrk gS ftlesa çcy :i ls fuos'kdksa dh Hkkxhsnkjh gksrh
gSA _.k cktkj ds fuos'kdksa esa eq[; :i ls cSad] Hkfo"; QaM] foÙkh; laLFkku] E;qpqoy QaM] chek daifu;k¡ rFkk fuxe 'kkfey gksrs gSaA
D;k c‚.M vius ØsfMV xq.k ls lacafèkr gksrs gSa\
vfèkdka'k c‚.M ;k fMcsapj fuxZe fof'k"V ØsfMV jsfVax ,tsalh }kjk Js.kh—r fd;k tkrk gSA Hkkjr ds ØsfMV jsfVax ,tsalh gSa& (CRISIL,
CARE, ICRA, Fitch) lh vkj vkbZ ,l vkbZ ,y] lh , vkj bZ] vkbZ lh vkj , rFkk fQpA fdlh c‚.M dk çksMDV ØsfMM ¼lqj{kk½
jsfVax ds foijhr ifjofrZr gksrs gSaA ftruk lqjf{kr midj.k gksrk gS mruk gh de C;kt nj miyCèk dh tkrh gSA
ge _.k cktkj esa lsD;qfjVh dSls çkIr dj ldrs gSa\
vki çkFkfed cktkj esa ljdkj ;k fuxeksa }kjk fd;s x;s fuxZeu esa va'knku dj ldrs gSaA oSdfYid :i ls vki LVkWd ,Dlpsat ds
ekè;e ls lsdsaMjh cktkj ls bls [kjhn ldrs gSaA

vè;k; & 5
MsfjosfVo
MsfjosfVo ds Hksn dkSu&dkSu ls gSa\
QkWjoMZ % QkWjoMZ dk¡VªsDV (vfxze vuqca/k) nks gfLr;ksa ds chp dk O;kikfjd dk¡VªsDV gksrk gS] tgk¡ Hkfo"; esa fof'k"V frfFk ij vkt
ds iwoZ&fuèkkZfjr ewY; ds vuqlkj le>kSrk gksrk gSA
¶;wpj % ¶;wpj dk¡VªsDV (Hkfo"; vuqca/k) Hkfo"; esa fuf'pr le; esa fuf'pr ewY; ij èku dks [kjhnus ;k cspus ds fy, nks ikVÊ ds
chp dk djkj gSA Hkfo"; dk¡VªsDV ,d fo'ks"k QkWjoMZ dk¡VªsDV blfy, gS fd Hkfo"; dk¡VªsDV ekudh—r fofue;&O;kikj dk¡VªsDV gS]
vFkkZr~ ;g fu¶Vh lwpdkad dk Hkfo"; gSA
fodYi % fodYi ,d lefonk gS tks dfFkr frfFk ij fn;s x;s ewY; ij [kjhnus ;k cspus ds fy, vfèkdkj nsrk gS] ckè;rk ughaA tgk¡
fodYi dk dksbZ Øsrk fçfe;e dk Hkqxrku dj vius fodYi dks [kjhnrk gS] ogha fdlh fodYi dk ys[kd og gksrk gS tks oSdfYid
fçfe;e çkIr djrk gS vkSj bl çdkj ;fn Øsrk bls mlds Åij ç;ksx djrk gS rks og èku dks [kjhnus ;k cspus ds fy, ckè; gksrk gSA
fodYi nks çdkj ds gksrs gSa& d‚y vkSj iqV fodYi %
^dky* Øsrk dks fn;s x;s laifÙk dh ek=k dks ml ewY; ij Hkfo"; esa fn;s x;s frfFk ij ;k mlls igys [kjhnus dk vfèkdkj nsrk gS] mls
blds fy, ckè; ugha djrk gSA
îqV* Øsrk dks fn;s x;s laifÙk dh ek=k dks ml ewY; ij Hkfo"; esa fn;s x;s frfFk ij ;k mlls igys cspus dk vfèkdkj nsrk gS] mls blds
fy, ckè; ugha djrk gSA
orZeku esa] ,u ,l b ij Hkfo"; rFkk fodYi fu¶Vh] lh,u ,Dl vkb Vh] cSad fu¶Vh rFkk 116 ,dy LV‚d ij O;kikj fd;k tkrk gSA
okjaV % fodYi dk thou lkekU;r% ,d o"kZ dk gksrk gSA fofue; ij O;kikj fd;s tkus okys vfèkdka'k fodYiksa dh esP;ksfjVh ukS
eghus dh gksrh gSA yach frfFk okys fodYi dks okjaV dgk tkrk gS vkSj bls lkekU;r% dkm.Vj ls ijs cspk tkrk gSA
^fodYi fçfe;e* D;k gS\
fdlh fodYi dk¡VªsDV dks [kjhnrs le;] Øsrk dks fçfe;e dk Hkqxrku djuk gksrk gSA fçfe;e [kjhnus ;k cspus dk vfèkdkj çkIr djus
dk ewY; gksrk gSA ;g og ewY; gksrk gS ftldk Hkqxrku fodYi Øsrk }kjk fodYi foØsrk dks [kjhnus ;k cspus dk vfèkdkj çkIr djus
ds fy, djuk gksrk gSA fodYi fçfe;e dk Hkqxrku ges'kk igys fd;k tkrk gSA
ôLrq fofue;* D;k gS\
oLrq fofue; oLrq ds Hkfo"; O;kikj dks laxfBr djus okys fdlh vU; fuxe bdkbZ dk ,d laxBu ;k ,d daiuh gSA foLr`r :i esa ;g
fdlh ;a= }kjk pyk;s tkus okys laxfBr cktkj LFky dks 'kkfey djus ds fy, fy;k tkrk gS] tks Øsrk rFkk foØsrk ds chp çHkkoh
çfr;ksfxrk dks c<+krk gSA blds varxZr fufonk fofue; vkrk gS] Fkksd cktkj ugha] tgk¡ O;kikj LFkkuh—r gksrk gS] ysfdu dbZ
vlacafèkr oS;fäd ysu&nsu esa Øsrk vkSj foØsrk ds lap; ds chp çHkkoh :i ls dk;Z djrk gSA
26
ôLrq* ls D;k rkRi;Z gS\
QkWjoMZ dk¡VªsDV vfèkfu;e ¼,Q lh vkj ,½] 1952 êky* dks ^fØ;kfUor nkok] èku rFkk lsD;qfjVh ds vfrfjä py laifÙk dk lHkh
çdkj ekuk gS*A ,sls oLrqvksa rFkk ekyksa esa Hkfo"; dk O;kikj laxfBr dh tkrh gS] tSlk fd dsUæ ljdkj }jk vuqeksfnr fd;k x;k gSA
,Q lh vkj , ds eky fofue; ekU;rk ds rÙokoèkku ds varxZr orZeku esa [ksrh ¼blesa ikSèks yxkuk ch 'kkfey gS½] èkkrq rFkk thok'e
mn~Hko ds lHkh oLrqvksa rFkk çksMDVksa dks Hkfo"; ds O;kikj ds fy, vuqeksfnr dj fn;k x;k gSA
oLrq ¼deksfMVh½ MsfjosfVo cktkj D;k gS\
eky lEifÙk dks èku ekudj eky fopfyr cktkj dk¡VªsDV dk O;kikj djrk gSA ;s xsgw¡] lks;kfcu] jsiflM] lwrh bR;kfn [ksrh dk eky ;k
lksuk] pk¡nh tSls dherh inkFkZ gks ldrs gSaA
eky vkSj foÙkh; MsfjosfVo esa D;k varj gS\
tc fdlh eky ;k foÙkh; laifÙk esa fxjkoV vkrh gS rks fdlh fopyu lafonk dk ewy èkkj.kk ,d tSlk jgrk gSA fQj Hkh dqN igyw gS tks
eky fopyu cktkj esa dkQh vyx jgrs gSaA foÙkh; fopyu ds ekeys esa] bu dk¡VªsDV esa vfèkdka'k udn :i ls r; gksrk gSA HkkSfrd :i
ls Hkqxrku ds ekeys esa Hkh] foÙkh; laifÙk Hkkjh ugha gksrs gSa vkSj bls LVksj djus ds fy, fdlh fo'ks"k lqfoèkk dh vko';drk ugha iM+rh gSA
uhps iM+s laifÙk ds dkQh ek=k esa gksus ds dkj.k] eky fopyu ds HkkSfrd O;oLFkk ds fy, xksnke dh t#jr iM+rh gSA Bhd blh çdkj]
tgk¡ rd foÙkh; fxjkoV dk lacaèk gS] blesa laifÙk ds fofHkUu çdkj dh èkkj.kk okLro esa fo|eku ugha jgrs gSaA fQj Hkh eky ds ekeys esa]
fdlh dk¡VªsDV esa yxs laifÙk dk çdkj le;≤ ij ifjofrZr gks ldrs gSaA

vè;k; & 6
U;klh ¼MsiksftVjh½
U;klh ¼MsiksftVjh½ cSad ls fdl çdkj lekurk j[krk gS\
fdlh U;klh ¼MsiksftVjh½ dh rqyuk cSad ls dh tk ldrh gS] tks tekdrkZ ds QaM dks tek djrk gSA cSad rFkk U;lh ds chp dk lekurk
fuEufyf[kr çdkj ls yxk;k tk ldrk gS %
cSad U;klh
[kkrk esa QaM j[krk gS [kkrk esa lsD;qfjVh;ksa dks j[krk gS
[kkrkèkkjd ds vuqns'k ij [kkrksa ds chp esa QaM VªkalQj [kkrkèkkjd ds vuqns'k ij [kkrksa ds chp esa lsD;qfjVh;ksa
djrk gSA dks VªkalQj djrk gSA
èku dks gkFk yxk;s fouk gLrkarj.k dh lqfoèkk çnku lsD;qfjVh;ksa dks gkFk yxk;s fouk LokfeRo ds gLrkarj.k
djrk gSA dh lqfoèkk çnku djrk gSA
èku dks lqjf{kr j[kus dh lqfoèkk miyCèk djkrk gSA ‘ks;j dks lqjf{kr j[kus dh lqfoèkk miyCèk djkrk gSA
Hkkjr esa U;klh ¼MsiksftVjh½ dkSu&dkSu gSa\
Hkkjr esa nks U;klh ¼MsiksftVjh½ gSa tks lsD;qfjVh;ksa ds gLrkarj.k dh lqfoèkk miyCèk djkrs gSa %
us'kuy lsD;qfjVh MsiksftVjh fyfeVsM ¼,u ,l Mh ,y½ vkSj lsUVªy MsiksftVjh lohZlst+ bafM;k ¼India½ fyfeVsM ¼lh ,l Mh ,y½A
fdlh U;klh ¼MsiksftVjh½ esa Hkkxhnkjh ls D;k ykHk gS\

fdlh U;klh ¼MsiksftVjh½ esa Hkkxhnkjh dk fuEufyf[kr ykHk gS %
■ lsD;qfjVh;ksa dk rRdky gLrkarj.k
■ lsD;qfjVh;ksa ds gLrkarj.k esa fdlh Mkd [kpZ dh vko';drk ughaA
■ vle; lqiqnZxh] udyh lsD;qfjVh bR;kfn HkkSfrd çek.k&i= ls lacafèkr tksf[keksa dh lekfIrA
■ lsD;qfjVh;ksa ds gLrkarj.k esa 'kkfey isij dk;Z esa dehA
■ gLrkarj.k ewY; esa dehA
■ ukferh lqfoèkk esa vklkuhA
■ Mh ih esa fjdksMZ fd;s x;s irs esa ifjorZu fuos'kdksa }kjk j[ks x;s lsD;qfjVh okys daiuh esa bysDVªksfud :i ls iath—r gks tkrs gSa
tks lHkh ds lkFk vyx&vyx i=kpkj fd vko';drk dks lekIr djrk gSA
■ Mh ih }kjk lhèks lsD;qfjVh;ksa ds gLrkarj.k ls daiuh ds lkFk i=kpkj dks lekIr djrk gSA
■ Qksfy;ks ;k [kkrs dks lesfdr djus ds vklku rjhdkA
■ bfDoVh] _.k midj.k vkSj ljdkjh lsD;qfjVh ;ksa esa fuos'k ,d gh [kkrs ls djrk gS( 'ks;j] lesfdr jk'kh bR;kfn dk fMeV [kkrs esa
Lor% ØsfMV gksukA
U;klh ¼MsiksftVjh½ Hkkxhnkj ¼Mh ih½ dkSu gSa\
U;klh ¼MsiksftVjh½ fuos'kdksa dks viuh lsok ,d ,tsaV ds ekè;e ls miyCèk djkrk gS] ftls U;klh ¼MsiksftVjh½ Hkkxhnkj dgrs gSaA bu
,tsaVksa dh fu;qfä lsch ds vuqeksnu ls U;klh ¼MsiksftVjh½ }kjk dh tkrh gSA (lsch ds fofu;eksa ds vuqlkj vU; ds lkFk&lkFk rhu
Jsf.k;ksa dh gfLr;k¡ ;Fkk cSad] foÙkh; laLFkku vkSj lsch esa (Trading Members) VªsfMax lnL; Mh ih cu ldrs gSaA)
28
D;k fdlh O;fä dks vius Mh ih ds lkFk fdlh U;wure lsD;qfjVh 'ks"k dks j[kus dh vko';drk iM+rh
gS\
ughaA U;klh ¼MsiksftVjh½ fdlh U;wure 'ks"k dks fuèkkZfjr ugha fd;k gSA vki vius [kkrs esa 'kwU; 'ks"k j[k ldrs gSaA
ISIN ¼vkb ,l vkb ,u½ D;k gS\

vkb ,l vkb ,u ¼varjkZ"Vªh; lsD;qfjVh igpku la[;k½ fdlh lsD;qfjVh dk ,d vf}rh; igpku la[;k gSA
dLVfM;u D;k gS\
dLVfM;u ewy :i ls ,d laxBu gS] tks vius xzkgdksa dh lsD;qfjVh;ksa dks iath—r djus rFkk mldh lqj{kk djus esa enn djrh gSA
lsD;qfjVh;ksa dh j{kk djus ds vfrfjä] dLVfM;u vius xzkgdksa ds fy, fuxe ds fØ;kdyki ij è;ku Hkh j[krk gS %
■ xzkgd ds lqj{kk [kkrk dk j[k j[kko
■ lsD;qfjVh ds lecaèk esa xzkgd ds laHkwfr dk ykHk ;k vfèkdkj bdëk djuk
■ lsD;qfjVh ds fuxZeu esa fd;s x;s ;k fd;s tkus okys dk;Z ds ckjs esa xzkgd dks lwfpr djuk] xzkgd ds laHkwfr ds ykHk ;k vfèkdkj
dk Hkkj ysukA
ge (Physical Holding) fQftdy gksfYMax dks (Electronic Holding) bysDVª‚fud gksfYMax esa dSls
cny ldrs gSa vFkkZr~ dksbZ vius lsD;qfjVh dks fMesVsfj,ykbt dSls dj ldrk gS\
(Physical) fQftdy lsD;qfjVh;ksa dks fMesVsfj,ykbt djus ds fy, vkidks ,d fMeV vuqjksèk ¼Mh vkj ,Q½ Q‚eZ Hkjuk gksxk tks
Mhih esa miyCèk jgrk gS vkSj bls fMesVsfj,ykbt fd;s tkus okys HkkSfrd çek.k&i= ds lkFk tek djuk gksxkA lHkh vkb ,l vkb ,u
la[;k ds fy, vyx&vyx Mh vkj ,Q Hkjuk gksxkA
D;k cgqr ls fo"ke 'ks;j dks fMesVsfj,ykbt fd;k tk ldrk gS\
gk¡] fo"ke 'ks;j çek.k&i= dks Hkh fMesVsfj,ykbt fd;k tk ldrk gSA
D;k fMesVsfj,ykbt 'ks;j ds fof'k"V la[;k gksrh gSa\
fMesVsfj,ykbt 'ks;j ds dksbZ fof'k"V la[;k ugha gksrh gSaA ;s 'ks;j fofue;-;ksX; gksrs gSa] ftldk vFkZ gS fd fdlh fo'ks"k lsD;qfjVh ds
lHkh fu;a=.k ,d leku vkSj ysu nsu djus ;ksX; gksaA
D;k bysDVªksfud fu;a=.k dks HkkSfrd çek.k&i= esa cnyk tk ldrk gS\
gk¡A ;g fofèk fjesVsfj,ykbt dgykrk gSA ;fn dksbZ lsD;qfjVh dks HkkSfrd :i esa okil ikuk pkgrk gS rks mls fMeV vuqjksèk QkeZ
¼Mh vkj ,Q½ Hkjuk gksxk vkSj vius Mh ih ls 'ks"k dks vius lsD;qfjVh [kkrs esa fjesVsfj,ykbt djus dk vkxzg djuk gksxkA
D;k dksbZ vius _.k midj.kksa] E;wpqoy QaM ;wfuV] ljdkjh lsD;qfjVh;ksa dks vius fMeV [kkrk esa
fMesVsfj,ykbt dj ldrk gS\
gk¡A vki fMesVsfj,ykbt dj ldrs gSa rFkk blls lHkh fuos'kksa dks ,d gh fMeV [kkrs esa j[k ldrs gSaA

vè;k; & 7
E;wpqoy iaQM
E;wpqoy QaM dh jsxqys'ku bdkbZ D;k gS\
lHkh E;wpqoy QaM dh jsxqys'ku bdkbZ Hkkjr dk lsD;qfjVh vkSj fofue; cksMZ ¼lsch½ gSA lHkh E;wpqoy QaM dks lsch esa iath—r gksuk
vko';d gSA
E;wpqoy QaM esa fuos'k djus ls D;k ykHk gS\
E;wpqoy QaM esa fuos'k djus ls vusd ykHk gaS %
NksVk fuos'k % E;wpqoy QaM vkidks NksVs fuos'k }kjk daiuh;ksa ds ,d O;kid LisDVªe esa QSys iksVZQksfy;ks }kjk fjVuZl ds ykHk ds
Qy dks Hkksxus esa enn djrk gSA
O;kolk;h QaM çcaèku % og O;olk;h ftls fopkj.kh; n{krk] vuqHko rFkk lalèku çkIr gksrk gS] E;wpqoy QaM ds ekè;e ls
,df=r fd;s x;s èku dk çcaèku djrk gSA vPNs fuos'k volj dks pquus ds fy, og cktkj rFkk vFkZO;oLFkk dk iw.kZ :i ls fo'ys"k.k
djrk gSA
izlkj ds tksf[ke % lhfer QaM okyk dksbZ fuos'kd flQZ ,d ;k nks c‚.M esa fuos'k djus ds ;ksX; gksrk gS] bl çdkj og vius
tksf[ke dks c<+krk ;k c<+krh gSA fQj Hkh] E;wpqoy QaM dbZ vPNs LV‚d ;k c‚.M esa fuos'k ds ekè;e ls vius tksf[ke esa fofo/k gSA
ikjnf'kZrk % E;wpqoy QaM fuos'kdksa dks fu;fer :i ls muds fuos'k dh dher miyCèk djkrk gSA E;wpqoy QaM fofHkUu ;kstuk }kjk
fuos'k ds laiw.kZ iksVZQksfy;ks rFkk lHkh laifÙk oxZ esa fuos'k fd;s x;s Hkkx dks Hkh mn?kkfVr djrk gSA
ilan % E;wpqoy QaM dh cM+h la[;k fuos'kd dks Q‚eZ dk foLr`r çdkj pquus ds fy, miyCèk djkrk gSA dksbZ fuos'kd tksf[ke ;k
okilh ij vkèkkfjr fdlh Hkh ;kstuk dks pqu ldrk gSA
fofu;e % lHkh E;wpqoy QaM lsch esa iath—r gksrs gSa vkSj ;s fuos'kd ds fgrksa dh j{kk djus ds fy, dM+s fofu;e ds çkoèkkuksa ds
varxZr dk;Z djrs gSaA
,u , oh D;k gS\
,u , oh ;k QaM dk dqy laifÙk ewY; laiw.kZ ns;jk'kh laifÙk QaM dk lesfdr cktkj ewY; gSA çfr bdkbZ ,u , oh laifÙk dk dqy ewY; gS
tks cdk;k bdkbZ dh la[;k ls foHkkftr dh tkrh gSA QaM esa Ø; ;k foØ; ,u , oh lacaèkh ewY; ds vkèkkj ij fd;k tkrk gSA
fdlh E;wpqoy QaM ds ,u , oh dks lekpkj i= esa çdkf'kr djus dh vko';drk gksrh gSA fdlh [kqys Nksj ;kstuk ds ,u , oh dks
çfrfnu ds vkèkkj ij vuko`Ùk djuk pkfg, rFkk can Nksj ;kstuk ds ,u , oh dks lkIrkfgd vkèkkj ij vuko`Ùk djuk pkfg,A
D;k E;wpqoy QaM esa fuos'k djus esa dksbZ tksf[ke 'kkfey gS\
E;wpqoy QaM lqfuf'pr okilh miyCèk ugha djkrk gSA bldh okilh blds çn'kZu ls tqM+h gqbZ gSA ;s 'ks;j] fMcsapj] c‚.M bR;kfn esa
fuos'k djrk gSA bu lHkh fuos'kksa esa tksf[ke ds rÙo 'kkfey jgrs gSaA bdkbZ dh dher esa ifjorZu gks ldrk gS tks daiuh ds çn'kZu ij
fuHkZj djrh gS vkSj ;fn dksbZ daiuh vius fMcsapj ;k c‚.M ds C;kt ;k ewyèku Hkqxrku esa =qfV djrh gS rks blls QaM dk çn'kZu
çHkkfor gks ldrk gSA blds vfrfjä fdlh m|ksx ds vpkud fxjkoV dh fLFkfr esa ;k ljdkj ds u;s fofu;e ykus dh fLFkfr esa tks
fdlh m|ksx ;k daiuh dks çHkkfor djrh gS] QaM ij fQj ls foijhr çHkko iM+ ldrk gSA ;s lHkh dkjd E;wpqoy QaM ds çn'kZu dks
çHkkfor djrs gSaA
30
dqN tksf[ke ftls E;wpqoy QaM dks çdV djuk pkfg,] uhps fn;s x;s gSa %
cktkj tksf[ke % ;fn laiw.kZ vkfFkZd dkjdksa ds dkj.k dqy LV‚d ;k c‚.M cktkj dk iru gksrk gS rks QaM ds iksVZQksfy;ks esa c‚.M
fu;a=.k dk ewY; fxj ldrk gS] tks QaM ds çn'kZu dks çHkkfor djrk gSA
xSj&cktkj tksf[ke % fdlh O;fäxr daiuh ds ckjs esa [kjkc lekpkj mlds LV‚d ewY; dks de dj ldrk gS] tks QaM ds fu;a=.k
ij xyr çHkko Mkyrk gSA ;g tksf[ke fofoèk iksVZQksfy;ks ftlesa vyx&vyx m|ksx ds LV‚d 'kkfey gkas] dks çkIr dj de fd;k tk
ldrk gSA
C;kt nj tksf[ke % c‚.M dher rFkk C;kt dh nj foijhr fn'kk esa pyrs gSaA tc C;kt nj vfèkd gksrh gS rks c‚.M dh dher
?kVrh gS vkSj uhps dh lsD;qfjVh esa ;g iru QaM dks udkjkRed :i ls çHkkfor djrk gSA
ØsfMV tksf[ke % c‚.M ,d _.k ckè;rk gSA vr% tc QaM dks dkWisfjV ds c‚.M esa fuos'k fd;k tkrk gS] ;g fuxe ds C;kt vkSj
ewyèku Hkqxrku ckè;rk ds tksf[ke tSlh =qfV ij pyrk gS rFkk tc ;g tksf[ke ikjn'kÊ gksrk gS] ;g c‚.M ds ewY; esa iru dh vksj
z gksrk gSA
vxzlj gksrk gS] ftldk ifj.kke QaM ds ,u , oh dk ºkl
fofHkUu çdkj ds E;wpqoy QaM dkSu&dkSu gSa\
E;wpqoy QaM dks fuEufyf[kr rjhds ls oxÊ—r fd;k tkrk gS %
(d) mís'; ds vkèkkj ij
bfDoVh QaM ;k o`f) QaM % QaM ftls bfDoVh 'ks;j esa fuos'k fd;k tkrk gS bfDoVh QaM dgykrk gSA blesa eè;e vofèk ls yacs
le; rd fuos'k ds iw¡thdj.k dk eq[; mís'; 'kkfey gksrk gSA ;g iw¡th uohdj.k pkgus okys fuos'kdksa ds fy, vfèkd mi;qä gSA
bfDofV QaM ds dbZ çdkj gSa tSls& MkbolÊQkbM QaM] Hkkx fof'k"V QaM vkSj lwph ij vkèkkfjr QaMA
MkbolÊQkbM QaM % ;g QaM fofoèk Hkkxksa esa QSys daifu;ksa esa fuos'k fd;k tkrk gSA ;g QaM lkekU;r% ml tksf[ke&çfrdwy
fuos'kdksa ds fy, tkuk tkrk gS tks fofHkUu Hkkxksa esa iksVZQksfy;ks dk MkbolÊQkb djuk pkgrs gSaA
{ks= QaM % ;s QaM çkFker% fdlh daiuh dh fo'ks"k O;olk; {ks=ksa ;k m|ksxksa ds bfDoVh 'ks;j esa fuos'k fd;s tkrs gSaA ;s QaM mu
fuos'kdksa dks y{; djrk gS tks fdlh fo'ks"k {ks= ds y{k.k ls çHkkfor gksrs gSaA
lwph (Index) QaM % ;g QaM yksdfç; cktkj dh lwfpdkvksa dh rjg gh fuos'k dh tkrh gS tSls fu¶Vh 50 ;k fu¶Vh 500A fuos'kdksa
ls ,df=r fd;k x;k èku dk flQZ mlh LV‚d esa fuos'k fd;k tkrk gS] tks lwph dk çfrfufèkRo djrk gSA mnkgj.k ds fy,] fu¶Vh lwph
QaM dks flQZ fu¶Vh 50 LV‚d esa fuos'k fd;k tk,xkA ,sls QaM dk mís'; cktkj ls çfrLièkkZ djuk ugha gS cfYd cktkj okilh dh rjg
okilh nsuk gSA
dj cpr QaM % ;s QaM fuos'kdksa dks vk;dj vfèkfu;e ds varxZr dj ykHk fuxZe djrk gSA bl ;kstuk ds varxZr miyCèk volj
vk;dj vfèkfu;e ds rgr~ dj NwV ds varxZr vkrk gSA
_.k ;k vk; QaM % ;s QaM eq[; :i ls mPp&nj ds py&vk;&okys midj.kksa tSls c‚.M] fMcsapj] ljdkjh lsD;qfjVh;ksa]
O;kolkf;d isij vkSj èku cktkj midj.kksa esa fuos'k fd;k tkrk gSA ;g eè;e ls nh?kZ vofèk ds fuos'kdksa ds fy, vfèkd mi;qä gS tks
tksf[ke ds foijhr gksrs gSa rFkk iw¡th dh j{kk djuk pkgrk gSA ;s fuos'kdksa dks fu;fer vk; miyCèk djkrk gSA

fyfDoM QaM ;k èku cktkj QaM % ;s QaM mPp fyfDoM èku cktkj midj.k esa fuos'k fd;k tkrk gSA fuos'k dh vofèk ,d fnu
ls Hkh de gks ldrk gSA ;s vklku fyfDofMVh çnku djrk gSA ;s cpr rFkk vYikofèk lkofèkd tek [kkrs ds fodYi ds :i esa lkeus
vk;k gS ftlesa vis{kk—r mPp okilh gksrk gSA ;s QaM dkikZsjsV] laLFkkfud fuos'kdksa] vkSj O;kikj ?kjksa ds fy, vPNk ekuk tkrk gS tks
fd viuk QaM vYikofèk ds fy, fuos'k djrk gSA
fxYV QaM % ;s QaM dsUæ rFkk jkT; ljdkj ds lsD;qfjVh;ksa esa fuos'k fd;s tkrs gSaA pw¡fd ;s ljdkj lefFkZr c‚.M gS] ;s lqjf{kr
okilh nsrk gS rFkk ewyèku jk'kh dh lqj{kk lqfuf'pr djrk gSA ;s fjLd ds foijhr tkus okys eè;e vkSj vfèkd le; ds fy, ds
fuos'kdksa ds fy, vfèkd mi;qä gSA
larqfyr QaM % ;s QaM bfDoVh 'ks;j vkSj py vk; okys midj.kksa ¼_.k½ esa dqN vuqikr esa fuos'k fd;s tkrs gSaA ;s fLFkj okilh
miyCèk djkrs gSa rFkk QaM dh vfLFkjrk dks de djrk gS rFkk iw¡th fLFkjhdj.k ds fy, dqN ykHk çnku djrk gSA ;s lkekU; fjLd
mBkus okys okys eè;e vkSj vfèkd le; ds fy, ds fuos'kdksa ds fy, vfèkd mi;qä gSA
([k) yphysiu ds vkèkkj ij
vksiu baMsM QaM % bl QaM esa okilh dh fu;r frfFk ugha gksrh gSA lkekU;r% ;s iwjs lky rd va'knku rFkk okilh ds fy, [kksys
tkrs gSaA budh dher fuR; dqy laifÙk ds ewY; ¼,u , oh½ ls tqM+h gksrh gSA fuos'kd dh –f"V ls ;s can&Nksj QaM ls vfèkd yphyk gSA
Dykst baMsM QaM % ;s QaM çkjaHk esa çkjafHkd tu çLrko ¼vkb ih vks½ esa çfof"V ds fy, [kksyk tkrk gS vkSj blds ckn bldh
çfof"V vkSj fudkl dks can dj fn;k tkrk gSA bl QaM esa okilh dh fu;r frfFk gksrh gSA Dykst baMsM ;kstuk dh ,d fo'ks"krk gS fd
bldk lkekU;r% ,u , oh ij NwV }kjk O;kikj fd;k tkrk gS( ysfdu tSls gh esP;ksfjVh frfFk utnhd vkrh gS ;g NwV de gksrh tkrh
gSA ;s QaM va'knku ds fy, flQZ ,d ckj [kksyk tkrk gS vkSj bldh okilh flQZ fu;r frfFk ij gh gksrh gSA bl QaM dh bdkbZ LVkWd
,Dlpsat ij lwphc) gS ¼dqN vioknksa ds lkFk½] ;g QaM O;kikj djus ;ksX; gS vkSj bl QaM ds va'knkrk fdlh Hkh le; lsdsaMjh cktkj
ds ekè;e ls QaM ls fudy ldrk gSA
E;wpqoy QaM }kjk çLrkfor fofHkUu fuos'k ;kstuk dkSu&dkSu lh gS\
'kCn ^fuos'k ;kstuk* lkekU;r% ml lsok dks crkrk gS tks QaM }kjk fuos'kdksa dks miyCèk djk;k tkrk gS rFkk fuos'k ,oa iqufuZos'k ds
fofHkUu rjhds çLrkfor djrs gSaA fofHkUu fuos'k ;kstuk fuos'k&fu.kZ; esa çeq[k fopkj gS] D;ksafd ;s fuos'kd ds ikl miyCèk yphysiu
dk fuèkkZj.k djrs gSaA Hkkjr esa E;wpqoy QaM }kjk çLrkfor dqN fuos'k ;kstuk fuEufyf[kr gS %
o`f) ;kstuk rFkk ykHkka'k ;kstuk % o`f) ;kstuk fdlh ;kstuk ds varxZr ,d ;kstuk gS tgk¡ fuos'k ls çfrQy dk iqufuZos'k
fd;k tkrk gS rFkk ;fn dksbZ gks rks cgqr gh de ykHk dks ck¡Vk tkrk gSA bl çdkj fuos'kd bl fuos'k esa flQZ iw¡th o`f) gh eglwl dj
ikrk gSA ykHkka'k ;kstuk ds varxZr] vk; le;≤ ij ck¡Vk tkrk gSA ;s ;kstuk mu fuos'kdksa ds fy, mi;qä gS ftls fu;fer :i ls
vk; dh vko';drk gSA
ykHkka'k iqufuZos'k ;kstuk % ykHkka'k ;kstuk forj.k fQj ls iqufuZos'k ds fy, vfrfjä fodYi ij fd;k tkrk gSA bls ykHkka'k ds
fQj ls fuos'k ;kstuk ds uke ls tkuk tkrk gSA bl ;kstuk ds varxZr] fdlh QaM }kjk ?kksf"kr ykHkka'k dks ;kstuk esa fuos'kd ds uke ls
fQj ls fuos'k fd;k tkrk gS] bl çdkj fuos'kd ds bdkbZ esa o`f) dh tkrh gSA
Hkkjr esa E;wpqoy QaM èkkjdksa ds vfèkdkj D;k gSa\
E;wpqoy QaM ij lsch ds fofu;eksa ds vuqlkj fuos'kd fuEufyf[kr vf/kdkjksa dk gdnkj gS %
32
1- E;wpqoy QaM }kjk çkIr vkids ;wfuV çek.k&i= dk vuqjksèk dh frfFk ls N% lIrkg ds vanj vki vius VkbfVy
lqfuf'pr djus ds fy, ;wfuV çek.k&i= ;k [kkrk dk fooj.k çkIr djus dk gdnkj gSA
2- fuos'k uhfr] fuos'k mís';] foÙkh; fLFkfr rFkk ;kstuk ds lkekU; lacaèk ds ckjs esa çkfIr lwpukA
3- ?kks"k.kk ds rhl fnu ds vanj çkfIr ykHkka'k] rFkk iqufuZos'k rFkk iqu% [kjhn ds nl fnuksa ds vanj iqufuZos'k rFkk
iqu% [kjhn dh çkfIrA
4- U;klh ¼MsiksftVjh½ bl çdkj dh lwpuk bdkbZ çkIrdrkZ dks çnku djus dk vko';d :i ls mÙkjnk;h gksxk]
rkfd mUgsa lwpuk ls voxr j[kk tk lds] bldk vHkko muds fuos'k ds foijhr Hkh gks ldrs gSaA
5- lsch ds iwoZ lwpuk ls ;wfuV daVªksyj ds 75 çfr'kr us QaM ds , ,e lh dks lekIr dj ldrk gSA
6- 75 çfr'kr ;wfuV gksYMj us ;kstuk lekIr djus ds fy, çLrko ikfjr dj ldrk gSA
7- fuos'kd lsch dks f'kdk;r Hkst ldrk gS] tks lacafèkr E;wpqoy QaM ls ckrphr djsxk vkSj blds lekèkku gksus
rd mlds lkFk ckrphr djrk jgsxkA
QaM çLrko nLrkost D;k gS\
QaM çLrko nLrkost og nLrkost gS tks vkidks ;kstuk dh 'kq#okr djus okys fdlh O;fäxr ;kstuk ;k QaM ds
ckjs esa lHkh laHkkfor vko';d lwpuk çnku djrh gSA bl çdkj vkidks viuk èku yxkus ls igys vkidks blesa
'kfey tksf[ke bR;kfn ds ckjs esa vPNh rjg ls tkudkjh fey tkrh gSA ;g lsch }kjk fMtkbu fd;s x;s
fn'kk&funZs'k ds vuqlkj cuk;k tkuk gS vkSj fooj.k lwph esa fuEufyf[kr ds ckjs esa C;kSjk vo'; gksuk pkfg, %
■ fuos'k dk mís';
■ tksf[ke rF; rFkk fo'ks"k fopkj
■ [kpZ dk lkjka'k
■ QaM dk xBu
■ fuos'k djus dk fn'kk&funZs'k
■ laxBu rFkk iw¡th lajpuk
■ ysu nsu ls lacafèkr dj çkoèkku
■ foÙkh; lwpuk
fØ;kRed QaM çcaèku D;k gS\
tgk¡ QaM ds fuos'k dk fu.kZ; QaM eSustj ds foosd ij fuHkZj djrk gS vkSj og fu.kZ; ysrk ;k ysrh gS fd dkSu lh daiuh] midj.k ;k
laifÙk dk oxZ esa QaM dk fuos'k djuk pkfg,A ;g vuqlaèkku] fo'ys"k.k cktkj lekpkj bR;kfn ij fuHkZj djrk gSA ,slk QaM fØ;kRed
çcafèkr QaM ds uke ls tkuk tkrk gSA QaM lsD;qfjVh;ksa dks fØ;kRed :i ls [kjhnrk vkSj csprk gS tks le;≤ ij fuos'k ds
ifjofrZr cksèk ij fuHkZj djrk gSA fofHkUu fo'ks"krkvksa okys 'ks;j ds çdkj ds vkèkkj ij] ^fØ;kRed* fuos'k eSustj fofHkUu iksVZQksfy;ks
dk xBu djrk gSA E;wpqoy QaM ds chp çpfyr nks ekSfyd fuos'k LVkby gS& o`f) fuos'k vkSj ewY; fuos'kA

■ o`f) fuos'k LVkby
bfDoVh fuos'k dk çkFkfed mís'; iw¡th esa o`f) ikuk gSA dksbZ o`f) eSustj ml daiuh dh vksj ns[krk gS ftlesa vkSlr ls Åij o`f) dh
vk'kk dh tk jgh gks] tgk¡ eSustj vuqHko djrk gS fd miktZu dh laHkkouk vkSj Hkfo"; esa LVkWd dh dher mPprj gksxkA ,sls o`f) {ks=
dh igpku djuk o`f) fuos'k eSustj ds lkeus ,d pqukSrh gksrk gSA
■ ewY; fuos'k LVkby
z gks jgk gS ysfdu

dksbZ ewY; çcaèkd oSlh daiuh dks [kjhnuk pkgrk gS tks og fo'okl djrk gS fd orZeku esa cktkj esa bldk ewY; ºkl
mlds vkdyu ds vuqlkj ftldk ewY; cktkj dh laHkouk ds vuqlkj igpkuk tk,xkA
fuf"Ø; QaM çcaèku D;k gS\
tc dksbZ fuos'kd fdlh lfØ; çcafèkr E;wpqoy QaM esa fuos'k djrk gS rks os fuos'k dk fu.kZ; QaM eSustj ij NksM+ nsrs gSaA QaM eSustj
bl ckr dk fu.kkZ;d gksrk gS fd fdl daiuh ;k midj.k esa fuos'k fd;k tk,A dHkh&dHkh ,slk fu.kZ; lgh Hkh gks ldrk gS] rFkk lgh
rjhds ls fuos'kd dks iqjL—r dj ldrk gSA dHkh&dHkh ;g Hkh laHkkouk gksrh gS fd ;g fu.kZ; xyr gks ldrk gS ;k lHkh le; lgh
ugha gks ldrk gS] tks fuos'kd dks yxkrkj gkuh dh vksj ys tk ldrh gSA E;wpqoy QaM lwpd QaM dks lwfpr djrk gS] ftldk mís';
ml çfrQy ds cjkcj gksrk gS tks fd p;fur cktkj lwpdkad }kjk fn;k tkrk gSA ,slk QaM ,d fuf"Ø; fuos'k LVkby dk vuqlju
djrk gSA ;s daifu;ksa] cktkjksa] vkfFkZd rF;ksa dk fo'ys"k.k ugha djrs gSa vkSj blhfy, LVkWd esa fuos'k de gksrk tkrk gSA blds cnys esa
os fdlh LV‚d ds iksVZQksfy;ks esa fuos'k djuk ilan djrs gSa] tks ,d cktkj lwpdkad dks lwfpr djrk gS] tSls fd fu¶Vh lwpdkadA
lwpdkad }kjk l`ftr çfrQy gh QaM }kjk fn;k x;k çfrQy gSA lwpdkad dks ihNs djus ds fy, dksbZ ç;kl ugha fd;k tkrk gSA
vuqlaèkku ;g crkrk gS fd vfèkdka'k QaM eSustj o"kZ nj o"kZ cktkj lwpdkad dks ihNk djus esa vleFkZ jgk gSA ;g Hkh igpkuuk laHko
ugha gS fd cktkj lwpdkad dks ihNk dkSu lk QaM djsxkA blfy,] fdlh QaM ds fuos'k pquko esa dksbZ rÙo xyr fd;k tk jgk gSA ;g
fuf"Ø; çcafèkr QaM esa dkQh C;kt dh vksj ys tkrk gS] tSls lwpdkad QaM tgk¡ QaM eSustj ds foosd ds fy, fuos'k dk fodYi ugha gSA
lwpdkad QaM esa fofoèk çdkj dh lsD;qfjVh;ksa dks fu;af=r fd;k tkrk gS tks lwpdkad dk çfrfufèkRo djrk gS tcfd mlh le; pw¡fd
iksVZQksfy;ks dk dksbZ fØ;kRed ysu&nsu ugha gksrk gS] QaM ds çcaèku dk ewY; Hkh fuEu jgrk gSA ;g fofoèk iksVZQksfy;ks okys fuos'kd
dks nksgjk ykHk igq¡pkrk gS tcfd ml le; QaM esa de [kpZ gksrk gSA
b Vh ,Q D;k gS\
fofue; O;kikj QaM dks fdlh E;wpqoy QaM ds :i esa le>uk tks fd fdlh LV‚d dh rjg O;kikj djrk gSA Bhd fdlh lwpdkad QaM
dh rjg] b Vh ,Q cgqr lkjs LV‚d dk çfrfufèkRo djrk gS] tks fu¶Vh tSls lwpdkad dks fj¶ysDV djrk gSA fQj Hkh b Vh ,Q ,d
E;wpqoy QaM ugha gS( ;g LVkWd ,Dlpsat ij vU; lHkh daiuh dh rjg O;kikj djrk gSA fdlh E;wpqoy QaM dh rjg] ftldk dqy
laifÙk ewY; ¼,u , oh½ çR;sd O;kikj ds fnu vkdfyr dh tkrh gS] b Vh ,Q dk ewY; iwfrZ vkSj ek¡x ds mrkj p<+ko ds lkFk iwjs fnu
ifjofrZr gksrk jgrk gSA ;g ;kn j[kuk vko';d gS fd tgk¡ b Vh ,Q lwpdkad ij çfrQy dks nksgjkuk pkgrk gS ogha ;g xkjaVh ugha
jgrh gS fd os okLro esa ,slk djsxkA
fdlh b Vh ,Q dk LokfeRo dj vki fdlh lwpdkad QaM dk Mk;olÊfQds'ku ds lkFk&lkFk LV‚d ds yphysiu dks çkIr djrs gSaA
D;ksafd] b Vh ,Q dk O;kikj LV‚d ilan djrk gS] vki mls de le; esa csp ldrs gSa] de ewY; esa [kjhn ldrs gSa rFkk ,d 'ks;j dh
rjg FkksM+s esa Hkh [kjhn ldrs gSaA nwljk ykHk ;g gS fd vfèkdka'k b Vh ,Q dk [kpZ vuqikr vkSlr E;wpqoy QaM ls de gksrk gSA b Vh
,Q dks [kjhnrs ;k csprs le; vki vius czksdj dks mruk gh deh'ku dk Hkqxrku djrs gSa ftruk fd vki fdlh fu;fer O;kikj esa
Hkqxrku djrs gSaA
34
vè;k; & 8
fofo/
8-1 dkWiksZjsV ,sD'kal
dkWiksZjsV ,sD'kal D;k gSa\
dkWiksZjsV ,sD”kal dh izfrHkwfr dh dher ls laca/k dh izo`fRr gksrh gSA tc dksbZ daiuh dkWiksZjsV ,sD”ku dh ?kks"k.kk
djrh gS] rks mlds }kjk ,d izfØ;k dh “kq:vkr dh tkrh gS tks viuh izfrHkwfr;ksa esa okLrfod cnyko ysdj
vk;saxsA fQj ;g cnyko 'ks;j/kkjdksa ds gkFkksa esa “ks;jksa dh la[;k c<+kus ds fygkt ls Hkh gks ldrk gS ;k izfrHkwfr ds
leewY; esa cnyko ;k “ks;j/kkjdksa }kjk ubZ daiuh d s'ks;jksa dks izkIr djuk Hkh gks ldrk gS tSls foy; ;k vf/kxzg.k
vkfn ds ekeys esa gksrk gSA bu vyx&vyx izfØ;kvksa ds fofHkUu izdkjksa vkSj muds izHkkoksa dks le>us ds ckn]
fuos”kd ds fnekx esa ,d Li"V rLohj mHkjdj vkrh gS fd dkWiksZjsV ,sD'ku daiuh ds foRrh; ekeyksa ds ckjs esa D;k
ladsr djrk gS vkSj fdl rjg bl ,sD”ku ls daiuh ds “ks;j dh dher vkSj izn”kZu ij vlj iM+sxkA
dkWiksZjsV ,sD'kal ij daiuh ds funs”kd eaMy }kjk lgefr nh tkrh gS vkSj bls “ks;j/kkjdksa }kjk vf/kd`r fd;k
tkrk gSA blds dqN mnkgj.k ykHkka”k] LVkWd fLIyV] jkbV~l b”;w] cksul b”;w vkfn gSaA
daifu;ksa }kjk ?kksf"kr ^ykHkka'k^ dk D;k vFkZ gS\
bfDoVh esa fuos”k djus ij fuos”kdksa dks nks rjg ls ykHk izkIr gksrk gS % 1½ “ks;j dh dher ¼cktkj Hkko½ esa o`f) vkSj
2½ ykHkka”kA daiuh dh dekbZ ds dqN fgLls dks “ks;j/kkjdksa esa forfjr djuk gh ykHkka”k gS] veweu bls lky esa nks
ckj vafre ykHkka”k vkSj varfje ykHkka”k ds :Ik esa fn;k tkrk gSA bl rjg] ykHkka”k “ks;j/kkjd ds fy, vk; dk lzksr
gSA lkekU; rkSj ij] ykHkka”k dks îzfr “ks;j^ vk/kkj ij O;Dr fd;k tkrk gSA mnkgj.k ds fy,] 3 :Ik;s izfr “ks;jA
blls ;g ns[kuk vklku gks tkrk gS fd daiuh vius fdrus equkQs dk Hkqxrku dj jgh gS vkSj fctusl dks vkxs
c<+kus ds fy, fdruk equkQk mlds ikl j[kk tk jgk gSA blfy,] ,d daiuh ftldh lky esa izfr “ks;j dekbZ 6
:Ik;s gS vkSj og ykHkka”k ds rkSj ij 3 :Ik;s izfr “ks;j ns jgh gS rks mlds }kjk vius ykHk dk vk/kk fgLlk
“ks;j/kkjdksa dks iznku fd;k tk jgk gS vkSj “ks"k fgLlk vius ikl j[kk tk jgk gSA daiuh ds funs”kdksa dks ;g le>
gksrh gS fd fdrus ykHkka”k dh ?kks"k.kk djuh pkfg;s ;k fQj mUgsa dksbZ ykHkka”k nsuk pkfg;sA
ykHkka'k izfrQy ¼fMfoMsaV ;hYM½ dk D;k vFkZ gS\
ykHkka”k izfrQy fiNys 12 eghuksa ds nkSjku “ks;j dh ekStwnk dher vkSj bls tkjh djus okyh daiuh }kjk pqdk;s
x;s ykHkka”k ds chp laca/kksa dks n”kkZrk gSA bldh x.kuk xr o"kZ ds ykHkka”k dks lesfdr dj mls “ks;j dh ekStwnk
dher ls ?kVkdj dh tkrh gSA
mnkgj.k %
,chlh daiuh
“ks;j dher % 360 :Ik;s
okf"kZd ykHkka”k % 10 :Ik;s
ykHkka”k izfrQy % 2-77 izfr”kr ¼10@360½
,sfrgkfld :Ik ls] mPpre ykHkka”k izfrQy dks fuos”kdksa ds chp okaNuh; ekuk tkrk gSA mPp ykHkka”k izfrQy bl
ckr dk lcwr gS fd “ks;j vaMjizkbLM gS] tcfd U;wu ykHkka”k izfrQy bl ckr dk izek.k gS fd “ks;j vksojizkbLM
36 foRrh; cktkj dk ifjp; 35

gSA blfy, ;gka lko/kkuh cjrh tkrh gSA chrs le; esa ,slh daifu;ka ns[kus dks feyh gSa ftudk mPp ykHkka”k
izfrQy dk fjdkWMZ jgk gS] vkSj os ckn ds o"kksZa esa fxjkoV dk f'kdkj gks xbZaA ykHkka”k izfrQy daiuh ds izn”kZu dks
fu/kkZfjr djus esa ,d izeq[k ?kVd gSA
LVkWd fLIyV D;k gS\
LVkWd fLIyV ,d dkWiksZjsV ,sD”ku gS tksfd [kkl leewY; ds ekStwnk “ks;jksa dks NksVs ewY;oxZ esa foHkkftr djrk gS
rkfd “ks;jksa dh la[;k c<+kbZ tk ldsA gkykafd] fLIyV ds ckn fuos”kdksa ds ikl ekStwn “ks;jksa dk ewY; vFkok cktkj
iwathdj.k igys dh gh rjg leku jgrk gSA mnkgj.k ds fy,] ;fn ,d daiuh 10 :Ik;s leewY; ds 1]00]00]000
“ks;jksa dks tkjh djrh gS vkSj cktkj dh orZeku dher 100 :Ik;s gS rks 1 “ks;j dks 2 “ks;jksa esa foHkkftr djus ls
“ks;jksa dk leewY; ?kVdj 5 :Ik;s jg tk;sxk vkSj daiuh ds vkmVLVSafMax “ks;jksa dh la[;k c<+dj 2]00]00]000
¼1]00]00]000* ¼10@5½½ igqap tk;sxhA ifj.kkeLo:Ik] “ks;j dh dher Hkh ?kVdj 50 :Ik;s ij vk tk;sxh vkSj bl
rjg fuos”kd ds ikl ekStwn “ks;jksa ds cktkj iwathdj.k vFkok ewY; esa dksbZ cnyko ugha gksxkA ;g fcYdqy mlh
rjg gS tSls vki 100 :Ik;s ds uksV dks nks 50&50 :Ik;s ds uksV ls cnyrs gSa( ftlls ewY; leku gh jgrk gSA
vkbZ;s] “ks;j/kkjdksa ij iM+us okys blds izHkko ij ,d utj Mkyrs gSa & daiuh ,chlh 40 :Ik;s ij dkjksckj dj jgh
gS vkSj mlds }kjk 100 fefy;u “ks;j tkjh fd;s x;s gSa ftlus daiuh dks 4000 fefy;u :Ik;s ¼40 x 100 fefy;u
“ks;j½ dk cktkj iwathdj.k iznku fd;k gSA ,d fuos”kd ds ikl daiuh ds 400 “ks;j gSa ftudh dher 16]000 :Ik;s
gSA daiuh mlds ckn ,d “ks;j dks 4 esa foHkkftr ¼LVkWd fLIyV½ djus dk QSlyk djrh gS ¼;kuh ftl “ks;j/kkjd
ds ikl 1 “ks;j gS] mlds ikl vc 4 “ks;j gks tk;saxs½A “ks;j/kkjd ds ikl ftrus “ks;j gSa] mUgsa gj “ks;j ij rhu
vfrfjDr “ks;j feysaxsA fuos”kd ds ikl bl rjg 1600 “ks;j gks tk;saxs vkSj mls izR;sd “ks;j ij 3 vfrfjDr “ks;jksa
dk ykHk feysxkA ysfdu buls fuos”kd ds ikl ekStwn “ks;jksa ds ewY; ij dksbZ vlj ugha iM+sxk] D;ksafd fLIyV ds
ckn “ks;j dh dher Hkh 25 izfr”kr ¼,d pkSFkkbZ½ }kjk foHkkftr gks tk;sxh vkSj ;g 40 :Ik;s ls 10 :Ik;s ij vk
tk;sxhA bl rjg] fuos”kd ds ikl 16]000 :Ik;s ewY; ds “ks;j cus jgsaxsA ;g Hkh xkSj djsa fd cktkj iwathdj.k Hkh
leku cuk jgsxk& blls LVkWDl vkmVLVSafMax dh jkf”k c<+dj 400 fefy;u gks tk;sxh tcfd lkFk gh “ks;j dh
dher 4000 :Ik;s fefy;u ds iwathdj.k ds fy, 25 izfr”kr fxjdj 10 :Ik;s vk tk;sxhA bl rjg] daiuh dk
okLrfod ewY; ugha cnyrk gSA
“ks;j dh ubZ dher dk fu/kkZj.k djus dk ,d vklku rjhdk gS & mls fLIyV js”kks }kjk “ks;j dh iqjkuh dher ls
foHkkftr dj fn;k tk;sA gekjs mnkgj.k esa] 40 :Ik;s dks 4 ls foHkkftr djsa vkSj gesa 10 :Ik;s dk u;k VªsfMax
izkbl fey tk;sxkA ;fn 2 “ks;jksa dks 3 esa foHkkftr djuk gS rks gesa leku QkWewZyk viukuk gksxk % 40@¼3@2½ =
40@1-5 = 26-60 :Ik;sA
2&QkWj&1 fLIyV fiz&fLIyV iksLV&fLIyV
“ks;jksa dh la[;k 100 fefy;u 200 fefy;u
“ks;j dh dher 40 :Ik;s 20 :Ik;s
Ckktkj iwathdj.k 4000 fefy;u :Ik;s 4000 fefy;u :Ik;s
4&QkWj&1 fLIyV
“ks;jksa dh la[;k 100 fefy;u 400 fefy;u
“ks;j dh dher 40 :Ik;s 10 :Ik;s
Ckktkj iwathdj.k 4000 fefy;u :Ik;s 4000 fefy;u :Ik;s
36
daifu;ka LVkWd fLIyV dh ?kks"k.kk D;ksa djrh gSa\
;fn “ks;j ds ewY; esa dksbZ cnyko ugha gksrk gS] rks daiuh vius “ks;jksa dks foHkkftr djus ds fy, vkf[kj fdl ckr
ls izsfjr gksrh gS\ gkykafd] foRrh; lkfgR; esa blds dksbZ lS)kafrd dkj.k ugha gS ftlls LVkWd fLIyV dh t:jr
iM+us ds ladsr fey ldsaA veweu] blds nks egRoiw.kZ dkj.k gSaA izfrHkwfr dh dherksa esa tc yxkrkj c<+ksrjh gksrh
tkrh gS] rks dqN fuos”kdksa dks eglwl gksrk gS fd ysokyh ds fy, ;g dher cgqr vf/kd gS] vFkok NksVs fuos”kdksa
dks ;g dher muds fy, oguh; ugha yxrhA “ks;jksa dks foHkkftr djus ls] mldh dher ?kVdj vf/kd ^vkd'kZd^
Lrj ij vk tkrh gSA Åij fn;s x;s gekjs mnkgj.k esa] fLIyV ls iwoZ daiuh ,chlh dk ,d “ks;j [kjhnus ds fy, 40
:Ik;s dh t:jr iM+rh] ysfdu LVkWd fLIyV ds ckn 10 :Ik;s esa gh “ks;j [kjhns tk ldrs gSaA bl rjg vf/kd ls
vf/kd fuos”kd bl “ks;j dks [kjhnus ds fy, vkdf"kZr gksaxsA blls gesa nwljk dkj.k Hkh feyrk gSA “ks;j dks
fOkHkkftr djus ls “ks;j dh rjyrk esa o`f) dks c<++kok feyrk gS] vkSj vf/kd fuos”kd “ks;j [kjhnus esa l{ke gksaxs
vkSj cktkj esa daiuh ds dqy vkmVLVSafMax “ks;lZ Hkh c<+ tk;saxsA
'ks;jksa dh iqu[kZjhn D;k gS\
iqu[kZjhn ¼ck;cSd½ ,d ,slh i)fr gS ftlesa daiuh cktkj esa nwljs fuos”kdksa ls “ks;jksa dh [kjhnkjh dj [kqn ls
fuos”k djrh gSA iqu[kZjhn ls cktkj esa cdk;k “ks;jksa dh la[;k ?kVrh gSA ck;cSd daiuh }kjk fd;k tkrk gS]
ftldk mn~ns”; vius “ks;jksa dh rjyrk esa lq/kkj djuk vkSj “ks;j/kkjdksa dh fuf/k esa c<+ksrjh djuk gksrk gSA lsch
¼ck; cSd vkWQ flD;qfjVht½ ds jsxqys”ku] 1998 ds rgr] daiuh dks fuEu ls vius “ks;jksa dh iqu[kZjhn djus dh
eatwjh nh tkrh gS %
1½ vkWQj MkWD;wesaV ds ek/;e ls vuqikfrd vk/kkj ij ekStwnk “ks;j/kkjdksa ls
2½ cqd fcfYMax izkslsl dk bLrseky dj LVkWd ,Dlpsatksa ds ek/;e ls
3½ fo"ke ykWV “ks;j j[kus okys “ks;j/kkjdksa ls
daiuh dks iqu[kZjhn ds ckn izorZdksa dh fgLlsnkjh dk [kqyklk djuk t:jh gSA ck;cSd izfØ;k dks rsth ls lekIr
djus ds fy,] fu;eksa }kjk izR;sd pj.k gsrq le; lhek dks cny fn;k tkrk gSA mnkgj.k ds fy,] LVkWd ,Dlpsatksa
ds tfj;s [kjhnkjh djus ds ekeys esa] iqu[kZjhn ds fy, vkWQj 30 fnuksa ls vf/kd le; ds fy, [kqyk ugha jgrkA
iqu[kZjhn ds fy, “ks;jksa dk izek.ku] vkWQj can gksus ds 15 fnuksa ds Hkhrj iwjk fd;k tkuk pkfg;sA Lohd`r
izfrHkwfr;ksa ds fy, Hkqxrku izek.ku iwjk gksus ds 7 fnuksa ds vanj fd;k tkuk pkfg;s vkSj nksckjk [kjhns x;s “ks;jksa dks
Hkqxrku dh frfFk ds 7 fnuksa ds Hkhrj can fd;k tkuk pkfg;sA
8-2 baMsDl
fu¶Vh baMsDl D;k gS\
lh,u,Dl fu¶Vh ¼fu¶Vh½ oSKkfud :Ik ls fodflr 50 LVkWd baMsDl gS] tks Hkkjrh; cktkjksa dh cktkj xfrfof/k;ksa
dks ,dne lgh <ax ls ifjyf{kr djrk gSA blesa ,u,lbZ ij dkjksckjh djus okys dqN lcls cM+s vkSj lcls rjy
“ks;j “kkfey gSaA bldk j[k&j[kko bafM;k baMsDl lfoZlst ,aM izksMDV~l fyfeVsM ¼vkbvkb,l,y½ }kjk fd;k
tkrk gS tksfd ,u,lbZ vkSj fØfly ds chp ,d la;qDr miØe gSA fu¶Vh Hkkjrh; cktkjksa dk cSjksehVj gSA
8-3 fDy;fjax ,oa lsVyesaV ,oa fjMªsly
fDy;fjax dkWiksZjs'ku D;k gS\
fDy;fjax dkWiksZjs”ku ,Dlpsat dk ,d fgLlk vFkok i`Fkd ,uVkbVh gS ftlds }kjk rhu dk;ksZa dks vatke fn;k
tkrk gSA ;g lHkh ysu&nsu dks fDy;j ,oa lsVy djrk gS ;kuh cktkj esa ysokyksa vkSj fcdokyksa ds fy,
“ks;jksa@iwath dh izkfIr vkSj fMyhojh dh izfØ;k dks iwjk djrk gS( ,Dlpsat ij dk;kZfUor lHkh ysunsu ds fy,
vkfFkZd xkjaVh eqgS;k djkrk gS vkSj tksf[ke izca/ku QaD”ku miyC/k djkrk gSA us”kuy flD;qfjVht fDy;fjax
dkWiksZjs”ku ¼,u,llhlh,y½] ,u,lbZ dh iw.kZ LokfeRo okyh vuq'kaxh] ,u,lbZ ij dk;kZfUor ysu&nsu ds fy,
fDy;fjax dkWiksZjs”ku dh Hkwfedk fuHkkrh gSA

jksfyax lsVyesaV D;k gS\
jksfyax lsVyesaV ds rgr fnu dh lekfIr ij lHkh vksiu iksth”ku ',u' fnu ckn isesaV@fMyhojh esa ifjf.kr gksuk
vfuok;Z gSA ekStwnk le; esa jksfyax lsVyesaV esa VªsM~l Vh$2 vk/kkj ij lsVy gksrs gSa tgka Vh VªsM dk fnu gSA
mnkgj.k ds fy,] lkseokj dks dk;kZfUor VªsM cq/kokj rd lsVy gksuk vfuok;Z gS ¼VªsM ds fnu ls nks dkedkth
fnol ds vuqlkj½A QaM ,oa flD;qfjVht is&bu vkSj is&vkmV Vh$2 fnuksa esa fd;s tkrs gSaA
is&bu vkSj is&vkmV D;k gS\
is&bu Ms og fnu gS tc csph xbZ izfrHkwfr;ksa dks foØsrkvksa }kjk ,Dlpsat ij fMyhoj fd;k tkrk gS vkSj [kjhnh
xbZ izfrHkwfr;ksa ds fy, QaM~l dks ,Dlpsat ij ysokyksa ds fy, miyC/k djk;k tkrk gSA
is&vkmV fnu og fnu gS tc [kjhnh xbZ izfrHkwfr;ksa dks ysokyksa dks fMyhoj fd;k tkrk gS vkSj ,Dlpsat }kjk csph
xbZ izfrHkwfr;ksa ds fy, QaM~l dks foØsrkvksa dks fn;k tkrk gSA
orZeku le; esa LVkWd ,Dlpsat ij dk;kZfUor VªsM ds ckn nwljs dkedkth fnol ij is&bu vkSj is&vkmV gksrk
gSA
vkWD'ku ¼uhykeh½ D;k gS\
is&bu Ms ij VªsfMax lnL; }kjk izfrHkwfr;ksa dh ukWUk&fMyhojh ij] izfrHkwfr;ksa dks ,Dlpsat }kjk vkWD”ku ;kuh
uhykeh ds fy, j[kk tkrk gSA blls lqfuf”pr gksrk gS fd ,Dlpsat [kjhnkjh djus okys VªsfMax lnL; dks
izfrHkwfr;ka izkIr gksrh gSaA ,Dlpsat uhykeh cktkj esa vko”;d ek=k [kjhnrk gS vkSj mUgsa ysokyh djus okys VªsfMax
lnL; dks iznku djrk gSA
cqd&Dykstj@fjdkWMZ MsV D;k gS\
cqd Dykstj vkSj fjdkWMZ MsV daiuh dks okLro esa r; frfFk ij daiuh ds “ks;j/kkjdksa dk fu/kkZj.k djus esa enn
djrh gSA cqd Dykstj dk rkRi;Z daiuh ds fjdkWMZ~l esa fuos”kdksa ds uke dk jftLVj can djus ls gSA daifu;ka
le;≤ ij cqd Dykstj dh ?kks"k.kk djrh jgrh gSaA ykHkka”k] cksul b”;w] jkbV~l b”;w miktZu ds ykHk mu
fuos”kdksa dks fn;s tkrs gSa] ftuds uke iznRr rkjh[k ij daiuh ds fjdkWMZ ij fn[krs gSa vkSj bUgsa fjdkWMZ MsV ds uke
ls tkuk tkrk gS vkSj daiuh }kjk ,Mokal esa gh budh ?kks"k.kk dh tkrh gS rkfd ysokyksa dks “ks;j [kjhnus] daiuh ds
cqDl esa [kqn dks ntZ djkus vkSj cksul] jkbV~l] ykHkka”k vkfn tSls ykHkksa dk gd ikus ds fy, Ik;kZIr le; fey
ldsA orZeku esa fMikWtVjh ekStwn gSa] ysokyksa dks iathdj.k ds fy, daifu;ksa dks gkftj :Ik ls “ks;j Hkstus dh
t:jr ugha gSA bldh ns[kHkky fMikWtVjh }kjk dh tkrh gS D;ksafd muds ikl ml r; frfFk ds vuqlkj
bysDVªkWfud :Ik esa fuos”kdksa dh fgLlsnkjh ds fjdkWMZ~l gksrs gSaA
uks&fMyhojh vof/k D;k gS\
tc Hkh daiuh cqd Dykstj ;k fjdkWMZ MsV dh ?kks"k.kk djrh gS] ,Dlpsat }kjk ml izfrHkwfr ds fy, uks&fMyhojh
vof/k LFkkfir dh tkrh gSA bl vof/k ds nkSjku izfrHkwfr esa flQZ VªsfMax dh Lohd`fr nh tkrh gSA gkykafd] bu
VªsM~l dks uks&fMyhojh vof/k iwjh gksus ds ckn gh fuiVk;k tkrk gSA ,slk ;g lqfuf”pr djus ds fy, fd;k tkrk
gS fd dkWiksZjsV ykHk ds fy, fuos”kdksa dk vf/kdkj Li"V :Ik ls fu/kkZfjr fd;k tk ldsA
,Dl&fMfoMsaM rkjh[k D;k gS\
og rkjh[k ftl fnu ;k mlds ckn dksbZ izfrHkwfr dher esa ykHkka”k tksM+s cxSj dkjksckj “kq: djrh gS] ;kuh ;fn
fuos”kd ,Dl&fMfoMsaM MsV ij ;k mlds ckn “ks;j [kjhnrs gSa rks “ks;jksa ds ysokyksa dks ykHkka”k ikus dk dksbZ gd
ugha gksxk ftls gky esa daiuh }kjk ?kksf"kr fd;k x;k gSA

,Dl&MsV D;k gS\
uks&fMyhojh vof/k dk igyk fnu ,Dl&MsV dgykrk gSA ;fn jkbV~l] cksul] ykHkka”k tSls fdlh dkWiksZjsV ykHk
dh ?kks"k.kk dh xbZ gS ftlds fy, cqd Dykstj@fjdkWMZ MsV r; gS] “ks;jksa ds ysoky ,Dl&MsV ij ;k ckn esa bu
ykHkksa dks ikus ds gdnkj ugha gksaxsA
fuos'kd@xzkgd ds fy, viuh f'kdk;rksa ds lek/kku gsrq D;k lk/ku miyC/k gSa\
vki fdlh fuf”pr VªsM fookn vFkok Hkqxrku@izfrHkwfr;ksa dh jlhn izkIr u gksus ij czksdj ds f[kykQ bUosLVj
xzhfo,al lsy ¼vkbthlh½ esa f”kdk;r ntZ djk ldrs gSaA vkbthlh ,u,lbZ VªsfMax lnL; vFkok lsch esa iathd`r
,u,lbZ VªsfMax lnL; ds mi&czksdj ds ek/;e ls ,u,lbZ ij dk;kZfUor VªsM~l ds laca/k esa f”kdk;rsa ysrk gSA lkFk
gh ,u,lbZ ij dkjksckj djus okyh daifu;ksa ds VªsM~l ls laca/kh f”kdk;rsa Hkh Lohdkj djrk gSA
vkfcZVªs'ku D;k gS\
vkfcZVªs”ku ,d oSdfYid fookn lek/kku iz.kkyh gS ftls LVkWd ,Dlpsat }kjk ,Dlpsat ij fd;s x;s dkjskckj ds
lanHkZ esa VªsfMax lnL;ksa vkSj muds DykbaV ds chp tkjh fooknksa dks lek/kku djus ds fy, miyC/k djk;k x;k gSA
;fn LVkWd ,Dlpsat ds lkekU; f”kdk;r lek/kku iz.kkyh ds tfj;s dksbZ gy ugha fudyrk gS] rc vki lacaf/kr
LVkWd ,Dlpsat ds ckb&ykWt ds rgr vkfcZVªs”ku dk gokyk nsdj vkosnu dj ldrs gSaA
bUosLVj izksVsD'ku QaM D;k gS\
bUosLVj izksVsD”ku QaM ¼vkbih,Q½ dk j[k&j[kko ,u,lbZ }kjk fd;k tkrk gS rkfd fuos”kdksa ds csgrj Dyse fd;s
tk ldsa tksfd VªsfMax lnL; }kjk mRrjnkf;Roksa ds ukWu&lsVyesaV ls mBrs gSaA bUgsa ,Dlpsat ij dk;kZfUor VªsM~l
ds laca/k esa fMQkWYVj ?kksf"kr fd;k tkrk gSA vkbih,Q dk bLrseky bu fuos”kdksa ds nkoksa dk fuiVku djus esa
fd;k tkrk gS] tgka VªsfMax lnL; ftlds tfj;s fuos”kd us lkSnk fd;k gS] dks fMQkWYVj ?kksf"kr fd;k tkrk gSA
vkbih,Q ds ckgj Hkqxrku esa fMQkWYVj ?kksf"kr fd;s x;s VªsfMax lnL; ls fuos”kdksa }kjk izfrHkwfr;ksa ds xSj
Hkqxrku@xSj jlhn ds dkj.k nkoksa dks “kkfey fd;k tkrk gSA vkbih,Q ls fuos”kd ¼tgka VªsfMax lnL; ftlds
tfj;s fuos”kd us lkSnk fd;k gS] dks ?kksf"kr fd;k x;k gS½ dks ns; nkoksa dh vf/kdre jkf”k 10 yk[k :Ik;s gSA

vè;k; & 9
fo'ys"k.k dh vo/kj.kk vkSj izdkj

lk/kkj.k C;kt D;k gS\
lk/kkj.k C;kt % lk/kkj.k C;kt og C;kt gS ftls flQZ m/kkj yh xbZ ewy jde ij vnk fd;k tkrk gSA _.k dh
vof/k ds nkSjku mikftZr C;kt ij dksbZ C;kt vnk ugha fd;k tkrk gSA
lk/kkj.k C;kt dh x.kuk ds fy, rhu ?kVd gSa % ewy] C;kt nj vkSj le;A
lk/kkj.k C;kt dh x.kuk ds fy, QkWewZyk %
I = PRT
tgk¡]
vkb = C;kt
ih = ewy
vkj = C;kt nj ¼izfr o"kZ½
Vh = le; ¼o"kksZa esa ;k o"kZ ds Hkkx esa½
mnkgj.k % fe- ,Dl us ?kj ds lkeku [kjhnus ds fy, cSad ls 10 gtkj :Ik;s m/kkj fy;sA mUgksaus 8 eghus esa 10
izfr”kr izfr o"kZ dh C;kt nj ij lk/kkj.k C;kt lfgr iwjh jkf”k vnk djus dh lgefr trkbZA
;fn os 8 eghuksa esa iwjh 10 gtkj :Ik;s jkf”k pqdk nsrs gSa] rks C;kt gksxk %
ih =10]000 :Ik;s vkj = 0-10 ¼10 izfr”kr izfr o"kZ½ Vh = 8@12 ¼;g o"kZ ds Hkkx dks fufnZ"V djrk gS½
10]000 :Ik;s* ¼0-10½* ¼8@12½ = 667 :Ik;s
;g fe- ,Dl }kjk 8 eghuksa ds fy, fy, x;s 10]000 :Ik;s ds _.k ij lk/kkj.k C;kt gSA
;fn og 15 eghuksa esa 10]000 :Ik;s dh jkf”k pqdkrk gS] rks flQZ le; esa cnyko gks jgk gSA
blfy, mldk C;kt gksxk %
vkb = 10]000 :Ik;s*¼0-10½*¼15@12½ = 1]250 :Ik;s
pØo`f) C;kt D;k gS\
pØo`f) C;kt % pØo`f) C;kt dk vFkZ gS fd C;kt ij dh xbZ x.kuk dk C;kt Hkh “kkfey gksxkA ewy jkf”k ij
mikftZr C;kt dks nksckjk ewy jkf”k esa tksM+ fn;k tkrk gS] vkSj fQj vxyh vof/k ds fy, C;kt dh x.kuk gsrq iwjh
jkf”k dks u;s ewy ds :Ik esa ekuk tkrk gSA
mnkgj.k ds fy,] ;fn nks o"kksZa ds fy, 5]000 :Ik;s dh jkf”k fuos”k dh xbZ vkSj C;kt nj 10 izfr”kr gS] ;g okf"kZd
vk/kkj ij fdl rjg pØo`f) esa cnysxh %
§ igys o"kZ dh lekfIr ij C;kt ¼5]000* 0-10½ vFkok 500 :Ik;s gksxkA
§ nwljs o"kZ 10 izfr”kr dh C;kt nj flQZ 5]000 :Ik;s ij ykxw ugha gksxh cfYd igys o"kZ ds 500 :Ik;s ds
C;kt ij Hkh ykxw dh tk;sxhA bl rjg] nwljs o"kZ esa C;kt ¼5]500*0-10½ vFkok 550 :Ik;s gksxkA
fdlh Hkh _.k vFkok m/kkjh ds fy, ;fn lk/kkj.k C;kt dk mYys[k ugha fd;k x;k gS rks O;fDr dks ges”kk ;g
dYiuk djuh pkfg;s fd C;kt pØo`f) gksxkA tc pØo`f) C;kt dk bLrseky fd;k tkrk gS] rks gesa ;g vo”;
irk gksuk pkfg;s fd izfr o"kZ fdruh ckj C;kt nj dh x.kuk dh tkrh gSA vewweu C;kt nj dks lkykuk dksV fd;k
tkrk gSA mnkgj.k ds fy, 10 izfr”kr lkykukA
40
pØo`f) C;kt esa ,d lky ls T;knk ds fy, x.kuk “kkfey gks ldrh gSa] izR;sd esa u;s ewy dk bLrseky fd;k tkrk
gS ;kuh ¼C;kt$ewy½A pØo`f) C;kt esa gesa ,d “kCn ls t:j voxr gksuk pkfg;s og gS dUotZu ihfj;MA
dUotZu ihfj;M esa irk pyrk gS fd _.k vFkok fuos”k dh vof/k ds nkSjku C;kt dh x.kuk fdruh ckj dh tkrh
gSA bls izzR;sd o"kZ vFkok o"kZ esa dbZ ckj fu/kkZfjr fd;k tkuk pkfg;sA
mnkgj.k % ;fn C;kt dks o"kZ esa nks ckj daikmaMsM fd;k tkrk gS] rks izfro"kZ dUotZu ihfj;M dh la[;k 2 gksxhA
;fn _.k vFkok tek ikap o"kksZa ds fy, gS rks dUotZu ihfj;M dh la[;k 10 gksxhA
pØo`f) C;kt dh x.kuk ds fy, QkWewZyk %
C = P (1+i)n
tgka
lh = jkf”k
ih = ewy
vkb = C;kt nj izfr dUotZu ihfj;M
,u = dUotZu ihfj;M dh dqy la[;k
mnkgj.k % fe- ,Dl us ikap o"kksZa ds fy, 10]000 :Ik;s dh jkf”k 7-5 izfr”kr ds frekgh pØo`f) C;kt nj ij
fuos”k dh %
ih = 10]000 :Ik;s
vkb = 0-075@4] vFkok 0-01875
,u = 4*5 vFkok 20] dUotZu ihfj;M 5 o"kksZa ds fy,
bl rjg] jkf”k lh] gS %
lh = 10]000 :Ik;s (1 + 0.01875) ^ 20
= 10,000 :Ik;s x 1.449948
= 14,499.48 :Ik;s
ikap o"kksZa dh lekfIr ij] fe- ,Dl C;kt ds :Ik esa 4]499-48 :Ik;s ¼14]499&10]000 :Ik;s½ dek;saxsA bls daikmafMax
ds rkSj ij Hkh tkuk tkrk gSA
daikmafMax fuos”k esa csgn egRoiw.kZ Hkwfedk fuHkkrk gS D;ksafd lk/kkj.k C;kt dekus vkSj C;kt ij C;kt dekus ds
bu nks ekeyksa esa vof/k lekIr gksus ij izkIr jkf”k mYys[kuh; :Ik ls vyx&vyx gksrh gSA
;fn fe- ,Dl us ikap o"kksZa ds fy, lk/kkj.k C;kt fodYi dh is”kd”k djus okyh leku C;kt nj ij ;g jkf”k
fuos”k dh gS] rks os fuEufyf[kr QkWewZyk ykxw djds viuh dekbZ dh x.kuk dj ldrs gsa %
S = P (1 + rt),
ih = 10]000
vkj = 0-075
Vh = 5
bl rjg] ,l = 10]000 :Ik;s [l+0.075(5)] = 13]750 :Ik;s
vkSj dek;k x;k lk/kkj.k C;kt 3]750 :Ik;s gSA
nksuksa fof/k;ksa ds rgr izkIr C;kt jkf”k dh rqyuk djus ij ;g irk pyrk gS fd fe- ,Dl us 749-48 :Ik;s
¼4]498&3]750 :Ik;s½ dek;s vFkok lk/kkj.k C;kt fof/k dh rqyuk esa pØo`f) C;kt fof/k ds rgr yxHkx 20
izfr”kr T;knk vftZr fd;kA

lk/kkj.k “kCnksa esa dgsa rks daikmafMax dk vFkZ fjVuZ dh leku nj ij vk; dks nksckjk fuos”k djuk gS rkfd ewy jkf”k
esa fujarj lky nj lky fodkl tkjh j[kk tk ldsA D;k O;fDr dks bl ckr dk csgn /;ku j[kuk pkfg;s fd fjVuZ
dh nj 5 izfr”kr gS ;k 15 izfr”kr\ lPpkbZ gS fd daikmafMax ds lkFk fjVuZ dh nj ftruh vf/kd gksxh] vk; mruh
gh T;knk gksxh ftls ewy esa nksckjk tksM+k tkrk jgsxk] vkSj vkidks lky nj lky fjVuZ dh mPp nj feysxhA
uhps nh xbZ rkfydk crkrh gS fd 10]000 :Ik;s dk flaxy fuos”k daikmafMax ds lkFk fjVuZ dh fofHkUu njksa ij
c<+sxkA lsfoaXl cSad vdkmaV esa viuk iSlk Mkyus ij vkidks laHkor% 5 izfr”kr dk fjVuZ feysxk] ogha ,d o"kZ ds
daiuh fQDLM fMikWftV ls vki 10 izfr”kr dh fjVuZ dh mEehn dj ldrs gSa] ;fn vki E;wpqvy QaMksa vFkok
bfDoVh “ks;jksa esa fuos”k djrs gSa rks vkidks 15&20 izfr”kr ;k blls vf/kd fjVuZ fey ldrk gSA
daikmafMax dh rkdr dk izHkko %

fjVuZ dh fofHkUu njksa vkSj vyx&vyx le;kof/k esa daikmafMax dh rkdr dk izHkko %
Ok"kZ dh lekfIr ij 5 izfr'kr 10 izfr'kr 15 izfr'kr 20 izfr'kr
1 10500 :Ik;s 11000 :Ik;s 11500 :Ik;s 12000 :Ik;s
5 12800 :Ik;s 16100 :Ik;s 20100 :Ik;s 24900 :Ik;s
10 16300 :Ik;s 25900 :Ik;s 40500 :Ik;s 61900 :Ik;s
15 20800 :Ik;s 41800 :Ik;s 81400 :Ik;s 154100 :Ik;s
25 33900 :Ik;s 1,08300 :Ik;s 3,29200 :Ik;s 9,54,000 :Ik;s
Vkbe oSY;w vkWQ euh dk D;k vFkZ gS\

/ku dh Vkbe oSY;w gksrh gSA Vkbe oSY;w vkWQ euh ds ihNs vkbfM;k ;g gS fd vkt ,d :Ik;k Hkfo"; esa ,d :Ik;s
ls T;knk ewY; dk gSA vkt :Ik;s ds ewY; vkSj Hkfo"; esa :Ik;s ds ewY; ds chp laca/k dks ^Vkbe oSY;w vkWQ euh^ ds
:Ik esa tkuk tkrk gSA vkt izkIr :Ik;k Hkfo"; esa C;kt dek ldrk gSA vkt fuos”k dh xbZ jkf”k ckn dh rkjh[k esa
fuos”k dh xbZ leku jkf”k dh rqyuk esa vf/kd ewY; dh gksxh D;ksafd blds }kjk daikmafMax dh rkdr dk bLrseky
fd;k tk;sxkA tc ewy jkf”k fuos”k dh tkrh gS] rks ewy ij igys o'kZ ds nkSjku C;kt dek;k tkrk gSA nwljs o"kZ ;k
vof/k esa C;kt okLrfod ewy vkSj igys o"kZ esa dek;s x;s C;kt ij feyrk gSA le; ds lkFk] iqu% fuos”k dh ;g
izfØ;k jkf”k dks mYys[kuh; <ax ls c<+kus esa enn dj ldrh gSA
vkbZ;s ,d mnkgj.k ysa %

dYiuk dhft;s fd vkidks nks fodYi fn;s x;s gSa %
1½ vkt 10]000 :Ik;s izkIr djsa vFkok
2½ rhu o"kZ ckn 10]000 :Ik;s izkIr djsaA
vki dkSu lk fodYi pqusaxsA

veweu vki leku jkf”k ikus ds fy, rhu o"kZ ds bartkj dh rqyuk esa vkt 10]000 :Ik;s izkIr djus dk fodYi
viuk;saxsA blfy,] Vkbe oSY;w vkWQ euh ;g crkrh gS fd ;fn lHkh phtsa leku gSa rks ckn dh rqyuk esa vHkh iwath
ysuk csgrj gSA
gekjs mnkgj.k dks ns[ksa % vkt 10]000 :Ik;s izkIr djds vki vius iSls ds Hkfo"; ewY; dks c<+k;saxs D;ksafd bl iwath
dks vki fuos”k dj le; ds lkFk C;kt dek ldrs gSaA fodYi ch ds fy,] vkids ikl le; ugha gS] rhu o"kksZa esa
izkIr jkf”k vkids Hkfo"; dk ewY; gksxkA bls le>kus ds fy, geus ,d le;lhek eqgS;k djkbZ gS &
42
orZeku ewY; Hkfo"; ewY;
0 1 2 3 o"kZ
fodYi 1 % #- 10]000 #- 10]000 ++ C;kt

fodYi 2 % #- 10]000 & C;kt #- 10]000
;fn vki fodYi 1 pqurs gSa rks Hkfo"; dk ewY; 10]000 :Ik;s Iyl rhu o"kksZa ds nkSjku izkIr dksbZ Hkh C;kt gksxkA
ogha nwljh vksj] fodYi 2 ds fy, Hkfo"; ewY; flQZ 10]000 :Ik;s gksxkA blls Li"V irk pyrk gS fd vkt izkIr
/ku dk ewY; Hkfo"; esa izkIr leku jkf”k ls vf/kd gksxkA D;ksafd vkt izkIr jde dks fuos”k dj ykHk dek;k tk
ldrk gSA
,d vkSj mnkgj.k ysrs gSaA
;fn vkius fodYi 1 pquk vkSj dqy jde dks 5 izfr”kr dh lk/kkj.k okf"kZd C;kt nj ij fuos”k fd;k tks igys o"kZ
dh lekfIr ij vkids fuos”k dk Hkfo"; ewY; 10]500 :Ik;s gksxk ftldh x.kuk 10]000 :Ik;s dh ewy jkf”k esa 5
izfr”kr dh C;kt nj dk xq.kk djds vkSj fQj mlds ckn C;kt dks ewy jkf”k esa tksM+ dj dh tk ldrh gSA
bl rjg igys dh lekfIr ij fuos”k dk Hkfo"; ewY; gS %

= (10,000 :Ik;s x 5/100) + 10,000 :Ik;s
= (10,000 :Ik;s x 0.050) + 10,000 :Ik;s
=10,500 :Ik;s
vki ,d o"khZ; fuos”k dh dqy jkf”k dh x.kuk Åij fn;s x;s lehdj.k esa lkekU; ;k la”kks/ku djds Hkh dj
ldrs gSa %
okLrfod lehdj.k % (10,000 :Ik;s x 0.050) + Rs.10,000 = 10,500 :Ik;s
la”kksf/kr QkWewZyk % (10,000 :Ik;s x (0.050 + 1) = 10,500 :Ik;s
vafre lehdj.k %10,000 :Ik;s x [(1 x 0.050) + 1] = 10,500 :Ik;s
bls fuEu rjhds ls Hkh fy[kk tk ldrk gS

S = P (r+ 1)
tgk¡]
,l = vof/k ds var esa izkIr jkf”k
ih = ewy jkf”k
vkj = C;kt nj izfr o"kZ
;g QkWewZyk 1 o"kZ dh vof/k ds fy, lk/kkj.k C;kt ¼vkj½ ij fuos”k dh xbZ jkf”k ¼ih½ ds Hkfo"; ds ewY; ¼,l½ dks
iznf”kZr djrk gSA

Vkbe oSY;w vkWQ euh dk ifjdyu fdl rjg fd;k tkrk gS\
Vkbe oSY;w vkWQ euh fuEufyf[kr ifjfLFkfr;ksa esa ifjdfyr fd;k tk ldrk gS %
1- ,dy uxn izokg dk Hkfo"; ewY;
2- ,U;qVh dk Hkfo"; ewY;
3- ,dy uxn izokg dk ekStwnk ewY;
4- ,U;qVh dk ekStwnk ewY;
1- ,dy uxn izokg dk Hkfo"; ewY;
/ku ds fn;s x;s ekStwnk ewY; ¼iztsaV oSY;w@ihoh½ ds fy, ,e vof/k ckn ftlds fy, daikmafMax oh C;kt nj ij dh
xbZ gS] mldk Hkfo"; dk ewY; ¼¶;wpj oSY;w@,Qoh½ fuEu lehdj.k }kjk crk;k tk;sxk
FV = PV (1+r)t
blls irk pyrk gS fd daikmafMax fofHkUu varjky ij dh tkrh gSA gkykafd] fujarj daikmafMax ds ekeys esa] Hkfo";
ewY; uhps fn;s x;s QkWewZyk dk bLrseky dj fu/kkZfjr fd;k tkrk gS %
FV = PV * ert
tgka e ,d xf.krh; QaD”ku gS ftls ^,Dliksuasf”k;y^ dgk tkrk gSA ,Dliksusaf”k;y dk ewY; (e) = 2.7183 gSA
daikmafMax QSDVj dh x.kuk LokHkkfod ykWxfjn~e ls dh tkrh gS ¼ykWx Vq n csl vkWQ 2.7183).
mnkgj.k 1 % vkt tek fd;s x;s 2]000 :Ik;s ds fMikWfTkV ds ewY; dh 3 o"kZ ds ckn dh x.kuk djsa] ;fn C;kt nj
10 izfr”kr gSA
i`Fkd daikamfMax }kjk %
Hkfo"; dk ewY; FV = 2,000 * (1+0.10)3= 2,000 * (1.1)3= 2,000 * 1.331 = 2,662 :Ik;s
fujarj daikmafMax }kjk %
Hkfo"; dk ewY; FV = 2,000 * e (0.10*3)=2,000 * 1.349862 = 2699.72 :Ik;s
2- ,U;qVh dk Hkfo"; ewY;

,U;qVh leku okf"kZd uxn izokg dh /kkjk gSA ifjiDork ^Vh^ ds le; rd izR;sd vof/k dh lekfIr ij
,dleku uxn izokg ¼lh,Q½ dk Hkfo"; ewY; ¼,Qoh,½ ftlds fy, daikmafMax Okh jsV ls dh tkrh gS] dh
x.kuk fUkEu izdkj ls dh tkrh gS %
FVA = CF*(1+r)t-1 + CF*(1+r)t-2 + ... + CF*(1+r)1+CF
t
= CF (1+r) –1
r
dks ¶;wpj oSY;w baVjsLV QSDVj QkWj ,u ,U;qVh ¼,Qihvkb,Q,½ ds :Ik esa lanfHkZr fd;k tkrk gSA
bldk bLrseky fofHkUu lanHkksZa esa fd;k tk ldrk gSA tSls fd fuf”pr vof/k ds ckn lap;h jkf”k tkuus ds fy,]
yf{kr jkf”k rd igqapus ds fy, lkykuk fdruk cpr djus dh vko”;drk gksxh] ;g tkuuk rFkk C;kt nj vkfn
tkuukA

mnkgj.k 1 % dYiuk dhft;s] vkius ,d cSad esa 5 o"kksZa ds fy, 3]000 :Ik;s lkykuk tek fd;s vkSj vkids tek us
10 izfr”kr dh pØo`f) C;kt nj dekbZ rks 5 o"kZ ds var esa vkids tek ¼,U;qVh½ dh bl lhjht dk ewY; D;k
gksxk\ dYiuk djsa fd izR;sd fMikWftVh o"kZ dh lekfIr ij gksrk gSA
bl ,U;qVh dk Hkfo"; ewY; gS %
=3000 :Ik;s *(1.10)4 + 3000 :Ik;s *(1.10)3 + 3000 :Ik;s *(1.10)2 +3000 :Ik;s
*(1.10) + 3000 :Ik;s
= :Ik;s 3000*(1.4641)+3000:Ik;s *(1.3310)+3000 :Ik;s *(1.2100)+3000 :Ik;s
*(1.10) + 3000 :Ik;s
= 18315.30 :Ik;s
3- ,dy uxn izokg dk ekStwnk ewY;
¶;wpj le ¼,Qoh½ dk ekStwnk ewY; Vh le; ds ckn izkIr gksrk gS ftlds fy, fMLdkmafVax oh C;kt nj ij dh xbZ
gSa] bls fuEu lehdj.k }kjk izkIr fd;k tk ldrk gS A
i`Fkd fMLdkmafVax ds ekeys esa % PV = FV / (1+r)t
mnkgj.k 1 % 3 o"kZ rd vnk fd;s tkus okys 5]000 :Ik;s dk ekStwnk ewY; D;k gS] ;fn C;kt nj
10 izfr”kr gS \
PV = 5000/ (1.10)3 ;kuh = 3756.57 :Ik;s
fujarj fMLdkmafVax ds ekeys esa % PV = FV * e-rt
mnkgj.k 2 % fujarj fMLdkmafVax ds rgr 10 izfr”kr dh fMLdkmaV nj ij 2 o"kZ ckn izkIr

10]000 :Ik;s dk ekStwnk ewY; D;k gS \
iztsaV oSY;w = 10,000/ (exp ^(0.1*2)) = :Ik;s 8187.297
4- ,U;qVh dk ekStwnk ewY;
,U;qVh dk ekStwnk ewY; bl ,U;qVh ds lHkh uxn izokg ds ekStwnk ewY;ksa dk tksM+ gSA
,U;qVh dk ekStwnk ewY; ¼i`Fkd fMLdkmafVax ds ekeys esa½
PVA = FV[{(1+r)t – 1}/{R*(1+r)t}]
[(1+r)t – 1/R*(1+r)t] dks iztsaV oSY;w baVjsLV QSDVj QkWj ,u ,U;qVh ¼ihohvkb,Q,½ ds :Ik esa lanfHkZr
fd;k x;k gSA
,U;qVh ds ekStwnk ewY; ¼fujarj fMLdkmafVax ds ekeys esa½ dh x.kuk bl izdkj dh tk;sxh %
PVa = FVa*(1–e)-rt )/r

mnkgj.k 1 % 3 fujarj o"kksZa ds fy, izR;sd o"kZ dh lekfIr ij izkIr 2000 :Ik;s dk ekStwnk
ewY; D;k gS\
= 2000*[l/1.10]+2000*[l/1.10] v2+2000*[l/1.10] ^3
= 2000*0.9091+2000*0.8264+2000*0.7513
= 1818.181818+1652.892562+1502.629602
= 4973.704 :Ik;s
bQsfVDo ,uqvy fjVuZ ¼izHkkoh okf"kZd ykHk½ D;k gS\
veweu lkof/k tek ;k ckWUM ds fy, vkosnu djrs le; vkosnu QkWeZ esa ;g mYysf[kr gksrk gS fd fuos”k dk okf"kZd
ykHk ¼C;kt½ 10 izfr”kr gS ysfdu bQsfDVo ,uqvy fjVuZ blls dqN T;knk 10-38 izfr”kr gSA blesa varj D;ksa\
bQsfDVo ,uqvy fjVuZ varj&o"kZ daikmafMax ds fy, gksrk gS tcfd okf"kZd ,uqvy fjVuZ blfy, ugha gksrkA bu
nksuksa ds chp ds varj dks ,d mnkgj.k ls le>k tk ldrk gSA dYiuk dhft;s fd tek [kkrk ij mYysf[kr
okf"kZd C;kt nj 10 izfr”kr gS vkSj vkius bl cpr [kkrk esa 1]000 :Ik;s tek fd;sA ,d lky ds ckn] vkidk /ku
c<+dj 1]100 :Ik;s gks tk;sxkA ysfdu ;fn [kkrs esa =Sekfld daikmafMax dh [kwch gS rks] vkidh bQsfDVo jsV vkWQ
fjVuZ 10 izfr”kr ls vf/kd gksxhA igyh frekgh vFkok igys rhu eghuksa ds ckn] vkidh cpr 1]025 :Ik;s igqap
tk;sxhA fQj nwljh frekgh esa daikmafMax dk vlj Li"V gks tk;sxk % vkidks okLrfod 1]000 :Ik;s ij C;kt esa
vkSj 25 :Ik;s feysaxs ysfdu vkidks igyh frekgh ds ckn pqdk;s x;s 25 :Ik;s ls 0-63 vfrfjDr :Ik;s Hkh izkIr
gksaxsA nwljs “kCnksa esa dgsa rks izR;sd frekgh esa dek;k x;k C;kt vkus okyh frekfg;ksa esa dek;s x;s C;kt esa c<+ksrjh
djsxkA lky ds var rd] =Sekfld daikmafMax dh rkdr vkidks dqy 1]103-80 :Ik;s dk C;kt nsxhA blfy,]
mYysf[kr okf"kZd C;kt nj 10 izfr”kr gS] ysfdu =Sekfld daikmafMax ds dkj.k vkidh bQsfDVo jsV vkWQ fjVuZ
10-38 izfr”kr gSA 0-38 izfr”kr dk varj Hkys gh NksVk yxrk gS ysfdu ;fn vki cM+h la[;kvksa esa Mhy dj jgs gSa rks
;g varj dkQh cM+k utj vk;sxkA 100]000 :Ik;s dk 0-38 izfr”kr 380 :Ik;s gSA ,d vkSj pht xkSj djus yk;d
gS fd ;g vko”;d ugha gS fd daikmafMax gj frekgh esa dh tk;s vFkok lky esa pkj ckjA tSlk fd Åij fn;s x;s
mnkgj.k esa fd;k x;k gSA ,sls Hkh vdkmaV~l gSa tks gj eghus vkSj dqN jkstkuk daikmaMsM gksrs gSaA gekjs mnkgj.k esa
tSlk fn[kk;k x;k gS fd ftl ckjackjrk ls C;kt pqdk;k tkrk gS mldk bQsfDVo jsV vkWQ fjVuZ ij vlj iM+sxkA
fdlh daiuh dk O;ofLFkr <ax ls fo'ys"k.k fdl rjg djuk pkfg;s\
lgh fo”ys"k.k djus ds fy, vkidks fuEu ij vo”; /;ku nsuk pkfg;s %
m|ksx fo'ys"k.k % leku mRikn cukus okyh daifu;ka m|ksx@lsDVj ds ,d fgLlk ds fuekZ.k djrh gSaA mnkgj.k
ds fy,] us”kuy gkbMªksbysfDVªd ikoj daiuh ¼,u,pihlh½ fyfeVsM] us”kuy FkeZy ikoj daiuh ¼,uVhihlh½
fyfeVsM] VkVk ikoj daiuh fyfeVsM] vkfn Hkkjr ds fo|qr {ks= ls lacaf/kr gSaA ;g ns[kuk vR;ar egRoiw.kZ gS fd
ftl m|ksx ls daiuh dk laca/k gS] og fdruk nwj rd tk ldrk gSA ljdkjh uhfr ds izHkko] vius mRiknksa dh
Hkfo"; ekax vkfn] tSlh ckrksa dh tkap djuk t:jh gSA dbZ ckj m|ksx dk ifjn`”; dkjskckjh ifjos”k esa cnyko
vkus ds dkj.k ukVdh; <ax ls cny ldrk gSA mnkgj.k ds fy,] :Ik;s esa voewY;u lHkh fu;kZr mUeq[k daifu;ksa
ds ifjn`”; dks lqugjk cuk ldrk gSA fuos”k fo”ys"kd bls m|ksx fo”y"k.k ds uke ls iqdkjrs gSaA
dkWiksZjsV fo'ys"k.k % daiuh fiNys dqN o"kksZa ls dSls vkxs c<+ jgh gS\ blds ekStwnk ifjpkyuksa] izca/kdh; lkeF;Z]
fodkl ;kstukvksa] fiNys izn”kZu vkSj blds izfrLif/kZ;ksa vkfn ij iwjh tkudkjh izkIr djsaA bls dkWiksZjsV fo”ys"k.k
ds uke ls tkuk tkrk gSA
foRrh; fo'ys"k.k % ;fn m|ksx ds lkFk&lkFk daiuh dk izn”kZu vPNk utj vkrk gS rks blds ekStwnk Hkko dh
tkap djsa fd D;k “ks;j dks [kjhnuk lgh QSlyk gksxkA blds fy, daiuh ds foRrh; izn”kZu vkSj dqN izeq[k

ekunaMksa tSls vfuZax izfr “ks;j ¼bZih,l½] ihZ@bZ js”kks] bfDoVh dk orZeku vkdkj vkfn ij utj Mkysa rkfd Hkfo";
dh vuqekfur dher ij igqapk tk ldsA bls foRrh; fo”ys"k.k dgk tkrk gSA blds fy, vkidks daiuh ds foRrh;
LVsVesaV dks le>uk t:jh gS ;kuh daiuh dh okf"kZd fjiksVZ esa “kkfey cSysal “khV vkSj izkWfQV ,oa ykWl vdkmaVA
okf"kZd fjiksVZ D;k gS\

okf"kZd fjiksVZ ,d vkSipkfjd foRrh; c;ku gS ftls gj lky dkWiksZjsV }kjk tkjh fd;k tkrk gSA okf"kZd fjiksVZ esa
ifjlaifRr;ksa] yk,fcfyVht] jktLo] [kpksZa vkSj dekbZ dks fn[kk;k tkrk gS& dkjksckjh o"kZ dh lekfIr ij daiuh dk
izn”kZu dSlk jgk] blus lky ds nkSjku equkQs ds fglkc ls fdruh Nykax yxkbZ] lkFk gh “ks;j/kkjdksa ds fy, C;kt
ij vU; lwpuk;saA daifu;ksa }kjk okf"kZd fjiksVZ izdkf”kr dh tkrh gS vkSj ;g eq¶r esa fjiksVZ ds laf{kIr otZu dks
“ks;j/kkjdksa dks Hkstrh gSA foLr`r okf"kZd fjiksVZ dks vuqjks/k ij Hkstk tkrk gSA ;kn j[ksa fd daiuh dh okf"kZd fjiksVZ
daiuh ds foRrh; LokLF; dks tkuus ds fy, lwpuk dk csgrjhu lzksr gSA
okf"kZd fjiksVZ dh dkSu lh [kwch dks lko/kkuhiwoZd i<+uk pkfg;s\
O;fDr dks okf"kZd fjiksVZ ij fuEu ij tksj nsdj i<+uk pkfg;s %
§ funs”kd dh fjiksVZ vkSj ps;jeSu dk c;ku tksfd daiuh ds ekStwnk vkSj Hkfo"; ds ifjpkyuh; izn”kZu ls
lacaf/kr gSa
§ vkWfMVlZ dh fjiksVZ ¼vkWfMVlZ fjiksVZ ds fy, layXud lfgr½
§ ykHk ,oa gkfu [kkrk
§ cSysal “khV ¼rqyuk&i=½
§ cSysaLk “khV ds fy, lacaf/kr vdkmaV~l ij utj
cSysal 'khV vkSj izkWfQV ,oa ykWLk vdkmaV fooj.k D;k gS\ daiuh dh cSysal 'khV vkSj izkWfQV ,oa ykWLk
vdkmaV fooj.k ds chp D;k varj gS\
daiuh dh cSysal “khV fdlh [kkl le; ij ml daiuh dh vkfFkZd fLFkfr dks iznf”kZr djrh gSA daiuht ,DV]
1956 ds vuqlkj daiuh@QeZ dh cSysal “khV vdkmaV QkWeZ esa ;k fQj fjiksVZ QkWeZ esa gksuh pkfg;sA
cSysal 'khV % vdkmaV QkWeZ
Ykk,fcfyVht ifjlaifRr;ka
“ks;jiwath fQDLM ,lsV~l
fjtoZ ,oa ljIyl fuos”k
Lkqjf{kr _.k ekStwnk ifjlaifRr;ka] _.k vkSj ,Mokal
vlqjf{kr _.k fofo/k [kpZ
ekStwnk yk,fcfyVht vkSj izko/kku

cSysal 'khV % fjiksVZ QkWeZ
I. iwath ds lzksr %
1- 'ks;j/kkjdksa dh iawth
v½ “ks;j iwath
c½ fjtoZ ,oa ljIyl
2- _.k iwath
v½ lqjf{kr _.k
c½ vlqjf{kr _.k
II. iwath dk iz;ksx
v½ fQDLM ,lsV~l
c½ fuos”k
l½ ekStwnk ifjlaifRr;ka] _.k vkSj ,Mokal
ysl % ekStwnk yk,fcfyVht vkSj izko/kku
“kq) ekStwnk ifjlaifRr;ka
n½ fofo/k [kpZ vkSj uqdlku
nwljh vksj] izkWfQV ,oa ykWl vdkmaV ¼vk; fooj.k½ dqN le; ckn daiuh@QeZ ds foRrh; izn”kZu dks iznf”kZr
djrs gSaA ;g fuf”pr le;kof/k ds nkSjku jktLo vkSj [kpksZa dk ladsr nsrs gSaA le; dh vof/k ys[kk vof/k@o"kZ
vizSy&ekpZ gSA ys[kk fjiksVZ esa jktLo ds lkekuksa] [kpZ ds lkekuksa] vkSj ys[k vof/k ds fy, muds chp ¼”kq) vk;½
varj dks laf{kIr :Ik ls fy[kk tkrk gSA
daiuh dh cSysal 'khV vkSj izkWfQV ,oa ykWl vdkmaV dh O;k[;k dSls djsa\
lcls igys cSysal “khV ls “kq: djrs gSaA ckWDl 1 esa 31 ekpZ 2005 rd ,DlokbtsM fyfeVsM daiuh dh cSysal “khV
nh xbZ gSA ckWDl 1 esa nh xbZ cSysal “khV dks le>rs gSaA
ckWDl 1
,DlokbtsM daiuh fyfeVsM
31 ekpZ] 2005 rd cSysal 'khV 31 31
ekpZ ekpZ
2005 2014
rd rd
iwath ds lzksr “ksM~;wy i`"B djksM+ :Ik;s esa djksM+ :Ik;s esa djksM+ :Ik;s esa
1 “ks;j/kkjdksa dh iwath
(1) iwath 1 19 103.87 104.44
(2) fjtoZ ,oa ljIyl 2 20 479.21 387.70

583.08 483.14
48
2 _.k iwath
(1) lqjf{kr 3 21 353.34 387.76
(2) vlqjf{kr 4 21 129.89 101.07

483.23 488.83
3 yxkbZ xbZ dqy iwath 1066.31 971.97
Ikwath ds iz;ksx
4 fQDLM ,lsV~l (FIXED ASSETS)

(1) xzkWlCykWd 5 22 946.84 870.44
(2) ysl % voewY;u 482.19 430.70
(3) usV CykWd 464.65 439.74
(4) dSfiVy odZ tkjh 62.10 44.44
526.75 484.18
5 fuos”k 6 23 108.58 303.48
6 ekStwnk ifjlaifRr;ka] _.k vkSj ,Mokal

(1) baosaVjht ,oa izko/kku 7 24 446.34 350.25
(2) laMªh
MsCVkWlZ 8 24 458.47 300.32
(3) uxn ,oa cSad cSysal 9 25 66.03 5.67
(4) _.k vkSj ,Mokal 10 25 194.36 110.83

1165.20 767.07
7 ysl % ekStwnk yk,fcfYkVht ,oa izko/kku

(1) ekStwnk yk,fcfYkVht 11 26 595.22 500.19
(2) izko/kku 12 26 139.00 82.57
734.22 582.76
8 “kq) ekStwnk ifjlaifRr [(6) ysl (7)1 430.98 184.31
9 dqy ifjlaifRr ¼“kq)½ 1066.31 971.97
10 cSysal “khV vkSj vkdfLed yk,fcfyVht ij uksV 13 27
gekjh layXu fjiksVZ ds vuqlkj cksMZ dh vksj ls

,-,lMh,Q,aM daiuh ds fy, ,Dl,Dl ,,,, ,,lMh,Qth
,Dl,Dl
pkVZMZ vdkmaVsaV~l ps;jeSu chchchch ,ydsts,p
D;w-MCyw-Vhokb;wvkj lhlhlhlh Vhokb;wch
ikVZuj vkjbZ,Qth,p ihvksvkb;wokb funs”kd
,pvkbtsds,y ds fy, okbZZokbZokbZokbZ ,u,lMh,Q
pkVZMZ vdkmaVsaV~l okbl ps;jeSu D;wMCywbZvkj
vkSj izca/k
funs”kd
MCywbZvkjVh ,e,uchoh
ikVZuj tsMtsMtsMtsM
ckWEcs 10 tqykbZ] 2004 lfpo ckWEcs 28 twu] 2004

daiuh dh cSysal “khV ,d fjdkWMZ gS ftlesa ifjlaifRr;ksa ds fuekZ.k ds fy, iwath vkSj muds iz;ksx dks n”kkZ;k tkrk
gSA gkykafd] iwath ds vkus&tkus ds dkj.k daiuh dh iwath lajpuk vkSj ifjlaifRr fLFkfr izfrfnu cnyrh jgrh gS]
blfy, cSysal “khV ,d fuf”pr rkjh[k 31 ekpZ dks cukbZ tkrh gSA
iwath ds ;g lzksr D;k izLrqr djrs gSa\
ckWDl&1 esa uewus ds rkSj ij tSlk cSysal “khV esa fn[kk;k x;k gS] iwath ds nks lzksr gSa %
1½ “ks;j/kkjdksa dh iwath ¼ftls usV oFkZ ls Hkh tkuk tkrk gS½ og iwath gS tksfd daiuh ds ekfydksa ls izkIr gksrh gS(
vkSj 2½ _.k iwath og iwath gS ftls ckgjh yksxksa ls m/kkj fy;k tkrk gSA
tc dksbZ daiuh@QeZ ifjpkyu vkjaHk djrh gS] blds ekfyd ftUgsa “ks;j/kkjd dgk tkrk gS] “ks;j iwath uked
iwath dk ;ksxnku djrs gSaA /;ku nsa fd ckWDl 1 esa ,DlokbtsM daiuh fyfeVsM dh 2005 esa iwath 103-87 djksM+
:Ik;s FkhA ekfyd gksus ds ukrs] “ks;j/kkjd daiuh ds ykHk dk dqN fgLlk ykHkka”k ds rkSj ij lk>k djrs gSaA “ks;j
iwath dks fQj bfDoVh iwath vkSj rjthgh ¼fizQjsaf”k;y½ iwath esa foHkDr fd;k tkrk gSA bfDoVh iwath esa ykHkka”k dh
r; nj ugha gksrhA rjthgh iawth rjthgh “ks;j/kkjdksa ds ;ksxnku dk izfrfuf/kRo djrh gS vkSj blesa ykHkka”k dh
r; nj gksrh gSA
ykHkka”k forfjr djus ds ckn] equkQs dk ,d fgLlk daiuh }kjk Hkfo"; esa viuh iwath t:jrksa dks iwjk djus ds fy,
j[k fy;k tkrk gSA dbZ o"kksZa ls lafpr fd;s tkus okys ykHk dks fjtoZ vkSj ljIyl dgk tkrk gS tksfd “ks;j/kkjdksa
dh laifRr gSaA ,DlokbtsM daiuh fyfeVsM ds ekeys esa xkSj djsa rks fjtoZ vkSj ljIyl 2004 ds 387-70 djksM+
:Ik;s dh rqyuk esa 2005 esa c<+dj 471-21 djksM+ :Ik;s igqap x;kA
bfDoVh 'ks;j/kkjdksa vkSj rjthgh 'ks;j/kkjdksa ds chp D;k varj gS\
bfDoVh “ks;j/kkjd daiuh ds ekfyd ekus tkrs gSa] ftuds ikl ?kks"k.kk ds vuqlkj ykHkka”k izkIr djus dk vf/kdkj
gksrk gS vkSj os dksbZ Hkh izLrko ikfjr djkus ds fy, okf"kZd vke lHkk esa oksV djus ds Hkh gdnkj gksrs gSaA
,DV esa rjthgh “ks;j dks daiuh dh “ks;j iwath ds fgLls ds rkSj ij ifjHkkf"kr fd;k x;k gS tks fd rjthgh vf/kdkj
dk vkuan mBkrs gSa % 1½ daiuh ds thoudky ds nkSjku r; nj ij ykHkka”k dk Hkqxrku( vkSj 2½ daiuh dks can djus
ij iwath dk ykHkA
ysfdu rjthgh “ks;j bfDoVh “ks;jksa dh rjg dkjksckj ugha dj ldrs vkSj bUgsa iwoZ&fu/kkZfjr vof/k ds ckn NqM+k;k
tk ldrk gSA lkFk gh rjthgh “ks;j/kkjdksa ds ikl oksV djus dk vf/kdkj ugha gksrkA
vf/kd`r] b';wM] lClØkbCM] dkWYM vi vkSj pqdrk iwath tSls 'kCnksa dk D;k vFkZ gS\
§ vf/kd`r iwath lokZf/kd iwath gS ftls daiuh tqVkus ds fy, vf/kd`r gSA
§ b”;wM dSfiVy vf/kd`r iwath dk og fgLlk gS ftls daiuh }kjk ifCyd vFkok fdlh Hkh lnL;ksa }kjk
lClØkbCk djus ds fy, is”k fd;k tkrk gS
§ lClØkbCM iwath b”;wM dSfiVy dk fgLlk gS ftls ifCyd }kjk lClØkbCk fd;k tkrk gSA
§ dkWYM vi dSfiVy ¼ekaxh xbZ iwath½ lClØkbCM dSfiVy dk fgLlk gS ftls Hkqxrku ds fy, daiuh }kjk
ekaxk tkrk gSA mnkgj.k ds fy,] 100 :Ik;s ds 10]000 “ks;j ifCyd }kjk lClØkbc fd;s x;s gS rks muesa
ls 50 :Ik;s izfr “ks;j cqyk;s x;s ¼dkWYM vi½ gSaA rc daiuh dh lClØkbCM dSfiVy 1]00]000 :Ik;s ij
dke djsxh ftlesa ls daiuh dh dkWYM vi dSfiVy 50]0000 :Ik;s gSA
50
§ pqdrk iwath dkWYM vi dSfiVy dk og fgLlk gS ftls okLro esa “ks;j/kkjdksa }kjk pqdk;k x;k gSA dqN
“ks;j/kkjd dkWYM vi euh pqdkus esa fMQkWYVj gksrs gSaA bl rjg dh fMQkWYVsM jkf”k dks ,fj;lZ dgk tkrk
gSA pqdrk iwath ikus ds fy, dkWYM vi dSfiVy ls ,fj;lZ ?kVk fn;s tkrs gSaA
_.k iwath ds rgr lqjf{kr vkSj vlqjf{kr _.k ds chp D;k varj gS\
lqjf{kr _.k flD;qfjVh ij yh xbZ m/kkjh gS ;kuh daiuh dh dqN vpy laifRr dks fxjoh j[kdj vFkok dqN
pyk;eku laifRr dks fxjoh j[kdj yh tkus okyh m/kkjhA bls pktZ ds fuekZ.k ls tkuk tkrk gS] tksfd daiuh dh
vksj ls dksbZ fMQkWYV gksus dh fLFkfr esa _.knkrkvksa dks lqjf{kr j[krk gSA ;g fMcsaplZ] foRrh; laLFkkuksa ls _.k
vkSj dkWef”kZ;y cSadksa ls _.k ds :Ik esa gksrs gSaA /;ku nsa fd ,DlokbtsM daiuh fyfeVsM ds ekeys esa] 31 ekpZ 2005
rd ;g 353-34 djksM+ :Ik;s FkkA nwljh vksj] vlqjf{kr _.k nwljh vYidkfyd m/kkjh gS ftlesa dksbZ fof”k"V
flD;qfjVh ugha nsuh iM+rhA ;g lkof/k tek] _.k vkSj ,Mokal gks ldrs gSa] varj&dkWiksZjsV m/kkjh vkSj cSadksa ls
vlqjf{kr _.k gks ldrk gSA ,DlokbtsM daiuh fyfeVsM ds ekeys esa] ;g m/kkjh 129-89 djksM+ :Ik;s FkhA
iwath ds iz;ksx dk D;k vFkZ gS\
daiuh }kjk ekfydksa vkSj ckgjh yksxksa ls ,d= dh xbZ iwath dk bLrseky fuEu ifjlaifRr;ksa dk fuekZ.k djus esa
fd;k tkrk gS %
fQDLM ,lsV~l % ;g ifjlaifRr;ka nh?kZdky ds fy, [kjhnh tkrh gSa vkSj budk mi;ksx dkjksckjh ifjpkyu
ds fy, fd;k tkrk gSA gkykafd] budh iqu% fcØh ugha dh tkrhA tehu vkSj bekjrsa] la;a=] e”khujh] isVsaV~]
vkSj dkWihjkbV~l fQDLM ,lsV~l gSaA ,DlokbtsM daiuh fyfeVsM ds ekeys esa] fQDLM ,lsV~l dk ewY; 526-75
djksM+ :Ik;s gSA
fuos'k % nh?kZdkfyd vFkok vYidkfyd vof/k ds fy, vk; iSnk djus gsrq xSj&O;kolk; ls lacaf/kr ekxksZa esa
ljIyl iwath dk fuos”k dj fuekZ.k dh tkus okyh foRrh; izfrHkwfr;ka fuos”k dgykrh gSaA bl rjg vk; vkSj
fuos”k ls izkIr ykHk dkjksckjh ifjpkyu ls izkIr ugha gksrsA
ekStwnk ifjlaifRr;ka] _.k vkSj ,aMokalsl % blesa uxn vkSj vU; lalk/ku “kkfey gksrs gSa ftUgsa dkjksckjh
ifjpkyu ds nkSjku uxn esa ifjofrZr fd;k tk ldrk gSA ekStwnk ifjlaifRr;ka de le; ds fy, jkstejkZ ds
ifjpkyuh; [kpksZa dh iwfrZ ds fy, gksrh gSaA ekStwnk ifjlaifRr;ka dPps eky] fQfu”M xqM~l] uxn] MsCVkWlZ]
baOksaVjht] _.k vkSj ,Mokal ,oa iwoZ&pqdrk [kpksZa ds :Ik esa gksrh gSaA ,DlokbtsM daiuh fyfeVsM ds fy,
ekStwnk ifjlaifRr;ka 1165-20 djksM+ ewY; dh gSaA
fofo/k [kpsZ ,oa uqdlku % fofo/k [kpZ fuf”pr vkmVyst dks izLrqr djrs gSa tSls fd izkFkfed [kpZ vkSj
ifjpkyu ds Ik”pkr [kpZ ftUgsa fy[kk ugha tkrkA uqdlku ekfyd dh bfDoVh esa deh dks n”kkZrs gSa] ysfdu
uqdlku ds lkFk “ks;j iwath ugha ?kV ldrhA blds ctk;] “ks;j iwath vkSj uqdlkuksa dks Øe”k% cSysal “khV ds
yk,fcfyVh vkSj ,lsV ds i{k esa vyx ls fn[kk;k tkrk gSA
fQDLM ifjlaifRr;ksa ds rgr ^xzkWl CykWd^] ^voewY;u^] ûsV&CykWd^ vkSj dSfiVy&odZ bu izksxzsl^
tSls mi&'kh"kZdksa dk D;k vFkZ gS\
lHkh fQDLM ifjlaifRr;ksa ¼vyx&vyx le; ij Hkh½ dks [kjhnus dk dqy ewY; ^xzkWl CykWd^ vFkok ^xzkWl
fQDLM ,lsV^ dgk tkrk gSA

vdkmafVax dUosa”ku ds vuqlkj] Hkwfe dks NksM+dj lHkh fQDLM ifjlaifRr;ksa dk thou fuf”pr gksrk gSA ,slk
ekuk x;k gS fd bLrseky ds dkj.k ifjlaifRr dk ewY; izfr o"kZ ?kVrk tkrk gSA ewY; esa ;g fxjkoV ^voewY;u^
dgykrh gSA daiuht ,DV 1956 esa fofHkUu izdkj dh ifjlaifRr;ksa ds fy, voewY;u dh fofHkUu njsa vkSj
voewY;u dh x.kuk ds fy, vyx&vyx fof/k;ka gSa tSls LVªsV ykbu fof/k ¼fujarj okf"kZd fof/k½ vkSj fjVsu
Mkmu oSY;w fof/k ¼le; ds lkFk voewY;u nj ?kVrh tkrh gS½A
voewY;u miyC/k djkus ds ckn fQDLM ,lsV~l dk ewY; ûsV CykWd^ dgykrk gSA 31 ekpZ] 2005 rd
,DlokbtsM daiuh fyfeVsM ds ekeys esa] usV CykWd 464-65 djksM+ :Ik;s gSA
xzkWl CykWd&voewY;u = usV CykWd

946-84&482-19 =464-65 :Ik;s
fuekZ.k ds rgr u;s la;a= ds fy, bLrseky dh xbZ iwath] e”khu yxkuk vkfn vHkh Hkh ckdh gS] ;g lHkh
^dSfiVy odZ bu izksxzsl^ ds mnkgj.k gSa ftu ij fQDLM ,lsV~l dh x.kuk djrs le; /;ku nsuk t:jh gS
D;ksafd bls tYn gh xzkWl CykWd esa ifjofrZr fd;k tk;sxkA
cSysal 'khV esa ekStwnk yk,fcfyVht vkSj izko/kku vkSj 'kq) orZeku ifjlaifRr;ka D;k gSa\
daiuh dks viuh fu;fer lsokvksa ds fy, dkQh lkeku izkIr gksrs gSa ftudk Hkqxrku QkSju ugha fd;k tkrk gSA tSls
fd dPpk eky] lkeku vkSj lsok;sa _.k ij [kjhnh tkrh gSaA daiuh xzkgd ls ,Mokal Hkh Lohdkj dj ldrh gSA
daiuh ij bldk Hkqxrku djus dh yk,fcfyVh ¼ftEesnkjh½ gS] Hkys gh Hkqxrku dks Vky fn;k x;k gSA bUgsa ^djsaV
yk,fcfyVht^ ds uke ls tkurs gSaA blh rjg daiuh dks vU; fuf”pr [kpksZa ds fy, Hkh iwath eqgS;k djkuh gksrh gS
¼budk Hkqxrku QkSju fd;k tkuk t:jh ugha gS½ tSls fd “ks;j/kkjdksa dks ykHkka”k] dj dk Hkqxrku vkfnA bUgsa
îzko/kku^ dgrs gSaA la{ksi esa] djsaV yk,fcfyVht vkSj izko/kku og jkf”k;ka gSa tks _.k ij [kjhns x;s lkekuksa vkSj
lsokvksa dh vkiwfrZ] izkIr ,Mokal Hkqxrku] mikftZr [kpksZa] fcuk nkos ds ykHkka”k] djksa] ykHkka”kksa] xzSP;qVh] isa”ku vkfn ds
fy, izko/kkuksa ds dkj.k cdk;k gksrs gSaA
bl rjg ekStwnk yk,fcfyVht vkSj izko/kku dqN Hkqxrku dks Vky dj ekStwnk ifjlaifRr;ksa ij jkstejkZ ds [kpksZa dks
de djrs gSaA daiuh ds fu;fer ifjpkyu ds fy, ftl iwath dh vko”;drk gksrh gS og ekStwnk ifjlaifRr;ksa ls
ekStwnk yk,fcfyVht dks ?kVkus ds cjkcj gksrk gSA ;g jkf”k ^ûsV djsaV ,lsV~l^ vFkok ûsV ofdZax dSfiVy^
dgykrh gSA ,DlokbtsM daiuh fyfeVsM ds ekeys esa] usV djsaV ,lsV dk vkadM+k 430-98 djksM+ :Ik;s gSa tksfd
djsaV yk,fcfyVht ¼595-22 djksM+ :Ik;s½ vkSj izko/kkuksa ¼139 djksM+ :Ik;s½ dks ekStwnk ifjlaifRr;ksa ¼1165-20
djksM+ :Ik;s½ ls ?kVkus ds ckn lkeus vk;k gSA
cSysal 'khV dks fdl izdkj laf{kIr fd;k tkrk gS\
cSysal “khV iwath ds lzksrksa dk iwath ds iz;ksx ls esy djus dk ladsr nsrh gSA ,DlokbtsM daiuh fyfeVsM ds ekeys
esa] dqy fuosf”kr iwath 1066-31 djksM+ :Ik;s gS vkSj bls iwath ds nks lzksrksa& “ks;j/kkjd iwath vkSj _.k iwath ls fy;k
x;kA bu iwath dk bLrseky 1066-31 djksM+ :i;s dh dqy ¼”kq)½ ifjlaifRr dks foRr iksf'kr djus esa fd;k x;kA
blesa fQDLM ,lsV~l ¼526-75 djksM+ :Ik;s½] fuos”k ¼108-58 djksM+ :Ik;s½] vkSj “kq) ekStwnk ifjlaifRr;ka ¼430-98
djksM+ :Ik;s½ “kkfey gSaA
bl rjg cSysal “khV esa]
dqy fuosf'kr iwath = dqy ifjlaifRr

izkWfQV vkSj ykWl vdkmaV fooj.k esa D;k gksrk gS\
izkWfQV vkSj ykWl vdkmaV fooj.k n”kkZrk gS fd daiuh }kjk foRr o"kZ esa vius lHkh [kpZ ds fy, iwath miyC/k djkus
ds ckn viuh vk; ls fdruk equkQk vFkok uqdlku gkfly fd;k x;k gSA O;fDr dks ;g Hkh irk gksuk pkfg;s fd
dj Ik”pkr ykHk dk bLrseky djus ds ckn fofu;ksx ¼vizksfiz,”ku½ ds fy, miyC/k equkQk fdruk gSA lkFk gh lkFk
fjtoZ dk fgLlk fdruk gSA ;g cSysal “khV esa ykHkka”k] lkekU; fjtoZ vkSj cSysal dh fn”kk esa ykHk fofu;ksx dks Hkh
iznf”kZr djrk gSA
ckWDl 2 esa ,DlokbtsM daiuh fyfeVsM ds izkWfQV vkSj ykWl vdkmaV dks iznf”kZr fd;k x;k gSA vkbVe&1 vk;] 2
ls 6 rd ds vkbVEl fofHkUu [kpZ vkbVEl dk izfrfuf/kRo djrs gSaA 7 ls 12 rd dh phtsa fofu;ksx ds fy, miYC/k
ykHk dks n”kkZrs gSa vkSj 13 ¼1½] ¼2½] vkSj ¼3½ ykHk fofu;ksx iznf”kZr djrs gSaA
ckWDl&2
31 ekpZ] 2005 dks lekIr gq;s o"kZ ds fy, izkWfQV ,oa ykWl vdkmaV
fooj.k :Ik;s ¼djksM+ esa½ :Ik;s ¼djksM+ esa½ :Ik;s ¼djksM+ esa½
31 ekpZ 2005 31 ekpZ 2004
rd rd
vk;
1. mRiknksa dh fcØh vkSj vU; vk; 2595.99 1969.10
[kpZ
2. mRiknu vkSj vU; [kpsZ 2275.37 1742.54
3. voewY;u 54.26 48.91
4. C;kt 81.63 73.63
5. [kpZ iwath [kkrs esa Lfkkukarfjr 49.82 (44.27)
6. dqy [kpZ 2316.44 1820.81
dj iwoZ ykHk 234.55 148.29

7. o'kZ
ds fy, dj 92.5 45.75
dj Ik'pkr ykHk 142.05 102.54

8. fuos”k vykmal fjtoZ vdkmaV 4.66 3.55
9. fuos”k vykmal ¼iz;qDr½ fjtoZ fjVsu cSd (15.2) (11.2)
10. fMcsapj fjMsEI”ku fjtoZ (0.57) (0.57)
11. dSfiVy fjMsEI”ku fjtoZ
12 fiNys o'kZ ls yk;k x;k cSysal 86.71 33.65
fofu;ksx ds fy, miyC/k jkf'k 217.65 127.97

13. fofu;ksx
(a) izLrkfor ykHkka”k * 41.54 31.26
(b) lkekU; fjtoZ 100 10
(c) cSysal “khV ij ØsfMV fd;k x;k cSysal 76.11 86.71
217.65 127.97

14. izkWfQV ,oa ykWl vdkmaV ds fy, uksV
* funs”kd dh fjiksVZ ds vuqlkj foLr`r tkudkjh
gekjh fjiksVZ layXu gS
cSysal “khV ds fy, cksMZ ds fy, vkSj dh vksj ls
,DlokbtsM ,aM daiuh ds fy, ihD;wvkj ,,,
pkVZMZ vdkmaVsaV~l] ps;jeSu chchch
,chlh lhlhlh
ikVZuj MhMhMh funs”kd
,y,e,u ,aM daiuh ds fy, th,pvkb
okbl
pkVZMZ vdkmaVsaV~l]
ps;jeSu vkSj
MhbZ,Q izca/k
funs”kd
ikVZuj ,lVh;w
eqacbZ] 10 tqykbZ 2004 lfpo eqacbZ 28 twu 2004
O;fDr dks izkWfQV ,oa ykWl vdkmaV esa D;k ns[kuk pkfg;s\
,d daiuh ds fy, izkWfQV ,oa ykWl fooj.k ¼ykHk ,oa uqdlku fooj.k½ lcls egRoiw.kZ nLrkost gS ftls
“ks;j/kkjdksa ds le{k izLrqr fd;k tkrk gSA blfy,] izR;sd daiuh vius izLrqfrdj.k ij lcls vf/kd tksj nsrh gSA
O;fDr dks fuEu ij fopkj djuk pkfg;s %
§ D;k fiNys o"kZ dh leku vof/k ¼v)Zokf"kZd ;k okf"kZd½ dh rqyuk esa fcØh vkSj equkQs esa D;k dqy feykdj
lq/kkj gqvk gS ¼ifjpkyu] ldy vkSj “kq)½A ;fn ,slk gS] rks daiuh dk ifjpkyuh; izca/ku csgrj gSA
§ vU; vk; dh Hkh lko/kkuhiwoZd tkap djuh pkfg;sA ;gka daifu;ksa ds fy, nwljksa dks fnXHkzfer djus dh
xqatkb”k gksrh gSA ;fn vU; vk; fuos”k ij ykHkka”k ls vFkok _.k ,oa ,Mokal ls C;kt ls fudyrh gS] rks ;g
vPNk gS D;ksafd ,slh vk; fLFkj gksrh gSaA ysfdu ;fn vU; vk; ifjlaifRr ;k tehu dh fcØh ls vkrh gS rks
,slh vk; okf"kZd mRifRr ugha gSA
§ leLr [kpZ lkekuksa dh c<+ksrjh dh Hkh tkap djsaA tSls dPps eky dh [kir] tucy ykxr vkSj fofuekZ.k]
iz”kklukRed vkSj fcØh [kpZA ;g Hkh ns[ksa fd D;k bu ykxrksa esa c<+ksrjh fcØh esa o`f) ls vf/kd gSA ;fn ,slk
gS rks ykHk dekus ds fy, ifjpkyu ifjfLFkfr;ka lg;ksxh ugha gSaA blh rjg ;g Hkh tkapsa fd fcØh ds fy, bu
[kpksZa ds vuqikr dks fiNys o"kZ dh rqyuk esa “kkfey fd;k x;k gSA ;fn ,slk gS rks daiuh ds ifjpkyu Ik;kZIr
gSaA
§ ;g Hkh ewY;kadu djsa fd D;k daiuh vdsys vius ifjpkyu ls ykHk dek ldrh gSA blds fy, vkidks fcØh dks
NksM+dj lHkh vU; vk; dks utjvankt djus ds ckn daiuh ds ykHk dh x.kuk djuh gksxhA ;fn ykHk
ldkjkRed vkrk gS] rks daiuh ifjpkyuh; <ax ls equkQs okyh gS] tksfd ,d LoLFk ladsr gSA
§ fdlh Hkh vlkekU; o`f) ds fy, voewY;u vkSj C;kt dh NaVuh djsaA voewY;u esa c<+ksrjh fQDLM
ifjlaifRr;ksa ds vf/kd lekos”k ds dkj.k gksrh gS vkSj ;g daiuh ds nh?kZdkfyd ifjpkyu ds fy, csgrj
ladsr gSA mPp voewY;u laHkor% “kq) ykHk dks de dj ldrk gS ysfdu ;g uxn izokg ds fy, csgrj gSA
blfy, “kq) ykHk ij /;ku nsus ds ctk;] uxn izokg dh tkap djsa vkSj ;g rqyuk djsa fd D;k blesa o`f) gqbZ
gSA mPp C;kt nj ges”kk fpark dk dkj.k gS D;ksafd dtZ ds c<+rs cks> dks de le; esa ?kVk;k ugha tk ldrkA
§ vfuZaXl izfr “ks;j vkSj fofHkUu vuqikrksa dh x.kuk djsaA v)Zokf"kZd ifj.kkeksa dh fLFkfr esa] v)Zokf"kZd vfuZaXl
izfr “ks;j dks 2 ls xq.kk djsa] blls yxHkx okf"kZd vfuZaXl izfr “ks;j izkIr gksxhA
54
vè;k; &10
js'kks ,ukfyfll
vyx&vyx foRrh; fooj.kksa esa is”k lkaf[;dh;@vkadM+s daiuh dh vkfFkZd fLFkfr dh lgh rLohj dk [kqyklk
ugha djrsA mfpr rjhds ls fo”ysf"kr vkSj foosfpr foRrh; fooj.k gh daiuh ds izn”kZu ds ckjs esa cgqewY; tkudkjh
iznku dj ldrs gSaA foRrh; fooj.kksa ls tkudkjh fudkyus ds fy,] bu fooj.kksa dk fo”ys"k.k djus ds fy, dbZ
izdkj ds VwYl dk bLrseky fd;k tkrk gSA blesa lcls yksdfiz; Vwy gS js'kks ,ukfyfllA
foRrh; vuqikrksa dks eq[; :Ik ls rhu lewgksa esa oxhZd`r fd;k tk ldrk gS %
1½ fyfDofMVh js”kkst ¼rjyrk vuqikr½] 2½ ysojst@dSfiVy LVªDpj js”kkst ¼ykHk@iwath lajpuk vuqikr½ vkSj
3½ izkWfQVsfcfyVh js”kkst ¼ykHkns;rk vuqikr½
1) fyfDofMVh js'kkst ¼rjyrk vuqikr½

rjyrk ;kuh fyfDofMVh daiuh }kjk vYidky esa ,d o"kZ ls Hkh de le; esa vius foRrh; mRrjnkf;Roksa
dks iwjk djus ds lkeF;Z dks izLrqr djrh gSA og js”kkst tks daiuh dh rjyrk dk ladsr nsrs gSa] os gSa 1½
djsaV js”kks 2½ ,flM VsLV js”kks] 3½ VuZvksoj js”kkstA ;g ekStwnk ifjlaifRr;ksa vkSj ekStwnk yk,fcfyVht ds
chp laca/kksa ij vk/kkfjr gksrs gSaA
(i) djsaV js'kks = ekStwnk ifjlaifRr;k@ekStwnk yk,fcfyVht

djsaV js”kks daiuh ds ml lkeF;Z dh tkap djrs gSa fd D;k og ekStwnk ifjlaifRr;ksa ls viuh ekStwnk
yk,fcfyVht dks iwjk djus esa l{ke gSA djsav js”kks ftruk vf/kd gksxk] “kkWVZ&VeZ lkWYosalh mruh gh csgrj
gksxh ¼;kuh izfr :Ik;s yk,fcfyVh ds fy, :Ik;s dh cM+h jkf”k miyC/k gS½
(ii) ,flM VsLV js'kks = fDod ,lsV~l@ekStwnk yk,fcfyVht

fDod ,lsV dks ekStwnk ifjlaifRr;ksa ds :Ik esa ifjHkkf"kr fd;k tkrk gS ftlesa baosaVjht vkSj fizisM [kpksZa
dks NksM+ fn;k tkrk gSA ,flM VsLV js”kks daiuh ds ml lkeF;Z dk ekiu gS ftlesa daiuh viuh ekStwnk
yk,fcfyVht dks iwjk djus ds fy, viuh ekStwnk ifjlaifRr;ksa dks rsth ls uxn esa ifjofrZr djrh gSA
veweu 1%1 vuqikr larks'ktud ekuk tkrk gSA
(iii) VuZvksoj js'kkst % VuZvksoj js”kkst ;g ekirs gSa fd fdruh rsth ls ekStwnk ifjlaifRr;ksa dks uxn esa
ifjofrZr fd;k tkrk gS vFkok fdruh n{krkiwoZd ifjlaifRr;ksa dks daiuh }kjk yxk;k tkrk gSA egRoiw.kZ
VuZvksoj js”kkst gSa %
baosaVjh VuZvksoj js”kks] MsCVkWlZ VuZvksoj js”kks] ,ojst dysD”ku ihfj;M] fQDLM ,lsV~l VuZvksoj vkSj VksVy
,lsV~l VuZvksoj
baosVjh VuZvksoj js'kks = csps x;s lkekuksa dh ykxr@vkSlr baosaVjh

tgka csps x;s lkeuksa dh ykxr dk rkRi;Z fcØh ls ldy ykHk dks ?kVkuk gSA ^,ojst baosaVjh^ baosaVjh dh
vksisfuax vkSj Dyksftax dk lk/kkj.k vkSlr gSA baosaVjh VuZvksoj js”kks baosaVjh izca/ku dh n{krk c;ka djrk gSA
js”kks ftruk vf/kd gksxk] baosaVjh izca/ku mruk gh dq”ky gksxkA
MsCVkWlZ VuZvksoj js'kks = 'kq) _.k fcØh@,ojst vdkmaV~l fjlhoscy ¼MsCVkWlZ½

;g vuqikr iznf”kZr djrk gS fd fdruh ckj o"kZ ds nkSjku vdkmaV~l fjlhoscy ¼MsCVkWlZ½ VuZvksoj gqvkA
;fn “kq) _.k fcØh ds fy, vkadM+k miyC/k ugha gS] rks “kq) fcØh dk vkadM+k bLrseky fd;k tkrk gSA
MsCVkWlZ VuZvksoj ftruk T;knk gksxk] _.k izca/ku dh n{krk mruh gh csgrj gksxhA

,ojst dysD'ku ihfj;M = ,ojst MsCVkWlZ@,ojst Msyh ØsfMV lsYl
,ojst dysD”ku ihfj;M _.k fcØh ds fnuksa dh la[;k dk izfrfuf/kRo djrs gSa ftls MsCVkWlZ ¼vdkmaV
fjlhoscy½ esa ykWd fd;k x;k gSA dÌk;k /;ku nsa fd ,ojst dysD”ku ihfj;M vkSj vdkmaV~l fjlhoscy
¼MsCVkWlZ½ VuZvksoj fuEu izdkj ls lacaf/kr gksrs gSa %
,ojst dysD'ku ihfj;M = 365 fnu@MsCVkWlZ VuZvksoj

fQDLM ,lsV~l VuZvksoj js”kks fQDLM ,lsV~l esa fuos”k ds izfr :Ik;s dh fcØh dk ekiu djrk gSA nwljs
“kCnksa esa dgsa rks fdruh n{krk ls fQDLM ,lsV~l dks yxk;k tkrk gSA mPpre vuqikr dks izkFkfedrk nh
tkrh gSA bldh x.kuk fuEu rjhds ls dh tkrh gS %
fQDLM ,lsV~l VuZvksoj js'kks = dqy fcØh@'kq) fQDLM ,lsV~l

VksVy ,lsV~l VuZvksoj js”kks ;g ekiu djrk gS fd lHkh izdkj dh ifjlaifRr;ksa dks fdruh n{krk ls
yxk;k x;k gSA
VksVy ,lsV~l VuZvksoj js'kks = dqy fcØh@vkSlr dqy ifjlaifRr
2) ysojst@dSfiVy LVªDpj js'kkst %

daiuh dh nh?kZdkfyd etcwrh dk ekiu mlds lkeF;Z dks tkapdj fd;k tkrk gS fd og fu;fer C;kt
pqdkus vFkok cdk;k frfFk;ksa ij ;k fe;kn iwjh gksus ds le; ewy jkf”k dk iquHkqZxrku djus esa fdruh l{ke
gSA daiuh dh bl nh?kZdkfyd lkWYosalh dh tkap ysojst vFkok dSfiVy LVªDpj js”kkst dk bLrseky djds
dh tk ldrh gSA O;kid :Ik ls bu js”kkst ds nks lsV gSa & igyk js”kks m/kkj yh xbZ iwath vkSj ekfyd dh
iwath ds chp laca/kksa ij vk/kkfjr gksrk gS ftls cSysal “khV ls ifjdfyr fd;k tkrk gSA bl rjg ds dqN
js”kkst gSa % MsV Vq bfDoVh vkSj MsV Vq ,lsV js”kkstA js”kkst ds nwljs lsV ftudh x.kuk ykHk ,oa uqdlku
vdkmaV ls dh tkrh gS] os gSa % baVjsLV dojst js”kks vkSj MsCV lfoZl dojst js”kks dojst js”kks gS tks tksf[ke
dk ykHk mBkrs gSaA
(i) MsCV&bfDoVh js”kks O;olk; ds foRr&iks"k.k ds fy, _.knkrkvksa vkSj ekfydksa ds lacaf/kr ;ksxnku dks
ifjyf{kr djrs gSaA
MsCV bfDoVh js'kks = dqy dtZ@dqy bfDoVh

nksuksa ?kVdksa dk okaNuh;@vkn”kZ vuqikr ¼mPp ;k fuEu vuqikr½ gj m|ksx ds fy, vyx&vyx gksrk gSA
(ii) MsCV&,lsV js'kks % dqy dtZ esa nh?kZdkfyd dtZ vkSj ekStwnk yk,fcfyVht “kkfey gksrh gSaA dqy
ifjlaifRr;ksa esa LFkk;h iwath vkSj ekStwnk yk,fcfyVht “kkfey gksrh gSaA
Total Debt
MsCV ,lsV js'kks = Total Assets
dqy dtZ/dqy ,lsV
nwljk lsV vFkok dojst js”kks daiuh ds ifjpkyu ls feyh iwath vkSj ckgjh yksxksa ds nkoksa ds chp laca/k dk
ekiu djrs gSaA
(iii) baVjsLV dojst js'kks = C;kt ,oa dj lsiwoZ dekbZ@C;kt

dojst js”kks ftruk vf/kd gksxk] daiuh dk C;kt dk cks> de djus dk lkeF;Z mruk gh csgrj gksrk gSA
_.knkrkvksa }kjk bl js”kks dk mi;ksx daiuh dh dtZ pqdkus dh {kerk dk vkdyu djus ds fy, fd;k
tkrk gSA

(iv) MsCV lfoZl dojst js”kks ¼Mh,llhvkj½ T;knk O;kid gS vkSj bls daiuh dh dtZ pqdkus dh {kerk
ifjdfyr djus ds fy, viuk;k tkrk gSA foRrh; laLFkku ml vof/k ds fy, vkSlr Mh,llhvkj dh
x.kuk djrs gSa ftl nkSjku izkstsDV ds fy, VeZ yksu izfrns; gSA MsCV lfoZl dojst js”kks dks fuEu rjg ls
ifjHkkf"kr fd;k x;k gS %
dj Ik”pkr ykHk $ voewY;u $ vU; xSjuxnh [kpZ $ VeZ yksu ij C;kt@VeZ yksu ij C;kt $ VeZ yksu
dk iquHkqZxrku
3) ykHkns;rk vuqikr % fdlh daiuh dh ykHkns;rk vkSj ifjpkyu@izca/ku n{krk dk QSlyk eq[; :Ik ls
fuEufyf[kr ykHkns;rk vuqikr ls fd;k tkrk gS %
(i) ldy ykHk vuqikr ¼izfr”kr½ = ldy ykHk@dqy fcØh xq.kk 100
(ii) “kq) ykHk vuqikr ¼izfr”kr½ = dqy ykHk@dqy fcØh xq.kk 100
fuos”k ls tqM+s dqN ykHkns;rk vuqikr bl izdkj gSa %
(iii) fjVuZ vkWu VksVy ,lsV~l = C;kt vkSj dj ls iwoZ ykHk@fQDLM ,lsV~l$ekStwnk ifjlaifRr;ka
(iv) fuosf”kr iwath ij ykHk = dj Ik”pkr dqy ykHk@dqy fuosf”kr iwath

¼;gka] dqy fuosf”kr iwath = dqy fQDLM ,lsV~l$ekStwnk ifjlaifRr;ka&ekStwnk yk,fcfyVht½
(v) “ks;j/kkjdksa dh iwath ij ykHk = dj Ik”pkr dqy ykHk@vkSlr dqy “ks;j/kkjd iwath vFkok usVoFkZ
¼usVoFkZ esa “ks;j/kkjdksa dh bfDOkVh iwath vkSj fjtoZ ,oa ljIyl “kkfey gSa½
,d vke bfDoVh “ks;j/kkjd ds ikl daiuh ds ykHk vkSj ifjlaifRr;ksa ij flQZ cdk;k nkok gksrk gSA ;kuh
_.knkrkvksa vkSj rjthgh “ks;j/kkjdksa ds nkoksa ds iwjk gksus ds ckn] bfDoVh “ks;j/kkjdksa dks rjyhdj.k ij
ykHk vFkok ifjlaifRr;ksa dk forj.k izkIr gksrk gSA mldh LosPNk dk ekiu bfDoVh ij fjVuZ }kjk
ifjyf{kr gksrk gSA “ks;j/kkjdksa dh bfDoVh ij fjVuZ dh x.kuk djus ds fy, dbZ vU; ekiu Hkh ekStwn gSa
ftuesa ls uhps fn;s x;s ekiu “ks;j cktkj ls lacaf/kr js”kkst gSa %
(i) vfuZax izfr 'ks;j ¼bZih,l½ % bZih,l bfDoVh “ks;j/kkjdksa ds izfr “ks;j ij miyC/k ykHk dk ekiu djrk
gSA ;g og jkf”k gS tks mUgsa izR;sd “ks;j ij izkIr gksrh gSA bldh x.kuk “ks;j/kkjdksa dks miyC/k ykHk dks
cdk;k “ks;jksa dh la[;k ls foHkkftr djds dh tkrh gSA lkekU; “ks;j/kkjdksa ds fy, miyC/k ykHk dj
Ik”pkr ykHk dks rjthgh ykHkka”k ls ?kVkdj fudkyk tkrk gSA
;g cktkj esa bfDoVh ds ewY; dks izLrqr djrk gSA
bZih,l = “ks;j/kkjdksa ds fy, miYC/k dqy ykHk@lkekU; “ks;lZ vkmVLVSafMax dh la[;k
(ii) izkbl vfuZax j'kkst = ih@bZ js'kks = izfr 'ks;j cktkj Hkko@bZih,l

fu:Ik.k % 31 ekpZ] 2005 rd ,chlh daiuh fyfeVM dh cSysal “khV
¼:Ik;s djksM+ esa½
yk,fcfyVht jkf'k ifjlaifRr;ka jkf'k

“ks;j iwath 16.00 fQDLM ,lsV~l ¼”kq)½ 60.00
(1]00]00]000 bfDoVh “ks;j
10 :Ik;s ds)
fjtoZ ,oa ljIyl 22.00 ekStwnk ifjlaifRr;ka : 23.40
lqjf{kr _.k 21.00 uxn ,oa cSad 0.20
vlqjf{kr _.k 25.00 MsCVkWlZ 11.80
ekStwnk yk,fcfyVht ,oa 16.00 baosaVjht 10.60
fiz&isM [kpsZ 0.80
fuos”k 16.60
dqy 100 dqy 100
31 ekpZ] 2005 dks lekIr o"kZ ds fy, ,chlh daiuh fyfeVsM dk izkWfQV ,oa ykWl vdkmaV %
fooj.k LVkWd jkf'k fooj.k jkf'k
vksisfuax 13.00 fcØh ¼dqy½ 105.00
[kjhnkjh 69.00 Dyksftax LVkWd 15.00
HkRrs ,oa osru 12.00
vU; fofuekZ.k [kpsZ 10.00
ldy ykHk 16.00
dqy 120.00 dqy 120.00
iz”kklukRed ,oa deZpkjh [kpsZ 1.50 ldy ykHk 16.00
fcØh ,oa forj.k [kpsZ 2.00
voewY;u 2.50
C;kt 1.00
dqy ykHk 9.00
dqy 16.00 dqy 16.00
vk; dj 4.00 dqy ykHk 9.00
bfDoVh ykHkka”k 3.00
fjVsUM vfuZax 2.00
dqy 9.00 dqy 9.00
izfr bfDoVh “ks;j cktkj Hkko = 20-00 :Ik;s
djsaV js'kks = djsaV ,lsV~l@djsaV yk,fcfyVht

23-40@16-00 = 1-46
fDod js'kks = fDod ,lsV~l@djsaV yk,fcfyVht

= djsaV ,lsV~l&¼baosaVjh$fizisM [kpZ½@djsaV yk,fcfyVht
= [23.40-(10.60+0.8)]/16.00 = 12.00/16.00 = 0.75
58
baosaVjh VuZvksoj js'kks = csps x;s lkeku dh ykxr@vkSlr baosaVjh
= ¼dqy fcØh&ldy ykHk½@¼vksisfuax LVkWd$Dyksftax LVkWd½@2
= (105-16)/ [(15+13)/2] = 89/14 = 6.36
MsCVkWlZ VuZvksoj js'kks = dqy fcØh@,ojst vdkmaV fjlhoscYl¼MsCVkWLkZ½

= 105/11.80 =8.8983
,ojst dysD'ku ihfj;M = 365 fnu@MsCVkWlZ VuZvksoj

= 365 fnu /8.8983 = 41 fnu
fQDLM ,lsV~l VuZvksoj js'kks = dqy fcØh@usV fQDLM ,lsV~l

= 105/60 = 1.75
MsCV Vq bfDOkVh js'kks = MsCV@bfDoVh

= (21.00+25.00)/(16.00+22.00) = 46/38 = 1.21
ldy ykHk js'kks = ldy ykHk@dqy fcØh

= 16.00/105.00 = 0.15238 or 15.24%
dqy ykHk js'kks = dqy ykHk@dqy fcØh

= 9/105.00 = 0.0857 or 8.57 %
'ks;j/kkjd dh bfDoVh ij ykHk = dj Ik”pkr dqy ykHk@usV oFkZ

= 5.00/(16.00+22.00) =0.13157 or 13.16%
y?kq :Ik %
§ ,u,lbZ & us”kuy LVkWd ,Dlpsat vkWQ bafM;k fyfeVsM
§ lsch & Hkkjrh; izfrHkwfr ,oa fofue; cksMZ
§ ,ulh,Q,e & ,u,lbZ*t lfVZfQds”ku bu Qkbusaf”k;y ekdsZV~l
§ ,u,lMh,y & us”kuy flD;qfjVht fMikWtVjh fyfeVsM
§ lh,lMh,y & lsaVªy fMikWtVjh lfoZlst ¼bafM;k½ fyfeVsM
§ ,ulhMhbZ,Dl & us”kuy deksfMVh ,aM MsjhosfVOl ,Dlpsat fyfeVsM
§ ,u,llhlh,y & us”kuy flD;qfjVht fDYk;fjax dkWiksZjs”ku fyfeVsM
§ ,Q,elh & ok;j cktkj vk;ksx
§ ,uokb,lbZ & U;w;kWdZ LVkWd ,Dlpsat
§ ,,ebZ,Dl & vesfjdu LVkWd ,Dlpsat
§ vksVhlh & vksoj&n&dkmaVj ekdsZV
§ ,y,e & yhM eSustj
§ vkbihvks & vkjafHkd lkoZtfud fuxZe

§ Mhih & fMikWtVjh ikfVZflisaV
§ Mhvkj,Q & fMeSV fjDosLV QkWeZ
§ vkjvkj,Q & fjeSV fjDOksLV QkWeZ
§ ,u,oh & usV ,lsV oSY;w
§ bZih,l & vfuZaXl izfr “ks;j
§ Mh,llhvkj & MsCV lfoZl dojst js”kks
§ vkbvkb,l,y & bafM;k baMsDl lfoZlst ,aM izksMDV~l fyfeVsM
§ fØfly & ØsfMV jsfVax buQkWesZ”ku lfoZlst vkWQ bafM;k fyfeVsM
§ ds;j & ØsfMV ,ukfyfll ,aM fjlpZ fyfeVsM
§ vkblhvkj, & bUosLVesaV buQkWesZ”ku ,aM ØsfMV jsfVax ,tsalh vkWQ bafM;k
§ vkb,llh & bUosLVj lfoZl lsy
§ vkbih,Q & bUosLVj izksVsD”ku QaM
§ ,llhvkj, & flD;qfjVht dkWUVªSDV ¼jsxqys”ku½ ,DV
§ ,llhihvkj & flD;qfjVht dkWUVªSDV ¼jsxqys”ku½ :Yl

dsanzh; ekè;fed f'k{kk cksMZ

405-Introduction To Financial Market Hindi X

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405-Introduction To Financial Market Hindi X

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foRrh; cktkj

` dsanzh; ekè;fed f'k{kk cksMZ

dsanzh; ekè;fed f'k{kk cksMZ

d{kk&X ds fy, fo|kFkhZ fooj.k iqfLrdk

izFke laLdj.k : ebZ 2016, lh-ch-,l-bZ-

iz;qDr dkxt % 80 th,l,e lhch,lbZ lisQn eSifyFkks

eqnzd : 'khy iSdlZ fizafVax izsl] dhfrZ uxj baMfLVª;y ,fj;k

THE CONSTITUTION OF INDIA

1. Subs. by the Constitution (Eighty - Sixth Amendment) Act, 2002

Jh ds- ds- pkS/kjh

Jherh jk.kk mLeku

daVsaV fodflr fd;k x;k

,fMfVax vkSj dkWfMZus'ku

Jh th- lh- 'kekZ

gesa fuos'k D;ksa djuk pkfg,\

gesa fuos'k blfy, djuk pkfg, %

fuos'k dc çkjaHk djuk pkfg,

fuos'k djrs le; gesa D;k lkoèkkuh cjruh pkfg,\

dksbZ fuos'k djus ls igys] gesa lqfuf'pr djuk pkfg, fd %

foRrh; cktkj dk ifjp; 1

C;kt ls D;k rkRi;Z gS \

C;kt nj fuèkkZj.k ds dkjd D;k gSa\

fuos'k ds fy, miyCèk fofHkUu fodYi D;k gS\

dksbZ O;fä buesa fuos'k dj ldrk gS %

foRrh; cktkj dk ifjp; 3

LVkWd ,Dlpsat ls D;k rkRi;Z gS\

bfDoVh ;k 'ks;j D;k gS\

(Debt) _.k midj.k D;k gS\

MsfjosfVo D;k gS\

E;wpqoy QaM D;k gS\

baMsDl D;k gS\

U;klh ¼MsiksftVjh½ D;k gS\

fMesVfj;sykbts'ku D;k gS\

foRrh; cktkj dk ifjp; 5

lsD;qfjVh cktkj dk D;k dk;Z gS\

fdu lsD;qfjVh esa dksbZ fuos'k dj ldrk gS\

lsD;qfjVh cktkj (Regulator) jsxqysVj dh vko';drk D;ksa iM+rh gS\

lsD;qfjVh cktkj dks dkSu fu;af=r djrk gS\

¼d½ lsD;qfjVh esa fuos'kdksa ds fgrksa dk j{kk djuk

foRrh; cktkj dk ifjp; 7

fdlh 'ks;j ;k fMcsapj ds vafdr ewY; ls D;k rkRi;Z gS\

3-1 'ks;j dk fuxZeu

fuxZeu (issues) dk Hksn

turk vf/kdkj vf/kekU;

bfuf'k;y ifCyd vkWQfjax QnZj ifCyd vkWQfjax

fuxZeu (issues) ewY; dk D;k vFkZ gS\

foRrh; cktkj dk ifjp; 9

tu fuxZeu ¼issues½ vkSj futh VªkalQj esa D;k varj gS\

çkjafHkd tu çLrko ¼vkb ih vks½ D;k gS\

fdlh fuxZe dk ewY; fuèkkZj.k dkSu djrk gS\

^iqLrd fuekZ.k fofèk }kjk ewY; dh [kkst* ls D;k rkRi;Z gS\

vafre ewY; D;k gS\

iqLrd fuekZ.k ds ekeys esa çkjafHkd ewY; D;k gS\

ewY; cSaM dk fu.kZ; dkSu djrk gS\

iqLrd U;wure rhu fnuksa rd [kqyh jguh pkfg,A

foRrh; cktkj dk ifjp; 11

fdlh fuxZeu esa ^jftLVªkj* dh D;k Hkwfedk gksrh gS\

D;k ,u ,l b vkb ih vks dks dksbZ lqfoèkk çnku djrk gS\

,u ,l b ç.kkyh ds ekè;e ls iqLrd fuekZ.k ls dbZ ykHk gaS %

fooj.k lwph D;k gS\

^laf{kIr fooj.k lwph* D;k gS\

^fooj.k lwph ;k çLrko nLrkost* dkSu rS;kj djrk gS\

y‚d&bu ls D;k rkRi;Z gS\