Docstoc

Bankeswar_ 2063 Jestha - Nepal Rastra Bank

Document Sample
Bankeswar_ 2063 Jestha - Nepal Rastra Bank Powered By Docstoc
					           a}Í]Zj/
  -g]kfn /fi^® a}+s, lj/f^gu/sf] cw{jflif{s va/kq_
jif{ 1   c° 2              2063 h]&      -d] / h'g 2006_




                sfo{sf/L ;Dkfbs
                   lza/fh <]i&

                  ;Dkfbg ;xof]uL
                    /d]z bfxfn
                  t]haxfb'/ /fgf
                   ;'lgn df:s]
                    d]#/fh <]i&
                z+s/axfb'/ vltj*f



                     k|sfzs



                g]kfn /fi^® a}+s
                    lj/f^gu/
                                       ;DkfbsLo
             ljQLo If]qsf] k|lt:kwf{ / nf]stGqsf] k|fb'ef{j
ljZj Aofkf/ ;+u&gsf] ;b:otf lnPkl% g]kfnn] afx|j^f ;]jf If]qsf ljleGg ;Q/Lj^f pkIf]q ljb]zL
                                                                    +
nufgLsf] nflu v'Nnf u/]sf] % . ;g\ 2010 b]lv g]kfndf ljb]zL a}ssf zfvfx? klg v'Ng]%g\ /
                                                     ]            +
g]kfnsf] ljQLo ahf/ k")f{?kdf e"d)*lns[t x'g% . ljb]zL a}ssf] zfvfn] Psflt/ :yfgLo
pkef]Qmfx?nfO{ %gf}^sf] ;'ljwf, ;]jfsf] ljljwtf / gof¤ u')f:t/ pknJw u/fpg] ;Defjgf /xG% eg]
csf{lt/ :jb]zL a}+sx?sf] nflu gof¤ k|lt:kwf{, r'gf}tL / cj;/ klg lnP/ cfp¤% .

ljb]zL a}+sx? nfut s^f}tL, u')f:t/Lo ;]jf, u|fxsd'vL sfo{z}nL / cGj]if)fdf cufl* x'G%g\ . nfdf]
cg'ej, oflGqsLs/)f, ljZjJofkL ;~hfn / h'´f? sfo{ ;+:s[lt logLx?sf] yk ljz]iftf x'g\ . cfufdL
rf/ jif{kl% oL ljz]iftf ;lxt g]kfnsf] ljQLo k|)ffnLdf ljb]zL a}+sx?sf] k|j]z x'g] lglZrt % .
ctM g]kfnL a}+sx?n] clxn]b]lv cfk"mnfO{ ef}lts, dfgl;s / k|)ffnLut ?kn] ltvfb}{ n}hfg' plrt
b]lvG% . csf]{ zAbdf, ljb]zL a}+ssf zfvf;+u k|lt:kwf{ ug{sf nflu g]kfnL a}+s tyf ljQLo ;+:yfn]
lgis[o shf{sf] dfqf #^fpg], nfut s^f}tL ug]{, Aofhsf] :k|]* b/ Go"g ug]{, sfnf];"rL ;DaGwL
                                                                           [
k|fjwfgnfO{ k%\ofpg], sd{rf/Lx?sf] pTkfbsTj a(fpg], ;~rfns ;ldltsf] g]tTj Ifdtf lj:tf/ ug]{
/ ;dli^ut Joj;flos lzkdf kl/dfh{g ug]{ h:tf a'¤bfdf Wofg s]lGb|t ug'{ dgfl;j b]lvG% .

                                                                                      +
;g\ 2010 kl% ljQLo k|)ffnLdf ;[hgf x'g] ptf/ r(fjnfO{ dgg\ u/L g]kfn /fi^« a}sn] cfk\mgf]
tk{maf^ gLltut sfo{x? ul//x]sf] % . ;DklQ Joj:yfkg sDkgLsf] :yfkgf, q]ml*^ /]l^é Ph]G;Lsf]
:yfkgf, sfnf] ;"rL ;DaGwL pRr:t/Lo sfo{x?sf] k|ltj]bg sfof{Gjog, ufleg] / %'l§g] ;DaGwL P]g
                                     {            +
tyf ^f^ klN^Psf] ;DaGwL P]gsf] th'df ug{ a}s lqmofzLn /x]sf] % . ;]jf If]qsf] pbf/Ls/)fn]
zf]wgfGt/ l:ylt, ljb]zL ljlgdo Joj:yfkg, k"¤hL k|jfx, d'b|f:kmLlt, k"¤hL ahf/ / d'b|f ahf/df s]
s:tf] k|efjx? kb{%g\ ? ltgLx?nfO{ s;/L jflG%t ;Ldfleq /fVg] ? ljb]zL a}+ssf zfvfx?sf]
pkl:yltnfO{ d'n'ssf nflu s;/L pkof]uL agfpg] ? eGg] cx+ k|Zgx?df cWoog, ljZn]if)f /
cfjZos u[xsfo{x? klg g]kfn /fi^« a}+sn] ul//x]sf] % . s]Gb|Lo a}+sn] u/]sf oL sfo{x?
cleefjsLo / gLltut lhDd]jf/Lsf s'/f x'g\ . o;sf] cfk\mg} e"ldsf / ;Ldf % . ljb]zL a}ssf      +
zfvfx? v'n]kl% k|lt:kwL{ v]nf*Lsf] ?kdf ;lqmo /xg' kg]{ #^s g]kfnL a}+s tyf ljQLo ;+:yfx? g}
x'g\ . To;}n], k|lt:kwf{sf] d}bfgdf cf]ln{g'kg]{ v]nf*Lx?n] g} a(L ;r]ttf, w]/} kl/>d, w}o{zLn
      }
sfo{znL / ulx/f] ljZn]if)f ;lxt cfk"mnfO{ ltvfb}{ nfg' k%{ . of] clt{d"ns l^Kk)fL xf]Og, w/ftnLo
oyfy{tf xf] .

cGTodf, a}+s]Zj/sf] klxnf] c°sf q"^Lx? cf}+NofO{ xfdLnfO{ yk xf};nf k|bfg ug'{ x'g] ;Dk")f{
z'e]R%'s / af}l$sju{df Gofgf] cfef/ JoQm ub}{ nf]stGqsf] pHofnf] ls/)f;+u} d'n'sdf JofKt åGb,
                      '
kL*f, cl:y/tf / cf¤;sf] bx lanfP/ zflGt, ;d[l$ / efOrf/fsf] gof¤ IfLlth pl#|of];\ egL
déndo z'esfdgf JoQm ub{%' .



                                                                              sfo{sf/L ;Dkfbs
                                           ljifo ;"rL

                                           v)* æsÆ
                                       cw{jflif{s ultljlwx?
                                                                                   k]h g+=

1=    g]kfn /fi^« a}+s, lj/f^gu/ sfof{nosf] ;+lIfKt kl/ro tyf ultljlwx?            1–14


                                           v)* ævÆ
                                           cfly{s n]vx?                           15–112

g]kfnL v)*
1=   n#' ljQ ;DaGwL a]Un} P]gsf] cfjZostf / cf}lrTo           s[i)f k|wfg             15

2=   g]kfnsf] ljQLo k|)ffnL M ;+lIfKt ljj]rgf                 ef]nf/fd >]i&           18

3=   ljZjJofkLs/)fn] cy{tGqdf kfg{ ;Sg] k|efj /
     s]Gb|Lo a}+ssf] e'ldsf                                   lza/fh >]i&             29

4= xªsª #f]if)ffkq / g]kfn                                    /d]z bfxfn              36

5=   ul/aL lgjf/)fsf nflu a}+lsé If]qaf^
     ePsf k|of;x?M Ps rrf{                                    Zofds[i)f bfxfn         41

6=   g]kfnsf] ul/aL lgjf/)f / ;+:yfut ;'zf;g                  ;'lgn df:s]             45

7=   g]kfnsf] a}+ls+u If]qsf] cj:yf / ;d:of                   s]bf/k|;fb cfrfo{       52

8= d"No tYof°M kl/ro, cfjZostf, dxTj /
   cy{tGqdf o;sf] k|efj                                       d]#/fh >]i&             59

9=   a]/f]huf/LM sf/)f, k|efj / g]kfnsf] ;Gbe{                ^]s/fh e)*f/L           65

              |
10= ljb]zL d'bf tyf hfnLgf]^ klxrfgsf cfwf/x?                 /fhg bfxfn              72

11= df]/ª lhNnfdf jfl)fHosf] k|f/De / ljsf;M Ps ;+:d/)f       ljZj/fh kf)*]           82
c+u|]hL v)*
12. Improving Dissemination of
    NRB Reports and Policies                             Tula Raj Basyal              88
13. NPAs and Modalities to Tackle Them                   Surendra Man Pradhan        103
14. Debt Management Office: An Alternative
    Institutional Arrangement for Managing
    Public Debt and the Nepalese Context                 Narayan Prasad Paudel       107


                                         v)* æuÆ
                                             ljljw                                113–138
1=   g]kfn /fi^« a}+s, la/f^gu/sf] gful/s a*fkq                                      113

2=   k"jf{~rn ljsf; If]qsf s]xL lhNnfx?sf] cfly{s emns                               117

3=   k"jf{~rn ljsf; If]qdf /x]sf jfl)fHo a}+sx?sf] gfdfjnL tyf kmf]g gDa/            125

4= ;dfzf]wgu[xsf ;b:o a}+sx?sf] gfdfjnL                                              130

5=   g]kfn /fi^« a}+s, lj/f^gu/ sfof{noaf^ Ohfht k|fKt u/]sf dlgr]~h/x?              131

6=   g]kfn /fi^« a}+s, lj/f^gu/df sfo{/t clws[t tyf sd{rf/Lx?sf] ^]lnkmf]g gDa/      132

7=   s]xL dxTjk")f{ ^]lnkmf]g gDa/x?                                                 136
    v)* æsÆ
cw{jflif{s ultljlw
                  g]kfn /fi^® a}+s, lj/f^gu/ sfof{nosf]
                      ;+lIfKt kl/ro tyf ultljlwx?

d'n'ssf] s]Gb|Lo a}+ssf] ?kdf lj=;+= 2013 ;fn j}zfv 14 ut] tTsfnLg "g]kfn /fi^« a}+s P]g,
2012" cGtu{t :yfkgf ePsf] g]kfn /fi^« a}+ssf] zfvf sfof{nosf] ?kdf g]kfn /fi^« a}+s,
lj/f^gu/ lj=;+=2013 ;fn b]lvg} ;~rfngdf cfPsf] xf] . lj=;+=2046 ;fnb]lv lj/f^gu/ 11,
b]jsf]^f rf}s l:yt cfkmg} ejgdf /x]sf] of] a}+s :yfgLo dx]Gb| rf}sb]lv 2 lsnf]ld^/ k"j{sf] b'/Ldf
cjl:yt % .
o; sfof{non] k"jf{~rn ljsf; If]qsf s]xL lhNnfx?sf] ;du| cfly{s l:ylt cGtu{t df}lb|s, ljQLo,
s[lif, pBf]u, j}b]lzs Aofkf/, d"No, ef/tLo ?k}of¤ v/Lb laqmL, zf]wgfGt/, /fhZj, a}+ls+u /
;d;fdlos cfly{s ljifox? tyf tt\;+u ;DjlGwt ljleGg If]q÷pkIf]qx?sf] cWoog ug{sf nflu
s]Gb|af^ clVtof/L ;d]t k|fKt u/]sf] % . o;sf cltl/Qm g]kfn /fi^« a}+s P]g, 2058, ljb]zL
ljlgdo lgoldt ug]{ P]g, 2019, a}+s tyf ljQLo ;+:yf ;DjGwL cWofb]z, 2062 nufot a}+lsé
If]q;+u ;DjlGwt ;j} P]g, sfg"g, gLlt, lgodx?sf] kl/lwleq /xL s]Gb|Lo sfof{nosf] k|ltlglw
sfof{nosf] x}l;otn] lgoldt ?kdf sfo{ ;~rfng ub}{ cfO{/x]sf] % .
s]Gb|Lo sfof{nosf ljleGg ljefux?sf] ;dGjodf o; sfof{non] cfkmgf] sfd sf/jfxL ;~rfng ug]{
x'¤bf ;f]xL jdf]lhd g} o;sf] ;f+u&lgs :j?k ;d]t lgwf{/)f ul/Psf] % . 2062 r}q d;fGtdf
g]kfn /fi^« a}+s, lj/f^gu/df 1 hgf d'Vo Joj:yfks (k|yd >])fL clws[t_, 2 hgf Joj:yfks
(låtLo >])fL clws[t_, 10 hgf ;xfos Aoj:yfks (t[tLo >])fL clws[t_ tyf cGo ;xfos :t/sf
89 hgf u/L s"n 102 hgf sd{rf/L sfo{/t /x]sf %g\ . d'Vo Aoj:yfks s]Gb|Lo sfof{nok|lt
hjfkmb]xL tyf pQ/bfoL /xg] tyf cGo clws[t÷sd{rf/Lx? d'Vo Aoj:yfksk|lt hjfkmb]xL /xg]
Joj:yf /x]sf] % . a}+ssf] sfd sf/jfxLnfO{ ;'rf??kn] ;~rfng ug{ cfGtl/s k|zf;g kmf¤^, d'bf      |
Aoj:yfkg (h/gn_ kmf¤^, d'b|f Aoj:yfkg -gub_ kmf¤^, cg'udg tyf sDKnfoG; kmf¤^, ;dfzf]wgu[x
kmf¤^, a}+ls+u ljsf; tyf cg';Gwfg kmf¤^, n]h/ kmf¤^, laN; kmf¤^, / a}+ls+u -gub_ kmf¤^sf] Joj:yf
ul/Psf] % .
oL kmf¤^x?sf] ;fdfGo sfo{ k|s[lt tyf cfly{s      jif{ 2062.63 sf] cw{jif{ el/df ;Dkfbg ePsf
sfo{sf] ljj/)f o;k|sf/ % .

1= cg';Gwfg kmfF^
    n#' ljQ sf/f]jf/, k'g/shf{, a}+s lg/LIf)f, d"No, zf]wgfGt/, cfly{s ljsf; tyf cg';Gwfg;+u
    ;DalGwt sfo{ o; kmf¤^af^ ;Dkfbg ul/G%g\ . cfly{s jif{ 2062.63 sf] cw{jif{ el/df o;
    kmf¤^af^ b]xfo jdf]lhdsf sfo{x? ;DkGg ePsf %g\ .

    u|fdL)f :jfjnDag sf]if
    n#' ljQ sf/f]jf/ ug]{ ljleGg ;xsf/L tyf u}x| ;/sf/L ;+:yfx?nfO{ u|fdL)f :jfjnDag sf]ifaf^
    yf]s shf{ pknJw u/fpg] g]kfn ;/sf/sf] gLlt /x]sf] % . of] sf]ifsf] ;~rfng g]kfn /fi^«
    a}+ssf] s]Gb|Lo sfof{nodf cjl:yt n#' ljQ ljefun] ub{% . o; sf]ifaf^ ljleGg ;+:yfdfk{mt




                                     cw{jflif{s ultljlw .   1
a}Í]Zj/ - jif{ 1 cÍ 2

    u/La tyf ljkGgju{sf JolQmx?nfO{ C)f pknJw u/fOG% . cfly{s jif{ 2062.63 sf] cw{jif{
    el/df lxdfno jrt tyf C)f ;xsf/L ;+:yf lnld^]*, s]/faf/L-9 / b]p/fnL ax'@]ZoLo ;xsf/L
    ;+:yf lnld^]*, lkmlbd-5 sf] k"j{ nufgL cWoog sfo{ ;DkGg ul/Psf] % . n#' ljQ sf/f]jf/
    ug]{ ljleGg ;xsf/L tyf u}/ ;/sf/L ;+:yfx?nfO{ pgLx?sf] dfu adf]lhd C)f k|bfg ug]{
    qmddf k"j{ nufgL ;DefJotf cWoog tyf ;b'kof]lutf lg/LIf)f ug]{ ul/G% . o;kl% sf]ifaf^
    :jLs[t C)f ;DalGwt ;+:yfnfO{ k|bfg ul/G% .

    ;fd'bflos e"ldut hn l;+rfO ;]S^/ cfof]hgf
    s[lif If]qsf] pTkfbsTj clej[l$ u/L ;fgf tyf ;LdfGt s[ifsx?sf] cfo:t/df ;'wf/ Nofpgsf
    nflu PsLs[t tyf ;xeflutfd"ns hn pkef]Qmf ;d"x u&g u/L :ofnf] ^\o'a]nsf] dfWodaf^
    l;+rfO ;'lawf k'¥ofpg] k|d'v p@]Zo lnO{ s[ifsx?nfO{ l;+rfO tyf afnL pTkfbg shf{sf] ?kdf
    laleGg ljQLo ;+:yfsf] dfWodaf^ C)f pknAw u/fpg] gLlt cg'?k u|fdL)F :jfanDag sf]if
    dfkm{t C)f pknAw u/fpg] sfo{qmd /x]sf] % . of] sfo{qmd k"jf{~rn If]qsf l;/fxf, ;Kt/L,
    ;'G;/L, df]/+u / emfkf lhNnfdf nfu" ePsf] % .
    cfly{s jif{    2062.63 sf] cw{jif{ el/df k"jf{~rn ljsf; If]qdf sfo{/t ;xefuL ljQLo
    ;+:yfx?dWo]   k"jf{~rn u|fdL)f ljsf; a}+s lnld^]*sf 614 ;d"xx?nfO{ ?=1,21,74,400.- /
    ;xf/f art      tyf C)f ;xsf/L ;+:yf lnld^]*, rf/kfg]sf 94 ;d"xx?nfO{ ?=36,02,560.- u/L
    hDdf 708      ;d"xx?nfO{ ?=1,57,76,560.- shf{ k|bfg ul/Psf] % .
    cfly{s jif{ 2062.63    sf]   cw{jif{el/df    o;   sfo{qmd   cGt/ut   k|jflxt   shf{sf]   cj:yf   b]xfo
    adf]lhd /x]sf] % .
                                                nufgLsf] ljj/)f
                                                                                               -?=xhf/df_
                                             2062 cfiff(
                                             d;fGt ;Dd     2062 kf}if ;Dddf            xfn nufgLdf
     s|=;+=   ;xefuL ljQLo ;+:yf
                                            nufgLdf /x]sf] nufgL ePsf] shf{            /lx/x]sf] shf{
                                                shf{
      1= k"jf{~rn u|fdL)f ljsf; a}+s               2,14,17          3,10,47                   5,24,64
      2= ;xf/f art tyf C)f
         ;xsf/L ;+:yf lnld^]*                          25,47               47,31                72,78
                     hDdf                             2,39,64            3,57,78              5,97,42

    d"No ;e]{If)f -d"No ;+sng tyf cg'udg_
    g]kfn /fi^« a}+sn] :yfkgfsfnb]lv g} ljleGg pkef]Uo j:t'x?sf] d"No ;+sng ub}{ cfPsf]              % .
    xfn d"No ;+sng ul/g] j:t' / d"No ;+sng ul/g] cjlwdf kl/dfh{g u/L pkef]Qmf d"No,                  yf]s
    d"No / Hofnfb/ ;d]t ;+sng u/L pkef]Qmf d"No ;"rL tyf yf]s d"No ;"rL k|sfzg                        ug]{
    ul/G% . g]kfn /fi^« a}+s, cg';Gwfg ljefu, d"No dxfzfvfaf^ tof/ kfl/g] d"No ;"rLsf                nflu
    o; sfof{non] ;d]t ljleGg ahf/s]Gb|af^ d"No ;+sng u/L k&fpg' kb{% .
    o; sfof{noaf^ lj/f^gu/ ahf/s]Gb|, wgs'^f ahf/s]Gb|, bds ahf/s]Gb| / Onfd ahf/s]Gb|af^
    pkef]Qmf d"No tyf ;'g;/L lhNnfsf ljleGg :yfg / lj/f^gu/ ahf/s]Gb|, eb|k'/ tyf ljtf{df]*
    ahf/s]Gb| / Onfd ahf/s]Gb|af^ yf]s d"No tYof° ;+sng ug]{ ul/Psf] % .




                                        cw{jflif{s ultljlw .    2
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

o;}u/L lj/f^gu/, eb|k'/ tyf Onfd ahf/s]Gb|af^ dfl;s Hofnfb/ tYof° ;d]t ;+sng ug]{
ul/G% . s]Gb|Lo sfof{no, cg';Gwfg ljefu, d"No dxfzfvfsf] lgb]{zg jdf]lhd lj/f^gu/, bds,
wgs'^f / Onfd ahf/s]Gb|sf] z}lIfs z'Ns tyf #/ef*f ;DjGwL tYof° ;d]t ;+sng ul/G% .
dfl;s ?kdf ;LdfjtL{ ef/tLo ahf/sf] d"No ;+sng ;d]t lgoldt ?kdf ug]{ ul/Psf] % .
pkef]Qmf tyf yf]s d"No b]xfo adf]lhd ;+sng ug]{ ul/G% .

                                  pkef]Qmf d"No ;+sng ljj/)f
                                    ahf/s]Gb|af^ d"No ;+sng ul/g] j:t'x?sf] ;+Vof
           cjlw
                              lj/f^gu/          wgs'^f         bds                Onfd
 ;fKtflxs                         87              78             64                 76
 dfl;s                            80              80             78                 77
 qodfl;s                          77              77              75                76
 cw{aflif{s                       34              35              34                36
 aflif{s                           4                4              4                 4

                                   yf]s d"No ;+sng ljj/)f
                                ahf/s]Gb|af^ d"No ;+sng ul/g] j:t'x?sf] ;+Vof
     cjlw
                   lj/f^gu/         w/fg            ;'G;/L    ljtf{df]*/eb|k'/    Onfd
 kflIfs                9               2               -              3            1
 dfl;s                36               2             14             10             3

o;}u/L ;LdfjtL{ ef/tLo ahf/ k"l)f{ofaf^ dfl;s ?kdf 64 pkef]Uo j:t' tyf 6 j^f ljleGg
;]jfsf] d"No ;+sng ug]{ ul/G% . lj/f^gu/, eb|k'/, bds / Onfdsf] z}lIfs tYofª\s -ljleGg
z'Nsx?_ ;+sng / #/ef*f ;j]{If)f u/L k|ltj]bg tof/ ul/G% . d"No ;+sng ug]{ ahf/s]Gb|df
clws[t sd{rf/L uO{ ;do;dodf d"No cg'udg tyf lg/LIf)f ;d]t ug]{ ul/G% .
cfly{s jif{ 2062.63 sf] cw{jif{df pk/f]Qm ;a} ahf/s]Gb|df uO{ ;a} j:t' tyf ;]jfsf] d"No
;+sng u/L s]Gb|Lo sfof{no, cg';Gwfg ljefudf k|ltj]bg k&fO;lsPsf] % eg] cg'udg tyf
lg/LIf)fsf sfo{x? klg s]lx s]Gb|x?df ;DkGg ul/Psf] / s]xL s]Gb|x?df x'g] qmddf % .

k'g/shf{
g]kfn /fi^«     a}+ssf] ;~rfns ;ldltsf] 705 cf}+, 707 cf}+ / 738 cf}+ a}&sn] ljleGg
lgsf;Lof]Uo   s[lifhGo j:t'x?sf] pTkfbg / k|zf]wgdf ;#fp k'¥ofpg cfly{s jif{ 2053.54 b]lv
cfly{s jif{    2057.58 ;Ddsf nflu jflif{s ?=12 s/f]*;Dd k'g/shf{ ;'ljwf pknJw u/fpg]
lg)f{o eP     jdf]lhd o; sfof{noaf^ s[lif ljsf; a}+snfO{ k|bfg ul/Psf] k'g/shf{sf] cj:yf
cfly{s jif{   2062.63 sf] cw{jif{df b]xfo adf]lhd /x]sf] % .




                                    cw{jflif{s ultljlw .   3
a}Í]Zj/ - jif{ 1 cÍ 2


                                                ;fFjf lx;fj
                                                                                             -?=xhf/df_
                                              cfly{s jif{
                                                                      2062 kf}if
                                             2061.62 sf]                              2062 kf}if
    s|=;+=             +
                     a}ssf] gfd                                      d;fGt;Ddsf]
                                             cGTodf jf+sL                          d;fGt;Ddsf] af¤sL
                                                                        c;'nL
                                                 ;f¤jf

      1=     s[lif ljsf; a}+s
             If]qLo sfof{no, ljtf{df]*              13,06,06             3,78,15           9,27,91
      2=     s[lif ljsf; a}+s
             If]qLo sfof{no, lj/f^gu/                9,31,19               83,97           8,47,22
                        hDdf                        22,37,25             4,62,12           17,75,13

                                               Jofh lx;fj
                                                                                             -?=xhf/df_
                                                                               2062 kf}if d;fGt;Dddf
                                                     2062 kf}if d;fGt;Dddf
    s|=;+=                 +
                         a}ssf] gfd                                             kfs]sf] t/ c;"n x'g
                                                       c;"n ePsf] Jofh
                                                                                     af¤sL Jofh
      1=     s[lif ljsf; a}+s, If]=sf=, ljtf{df]*              1,31,98                      3,31,05
      2=     s[lif ljsf; a}+s, If]=sf=, lj/f^gu/                 51,11                      5,13,60
                             hDdf                          1,83,09                         8,44,65
    pk/f]Qm adf]lhdsf ;f¤jf tyf Jofh /sdn] efvf gf#]sf] %}g .

    cfly{s k|ltj]bg
    df]/é, ;'g;/L, emfkf / Onfd lhNnfsf] cfly{s jif{ 2062.63 sf] q}dfl;s tyf df]/é, ;'g;/L,
    emfkf, wgs'^f, ;Kt/L, t]x|y'd, Onfd / kf¤ry/ lhNnfsf] cfly{s jif{ 2062.63 sf] cw{jflif{s
    k|ltj]bg tof/ kf/L s]Gb|Lo sfof{no, cg';Gwfg ljefu, cfly{s ljsf; zfvfdf k&fOPsf] % .

    e+;f/ tYofX\s ;+sng
                                                     ]
    b]zsf] zf]wgfGt/ l:yltsf] af/]df hfgsf/L kfpg j}blzs Jofkf/ tYofª\ssf] &"nf] dxTj x'G% .
    j}b]lzs Jofkf/ ;DaGwL tYofª\s ljleGg eG;f/ sfof{nox?af^ k|fKt u/L tflnsLs/)f tyf
    k|zf]wg ug]{ ul/G% . k"jf{~rn ljsf; If]qdf kg]{ lj/f^gu/ e+;f/ sfof{no, ;'g;/L e+;f/
    sfof{no, /fhlj/fh e+;f/ sfof{no, d]rL e+;f/ sfof{no, kz'klt eG;f/ sfof{no tyf tL e+;f/
    sfof{no cGt{utsf %f]^L e+;f/ sfof{nox?af^ e+;f/ tYof° ;+sng tyf k|zf]wg u/L k&fpg]
    sfo{ lgoldt ?kdf ;Dkfbg ug]{ ul/Psf] % .

    k':tsfno
    o; sfof{nodf sfof{nosf] k|of]usf] nflu cfly{s, ;flxlTos, jfl)fHo tyf cGo ljleGg
    vf]hd'ns ljwfdf n]lvPsf dxTjk")f{ k':tsx? ;+uflnPsf] Pp^f k':tsfno ;d]t /x]sf] % . pQm
    k':tsfnodf ljleGg ljwfdf n]lvPsf k':tsx?sf] cltl/Qm /fli^«o:t/sf / :yfgLo:t/sf
    kqklqsfx? k(\g] Joj:yf ;d]t /x]sf] % .




                                          cw{jflif{s ultljlw .   4
                                                                            a}Í]Zj/ - jif{ 1 cÍ 2


2= d'b|f Aoj:yfkg -h/gn_ kmfF^
   ;/sf/L vr{sf] nflu cfjZos /sdsf] Joj:yf tyf e'mqf] gf]^ ;^xL ug{ ljleGg :yfgdf
   gf]^sf]if :yfkgf ul/Psf] x'G% . gf]^sf]ifdf /x]sf] gf]^df g]kfn /fi^« a}+ssf] :jfldTj /x]sf] x'G%
   eg] To;sf] ;~rfng lglZrt sfo{ljlwsf] clwgdf /xL gf]^sf]if /x]sf] jfl)FHo a}+sx?n] ug]{
   ub{%g\ . o;/L :yflkt gf]^sf]ifdf cfjZos /sdsf] Joj:yf ug]{ sfd g]kfn /fi^« a}+ssf] xf] .
                                                      |
   o; sfof{nodf pQm sfo{ ;Dkfbg ug{sf] nflu d'bf Joj:yfkg -h/gn_ kmf¤^ /x]sf] % .
   o; kmf¤^af^ k"jf{~rn ljsf; If]qsf ljleGg jfl)fHo j}sdf /x]sf gf]^sf]ifsf] Aoj:yfkg tyf
   tf]*f rnfg -km)* ^«fG;km/_ ;DjGwL sfdx? ;Dkfbg ul/G% . o;/L cfly{s jif{ 2062/63 sf]
   kf}if d;fGt;Dddf gf]^sf]if tyf ef/tLo ?k}of¤ sf]if /x]sf a}+s zfvfx?dWo] b]xfosf zfvfx?df
   lgDg jdf]lhd km)* ^«fG;km/ ul/Psf] % .


                                    g]kfnL ?lkofF km)* ^®fG;km/ ljj/)f
                                                                                         -?=s/f]*df_
                                                  km)*
         gf]^ sf]if /x]sf] a}+ssf] gfd        ^«fG;km/sf]       uPsf] /sd         cfPsf] /sd
                                                  k^s
     /fli^«o jfl)fHo a}+s, ef]hk'/                2                 14=02             0=05
     /fli^«o jfl)fHo a}+s, l;/fxf                 9                 62=65             –
     /fli^«o jfl)fHo a}+s, /fhlj/fh               7                 50=51             0=59
     /fli^«o jfl)fHo a}+s, vf¤bjf/L               6                 42=00             0=40
     /fli^«o jfl)fHo a}+s, eb|k'/                 5                 50=10             0=28
     /fli^«o jfl)fHo a}+s, Og?jf                  4                 27=01             0=10

   g]kfn /fi^« a}+sn] ef/tLo ?k}of¤;+u l:y/ ljlgdo b/ nfu" u/]sf] % . o; k|)ffnL cGt/ut
   g]kfnsf] ahf/df cfpg] ef/tLo ?k}of¤nfO{ g]kfnL ?k}of¤df ;^xL ug]{ tyf ljleGg k|of]hgsf
   nflu cfjZos ef/tLo ?k}of¤ ;^xL ul/lbg] sfo{ jfl)fHo a}+sx? ;d]taf^ x'G% . jfl)fHo
     +
   a}sx?sf] ;^xL Ifdtfdf j[l$ ug{ ljleGg jfl)fHo a}+sx?df ef/tLo ?k}of¤ sf]if ;d]t :yfkgf
   u/L ;~rfng ul/Psf] % . o; sf]ifdf a(L ePsf] ef/tLo ?k}of¤ g]kfn /fi^« a}+sdf Nofpg]
   tyf sf]ifdf ef/tLo ?k}of¤sf] cefj ePdf k'¥ofpg] sfo{ g]kfn /fi^« a}+sn] ug]{ ub{% . o;}u/L
   k"jf{~rn ljsf; If]q cGtu{tsf ef/tLo ?k}of¤ sf]if ePsf] a}+s afx]s g]kfn /fi^« a}+ss} cGo
   sfof{nodf cfjZostf cg';f/ ef/tLo ?k}of¤sf] km)* ^«fG;km/ sf/f]jf/ ;d]t ul/G% . cfly{s
   jif{ 2062/63 sf] kf}if d;fGt;Dddf ef/tLo ?k}of¤ km)* ^«fG;km/ sf/f]jf/ b]xfo adf]lhd ePsf]
   % .




                                         cw{jflif{s ultljlw .   5
a}Í]Zj/ - jif{ 1 cÍ 2


                                   ef/tLo ?k}ofF km)* ^®fG;km/ ljj/)f
                                                                                 -ef/tLo ?k}of¤ s/f]*df_
                                        km)* ^«fG;km/sf]
                 +
               a}ssf] gfd                                          /sd        km)* ^«fG;km/sf] k|s[lt
                                             k^s
    g]kfn /fi^« a}+s, a}+ls+u
    sfof{no, sf&df*f}+                         1                   5=00      ef=?= k&fOPsf] .
    /fli^«o jfl)fHo a}+s, /fhlj/fh             1                   1=00      ef=?= k&fOPsf] .
    /fli^«o jfl)fHo a}+s, l;/fxf               2                   0=50     ef=?= k&fOPsf] .
    /fli^«o jfl)fHo a}+s, eb|k'/               4                    2=58    ef=?= k|fKt ePsf] .
    g]kfn a}+s lnld^]*, sf¤s/le^[f             4                   12=04    ef=?= k|fKt ePsf] .

3= cfGtl/s k|zf;g kmfF^
    sd{rf/L k|zf;g tyf sfof{no Joj:yfkg
    sd{rf/L k|zf;g tyf sfof{no ;~rfng ;DaGwL ;a} cfjZos sfo{ o; kmf¤^af^ ;Dkfbg
    ul/g] Joj:yf /x]sf] % .
    cfly{s jif{ 2062/63 sf] r}q d;fGt;Dddf sfo{/t sd{rf/Lx?sf] ljj/)f b]xfoadf]lhd /x]sf]
    % .
    s|=;+=      >])fL                     kb                                sfo{/t ;+Vof
    1=       clws[t k|yd               d'Vo Joj:yfks                             1
    2=       clws[t låtLo              Joj:yfks                                  2
    3=       clws[t t[tLo              ;xfos Joj:yfks                            8
    4=       clws[t t[tLo              ;xfos vhf~rL                              2
    5=       ;xfos k|yd                k|wfg ;xfos                              16
    6=       ;xfos k|yd                jl/i& ;xfos -sDKo'^/_                     4
    7=       ;xfos k|yd                jl/i& On]lS^«l;og                         1
    8=       ;xfos k|yd                k|wfg gub ;xfos                          20
    9=       ;xfos låtLo               gub ;xfos                                 9
   10=       ;xfos åtLo                KnDa/                                     1
   11=       ;xfos t[tLo               ;xfos /]s*{ lsk/                          2
   12=       ;xfos t[tLo               gfoj s's sd s]o/ ^]s/                     1
   13=       ;xfos t[tLo               sfodd'sfod ld:qL                          1
   14=       ;xfos rt'y{               rfns                                      2
   15=       ;xfos rt'y{               jl/i& lkog                               20
   16=       ;xfos k~rd                lkog                                      9
   17=       ;'/Iff ;d"x               k|jGw /Ifs, l;kfxL                        3
                                                                           s'n 102




                                        cw{jflif{s ultljlw .   6
                                                                        a}Í]Zj/ - jif{ 1 cÍ 2


   ;?jf
   cfly{s jif{ 2062/63 sf] kf}if d;fGte/df    o;    sfof{noaf^   ;?jf   eO{   hfg]   clws[t   tyf
   sd{rf/Lx?sf] gfdfjnL o;k|sf/ /x]sf] % .
   1=     Joj:yfks >L pk]Gb|s'df/ kf}*]n
   2=     ;xfos Joj:yfks >L Zofds[i)f bfxfn
   3=     ;xfos Joj:yfks >L cUgLk|;fb bfxfn
   4=     ;xfos Joj:yfks >L b]j]Gb| uf}td
   5=     k|wfg ;xfos >L dgf]h jflgof¤
   6=     k|wfg ;xfos >L cRo'ts'df/ yfkf
   7=     k|wfg ;xfos >L k|x\nfb v*sf
   8=     k|wfg ;xfos >L ^]s/fh e)*f/L
   9=     k|wfg ;xfos >L dl)f/fh *f¤uL
   10=    k|wfg gub ;xfos >L OGb| zdf{
   11=    k|wfg gub ;xfos ;'/]z s]=;L=
   12=    gub ;xfos >L nf]s]zs'df/ g]pkfg]
   13=    gub ;xfos >L eLd clwsf/L
   14=    jl/i& lkog >L /fs]zs'df/ >]i&

   ;~ro tyf ljt/)f -:^f]/_
   sfof{nosf] nflu cfjZos ;a} k|sf/sf ;fdfgx? v/Lb kZrft n]vf°g / e)*f/)f
   sfo{ o; OsfO{n] ub{% . cfly{s jif{ 2062.63 sf] kf}if d;fGt;Dddf sfof{nosf]
   k|of]udf gcfpg] k'/fgf ;fdfgx? %'§\ofO{ lnnfd ug]{ sfo{ cufl* al(/x]sf] % .
   v/Lb Joj:yfkg
   o; sfof{noaf^ x'g] v/Lb sfo{nfO{ kf/bzL{, lskmfotL / k|efjsf/L jgfpg v/Lb,
   :^f]/ bflvnf / e'QmfgL sfo{sf] lhDd]jf/L km/s km/s *]:saf^ ;Dkfbg ug]{ u/L
   a]Unfa]Un} lhDd]jf/L lbO{ ljleGg clws[t tyf sd{rf/LnfO{ ;f] sfo{ ug{ tf]lsPsf] % .
   ;Dk")f{ vl/b Joj:yfkgsf] ;dGjo ug]{ lhDd]jf/L Joj:yfks (k|zf;g) nfO{ ;'lDkOPsf]
   % .
4= cg'udg tyf sDKnfoG; kmfF^
   o; sfof{nosf] ljljw sfo{nfO{ ;du| ?kn] kf/bzL{ tyf Jojl:yt agfpg / vl/b sfo{sf]
   e'QmfgL Joj:yfkg ug{ o; kmf¤^sf] u&g ul/Psf] % . o; kmf¤^n] sfof{non] vl/b, lgdf{)f tyf
   d/Ddt u/]sf ;Dk")f{ ;fdfgx?sf] lan ef}r/x? cWoog u/L ;DalGwtnfO{ e'QmfgL ug]{ ub{% .

5= n]h/ kmfF^
   g]kfn /fi^« a}+ssf] df]km;nsf sfof{nosf] Pp^f dxTjk")f{ sfo{ ;/sf/L sf/f]jf/ ;~rfng ug'{
   klg xf] . pQm sfo{sf] nflu o; sfof{nodf n]h/ kmf¤^sf] u&g ul/Psf] % . n]h/ kmf¤^af^
   ;/sf/L sfof{no, a}+s tyf ljQLo ;+:yf / ;+:yfgx?sf] vftf ;~rfng x'G% . cfly{s jif{
   2062/63 sf] kf}if d;fGtdf o; kmf¤^af^ ljleGg 498 vftfx? dfk{mt sf/f]jf/ ;~rfng ePsf
   lyP .


                                   cw{jflif{s ultljlw .   7
a}Í]Zj/ - jif{ 1 cÍ 2

    pQm cjlwdf ;/sf/L sfof{nosf vftfx?df 8,857 yfg hDdf tyf 12,339 yfg vr{ sf/f]jf/
    ePsf] % eg] a}+s tyf cGo sfof{nox?sf] vftfdf 5,134 yfg hDdf sf/f]jf/ / 5,423 yfg
    vr{ sf/f]jf/ ePsf] % .
    s]Gb|Lo ;/sf/tkm{ /fhZj / j]?h' jfkt s'n 8,817 sf/f]jf/af^ ?=2,70,98,58,766.55
    ;+sng ePsf] % eg] If]qLo sf]if lgb]{zgfnosf] lgsf;f cfb]z jdf]lhd ljleGg ;/sf/L
    sfof{nosf] vftfdf hDdf x'g] u/L ?=75,19,87,242.26 lgsf;f ePsf] % .

6= laN; kmfF^
    lan sn]S;g, ;/sf/L C)fkqsf] sf/f]jf/ / Jofh e'QmfgL, k]G;g e'QmfgL, ljb]zL d'b|f v/Lb-
    laqmL, c;kmL{ laqmL, *«fk\m^, ^]lnu|flkms ^«fG;km/, d]n ^«fG;km/, ljb]zL d'b|f v/Lb-laqmL Ohfht
    cflb sfo{ laN; kmf¤^af^ ;DkGg ul/G% . o; kmf¤^af^ ul/g] pk/f]Qm lsl;dsf sf/f]jf/dWo]
    cfly{s jif{ 2062.63 sf] kf}if d;fGtdf ;DkGg sf/f]jf/sf] cj:yf b]xfo adf]lhd /x]sf] % .

    *«fkm^
    o; sfof{noaf^ ?=36,69,704.24 a/fj/sf 72 yfg *«fkm\^ sf&df)*F} nufot df]km;nsf o;
    a}+ssf cGo sfof{nox?af^ e'QmfgL x'g] u/L lvlrPsf] % . o;}u/L ljleGg sfof{noaf^ o;
    sfof{no pk/ lvlrPsf ?=7,48,06,211.80 a/fj/sf 87 *«fkm^x?sf] e'QmfgL lbOPsf] % .
    ^]lnu|flkms ^®fG;km/ -l^= l^=_
    o; sfof{nojf^ ?=5,33,01,74,511.75 j/fj/sf] 452 j^f l^=l^= ljleGg sfof{nodf k&fOPsf]
    % . o;}u/L ljleGg sfof{noaf^ k&fOPsf] ?=4,72,92,21,179.59 a/fj/sf] 345 yfg l^=l^=
    sf] e'QmfgL lbOPsf] % .
    d]n ^®fG;km/
    o; sfof{nojf^ 6 yfg d]n ^«fG;km/jf^ ?=21,20,904.13 ^«fG;km/ ul/Psf] % .
    c;kmL{ ljqmL
    o; sfof{nojf^ ljleGg d"Nosf u/L ?=5,44,663.- a/fa/sf] 73 yfg c;kmL{ ljqmL ePsf] % .
    dlgr]Gh/
    o; sfof{noaf^ xfn;Dd 19 j^f dlgr]~h/x?n] Ohfht lnO{ sf/f]jf/ ul//x]sf %g\ . Pp^f
    dlgr]~h/x?n] :jLs[ltsf nflu lgj]bg k]z u/]sf] % . pQm 19 j^f dlgr]~h/x?dWo] 6 j^f
    dlgr]~h/nfO{ kl/jTo{ ljb]zL d'b|f vl/b ug]{ ;d]t Ohfht k|bfg ul/Psf] % eg] af¤sL cGonfO{
    ef/tLo ?k}of¤ dfq vl/b laqmLsf nflu Ohfht k|bfg ul/Psf] % .

7= ;dfzf]wgu[x kmfF^
                                                +
    g]kfn /fi^« a}+s P]g, 2058 df g]kfn /fi^« a}sn] ;/n e'QmfgL k|)ffnLsf ;fy} ;dfzf]wgu[x
    ;~rfng ug]{ Joj:yf eP adf]lhd o; sfof{nodf ;d]t ;dfzf]wgu[x (lSnol/ª) kmf¤^ /x]sf]
    % . o; sfof{nosf] lSnol/é ;b:osf ?kdf lj/f^gu/l:yt a}+s / ljQLo ;+:yfx? /x]sf
    %g\ .
    cfly{s jif{ 2062.63 df o; a}+ssf 18 j^f a}+s tyf laQLo ;+:yfx? lSnol/é ;b:osf ?kdf
    /x]sf %g\ . pQm ;b:ox?aLr cfly{s jif{ 2062/63 sf] kf}if d;fGt;Dddf 34,994 yfg
    r]saf^     ?=11,22,61,56,352.50   vr{   /    33,277 yfg    ef}r/   tyf   P*efO;jf^
    ?=12,70,81,16,521.60 hDdf sf/f]jf/ ePsf] % .



                                       cw{jflif{s ultljlw .   8
                                                                           a}Í]Zj/ - jif{ 1 cÍ 2

   xfn Ps jfl)fHo a}+saf^ Ps a}+s zfvfnfO{ dfq lSnol/é ;b:otf lbg] / sf/f]jf/df ;xefuL
   ;b:o a}+ssf] ;xeflutf a(fpg] gLlt cg';f/ sfo{ ;~rfng eO/x]sf] % .

8= a}ls+u -gub_ kmfF^
   ljleGg ;/sf/L sfof{nox?, a}+s tyf ljQLo ;+:yfsf cltl/Qm cfGtl/s gub e'QmfgL
   sfpG^/x?sf] ;~rfng o; kmf¤^af^ x'G% . ljb]zL d'b|f, c;kmL{ / :dfl/sf l;Ssfx?sf] sf/f]jf/
   nufot cGo a}+s tyf ljQLo ;+:yfx?af^ cfPsf] ef/tLo ?k}of¤ / cGo a}+sx?df k&fpg]
   ef/tLo ?k}of¤ km)*sf] Joj:yf ;d]t o; kmf¤^af^ x'g] u/]sf] % .

9= d'b|f Joj:yfkg -gub_ kmfF^
   ;/sf/L sfof{no, ;+# ;+:yf, ljleGg a}+s tyf ;j{;fwf/)fn] ljleGg         k|of]hgsf nflu hDdf ug{
   NofPsf] /sd a'lemlng] sfo{ o; kmf¤^jf^ x'G% . g]kfn ;/sf/sf]          /fh:j a'lemlng] sfo{ ;d]t
   o;} kmf¤^af^ x'G% . o;/L j'em]sf] gf]^ ;l^{é u/L k'gM k|rngdf         Nofpg] jf hnfpg], :^sdf
   /x]sf] gof¤ gf]^ s]Gb|Lo sfof{no, d'b|f Joj:yfkg ljefusf] :jLs[ltdf    rng rNtLdf Nofpg] sfd
   klg o;} kmf¤^jf^ x'G% .
   cfly{s jif{ 2062/63 sf] kf}if d;fGt;Dddf 10,331 j)*n e'mqf] gf]^ hnfg eof] eg] 10,500
   j)*n gof¤ gf]^ rng rNtLdf NofOof] . o; cjlwdf 2,479 j)*n gf]^ ;l^{é ul/Psf]
   lyof] .

10= tflnd / uf]i&L ;~rfng
   a}+s tyf ljQLo ;+:yfsf k|d'vx?;+u cGt/lqmof
   g]kfn /fi^« a}+s, lj/f^gu/åf/f ldlt 2062 df# 10 ut] *]k'^L ueg{/ >L jL/ljqmd
   /fodfemLHo"sf] k|d'v cfltYodf a}+s tyf ljQLo ;+:yfsf k|d'vx?;+u ;d;fdlos a}+ls+u tyf
   cfly{s If]q;+u ;DalGwt ljifodf cGt/lqmofTds Ps lbg] uf]i&Lsf] cfof]hgf ul/of] . pQm
   ;df/f]xdf a}+s tyf ljQLo ;+:yfsf :yfgLo zfvf k|d'vx? nufot g]kfn /fi^« a}+s,
   lj/f^gu/sf clws[tx? u/L hDdf 40 hgfsf] ;xeflutf /x]sf] lyof] .
   pQm cGt/lqmofTds sfo{qmddf g]kfn /fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks >L lza/fh
   >]i&n] *]k'^L ueg{/ >L jL/ljqmd /fodfemLHo"sf] :jfut ug'{sf ;fy} cGt/lqmofTds uf]i&L
   sfo{qmdsf] p@]Zodfly ;+lIfKt?kdf k|sfz kfb}{ cf-cfk\mgf] a}+lsé sfof{no ;+rfngdf k/]sf
   ;d:of, cf-cfk\mgf] s]Gb|Lo sfof{nosf] /)fgLlt, k"jf{~rn ljsf; If]qdf a}+sx?sf] ef/tLo ?k}of¤sf]
   vl/b laqmL, g]kfn /fi^« a}+sn] nfu' u/]sf] PsLs[t lgb]{zg, df}lb|s gLlt tyf ljQLo If]qdf
   b]lvPsf ;d;fdlos ;d:ofx?sf] af/]df cf-cfk\mgf] cg'ej tyf dGtJo JoQm ug{ ;a} a}+s tyf
   ljQLo ;+:yfsf :yfgLo k|d'vx?nfO{ cg'/f]w ug'{ePsf] lyof] .
   pQm %nkmn sfo{qmddf ljleGg a}+s tyf ljQLo ;+:yfsf :yfgLo zfvf k|d'vx?n] cf-cfk\mgf]
   ;+:yf ;~rfngdf cfO{k/]sf ;d:ofx? / l;+uf] a}+lsé If]qdf b]lvPsf ;d;fdlos ;d:ofx?
   %nkmnsf] qmddf /fVg'ePsf] lyof] .
   ljleGg a}+s tyf ljQLo ;+:yfsf :yfgLo k|d'vx?af^ %nkmnsf] qmddf p&fOPsf /fli^«o:t/sf
   jf gLltut txsf a'¤bfx?k|lt g]kfn /fi^« a}+ssf] jt{dfg b[li^sf])f k|:t't ub}{ *]k'^L ueg{/ >L
   jL/ljqmd /fodfemLHo"n] k|To]s a}+s tyf ljQLo ;+:yfx?n] cfk"mnfO{ k|lt:kwL{ agfpg x/;Dej
             { {                                           |
   k|oTg ug'kg], ;+:yfsf] ljQLo cg'zf;g, ;]jf lj:tf/, sfo{k)ffnLdf bIftfsf] ljsf; u/L cfufdL
                                          '
   lbgsf] r'gf}tLnfO{ ;dfwfg ug{ cu|;/ x'gkg]{ ;dLIffTds ;Djf]wg ug'{ePsf] lyof] .



                                      cw{jflif{s ultljlw .   9
a}Í]Zj/ - jif{ 1 cÍ 2

    pQm sfo{qmdsf] cGTodf g]kfn /fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks >L lza/fh >]i&n] ;a}
    ;xefuLx?nfO{ %nkmn sfo{qmddf ;lqmo ?kdf ;xefuL eO{ efu lng' ePsf]df wGojfb lb+b}
    %nkmnaf^ k|fKt ;'emfjx?nfO{ ;DalGwt lgsfodf k&fOg] hfgsf/L ;d]t u/fpg'ePsf] lyof] . 
    ef/tLo d'b|f tyf kl/jTo{ ljb]zL d'b|fsf] z+sf:kb gf]^ klxrfg uf]i&L
    g]kfn /fi^« a}+s, lj/f^gu/åf/f ldlt 2062 dfu{ 25 ut] "ef/tLo d'b|f tyf kl/jTo{ ljb]zL
        |
    d'bfsf] z+sf:kb gf]^ klxrfg" ;DaGwdf Ps lbg] uf]i&L cfof]hgf u/]sf] lyof] . z+sf:kb tyf
    hfnL gf]^x?sf] klxrfg ug{ ;/n xf];\ eGg] p@]Zon] cfof]lht pQm uf]i&L g]kfn /fi^« a}+s,
    a}+lsé sfof{no, sf&df)*f}sf sfo{sf/L lgb]{zs *f= uf]ljGbaxfb'/ yfkfsf] k|d'v cfltYo tyf
    g]kfn /fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks >L lza/fh >]i&sf] ;efkltTjdf ;DkGg ePsf]
    lyof] . pQm uf]i&Ldf ;xfos Joj:yfks >L b]j]Gb| uf}tdn] dlgr]~h/x?sf] sfo{ljlw ljifodf,
    ;xfos vhf~rL >L uh]Gb|axfb'/ >]i&n] ef/tLo ?k}of¤sf] z+sf:kb gf]^ klxrfg ljifodf /
    k|wfg gub ;xfos >L /fhg bfxfnn] kl/jTo{ ljb]zL d'b|fsf] klxrfg ljifodf sfo{kq k|:t't
    ug'{ePsf] lyof] .
    uf]i&Ldf p&]sf ljleGg lh!f;fx?sf] hjfkm lbg] qmddf sfo{sf/L lgb]{zs *f= uf]ljGbaxfb'/
    yfkfn] z+sf:kb gf]^n] cy{Joj:yfdf gsf/fTds c;/ kfg]{ ePsf]n] gub sf/f]jf/sf] If]qdf
    sfo{/t ;a}n] rgfvf] eP/ sfd ug'{kg]{ ljrf/ JoQm ug'{ePsf] lyof] . To:t} d'Vo Joj:yfks
    >L lza/fh >]i&n] z+sf:kb gf]^sf] ;d:of clxn] qmdzM #l^/x]tf klg o;nfO{ lgld^\ofGg kfg{
    ;a}n] ;dodfg} ;r]t /xg' kg]{ wf/)ff /fVg'ePsf] lyof] . pQm sfo{qmdsf] ;~rfng k|wfg gub
                                 {
    ;xfos >L sNkgf e§/fO{n] ug'ePsf] lyof] .
    a}+lsX\u tYofX\s uf]i&L
    g]kfn /fi^« a}+s, lj/f^gu/åf/f ldlt 2062.6.12 ut] cfof]lht tLglbg] a}+lsé tYofª\s uf]i&Lsf]
    pb\#f^g k|d'v cltly tyf g]kfn /fi^« a}+s, a}+s tyf ljQLo ;+:yf lgodg ljefusf sfo{sf/L
    lgb]{zs >L ;'/]Gb|dfg k|wfgn] ug'{ePsf] lyof] . g]kfn /fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks
    >L lza/fh >]i&sf] ;efkltTjdf ;~rflnt pQm uf]i&Lsf] pb\#f^g ;df/f]xdf g]kfn /fi^« a}+s,
    lj/f^gu/sf clws[tx? / uf]i&Ldf ;xefuL x'g cfpg'ePsf ljleGg a}+ssf k|ltlglwx?sf]
    pkl:ylt lyof] . pb\#f^gsf] qmddf k|d'v cltly >L ;'/]Gb+|dfg k|wfgn] g]kfn /fi^« a}+sn]
                     +                                                             +
    Ohfht k|fKt a}s tyf ljQLo ;+:yfx?nfO{ hf/L u/]sf] PsLs[t lgb]{zg Pj+ a}lsé tYofª\s
    k&fpg'kg]{ ;DaGwdf ;f]sf] cfjZostf Pj+ kmf/fd eg]{ ljlwaf/] ;xefuLx?nfO{ hfgsf/L u/fpg'
    ePsf] lyof] . To:t} uf]i&Lsf ;efklt tyf d'Vo Joj:yfks >L lza/fh >]i&n] jfl)fHo a}+sx?n]
    k&fpg'kg]{ tYofª\s tf]lsPsf] ;doleq} ;xL, z'$ / e/kbf]{ Pj+ lgoldt ?kdf k&fpg' kg]{ tyf
    ;dodfg} k|fKt x'g ;s]sf tYofª\sx?sf] dfq ;xL pkof]u x'g] s'/f pNn]v ug'{sf ;fy} jfl)fHo
    a}+s zfvfsf ;DalGwt sd{rf/Lx?nfO{ ;xL tyf z'$ tYofª\s tof/ kfg]{ ;DaGwdf hfgsf/L
    lbPdf e/kbf]{ tYofª\s ;dod} jfl)fHo a}+sx?af^ k|fKt x'g ;Sg] ljZjf;sf ;fy of] uf]i&Lsf]
    cfof]hgf ul/Psf] atfpg'eof] .
    pQm uf]i&Ldf g]kfn a}+s lnld^]*af^ 5 hgf, /fli^«o jfl)fHo a}+saf^ 5 hgf, s[lif ljsf;
      +               '
    a}saf^ 3 hgf, ;+oQm nufgLdf :yfkgf ePsf jfl)fHo a}+sx?af^ 8 hgf, ljQLo ;+:yfx?af^
    2 hgf tyf g]kfn /fi^« a}+s, lj/f^gu/af^ 2 hgf u/L hDdf 25 hgf sd{rf/Lx?sf]
                                                   +      {
    ;xeflutf /x]sf] lyof] . uf]i&Ldf g]kfn /fi^« a}s, lgb]zg kmf/fd g+= 15=1 b]lv kmf/fd g+=
    15=13 ;Ddsf tYofª\s kmf/fdx?sf] dxTj, g]kfn /fi^« a}+sdf k]z ug'{kg]{ ;do / kmf/fd eg]{
    ljlw ;DaGwdf ljleGg ;|f]t JolQmx?af^ jftf{ k|:t't ul/Psf] lyof] .




                                     cw{jflif{s ultljlw .   10
                                                                  a}Í]Zj/ - jif{ 1 cÍ 2

uf]i&Lsf] ;dfkg ;df/f]xdf ;xefuLx?sf tk{maf^ dGtJo lb+b} g]kfn a+unfb]z a}+s, lj/f^gu/sf
>L O{Zj/Lk|;fb kf]v/]nn] o:tf] uf]i&L lg/Gt/?kdf g]kfn /fi^« a}+sn] ;~rfng ug'{kg]{ ljrf/
JoQm ub}{ ;du|df uf]i&L kmnbfoL ePsf] ljrf/ JoQm ug'{eof] . pQm uf]i&Ldf Joj:yfks >L
/d]z bfxfnn] ;xefuLx?nfO{ :jfut ub}{ dGtJo JoQm ug'{ePsf] lyof] eg] sfo{qmdsf] ;~rfng
;xfos Joj:yfks >L s]bf/k|;fb cfrfo{n] ug'{ePsf] lyof] .

lSnol/X sf/f]jf/ ;DaGwL cGt/lqmof
lSnol/+u sf/f]jf/nfO{ ;/n agfpgsf] nflu lSnol/+u xfp;sf ;b:o a}+s / g]kfn /fi^« a}+saLr
xf]^n gd:sf/, lj/f^gu/df 2062 ;fn df# 28 ut] Pp^f cGt/lqmof sfo{qmd ;~rfng
ul/Psf] lyof] . lj/f^gu/l:yt ;dfzf]wgu[xsf 18 ;b:o tyf oxf¤ l:yt /fli^«o jfl)fHo a}+s,
                          +
s[lif ljsf; a}+s, g]kfn a}s lnld^]*sf If]qLo k|d'vx? / kqsf/x? ;d]t 42 hgf ;xefuL
/x]sf] pQm uf]i&Lsf] ;efkltTj g]kfn /fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks >L lza/fh
>]i&n] ug'{ ePsf] lyof] .
g]kfn /fi^« a}+ssf] e'QmfgL k$ltnfO{ ;/n, ;'ud jgfpg] p@]Zo tyf ;dfzf]wgu[x ;~rfng ug]{
sfo{nfO{ cem Jojl:yt, ;/n tyf ljZj;gLo agfpg] Wo]on] ;+rflnt pQm cGt/lqmofTds
uf]i&Ldf ;xfos Joj:yfks >L ;'lgn df:s]n] sfo{kq k|:t't ug'{ ePsf] lyof] .
pQm sfo{qmddf Joj:yfks >L /d]z bfxfnn] :jfut dGtJo tyf uf]i&Lsf] pkfb]otfdfly k|sfz
kfg'{ ePsf] lyof] . pQm sfo{qmddf s[lif ljsf; a}+s, If]qLo sfof{nosf lgb]{zs >L wd{/fh
kf)*]n] cfkmgf] dGtJo lbg' ePsf] lyof] eg] ;f] sfo{qmdsf] ;~rfng k|wfg gub ;xfos >L
sNkgf e^[/fO{n] ug'{ ePsf] lyof] .

d"No uf]i&L
d"No ;+sng ug]{ sfo{ lghL If]qsf Aofkf/L, pBf]uklt nufot ljleGg JolQm, kmd{ tyf
sfof{nox?sf] ;xof]uaf^ dfq ;DkGg ug{ ;lsg] x'¤bf ;DalGwt kIfnfO{ d"No tYofª\ssf] dxTj
a'emfO{ d"No ;+sng ug]{ sfo{df ;xof]u lng b]xfo adflhd d"No uf]i&L ;DkGg ul/Psf] % .

                                       d"No uf]i&L
    s|=;+=            :yfg                ;DkGg ldlt               ;xeflutf ;+Vof
     1=       lj/f^gu/                     2062.11.27                    60
     2=       wgs'^f                       2062.11.20                   42
     3=       bds                          2062.11.25                   40
     4=       Onfd                         2062.11.20                   40

d"No uf]i&L, lj/f^gu/
g]kfn /fi^« a}+s, lj/f^gu/ sfof{noåf/f 2062 kmfu'g 27 ut] zlgaf/ lj/f^gu/ ahf/df d"No
kl/rofTds uf]i&Lsf] cfof]hgf ul/of] . pQm 1 lbg] d"No kl/rofTds uf]i&Lsf] ;efkltTj g]kfn
/fi^« a}+s, lj/f^gu/sf d'Vo Joj:yfks >L lza/fh >]i&n] ug'{ePsf] lyof] . ldN; dfWolds
ljBfno, /fgL, lj/f^gu/sf k|wfgfWofks tyf ;dfh;]jL >L lbg]zs'df/ >]i&sf] k|d'v cfltYodf
;DkGg pQm uf]i&Ldf :yfgLo pBf]u jfl)fHo ;+#sf kbflwsf/L, pBf]uL, Jofkf/L, kqsf/, a'l$lhjL
Pj+ ljleGg k]zfdf ;+nUg JolQmx? u/L sl/a 60 hgfsf] ;xeflutf /x]sf] lyof] .
;efkltsf] cf;gaf^ d'Vo Joj:yfks >L lza/fh >]i&n] d"No tYof°sf] dxTjdfly k|sfz kfg'{
  ¤                                                          {
x'b} d"No tYof°af^ d"No l:y/tf sfod ug{, efjL cfly{s gLlt th'df ug{, Hofnfbf/, tnjdfg


                                cw{jflif{s ultljlw .   11
a}Í]Zj/ - jif{ 1 cÍ 2

    lgwf{/)f ug{ d"No tYof°n] dxTjk")f{ e"ldsf v]Ng] x'¤bf d"No ;+sngdf d"No tYof° lng] tyf
    lbg] b'a} kIf ;Dj]bgzLn x'g'kg]{ / oyfy{k/s d"No tYof° cfpg'kg]{ s'/fdf ljz]if hf]*
    lbg'eof] . jxf¤n] sfo{qmdsf ;xefuLx?af^ p&]sf lh!f;fx?sf] j'bf¤ut ?kdf hjfkm lb+b} d"No
    ;+sng sfo{df ;xefuL ;Dk")f{ pBdL, Jofkf/Lx?af^ o; If]qdf k'¥ofPsf] ;xof]uk|lt cfef/
    k|s^ ug'{ x'¤b} cfufdL lbgx?df klg oyfy{k/s d"No ;+sngdf ;xof]u k'¥ofpg cg'/f]w ug'{ eof] .
    pQm    d"No   kl/rofTds    uf]i&Ldf  g]kfn    /fi^« a}+s, la/f^gu/sf     ;xfos    Joj:yfks
    >L d]#/fh >]i&n] cfuGt's ;xefuLx?nfO{ :jfut ub}{ uf]i&Lsf] cf}lrTo / dxTjsf] jf/]df
    k|sfz kfg'{sf ;fy} b]zsf] cfly{s If]qsf] cg';Gwfg tyf ljZn]if)fsf] k|d'v cfwf/ tYof° ePsf]
    x'gfn] ;xefuLx?nfO{ oyfy{ / ;xL tYof° pknJw u/fpg cfu|x ug'{ ePsf] lyof] .
    uf]i&Ldf g]kfn /fi^« a}+s, lj/f^gu/sf Joj:yfks >L /d]z bfxfnn] æd"No tYof°M kl/ro,
    ;+sng ljlw / pkof]lutfÆ ljifos sfo{kq k|:t't ug'{ x'b} g]kfndf d"No ;+sngsf] z'?cft,
    g]kfn /fi^« a}+ssf] ;+nUgtf, d"No tYof°sf] dxTj, g]kfndf jt{dfg d"No l:ylt tyf d"No
                                            +
    ;+sngdf b]vfk/]sf ;d:ofx? nufotsf j'bfx?nfO{ ;d]^]/ d"No tYof°sf] dxTj k|:t't ug'{
    ePsf] lyof] .
    sfo{qmdsf k|d'v cltly >L lbg]zs'df/ >]i&n] d"No tYof° tYok/s, a:t'lgi^ / ;lx ePdf
                                           +
    ;j} If]qnfO{ dxTjk")f{ of]ubfg k'Ug] x'bf o;;+u ;DjlGwt pBf]uL, Jofkf/Lx?sf] k|efjzfnL e"ldsf
    /xg] wf/)ff JoQm ub}{ d"No ;+sng sfo{nfO{ ;do ;fk]If jgfpb} hfg' k%{ eGg] ;'emfj
    lbg'eof] . ;fy}, pxf¤n] d"No ;DjGwL uf]i&L cfof]hgf u/]/ d"No tYof°sf] dxTjsf] jf/]df ;j}nfO{
                                       +
    hfgsf/L u/fPsf]df g]kfn /fi^« a}snfO{ xflb{s wGojfb ;d]t lbg' eof] .
    ;xefuLx?sf] tk{maf^ dGtJo JoQm ub}{ bofnIdL :^f];{, la/f^gu/sf >L lai)f' zdf{n] d"No
    tYof° clt ;Dj]bgzLn / /fli^«o dxTj /fVg] ljifo ePsf]n] o;nfO{ cem oyfy{k/s agfpg
    Jofkf/L ju{n] d"No tYof° ;+sng ug]{ qmddf ljz]if ;xof]u ug'{ kg]{, g]kfn /fi^« a}+sn]
    ahf/df pknJw ePsf j:t'x? d"No ;"rLdf /fVg' kg]{ ;fy} pBdL, Jofkf/L ju{x?nfO{ uf]i&Ldf
    ;xefuL u/fO{ d"No tYof°sf] dxTjdfly k|sfz kf/Llbg' ePsf]df g]kfn /fi^« a}+snfO{ xflb{s
    wGojfb ;d]t lbg' eof] .
    pQm uf]i&Lsf] ;+rfng g]kfn /fi^« a}+s, lj/f^gu/sf k|wfg ;xfos >L lhi)f' a/fnn] ug'{ ePsf]
    lyof] .

    d"No uf]i&L, wgs'^f
    g]kfn /fi^« a}+s, lj/f^gu/ sfof{non] 2062 kmfu'g 20 ut] zlgaf/ wgs'^f ahf/df 1 lbg]
    d"No uf]i&Lsf] cfof]hgf u¥of] . g]kfn /fi^« a}+s, lj/f^gu/sf ;xfos Joj:yfks >L ;'lgn
    df:s]sf] ;efkltTjdf ;DkGg pQm uf]i&Lsf k|d'v cltly pBf]u jfl)fHo ;+#, wgs'^fsf k|ltlglw
    >L hoGb| k|wfg x'g'x'GYof] . uf]i&Ldf "d"No ;+sngsf] p@]Zo, o;sf] pkof]lutf / dxTj" ljifos
    sfo{kq k|:t't ub}{ g]kfn /fi^« a}+s, lj/f^gu/sf Joj:yfks >L /d]z bfxfnn] pBf]uL tyf
    Jofkf/Lju{af^ k|fKt d"No tYof°sf] dxTj, o;df g]kfn /fi^« a}+ssf] ;+nUgtf / jt{dfg
    d"Nol:yltaf/] rrf{ ug'{ePsf] lyof] . Joj:yfks >L /d]z bfxfnåf/f k|:t't sfo{kqsf] l^Kk)fL
    wgs'^f ax'd'vL SofDk;sf cy{zf:qsf pk-k|fWofks >L s]zj kxf*L bfxfnn] ug'{ePsf] lyof] .
    pQm sfo{kqdfly %nkmn ug{ cGt/lqmof sfo{qmd klg ;~rfng ul/Psf] lyof] . cGt/lqmofdf
    p&]sf lh!f;fx?sf] hjfkm Joj:yfks >L /d]z bfxfn / ;xfos Joj:yfks >L ;'lgn df:s]n]
    ;fd"lxs ?kdf lbg'ePsf] lyof] . pBf]uL, Jofkf/L Pj+ ;DalGwt cGo JolQmx?nfO{ d"No tYof°sf]
    af/]df hfgsf/L u/fpg] p@]Zon] ;~rflnt pQm uf]i&Ldf :yfgLo pBf]u jfl)fHo ;+#sf




                                      cw{jflif{s ultljlw .   12
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

kbflwsf/Lx?, pBf]uL, Jofkf/L, kqsf/, k|fWofks Pj+ ljleGg k]zfdf ;+nUg JolQmx? u/L sl/a
45 hgfsf] ;xeflutf /x]sf] lyof] .
uf]i&Ldf wgs'^f pBf]u jfl)fHo ;+#sf k|ltlglw Pj+ pQm uf]i&Lsf k|d'v cltyL >L hoGb|
k|wfgn] pBdL, Jofkf/L / g]kfn /fi^« a}+saLr #lgi& ;DaGw /fvL d"No tYof°nfO{ ljZj;gLo
agfpg cfk"mx?n] ;Sbf] k|of; ug]{ s'/f atfpg' ePsf] lyof] . pQm sfo{qmddf g]kfn /fi^« a}+s,
lj/f^gu/sf ;xfos Joj:yfks tyf pQm sfo{qmdsf ;efklt >L ;'lgn df:s]n] ;Dk")f{
cfdlGqtx?nfO{ :jfut ub}{ uf]i&Lsf] p@]Zodfly k|sfz kfg'{ePsf] lyof] .
pQm uf]i&Lsf] ;~rfng g]kfn /fi^« a}+s, lj/f^gu/sf k|wfg ;xfos >L z+s/ j:tLn] ug'{ePsf]
lyof] .

d"No uf]i&L, bds
g]kfn /fi^« a}+s, lj/f^gu/ sfof{noåf/f 2062 ;fn kmfNu')f 25 ut] lalxaf/sf lbg bds
ahf/df d"No uf]i&Lsf] cfof]hgf ul/of] . pQm Pslbg] d"No uf]i&Lsf] ;efkltTj g]kfn /fi^« a}+s,
lj/f^gu/sf d'Vo Joj:yfks >L lza/fh >]i&n] ug'{ePsf] lyof] . pBf]u jfl)fHo ;+#, bdssf
pkfWoIf >L OGb|s'df/ >]i&sf] k|d'v cfltYodf ;DkGg pQm uf]i&Ldf :yfgLo pBf]u jfl)fHo
;+#sf kbflwsf/Lx?, pBf]uL, Jofkf/L, kqsf/, a'l$lhjL Pj+ ljleGg k]zfdf ;+nUg JolQmx? u/L
sl/a 40 hgfsf] ;xeflutf /x]sf] lyof] .
;efkltsf] cf;gaf^ d'Vo Joj:yfks >L lza/fh >]i&n] g]kfndf d"No tYof°sf] dxTj /
o;sf] pkof]lutf dfly k|sfz kfg'{ x'¤b} efjL cfly{s gLlt th'{df ug{, Hofnfb/, tnjdfg
lgwf{/)f ug{ tyf ljleGg /fli^«o gLltx?sf] th'{df ug{ d"No tYof°n] dxTjk")f{ e"ldsf v]Ng] x'¤bf
d"No ;+sngdf ;Dj]bgzLn x'g' kg]{ / oyfy{k/s d"No tYof° cfpg' kg]{ s'/fdf ljz]if hf]*
lbg'eof] . jxf¤n] sfo{qmdsf ;xefuLx?af^ p&]sf lh!f;fx?sf] a'¤bfut ?kdf hjfkm lb+b} d"No
;+sng sfo{df ;xefuL ;Dk")f{ pBdL, Jofkf/Lx?af^ o; If]qdf k'¥ofPsf] ;xof]u k|lt cfef/
k|s^ ug'{ x'¤b} cfufdL lbgx?df oyfy{ d"No pknJw u/fP/ d"No ;+sng sfo{df ;xof]u k'¥ofpg
;a} pBdL, Jofkf/Lx?nfO{ cg'/f]w ug'{eof] . pQm d"No kl/rofTds uf]i&Ldf g]kfn /fi^« a}+s
la/f^gu/sf Aoa:yfks >L t]h axfb'/ /fgfn] cfuGt's ;xefuLx?nfO{ :jfut ub}{ uf]i&Lsf]
cf}lrTo / dxTjsf] jf/]df k|sfz kfg'{sf ;fy} b]zsf] cfly{s If]qsf] cg';Gwfg tyf laZn]if)fsf]
k|d'v cfwf/ tYof° ePsf] x'gfn] ;xefuLx?nfO{ oyfy{ / ;xL tYof° pknAw u/fpg cfu|x ug'{
ePsf] lyof] .
uf]i&Ldf g]kfn /fi^« a}+s, lj/f^gu/sf ;xfos Joj:yfks >L          d]#/fh >]i&n] "d"No tYof°sf]
kl/ro, o;sf] dxTj, pkof]lutf / lghL If]qsf] e"ldsf" ljifos       sfo{kq k|:t't ug'{ x'¤b} g]kfndf
d"No ;+sngsf] yfngL tyf g]kfn /fi^« a}+ssf] ;+nUgtf, d"No         tYof°sf] dxTj, d"No j[l$sf]
k|j[lQ, g]kfndf yf]s d"No;"rLsf] ljsf; tyf d"No ;+sngdf           b]vfk/]sf ;d:ofx? nufotsf
a'¤bfx?nfO{ ;d]^]/ d"No tYof°sf] dxTj k|:t't ug'{ePsf] lyof] .
sfo{qmdsf k|d'v cltyL >L OGb|s'df/ >]i&n] d"No tYof° ;+sng ug]{ eGbf klg tYof° pknJw
u/fpg] kIfsf] dxTjk")f{ e"ldsf x'g] x'¤bf ljZj;gLo / e/kbf]{ d"No tYof° pknJw u/fpg ;a}
pBdL, Jofkf/Lx?nfO{ cfu|x ug'{eof] . sfo{qmddf af]Nb} >L >]i&n] d"No tYof° ;+sngdf g]kfn
/fi^« a}+s;+u ;xsfo{ ub}{ pBf]u jfl)fHo ;+#, bdsn] klg cab]lv ;fKtflxs ?kdf pkef]Qmf
d"No ;+sng u/]/ ;j{;fwf/)fnfO{ ;';"lrt u/fpg] jrgj$tf JoQm ub}{} bds gu/kflnsfdf lghL
If]qsf a}+sx?sf] pkl:ytL gePsf]n] o:tf a}+sx?sf] :yfkgfsf nflu kxn ul/lbg g]kfn /fi^«
a}+snfO{ cg'/f]w ug'{eof] .



                                  cw{jflif{s ultljlw .   13
a}Í]Zj/ - jif{ 1 cÍ 2

                                                                                      {
    pQm uf]i&Lsf] ;~rfng g]kfn /fi^« a}+s, lj/f^gu/sf k|wfg ;xfos >L lhi)f' a/fnn] ug'ePsf]
    lyof] .

    d"No uf]i&L, Onfd
    g]kfn /fi^« a}+s, lj/f^gu/ sfof{noåf/f 2062 ;fn kmfu'g 20 ut] zlgjf/sf lbg Onfd
    ahf/df d"No kl/rofTds uf]i&Lsf] cfof]hgf ul/of] . pQm 1 lbg] d"No kl/rofTds uf]i&Lsf]
    ;efkltTj g]kfn /fi^« a}+s, lj/f^gu/sf Joj:yfks >L t]hjxfb'/ /fgfn] ug'{ ePsf] lyof] .
    pBf]u jfl)fHo ;+# Onfd lhNnfsf cWoIf >L lxdfno sdf{rfo{sf] k|d'v cfltYodf ;DkGg pQm
    uf]i&Ldf :yflgo pBf]u jfl)fHo ;+#sf kbflwsf/L, pBf]uL, Jofkf/L, kqsf/, a'l$lhjL Pj+ ljleGg
    k]zfdf ;+nUg JolQmx? u/L sl/j 40 hgfsf] ;xeflutf /x]sf] lyof] .
    ;efkltsf] cf;gaf^ Joj:yfks >L t]hjxfb'/ /fgfn] d"No tYof°sf] dxTjdfly k|sfz kfg'{ x'b}+
    d"No tYof°af^ d"No l:y/tf sfod ug{, efjL cfly{s gLlt th'{df ug{, cfly{s kl/of]hgfx?sf]
    nufgL /sd cg'dfg tyf jf*¤kmf¤* ug{, Hofnfb/, tnjdfg lgwf{/)f ug{ dxTjk")f{ e"ldsf v]Ng]
    x¤'bf d"No ;+sngdf d"No lng] tyf d"No lbg] b'j} kIf ;Dj]bglzn x'g' kg]{ / oyfy{ k/s d"No
    cfpg' kg]{ s'/fdf ljz]if hf]*lbg' eof] . jxf¤n] sfo{qmdsf ;xefuLx?af^ p&]sf lh!f;fx?sf]
    j'bf¤ut ?kdf hjfkm lbb} d"No ;+sng sfo{df ;xefuL ;Dk")f{ pBdL, Jofkf/Lx?af^ o; If]qdf
    k'¥ofPsf] ;xof]u k|lt cfef/ k|s^ ug'{ x'b} cfufdL lbgx?df klg oyfy{k/s d"No ;+sngdf
    ;xof]u k'¥ofpg cg'/f]w ug'{ eof] .
    uf]i&Ldf g]kfn /fi^« a}+s, lj/f^gu/sf ;xfos Joj:yfks >L d]#/fh >]i&n] æg]kfndf d"No
    ;+sng Joj:yf, o;sf] dxTj, pkof]lutf / lghL If]qsf] e"ldsfÆ ljifos sfo{kq k|:t't ug'{ x¤'b}
    g]kfndf d"No ;+sngsf] z'?cft tyf g]kfn /fi^« a}+ssf] ;+nUgtf, d"No tYof°sf] dxTj,
    g]kfndf jt{dfg d"No l:ylt tyf d"No ;+sngdf b]vfk/]sf ;d:ofx? nufotsf j'bfx?nfO{ +
    ;d]^]/ d"No tYof°sf] dxTj k|:t't ug'{ ePsf] lyof] .
    sfo{qmdsf k|d'v cltly >L lxdfno sdf{rfo{n] ljZj;lgo / e/kbf]{ d"No tYof° k|sfzg ug{
    g]kfn /fi^« a}+sn] Hofb} k'/fgf / pkef]Qmfx?jf^ lj:yflkt ;fdfgx?sf] d"No ;+sng ug{ gx'g]
    / d"No ;+sng sfo{nfO{ ;do ;fk]If jgfpb} hfg' k%{ eGg] ;'emfj lbg'x'gsf ;fy} o:tf]
    dxTjk")f{ sfo{df ljz]if dxTjsf ;fy ;xof]u ug{ ;j} pBf]uL, Jofkf/Lx?nfO{ cg'/f]w ug'{ eof]
    eg] d"No ;DjGwL uf]i&L cfof]hgf u/]/ d"No tYof°sf] dxTjsf] jf/]df ;j}nfO{ hfgsf/L
    u/fPsf]df g]kfn /fi^« a}+snfO{ xflb{s wGojfb ;d]t lbg' eof] .
    cltlysf] cf;gaf^ dGtJo JoQm ub}{ dx]Gb| /Tg jx'd'vL SofDk;, Onfdsf SofDk; k|d'v >L
    g/]Gb| s^'jfnn] d"No tYof° clt ;Dj]bgzLn / /fli^«o dxTj /fVg] ljifo ePsf]n] o;nfO{ cem
    oyfy{k/s jgfpg Jofkf/L ju{af^ ;+sng ul/Psf] d"No tYof°nfO{ pkef]Qmfaf^ ;d]t ;do
    ;dodf ?h' ug'{kg]{ / uf]i&Laf^ lg:s]sf] ;lx ;Nnfx / ;'emfjx?nfO{ ;DjlGwt lgsfo;Dd
    k'¥ofpg' kg]{ ;'emfj /fVg' ePsf] lyof] .
    pQm uf]i&Lsf] ;+rfng g]kfn /fi^« a}+s, lj/f^gu/sf k|wfg ;xfos >L lhi)f' a/fnn] ug'{ ePsf]
    lyof] .




                                     cw{jflif{s ultljlw .   14
  v)* ævÆ
cfly{s n]vx?
                                                                         a}Í]Zj/ - jif{ 1 cÍ 2




       n#' ljQ ;DaGwL a]Un} P]gsf] cfjZostf / cf}lrTo
                                                                               – s[i)f k|wfg


1= n#' ljQM ul/aL Go"gLs/)f ug]{ Ps k|d'v ljQLo pks/)f
   ;+o'Qm /fi6« ;+3n] ;x>fAbL ljsf; nIo (Millinnium Development Goal-MDGs) pknAwL
   xfl;n ug{ n3' ljQnfO{ Ps k|efjsf/L dfWodsf] ?kdf :jLsf/ u/L ;g\ @)!% ;Ddsf] nIo lgwf{/0f
   u/]sf] 5 . h; cg';f/ ;g\ @)!% ;Dddf ljZjaf6 !&=%) s/f]8 ljkGg / ;LdfGt ju{sf kl/jf/df
   n3' ljQLo ;]jf k'¥ofOg] nIo /flvPsf] 5 . o:tf] ljkGg ju{df k|ltlbg ! 8n/eGbf sd cfo x'g] ju{
   kb{5g\ . ;g\ @))$ sf] l8;]Da/ #! ;Dddf n3' ljQLo ;]jfaf6 ljZje/sf (=@# s/f]8 JolQmx?
   nfeflGjt ePsf 5g\ . h;dWo] ^=^& s/f]8 clt ul/a ju{sf /x]sf 5g\ . ;fy} ;f]dWo] *#=% k|ltzt
   dlxnf 5g\ . o:tf] ;]jf k'¥ofpg] n3' ljQLo ;+:yfx? (Micro Finance Institution-MFIs)
   #,!^$ 5g\ . n3' shf{ ;DaGwL ljZjJofkL cleofg (Micro Credit Summit Campaign) n]
   ;g\ @))% sf] cGTo;Dddf !) s/f]8 u/La tyf ljkGg ju{df n3' ljQLo ;]jf k'¥ofpg] nIf /fv]sf]
   5 . g]kfnsf] hg;+Vofsf] #)=*$ k|ltzt ul/aLsf] /]vfd'gL /x]sf] 5 . bzf}+ of]hgf -@)%(–@)^$_ sf]
   Ps dfq p2]Zo ul/aL lgjf/0f /x]sf] 5 eg] ul/aL lgjf/0fdf ;3fp k'¥ofpg] ljQLo pks/0fsf] ?kdf
   n3' ljQnfO{ k|d'v cf}hf/sf] ?kdf ;d]t lnPsf] b]lvG5 . g]kfndf ( j6f n3' ljQ a}+sx?af6
   ##!,*%$ hgf (Mid-Jan., 2006_ ljkGg dlxnf ju{df n3' ljQ ;]jf k'u]sf] 5 . h;dWo]
   @&&,*@% n] n3' shf{ k|fKt u/]sf] 5 . tL a}+sx?af6 ljut !# jif{df s'n !*=(( ca{ n3' shf{
   ljt/0f e} !^=%# ca{ c;'nL ePsf] 5 eg] v'b afFsL shf{ ?=@=$^ ca{ /xg uPsf] 5 . ;f] cjlwaLr
   %^=*% s/f]8 n3' jrt ;d]t ;+sng ePsf] 5 . o:tf] ;]jf $% lhNnfsf !,!@! uf=lj=;= df lj:tf/
   ePsf] b]lvG5 . n3' ljQ ;DaGwL sf/f]jf/ ug]{ cGo n3' ljQLo ;+:yfx? h:t} ;fgf ls;fg ljsf;
   kl/of]hgf (SFDP), ;fgf ls;fg ;xsf/L ;+:yf (SFCLs), ljQLo sf/f]jf/ ug]{ u}/ ;/sf/L
   ;+:yfx? (FINGOs), ;xsf/L ;+/rgfx? (Co-Operatives) / jfl0fHo a}+sx?n] ljkGg ju{sf]
   lgb]{lzt shf{ Joj:yf cGt/ut k|jfx ug]{ shf{ ;d]taf6 yk sl/a # nfv %) xhf/ kl/jf/df n3'
   ljQLo ;]jf k'u]sf] cg'dfg 5 . ;a} ldnfP/ cf}krfl/s If]qaf6 sl/a & nfv ljkGg kl/jf/df dfq
   n3' ljQLo ;]jf k'u]sf] cg'dfg ug{ ;lsG5 .
2= n#' ljQ ;DaGwL a]Un} P]gsf] cfjZostf lsg >
   n3' ljQsf] Ps k|d'v p2]Zo ul/aL Go"gLs/0f ug{df ;3fp k'¥ofpg] ePtfklg g]kfndf o; kIfnfO{
   slxNo} cfTd;ft u/L Ps} ynf] / ;dGjLt Pjd\ Plss[t 9+uaf6 sfo{qmdx? ;~rfng ePgg\ . ljut
   # bzssf] cjlwdf n3' ljQ ;DaGwL ljleGg k|of]ux? ePtfklg To:tf] sf/f]jf/ s'g} Ps sfg"gL
   ;+/rgfaf6 x'g ;s]g . o:tf] sf/f]jf/df ;+nUg /x]sf ljleGg ;+:yfx? km/s km/s P]gaf6
   ;+rflnt÷kl/rflnt ePsf 5g\ . h:t}M a}+s tyf ljQLo ;+:yf cWofb]z, @)^@ cg';f/ jfl0fHo a}+s
   ;+rflnt 5g\ . ljQLo dWo:ytfsf] sf/f]jf/ ug]{ P]g, @)%* cg';f/ u}/ ;/sf/L ;+:yfx?n] ljQLo
   sf/f]jf/ g]kfn /fi6« a}+saf6 Ohfht k|fKt u/]kl5 ug]{ ub{5g\ . ;xsf/L P]g, @)$* cg';f/ ljleGg
   k|sf/sf ;xsf/L ;+:yfx? kl/rflnt 5g\ . s]xLn] g]kfn /fi6« a}+saf6 -@) j6f_ ;Lldt a}+lsË
   sf/f]jf/sf] Ohfht kfPklg clxn];Dd sfg"gL ;+/rgf :ki6 x'g ;s]sf] 5}g / ;Lldt a}+lsËn] yk e|d

 sfo{sf/L lgb]{zs, g]kfn /fi^« a}+s, n#' ljQ ljefu .
a}Í]Zj/ - jif{ 1 cÍ 2


    ;d]t ;[hgf u/]sf] 5 . ;+:yf btf{ P]g cg';f/ u}/ ;/sf/L ;+:yfx? btf{ e} ljQLo dWo:ytfsf]
    sf/f]jf/ ug]{ t]:tf ;+:yfx?n] g]kfn /fi6« a}+saf6 Ohfht lng'kg]{ Joj:yf 5 . u|fdL0f If]q / kxf8L
    If]qdf n3' ljQLo ;]jf lj:tf/ ug'{ h?/L ePsf] / o;sf nflu ;d'bfodf cfwfl/t :jtM :k"m{t
    ;+:yfx? (Community Based Organization-CBOs) h:tf :jtM:k"mt{ ;d"xx? t]:tf] ;]jf
    k|bfos ug]{ pko'Qm ;+:yf b]lvG5g\ . t/ tL CBOs x?nfO{ xfn;Dd s'g} sfg"gL bfo/fleq Nofpg
    ;lsPsf] 5}g . ;xsf/L P]g, @)$* df ePsf] sfg"gL k|jfwfgn] ;Lldt a}+lsË sf/f]jf/ ug]{ xsdf k|i6
    5}g . t/ ;xsf/L k4tL g]kfnsf nflu cToGt ;'xfpFlbnf] ljQLo k4tL ePsfn] ;xsf/LnfO{ lbuf],
    e/kbf]{ / ul/aL lgjf/0f ;xfos x'g] u/L kl/rfng ug'{ h?/L b]lvG5 . ul/aL lgjf/0f ljsf;sf] Ps
    dfq /fli6«o Ph]08f /x]sf] kl/k|]Iodf / o;sf nflu n3' ljQ Ps k|efjsf/L ;fwg k|dfl0ft e};s]sf]n]
    g]kfndf ;+rflnt ljleGg k|sf/sf n3' ljQ ;DaGwL ;+3 ;+:yfx?nfO{ sfg"gL ?kdf alnof], e/kbf]{,
    ljZj;gLo / lbuf] ?kdf cl3 a9fpg h?/L b]lvPsf] 5 . o;sf cnfjf n3' ljQLo sf/f]jf/ Ps
    ;fdflhs a}+lsË (Social Banking) ;d]t ePsfn] o:tf] ;]jfnfO{ ljz]if k|sf/sf] sfg"gL ;+/If0fåf/f
    k|f]T;flxt ;d]t ug'{ h?/L ePsf] 5 . pko'{Qm sf/0fx?n] ubf{ n3' ljQLo ;]jf k|bfos ;+:yfx?nfO{
    Plss[t / ;dGjofTds 9+uaf6 kl/rfng u/L pko'Qm / plrt sfg"gL ;+/If0f lbO{ n3' ljQLo
    ;]jfnfO{ lbuf] / e/kbf]{ agfpg' ;d]t cfjZos ePsfn] n3' ljQ ;DaGwL a]Un} P]gsf] cfjZostf
    /x]sf] 5 .
3= cf}lrToM ;/sf/L If]qsf] k|lta$tf
    n3' ljQLo sf/f]jf/nfO{ ;+:yfut :j?k k|bfg ub}{ lbuf], e/kbf]{ / ul/aL lgjf/0f ;xfos agfOg]
    clek|fon] a]Un} P]gsf] th'{df nufot /fli6«o gLlt ;d]tsf dfWodaf6 o; If]qnfO{ cufl8 a9fpg
    ;/sf/L If]qaf6 ;d]t ljleGg k|ltj4tf JoQm ePsf 5g\ . cfly{s jif{ @)^@÷)^# sf] g]kfn
    ;/sf/sf] cfo Joosf] ;fj{hlgs jQmJo tyf cfly{s jif{ @)^@÷)^# sf] g]kfn /fi6« a}+ssf] df}lb|s
    gLltdf lgDg k|ltj4tf JoQm ePsf] 5 M
    -!_ /fli6«o n3' ljQ gLltsf] sfof{Gjogsf] nflu æn3' ljQ P]gÆ th'{df ul/g] .
    -@_ ul/aL lgjf/0f sfo{df ;+nUg ljQLo ;+:yfx?nfO{ cGo ljQLo ;+:yfx?eGbf km/s 9+un] Jojxf/
          ug'{kg]{ cfjZostf b]lvPsf] .
    -#_ u|fdL0f If]qdf shf{ pknAwtf a9fpg] / shf{ ;'netfdf ;'wf/ Nofpg] .
    -$_ n3' ljQLo ;+:yfx?sf] nflu 5'§} gLlt, P]g, lgod / ;+/rgfut ;'wf/nfO{ o; cfly{s jif{
          sfof{Gjogdf NofOg] n3' ljQ gLltsf] cfwf/sf] ?kdf lnOg] .
    -%_ n3' ljQLo ;+:yfx? / ;d'bfodf cfwfl/t n3' jrt tyf shf{ sfo{qmd ;~rfng ub}{ cfPsf
          ljleGg ;xsf/L / ;d'bfodf cfwfl/t ;+:yfx?nfO{ Pp6} sfg"gL bfo/fleq Nofpg] p2]Zon]
          eO/x]sf P]gx?nfO{ ;dfof]hg u/L Ps n3' ljQ P]g th'{df ug]{ .
    -^_ /fli6«o n3' ljQ gLltsf] sfof{Gjogsf] nflu 5'§} n3' ljQ P]gsf] th'{df u/L ;f] P]g cGtu{t
          k|efjsf/L lgodg, lg/LIf0f tyf ;'kl/j]If0fsf nflu STI v8f ug]{ sfo{nfO{ cufl8 a9fOg] .
    -&_ g]kfn /fi6« a}+ssf] Joj:yfkgdf ;+rflnt u|fdL0f :jfjnDag sf]ifnfO{ yf]s shf{ pknAw u/fpg]
          :jzfl;t ljQLo ;+:yfdf kl/0ft u/L cf=a= @)^@÷^# leq ;f] sf]ifnfO{ /fli6«o n3' ljQ sf]ifsf]
          ?kdf ljsl;t ul/g] .
4= ul/aL lgjf/)fM g]kfnsf] ljsf;sf] k|d'v r'gf}tL
   o;sf nflu s] ug{ ;lsG% >
    ul/aL Go"gLs/0fsf nflu n3' ljQLo ;]jf Hofb} k|efjsf/L x'g ;Sg] b]lvPsf] 5 . t/ o:tf] ;]jf
    u|fdL0f If]q, kxf8L If]q / ;LdfGt ju{df cem} k'¥ofpg ;lsPsf] 5}g . s'n hg;+Vofsf] sl/a #!


                                      cfly{s n]vx? . 16
                                                                          a}Í]Zj/ - jif{ 1 cÍ 2


   k|ltzt ljkGg ju{ cGt/ut /x]sf] cg'dfg 5 . h; cg'?k sl/a &$ nfv cyf{t\ !# nfv #) xhf/
   kl/jf/df o:tf] ;]jf k'¥ofpg' kg]{ cfjZostf b]lvG5 . xfn;Dd sl/a & nfv kl/jf/ -sl/a %#
   k|ltzt_ df dfq o:tf] ;]jf k'u]sf] cg'dfg 5 . k|lt kl/jf/ cf};t ?=#) xhf/sf] n3' shf{ k|bfg ug]{
   xf] eg] klg ;]jf k'¥ofpg afFsL/x]sf $& k|ltzt ljkGg kl/jf/nfO{ yk sl/a ?=@! c/asf] nufgLsf]
   cfjZostf kg]{ b]lvG5 . Ps k6s o:tf] ;]jf k'u]sfx?nfO{ :t/ j[l4 (Scale-up) ug]{ xf] eg] cem}
   7"nf] wg/fzLsf] cfjZostf kg]{ x'G5 . o;sf nflu ljleGg k|sf/sf MFIs x?nfO{ / CBOs x?nfO{
   ;u]6\]/ n}hfg g;s] ljkGg kl/jf/df n3' ljQLo ;]jf k'¥ofpg] ;kgf ;fsf/ kfg{ ;ls+b}g eg]
   jt{dfg\sf] ;+/rgfTds Joj:yfn] dfq klg tL ;]jf k'¥ofpg ;+ej b]lvGg . lsgeg] jfl0fHo a}+sx?
   u|fdL0f If]qaf6 knfog ePsf 5g\ . gLlh If]qnfO{ ;/sf/n] jfWo u/fpg g;lsg] cj:yf 5 . åGå
   k|efljt If]qdf ljQLo ;]jf k'¥ofpg g;lsPsf] cj:yf 5 . ;+VofTds ?kdf ljQLo ;+:yf w]/} eP klg
   ljkGg ju{sf] clej[l4 sfo{qmddf tL hfg ;s]sf 5}gg\ . :jtM:k"mt{ ?kdf tL ;+:yfx? ghfg] u/]sf
   5g\ .
5= ul/aL lgjf/)fsf nflu s] ug'{ k%{ >
   -!_ MFIs nfO{ ;Da[4 agfpg] sfo{df plrt sfg"gL jftfj/0f th'{df u/L ;+:yfut n3' ljQLo
        ;]jfsf] kx'Fr a9fpg] sfo{ yflng' k5{ .
   -@_ t]:tf MFIs x?nfO{ plrt, Jofjxfl/s / kf/bzL{o 9+uaf6 lgodg / cg'udg ug]{ Joj:yfsf]
        z'?cft ug{ bf]>f] txsf] pRr:t/Lo cg'udg ug]{ ;+:yf (Second Tier Institution-STI)
        sf] Joj:yf ug'{kg]{ x'G5 .
   -#_ n3' ljQsf] sf/f]jf/ ug]{ ljBdfg n3' ljQLo ;+:yfx?nfO{ kl/eflift u/L k"FhL tyf sf/f]jf/sf]
        cfwf/df alu{s/0f ul/g' k5{ .
   -$_ s]Gb|Lo :t/df ;fwg h'6fpg] p2]Zon] n3' ljQ tyf ;xsf/L sf]ifsf] :yfkgf ul/g' kb{5 .
   -%_ n3' ljQ ;DaGwL MFI sf] ?kdf ;xsf/L ;+:yfx?nfO{ ;d]t sf/f]jf/ ug{ Ohfht k|bfg ug]{
        Joj:yf ul/g' k5{ .
   -^_ ;+:yfx?sf] cfjZostfg';f/ lgodg, lg/LIf0f tyf ;'kl/j]If0f ug]{ jf u/fpg] Joj:yf yflng'
        k5{ .
   -&_ ;–;fgf k|s[ltsf sf/f]jf/ ug]{ CBOs x?nfO{ / FINGOs x?nfO{ ;+:yfx?sf] nflu :j–
        lgodg ;DaGwL Joj:yf ul/g' k5{ .
   -*_ n3' ljQLo ;+:yfx?sf] sf/f]jf/sf nflu ;|f]t pknAw u/fpg] yf]s shf{ ;DaGwL e}/x]sf
        ;+:yfx?nfO{ a9L Jojl:yt / kf/bzL{ agfO{ kl/rfng ul/g' kb{5 / o:tf ;+:yfx?nfO{ n3' ljQ
        P]g cGt/ut kl/rflnt x'g] Joj:yf ul/g' kb{5 .
   -(_ u|fdL0f If]qsf ljkGg ju{df n3' jrt, n3' shf{, n3' ;'/If0f tyf ljk|]if0f ;]jf k'¥ofpg]
        Joj:yfsf] yfngL x'g'k5{ .
   -!)_ sfg"gL bfo/fleq k/]sf ;Dk"0f{ MFIs nfO{ Ifdtf ljsf; (Capacity Building) / ;+:yfut
        ;xof]u ljsf; (Institutional Support) sf nflu ;+:yfut Joj:yf ul/g' kb{5 .
   -!!_ CBOs x?nfO{ ;/nLs[t 9+uaf6 sfg"gL bfo/fleq NofO{ n3' ljQLo ;]jf k|bfos ;+:yfsf ?kdf
        kl/rfng ul/g' kb{5 . o;af6 kxf8L If]qdf o:tf] ;]jf k'¥ofpg ;d]t ;xh x'g] b]lvPsf] 5 .
   -!@_ n3' ljQLo ;]jf ;DaGwL tYofÍ Ps} ynf]af6 pknAw x'g] Joj:yf ug{ ;lsof] eg] o; If]qaf6
        ul/aL Go"gLs/0fdf k'u]sf] of]ubfgsf] d"NofÍg ug{ ;d]t ;lhnf] x'g]5 .




                                     cfly{s n]vx? . 17
a}Í]Zj/ - jif{ 1 cÍ 2




                   g]kfnsf] ljQLo k|)ffnL M ;+lIfKt ljj]rgf
                                                                                    – ef]nf/fd   >]i& ∗

1= k[i&e"ld
      dfgj ;Eotfsf] ;'?b]lv g} ;dfhdf Ps csf{sf] cfjZostf k'/f ug{ s'g} g s'g} ?kdf cfly{s
      sf/f]jf/ ckl/xfo{ /lxcfPsf] 5 . g]kfnsf] ;Gbe{df lnR5jL tyf dNnsfndf df}lb|s sf/f]jf/sf]
      dfWodsf ?kdf ljleGg k|sf/sf l;Ssfx? n]gb]gsf] dfWodsf ?kdf rngrNtLdf cfPsf] b]lvG5 .
      o;df /fhf dfgb]j tyf u'0fsfdb]jsf kfnfsf] qmdzM æ>LdfgfËÆ, æ>Lu'0ffËÆ c+lst d'b|f / /fhf
      c+z'jdf{n] cfk\mgf] gfddf lgisf;g u/]sf] l;Ssf, ;bflzj dNnsf] kfnfsf] bfd, /TgdNn tyf dx]Gb|
      dNnsf] zf;gsfndf lgisfl;t tfdf / rf+bLsf l;Ssfx? pNn]vgLo 5g\ . o;}u/L sflGtk'/sf clGtd
      dNn/fhf hok|sfz dNnn] c;kmL{ -;'gsf] l;Ssf_ k|rngdf NofPsf] / pgsf ;dsfnLg efbufp+sf
      clGtd dNn /fhf /0flht dNnn] 7"nf] dfqfdf Toxf+sf] d'b|f Nxf;fdf k7fO To;sf] abnfdf ;'grfFbL
      lemsfPsf] s'/f Oltxf;df pNn]v 5 . oL d'b|fx?sf] pkof]uaf6 b]z leq / aflx/ ;d]t n]gb]g sfo{
      ;/n agfPsf] lyof] .
      shf{ sf/f]jf/sf] z'?jftsf ;Gbe{df /fhf u'0fsfdb]jn] nfvf}+ ?k}of shf{ lnO{ sflGtk'/ zx/sf]
      k'glgdf{0f u/]sf], z+vw/ ;fVjf gfds dxfhgn] sflGtk'/ pkTosfsf ;Dk"0f{ hgtfnfO{ C0fd'Qm
      u/fPsf] ;Demgfdf …g]kfn ;+jt\Ú sf] ;'?jft u/]sf] h:tf k|;+u Oltxf;df j0f{g ul/Psf] 5 . o;af6
      tTsflng ;dfhdf s'g} g s'g} ?kdf shf{sf] sf/f]jf/ x'g] u/]sf] tYo :ki6 x'G5 .
      To;}u/L 6f+sfwf/L elgg] ;fx'dxfhg ju{n] ;j{;fwf/0fnfO{ Jofkf/, s[lif tyf ;fdflhs sfo{sf nflu
      shf{ lbg] u/]sf] Oltxf;af6 yfxf x'G5 . shf{ k|bfg ug]{ ;+:yfut Joj:yf gePsf] j]nfdf
      ;j{;fwf/0fnfO{ ;/n tl/sfn] shf{ k|bfg ug{] pQm hftL ljz]ifn] C0fLnfO{ cfly{s zf]if0f ug]{ u/]sf]
      klg pNn]v ul/Psf] kfOG5 .
      g]kfndf ljQLo ;+:yfsf] Oltxf; s]nfpFbf >L % k[YjLgf/fo0f zfxsf] zf;gsfndf v'n]sf] æsf};L
      tf]iffvfgfÆ gfdsf] ;+:yfaf6 ;/sf/L sd{rf/Lx?sf] tnj / k]G;g ljt/0f ug]{ / obfsbf shf{ lbg]
      h:tf sfo{ x'g] ub{Yof] . o;}u/L k|yd /f0ff k|wfgdGqL h+ª\ujxfb'/sf] zf;gsfndf ef/tLo d'b|f /
      g]kfnL d'b|fsf] nflu ljlgdo ;'ljwf k|bfg ug]{ p2]Zon] æ;/fkmvfgfÆ / >L % ;'/]Gb|sf] /fHosfndf
      ;/sf/L /sd /fVg] 9's'6Lsf ?kdf æd'n'sLvfgfÆ sf] :yfkgf ul/Psf] kfOG5 .
      shf{ lbg] ;+:yfut Joj:yfsf] cefjdf ;j{;fwf/0fn] ef]Ug' k/]sf] sl7gfOsf] k[i7el"ddf lj=;+= !(#*
      df :yflkt t]hf/y c8\8fnfO{ o; lsl;dsf] d'nssf] klxnf] ;+:yfsf] ?kdf lng ;lsG5 . k"0f{tM
      ;/sf/L :jfldTjdf v'n]sf] o; ;+:yfn] vf;;u/L lghfdtL / hª\uL sd{rf/LnfO{ ;'grfFbLsf] lwtf]df
      ;x'lnot Jofhb/df shf{ pknJw u/fpFbYof] . o;k|sf/ ;+:yfut ?kdf shf{ k|bfg ug]{ b]zs} klxnf]
      ljQLo ;+:yfsf] ?kdf lj=;+= !(#* b]lv !(($ cyf{t cfwf ztfJbLeGbf a9L cjlw;Dd t]hf/y
      c8\8fn] lgjf{x u/]sf] e"ldsf pNn]vgLo /x\of] . oBlk ;j{;fwf/0fsf] jrt jf lgIf]k kl/rfng gug]{
      ePsf] x'Fbf t]hf/y c8\8fnfO{ a}+lsË ;+:yf dfGg ;lsGg . lj=;+= !(($ df g]kfn a}+s :yfkgf ePkl5
      t]hf/y c8\8fnfO{ lj36g u/L To;} a}+sdf ;dflxt ul/of] . g]kfn a}+ssf] :yfkgfaf6 b]zdf cfw'lgs

∗
    sfo{sf/L lgb]{zs, ljQLo ;+:yf ;'kl/j]If0f ljefu, g]kfn /fi6« a}+s

                                        cfly{s n]vx? . 18
a}Í]Zj/ - jif{ 1 cÍ 2

    a}+lsË k|0ffnLsf] hu a:of] . To;a]nfb]lv b]zsf] a}+lsË k|0ffnLn] ljleGg r/0f kf/ u/L xfnsf] l:yltdf
    k'u]sf] 5 . o; ;Gbe{df b]zsf] s]Gb|Lo a}+s tyf df}lb|s clwsf/Lsf ?kdf @)!# ;fn a}zfv !$ ut]
    :yfkgf ePsf] g]kfn /fi6« a}+sn] z'?b]lv g} a}+lsª\u tyf u}/ a}+lsª\u If]qsf ljsf;d"ns ;+:yfx?sf]
    :yfkgf, k|a4{g / ljsf;sf nflu dxTjk"0f{ e"ldsf lgjf{x ub}{ cfPsf] 5 .
2= ljQLo k|)ffnLsf] jt{dfg :j?k
    ljQLo k|0ffnLsf] cy{ lj:t[t 5 . t/ oxf+ ljQLo pks/0fsf] dfWodaf6 jrt ug]{ If]qn] nufgL ug]{
    If]qsf] nflu ljQLo >f]t kl/rfng ul/g] ;du| :j?knfO{ ljQLo k+|0ffnLsf ?kdf lnOPsf] 5 . o:tf
    pks/0f kl/rfng ug{ ljQLo dWo:ytf ug]{ ;+:yfsf] cfjZostf x'G5 . g]kfnsf] jt{dfg ljQLo
    k|0ffnLnfO{ d'VotM c;ª\ul7t -cgf}krfl/s_ jhf/ / ;ª\ul7t -cf}krfl/s_ ahf/ u/L b'O{ efudf
    ljeQm ug{ ;lsG5 .
    c;ª\ul7t cyf{t\ cgf}krfl/s (Unorganised or Informal) ljQLo jhf/ eGgfn] s'g} lgsfosf]
    lgodg tyf ;'kl/j]If0fdf g/xL jrt tyf shf{sf] sf/f]jf/df ;+nUg JolQm jf ;d"xnfO{ a'emfp+5 .
    o;cGtu{t ljut s}og jif{b]lv rngrNtLdf /x]sf] l9s'6L k|yf, ;fx'dxfhg, Jofkf/L, Oi6ldq,
    gftfs'6'Dj, ;'grfFbL sf/f]jf/ ug]{ JolQm cflbnfO{ lng ;lsG5 . g]kfnsf] cy{Joj:yfdf o:tf If]qn]
    ;'?b]lv g} dxTjk"0f{ e"ldsf lgjf{x ub}{ cfPsf] 5 . ljQLo ;|f]tsf] vf+rf] 6fg{ b]zsf sltko u|fdL0f
    If]qdf 9's'6L k|yf h:tf ;fd"lxs ls|ofsnfk ;+rfng ug]{ u/]sf] klg cBflk kfOG5 . o;sf cltl/Qm
    b]zsf ljleGg efudf jrt tyf C0f ;+:yfx? klg cw{-;ª\ul7t (Semi-organised) ?kdf
    ;+rfng eO/x]sf] kfOG5 . ljQLo k|0ffnLsf] cfw'lgsLs/0f e};s]sf] jt{dfg kl/k|]Iodf ;d]t
    cgf}krfl/s ljQLo jhf/ vf;u/L u|fdL0f If]qdf ce}m klg k|rngdf /x]sf] 5 . g]kfn /fi6« a}+sn] s]xL
    jif{cl3 u/]sf] u|fdL0f shf{ ;j]{If0fjf6 klg shf{sf] nflu u|fdL0f If]qsf hgtfsf] 7"nf] c+z ce}m klg
    cgf}krfl/s If]qd} lge{/ /x]sf] tYo k|sfzdf cfPsf] lyof] . sltko If]qdf a}+lsª\u ;'ljwf pknJw
    gx'g', a}+lsª\u k|0ffnLjf/] clwsf+z u|fdL0f hgtf cgle1 /xg' h:tf sf/0fn] klg o; If]qtk{m hgtfsf]
    e'msfp j9\g uPsf] xf] . csf]{lt/ ;fdflhs tyf wfld{s sfo{sf nflu cf}krfl/s If]qaf6 shf{ lbg]
    Joj:yf gx'g' t/ ;fx'dxfhgn] o:tf p2]Zosf nflu ;lhn};Fu shf{ lbg] x'gfn] klg u|fdL0f hgtf
    o:tf If]ql;t shf{ sf/f]jf/ ug{ cfslif{t x'g] ub{5g\ .
    cgf}krfl/s If]qdf ;+nUg JolQm jf ;d'xn] ;'grfFbL, hUufhldg cflbsf] lwtf]df shf{ k|bfg ub{5 .
    t/ s'g} lgsfosf] lgodg / ;'kl/j]If0f cGtu{t g/xL :jtGq?kn] jrt tyf shf{ sf/f]jf/df ;+nUg
    x'g] x'gfn] o;If]qn] lng]lbg] Jofhb/df Ps?ktf x'+b}g . o:tf If]qn] ufp+sf ;f]emf, clzlIft hgtfnfO{
    cfly{s zf]if0f u/]sf] klg kfOG5 . tyflk u|fdL0f If]qdf ;/n 9ª\un] u|fdL0f hgtfnfO{ Jofkfl/s
    p2]Zosf ;fy} ;fdflhs Pj+ wfld{s sfo{ ;DkGg ug{ shf{ k|bfg u/L ;]jf k'¥ofPsf 5g\ .
    ;ª\ul7t jf cf}krfl/s (Organised or Formal) ljQLo ahf/ eGgfn] s'g} lgodg / ;'kl/j]If0f
    ug]{ lgsfo jf clwsf/L cGtu{t /xL ljlwk"j{s ;+rfngdf /x]sf] ljQLo ;+:yfnfO{ hgfpFb5 .
    o;cGtu{t jfl0fHo a}+s, ljsf; a}+s, u|fdL0f a}+s, ljQ sDkgL, jrt tyf C0f ;xsf/L ;+:yf cflb
    kb{5g\ . o:tf ljQLo ;+:yfx? k|rlnt sfg'g / lgodg ug]{ lgsfosf] lgb]{zgcg'?k ;+rfng eO/x]sf]
    5 5}g To;sf] lgoldt?kdf cg'udg / ;'kl/j]If0f ;d]t ug]{ ul/G5 .
    g]kfnsf] ljQLo k|0ffnLdf a}+s tyf ljQLo ;+:yfn] ;ª\ul7t ?kdf ljleGg ljQLo ;]jfx? k|bfg
    ul//x]sf 5g\ . o;sf nflu d'b|f ahf/ (Money Market) tyf k"FhLahf/ (Capital Market)
    ;Fu ;DalGwt ;+:yf tyf pks/0fx? (Instruments) k|o'Qm ePsf x'G5g\ . d'b|f ahf/df a}+s tyf
    ljQLo ;+:yfx?n] cNksflng -;fdfGotof Ps jf Ps jif{eGbf sd_ cjlwsf ljQLo pks/0fx?
    -d'2tL lgIf]k, lgIf]k k|df0fkq, 6«]h/L aLn cflb_ pkof]udf Nofp+5g\ . To;}u/L k"FhLahf/ dfkm{t


                                       cfly{s n]vx? . 19
                                                                          a}Í]Zj/ - jif{ 1 cÍ 2

bL3{sflng k"FhLsf] Joj:yf ul/G5 . k"FhL ahf/df lwtf]kq sf/f]jf/ ug]{ ;+:yf, ahf/ lgdf{tf, lwtf]kq
bnfn cflb dfk{mt ;]o/, l8a]~r/ cflb pks/0fx? k|of]udf NofOG5 . k"FhLahf/sf] klg k|fylds /
bf]>f]ahf/ u/L b'O{ :j?k x'G5 . d'b|f ahf/df a}+s tyf lgIf]k / shf{ sf/f]af/ ug]{ ljQLo ;+:yf ;+nUg
5g\ eg] k"FhLahf/df lwtf]kq af]8{ / lwtf]kq ljlgdo ahf/n] ;]jf k'/\ofO/x]sf 5g\ . oL ;a} ljQLo
lqmofsnfkaf6 ljleGg ?kdf 5l/P/ /x]sf] jrt (Surplus Fund) nfO{ Pslqt u/L cfjZos k/]sf]
If]q (Deficit Sector) df n}hfg tyf pTkfbgzLn If]qtk{m x:tfGt/0f u/L jrtstf{ / ;f]sf]
pkof]ustf{nfO{ Pp6} 5ftfdl'g /fVg'sf ;fy} jrtstf{sf] jrtsf] ;'/If0f ug{ / pko'Qm k|ltkmn k|bfg
ug{ of]ubfg k'u]sf] x'G5 . o;k|sf/ g]kfnsf] ljQLo k|0ffnL ljleGg ljQLo pks/0fsf] pkof]u u/L
ljQLo dWo:ytf ug]{ ljQLo ;+:yfx? ldn]/ ag]sf] b]lvG5 .
;g\ c;Lsf] dWob]lv v'nf cfly{s gLltsf] cjnDjg u/]kl5 g]kfnsf] ljQLo k|0ffnLdf pNn]vgLo
kl/jt{g cfpg yfNof] . o;;Fu} s]Gb|Lo a}+sn] lgjf{x ug]{ e"ldsfdf klg ;dofg's"n kl/jt{g x'Fb} uPsf]
5 . s]xL pbfx/0f :j?k ;'?b]lv g} lgolGqt x'Fb} cfPsf] Jofhb/nfO{ jfl0fHo a}+sx?n] g} tf]Sg ;Sg]
Joj:yf eof]] . ljutdf jfl0fHo a}+sx?n] dfq ub}{ cfPsf] ljb]zL d'b|f ;6xL sf/f]af/ lghL If]qsf
dgLr]~h/x? dfkm{t klg ug{ ;lsg] Joj:yf eof] . ;/sf/n] z'? u/]sf] ljQLo If]q ;'wf/sf
sfo{qmdjf6 ljb]zL a}+ssf] ;+o'Qm nufgL / lghL If]qsf] nufgLdf a}+s tyf ljQLo ;+:yfx?sf] :yfkgf
ePaf6 ljQLo If]qdf k|lt:kwf{Tds jftfj/0f pTkGg x'g'sf ;fy} ;j{;fwf/0fnfO{ cTofw'lgs ljQLo
;]jf pknJw x'g ;xof]u k'u]sf] 5 . ljutdf g]kfnsf] ljQLo k|0ffnL leq cToGt ;Lldt ;+Vofdf a}+s
tyf ljQLo ;+:yfx? /x]sf]df ljQ sDkgL, ljsf; a}+s, ;xsf/L ;+:yf h:tf ljQLo ;+:yfx? lgIf]k
:jLsf/ ug]{ ;+:yf (Deposit taking institutions) sf ?kdf cfP . o;k|sf/ b]zsf] ljleGg
efudf 5l/P/ /x]sf ;–;fgf jrtnfO{ ;fwgsf] ?kdf ;ª\sng u/L cfjZos k/]sf] If]qdf k'/\ofpg
yk ;xof]u k'u]sf] 5 . lgIf]k tyf shf{ sf/f]af/sf nflu ;+:yfut Joj:yf ePkl5 ljutdf b]lvPsf
9's'6L tyf pkxf/ sfo{qmd h:tf c;ª\ul7t Pjd\ ljs[lthGo Joj:yfsf] klg cGTo ePsf] 5 .
g]kfnsf] ;ª\ul7t -cf}krfl/s_ ljQLo ahf/df s]Gb|Lo a}+ssf] lgodg cGtu{t ;+rfngdf /x]sf ljQLo
dWo:ystf{x?nfO{ d'Votof a}+s tyf ljQLo ;+:yf u/L b'O{ efudf ljeQm ug{ ;lsG5 . g]kfn /fi6«
a}+s P]g, @)%* sf] bkmf &* adf]lhd jfl0fHo a}+s tyf ljQLo ;+:yfx?n] ljQLo sf/f]af/ ug{ /fi6«
a}+saf6 Ohfht lng' kb{5 . b]zsf] df}lb|s clwsf/Lsf ?kdf g]kfn /fi6« a}+sn] lgIf]k ;ª\sng
nufotsf ljQLo sf/f]jf/ ug{ :yfkgf x'g] a}+s tyf ljQLo ;+:yfx?nfO{ ljQLo sf/f]jf/ ug{;Sg] u/L
Ohfht lbg] / o;/L Ohfht k|bfg ubf{ cfjZos zt{x? tf]Sg], gLltut Joj:yf ug]{ / ltgLx?sf]
lgodg tyf ;'kl/j]If0f ;d]t ub{5 .
g]kfnsf] ljQLo k|0ffnLdf s]Gb|Lo a}+ssf ?kdf g]kfn /fi6« a}+s /x]sf] 5 . jfl0fHo a}+s tyf ljQLo
;+:yf Pj+ cGo u}/ a}lsª\u ljQLo ;+:yfx? ljQLo k|0ffnLsf cleGg cª\u x'g\ . lgIf]k :jLsf/ ug]{
a}+s tyf ljQLo ;+:yfx?sf cltl/Qm g]kfnsf] ljQLo k|0ffnLdf lgIf]k :jLsf/ gug]{ ;+:yfsf ?kdf
aLdf, lwtf]kq sf/f]jf/ tyf kF"hL jhf/;+u ;DalGwt\ u}/ a}+lsª\u ljQLo ;+:yfsf ?kdf lnOG5 .
ljBdfg ljQLo k|0ffnLnfO{ cg';"rLdf k|:t't ul/Psf] 5 .
ljutdf ljleGg jfl0fHo a}+s tyf ljleGg ljQLo ;+:yfx? cnu cnu P]gx? cGtu{t ;Grfng x'+b}
cfPsf]df ;f]sf] jbnf @)^! df3 !* df Plss[t 5ftf P]gsf ?kdf a}+s tyf ljQLo ;+:yf ;DaGwL
cWofb]z, @)^! nfu" ul/Psf] 5 . cWofb]zsf] k|:tfjgfdf b]xfosf] Joxf]/f pNn]v ul/Psf] 5M
===d'n'ssf] ;du| a}l+su tyf ljQLo k|0ffnLk|lt ;j{;fwf/0fsf] ljZj;gLotf clej[l4 u/L lgIf]kstf{sf]
xs lxtsf] ;+/If0f / ;Da4{g ug{, a}+s tyf ljQLo ;+:yfsf] :j:y k|lt:kwf{af6 ;j{;fwf/0fnfO{
u'0f:t/Lo tyf e/kbf]{ a}+lsª\u tyf ljQLo dWo:ytf ;]jf pknJw u/fpg, a}+lsª\u tyf ljQLo If]q
;DaGwL hf]lvd sd ug{, a}+lsª\u tyf ljQLo If]qsf] pbf/Ls/0f u/L g]kfn clw/fHosf] cy{tGqnfO{

                                   cfly{s n]vx? . 20
a}Í]Zj/ - jif{ 1 cÍ 2

    ;an tyf ;'b[9 agfpg tyf a}+s tyf ljQLo ;+:yfsf] :yfkgf, ;Grfng, Joj:yfkg / lgodgsf
    ;DaGwdf cfjZos sfg"gL Joj:yf ug{ a}+s tyf ljQLo ;+:yf ;DaGwL k|rlnt sfg"gsf] tTsfn
    ;+zf]wg / PsLs/0f u/L ;dofg's"n agfpg jfG5gLo ePsf] = ==
    o;k|sf/ cWofb]zn] g]kfn /fi6« a}+ssf] lgodg tyf ;'kl/j]If0fsf] kl/lw leq /x]sf a}+s tyf ljQLo
    ;+:yfx?aLr :j:y k|lt:kwf{Tds jftfj/0fsf] ;[hgf u/L u'0ffTds ;]jf k|bfg ug]{ u/fpg] p2]Zo
    /fv]sf] b]lvG5 . pQm cWofb]z nfu" ePkl5 klJns lnld6]8 s+DkgLsf ?kdf btf{ u/L ljQLo sf/f]jf/
    ug{ a}+s jf ljQLo ;+:yf :yfkgf ug{ g]kfn /fi6« a}+saf6 Ohfht k|fKt ug'{kg]{ Joj:yf /x]sf] 5 .
    cWofb]zsf] bkmf #! n] ljQLo sf/f]jf/ ug{ Ohfht k|fKt ug]{ ;+:yfnfO{ Go"gtd r'Qmf k"FhLsf] cfwf/df
    s, v, u / 3 u/L rf/ ju{df jlu{s/0f ul/g] Joj:yf u/]sf] 5 . o; cGtu{t jfl0fHo a}+sx?nfO{ s
    ju{, ljsf; a}+sx?nfO{ v ju{, ljQ sDkgLx?nfO{ u ju{ / n3'ljQ sf/f]jf/ ug]{ ljsf; a}+s tyf
    u}/;/sf/L ;+:yfx?nfO{ 3 ju{df jlu{s[t ul/Psf] 5 . o; ;Gbe{df g]kfn /fi6« a}+sn] a}+s tyf ljQLo
    ;:yf vf]Ng cfjZos kg]{ Go"gtd r'Qmfk"FhL tf]s]sf] 5 . o; cg';f/ s ju{sf] ;+:yf -jfl0fHo a}+s_
    vf]Ng /fli6«o :t/ / If]qLo :t/sf] cfwf/df Go"gtd r'Qmfk'+{hL qmdzM ?= ! cj{ / ?= @% s/f]8
    tf]lsPsf] 5 . To;}u/L v ju{sf] ;+:yf vf]Ngsf] nflu Go"gtd r'Qmf k"FhL ?= @ s/f]8b]lv ?= #@ s/f]8
    lgwf{/0f ul/Psf] 5 . ;fy} u ju{sf] ;+:yfsf] nflu sf/f]jf/ / ef}uf]lns If]q ;d]tsf cfwf/df Go"gtd
    r'Qmfk"FhL ?= ! s/f]8b]lv ?= !% s/f]8 tf]lsPsf] 5 eg] 3 jusf ;+:yf -n3'ljQ sf/f]jf/ ug]{_ sf
    xsdf ?= ! s/f]8b]lv ?= !) s/f]8 lgwf{/0f ul/Psf] 5 .
    g]kfnsf] ljQLo k|0ffnLsf] ljsf; z'?df l9nf] ultdf ePsf] tfklg ljQLo pbf/Ls/0f kZrft\ o;n]
    ult lnPsf] b]lvG5 . g]kfnsf] ljQLo k|0ffnL cGtu{tsf a}+s, ljQLo ;+:yf tyf u}/a}+lsª\u ;+:yfx?
    ljleGg lgsfo -s]Gb|Lo a}+s, aLdf ;ldlt, lwtf]kq af]8{, g]kfn ;/sf/_ sf] lgodg tyf ;'kl/j]If0fdf
    ;Grfngdf /x]sf 5g\ . sl/a 8]9bzssf] cjlwdf d'n'sdf a}+lsª\u, aLdf Joj;fo, lwtf]kq tyf k"Flh
    ahf/ ;DaGwL sf/f]jf/ ug]{ a}+s tyf ljQLo ;+:yfx?sf] pNn]vgLo ?kdf ljsf; ePsf] b]lvG5 .
    lj=;+= @)$) b]lv @)^@ ;fn;Ddsf] cjlwdf a}+s tyf ljleGg ljQLo ;+:yfx?sf] ;+VofTds j[l4 /
    ;f]sf] t'ngfTds pkl:ylt tflnsf ! df lbOPsf] 5 .
                                      tflnsf 1
                          +
                        a}s tyf ljQLo ;+:yfsf] ;+VofTds pkl:ylt
                                                                  cfiff9 d;fGt
              a}+s tyf ljQLo ;+:yf
                                                 @)$)          @)%)        @)%%            @)^@
     != g]kfn /fi6« a}+saf6 Ohfht k|fKtM
        !=! jfl0fHo a}+s                            @            *            !!             !&
        !=@ ljQ sDkgL                               –            $            $$             ^)
        !=# ljsf; a}+s                                                                       #@
        !=$ ;xsf/L ;+:yf                            –             –           @%             @)
        !=% u};; -n3'shf{ sf/f]af/ ug]{_            –             –            –             $&
        !=^ x'nfs art a}+s -!!& :yfgdf_             !             !            !              !
                    hDdf                            %            !&           **            !*$
     @= aLdf ;ldltsf] lgodg cGtu{t
        aLdf Joj;fo ug]{ ;+:yf                      %            ^             !#           !*
     #= lwtf]kq af]8{sf] lgodg cGtu{t
        g]kfn :6s PS:r]~h                           –             !            !             !
     $= u}/ a}+lsª\u ljQLo ;+:yf

                                       cfly{s n]vx? . 21
                                                                             a}Í]Zj/ - jif{ 1 cÍ 2


                                                                   cfiff9 d;fGt
          a}+s tyf ljQLo ;+:yf
                                                @)$)           @)%)         @)%%             @)^@
     $=! sd{rf/L ;+ro sf]if                       !              !             !               !
     $=@ gful/s nufgL sf]if                       –              !             !               !
 hDdf -@±#±$_                                     ^              (            !^              @!
 s'n hDdf -!±@±#±$_                              !!             @^           !)$             @)%
pko'{Qm tflnsf cg';f/ @)%% c;f/;Dddf g]kfn /fi6« a}+ssf] lgodg tyf ;'kl/j]If0fsf] kl/lwleq
/x]sf ** a}+s tyf ljQLo ;+:yf / cGo lgsfosf] lgodgdf /x]sf u}/ a}lsª\u ljQLo ;+:yfsf] ;+Vof
!^ u/L g]kfnsf] ;ª\u+l7t ljQLo jhf/df !)$ ;+:yfx? ;Grfngdf /x]sf]df s]jn ;ft jif{sf]
cGt/fndf cyf{t\ @)^@ c;f/;Dddf g]kfnsf] ljQLo k|0ffnLdf s]Gb|Lo a}+ssf] lgodg cGtu{t !*$ /
cGo u}/ a}+lsª\u ljQLo ;+:yf u/L s'n @)% ;+:yfx? ;Grfngdf /x]sf 5g\ . jt{dfg ljQLo k|0ffnL
cGtu{t ;j{;fwf/0faf6 lgIf]k :jLsf/ ug]{ tyf gug]{ b'a} k|sf/sf ljQLo dWo:ystf{x? sfo{/t 5g\ .
;+:yfx?sf] ;+VofTds pkl:yltsf ;fy;fy} a}+s tyf ljQLo ;+:yfaf6 ePsf] lgIf]k / shf{ nufgL klg
pNn]vgLo ?kdf a[l4 ePsf] 5 eg] tL ;+:yfx?n] k|bfg ug]{ ;]jfdf klg ljljwtf cfPsf] 5 . shf{
tyf lgIf]ksf gofF pks/0fx? k|of]udf cfPsf 5g\ . o;af6 ljQLo k4ltsf] cfw'lgsLs/0fdf d2t
k'u]sf] 5 . o;} ;Gbe{df g]kfnsf] ljQLo k|0ffnL cGtu{tsf a}+s, ljQLo ;+:yf tyf cGo u}/ a}+lsª\u
;+:yfx?sf jf/]df ;+If]kdf tn pNn]v ul/G5 .
2= 1 jfl)fHo a}+sx?
      g]kfndf lj=;+= !(($ df ;j{k|yd g]kfn a}+ssf] :yfkgf kZrft\ a}+lsª\uk|yfsf] ;+:yfut
      z'?jft ePsf] xf] . g]kfnsf] a}+ls+ª\u k|0ffnLdf sf/f]af/ / zfvf ;+hfn (Branch Network_
      sf b[li6n] jfl0fHo a}+sx? cu|k+lQmdf cfpF5g\ . ;+rfngdf /x]sf !& jfl0fHo a}+sdWo] Ps
      k"0f{;/sf/L :jfldTjsf], Ps cw{;/sf/L / afFsL a}+sx? ljb]zL a}+s, lghLIf]q / ljQLo
      ;+:yfx?sf] ;xeflutfdf v'n]sf 5g\ . sf/f]jf/sf] dfqf, zfvf ;ª\Vof / u|fdL0f If]qdf k'–ofPsf]
      ;]jfsf] b[li6n] b'O{ k'/fgf a}+s – g]kfn a}+s ln= / /fli6«o jfl0fHo a}+sn] a}+lsª\u If]qdf ;j}eGbf
      7"nf] lx:;f cf]u6]sf] 5 . jfl0fHo a}+sx?sf] zfvf lj:tf/ clw/fHoe/ ePsf] 5 . o;sf
      cltl/Qm ljsf; a}+ssf] ?kdf /x]sf] s[lif ljsf; a}+ssf] $* zfvfn] klg jfl0fHo a}+lsª\u
      sf/f]jf/ ub{5g\ . @)^! kf}if;Dddf v'n]sf #*@ dWo] @#$ cyf{t\ ^! k|ltzt zfvf g]kfn a}+s
      / /fli6«o jfl0fHo a}+ssf] /x]sf] 5 .
2= 2 ljQLo ;+:yfx?
      ljQLo ;+:yf eGgfn] jfl0fHo a}+s afx]ssf ljQLo sf/f]jf/df ;+nUg ljQLo ;+:yfx? -g]kfn
      /fi6« a}+saf6 Ohfhtk|fKt_ nfO{ hgfpF5 . g]kfn /fi6« a}+s P]g, @)%* n] ljQLo ;+:yfnfO{ ==
      s[lif, ;xsf/L, pBf]u jf cGo s'g} vf; cfly{s k|of]hgsf nflu shf{ lbg] jf ;j{;fwf0f
      hgtfaf6 lgIf]k ;+sng ug]{ p2]Zon] k|rlnt sfg"g adf]lhd :yfkgf ePsf] == egL kl/eflift
      u/]sf] 5 . tbg'?k ljsf; a}+lsª\u ug]{ ;+:yf, ljQ sDkgL, dr]{G6 a}+s, ;xsf/L a}+s, ljQLo
      ;xsf/L ;+:yf, ljQLo dWo:ytf ug]{ u}/;/sf/L ;+:yfnfO{ ljQLo ;+:yfsf ?kdf lng ;lsG5 .
      cGo ljQLo dWo:ystf{x?n] h:t} o:tf ljQLo ;+:yfx?n] jrtstf{x?af6 lgIf]k, jrt,
      lk|ldod, ;+rosf]if cflbsf gfddf /sd ;ª\sng u/L To:tf] /sd cGo JolQm, Jofkfl/s kmd{
      jf pBf]ux?df nufgL ub{5g\ . o;sf cltl/Qm n3'ljQ ljsf; a}+sx?nfO{ yf]sshf{ k|bfg ug]{
      p2]Zon] b'O{j6f ljsf; a}+s -cf/= Pd= l8= ;L= / ;fgf ls;fg ljsf; a}+s_ ;d]t :yfkgf
      ul/Psf] 5 . ;Lldt a}+lsª\u sf/f]jf/ ug]{ ;xsf/L ;+:yf ;DaGwdf g]kfn /fi6« a}+sn] o:tf
      ;b:otfdf cfwfl/t ;+:yfsf xsdf yk ;+:yfnfO{ Ohfht lbg] gLlt aGb u/L qmlds ?kdf

                                    cfly{s n]vx? . 22
a}Í]Zj/ - jif{ 1 cÍ 2


             n3'ljQ sf/f]jf/ ug]{ ;+:yfsf] lgodg tyf ;'kl/j]If0f ug]{ 5'6\6} lgsfo (Second-Tier
             Institution-STI) nfO{ x:tfGt/0f ub}{ hfg] gLlt cjnDag ul/Psf] 5 . oBlk o:tf lgsfo
             :yfkgfsf] k|lqmofdf g} 5g\ .
      2= 3 a}+s tyf ljQLo ;+:yfsf] sf/f]jf/
             jfl0fHo a}+sx?sf] ;ª\VofTds j[l4sf ;fy} tL ;+:yfx?sf] lgIf]k ;ª\sng tyf shf{ sf/f]jf/df
             ;d]t ck|Tofl;t j[l4 ePsf] 5 . pbfx/0fsf nflu @)$) ;fndf a}+lsª\u If]q (b'O{ jfl0fHo
             a}+s_ ;Fu s'n lgIf]k ?= ^ ca{ #) s/f]8 / tL ;+:yfx?åf/f k|jflxt s'n shf{ ?= % ca{ !%
             s/f]8 ePsf]df To;sf] Ps bzskl5 cyf{t\ @)%) ;fndf o:tf] sf/f]jf/df j[l4 eO{ lgIf]k
             ?=$# ca{ / shf{ nufgL ?= #^ ca{ k'u]sf] lyof] . To;}u/L @)^@ kf}if;Dddf lgIf]k ?= @^^
             ca{ / shf{ nufgL ?= !^* ca{ k'u]sf] 5 . o;}u/L ljsf; a}s, ljQ sDkgL tyf ;Lldt a}ls+u
             sf/f]jf/ ug]{ ;xsf/L nufotsf ljQLo ;+:yfx?n] @)^@ kf}if;Dddf ;+sng u/]sf] lgIf]k em08}
             ?=#$ cj{ / shf{ nufgL ?= #% cj{ k'u]sf] 5 . ;du|df @)^@ kf}if;Dddf g]kfn /fi6« a}+saf6
             :jLs[tLk|fKt !#( a}+s tyf ljQLo ;+:yfx?sf] lgIf]k ?=@(( cj{ / shf{ nufgL ?= @)@ cj{
             k'u]sf] 5 . -tflnsf @_
                                                 tflnsf 2
                                      +
                                    a}s tyf ljQLo ;+:yfx?sf] sf/f]jf/
                                                 -@)^@ kf}if d;fGt_
                                                                                             -?= nfvdf_
               qm=;+=                   ljQLo ;+:yf                    ;+Vof   lgIf]k    shf{ nufgL
                                                                            1
                !=      Jffl0fHo a}+s                                    !& @,^%,&#,!* !,^&,^!,@$
                @=      ljQLo ;+:yfx?                                    !@! ##,^@,%% #$,^@,)%
                #=      ljQ sDkgL                                          ^# @$,#*,$@ @#,^(,*@
                $=      ljsf; a}+sx?M -u|fdL0f tyf n3'ljQ jfx]s_          @*    ^,^%,$$    %,%*,#@
                %=      u|fdL0f ljsf; a}+s                                  %     $%,^%     !,%$,#!
                                                                            2
                ^=      n3'ljQ ljsf; a}+s                                 ^        #^,!$    @,#%,%#
                &=      ;xsf/L ;+:yf 3                                    @)    !,&^,()    !,$$,)&
                        hDdf -a}+s tyf ljQLo ;+:yf_                      !#( @,((,#%,&# @,)@,@#,@(
      2= 4 x'nfs art a}+s
             @)## ;fnb]lv z'? ul/Psf] x'nfs art a}+s xfn !!& :yfgdf ;Grfngdf /x]sf 5g\ .
             ljsl;t d'n'sdf o:tf] a}+sn] 7"nf] nf]slk|otf / dxTj kfPsf] ePklg xfd|f] b]zdf of] k4lt
             pk]lIft /x]sf] kfOG5 . g]kfn h:tf] ljsf;f]Gd'v d'n'sdf ;fgf jrtstf{nfO{ nlIft u/L
             :yfkgf ul/Psf] o:tf] a}+sn] k|>o kfpg' kg]{ xf] . t/ o;tkm{ ;DalGwt lgsfosf] Wofg k'Ug
             g;s]sf]n] x'nfs art a}+s kmi6fpg kfPg . tyflk @)%^ ;fnb]lv o;n] s]xL utL lnPsf]
             kfOG5 . ljleGg sf/0faz lgIf]k ;+sng 36\b} uO{ @)%% ;fn;Dddf s]jn ?= $! nfvsf]

1
    s[lif ljsf; a}+ssf] jfl0fHo a}+ls+u sf/f]jf/ ;d]t . s'n lgIf]kdWo] s[lif ljsf; a}+ssf] lx:;f ?= @&=&*
    s/f]8 /x]sf] 5 .
2
    lghLIf]qsf rf/ n3'ljQ ljsf; a}+s / b'O{ yf]s shf{ sf/f]jf/ ug]{ ljsf; a}+s .
3
    @)^@ c;f/sf] tYof+s .

                                          cfly{s n]vx? . 23
                                                                           a}Í]Zj/ - jif{ 1 cÍ 2

     lgIf]k /x]sf] x'nfs art a}+sdf @)^! ;fn;Dd % jif{sf] cjlwdf em08} ?= ( s/f]8 lgIf]k
     ;+sng x'g;Sg', ;+slnt ljQLo >f]taf6 sd{rf/Lx?nfO{ C0f k|jfx u/L cfocfh{g
     ug{;Sg'nfO{ pT;fxk|b dfGg' kb{5 . vf;u/L x'nfs jrt a}+s lgb]{lzsf, @)^) sf] sfof{Gjog
     kZrft\ o:tf a}+sn] cem} nf]slk|otf k|fKt ug{] cfzf ug{ ;lsG5 .
     x'nfs art a}+lsª\u k4ltnfO{ cfw'lgsLs/0f ug]{ qmddf s]xL ;do cufl8b]lv h]i7 gful/s /
     ;fdfGo art h:tf sfo{qmdaf6 a}+s tyf ljQLo ;+:yfsf] t'ngfdf cfsif{s Jofhb/ k|bfg ug]{
     Joj:yf ul/Psf] 5 . ;fy} glan a}+s h:tf k|ltli7t ;+o'Qm nufgLsf jfl0fHo a}+s;+usf]
     /0fgLlts ;DaGwgaf6 art kl/rfng / ljb]zdf cflh{t /sd k|fKt ug]{ nufotsf sfo{ z'?
     ul/Psf] kfOG5 .
2= 5 u}/a}+lsX\u ljQLo ;+:yfx?
     g]kfn /fi6« a}+ssf] lgodg tyf ;'kl/j]If0fdf /xg] ljQLo ;+:yfx?sf cltl/Qm shf{ ;'/If0f,
     k"FhL jhf/÷lwtf]kq sf/f]jf/;Fu ;DjlGwt ;+:yf Pj+ sd{rf/Lx?sf] ;+rosf]ifsf] Joj:yfkg ug]{
     ljleGg ljQLo ;+:yfx? d'n'sdf ;Grfngdf /x]sf 5g\ . ljutdf aLdf Joj;fosf] If]qdf
     ;/sf/L :jfldTjsf Ps / cGo Psfw ;+:yfdfq ;Grfngdf /x]sf]df lghL If]qdf :yflkt aLdf
     Joj;fo ug]{ sDkgLx?sf] a9\bf] ;+Vofaf6 of] If]qdf klg k|lt:kwf{Tds jftfj/0fsf] l;h{gf
     ePsf] 5 . k"FhL ahf/;Fu ;DalGwt ljQLo ;+:yfsf] :yfkgf ePaf6 k"FhL ahf/sf] ;+:yfut
     ljsf;df pNn]vlgo of]ubfg k'u]sf] 5 . To:tf ;+:yfx?nfO{ u}/ a}+lsª\u ljQLo ;+:yfsf ?kdf
     lng ;lsG5 . oL ;+:yfx?sf] p2]Zo tyf lqmofsnfk ;+lIfKt ?kdf b]xfosf] tflnsfdf pNn]v
     ul/G5 .
      s|=;+=           ;+:yf                     p2]Zo                         lqmofsnfk
      !=       lgIf]k aLdf tyf      a}+s tyf ljQLo ;+:yfn]            p2]Zo cg'?k lqmofsnfk
               shf{ ;'/If0f lgud    k+|jfx u/sf] k|fyldstfIf]q        ePsf] . cf=j= @)^).^!
               k|f=ln=              shf{, k"j{lgof{t shf{ /           ;Dddf em08} ?= @ cj{
               -@)#!.^.$_           lgof{t shf{, kz'wg shf{sf]        a/fa/sf] shf{ ;'/If0f
                                    ;'/If0f ug]{, lgIf]ksf] ;'/If0f   ul/Psf] . k|fyldstfIf]q shf{
                                    ug]{                              nufgLsf]         clgjfo{tfdf
                                                                      r/0fa4 ?kn] s6f}tLaf6
                                                                      ljutsf] jif{x?sf] t'ngfdf
                                                                      ;'/If0f /sd pNn]vgLo ?kn]
                                                                      x|f; ePsf] .          lgIf]ksf]
                                                                      ;'/If0f ug]{ sfo{ k|lqmofdf g}
                                                                      /x]sf] .
      @=       lwtf]kq af]8{        lwtf]kq ;DaGwL cWofb]z            lwtf]kq jhf/ ;DaGwL
               -@)%).@.@%_          @)^@, cGtu{t lwtf]kq              gLltsf] th'{df, lwtf]kq btf{
                                    ahf/nfO{     lgoldt   /           u/L lgisf;g tyf cg'dlt
                                    Jojl:yt             u/L           lbg], :6s PS:r]Gh ;+rfng
                                    nufgLstf{x?sf] xslxtsf]           ug{ cg'dlt lbg] / ;f]sf]
                                    ;+/If0f ug]{                      lgodg, ;'kl/j]If0f tyf
                                                                      cg'udg ug]{ . lwtf]kq
                                                                      jhf/sf] ;+:yfut ljsf;
                                                                      tyf cfw'lgsLs/0fsf nflu
                                                                      k|of;/t .

                                   cfly{s n]vx? . 24
a}Í]Zj/ - jif{ 1 cÍ 2


           s|=;+=         ;+:yf                      p2]Zo                         lqmofsnfk
           #=       g]kfn :6s            ;/sf/L       C0fkq       tyf    lwtf]kq sf/f]jf/nfO{ :j:y /
                    PS:r]Gh              ;+:yfut         lwtf]kqx?nfO{   Jojl:yt ?kdf ;Grfng ug{
                    -@)%)_               t/ntf k|bfg ug'{, ltgLx?sf]     bnfn tyf jhf/ lgdf{tf
                                         lgaf{w ?kdf vl/bljlqm           h:tf ljQLo dWo:ystf{sf
                    -@)## ;fndf          ;'ljwf k|bfg ug'{ .             nflu sf/f]jf/ sIf v'nf u/L
                    :yflkt ;]So'l/l6     -lwtf]kq af]8{af6 xfn;Dd        v'nf af]nsaf]n k|yf cg'?k
                    vl/b ljlqm           Ohfhtk|fKt Psdfq lwtf]kq        lwtf]kqx?sf]          ljlgdo
                    s]Gb|af6 ?kfGt/0f    ljlgdo jhf/sf ?kdf_             sf/f]jf/ ;'ljwf k|bfg u/]sf] .
                    ul/Psf]_                                             cf=j=        @)^!.^@        sf]
                                                                         cGTo;Ddf s'n ;"rLs[t
                                                                         ;+ul7t ;+:yf !@%, s'nahf/
                                                                         k"FhLs/0f d"No ?= ^!=#^ cj{
                                                                         k'u]sf]       /      ;"rLs[t
                                                                         lwtf]kqx?sf]        ahf/d"No
                                                                         kl/;"rs            (NEPSE
                                                                         Index) @*^=^& ljGb'
                                                                         sfod /x]sf] .
           $=       aLdf ;ldlt           aLdf        Joj;fo      ug]{    !* j6f aLdf s+klgx?nfO{
                                         ;+:yfx?sf] lgodg tyf            Ohfht k|bfg u/]sf], ljleGg
                                         ;'kl/j]If0f ug]{                gLltut Joj:yf u/]sf] .
           %=       aLdf sDkgLx?         aLdf P]g, @)$( cg';f/           hLjg tyf lglh{jg aLdf
                                         ljleGg aLdf Joj;fo ug]{         Joj;fo -;/sf/L, lghLIf]q,
                                                                         ljb]]zL / ;+o'Qm ;xeflutfdf_
                                                                         s+kgLsf] ;xefuLtfdf ;d]t_
                                                                         ;Grfng
           ^=       sd{rf/L     ;+ro sd{rf/L ;+rosf]if P]g,              ;xefuL sd{rf/Lsf nflu
                    sf]if            @)!( cg';f/ ;/sf/L tyf              ljleGg shf{ tyf ;'ljwfx?,
                    -@)!(.%.#!_      u}/;/sf/L        ;+:yfsf            7"nf kl/of]hgfdf nufgL .
                                     sd{rf/Lx?sf]   ;+rosf]if            @)^!        c;f/       ;Dddf
                                     kl/rfng ug]{                        @*,))) ;xefuL ;+:yfsf
                                                                         ;+rostf{x?sf]            ;+Vof
                                                                         #,*),))) k'u]sf] . ;+lrt
                                                                         /sd ?= #&=&# cj{ k'u]sf] .
           &=       gful/s nufgL Gful/s nufgL sf]if P]g,                 gful/s Psf+s of]hgf,
                    sf]if        @)$& cGtu{t art tyf                     sd{rf/L art a[l4 cjsfz
                    -@)$&.!@.$_  k"FhLahf/sf] ljsf;sf nflu               sf]if, cfjf; shf{ sfo{qmd,
                                 ljleGg of]hgfx? ;Grfng                  cflbsf] ;Grfng .
                                 ug]{
3= ljQLo If]q ;'wf/
    g]kfndf ljQLo If]q ;'wf/sf] k|lqmof ;g\ c;Lsf] dWob]lv ;'? ePsf] xf] . To;a]nf ePsf k|d'v
    ;'wf/x?df jfl0fHo a}+sx?nfO{ lgIf]k tyf shf{df Jofhb/ lgwf{/0f ug]{ :jtGqtf, a}+s tyf ljQLo

                                        cfly{s n]vx? . 25
                                                                             a}Í]Zj/ - jif{ 1 cÍ 2

   ;+:yfx?sf] k|j]zdf v'nfkg, a}+lsª\u ;+:yfx?sf] ;'b[l9s/0f cflb k|d'v 5g\ xfnsf] cj:yf;Dd o;
   If]qsf] lj:tf/ x'g'df tL ;'wf/ sfo{qmdsf] dxTjk"0f{ e"ldsf /x]sf] 5 . b]zsf] a}+lsª\u k|0ffnLdf
   dxTjk"0f{ lx:;f /x]sf] g]kfn a}+s / /fli6«o jfl0fHo a}+ssf] ljQLo l:ylt cToGt sdhf]/ /x]sf] ;Gbe{df
   tL a}+sx?sf] Joj:yfkg s/f/df ;Grfng ul/Psf] 5 . To;}u/L ;/sf/L If]qsf ljsf; a}+sx?dWo] s[lif
   ljsf; a}+s xfn k'g/;+/rgfsf] k|lqmofdf /x]sf] 5 eg] g]kfn cf}Bf]lus ljsf; lgudnfO{ lghLs/0f
   ug]{ k|lqmof z'? ul/Psf] 5 . ;fy} u|fdL0f ljsf; a}+sx?sf] ;ªu7gfTds Pj+ ljQLo ;'b[9Ls/0f ug]{
   sfo{ z'? ul/Psf] 5 . o;sf cltl/Qm g]kfn /fi6« a}+s ;d]t k'g/;+/rgf (Re-engineering) sf]
   qmddf /x]sf] 5 .
   ljQLo If]q ;'wf/sf qmddf ljleGg a}+s tyf ljQLo ;+:yf ;DaGwL P]gnfO{ kl/dfh{g ug]{ gLlt cg'?k
   ;fljs g]kfn /fi6« a}+s P]g, @)!@ sf] abnfdf g]kfn /fi6« a}+s P]g, @)%* nfu" eO;s]sf] 5 eg] a}+s
   tyf ljQLo ;+:yf cWofb]z, @)^@ sfof{Gjogdf cfO;s]sf] 5 . ;fy} a}+lsª\u If]qsf] lqmofsnfk
   k|efjsf/L, ;Ifd / k]zfut tj/n] Joj;fod'vL agfpg cGt/f{li6«o dfkb08 cg'?ksf] shf{ juL{s/0f
   / Joj:yf, t/ntf, ;'/If0f Joj:yf, k"FhLsf]if, nufgL ;Ldf, k|ltu|fxs shf{ ;Ldf, ;+:yfut ;'zf;g
   nufotsf gLlt nfu" ul/Psf] 5 .
   shf{ ;"rgf Joj:yfnfO{ k|efjsf/L agfpg shf{ ;"rgf s]Gb| (CIB) nfO{ ;'b[9 / clwsf/ ;DkGg
   agfOPsf] 5 eg] C0f c;'nL Gofoflws/0f (Debt Recovery Tribunal) :yfkgf eO;s]sf] 5 .
   o;sf ;fy} ;DklQ Joj:yfkg sDkgL (AMC) / zfv d"NofÍg ug]{ ;+:yf (Credit Rating
   Agency) sf] :yfkgf ug]{ nIo /flvPsf] 5 .
4= ljQLo k|)ffnLsf s]xL dxTjk")f{ ljifox?
   ;dosf] cGt/fn;+u} ljQLo k|0ffnLn] sf+r'nL k]m/]sf] 5 . t/ o;sf] km}nfj6 ;+u;+u} s]xL If]qdf
   ck]Iffs[t ;'wf/ x'g ;ls/x]sf] 5}g . g]kfnsf] ljQLo k|0ffnLdf -vf;u/L a}+lsª\u If]qsf] ;Gbe{df_ df
   ;'wf/ ug'{kg]{ s]xL k|d'v ljifox? ;+lIfKt ?kdf oxf+ k|:t't ul/G5 .
   4= 1 gub sf/f]jf/sf] jfx'Notf
          g]kfndf a}+s tyf ljQLo ;+:yfsf] ljsf; tyf lj:tf/ ljutsf] t'ngfdf pNn]vgLo ePsf]
          at{dfg kl/k|]Iodf klg n]gb]gdf gub sf/f]jf/n] cfh klg plQs} nf]slk|otf kfPsf] 5 .
          3/hUuf nufotsf ;DklQsf] vl/b ljlqmdf gubsf] Jofks k|of]u x'g]u/]sf] kfOG5 . o:tf]
          sf/f]jf/df Pp6f a}+saf6 7"nf] /sd lemsL csf]{ j}+sdf t'?Gt} hDdf ug]{ ul/G5 . o;jf6
          a}+sx?n] cgfjZos emGem6 Joxf]g'{ kg]{ x'G5 eg] Ps :yfgaf6 csf]{ :yfgdf JolQmut tj/df
          gub :yfgfGt/0f ubf{ n'l6Psf 36gdf k|sfzdf cfPsf 5g\ . o; ;Gbe{df hgr]tgfd"ns
          ;"rgf tyf hfgsf/Lx? ;do ;dodf NofOg' kb{5 . ;fy} jt{dfg kl/k|]Iodf ljB'lto /sd
          :yfgfGt/0f tyf e'QmfgLof]Uo (Good for Payment) r]s cflbsf] dfWodaf6 gub
          sf/f]jf/nfO{ k|lt:yfkg ub}{ nfg'kb{5 . gubsf] cTolws rngrNtLaf6 gf]6 l56\6} e'mqf]d}nf]
          x'guO{ To;sf] cfo' 5f]6f] x'g uO{ gf]6 5kfO{ vr{ ;d]t j[l4 x'G5 . ljsl;t d'n'sx?sf]
          rngrNtLdf /x]sf gf]6x? ;kmf / ;'lsnf] b]lvg'df ;j{;fwf/0fdf gf]6sf] htg ug]{ afgL, gf]6
          ;6\6fegf{ lbg s8fO{ / Go"gtd gub sf/f]jf/ ug]{ k|j[lQnfO{ lng ;lsG5 .
   4= 2 lgIf]kstf{df r]tgfsf] sdL
          lgIf]kstf{x?df cfk\mgf] lgIf]ksf] ;'/Iffk|lt r]tgfsf] sdL /x]sf] kfOG5 . sltko ;j{;fwf/0f
          cfsif{s Jofhb/ / pkxf/sf] nf]edf cfk\mgf] lgIf]k c:j:y ljQLo ;+:yfdf /fVg] ub{5g\ .
          o;af6 ;do ;dodf lgIf]kstf{x? hf]lvddf kg]{ u/]sf] kfOG5 . oBlk lgIf]kstf{x?sf] lxt


                                      cfly{s n]vx? . 26
a}Í]Zj/ - jif{ 1 cÍ 2

          ;+/If0f ug]{ nufotsf p2]Zon] a}+s tyf ljQLo ;+:yfsf] lgodg tyf ;'kl/j]If0f ul/G5, tyflk
          cfk\mgf] jrtsf] ;'/Iff ug{ lgIf]kstf cfk}m rgfvf] x'g' h?/L x'G5 . Psftkm{ g]kfndf xfn;Dd
          lgIf]k aLdf of]hgf (Deposit Insurance Scheme) nfu" eOg;s]sf] cj:yf 5 eg]
          csf]{tkm{ sltko lgIf]k :jLsf/ ug]{ ;+:yfdf ;+:yfut ;'zf;g (Corporate Governance)
          sf] cefjsf sf/0f lgIf]kstf{sf] lgIf]ksf] ;'/If0f x'g g;Sg] cj:yf cfpg ;Sb5 . t;y{
          lgIf]kstf{n] k|ltkmnsf] cfzfdf cfk\mgf] art lhDdf nufpg' cl3 ;+:yfsf] ljQLo :jf:Y\o
          (Financial Health) sf] uxg cWoog ug]{, Ps} ;+:yfdf cTolws art g/fVg] h:tf
          kIfx?df klg Wofg lbg' cfjZos 5 .
    4= 3 hfnL -gSsnL_ gf]^sf] ;d:of
          ljut s]xL ;dob]lv vf;u/L t/fO{ / kxf8sf s]xL lhNnfx?df 7"nf b/ -?= !)), ?= %)) /
          ?= !)))_ sf gSsnL gf]6sf] k|;f/ eO/x]sf] kfOG5 . gSsnL gf]6sf] ;d:ofn] l5d]sL d'n's
          ef/t, cd]l/sf ;d]t cfqmfGt x'g] u/]sf] 5 . ef/tLo ?k}of / cd]l/sL 8n/sf sltko gf]6x?
          gSsnL k]mnf kg]{ u/]sf] kfO{G5 . s]xL ;do klxn]b]lv dfq k|rngdf cfPsf] o"/f] d'b|f ;d]t
          gSsnL cfO;s]sf] s'/f k|sfzdf cfPsf] 5 . g]kfndf b/sf gSsnL gf]6x? b]vfk/]sf] 5 .
          gSsnL gf]6sf] rngrNtLnfO{ /f]Sg g]kfn /fi6« a}+sn] ljut s]xL aif{b]lv 7"nf b/sf gf]6df
          ;'/If0f ;DjGwL ljz]iftfx? (Features) qmlds ?kdf a[l4 ub}{ nu]sf] kfOG5 . hfnLgf]6 5kfO{
          ug]{ cj}w sfo{ ljZjJofkL ?kd} ;d:ofsf] ?kdf ePsf] x'+bf o;nfO{ k"0f{ ?kd} ;dfKt ug'{
          ;Dej x'b}g . t/ gub sf/f]jf/ ug]{ JolQm tyf ;+:yf g} o;tkm{ ;r]t ePdf hfnL gf]6sf]
          sf/f]jf/nfO{ lg?T;flxt ug{ ;3fp k'Ub5 .
    4= 4 ef/tLo d'b|fsf] k|rng
          g]kfnsf] cy{tGqdf z'?b]lv g} ef/tLo d'b|fn] dxTjk"0f{ :yfg cf]u6]sf] 5 . ef/t;+usf] v'nf
          ;Ldfgf, 7"nf] kl/df0fsf] cfoft lgof{t Jofkf/, pQm d'n's;+usf] P]ltxfl;s tyf ;f+:s[lts
          ;DjGw cflb sf/0fn] ef/tLo d'b|fsf ;DjGwdf t'ngfTds ?kn] pbf/ gLlt cjnDjg ul/Psf]
          5 . ;/n kl/jTo{tf, ;xh ;+lrlt, l:y/ ljlgdob/ h:tf ljz]iftf o; d'b|fsf] xsdf sfod
          ul/Psf] 5 .
          Ohfhtk|fKt j}+s tyf ljQLo ;+:yfn] dfq ef=?= sf/f]jf/ ug{;Sg] sfg"gL Joj:yf ePsf]df
          t/fO{ tyf kxf8sf s]xL efudf / zx/L If]qdf ;d]t JolQmut n]gb]gsf qmddf cgf}krfl/s
          tj/df ef/tLo d'b|fsf] cb[io sf/f]jf/ ;dfgfGt/ ?kdf eO/x]sf] cg'dfg ;lhn} ug{ ;lsG5 .
          o:tf] sf/f]jf/af6 df}lb|s gLltsf] k|efjsfl/tf Go"g x'g;Sg] x'+bf o;tkm{ ;hu x'g'kg]{
          cfjZostf 5 . cgf}krfl/s tj/df x'g]u/]sf o:tf sf/f]jf/sf] clen]v gx'g] x'gfn] s'g} vf;
          If]qsf] ef=?= sf] dfu / cfk"lt{sf] 7Ls;+u k|If]k0f ug{ sl7gfO{ kb{5 . sltko a}+sx?n] ;'/Iff,
          :yfgfGt/0f ug]{ ;d:of tyf hfnLgf]6sf sf/0fn] ef/tLo d'b|f ;6xL ug{ cfgsfgL ug]{ u/]sf]
          kfOG5 . o;jf6 klg ;j{;fwf/0fn] cgf}krfl/s tj/df ef/tLo d'b|f sf/f]jf/ ug{ jfWo x'g]
          u/]sf] u'gf;f] ;'Ggdf cfp+5 . o;}nfO{ dWogh/df /fvL pBf]uL, Jofkf/L tyf ;j{;fwf/0fn]
          g]kfnL d'b|fdf dfq sf/f]jf/ ug]{ afgL a;fNg' kb{5 eg] a}+s tyf ljQLo ;+:yfn] ;j{;fwf/0fnfO{
          lgodsf] kl/lwleq /xL ;xh ?kdf ef=?= ;6xL ;'ljwf k|bfg ug'{kb{5 . ;du|df ef/tLo
          d'b|fsf xsdf pbf/ gLlt x'+bfx'+b} klg o;sf] sf/f]jf/nfO{ gLltut Joj:yfsf] bfo/fleq /fVg'
          cfjZos 5 .




                                      cfly{s n]vx? . 27
                                                                            a}Í]Zj/ - jif{ 1 cÍ 2


   4= 5 c;+ul&t ljQLo sf/f]jf/
         ljutsf] t'ngfdf j}+s tyf ljQLo ;+:yfsf] a[l4 pNn]vgLo ?kdf ePsf] ePtfklg clwsf+z
         u|fdL0f If]qdf c;+ul7t ?kdf ljQLo sf/f]jf/ eO/x]sf] kfOG5 . sltko u|fdL0f If]qdf a}+s
         tyf ljQLo ;+:yfsf] pkl:ylt gePsf] x'+bf Toxf+sf ;j{;fwf/0f cfh klg ufp+sf ;fx'dxfhgdf
         lge{/ x'g'k/]sf] kfOG5 . o;nfO{ a}+lsª\u If]qn] qmlds ?kdf k|lt:yfkg ug{ pko'Qm gLlt
         cjnDag ug'{kb{5 .
   4= 6 ;'/Iffsf] l:yltaf^ k/]sf] k|efj
         u|fdL0f If]qdf a}+lsu ;]jf k'¥ofpg ljleGg gLltx? th'{df ul/Psf] ePklg s]xL ;do
         cufl8;Dd ljBdfg ;'/Iff l:yltsf sf/0f sltko a}+s zfvfx? aGb x'g] / ;b/d'sfdlt/
         :yfgfGt/0f x'g] ePsf] x'+bf To:tf If]qdf k|bfg eO{/x]sf] a}+lsu ;]jf x|f;f]Gd'v x'+b} uPsf]
         kfOG5 . t;y{ u|fdL0f If]qdf a}+lsu ;]jf k'/\ofpg] sfo{ r'gf}tLk"0f{ x'+b} uPsf] 5 . o;af6 cGo
         s'/fsf cltl/Qm shf{ c;'nLdf sl7gfO{ eO{ sltko a}+s tyf ljQLo ;+:yf ;d:ofdf k/sf]
         kfOG5 . ;'/Iff l:ylts} sf/0f /sd :yfgfGt/0fsf nflu ;d:of pTkGg x'g] u/]sf] dfq geO{
         ;'/Iff vr{df klg 7"nf] a[l4 ePsf] 5 h;nfO{ nfdf] ;do;Dd b]zsf] cy{tGqn] wfGg ;Dej
         x'+b}g . o; ;Gbe{df b]zdf xfn} cfPsf] /fhg}lts kl/jt{gaf6 ;sf/fTds k|efj kg]{ ck]Iff ug{
         ;lsG5 .
5= pk;+xf/
   cGtdf cfhsf] ljJoJofkLs/0fsf] ;Gbe{df cfp+bf lbgx?df ljQLo If]qn] ce}m al9 r'gf}tLx?sf]
   ;fdgf ug{'kg]{ cj:yf cfpg] b]lvG5 . vf;u/L g]kfnn] ljZj Jofkf/ ;+u7gsf] ;b:otf k|fKt u/]kl5
   cGo If]qsf ;fy;fy} ljb]zL a}+ssf] k|j]zaf6 a}+lsª\uIf]qdf pRr:t/sf] k|lt:kwf{Tds jftfj/0f pTkGg
   x'g] b]lvG5 . o;sf nflu ljQLo If]qn] cfk"mnfO{ To;cg'?k 9fNg\ ;Ifd t'Nofpg]tkm{ ;hu x'g'kg]{
   cfjZostf 5 .




                                      cfly{s n]vx? . 28
                                                                    a}Í]Zj/ - jif{ 1 cÍ 2




           ljZjJofkLs/)fn] cy{tGqdf kfg{ ;Sg] k|efj /
                       s]Gb|Lo a}+ssf] e'ldsf
                                                                                      1
                                                                    –   lza/fh >]i&

1= k[i&e"ld
   ljZj dfglrqdf b]zsf] cfly{s ljsf; ;+u;+u} ;/sf/n] sd x:tIf]k ug]{, r/d x:tIf]k ug]{
   tyf dWod x:tIf]k ug]{ tLg k|sf/sf cy{tGqsf :j?kx? k'+hLjfb, ;dfhjfb tyf ldl>t
   cy{tGqsf] ?kdf b]vf kb}{ uof] . ;g\ 1930 sf] cfly{s dGbL kl% ;+;f/e/ ;/sf/L x:tIf]ksf]
   clgjfo{ cfjZostf dx;'; ul/of] . ;f] dGbLaf^ kf/ kfpg ;/sf/n] cy{tGqdf x:tIf]k ub}{
   cy{tGqsf] ;dli^ut dfu a(fpg] k|of; eof] . o;/L ;g\ 1930 b]lv 1980 sf] bzs;Dd
   ljZj cy{tGqdf ;/sf/L x:tIf]k a(fp+b} nuL lgolGqt lsl;dsf] cy{Aoj:yfnfO{ cjnDag ub}{
   hfg yflnof] . cy{tGqdf a(\bf] ;/sf/L x:tIf]k / lgoGq)fn] sfnfGt/df o:tf] cy{Aoj:yf
   cjnDag ug]{ /fi^«x?df o;sf gsf/fTds b'ik|efjx? b]lvg yfNof] . lghL If]q cToGt} s'l)&t
                                                             ]
   ePsf], hgtfsf] cfjZostf / rfxgf ;/sf/L ;fwg / ;|ftaf^ dfq k"lt{ x'g g;s]sf],
   ;/sf/sf] Psn k|of;af^ dfq /f]huf/Lsf cj;/x?sf] pknJwtf kof{Kt gePsf] h:tf ;fdflhs
   tyf cfly{s c;Gt'li^ b]vf kg{ yfNof] . o;sf] kl/)ffd:j?k ;g\ 1990 kl% ;f]leot o'lgogsf]
   lj#^g / k"jL{ o'/f]ksf lgolGqt cfly{s k|)ffnL cjnDag ug]{ cy{tGqx? c;kmn l;$ ePkl%
   ljZj cy{tGq v'Nnf cy{tGqsf ljz]iftfx?nfO{ cfTd;ft ub}{ cfly{s j[l$b/ tyf ;du| ljsf;sf]
   nflu /)fgLltut of]hgf ;lxtsf] ljljw k|of;x? ug{ yflnof] . ljZjdf oxL >[+vnfa$ k|of;sf]
                                     \
   Pp^f :j?k g} ljZjJofkLs/)fsf] v'*lsnf] aGg k'u]sf] % .
   ljZjJofkLs/)fsf] ?kdf ljleGg b]zx?df cfly{s pbf/Ls/)f tyf lghLs/)fsf] nx/ a(\b} uPsf]
   % . pbf/Ls/)f / ljZjJofkLs/)f Ps};fy cfPsf cfly{s ljsf;sf cleofg / kl/)ffd ePsf]n]
   pbf/Ls/)fn] ljZjJofkLs/)fnfO{ clgjfo{ cfly{s ljsf;sf] d'@f agfPsf] % . pbf/Ls/)fsf] gLlt
                                                                            ]
   cGt{ut ;/sf/L x:tIf]k sd ub}{ ahf/ cy{ k|)ffnLnfO{ a(fjf lbg] tyf a}blzs Aofkf/sf
   zt{x? sd ub}{ nfg] u/]sf] sf/)f ljZj Aofkf/ ;+u&g h:tf ;+u&gx?sf] :yfkgfn] :jtGq
   Jofkf/ cjwf/)ffsf] ljsf; eO{ ljZjJofkLs/)fsf] k|efj a(\b} uO{/x]sf] % . ljZjJofkLs/)f
   v'nf ahf/ / ahf/ cy{tGqdf cfwfl/t ljsf;;+u ;DalGwt cfly{s k|ls|of ePsf]n] o;sf]
   cEof; / k|of]uaf^ lghLs/)fnfO{ ;d]t k|f]T;fxg ldn]sf] b]lvG% . g]kfnsf] kl/k|]Iodf ;g\
   1980 sf] bzssf] k|f/Dedf ljZjJofkLs/)fsf] nx/ :j?k cfly{s pbf/Ls/)f / lghLs/)f
   k|ls|of k|f/De eO{ ;g\ 1990 sf] bzsdf o;n] ult lnPsf] b]lvG% .

2= ljZjJofkLs/)f eg]sf] s] xf] >
   cfly{s ;'wf/sf] s'/f ubf{ ljZjJofkLs/)f zAbsf] k|of]u lgs} x'g] u/]sf] kfOG% . ;fdfGo
   cy{df, ljZjJofkLs/)f eGgfn] ljZjJofkL ;f]rsf] cfwf/df Joj;flos OsfO{x? ;~rfng ug'{
   xf] . ljZjJofkLs/)f To:tf] k|s[of xf], h;af^ d'n'sn] k/Dk/fut k|s[ltsf afwfx? x^fO{ cGo
   d'n'sx?nfO{ ;d]t cy{tGqdf ;xefuL x'g ;Dk")F{ ljQLo tyf cf}Bf]lus ahf/ v'nf u/]sf] x'G%


  d'Vo Joj:yfks, g]kfn /fi^« a}+s, lj/f^gu/ .




                                     cfly{s n]vx? . 29
a}Í]Zj/ - jif{ 1 cÍ 2

    / o;df k"¤hL k|jfx x'g] l:yltnfO{ ;d]t l:jsf/ ul/Psf] x'G% . ljsf;f]Gd'v d'n'sx?sf]
    b[li^sf])fdf d'n'ssf hgtfx?sf] dfu k'/f ug{ cGt/f{li^«o Pj+ ax'/fli^«o sDkgLx?nfO{ cfdGq)f
    ug]{ / k|lt:kwf{Tds Pj+ lje]bo'Qm j:t'x?sf] pTkfbg u/L gof+ cGt/f{li^«o ahf/df cfk\mgf]
    pTkfbgsf] kx'+r clea[l$ ug]{ k|s[of jf kxn g} ljZjJofkLs/)f xf] . ljZjJofkLs/)f cGtu{t
    sfg"gL Pj+ k|lqmofut afwf Pj+ c*rg x^fO{ k|ToIf j}b]lzs nufgL k|j${g ug]{ p@]Zon]
    cy{tGqsf ljleGg If]qx?df ljb]zL nufgLstf{ jf sDkgLx?n] nufgL ug{ ;Sg] ;xh jftfj/)f
    lgdf{)f ug{sf ;fy} :jb]zL sDkgLx?n] :jb]zL jf ljb]zL ahf/df ;+o'Qm ;xeflutf jf ;+o'Qm
    nufgLsf] dfWodaf^ ahf/ lj:tf/ ug{ ;Sg] cj:yf l;h{gf ul/G% .
    ljZj a}+ssf] k|ltj]bg cg';f/ ljZjJofkLs/)f eg]sf] ljZjsf b]zx?sf] cgj/t Plss/)f xf] .
    cGt/f{li^«o d'b|f sf]ifsf cg';f/ a(\bf] cGt/f{li^«o Jofkf/ tyf ljQLo k|jfxn] s'g}klg b]zsf]
    /fli^«o cy{tGqdf a(fPsf] cGt/lge{/tf tyf ;+hfnnfO{ ljZjJofkLs/)f elgG% . ltj|ultdf k|;f/
    e}/x]sf] ;"rgf tyf !fgsf] k|jfxn] ubf{ ljZjJofkLs/)f cleofgnfO{ cem ;zQm agfPsf] % .
    ljZjJofkLs/)fn] ubf{ ;di^Lut cfly{s kl/;"rsx?sf] cGt{lge{/tf a(\b} uPsf] % . cfly{s
    ;'wf/sf tLg kIfsf] ?kdf ljZjJofkLs/)f, cfly{s pbf/Ls/)f / lghLs/)fnfO{ lng] ul/G% .
    cfly{s ;'wf/sf oL zAbfjnLx?n] lgb]{lzt cy{tGq / aGb cy{tGqdf s'g} klg d'n'ssf] cfly{s
    ;d'GgtL x'g ;Q}mg eGg] l;$fGtsf] jsfnt ug{df ;/sf/ cfk}m ;s[o geP/ pTk|]/s, ;xof]uL,
    ;xhstf{, lgods / kyk|bz{ssf] e"ldsf lgjf{x ug'{kb{% eGg] l;$fGtn] ljZjJofkL?kdf :yfg
    kfPsf] % .
    ;"rgf, ;~rf/ / ljsf;sf cfofdx?df ePsf] kl/jt{g / ljsf;n] ljZjsf] Ps JolQm jf
    ;+:yfsf] csf]{ b]zsf] JolQm jf ;+:yfaLr a(\bf] ;DaGw tyf lge{/tfsf] sf/)fn] g}
    ljZjJofkLs/)fsf] cleofg km:^fPsf] xf] . o;af^ d'n'sx?aLr k|ToIf j}b]lzs nufgLsf] k|jfx
    klg eO{/xG% . ctM ljZjJofkLs/)fn] ;du| ljZjnfO{ cfly{s, ;fdflhs Pj+ Jofkfl/s
    sf/f]jf/sf] lx;fjn] Plss/)f ug{ vf]h]sf] kfOG% . ljZjJofkLs/)fn] cft°jfbnfO{ lgd"{n u/L
    zfGtL :yfkgf ug]{ nufot uDeL/ k|s[ltsf jftfj/)fLo r'gf}tLx?nfO{ klg ;dfwfg ug{ ;xof]u
    k'¥ofp+b% . xfjfkfgL kl/jt{g, h}ljs ljljwtf Iflt, k|b"if)f / cf]hg tx #^\g] h:tf ;femf
    ljZjnfO{ c;/ kfg]{ uDeL/ jftfj/)fLo ;d:ofx?sf] ;dfwfgfy{ ljZjJofkLs/)fsf] ;f]r cg'?k
    s]xL dxTjk")f{ cGt/f{li^«o sfo{qmd tyf ;Demf}tfx? klg ;DkGg ePsf %g\ .

3= ljZjJofkLs/)fsf ljz]iftfx?
    ;"rgf tyf ;~rf/ If]qdf ePsf] ljsf; / lj:tf/n] ljZj cToGt} ;f+#'l/+b} uO/x]sf]n]
    ljZjJofkLs/)fn] j:t', ;]jf tyf k"¤hLnfO{ cGt/f{li^«o ?kdf PsLs/)f ub{% . cfly{s pbf/Ls/)f
    k|lqmofsf] ltj|tf ;+u;+u} ljZjJofkL ;+:yfx?sf] ;~hfn pNn]vlgo ?kdf lj:tf/ ePsf] % .
    ljZjJofkLs/)f cfkm}df cj;/ / r'gf}tL b'a} ePsf] % . ljZjJofkLs/)f ;Ldfgf lagfsf]
    ;+;f/sf] ?kdf /x]sf] kl/k|]Iodf o"/f]lkog o"lgogsf] cfly{s gLlt ;ldltn] b]xfosf rf/ kIfx?n]
    ubf{ ljZjJofkLs/)fsf] cleofg ltj| ?kdf ljsf; e}/x]sf] tYo k|sfzdf NofPsf] % .
        ax'kIfLo Jofkf/ pbf/Ls/)f,
        ljsf;lzn /fi^«x?df cfly{s ;'wf/ cleofgn] kfPsf] ;kmntf,
        ;"rgf, k|ljlw tyf oftfoftsf] If]qdf ePsf] k|ljlwut ljsf;, /
        k|ljlwut ljsf;n] cGt/f{li^«o Jofkf/df NofPsf] kf/blz{tf .
    pk/f]Qm sf/)fx?n] ljZjJofkLs/)fsf] ;+/rgfdf ;'wf/ NofPsf]      b]lvPtfklg   ;xz|flAbo   o'udf
    ljZjJofkLs/)fsf] ljz]iftf b]xfo adf]hd /x]sf] kfpg ;lsG% .




                                    cfly{s n]vx? . 30
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

       ljZjJofkL ahf/sf] ;f]r :jtGq tyf k|lt:kwf{Tds ahf/sf] cjwf/)ff cg'?k cufl*
       a(]sf] .
       Joj;flos lqmofsnfkx? ljZjJofkL l;$fGtaf^ lgb]{lzt ePsf] .
       ljZjJofkL k|ljlwsf] k|of]udf hf]* lbPsf] .
       ljZjJofkL u')f:t/ cg'?k j:t' tyf pTkfbgsf k|lqmof / tl/sfx?sf] %gf}^ Pj+ k|of]u
       ePsf] .
                                                                      '
       ljZjJofkL b[li^sf])f ;lxt Jofkfl/s OsfO{x? :jtGq?kn] ;a} d'nsx?df ;~rflnt x'g]
       cj:yf cfPsf] .
       pTkfbg ;DaGwL ;fdfGo l;$fGt pk/ ljZjJofkL ?kdf :jLsf/ ePsf] .
       ljZj ahf/nfO{ Pp^} OsfO{sf] ?kdf lnOPsf] .
       ljZjJofkL?kdf k"¤hL ahf/ nufot ;Dk")f{ ljQLo ahf/df k|efj kf/]sf] .
       ljZjJofkL?kdf ;dli^ut cfly{s kl/;"rsx?df k|efj kf/]sf] .
       ljZjJofkL?kdf ;'zf;gsf] dxTjnfO{ l:jsf/ ul/Psf] .
       dfgjflwsf/ / k|hftGqnfO{ ;kmn cy{Joj:yfsf] Bf]tssf] ?kdf lnOPsf] .

4= ljZjJofkLs/)f / g]kfn
   g]kfndf ;g\ 1980 sf] bzssf] dWolt/ pTkGg zf]wgfGt/ ;+s^af^ cy{tGqnfO{ d'Qm ug]{
   qmddf g]kfnn] cfly{s pbf/Ls/)fsf] gLlt cjnDag u¥of] . cTolws ah]^ #f^fsf] sf/)f
   l;lh{t ;d:of ;dfwfg ug{ d'b|fsf] cfk"lt{df j[l$ ubf{ d'b|fl:kmlt / cfoft a(\gfn] emg a(]sf]
   e'QmfgL ;Gt'ngsf] ;d:of ;dfwfg ug{ cTolws j}b]lzs C)f / cGt/f{li^«o d'b|f sf]ifsf]
   ;+/rgfTds ;dfof]hg ;'ljwf sfo{qmd cGtu{tsf] ;xfotf lnPkl% ahf/df /x]sf] cTolws
                                                                   ]
   t/ntfnfO{ lvr]/ cfoftnfO{ xtf]T;flxt / lgof{tnfO{ k|fT;fxg ug{ g]kfndf cfly{s
                                                                     ]
   pbf/Ls/)fnfO{ a(fjf lbPsf] kfOG% . o; sfo{qmdn] g]kfnsf] j}blzs Jofkf/df ;Gt'ng Nofpg]
   sfo{ u/]sf] % . o;}u/L cfly{s ;'wf/nfO{ ult lbg ;+/rgfTds ;dfof]hg sfo{qmd / ;g\
   1992 df ;'wfl/Psf] ;+/rgfTds ;dfof]hg ;'ljwf sfo{qmddf ;xefuL ePkl% ;fj{hlgs
   ;+:yfgx?sf] lghLs/)f / k'g/;+/rgf, lghL If]qnfO{ nufgL ug{ / k|ltkmn k|fKt ug{ :jtGqtf,
   ;/sf/L cg'bfgdf s^f}tL, d"No lgoGq)fnfO{ v's'nf] kfg]{ k$ltaf^ cfly{s pbf/Ls/)fnfO{ qmdzM
   a(fjf lb+b} u/]sf] / xfn pbf/Ls/)f gLlt;+u} ul/aL lgjf/)f tyf cfly{s a[l$sf nflu
   ;x'lnotk")f{ C)f ;'ljwf, ljQLo If]q ;'wf/ sfo{qmd, s/ k|zf;g / s/ k|)ffnLdf ;'wf/,
   lghLs/)fnfO{ tLj|tf lbg], ;fj{hlgs If]q cGtu{t /Iff / k|lt/Iff h:tf ;+j]bgzLn If]q afx]s
   cGo ;a} If]q lghL If]qsf nflu v'nf ug]{ of]hgf / /)fgLlt;+u} ljQLo If]qsf] pbf/Ls/)f
   cGtu{t jfl)fHo a}+s, ljsf; a}+s, ljQ sDkgL, jLdf sDkgL vf]Ng :jtGqtf, ahf/d'vL Aofhb/
   lgwf{/)f, nlrnf] df}lb|s gLltsf] th'{df, Po/nfOG;, ;~rf/ ldl*ofsf] ljsf; tyf k"¤hL ahf/df
   ;'wf/ eof] . afx\o If]q pbf/Ls/)f cGtu{t cfoftdf kl/df)ffTds aGb]hsf] s^f}tL, lgof{t
      ]
   k|fT;flxt ug{ 2048 ;fnb]lv rfn' vftf k")f{ kl/jTo{tf, eG;f/ / cfGtl/s s/ k|)ffnLdf
   ;'wf/, ljlgdo b/ k|)ffnLdf ;'wf/, kl/jTo{ ljb]zL d'b|fdf vftf ;~rfng / C)f k|jfx, gof+
                                         {
   cf}Bf]lus / Jofkfl/s gLltsf] th'df tyf sfof{Gjog ePsf] % . o;af^ g]kfnn] klg
   ljZjJofkLs/)f cleofgdf ;l/s x'g pT;'stf /fv]sf] b]lvG% .
   ;fy}, pTkfbgzLn If]qdf ;'wf/ ug]{ p@]Zon] lzIff, :jf:Yo tyf s[lifdf ;xh ?kn] lghL If]qsf]
   k|j]znfO{ v'nf Pj+ ;fj{hlgs If]qsf] k"jf{wf/ ljsf;df lghL If]qsf] k|j]z, v'nf cfsfz gLlt
   Pj+ ;du| s/ k|)ffnLdf ;'wf/sf k|of;x? u/]/ cfly{s pbf/Ls/)fsf] cleofgnfO{ k'/f ug]{ k|of;
   ul/Psf] % . ;+/rgfTds ;dfof]hg ;'ljwf sfo{qmd / cf&f}+ of]hgfsf] sfof{Gjogsf] qmddf
                                                                                    |
   cfly{s pbf/Ls/)f / ljZjJofkLs/)f k|lqmofnfO{ cufl* a(fO{of] . Jofkf/, ljb]zL d'bf / k"¤hL

                                   cfly{s n]vx? . 31
a}Í]Zj/ - jif{ 1 cÍ 2

    vftf ;DaGwL ;'wf/sf sfo{qmdx? klg cufl* a(fOof] . ul/aL lgjf/)f tyf cfly{s a[l$sf
    nflu ;x'lnotk")f{ C)f k|fKt ug{ / ljZj Jofkf/ ;+u&gsf] ;b:otf lng] qmddf klg g]kfnL
    cy{tGqnfO{ yk pbf/Ls/)f tyf ljZjJofkLs/)f ul/of] .

5= ljZjJofkLs/)f / g]kfn /fi^® a}+s
                            ]
    ;xz|flAbo o'usf] kl/k|Iodf ljZjJofkLs/)f / o;n] cy{Joj:yfdf kf/]sf] k|efjnfO{ j]Un}
    lsl;dn] x]g'{kg]{ cj:yf cfPsf] % . s]Gb|Lo a}lsésf] kl/k|]Iodf ljZjJofkLs/)fn] s]Gb|Lo a}+ssf]
    p@]Zo xfl;n ug{, cy{tGqnfO{ lgb]{z ug{ / ljleGg df}lb|s pks/)fx?sf] k|of]u ug{df s], slt
    ;xof]u k'¥ofPsf] % eGg] tkm{ Wofg lbg'kg]{ a]nf cfPsf] % . t;y{, ljZjJofkLs/)fn] s]Gb|Lo
    a}+ssf] lqmofsnfk tyf df}lb|s gLltdf s] s:tf] k|efj kfb{% eGg] ljifodf g]kfn /fi^« a}+sn]
    b]xfo jdf]lhd cWoog ug'{ ckl/xfo{ ePsf] % .
                                                                               ]
        ljZjJofkLs/)fsf] l;$fGt cg'?k b]zsf] cfly{s k|lqmof tyf ls|ofsnfkx? j}blzs ;+hfntkm{
        lgb]{lzt ubf{ ljZj Jofkf/ rqm tyf ljZj ahf/df k|rlnt d"No :t/n] /fli^«o cy{tGqsf]
        jfx|o jftfj/)fdf k|efj kfb{% . t;y{, ;fgf] tyf sl/ag v'nf ahf/ cy{tGq ePsf] b]zsf]
        s]Gb|Lo a}+sn] jfx|o jftfj/)fsf] ljsf; tyf lj:tf/nfO{ gh/ cGbfh u/L cfGtl/s
        cy{tGqdf dfq Wofg s]lGb|t u¥of] eg] Tof] b]zsf] cy{tGq c;kmn x'g] ;+efjgf a(L
        x'G% .
        ljZjJofkLs/)fn] /fli^«o cy{tGqdf Hofnfb/ tyf d"No lgwf{/)f k|lqmofdf kl/jt{g Nofp+b%
        h;n] ubf{ /fli^«o d'b|fl:kmtLdf k|efj kfb{% . ljZjJofkL pTkfbgsf] sf/)f xfl;n ePsf]
        Go"g pTkfbg nfutn] ubf{ gfkmf b/ tyf Hofnfb/df a[l$ Nofpg] ePsf]n] o;af^
        d'b|fl:kmtLdf pNn]vlgo ?kdf k|efj kfg{ ;Sg] cj:yf /xG% .
        a(\bf] ljZjJofkLs/)fsf] sf/)f cGt/f{li^«o ?kdf >dzlQmsf] a(bf] :yfgfGt/)f jf
        ljb]zudgn] :yfgLo >d ahf/df k|efj kfg{ ;Sb% . h'g b]zdf >dzlQmsf] cfk|jfx
        a(\b%, Tof] b]zsf] >d ahf/df Hofnfb/ #^\b% eg] h'g b]zaf^ >d zlQm aflxl/G% Tof]
        b]zsf] Hofnfb/ a(\b% .
        ljZjJofkLs/)fn] ljQLo ahf/sf] lqmofsnfkx?df ;d]t pNn]vlgo ?kdf k|efj kfb{% .
        o;n] ahf/df clglZrttf Nofp+b% eg] s]Gb|Lo a}+ssf] lg)f{o k|lqmof nufot ;dli^ut
        cfly{s kl/;"rsx?df ;d]t k|efj kfb{% .
        ljZjJofkLs/)fn] s]Gb|Lo a}+ssf] cjwf/)ffdf ;d]t k|efj kf/L df}lb|s gLltsf] th'{df tyf
        sfof{Gjogdf ;d]t c;/ kfb{% .
        cfly{s !fg tyf ljZn]if)f ljlwx?sf] ltj| ?kdf x'g] :yfgfGt/)fn] ubf{ s]Gb|Lo a}+ssf]
        cy{lj!x?sf] cfly{s ljZn]if)f ljlwdf ;d]t k/Ljt{g ug'{kg]{ u/L df}lb|s gLlt lgdf{)f
        ;DjGwL lg)f{ox?df k|efj kfg{ ;Sb% .
        ljZjJofkLs/)fn] ubf{ k"¤hL ahf/ nufot ;Dk")f{ ;DkQL ahf/df ;§fjfhLaf^ pTkGg x'g]
        hf]lvddf a[l$ Nofp+b% . h;n] ubf{ cGttf]uTjf cGt/f{li^«o Jofkf/df c;Gt'ng Nofpg
        ;Sb% .
    t;y{, g]kfn /fi^« a}+sn] ljZj cy{tGqdf ePsf ljsf;sf ;Defljt kl/b[Zox?sf] cWoog tyf
    d"Nof°g ub}{ ljZjJofkL c;Gt'ngdf pko'Qm ;dfof]hg ub}{ hfg ;s]df /fli^«o cy{tGqdf
    pNn]vlgo ?kdf cg's'n k|efj kfg{ df}lb|s gLlt ;kmn x'g ;Sg] b]lvG% . ;fy}, g]kfn /fi^«
                                                                                    |
    a}+sn] ljZj ljQLo ahf/sf] ;'Id ?kdf cg'udg ul//x]df cfk"m;+u /x]sf] ljb]zL d'bfnfO{
    pko'Qm tj/n] nufgL u/L ;f]af^ x'g] d'gfkmfdf ;d]t clea[l$ Nofpg ;Sb% .




                                      cfly{s n]vx? . 32
                                                                             a}Í]Zj/ - jif{ 1 cÍ 2

   ljZjJofkLs/)fsf] sf/)f a(]sf] cGt/f{li^«o k|lt:kwf{sf] sf/)f >d ahf/df >d zlQmsf] jflx/L
   k|jfx / leqL k|jfxsf] e"ldsfdf ;d]t clej[l$ e} ljb]zdf j:t' tyf ;]jfx?sf] pTkfbg tyf
   ljt/)fdf ;d]t cTolws k|efj kf/]sf] b]lvG% . o; ;Gbe{df :jb]zL dfun] dxTjk")f{ e"ldsf
   v]Ng] ePsf]n] pTkfbg tyf pkef]u aLrdf cGt/ l;h{gf x'g glbg ;j} ;/f]sf/ kIf ;d]t
   ;r]t x'g'kg]{ b]lvG% . b]zdf ljk|]if)f lelqPsf] % eGb}df ('Ss x'g] l:ylt /x]sf] %}g . o;n]
   l;h{gf u/]sf] / eljiodf l;h{gf ug{;Sg] ;fdflhs lj;+utLx?sf] lg/fs/)f ug{ /fli^«o gLltsf]
   th'{df ug'{kg]{ cfjZostf /x]sf] b]lvG% .
   ljleGg b]zx?aLr Joj;flos, Jofkfl/s tyf ljQLo ;DjGwx?sf]             dxTj lbgk/lbg a(\b} uPsf]
   % . cGt/f{li^«o :t/df ePsf] k]^«f]lnod kbfy{df ePsf] d"No a[l$      / To;af^ a[l$ ePsf] lhjg
   lgjf{x nfutn] ubf{ ^«]* o"lgogx? Hofnfb/ a(fpg' kg]{ dfu            /fVg] ePsf]n] s]Gb|Lo a}+sn]
   d'b|fl:kmlt a(\g glbg pko'Qm lsl;dn] Jofhb/df ;dfof]hg ug'{kg]{     x'G% .
   ef/t tyf rLg h:tf Go"g nfut ePsf] cy{tGqsf] lj:tf/ tyf ljsf;n] ubf{ ljQLo If]qdf
   cGt/f{li^«o k|efj a(b} uPsf] %, h;af^ k|bQ ljQLo ;]jfx?sf] lgolGqt lgodg eGbf v'nf,
   kf/bzL{, k|lt:kwL{ tyf ljZjJofkL k|)ffnL / cGt/f{li^«o dfkb)* cg';f/ ;+rfng x'g'kg]{
   cfjZostf b]lvPsf] % . ljQLo If]qdf b]vfk/]sf] ljZjJofkLs/)fsf] k|efjn] cGt/f{li^«o k"¤hL
   cfk|jfxdf ;d]t xnrn cfO{/x]sf] % . o;n] ubf{ s]Gb|Lo a}+sn] cy{tGqdf k|efj kfg]{ tl/sf
   tyf dfkb)*x?df ;d]t qmdzM ;'wf/ ub}{ hfg'kg]{ b]lvPsf] % . ljQLo ahf/df ePsf] a(\bf]
   cGt/f{li^«os/)fn] ubf{ ;'zf;gsf] dxTj klg a(\b} uPsf] % . pko'Qm tyf ;kmn k|dfl)ft
   ePsf] !fg, lzk, k|ljlw tyf ljQLo kWblt jf ;+hfnsf] km}nfj^ klg a(\b} uPsf] % . t;y{,
                                                +
   ljZjJofkLs/)fsf] k|lqmof tyf k|efj s]Gb|Lo a}ssf] ;';+rfngdf ;d]t ulDe/ r'gf}tL l;h{gf ug{
   ;kmn aGg k'u]sf] b]lvG% . ;fy}, cGt/f{li^«o k"¤hL ahf/sf] k|efj /fli^«o k"¤hL ahf/df ;d]t
   kg{ yfn]sf] % . a}+s tyf ljQLo k|)ffnLsf] hf]lvd Joj:yfkg lbg k|ltlbg r'gf}ltk")f{ aGb}
   uPsf] % . t;y{ df}lb|s Joj:yfkgdf g]kfn /fi^« a}+sn] ljleGg a}slNks pkfo tyf
   pks/)fx?sf] ;d]t vf]hL ug'{ kg]{ cj:yf cfPsf] % .
   t;y{, g]kfndf ljZjJofkLs/)fsf] sf/)f l;h{gf x'g] k|lts"n k|efjnfO{ Go"g jgfp¤b} cy{tGqnfO{
   ;kmn kfg{ g]kfn /fi^« a}+sn] b]xfo jdf]lhdsf cj:yfx? cWoog u/]/ pko"Qm /)fgLlt agfO{
   df}lb|s gLltsf] th'{df tyf sfof{Gjog ug'{kg]{ cj:yf cfPsf] % .
       ;DkQL ahf/df b]vfkg{] ptf/ r(fjnfO{ dgg\ ub}{ ;doa$ ljZn]if)f ub}{ hfg'kb{% .
       ;DkQL ahf/df b]vfkg]{ ;§fjfhLsf]    ;+efjgfnfO{   Go"g   kfg{   s]Gb|Lo   a}+sn]   clnslt   s*f
       df}lb|s gLlt th'{df ug'{kb{% .
                                                                             {
       eljiosf] cy{tGqsf] cj:yfnfO{ k|If]k)f u/L pko'Qm cfly{s /)fgLltsf] th'df tyf sfof{Gjog
       ug'{kb{% .

6= ljZjJofkLs/)fsf] ;Gbe{df g]kfnn] cjnDjg u/]sf] gLltut k|of;x?
   ;g\ 1980 sf] bzsdf g]kfndf a(\bf] ;fwf/)f vr{ / k|zf;lgs l(nf;':tLsf] cGTo ug]{ sfo{
   Pj+ cfly{s If]qdf b]vfk/]sf ;+s^sf] lgjf/)fsf] nflu ;/sf/L vr{sf] pko'Qm Joj:yfkg ug{
                             {                         +                |
   cgfjZos vr{ s^f}tL ug'kg]{ afWotf /x]sf]n] ljZj a}s / cGt/f{li^«o d'bf sf]ifsf] ;xof]udf
   ;~rflnt ;+/rgfTds ;dfof]hgf sfo{qmdn] b]xfosf pkfox? ckgfPsf] lyof] .
       ahf/åf/f g} d"No lgoGq)f ug]{ Joj:yf ldnfpg] .
       cy{tGqdf lghL If]qsf] ;xeflutf / e"ldsf clej[l$ ub}{ hfg] .



                                    cfly{s n]vx? . 33
a}Í]Zj/ - jif{ 1 cÍ 2

        ;/sf/L ;fwgx?sf] plrt ljt/)f ug]{ / ;/sf/L e"ldsf s]jn ljsf; sfo{df dfq} ;Lldt
        ug]{ .
        ;/sf/L ;+:yfgx?sf] k'g/;+/rgf u/L ;/sf/sf] gof+ e"ldsfsf] lgwf{/)f ug]{ .
     g]kfnL cy{tGqnfO{ ljZj cy{tGq;+u cfj$ ug{ cGt/f{li^«o Jofkf/, ljb]zL ljlgdo / k"¤hLvftf
     ;DaGwL ;'wf/ ul/Psf]n] ljZjJofkLs/)faf^ g]kfnnfO{ b]xfo adf]lhd cj;/ k|bfg ePsf] % .
        cGt/f{li^«o ahf/   v'nf   ePsf]    x'gfn]   cfly{s   nrstf   /   j[l$df   ;xof]u   k'Ug   uO{   k"¤hL
        cfk|jfx x'g] .
        ljb]zL k|ljlw lelqO{ pTkfbsTjdf j[l$ Nofpg] .
        :jtGq ahf/ cy{tGqsf] ljsf; / lj:tf/n] k|lt:kwf{df clej[l$ Nofpg] .
        a}+s tyf ljQLo ;+:yfx?n] k|bfg ug]{ ;]jfsf] k|efjsfl/tf a(\g] .
        a]/f]huf/Lsf] cj:yfdf sdL cfpg] .
        Jofkf/of]Uo j:t'x?sf] ahf/ lj:tf/ x'g] .
        ljZj cy{tGq;+usf] ;fldKotfn] ubf{ g]kfnsf] cGt/f{li^«o e"ldsfdf j[l$ x'g] .
         b]zsf] ;du| cfly{s ljsf; x'g] .
7=   ljZjJofkLs/)fsf s]xL gsf/fTds kIfx?
     ljZjJofkLs/)fn] nf]stGq, v'Nnf ;dfh, :j:Yo / kf/bzL{ ahf/, k|lt:kwf{, cfly{s tyf
     ;fdflhs k"jf{wf/x?sf] ljsf;, ;'zf;g / e|i^frf/ lgoGq)f dfk{mt ul/aL lgjf/)f u/L cfly{s
     ljsf; ug]{ ePtfklg o;sf klg s]xL sdhf]/L tyf r'gf}tLx? /x]sf%g\, h'g b]xfo adf]lhd
     /x]sf] % .
         ;dofg's"n kl/jt{g / k|lt:kwf{ ;fdgf ug{ g;Sbf k|lts"n c;/x? kg]{, h;af^ cy{tGqdf
         afx\o wSsfsf] cg'ej x'g ;Sg] .
        cy{tGqdf d'b|fl:kmltsf/L bjfa a(\g] / ul/a hgtfsf] hLjg emg\ si^s/ x'g] .
        ljsf;f]Gd'v cy{tGqsf nflu ljQLo ahf/df cl:y/tf a(\g] .
        wgL b]zx?sf] ;fgf] ;d"xn] ljsf;f]Gd'v /fi^«x?sf] j:t' tyf ;]jfx?sf] cGt/f{li^«o k|jfxsf]
        &"nf] c+zdf sAhf ug{ ;Sg] .
        ljZjJofkL sf/vfgf / ax'/fli^«o ;+u&gx?sf] k|efjdf a[l$ x'g], h;n] ubf{ :jb]zL
        pBf]ux?nfO{ c;/ kg{ ;Sg] .
                                                                    ]
        ljsf;f]Gd'v /fi^«sf j:t' tyf ;]jfnfO{ cGt/f{li^«o ahf/df k|jz kfpg sl&g x'g] .
        cGt/f{li^«o k"¤hL k|jfxdf JolQmut OR%f / rfxgfsf] k|efj kg]{ .
        :jtGq k"¤hL k|jfxsf] sf/)fn] k"¤hL lelqg] eGbf aflxl/g] ;Defjgf a(L x'g] . cyf{t\ k"¤hL
        knfog x'g] ;Defjgf /xg] .
        cGt/f{li^«o >d ahf/sf] ljsf;n] ubf{ o'jf zlQmsf] j}b]lzs knfogaf^ b]zdf ljk|]if)f
        lelqP klg ;fdflhs lj;+ult tyf ck/flws ultljlwsf] ;[hgf x'g] .

     pk/f]Qm r'gf}tLx?sf] jfjh'b klg g]kfndf ;lx ;"rgfsf] cefj / P]g, lgodsf] k|efjsf/L
     sfof{Gjog x'g g;Sbf ahf/n] h'g (éaf^ sfd ug'{ kb{Yof] ;f] ug{ ;s]g . /fi^«df JofKt
     e|i^frf/ / s'zf;gn] ;/sf/sf] /fh:jdf ljrng dfq xf]Og lghL If]qsf] ;fwgsf] af*kmf+*
                                                 ]
     klg ;xL (éaf^ x'g lbPg . ljut s]xL aif{blv ljBdfg /fhg}lts cl:y/tfn] ubf{ lghL If]qn]
     cfly{s lqmofsnfk a(fpg g;s]sf] tyf ljBdfg ul/aL / a]/f]huf/Ln] ubf{ k"¤hLsf] lgdf{)f x'g
     g;s]sf] kl/k|]Iodf g]kfndf ljZjJofkLs/)fsf] ;kmntfdf ;+b]x ug'{kg]{ a]nf cfPsf] % .




                                          cfly{s n]vx? . 34
                                                                         a}Í]Zj/ - jif{ 1 cÍ 2


7= cGttM
                       {
   g]kfndf klg cGt/f{li^«o Jofkf/sf] a(fjfsf] nflu pko'Qm sfo{qmdx?nfO{ k|fyldstfsf;fy cl#
   a(fO{/flvPsf] % . pbf/Ls/)fdf kfOnf rfNg' cl# pTkfbg lj:tf/, lgof{t k|j${g tyf cfoft
   k|lt:yfkg ug]{ vfnsf gLltx? cjnDag ul/Psf lyP . ;g\ 1980 sf] bzsdf g]kfnn]
   pbf/Ls/)fdf k|j]z u/] kZrft lghL If]qsf] e"ldsfdf hf]* lbg], ;/sf/sf] e"ldsf ;xhstf{sf]
   ?kdf a(fp+b} hfg], Aofkf/ ;/nLs/)f ug]{, t'ngfTds jf k|lt:kwf{Tds nfe ePsf j:t'x?sf]
                                                   {
   u')ffTds tyf kl/df)ffTds pTkfbg lj:tf/ ug], Jofkf/ ljljlws/)f ug]{, clws pTkfbgsf]
   kmfObf xfl;n ug]{, ljlgdo k|)ffnLnfO{ ;/nLs[t ub}{ hfg] h:tf s'/fdf hf]* lbP/ g]kfnsf]
   cGt/f{li^«o Jofkf/nfO{ a(fjf lbPsf] kfO{G% . g]kfnn] ljZj Jofkf/ ;+u&gsf] ;b:otf lnPkl%
   ;g\ 2010 b]lv g]kfndf ljb]zL a}+ssf zfvfx? v'Ng] cj:yf cfPsf] % . o;af^ g]kfnsf]
   ljQLo ahf/df xnrn cfpg] lglZrt % . ljz]if u/L a}+s tyf ljQLo If]qsf pkef]Qmfn] ;]jf
   %gf}^sf] ;'ljwfaf^ u')f:tl/o ;]jf k|fKt ug{ ;Sb%g\ eg] :jb]zL a}+sx?sf] nflu k|lt:kwf{,
   r'gf}tL tyf ;]jf ljljwtfsf] cj;/ k|fKt x'g ;Sb% . t;y{, g]kfnL a}+sx?n] clxn]b]lvg}
   cfk"mnfO{ ef}lts, dfgljo tyf k|)ffnLut ?kn] ;Ifd agfp¤b} nfg'kg]{ b]lvPsf] % . o;sf] nflu
   :jb]zL a}+s tyf ljQLo ;+:yfx?n] clxn]b]lvg} lgis[o shf{sf] dfqf #^fpg, ;~rfng
   vr{/nfutdf s^f}tL ug]{, Aofhsf] :k|]*b/ Go"g ug]{, sd{rf/Lsf] pTkfbsTj a(fpg], ;~rfns
                  [                     {                               {
   ;ldltsf] g]tTj Ifdtfsf] ljsf; ug], Joj;flos lzksf] ljsf; ug], ahf/ cg';Gwfg u/L
   cfk"mn] k|bfg ug]{ ;]jfdf ljljwtf Nofpg], ;Dk")f{ lqmofsnfkx?df ;'zf;g sfod ug]{ /
   ljBdfg lgodg tyf k|rlnt sfg"gsf] k")f{?kdf kfngf ug]{ afgL a;fNg' kb{% . ;g\ 2010
                                                                                   +
   kl% ljQLo k|)ffnLdf ;[hgf x'g ;Sg] ptf/ r(fjnfO{ x[boéd u/L g]kfn /fi^« a}sn] ;DkQL
   Joj:yfkg sDkgLsf] :yfkgf, q]ml*^ /]l^é Ph]G;Lsf] :yfkgf, ufleg] / %'l§g] ;DaGwL sfg"gsf]
   th'{df, ^f^ klN^Psf] tyf bfdf;fxL ;DaGwL sfg"gsf] th'{df, pko'Qm / Jojxfl/s sfnf];"rL
                                          {
   ;DaGwL lgodg Joj:yfsf] th'{df ug'kg]{ b]lvG% . To;}n] g]kfn /fi^« a}+sn] ;]jf If]q
   pbf/Ls/)f ubf{ To;n] /fi^«sf] zf]wgfGt/ l:ylt, ljb]zL ljlgdo ;+lrlt, k"¤hL k|jfx, d'b|fl:kmlt,
   k"¤hL ahf/, d'b|f ahf/ nufot ;d:t ljQLo ahf/df s], s;/L k|efj kfg{ ;Sb% ? eGg]
   tYosf] klg cWoog ug'{ kb{% . ljZjJofkLs/)fsf] kl/k|]Iodf s]Gb|Lo a}+sn] ug]{ oL sfo{x?
   cleefjlso / gLltut lhDd]jf/Lsf s'/f x'g\ . o;sf] cfk\mg} e"ldsf / ;Ldf /x]sf] tYonfO{
   dWogh/ /fvL a]n}df pko'Qm sbd rfNg ;lsPdf g]kfnn] klg ljZjJofkLs/)faf^ k|z:t}
                                                                  {
   kmfObf k|fKt ug{ ;Sg] ;Defjgf /x]sf] % . o;df s;}sf] klg b'Odt x'g ;Sb}g .




                                    cfly{s n]vx? . 35
a}Í]Zj/ - jif{ 1 cÍ 2




                             xXsX #f]if)ffkq / g]kfn
                                                                               –/d]z bfxfn

ljifo k|j]z
;g\ @))% sf] l8;]Da/df ;DkGg WTO ;DaGwL 5}7f}+ dGqL:t/Lo xªsª a}7sn] ljleGg ptf/r9fj,
5nkmn / ax;kl5 ljZj Jofkf/ ;+u7gnfO{ t'ngfTds?kn] cNkljsl;t /fi6«x?sf] kIfdf pEofPsf]
5 . ljZj Jofkf/ ;+u7gsf !$( d'n'ssf dGqL, jfl0fHo ;DaGwL pRr clwsf/L, $) ko{j]Ifs
d'n'ssf pRr sfo{sf/L tyf &^ ko{j]Ifs cGt/f{li6«o u}/;/sf/L ;+:yf (INGO) sf k|ltlglwx?
xªsªdf ;DkGg dGqL:t/Lo ;Dd]ngdf ;xefuL ePsf lyP . ef/t / a|flhnn] ljsf;zLn /fi6«x?sf]
g]t[Tj u/]sf] o; ;Dd]ngdf ;/sf/L jftf{sf/x?n] l8;]Da/ !# b]lv !* ;Dd ^ lbg ulx/f] 5nkmn,
lj:t[t ;dLIff / uxg ts{ljt{s kl5 xªsª 3f]if0ffkq hf/L u/]sf x'g\ . xªsª 3f]if0ffkqsf] gLltut
;xdlt cWoog ubf{ cj ljZjJofkf/ ;+u7gaf6 g]kfnn] klg pknlAw xfl;n ug{ ;Sg] ;+efjgf a9]/
uPsf] 5 . h;nfO{ b]xfo adf]lhd pNn]v ug{ ;lsG5 .
1= e+;f//lxt ahf/
    5}7f} dGqL:t/Lo xªsª ;Dd]ngn] cNk ljsl;t /fi6«x?sf] (& k|ltzt 3/]n' pTkfbg lgof{t ubf{
    e+;f/ dxz"n / sf]6f k|0ffnL h:tf cj/f]w ef]Ug' gkg]{ gLlt to u/]sf] 5 . o; cg';f/ ;g\
    @))* b]lv g]kfnn] ljsl;t, ljsfzzLn jf cNk ljsl;t d'n'sdf cfkm\gf (& k|ltzt j:t'x?
    lgof{t ubf{ e+;f//lxt / sf]6f/lxt ;'ljwf kfpg] 5 . of] Joj:yf l56f]df æbf]xf ljsf; r/0fsf]
    sfof{Gjog z'? eP nut}Æ / l9nf]df ;g\ @))* b]lv sfof{Gjogdf cfpg] 5 . pRr e+;f/
    dxz"nsf] sf/0f Jofkf/ 3f6f ef]lu/x]sf g]kfn h:tf y'k|} cltsd ljsl;t d'n'ssf nflu of] /fd|f]
    cj;/ xf] . o:tf] ;'ljwfsf nflu g]kfn h:tf clwsf+z d'n'sx?n] k|f/Deb]lvg} cfjfh p7fpFb}
    cfPsf lyP . ;Dd]ngtfsf cNkljsl;t d'n'sx?sf !)) k|ltzt j:t'x?n] e+;f//lxt /
    sf]6f/lxt ;'ljwf kfpg' k5{ eGg] dfu p7]sf] lyof] t/ ;Dd]ngn] (& k|ltzt dfq to u¥of] .
    afFsL # k|ltztnfO{ of] ;'ljwfaf6 alGrt ul/Psf] 5 . e+;f/ / sf]6f ;'ljwf glbOPsf # k|ltzt
    j:t'x?sf] ;"rL låkIfLo 5nkmnaf6 tof/ ul/g] ;xdlt ePsf] 5 .
2= Jofkf/sf nflu ;xfotf
    xªsª 3f]if0ffkqn] g]kfn, e'6fg, dflNbE;, ckmuflg:tfg, o'uf08f, a'?08L, Olyof]lkof h:tf
    cltsd ljsl;t /fi6«x?sf] Jofkf/ Ifdtf a9fpg Jofkf/sf nflu ;xfotf (Aid for Trade)
    sfo{qmd nfu" ug]{ ;xdlt hgfPsf] 5 . o; sfo{qmd cGtu{t cltsd ljsl;t / ljsf;f]Gd'v
    /fi6«n] cfkm\gf] Jofkfl/s Ifdtf a9fpg ljQLo / k|fljlws ;xof]u kfpg]5g . o:tf] ;xof]un] oL
    /fi6«x?sf] pTkfbg k|0ffnL, Kofs]lhË k|s[of, cfk"lt{ Ifdtf, k"jf{wf/ lgdf{0f / Jofkfl/s bIftf
    a9fpg ljsl;t /fi6«af6 ljQLo ;xof]u pknAw x'g]5 . To;}u/L cGt/f{li6«o d'b|f sf]if, ljZj a}+s,
    PlzofnL ljsf; a}+s h:tf ;+:yfx?af6 ;x'lnotk"0f{ C0f / k|fljlws ;xof]u pknAw x'g]5 .

 Joj:yfks, g]kfn /fi^« a}+s, lj/f^gu/ .


                                          cfly{s n]vx? . 36
                                                                        a}Í]Zj/ - jif{ 1 cÍ 2


   ahf/ kx'Fr afx]ssf] of] yk ;'ljwfn] g]kfn nufot cGo cltsd ljsl;t /fi6«sf] lgof{t
   Jofkf/nfO{ ;'b[9 t'Nofpg gofF cj;/ k|bfg u/]sf] 5 .
   cltsd ljsl;t /fi6«x?nfO{ lbOg] æJofkf/sf nflu ;xfotfÆ sfo{qmd cGt/ut hfkfgn] ;g\
   @))^ b]lv @))* ;Ddsf] tLg jif]{ cjlwsf] nflu ?= !) ca{ 8n/ ljlgof]hg ug]{ ePsf] 5 .
   To;}u/L cd]l/ssfn] Ps jif{sf nflu @=%) ca{ 8n/ tyf o"/f]k]nL ;+3n] Ps jif{sf nflu @=&)
   ca{ o"/f] ;xof]u lbg] k|ltj4tf JoQm u/]sf 5g\ . ljleGg d'n's / cGt/f{li6«o ljQLo ;d:ofaf6
   h'6fOPsf] cfly{s ;|f]tnfO{ d"nt cltsd ljsl;t d'n'sx?sf] /fhdfu{, /]Nj], aGb/ufx, 8«fOkf]6{,
   ljh'nL, ;~rf/, lgof{t k|jw{g If]q h:tf Jofkf/hGo k"jf{wf/sf] lgdf{0f, ;'wf/ / Ifdtf lj:tf/df
   nufOg] 5 .
3= zt{/lxt ;xfotf
   xªsª ;Dd]ngn] 6'+uf] nufPsf] csf]{ dxTjk"0f{ a'Fbf ul/j /fi6«nfO{ zt{/lxt ;xfotf lbg] Joj:yf
   xf] . o; cGtu{t cltsd ljsl;t /fi6«nfO{ bft[ ;+:yfx?n] k|bfg ug]{ C0f, cg'bfg tyf cGo
   ljsf; ;xfotf zt{/lxt x'g' kg]{ dfGotfnfO{ xªsª 3f]if0ff kqn] :jLsf/ u/]sf] 5 . o;n] ljsf;
   ;xfotfsf nflu bftfsf] cfTd3ftL zt{x? dfGg'kg]{ jfWotfaf6 g]kfn h:tf d'n'sn] 5'6sf/f
   kfpg] ;+efjgf b]lvG5 . zt{/lxt j}b]lzs ;xfotfsf] cjwf/0ff nfu" ePdf s[lif cg'bfg s6f}tL
   ug]{, ljB't dx;"n a9fpg' kg]{, vfg]kfgLsf] z'Ns a9fpg' kg]{ tyf >d P]gnfO{ pBdLd'vL g}
   t'Nofpg' kg]{ h:tf afWotfx? /xg] 5}gg\ . h;af6 cfufdL lbgdf g]kfnn] cfkm\gf] gLltx?
   ;fk]lIft?kdf :jtGq9+uaf6 th'{df ug{ ;Sg] 5 .
4= ;]jf If]qdf pbf/Ls/)f
   ;]jf If]q pbf/Ls/0fdf klg xªsª 3f]if0ffkqn] ul/a /fi6«sf] rf;f]nfO{ ;Daf]wg u/]sf] 5 . ul/a
   /fi6«n] cfk"lt{ ug{;Sg] ;]jf If]q, vf;u/L sfdbf/x?sf nflu c:yfoL k|j]z v"nf ug]{ ljifo
   (df]8 $_ df 5nkmn ug{ ;lsg] nrstf xªsª 3f]if0ffkqdf /x]sf] 5 . df]8 $ cg';f/ låkIfLo
   ;dembf/L ePkl5 cd]l/sf, a]nfot, hfkfg, hd{gL cflb b]zdf sfd ug]{ g]kfnL jf cGo ul/a
   d'n'ssf >dzlQmn] c:yfoL >d Ohfht kfpg]5g\ . h;af6 cltsd ljsl;t d'n'ssf] ;]jf If]qn]
   ljsl;t d'n'sdf kx'Fr kfpg]5 . Ps cWoog cg';f/, cltsd ljsl;t d'n'sn] cGt{/fli6«o
   Jofkf/sf] t'ngfdf sfdbf/x?sf] j}b]lzs /f]huf/Laf6 kfFru'gf a9L nfe k|fKt ul//x]sf 5g\ .
   xfnsf] ;Gbe{df j}b]lzs /f]huf/af6 g]kfnnfO{ jif]{lg k|fKt x'g] ?= !@) ca{sf] /]ld6fG;n]
   cy{Joj:yfnfO{ w/fzfoL x'gaf6 hf]ufPsf] tYon] klg o; a'FbfnfO{ k'li6 ub{5 .
5= pTklQsf] lgoddf ;/nLs/)f
   ul/a b]zsf] ;fdfgnfO{ ahf/ kxF'r ;'lglZrt ug{ pTklQsf] lgod ækf/bzL{ / ;/nÆ agfpg]
   3f]if0ff xªsª ;Dd]ngn] u/]sf] 5 . o; cl3 pTklQsf] lgod ;DaGwL hl6ntfn] cltsd ljsl;t
   d'n'ssf] j}b]l;s Jofkf/df cgfjZos ult/f]w cfpg] u/]sf] lyof] . pTklQsf] lgoddf ;/nLs/0f /
   kf/blz{tf sfod ePkl5 g]kfn nufot cltsd ljsl;t d'n'snfO{ cfkm\gf] dfn;fdfgsf]
   Kofs]lhË, aLdf, 9'jfgL, e+;f/ hfFrkf;, ;'/Iff hfFrkf;, l;lkË / 8]lnj/L h:tf r/0fdf ;/ntf
   cfpg] 5 . h;af6 pBdLx?sf] Financial, Administrative, Managerial, Marketing / Time
   Cost 36]/ k|lt:kwf{Tds Ifdtf a9\g] 5 .




                                    cfly{s n]vx? . 37
a}Í]Zj/ - jif{ 1 cÍ 2


6= ljz]if ;+/If)f ljlwsf] ;'ljwf
    ljb]zaf6 cfofltt j:t'n] cltsd ljsl;t /fi6«sf] 3/]n' ahf/df gsf/fTds c;/ kfg]{ k|r'/
    ;+efjgf x'G5 . of] ;+efjgfnfO{ Go"g ug{ g;s]df ul/a d'n'ssf] cfGtl/s ahf/df ljb]zL
    ;fdfgsf] eL8 nfUg], :jb]zL pBf]ux? w/fzfoL x'g] / bL3{sfndf /fli6«o cy{tGq IftljIft x'g] 8/
    e}/xG5 . of] 8/ / hf]lvdaf6 ul/a d'n'snfO{ hf]ufpg xªsª 3f]if0ffkqn] To:tf /fi6«x?n] ljz]if
    ;+/If0f ljlw nfu" ug{ ;Sg] clwsf/ lbPsf] 5 . of] clwsf/sf] k|of]u u/L g]kfnn] klg ljZj
    Jofkf/ ;+u7gaf6 clwstd nfe lng] ;+efjgf a9]sf] 5 .
7= l^®D;df ;x'lnot
       Jofkf/;+u ;DalGwt nufgL ljlw -l6«D;_ cGtu{t ul/a d'n'ssf nflu xªsª ;Dd]ngn] ;x'lnt
       yk]sf] 5 . of] gofF k|fjwfgkl5 g]kfnn] klg ;b:otf qmddf kfPeGbf a9L ;x'lnot kfpg] 5 .
       l6«D;df k|fKt ;x'lnot cg';f/ ljb]zL nufgLdf ;+rfng x'g] pBf]unfO{ lglZrt kl/0ffdsf] :jb]zL
       sRrfkbfy{ k|of]u ug{ ;DalGwt d'n'sn] afWo t'Nofpg ;Sg]5 . ljZj Jofkf/ ;+u7gsf] ;b:o
       aGbf g]kfnnfO{ of] ;'ljwf k|fKt lyPg . l6«D;af6 pknAw ;x'lnotnfO{ pkof]u u/]kl5 :yfgLo
       >d, ljh'nL, s[lif pkh, vlgh kbfy{, jgk}bfjf/ / cGo cw{ k|zf]lwt sRrfkbfy{sf] vkt a9]/
       cfly{s ultljlwnfO{ k|f]T;fxg ldNg]5 .
s] g]kfnn] ca sfFr'nL km]%{ t <
ljZj Jofkf/ ;+u7gsf] xªsª ;Dd]ngn] to u/]sf dfly pNn]lvt ;xdltn] g]kfnsf] cy{tGqdf
;sf/fTds k|efj kf5{ / cy{Joj:yfn] pRr j[l4b/ k|fKt u5{ eGg] Psy/L ;dLIfsx?sf] wf/0ff 5 .
t/, oyfy{jfbL eO{ cfnf]rgfTds ?kn] 3f]lTn+bf of] lgisif{;Fu ;xdt x'g ;lsb}g . To;sf] klxnf]
sf/0f xf] – xªsª ;Dd]ngn] 3f]if0ff u/]sf a'Fbfx? ;}4flGts ;xdlt dfq x'g . oL gLltut cjwf/0ff
Jojxf/df sltsf] nfu" x'G5, Tof] eljios} ue{df 5 . cfkm\gf] s[lif If]qnfO{ jif]{lg #)) ca{ 8n/
cg'bfg lbP/ ljkGg d'n'snfO{ cg'bfg s6f}tL ug{ nufpg] cd]l/sf, a]nfot, k|mfG;, hfkfg, hd{g,
Sofgf8f h:tf u|'k ;]e]gsf d'n'sx?n] cltsd ljsl;t /fi6«sf] Jofkfl/s lxtdf oL gLltx? Jojxf/df
nfu" ug]{ ;+efjgf IfL0f 5 .
bf];|f], xªsª 3f]if0ffkqn] cltsd ljsl;t /fi6«ssf nflu cufl8 ;f/]sf ;x'lnotx? tL /fi6«sf]
cfjZostfsf] cufl8 clt Go"g 5g\ . ul/aL, a]/f]huf/L, Go"g nufgL, k5f}6] k|ljlw, sdhf]/
Joj:yfksLo Ifdtf, sfo{ ;+:s[ltsf] sdL, ;+:yfut e|i6frf/ / ;'zf;gsf] cefjn] cfqmfGt oL
d'n'sx?sf] ;dli6ut k|lt:kwf{Tds Ifdtf sd 5 . pTkfbsTj, u'0f:t/, ;doa4 cfk"lt{ Joj:yf,
product innovation / ljQLo bIftf sdhf]/ 5 . To;}n] xªsª ;Dd]ngn] cl3 ;f/]sf ;x'lnotx?
cltsd ljsl;t /fi6«sf] qmozlQmnfO{ hLljt /fv]/ ToxfF cfkm\gf] ;fdfg a]lr/xg] ;DkGg /fi6«x?sf]
s'l6n rfns} gofF sn]j/ xf] .
t];|f], xªsª 3f]if0ffkqn] pknAw u/fPsf ;x'lnotx? g]kfnsf nflu dfq xf]Ogg . ljsf;zLn,
ljsf;f]Gd'v / cltsd ljsl;t ;d"xdf kg]{ cGo /fi6«x?sf nflu klg x'g . a+unfb]z, a|flhn, >Ln+sf,
ef/t, kfls:tfg, O08f]g]lzof h:tf /fi6«n] klg oL ;'ljwf pkof]u u5{g . kmn:j?k g]kfnsf]
;dli6ut bIftf / pTkfbsTj Go"g ePsf]n] oL /fi6«x?;+u p;sf] k|lt:kwf{Tds Ifdtf sd g} x'G5 .
h;n] ubf{ Jojxf/df g]kfnsf] lgof{t Jofkf/ Xjft} a9]/ cfly{s ljsf;sf] gofF o'u k|f/De x'g ufx|f]
kb{5 .
rf}yf], xfd|f] d'n'sdf cem} klg cfly{s ljsf;sf nflu Ps l9Ssf eP/ nflu kg]{ /fli6«o ;+:s[ltsf]
ljsf; x'g ;s]s]f 5}g . u+eL/ ax;, Jojxfl/s gLltx?sf] th'{df, b]zelQmk"0f{ efj / ;fd'lxs

                                     cfly{s n]vx? . 38
                                                                          a}Í]Zj/ - jif{ 1 cÍ 2


k|of;h:tf ;an kIfx? x's{g ;s]sf 5}gg\ . cfly{s hLjgsf clwsf+z If]qdf cem};Dd tby{jfb,
l9nf;':tL, z'enfesf] rnv]n, g]t[Tjsf] km]/abn, ;|f]tsf] b'?kof]u / v'§f tfGg] k|j[ltx? emfFluPsf
5g\ . xfnsf lbgx?df Go"g nufgL, k"FhL knfog, åGå, ;+:yfut Ifdtfdf x|f;, a9\bf] ;fwf/0f vr{ /
u}/ cfly{s cl:y/tf h:tf hf]lvdx? a9]sf 5g . oL k|lts"ntfx?sf jfjh"b a}b]lzs Jofkf/af6 nfe
k|fKt ug'{ eg]sf] v'§f efFlrPsf] la/fdLn] km'6jn v]Ng' h:t} xf] . cfly{s jif{ @)^!.^@ sf] j}b]lzs
Jofkf/df g]kfnsf] Jofkf/ 3f6f a9]/ ?=&#=(^ ca{ ePsf] tYof+sn] o;} s'/fnfO{ k'li6 ub{5 .
To;f] eP s] ug]{ t <
ljZj Jofkf/ ;+u7gaf6 cnu x'g] jf j}b]lzs Jofkf/sf] k|lt:kwf{af6 aRg] ;+efjgf ca g]kfnsf nflu
5}g . ljZj Jofkf/ k|0ffnLdf cfa4 x'g', pknAw cj;/x?sf] pkef]u ug'{, r'gf}tLx?nfO{ :jLsfb}{ hfg' /
k|lts"ntfx?sf] aLrdf ;+3if{ ub}{ cfkm"nfO{ ;an t'Nofpg' g]kfnsf] ljsNk/lxt af6f] xf] . o;sf] nflu
g]kfnn] gLltut, Jojxfl/s, cfly{s s'6gLlt / sfof{Gjog tx u/L rf/j6f lsQfdf cfkm"nfO{ ;RofpFb}
n}hfg' kb{5 .
!= Jojxfl/s gLltx? th'{df ug]{, lghL If]qsf] Jofks ;xeflutf ;lxt gLltx? agfpg], P]g lgodx?
     l56l56f] kl/jt{g gug]{, Aofks ;xeflutfkl5 dfq lgisif{df k'Ug], uDeL/ u[xsfo{ / ;"Id
     cWoogkl5 dfq cfjZos lg0f{ox? ug]{, /fli6«o :jfy{nfO{ Wofg lbP/ nIox? to ug]{ sfo{x?
     gLltut ljifosf a'Fbfx? x'g .
@= ljZj Jofkf/ ;+u7gaf6 clwstd nfe k|fKt ug{ g]kfnn] j}b]lzs Jofkf/df b]vfk/]sf
     ;d:ofx?nfO{ Jojxfl/s?kn] xn ug'{ kb{5 . o;sf nflu e+;f/ k|zf;gnfO{ ;/nLs[t ug]{, lgjf{w
     9'jfgL ;]jf pknAw u/fpg], gofF gofF ahf/sf] vf]hL ug]{, ko{6g pBf]u (wfld{s, v]n, u|fdL0f,
     kj{tLo, ;fxl;s, z}lIfs, :jf:Yo, dgf]/+hg / b[Zofjnf]sg) nfO{ k|f]T;flxt ug]{, ;]jf If]qsf]
     Ifdtfdf ;'wf/ ug]{, Export Promotion Zone sf] :yfkgf ug]{, lgof{thGo j:t'x?sf] vf]hL /
     klxrfg ug]{, lgof{thGo j:t'x?sf] u'0f:t/ ;'wf/ u/L kl/df0fdf j[l4 ug]{, b]zut / j:t'ut
     Jofkf/ ljljlws/0f ug]{, ljZj Jofkf/ ;+u7gdf g]kfnsf df}lns hl8a"6L / s[lif pkhx?sf]
     Kof6]G6/fO6 btf{ ug]{ h:tf Jojxfl/s sfo{x? ug'{ kb{5 . yk ;'Vvf aGb/ufxsf] lgdf{0f ug]{,
     Inland Container Depot (ICD) x?sf] Ifdtf a9fpg], jL/u+hsf] ;'Vvf aGb/ufxsf] pkof]u
     a9fP/ 9'jfgL nfut s6f}tL ug]{, j}b]lzs Jofkf/af6 ;[lht /f]huf/Lsf cj;/df g]kfnL
     >dzlQmnfO{ a9fjf lbg tyf ljz]if cfly{s If]qsf] :yfkgf ug]{ O{Zo'x?nfO{ klg Jojxfl/s?kn] xn
     ub}{ hfg' h?/L x'G5 .
#= cfly{s s'6gLltnfO{ k|efjsf/L gagfP;Dd ljZj Jofkf/ ;+u7gaf6 nfe lnG5' eGg' cfuf] gafnL
     eft ksfpF5' eGg' h:t} xf] . o;sf nflu ljb]zl:yt /fhb"tfjf; / s'6g}lts lgof]unfO{ kl/rfng
     ug]{, gofF ahf/x?sf] vf]hL ug]{, ;x'lnotk"0f{ C0f / cg'bfg leq\ofpg], j}b]lzs /f]huf/LnfO{
     Joj:ylt ug]{, j}b]lzs C0fx? cg'bfgdf kl/0ft ug]{, k|ToIf j}b]lzs nufgL leq\ofpg] tyf u}/
     cfjf;Lo g]kfnLsf] ;|f]t :jb]zdf Nofpg] h:tf cfly{s s'6gLltsf sfo{nfO{ ;/sf/n] Jojxf/df
     cf]/fNg' kb{5 .
$= g]kfnsf] cfly{s ljsf;sf] s]Gb|Lo ;d:of eg] lkmtnf] sfof{Gjog k|s[of xf] . cfly{s hLjgsf cGo
     kmfF6df h:t} ljZj Jofkf/ ;+u7gaf6 clwstd nfe lng] ;Gbe{df klg sdhf]/ sfof{Gjog
     k|s[ofn] d'n's k5fl8 k/]sf] 5 . o;nfO{ ;Rofpg egfO / u/fOaLrsf] vf8n k'g]{, nfu" ug{ ;lsg]
     nIox? dfq to ug]{, gLltut txdf kl/kSj lyÍ 6\ofsnfO{ /fvL sfof{Gjog txdf hf]lznf
     hgzlQmnfO{ lhDd]jf/L lbg], sd{rf/LtGqnfO{ Joj;flos t'Nofpg], b08 / ;hfonfO{ d"t{?kn] nfu"


                                     cfly{s n]vx? . 39
a}Í]Zj/ - jif{ 1 cÍ 2


     ug]{, s7f]/ ljQLo cg'zf;g sfod ug]{ Pj+ qmda4        Action Plan   agfO{ nfu" ug]{ sfo{nfO{
     k|fyldstf lbg' kb{5 .
/, cGTodf
rLgsf ;'wf/jfbL g]tf b]Ë l;ofcf] lkËn] "lj/fnf] sfnf] xf]; jf ;]tf] To;}n] d";f] dfg'{ k5{Æ eGb}
sfof{Gjog ;+oGq kl/0ffdd'vL x'g} kg]{ s'/f cf}NofPsf 5g\ . ljZj a}+ssf cfjf;Lo k|ltlglw s]g
cf]xf;Ln] xfdL g]kfnLx?sf] x/]s hLjg k4ltdf JofKt ;fdfGtL k|j[lt g} xfd|f] ljsf;sf] tuf/f] xf]
eg]sf 5g . 6f]gL x]ug / ;fOdg a]nn] g]kfnnfO{ k|r'/ ;+efjgfsf] pj{/ e"ld egL lrq0f u/]sf 5g\ .
To;}n] xfdLn] /fli6«o hLjgsf] ;/f]sf/jfnf cfly{s 36sx?sf] aLrdf ;dGjo, kl/>d, OdfGbfl/tf /
Vision ;lxtsf] ;xsfo{ ug}{ kb{5 . To;f] u/]df dfq xfd|f] ;dli6ut phf{, k|lt:kwf{Tds Ifdtf,
pTkfbsTj / sfo{bIftf a9\g] 5 . /, g]kfnn] klg xªsª 3f]if0ffkqsf ;x'lnotx?nfO{ pkof]u u/L
ljZj Jofkf/ ;+u7gaf6 cfly{s nfe k|fKt ug{ ;Sg] 5 .



;Gbe{ ;|f]t tyf ;fdfu|Lx?
!=   ljZj Jofkf/ ;+u7g / g]kfn, 8f=uf]ljGbaxfb'/ yfkf, a}+s]Zj/, jif{ !, c+s !, @)^@ d+;L/
@=   ljsl;t b]zsf] cldNbf] Jojxf/, sflGtk'/ k]h g+=!#, @)^@ d+l;/ @&
#=   k|lt:kwf{ / ljZj Jofkf/ ;+u7g, ;'bLk >]i7, sflGtk'/ k]h g+= &, @)^@ k'; !
$=   ljz]if cfly{s If]q / g]kfnL lgof{tsf] k'ghL{jg, g]kfn ;dfrf/ kq, k]h g+=!), @)^@ kmfu'g @(
%=   g]kfnn] /f]Hg' kg]{ cfly{s af6f], s]g cf]xf;L, sflGtk'/ k]h g+=^, @)^@ kmfu'g @@
^=   8ANo'6Lcf]M g]kfnsf] pknlAw, ;'bLk >]i7, sflGtk'/ k]h g+= !!, @)^@ k'; &
&=   aNn aNn ;kmn a}7s, /fh]Gb| a'9fyf]sL, g]kfn ;dfrf/ kq, k]h g+=s, cltl/Qmf+s, @)^@ k'; (
*=   jflif{s k|ltj]bg, @)^!.^@, g]kfn /fi6« a}+s, afn'jf6f/, sf7df08f} .




                                     cfly{s n]vx? . 40
                                                                                     a}Í]Zj/ - jif{ 1 cÍ 2




ul/aL lgjf/)fsf nflu a}+lsË If]qaf^ ePsf k|of;x?M Ps rrf{
                                                                                                          ∗
                                                                                      – Zofds[i)f bfxfn

1= ljifo k|j]z
       ljZjdf ;DkGgtfsf] t'ngfdf ul/aLsf] cfsf/ lbgfg'lbg a(\b} u}/x]sf] % . s'g} klg AolQmsf
       nflu cfjZos kg]{ Go"gtd cfjZostfx? h:t} uf¤;, af; Pj+ skf;af^ Tof] AolQm alGrt
       x'g k'u]sf] % eg] pm ul/aLsf] kl/lwleq kb{% . xfd|]f b]zsf] ;Gbe{df lj=;+ 2034 ;fndf
       /fli^«o of]hgf cfof]uåf/f ul/Psf] cWoog cg';f/ 36 k|ltzt g]kfnLx? lg/k]If ul/aLsf]
       /]vfd'lg /x]sf] tYof° ;fj{hlgs ul/of] . pQm cWoog cg';f/ k|ltJolQm b}lgs 2256
       Sofnf]/Lsf] cfjZostf kg]{ / To;sf nflu cfly{s jif{ 2034.35 sf] cfwf/df k|ltJolQm k|lt
       lbg ?= b'O{ cfjZostf /x]sf] pNn]v ul/Psf] lyof] . To;}u/L g]kfn /fi^« a}+såf/f la=;+=2042
                                              {
       ;fndf ul/Psf] kfl/jfl/s ah]^ ;j]If)f cg';f/ 41=5 k|ltzt hg;+Vof ul/aLsf] /]vfd'lg
       /x]sf] kfOPsf] lyof] . cf&f} of]hgf k|f/De ubf{ o;sf] cg'kft 48 k|ltzt /x]sf] cg'dfg
       ul/Psf] lyof] eg] of] cg'kftnfO{ of]hgfsf] cGt;Dddf 42 k|ltztdf emfg]{ nIo /flvPsf]
       lyof] . cf&f}+ of]hgfdf ;f] of]hgfn] lgwf{/)f u/]sf] nIo s]xL xb;Dd xfl;n ePsf] cg'dfg ;f]
       of]hgfsf] d"Nof°g ;dLIffdf hgfOPsf] % . gjf} of]hgfdf o;nfO{ 32 k|ltztdf emfg]{ tyf
                                          '
       ul/aL lgjf/)f ug]{ Ps dfq k|dv p@]Zo lnO{ u|fdL)f If]qdf JofKt ul/aL #^fpg bL#{sfnLg
       s[lif of]hgfsf] sfof{GjognfO{ k|d'v dfWodsf] ?kdf lnOPtf klg of]hgfsf] cGTo;Dddf ul/aLsf]
       /]vfd'lg /x]sf hg;+Vof 38 k|ltzteGbf pRr g} /x]sf] cg'dfg % . gjf}+ of]hgf cjlwsf]
       k|ult l:yltnfO{ b[li^ut u/L bzf}+ of]hgfdf ;/sf/, :yfgLo lgsfo, u}/;/sf/L If]q, lghL If]q
       tyf gful/s ;dfhsf] ;+o'Qm ;xeflutfdf >f]t / ;fwgx?sf] ;d'lrt kl/rfng ub}{ cfly{s
       cj;/ Pj+ /f]huf/Lsf If]qx? lj:tf/ ug]{, ;zlQms/)f, dfgjLo ljsf;, ;'/Iff tyf nlIot
       sfo{qmdx? dfkm{t dlxnf, blnt, b'u{d If]qsf jfl;Gbf nufot clt ul/a Pj+ lk%l*Psf ju{sf]
       ;fwg Pj+ cfly{s pknlJwx?df kx'¤r a[l$ ub}{ cfly{s, dfgjLo Pj+ ;fdflhs kl/;"rsx?sf]
       ;'wf/ u/L ul/aL #^fpg] k|d'v p@]Zo kl/nlIft ul/Psf] % eg] o; of]hgfsf] cGt;Dddf
       ul/aLsf] /]vfd'lg /x]sf] hg;+VofnfO{ 30 k|ltztdf emfg]{ nIo lgwf{/)f ul/Psf] % .

2= ul/aL lgjf/)fsf nflu ePsf k|of;x?
       jf:tjd} ul/aL g]kfnsf] hl^n ;d:ofsf] ?kdf v*f ePsf] tyf g]kfn / ul/aL Ps csf{sf]
       kof{osf] ?kdf lrlgb} cfPsf] % . g]kfn cltsd ljsl;t d'n'sx?sf] ;d"xsf] ;b:o ePsf]n]
       ljZj j}+ssf] cGt/f{li^«o ;+:yf, cGt/f{li^«o d'b|f sf]if, PlzofnL ljsf; a}+s cflb bft[ lgsfoaf^
       ljljw If]qdf ;'ne Jofhb/df ljQLo ;xof]u k|bfg ug{ :yflkt sfo{qmdx?af^ cfly{s ;xfotf
       kfpb} cfPsf] % . h;af^ b]zdf k|ToIf jf k/f]If ?kdf ul/aL lgjf/)f ;DjGwL sfo{qmdx?
       ;~rfng x'b} cfO{/x]sf %g\ . d'Vo?kdf ul/aL lgjf/)f sfo{sf nflu ;/sf/L If]qaf^ ePsf
       k|of;x?df sfdsf nflu vfBfGg, ;femf ;xsfl/tf, ;fgf tyf #/]n' pBf]u ljsf;, lgMz'Ns
                                                                             '
       k|fylds lzIff, s[lifdf cg'bfg, ul/asf nflu ljZj]Zj/ cflb k|dv ?kdf /x]sf %g\ eg]
       a}lsé If]qaf^ ul/Psf k|of;x?df ;fgf ls;fg ljsf; cfof]hgf, ;#g a}ls+u sfo{qmd, u|fdL)f


∗
    sf=d'= pk lgb]{zs, g]kfn /fi^« a}+s, kfl/jfl/s ah]^ ;j]{If)f cfof]hgf, If]qLo sfof{no, lj/f^gu/ .


                                           cfly{s n]vx? . 41
a}Í]Zj/ - jif{ 1 cÍ 2

                                                                             +
    dlxnfsf nflu pTkfbg shf{, dlxnfsf nflu n#' C)f cfof]hgf, u|fdL)f ljsf; j}sx?, u|fdL)f
    :jfjnDag sf]if, n#' ljQ ;DjGwL sfd ug]{ ljsf; j}+sx?, ;xsf/Lx?, u}/;/sf/L ;+:yfx?
    k|d'v ?kdf ;+nUg x'b} cfO/x]sf %g\ .

3= ul/aL lgjf/)fdf a}+ls+u If]qsf] e"ldsf
    g]kfnsf] a}lsé Oltxf; Tolt k'/fgf] %}g . lj=;+=1994 ;fndf cw{;/sf/L ?kdf g]kfn a}+s
    lnld^]*sf] :yfkgf eP kZrft a}ls+u If]qsf] z'?cft ePsf] kfOG% . tTkZrft lj=;+=2013
    ;fn j}zfv 14 ut] s]Gb|Lo a}+ssf] ?kdf g]kfn /fi^« a}+ssf] :yfkgf eof] . :yfkgfsfn b]lv
    g} o;n] ;/sf/sf] a}+s/, ;Nnfxsf/ tyf ljQLo Ph])^sf] ?kdf sfo{ ug]{, k"+hLnfO{ ultzLn
                              ]       {                                 {
    agfO{ pBf]u wGbfnfO{ k|fT;flxt ug], g]kfndf a}ls+u k|yfsf] ljsf; ug], jfl)fHo a}+s tyf
    ljQLo ;+:yfx?nfO{ lgodg, cg'udg Pj+ ;'k/Lj]If)f ug]{ nufot P]gn] lglb{i^ u/] jdf]lhdsf
    sfo{x? ub}{ cfO{/x]sf] % .
     ul/aL /fi^«sf] ljs/fn ;d:ofsf] ?kdf /x]sf] x'¤bf lj=;+=2031 ;fnb]lv g]kfn /fi^« a}+ssf]
     lgb]{zgdf a}ls+u If]q dfkm{t ul/aL lgjf/)f ug]{ sfo{qmd nfu" ul/of] . z'?df s[lif ljsf; a}+s
                                                       +
     dfkm{t ;fgf ls;fg ljsf; sfo{qmd / jfl)fHo j}s dfkm{t ;'k/Lj]If)f shf{ -;fgf If]q shf{_
     tyf k|fyldstf If]q shf{ z'?cft ul/of] . lj=;+=2038 ;fnb]lv ;#g a}ls+u sfo{qmdnfO{
     cufl* a(fO{of] eg] 2039 ;fnb]lv u|fdL)f dlxnfsf nflu pTkfbg shf{ z'? ul/of] . To;}u/L
     lagf lwtf] ;fd"lxs hdfgLdf dlxnfx?nfO{ s[lif tyf Aofkf/ Aoj;fo ;~rfng ug{ dlxnfx?sf
     nflu n#' C)f kl/of]hgf cf=j= 2050.51 b]lv z'? eof] . ul/aL lgjf/)fs} qmddf u|fdL)f
     hgtfnfO{ k|ToIf ?kdf ;d]^L pgLx?sf] :t/ j[l$ ug]{ p@]Zog'?k cf=j=2049.50 b]lv If]qLo
                             +
     :t/df u|fdL)f ljsf; j}ssf] :yfkgf ;d]t ul/of] . o;sf cltl/Qm u|fdL)f :jfjnDag sf]ifsf]
     :yfkgf, n#' ljsf; a}+sx?, ;xsf/Lx?, u}/;/sf/L ;+:yfx?n] ;d]t ljQLo dWo:ystf{sf] e"ldsf
     lgjf{x u/L cf-cfkmgf] If]qaf^ dxTjk")f{ ;xof]u k'¥ofO{ /x]sf %g\ .
     g]kfn s[lif k|wfg d'n's ePsf] x'¤bf b]zsf] ljsf;sf] nflu s[lif If]qnfO{ gpsf;];Dd ;du|
     cfly{s pGglt xfl;n x'g g;Sg] ePsf sf/)f ;/sf/L :t/af^ ;+:yfut ?kdf shf{ pknAw
     u/fpg] p@]Zog'?k lj=;+=2024 ;fn df# 7 ut] s[lif ljsf; j}+ssf] :yfkgf ul/of] . ul/aL
                                               '
     lgjf/)fsf nflu ;+:yfut ?kdf kl/rflnt k|dv shf{ sfo{qmdx? lgDgfg';f/ /x]sf %g\ .

     3= 1 ;'kl/j]If)f shf{ sfo{qmd
           s[lif ljsf; a}+såf/f lj=;+= 2024 ;fnb]lv ;+:yfut shf{sf] z'?cft ul/Ptfklg ;Lldt
           >f]t / ;fwgsf sf/)f pQm a}+sn] nIo cg';f/ sfo{ ug{ g;Sg] b]lvPkl% g]kfn /fi^«
           a}+sn] lj=;+= 2031 ;fndf afl)fHo a}+sx?nfO{ cfkm\gf] lgIf]k bfloTjsf] 5 k|ltzt /sd
           ;fgf If]qdf clgjfo{ ?kdf nufgL ug'{kg]{ lgb]{zg hf/L u/\of] . lj=;+= 2033 ;fnb]lv
           o;nfO{ k|fyldstf If]q shf{ gfdfs/)f lbO{ s[lif, #/]n' pBf]u / ;]jf Joj;fonfO{ o;
           shf{df u)fgf ug]{ Joj:yf ul/of] .

     3= 2 k|fyldstf k|fKt If]q shf{ sfo{qmd
           ul/a tyf lk%l*Psf ju{sf] pTyfgsf nflu ljgf lwtf] ;fd"lxs hdfgLdf shf{ pknJw
           u/fpg] p@]Zog'?k lj=;+=2038 ;fndf k|fyldstf k|fKt If]q shf{ lgb]{lzsf nfu" ul/of] .
                                                                   +
           of] sfo{qmdnfO{ a(L hgtfd'vL jgfpgsf nflu jfl)fHo j}sx?n] cfkmgf] s"n lgIf]k
           bfloTjsf] 10 k|ltzt clgjfo{ ?kdf k|fyldstf If]q shf{df nufgL ug'{ kg]{ Joj:yf
           ul/of] eg] ;ftf} of]hgfsf] cGTo;Dddf s"n shf{ nufgLsf] 12 k|ltztdf k'¥ofOof] .
           cfufdL cfly{s jif{ 2064.65 b]lv k|fyldstf k|fKt If]q shf{ cGt/ut a}+sx?n] nufgL




                                     cfly{s n]vx? . 42
                                                                 a}Í]Zj/ - jif{ 1 cÍ 2

     ug'{kg]{ clgjfo{ Joj:yfnfO{ x^fO{ ljkGg ju{ shf{ zLif{s cGt/ut s"n shf{ nufgLsf]
     3 k|ltzt clgjfo{ ?kdf ;f] If]qdf nufgL ug'{kg]{ gLltut Joj:yf ul/Psf] % .

3= 3 u|fdL)f dlxnfsf nflu pTkfbg shf{
     u|fdL)f If]qsf dlxnfx?nfO{ nlIot u/]/ pgLx?sf] cfo:t/ a(fpg ljgf lwtf] ;fd"lxs
     hdfgLdf shf{ pknJw u/fpg] d'Vo nIo /fvL ;/sf/n] s[lif ljsf;sf nflu
     cGt/f{li^«o sf]if;+u ;+emf}tf u/]/ lj=;++ 2039 ;fnb]lv o;k|sf/sf] ;/n C)f sfo{qmd
     g]kfn a}+s lnld^]*, /fli^«o jfl)fHo j}+s / s[lif ljsf; a}+såf/f ;~rfng ul/of] . o;
     of]hgf cGtu{t ;xefuL ljQLo ;+:yfx?af^ s'n 23 s/f]* 46 nfv shf{ ljt/)f
     eof] . xfn of] kl/of]hgfsf] cjlw ;dfKt ePtf klg o;n] u|fdL)f dlxnfsf nflu
     hgr]tgf clej[lå ug'{sf ;fy} cfo cfh{gdf /fd|f] of]ubfg u/]sf] kfOPsf] % .

3= 4 dlxnfsf nflu n#' shf{ kl/of]hgf
     u|fdL)f tyf zx/L If]qsf dlxnfx?nfO{ s[lif, n#' Pj+ ;fgf Joj;fo ;~rfng ug{
     ;fd"lxs hdfgLsf ;fy} JolQmut tj/df ;d]t shf{ k|bfg ug{ ;lsg] u/L lj=;++=2050
                                              +
     ;fndf g]kfn ;/sf/ / PlzofnL ljsf; a}s aLr ;+emf}tf      eO{ of] kl/of]hgf z'?
     ul/of] . dlxnf ljsf; zfvf / u}/ ;/sf/L ;+:yfsf 4 b]lv 10 hgf;Dd dlxnfx?sf]
     ;d"x u&g u/L pgLx?nfO{ ;Lkd"ns tflnd k|bfg u/]/ k|ltJolQm ljgflwtf] ;fd"lxs
     hdfgLdf s[lifdf ?=30 xhf/;Dd tyf n#' Joj;fodf ?=40 xhf/;Dd shf{ nufgL ug{
     ;Sg] Joj:yf ul/of] . PlzofnL ljsf; j}+ssf] C)f ;xof]udf ;+rflnt of] sfo{qmd
     2059 cfiff( 16 df ;DkGg eO{ ;s]tfklg o; sfo{qmdn] nlIft ju{df ;sf/fTds
     k|efj kf/]sf] kfOPsf] % .

3= 5 klZrd t/fO{ ul/aL lgjf/)f cfof]hgf
     klZrd t/fO{sf 8 lhNnfx? -slknj:t', gjnk/f;L, ?kGb]xL, bfª, afs], alb{of, s}nfnL
     / sGrgk'/_ df cfly{s jif{ 2055.56 b]lv ul/aL lgjf/)f ug]{ p@]Zog'?k s[lif
     ljsf;sf nflu cGt/f{li^«o sf]ifsf] ;'ne C)f ;+emf}tfdf of] sfo{qmd ;~rfng e}/x]sf]
     % . o;df u|fdL)f a}+s cg'z/)fstf{ a}+sx? (klZrdf~rn, dWo klZrdf~rn, ;'b'/
     klZrdf~rn u|fdL)f j}+sx?, lgw{g pTyfg j}+s / :jfjnDag ljsf; a}+s_ sf s"n 16
     j^f zfvfx?sf] k|ToIf ;xeflutf /x]sf] % . ;xefuL ljQLo ;+:yfx?nfO{ 2061 kf}if
     d;fGt;Dd ?=13 s/f]* 67 nfv nufgL ePsf]df ;f]xL cjlw;Dddf ?=3 s/f]* 88
     nfv c;'n e};s]sf] % . o; sfo{qmd cGtu{t kl/of]hgf If]qsf clt ljkGg ju{sf
     s/Lj 21,000 C)fL kl/jf/ nfeflGjt ePsf %g\ .

3= 6 u|fdL)f ljsf; a}+s Pj+ u|fdL)f n#' ljQLo ;+:yfx?
     ;dfhsf ljkGg ju{nfO{ nlIft u/]/ ljleGg sfo{qmdx? NofOP kZrft s]xL xb;Dd
     To:tf ju{sf] ;fdflhs tyf cfly{s :t/df ;sf/fTds k|efj k/]sf] kfOPsf] x'¤bf u|fdL)f
     ;d'bfon] ;+:yfut C)faf^ /fd|f] k|ltkmn kfpg] b]lvPsf]n] u|fdL)f If]qdf n#' shf{sf]
     cfk"lt{nfO{ laz]if dxTj lbO{{ To:tf shf{sf] dfWodåf/f /f]huf/L tyf cfo cfh{gsf
                                                       [
     cj;/x?df a[l$ u/fO{ b]zsf] u|fdL)f cy{tGqnfO{ ;'b( u/fpg] d'Vo p@]Zo lnP/ If]qLo
                                                     +                          +
     :t/df cfly{s jif{ 2049.50 b]lv u|fdL)f ljsf; j}sx?sf] :yfkgf ul/of] . oL j}sx?n]
     2061 kf}if;Dddf clw/fHosf 43 lhNnfsf 984 ufp+ ljsf; ;ldltx?df 4916 s]Gb|
     dfkm{t s"n 1,44,195 hgf dlxnf ;b:ox?nfO{ s/Lj ?=11 ca{ 18 s/f]* shf{ k|jfx
     u/]sf %g\ . o; dWo] ?=9 c/a 40 s/f]* c;'nL ;d]t eO{ ;s]sf] % .




                             cfly{s n]vx? . 43
a}Í]Zj/ - jif{ 1 cÍ 2

            To;}u/L tTsfnLg ljsf; j}+s P]g, 2052 cGtu{t lghL If]qaf^ :yfkgf eO{ ;+rflnt 4
                                     +           ]
            j^f n#' ljQ ljsf; j}sx? -lgw{g, l*k|fS;, l%d]s tyf :jfjnDag_ / 2 j^f /fli^«o
            :t/sf] yf]s shf{ pknJw u/fpg] p@]Zo lnO{ :yfkgf ePsf n#' ljQ ljsf; s]Gb| Pj+
            ;fgf ls;fg ljsf; j}+sx?n] ;d]t ul/aL lgjf/)fsf] If]qdf cf-cfkm\gf] tkm{af^ dxTjk")f{
            of]ubfg k'¥ofpb} cfO{/x]sf %g\ .

      3= 7 u|fdL)f :jfjnDag sf]if
             u|fdL)f If]qdf a;f]af; ul//x]sf cfly{s b[li^sf])fn] sdhf]/ tyf ljkGg ju{sf] pTyfgsf
             nflu cfo Pj+ /f]huf/d"ns Aoj;fo ;~rfng ug{ ;xsf/L÷ u}/;/sf/L ;+:yf tyf n#'
             ljQLo ;+:yfx? dfkm{t cfjZos ljQLo ;xof]u pknAw u/fO{ pgLx?sf] cfly{s :t/df
             ;'wf/ Nofpg] ∗ nIosf ;fy la=;+= 2049 ;fnaf^ To:tf au{nfO{ C)f ;xof]u pknAw
                                               +
             u/fpb} cfPsf] % . sf]ifn] s'g} a}s tyf ljQLo ;+:yfaf^ C)f k|fKt gu/]sf ljkGg
             ju{nfO{ ;xsf/L÷u}/;/sf/L ;+:yf dfkm{t k|yd k^s pgLx?sf] art / z]o/ /sdsf]
             bz u')ff ggf#\g] u/L a(Ldf ?= bz nfv ;Dd, bf]>f] k^s bz u')ff jf ?= kGw|
             nfv ;Dd / t]>f] k^s kGw| u')ff jf ?= klRr; nfv ;Ddsf] shf{ k|lt ;bZo ?=
             tL; xhf/df ga(\g] u/L s[lif tyf jfujfgL, kz'kfng, ;-;fgf #/]n' pBf]u, :j-
             /f]huf/d"ns / cfod"ns ;]jf Joj;fox?, v'b|f k;n, cf}iflw k;n, dnvfb lapmlahg
             a]vlavg cflbdf Psd'i^ jf ls:tf ls:tfdf C)f /sd pknAw u/fpb} cfPsf] % .
             o;/L k|bfg ul/g] C)f tLg jif{leq r'Qmf ul/;Sg' kg]{ / Aofhb/ cf& k|ltzt /xg]
             Aoj:yf ul/Psf] % . t/, ;+:yfx?n] tf]s] jdf]lhdsf] cjlwdf C)f /sd r'Stf u/]df
             a'emfPsf] Jofhsf] 75 k|ltzt /sd k|zf;lgs vr{ cg'bfg :j?k lkmtf{ ul/lbg] Aoj:yf
             /x]sf] % . 2061 kmfNu')f;Dddf sf]ifdfkm{t 50 j^f u}/ ;/sf/L ;+:yf / 169 j^f
             ;xsf/L ;+:yfx?nfO{ 7 s/f]* 78 nfv shf{ k|jfx ul/ ;lsPsf] % . h;af^ 47
             lhNnfsf 9292 kl/jf/ k|ToIf ?kn] nfeflGjt ePsf %g\ .

4= pk;+xf/
      g]kfndf ul/aL cToGt hl^n cj:yfdf /x]sf] tyf o;sf] lgjf/)fsf nflu ;/sf/L of]hgf Pj+
      ;f]sf] sfof{Gjogsf nflu g]kfn /fi^« a}+ssf] k|ToIf lgb]{zg, lgoGq)f tyf cg'udgdf pNn]lvt
      sfo{qmdsf cltl/Qm ;fgf ls;fg ljsf; cfof]hgf 2032, #/]n' tyf ;fgf pBf]u kl/of]hgf
      2039, lzlIft a]/f]huf/ shf{ 2040, cu'jf j}+s of]hgf 2045, ul/a;+u a}lsé sfo{qmd
      2049, ;fd'bflos e"ldut hn l;+rfO{ ;]S^/ cfof]hgf 2055, a}b]lzs /f]huf/ C)f sfo{qmd
      h:tf sfo{qmdx? ;~rfng ul/Psf %g\, h;sf] d'Vo nIo eg]sf] ul/aL lgjf/)f g} /x]sf] % .
      b]zdf a(\b} uO/x]sf] u/LjLnfO{ #^fpgsf nflu ;/sf/L If]qsf ;fy} lghL If]qnfO{ ;d]t n#'
      shf{ sfo{qmddf ;xefuL u/fO{ lg/k]If ul/aLsf] /]vfd'lg /x]sf JolQmx?nfO{ laleGg pBd
      Aoj;fo dfkm{t /f]huf/Lsf cj;/x? pknJw u/fO{ cfo cfh{g u/fpg] / pgLx?sf] hLjg:t/df
      ;'wf/ Nofpg] p@]Zon] ;/sf/ tyf g]kfn /fi^« a}+sn] lghL If]qsf n#' ljQ ljsf; j}+s,
      ;xsf/L ;+:yfx? / u}/ ;/sf/L ;+:yfx?nfO{ Ohfht kq k|bfg u/L ;~rfngdf NofPsf] % .
      o;/L] xfd|f] b]zsf] ;Gbe{df kof{osf] ?kdf /x]sf] u/LjLnfO{ lg/fs/)f ug{ ;+:yfut If]qaf^
      ;d]t laz]if dxTj lbO{ ;dofg's'n cfjZos sfo{qmdx? ;~rfngdf NofOPsf] x'¤bf o; sfo{df
      cGo If]qn] ;d]t plQs} dxTjsf ;fy nfUg'kg]{ b]lvPsf] % .




∗
                                     {
    u|fdL)f :jfjnDag sf]if, shf{ lgb]lzsf 2060 k]h 1


                                     cfly{s n]vx? . 44
                                                                      a}Í]Zj/ - jif{ 1 cÍ 2




            g]kfnsf] ul/aL lgjf/)f / ;+:yfut ;'zf;g
                                                                           – ;'lgn df:s]

1= ljifo k|j]z
       }
   s'gklg b]zsf] ;du| cfly{s ljsf; ;f] b]zdf pknJw k|fs[lts ;fwg, dfgljo ;fwg, k"+hL,
   k|ljlw Pj+ ;dli^ut cfly{s gLltnfO{ k|rlnt P]g, lgod ;Ddt x'g] u/L dof{lbt (+éaf^
   ;+rfng u/]dfq ;+ej x'G% . b]zsf] u|fdL)f If]qdf /x]sf] clwsf+z u/La tyf lgd'vf g]kfnLsf]
   hLjg:t/ gpsf;];Dd oyfy{df b]zsf] cfly{s pGglt / ul/jL lgjf/)f ePsf] dfGg g;lsg] /
   xfnsf lbgx?df ;+:yfut ;'zf;gsf] sdLn] b]zdf ePsf] nufgLaf^ cfzfg'?k k|ltkmn kfpg
   g;s]sfn] u|fdL)f ;d'bfodf g]kfnLx?sf] cfly{s cj:yf v:sb} uPsf] kfOPsf] % . cem b]zdf
   JofKt ljleGg k|s[ltsf åGbn] d'n's ;+s^k")f{ cj:yfaf^ u'lh|/x]sf] % . ctM /fi^«nfO{
   ;d'Ggltsf] dfu{df *f]¥ofpg /fHoJoj:yf ;+rfngdf ;'zf;gsf cfwf/e"t tTjx?nfO{ cfTd;ft
   u/L OdfGbf/Lk"j{s sfof{Gjogdf Nofpg' ckl/xfo{ % .
   g]kfnsf] cfwf zts nfdf] ljsf; of]hgfsf] Oltxf;sf afah'b klg g]kfnsf] ul/aL pNn]Vo
   ?kdf #^\g g;s]sf] s'/f ;a}sf] rf;f]sf] ljifo ePsf] % . xfn sfof{Gjogsf] l:yltdf /x]sf]
   bzf}+ of]hgfsf] Psdfq p@]Zo g} ul/jL #^fpg' /x]sf] % . g]kfndf cfo jf pkef]usf]
   b[li^sf])fn] ul/aLsf] /]vfd'lg /x]sf] hg;+Vofsf] cg'kft, cfosf] ljt/)f / pkef]usf] ;+/rgf
                      {                                                    {
   hLjg:t/dfkg ;j]If)faf^ k|fKt x'g] u/]sf] % . o:tf] lsl;dsf] kl%Nnf] ;j]If)f 2060 ;fndf
   lg/k]If ul/aLsf /]vfd'lgsf hg;+Vof 32 k|ltzt /x]sf] k|f/lDes glthf k|sfzg ePsf] % .
   lj=;+=2052 b]lv 2062 ;fnsf] cjlw /fhg}lts tyf ;fdflhs b[li^sf])fn] cl:y/, lx+;f, åGb /
   r/d c;'/Iffsf] cjlw /x]sf] / ;f] cjlwdf ul/jL #^]sf] tYof°nfO{ s;}n] ljZjf; ug{ ;Sg]
   cj:yf %||}g . g]kfnsf] cfly{s a[l$b/ ;fdfGo dfq /x]sf], cfosf] c;dfgtf a(\b} uPsf] /
   zf;sLo k|)ffnL cem sdhf]/ ePsf] cj:yfdf ;/sf/åf/f ;+rflnt ul/ad'vL sfo{qmdx?sf]
   sfof{Gjog ultnf] x'g g;s]sf] ;Gb{edf ul/jL #^]sf] tYof°df z+sf p&\g' :jefljs g} xf] .
   tfklg ljsf;sf s'g} klg If]q ;fdflhs, cfly{s, /fhg}lts If]qdf ;'zf;gsf] zlQm / tTjx?
   k|hftGq, hjfkmb]lxtf, kf/blz{tf, sfo{s'zntf, k|efljsfl/tf, ;xdlt / pQ/bfloTjtf jt{dfg
   vf¤rf]sf] ljifo ePsf] sf/)f o;nfO{ xfn ljZj;d'bfon] pRr k|fyldstf k|bfg u/]sf] % .

2= ul/aL / ;'zf;gsf] kl/efiff
   ;+;f/df wgL, dWod / u/La u/L tLg k|sf/sf b]zx? %g\ . ;+o'Qm /fi^« ;+#n] ;g\ 1989 df
   u/]sf] juL{s/)fsf cg';f/ k|ltJolQm cfo cd]l/sL *n/ 6,000 / ;f] eGbf dfly x'g]nfO{ wgL
   /fi^«, k|ltJolQm cfDbfgL 580 *n/ b]lv 5,999 *n/;Dd x'g]nfO{ dWod /fi^« / 580 *n/
                       ]
   eGbf sd cfo x'gnfO{ u/La /fi^« egL kl/efiff ul/Psf] % . ljZj a}+ssf] ;g\ 1992 sf]
   The World Outlook eGg] k':ts cg';f/ ljZjsf] clt u/La /fi^«x?df clkm|sf dxfb]zsf]
   Olyof]lkof kl% bf];|f]df g]kfn kb{% elg k|sflzt ul/Psf] % . ljZj a}+saf^ k|sflzt World
   Development Report-1990 cg';f/ Go"gtd hLjg lgjf{xsf] :t/ k"/f ug{ c;dy{ x'g'nfO{
   ul/jL dfGg ;lsG% / To:tf] JolQmnfO{ u/La elgG% . To;}u/L ljZj a}+saf^} ;g\ 2000 df



  ;xfos Joj:yfks, g]kfn /fi^« a}+s, lj/f^gu/ .


                                  cfly{s n]vx? . 45
a}Í]Zj/ - jif{ 1 cÍ 2

    k|sflzt k|ltj]bgdf klg zf/Ll/s / ;fdflhs cfjZostf k'/f ug{ cfjZos kg]{ ;fwgsf] sdL
       '
    x'gnfO{ ul/jL dfg]sf] % . sd cfDbfgL, cfjZos kf]if)f, :jf:Yo, lzIff / af;sf] cfjZostf
    k'/f ug{ g;Sg'sf ;fy} ;fdflhs ?kdf clwsf/ljxLg x'g' jf cfkmgf] clwsf/ pkef]u ug{
    g;Sg', cfkmgf] kIfdf cfjfh p&fpg g;Sg', :jfoQtf gx'g', cfTd;Ddfg gx'g'nfO{ u/La dFGg
    ;lsG% .
    ;'zf;gnfO{ kl/efiffsf] bfo/fleq Nofpg Tolt ;lhnf] %}g . /fHo ;+rfng k$ltsf ljleGg
    sf])faf^ x]bf{ of]Uo, ;Ifd, lglj{sNk b]lvPsf] c;n zf;gnfO{ g}} ;'zf;g elgG% . a]nfotsf]
    Sir Adrian Cadbury sldl^ cg';f/ ";+:yfut ;'zf;g eGgfn] s'g}klg ;+:yfnfO{ lgoGq)f /
    lgb]zg lbg] k|)ffnLnfO{ hgfp¤b%" eg] Organization of Economic Co-operation and
        {
    Development (OECD) cg';f/ ";+:yfut ;'zf;g eGgfn] s'g} Ps ;+:yfsf] Joj:yfkg,
    ;+rfns, ;xefuL k/stf{x?sf] kf/:kl/s ;DjGw" hgfp¤b% . ctM pk/f]Qm b'j} kl/efiffx?sf]
    ljZn]if)f ubf{ ;+:yfut ;'zf;g eGgfn] P]g, lgod / dof{lbt Jojxf/nfO{ Jojl:yt?kn] ul/g]
    sfo{ eGg] a'lemG% . ljZj a}+ssf cg';f/ ;'zf;gdf k"jf{g'dflgt, v'nf / kl/:s[t gLlt lgdf{)f,
    Joj;flos sd{rf/LtGq, sfg"gL zf;g, kf/bzL{ k|lqmof / alnof] gful/s ;dfhsf] ;+nUgtf
    h:tf tTjx? /xg'kg]{ pNn]v u/]sf] % . csf]{ cy{df eGg'kbf{ sfo{ lhDd]jf/L lnPsf hgtfsf
    ;]js dflgg] sd{rf/L jf /fi^«;]js / gLlt lgdf{tfx?af^ OdfGbf/Lk"j{s ul/g] sfd, st{Jo,
                         '
    cg'zf;g jf sfo{szntf g} ;'zf;g xf] eGg ;lsG% .

3= g]kfndf ul/aL Jofks x'gfsf sf/)fx?
    g]kfnsf] bzf}+   of]hgfn]   g]kfndf   ul/jL   Jofks   dfqfdf   /xg'df   lgDg   sf/)fx?   /x]sf]   pNn]v
    u/]sf] % .
    -s_ g]kfnsf] s'n hg;+Vofsf] 78 k|ltzteGbf a(L hgtf s[lif Joj;fodf cfwfl/t %g\ . t/
        ofxf¤sf] s[lif Joj;fosf] cj:yf k/Dk/fut, lgjf{xd"vL, dg;'gdf dfq lge{/, sd pTkfbsTj
        / 70 k|ltzt s[ifssf] hldg 1 x]S^/eGbf sd ePsf] sf/)f s[lifdf cfwfl/t hg;+Vof
        ul/a %g\ .
    -v_ g]kfnsf] cfly{s a[l$b/ cf}ift 4 k|ltzt / hg;+Vof a[l$b/ cf}ift 2=5 k|ltzt jflif{s
        /x]sf] % . cfly{s a[l$b/ Go"g ePsf] sf/)f ul/jL JofKt ePsf] % .
    -u_ u}/ s[lif If]qsf] lj:tf/ ePtfklg ;f] lj:tf/ zx/L If]qdf dfq s]lGb|t /x]sf] % . To;}n]
        u}/ s[lif If]qsf] lj:tf/n] zx/L If]qsf] ul/aL #^fPtf klg u|fdL)f If]qsf] ul/jL ljNs'n}
        #^fpg ;s]sf] %}g .
    -#_ g]kfndf dfgj ljsf; ;"rsf° cToGt Go"g:t/df % . To;}n] pgLx?sf] pTkfbg / cfo
        cfh{g Ifdtf cToGt sdhf]/ eO{ ul/aL #^\g ;s]sf] %}g .
    -ª_ ;/sf/L vr{sf] Joj:yfkg cJojl:yt / r'xfj^ a(L ePsf]n] ;/sf/L nufgLaf^ ul/jL
        #^\g ;s]sf] %}g .
    -r_ ul/aL #^fpg] sfo{df ;/sf/sf] e"ldsf cToGt ckof{Kt /x]sf] % . /fhgLlts cl:y/tf,
        zflGt ;'/Iffsf] yk ;d:of cflb sf/)fn] ;/sf/sf] Wofg / ;fwg >f]t k")f{ ?kdf u/LaL
        Go"gLs/)ftkm{ s]lGb|t x'g kfO{/x]sf] %}g . ul/jL Go"gLs/)f ;DjGwL sfo{qmdx? k|efjxLg
           '
        x'gaf^ klg g]kfndf ul/aL JofKt ePsf] % .
    -%_ g]kfndf lj=;+= 2058 ;fnsf] hgu)fgfcg';f/ 17=4 k|ltzt a/f]huf/ /x]sf] cg'dfg % .
        o;n] klg g]kfndf ul/aLsf] cg'kft lg/Gt/ a(fPsf] % .
    bzf}+ of]hgfn] cf}+NofPsf pk/f]Qm sf/)f jfx]s g]kfndf ul/aL #^\g g;Sg'sf] yk sf/)fx?df
    ljBdfg c;xh kl/l:ylt tyf åGbn] ubf{ ljsf; ah]^sf] k")f{ ?kdf kl/rfng x'g g;Sg',



                                          cfly{s n]vx? . 46
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

   u|fdL)f If]qdf pTkfbgd'ns sfo{ x'g g;Sg', hgtfsf] ;]jsx?df OdfGbf/Ltf gx'g', gftfafb,
   s[kfjfb / e|i^frf/ ;+:yfut ?kdfg} df}nfpg', sfg"gL zf;gsf] dfGotfnfO{ sfod /fVg g;Sg',
                                                   '
   bft[ /fi^«x?n] lbg] ;xof]u ck]lIft?kdf a[l$ gx'g, ljsf;sf] nflu cfjZos k"jf{wf/x? lzIff,
   :jf:Yo, ;+rf/, oftfoftsf] ;d"lrt ljsf; gx'g', e"-kl/j]li&t k[i&e"dL, l;dfjtL{ b]zsf cljsl;t
   k|fGt laxf/, pQ/k|b]z / ltJjtsf] cfly{s tyf ;fdflhs k|efj /xg', ;dodfg} nIo / b'/b[li^
   ;lxtsf] sfo{ of]hgf gcfpg', k"+hL, >f]t / ;fwgsf] cefj /xg' e"^fgL z/)ffyL{ ;d:of,
   k|fs[lts k|sf]k -af(L, k}/f], ;'Vvf_ tyf kf/Dk/Ls ;f]r, hftLo lje]b, wfld{s / ;f+:s[lts
   cj/f]w cflb /x]sf] kfOG% .

4= g]kfndf ul/aL lgjf/)f ;DaGwL ePsf k|of;x?
  :jtGq /fhg}lts k|)ffnL / zflGt ul/aL Go"gLs/)fsf clgjfo{ zt{x? x'g\ . ljZjdf clt
  ul/aLdf /x]sf Ps ca{ gful/sdWo] b'O{ ltxfO{ Plzofd} %g\ . PlzofnL gful/sdWo] 65
  s/f]*eGbf a(L b}lgs 1 *n/ eGbf sd cfDbfgL x'g] %g\ . oxL If]qdf wgL / ul/asf] vf*n
  ;j}eGbf a(L % eg] ofxf¤sf] ul/a hgtf vfgf, lkpg] z'$ kfgL, :jf:Yo, lzIff / cfjf;sf]
  bolgo cj:yf % . ljsl;t b]zx?n] pRr cfly{s a[l$ xfl;n ul/;s]sf] x'gfn] :yfloTj /
  ;dfgtftkm{ hf]* lbPsf x'G%g\ t/ g]kfn h:tf] ljsf;f]Gd"v b]zx?df jx';+Vos hg;+Vof u/La
  x'g] x'gfn] pgLx?sf] hLjg:t/ a(fpg cfly{s a[l$df hf]* lbg' kb{% eg] hLjg:t/ #^\g glbg
  :yfloTj / ;dfgtfdf hf]* lbg'kb{% . :yfloTj / ;dfgtf ljgfsf] cfly{s a[l$ lbuf] x'g ;Sb}g
                            }
  / ul/jL lgjf/)f klg x'bg . ctM xfn ul/aL x^fpg cfly{s a[l$ :yfloTj / ;dfgtf;+u
  PsLs[t x'g'kb{% .
                                             ]
   b]zsf] jf:tljs j:t'l:yltdf k|fKt ePsf ;|ft / ;DefJotfsf] klxrfg tyf s'zn kl/rfngn]
   b]z / hgtfsf cfjZostfx?nfO{ qmlds ?kn] k'/f ub}{ ul/jL lgjf/)fsf] p@]Zo k|fKt ug{
   lj=;+= 2013 ;fn b]lv ljleGg k+rjlif{o of]hgfx? nfu' ul/Psf] lyof] . g]kfndf ;+rflnt oL
   of]hgfx?sf] k|d'v nIo s[lif / cf}Bf]lus pTkfbg a[l$ ug]{, cfly{s cfwf/lznf lgdf{)f ug]{,
   /f]huf/L ;[hgf ug]{, hg;+Vof lgoGq)f ug]{, j}b]lzs Jofkf/sf] ljsf; ug]{, ;fdflhs Gofosf]
   :yfkgf ug]{, zf]if)f /lxt ;dfhsf] >[hgf ug]{, k|fb]lzs If]qLo c;Gt'ngtf x^fpg], hgtfsf]
   Go"gtd cfwf/e"t cfjZostf kl/k"lt{ ug]{, lbuf] cfly{s a[l$ xfl;n ug]{, ul/jL x^fpg],
   bL#{sflng ljsf; cjwf/)ff NofO{ cfly{s a[l$ xfl;n ug'{ g} /x]sf] lyof] .
   pk/f]Qm of]hgfx?nfO{ d't{?k lbg w]/} ljsf; k|of;x? o;}tkm{ s]Gb|Lt ul/Psf %g\ . ljutdf
   u|fdL)f cy{tGqnfO{ ljsf; ug{ k|fyldstf k|fKt If]q shf{ sfo{qmd, ljkGg ju{ shf{, ;fgf
   ls;fg ljsf; cfof]hgf, u|fdL)f dlxnfsf nflu pTkfbgzLn shf{ sfo{qmd -PCRW), dlxnf
   n#' C)f kl/of]hgf -MCPW), klZrd t/fO{ ul/jL lgjf/)f cfof]hgf, u|fdL)f :jfjnDag sf]if,
             +                                                            +
   u|fdL)f a}s ljQLo k|)ffnLsf] :yfkgf / ;+rfng, n#' ljQ ljsf; a}s, u/La;+u a}lsé
   sfo{qmd, u|fdL)f n#' ljQ ljsf; s]Gb|, t];|f] kz' ljsf; cfof]hgf, a}b]lzs /f]huf/ C)f
   sfo{qmd, ;fd'bflos e"ldut hn l;+rfO{ ;]S^/ cfof]hgf, #/]n' tyf ;fgf pBf]u kl/of]hgf shf{
   sfo{qmd, ljQLo If]q tyf sfg"gL ;'wf/ cGtu{t g]kfn /fi^« a}+ssf] ;'b[(Ls/)f tyf g]kfn a}+s
   lnld^]* / /fli^«o jfl)fHo a}+ssf] k'g ;+/rgfut ;'wf/ cflb k|d'v shf{ gLlt / sfo{qmdx?
   ;+rfng ul/Psf] % .
   o;} ;Gbe{df g]kfndf ;+rflnt ljleGg k+rjlif{o of]hgfx? dWo] rfn' bzf}+ k~rjlif{o of]hgf
   (lj=;+= +2059-2064) sf] Psdfq p@]Zo g]kfndf ul/aL #^fpg] /x]sf] % . ;f] p@]Zo k|fKtLsf
   nflu km/flsnf], pRr / lbuf] cfly{s a[l$b/, ;fdflhs If]q / k"jf{wf/ ljsf;, nlIft sfo{qmd
   / ;'zf;gnfO{ /)fgLltsf] ?kdf k|of]u ug]{ sfo{qmd /x]sf] % . pk/f]Qm sfo{qmdnfO{ ;kmn
   jgfpg b]xfosf gLltx? lgwf{/)f ul/Psf] % .



                                   cfly{s n]vx? . 47
a}Í]Zj/ - jif{ 1 cÍ 2

    -s_   pRr km/flsnf] / lbuf] cfly{s a[l$b/ xfl;n ug{ s[lif, ;xsf/L, jg tyf e"-;+/If)f,
          e"ld;'wf/, s[lif tyf u|fdL)f shf{ cflb If]qx?df hf]* lbg] .
    -v_   ;fdflhs If]q ljsf; cGtu{t lzIff, :jf:Yo, lkpg] kfgL, dlxnf, afn aflnsf tyf ;dfh
          sNof)fdf hf]* lbg] .
    -u_   ul/aL s]lGb|t If]qdf nlIft sfo{qmdx? ;+rfng ug{ blnt tyf pk]lIft ;d'bfo, cflbjf;L,
          hghftL cflb ;d'bfosf] pTyfgdf ljz]if hf]* lbg] .
    -#_   ;'zf;g cGtu{t ljs]lGb|s/)f, ljsf; k|zf;g / dfgj clwsf/sf] ljsf;df hf]* lbg] .

5= ;'zf;gsf] ;}$flGts b[li^sf])f, dfkb)* / cfjZos tTjx?
    ;'zf;gsf] cfw'lgs cjwf/)ff ;g\ 1980 sf] bzssf] cGTolt/ k|rngdf cfPsf] xf] . To;a]nf
    ljZj j}+sn] clk|msL dxfb]zsf] ;fxf/f pkIf]qdf ljBdfg Jofks ul/aL / cfly{s b'/fj:yfaf^
    l;lh{t ;d:ofsf] sf/)f kQf nufpg u/]sf] cWoogdf sdhf]/ zf;g Joj:yf g} ;d:of
    pAhg'sf] k|d'v sf/)fsf] ?kdf klxrfg u/]sf] lyof] . tTkZrft ;dli^ut cfly{s ;d[l$sf nflu
    ;'zf;g clgjfo{ tTj xf] eg] tYonfO{ cfTd;ft ul/of] / o;nfO{ ljZj a}+sn] Hofb}
    k|fyldstfsf ;fy k|of]u ug{ yfNof] . ljZj a}+sn] ;xfotf k|bfg ug]{ zt{df zf;g Joj:yfdf
    ;'wf/ cyf{t ;'zf;gsf] dfWod ckgfpg hf]* lbg] u/]sf] kfOG% . k/fk"j{sfnb]lv g} lxGb'
    wd{zf:qdf c;n zf;g jf ;'zf;gsf] dfGotfsf ;DjGwdf pNn]v % . To;}u/L sf}l^Nosf]
                                                                            ]
    cy{zf:qdf æ/fhfsf] ;'v k|hfsf] ;'vdf / /fhfsf] lxt klg k|hfsf] lxtdf x'gÆ efjgf JoQm %
    eg] >L 5 a*fdxf/fhlw/fh k[YjLgf/fo)f zfxaf^ k|ltkflbt ælbJof]kb]zÆ df ;'zf;gnfO{
    cf}Nofpg] s}of}+ ;"qx? ;dfj]z %g\ .
    ljZj a}+ssf] ;g\ 1992 df k|sflzt u/]sf] k|ltj]bgdf c;n zf;g -;'zf;g_ eGgfn] zlQm
    k[ysLs/)f, ;|f]tsf] ljefhg, ljljw ;d:ofsf] pko'Qm ;dfwfg, df}lns clwsf/ / st{JoaLrsf]
    ;DaGw / hLjg / :jtGqtfsf] k|Tofe"lt h:tf dfkb)*x?nfO{ dfkg ug]{ ul/Psf] % . ;fy},
    ;'zf;gsf] nflu ;'zf;gsf] nflu pQ/bfloTj, kf/blz{tf, ;xeflutf sfg"gsf] zf;g, lghLs/)f,
    k"jf{g'dfg, clwsf/ lgIf]k)f, ;'b[( gful/s zf;g, b'/blz{tf, hjfkmb]xLtf h:tf tTjx? x'g'
    ckl/xfo{ /x]sf] % .
    ;+o'Qm clw/fHo a]nfotsf] cGt/f{li^«o ljsf; ljefun] ;'zf;gnfO{ b]xfosf cf& kIfx?af^
    d"Nof°g ug'{kg]{ dfGotf /fv]sf] % .
                                                                      '
    -s_ /fHosf] ;Ifdtf / ;fj{ef}d;QfM hgtfsf] b[li^df j}wflgs / d'nssf] ;Ldf /Iff ug{ ;Ifd
          %/%}g .
    -v_ ;/sf/sf] ;+u&gfTds ;+/rgfM pko'Qm, %l/tf] / Joj:yfkg ug{ ;Sg] %/%}g .
    -u_ zlQmsf] x:tfGt/)f / lgjf{rgM zflGtk"j{s / lgikIf lsl;dn] ePsf] %/%}g .
                                                              ]
    -#_ ;/sf/sf txM s]Gb|Lo / :yfgLo, kof{Kt clwsf/ / ;|ft;lxtsf] %/%}g .
    -ª_ ;/sf/sf] k|efjsfl/tfM gLlt lgdf{)f, ;'kl/j]If)f / sfg'g cg';f/ rn]sf] %/%}g .
    -r_ clwsf/M lgikIftfsf ;fy k|of]udf NofOPsf] %/%}g .
    -%_ cfly{s kIfsf] k|efjsfl/tfM /fhZjsf] Gofof]lrt (+uaf^ k|of]u, cfo Joosf] n]vfk/LIf)f
          Jojl:yt lsl;daf^ ;DkGg ul/Psf] %/%}g .
    -h_ hgtfk|ltsf] Jojxf/M k|hftflGqs tj/n] dfgjclwsf/sf] ;Ddfg ePsf] %/%}g .
    jf:tjdf clwsf/sf] ;d'lrt lhDd]jf/Lk")f{ k|of]un] ;'zf;gnfO{ :yflkt ub{% eg] cfly{s
                                                                        {
    ;'zf;gn] ;dli^ut cfly{s :yfloTj k|fKt ug{ pko'Qm cfly{s gLltsf] th'df, Jojxfl/s sfo{qmd
    lgwf{/)f / ltgsf] k|efjsf/L sfof{Gjog, k|ultzLn s/ k|)ffnL, cfly{s cg'zf;g / ljZj;gLo
    n]vfk/LIf)f, cfly{s zf]if)fsf] cGTo / JolQmut :jfldTjsf] k|Tofe"lt, k|fyldstfsf If]qx?df
                    ]                                                       {
    kof{Kt ;fwg ;|ftsf] nufgL h:tf ljljw kIfx?df Wofg lbPsf] x'G% . ;jf]Qd zf;g k|)ffnL


                                    cfly{s n]vx? . 48
                                                                     a}Í]Zj/ - jif{ 1 cÍ 2

   cg';f/ zlQm ljs]Gb|Ls/)f / ;Gt'ng ldnfpg tyf Joj:yflksf, sfo{kflnsf, GofokflnsfaLrsf]
   ;femf sfo{df ;dGjo NofO{ nIo k|fKt ug]{ lgwf{/s tTj g} ;'zf;gnfO{ dflgG% .

6= g]kfnsf] ;Gbe{df ul/aL lgjf/)fdf b]lvPsf ;d:ofx?
                           s"n ufx{:y pTkfbg a[l$b/ -k|ltztdf_
                          jif{          jif{          jif{         jif{           jif{
           b]z
                        2000          2001           2002         2003          2004
      rLg               8=0            7=5           8=3          9=5           9=5
      a+unfb]z          5=9            5=3           4=4          5=3           5=5
      ef/t              4=4            5=8           4=0          8=5            6=5
      kfls:tfg           3=9           1=8           3=1          5=1            6=4
      >Ln+sf             6=0          -1=5           4=0          5=9           5=5
      g]kfn              6=0          4=8           -0=4          2=9            3=3

   g]kfnsf] cfly{s cj:yf Psbd gfh's % . blIf)f PlzofnL /fi^«x?df ;g\ 2004 df 5 k|ltzt
   eGbf sd s'n ufx{:y pTkfbg x'g] d'n'sdf g]kfn dfq % . PSsfO;f}+ ztfJbLdf uf¤;, af¤;,
   skf;, vfg]kfgL, :jf:Yo, lzIffaf^ jlGrt x'g' dfq ul/aL xf]Og . ;fdflhs e]befj, a]/f]huf/L
   cflbnfO{ klg o;sf] dfkb)* dfGg' kg]{ x'G% . :jtGq /fhgLlts k|)ffnL / zflGt klg ul/aL
   Go"gLs/)fsf cleGg kf^f x'g .
   ul/aL lgjf/)f ug]{ sfo{ of]hgfsf] ;kmntfsf nflu ;Ifd, ;an / g]t[TjbfoL ;/sf/ cl:tTjdf
   x'g' h?/L % . s'g} klg b]zsf] ;/sf/n] kyk|bz{s, pTk|]/s / lgodgsf/L e"ldsf lgjf{x
   ub{% . :yflkt gLlt, lgod / lgb]{zgsf] kl/lwleq /x]/ a:t' tyf ;]jfsf] pTkfbg, ljt/)f Pj+
   cfly{s ;fwgx?sf] ljlgof]hgdf lghL If]q w]/} xb;Dd :jfoQ x'g' cTofjZos /x]sf] x'G% .
   To:t}, cfly{s OsfO{ jf ;+u&g klg ;'b[( x'g' kb{% . ;/sf/åf/f ef}lts k"jf{wf/ lgdf{)f u/L
   cfly{s lqmofsnfkx?sf] k|j${gdf lghL If]qnfO{ cu'jfO{ ug{ k|f]T;flxt ug]{ cfly{s of]hgfx?
                   [
   k|]/)ffTds k|sltsf] x'g'k%{ . To;}u/L of]hgfx?sf] p@]Zo :ki^ / ;dGjofTds x'g'sf ;fy}
   If]qut of]hgf jf nIox?;+u ;Gt'lnt x'g' kb{% . t/, g]kfnsf em)*} kf+r bzssf] of]hgfj$
   cfly{s ljsf;sf] ofqf kf/ ul/;Sbf klg cfo, /f]huf/L Pj+ ef}lts cfwf/lznf lgdf{)fdf
   ;Gtf]ifk|b k|ult eg] x'g ;ls/x]sf] %}g . o;f] x'g'df d"nt b]zdf ;+:yfut ;'zf;gsf] cefj
   ^*\sf/f]?kdf b]lvPsf] % .
   xr'jf k|sf/sf] ah]^ aGg', of]hgfx?df hgcfsf+Iff k|ltljlDat gx'g', /fli^«o cfjZostfsf]
                                                         +
   klxrfg gx'g', k"+hL jf ;fwgsf] cefj x'g' jf pknJw k"hL jf ;fwgg} k|of]u x'g g;Sg',
                                             '                                 '
   of]hgf sfof{Gjog ug{ Ifdtfsf] cefj x'g, cfjZos hg;xeflutfsf] cefj x'g, k|fljlws
                        '                  |
   hgzlQmsf] cefj x'g, lgoGq)fd"ns sfo{k)ffnL jf clVtof/L ljlgof]lht gx'g', ljs]Gb|Ls/)fsf]
   cefj x'g', /fhg}lts tx k|ltj$ gx'g', k|zf;lgs ;+oGq sl^j$ gx'g', kf/blz{tf, hjfkmb]xLtf,
   pQ/bfloTjtf / b'/blz{tfsf] cefj /xg', gful/s / sfg"gL zf;gsf] cefj / ;bf ;/sf/sf]
   j}wflgstf dfly lvrnf] x'g', r':t ;fj{hlgs k|zf;gsf] ;d"lrt ljsf; gx'g' h:tf ljljw
   sf/)fn] g]kfndf ;+:yfut ;'zf;gn] km:^fpg] cj;/ kfpg ;s]sf] %}g .
   g]kfnsf] cfly{s ljsf;df cj/f]w cfO{ ul/aL lgjf/)f x'g g;Sg'df e"-kl/j]li&t kl/wL, lzIff,
   :jf:Yo ;fdflhs kl/j]zdf kl/jt{g gx'g', hflto, wfdL{s / ;f+:s[lts vf*n kf/ ug{ g;Sg'
   h:tf k|d'v sf/)fx? /x]sf %g\ eg] g]kfndf ljZjf;sf] ;+s^, cl:y/ ;/sf/, bnLo :jfy{,
   xToflx;f+sf] /fhgLlt, cj;/jfbL gLlt / rl/q cflbn] b]zdf ;/sf/x? t w]/} ag] t/ b]z
                                             {
   jGg ;s]g . Psflt/ ljsf; gePsf] b]z csf]lt/ ePsf ljsf; lgdf{)fsf k"jf{wf/ ;d]t Wj:t


                                  cfly{s n]vx? . 49
a}Í]Zj/ - jif{ 1 cÍ 2

    ePsf %g\ . #d)* / bdgsf] k|lt:kwf{ % . lgd'vf hgtf cGof}ndf %g\ . ;xdlt / ;femf
    ljrf/ s'g} d~raf^ cfpb}g, lj/f]wsf] nflu lj/f]w x'g] u/]sf] % . o;}n] ubf{ xfd|f] b]z xf/]sf]
    %, ;fgf] b]zdf ;d:of h^Ln aGb} uPsf] % . u/La b]zdf dx+uf] /fhgLlt dfq e} /x]sf] % .
    kmntM g]kfnsf] ul/aL lgjf/)fdf lbg lbg} ;d:ofx? ljs/fn jGb} uPsf] % .

7= ;'emfj tyf ;dfwfgsf pkfox?
    g]kfn h:tf] åGb k|efljt d'n'sdf ;dod} zflGtsf] kxn gx'g] xf] eg] hlt nufgL / ;'zf;g
    cfP klg s'g} k|ltkmn lbg] %}g . :jo+ l*PkmcfO{*Ln] 2005 df g]kfnnfO{ %'§ofPsf] 31 ca{
    62 s/f]* ljlgof]hg u/]sf] /sdsf] 12=4 k|ltzt cyf{t ?=3 cj{ 93 s/f]*dfq vr{ x'g
    ;s]sf] % . *LPkmcfO{*Lsf] jflif{s k|ltj]bgn] of] tYof° k|:t't ub}{ oxf¤sf] v/fa / åGbsf]
    l:yltsf sf/)f ljsf; sfo{x?df jfwf k'uL ljlgof]lht ah]^sf] &"nf] lx:;f lk|mh ePsf] ;+s]t
                           {
    u/]sf] % . åGb, cb'blz{tf / czflGtn] cfly{s ultljlwdf gsf/fTds k|efj kf/L ul/aL
    lgjf/)fdf k|lts"n k|efj kf/]sf] % . To;}n] oL kIfnfO{ ;Djf]wg ug{ ;lsPg eg] ;g\ 2015
    sf] ;x;|fAbL nIo ljkmn x'g]% .
    cfly{s a[l$ ;dli^ut cfly{s gLltsf] k|ltkmn xf] . ul/jL #^fpgsf] nflu pRr / lbuf]
    cfly{s a[l$b/ /xg'kb{% / o;sf] nflu ;dli^ut cfly{s :yfloTj x'g'kb{% . cfly{s a[l$nfO{
                                                                    |
    d"Nosf] k|j[QLaf^ ;d]t cWoog ug]{ ul/G% . a(\bf] d"Non] ubf{ d'bfsf] qmozlQm #^\g] / ul/aL
    a(\g] x'G% eg] l:y/ d"Non] nlIft cfly{s a[l$b/ xfl;n ug{ ;d:of kg{ ;Sb% . ctM cfly{s
    a[l$sf] nflu ;dli^ut cfly{s :yfloTj x'g' h?/L x'G% . :yfloTj lagf :jb]zL / ljb]zL
                                                  ]
    nufgLstf{x?n] nufgL ug{ rfx¤b}gg\ / b]zsf] ;|ft / ;fwg nufgL a(fpg]tkm{ kl/rfng geO{
    cGo cg'TkfbgzLn If]qtkm{ r'xfj^ x'g ;Sb% .
    ;/sf/n] lng] ljQ gLlt, ;/sf/n] ug]{ vr{sf] ljt/)f k|lqmof, s/ gLlt, ;'zf;g, kf/blz{tf /
    pQ/bfloTjn] u/Lax? k|ToIf ?kdf k|efljt x'G%g\ . To;}u/L df}lb|s gLlt / ljb]zL ljlgdo
                                                  |
    gLltdf ljrng cfPdf o;n] pTkfbg #^\g], d'bf:kmLlt b]vfkg]{ / b]zsf] afx|o k|lt:kwf{ #^fpg]
    x'gfn] o;n] lgof{t #^fp¤% / cfly{s a[l$b/ #^\% . lgof{t #^\bf pTkfbg / /f]huf/L #^\g]
    x'gfn] o;sf] c;/ u/Lax?df k|ToIf ?kdf kb{% . ctM pk/f]Qm l;$fGtnfO{ dWogh/ /fVb}
    g]kfnsf] ;Gbe{df ;Dk")f{ gful/sx?df b]zeQmLsf] efjgf a(fpg], /fli^«otf / /fi^«efjgf hufpg
                                                                                    {
    plrt jftfj/)f agfpg], :jfy{ / k|ltzf]wsf] :yfgdf ;femf efjgfsf] ljsf; ug], b'/ b[li^sf])f
    o'Qm gLlt Nofpg], df}lb|s gLlt / ljQLo If]q ;'wf/ sfo{qmdnfO{ lg/Gt/tf lbg] sfo{ ug'{
    kb{% . lsgsL, cy{tGqsf] lbuf] ljsf;sf nflu d"No / zf]wgfGt/ l:y/tf cg's"n /fVg} k%{ .
    ;fy}, cfGtl/s ;|f]tsf] clwstd kl/rfng, k|zf;gdf Jofks ;'wf/, lghL If]q / gful/s
    ;dfhnfO{ k|f]T;fxg, v'Nnf k|lt:kwL{ / k|efjsf/L ahf/ ljsf; ug'{kg]{, cGt/f{li^«o d"No dfGotf
    ;dfj]z ub}{ hfg'kg]{, oyf;dodf kof{Kt Ifdtf ljsf; ug{ bl/nf] OR%fzlQm / /fhg}lts
                                                                           ' {
    k|ltj$tf x'g'kg]{, k|efjsf/L tj/af^ ;Dk")f{ hgtfsf] lxt ;+/If)f x'gkg], ;/sf/L gLltx?df
    lbuf]kgf tyf ;xof]udf lg/Gt/tf x'g'kg]{, hg;+Vof xf]Og hgzlQm a[l$df hf]* lbg'kg]{,
    /f]huf/sf] nflu ;Dk")f{ /fli^«o, cGt/fli^«o cj;/sf] %gf}^ x''g'kg]{, plrt dflg; &Ls kbsf]
    gLlt clVtof/ ug'{kg]{, k|efjsf/L cg'udg k|)ffnL ckgfO{ b)* / ;hfo, k'/:sf/ / ;Ddfgsf]
               ' {                  "
    Joj:yf x'gkg], ;'zf;gsf] cg'elt x'g] vfnsf pbfx/)f b]vfO{ k|zf;g oGqnfO{ k|lt:kwL{ jgfpg],
    cfr/)f, Jojxf/, ljgd|tf / cg'zf;gdf ljz]if Wofg lbg'kg]{, sfd cg';f/sf] bfd kfpg] Joj:yf
    jf gLlt lng'kg]{, zflGt / ;f}xfb{k")f{ jftfj/)fsf] >[hgf, dfgjLo ;+;fwgsf ljsf; tyf
    ;xefuLd"ns hg;xeflutf / /fhg}lts bnx?sf] OdfGbf/Ltf P+j ;+:yfut ;'zf;g h:tf ul/jL
    lgoGq)f ug]{ pkfox? Nofpg' pko"Qm x'G% . cyf{t, g]kfndf pknJw ;fwg ;|f]tsf] b]xfo
    adf]lhd kl/rfng u/L ul/jL #^fpg ;lsg] b]lvG% .



                                     cfly{s n]vx? . 50
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

   -s_ s[lif pTkfbg a[l$ ug{ Joj;foLs v]tL k$tL ckgfpg'sf] ;fy} ef}uf]lns ljz]iftf cg';f/
        Joj;fo ug{ k|fyldstf lbg] .
   -v_ åGb/t kIfnfO{ jftf{åf/f bL#{sfnLg ?kdf zflGt sfod u/fO{ /fli^«o d"nwf/df ;lqmo
        u/fpg] .
   -u_ ko{^g Joj;fonfO{ ;+:yfut ?kdf ljsf; ug]{, ko{^ssf] uGtJo :yfg klxrfg u/L, ofqf,
        vfg, j:g, dgf]/Ghg ug{ ;xh Joj:yf ldnfpg] .
   -#_ cfGtl/s / jfx\o /f]huf/Lsf] lgldQ cfjZos hgzlQm pTkfbg ug]{ tyf pko"Qm &fp¤df
        /f]huf/L lbg] Joj:yf ldnfpg] .
   -ª_ j}b]lzs ;xfotfnfO{ s'^g}lts kxnaf^ a[l$ ug]{, bft[/fi^« ;+# ;+:yf;+u ;bf ;'dw'/ ;DjGw
        sfod ug]{ .
   -r_ k|fljlws lzIff jf ljZj ;d'bfodf k|rlnt lzIff k|)ffnL cjnDag ug{ hf]* lbg] .
   -%_ s'g}klg b]zsf] ljsf; :jf:Yo, hgzlQm, oftfoft / ;+rf/sf] ljsf; geO{ x'g g;Sg]
        ePsf]n] ;f] ;DaGwdf :ki^ sfo{of]hgf Nofpg] .
                              ]
   -h_ g]kfndf pknJw hn;|ftsf] ;d"lrt ljsf; ul/ ljB'tsf] pTkfbg a[l$ ug]{ .
   -´_ s[lif / pBf]usf] lgsf;LhGo j:t' klxrfg u/L ;f]sf] k|j${g ug]{ .
   -`_ u|fdL)f If]qsf] hgtfnfO{ /fi^« lgdf{)fdf ;xeflutf u/fpg] / plgx?nfO{ ;Dk")f{ ;'ljwfsf
        ;fy} Joj;flos bIftf a[l$ ug]{ .
   -^_ /fhg}lts sd{rf/LtGqdf OdfGbf/Ltf, cg'zf;g, /fi^« k|]d, kf/blz{tf Nofpg] .
   -&_ sfg"gL /fHosf] ljZj;lgotf a(fpg] .
   -*_ k"¤+hLnfO{ kl/rfng ug{ u|fdL)f If]q;Dd a}+sx?nfO{ ;]jf k'¥ofpg] ;fy} k|lt:kwL{ agfO{
        ;]jfd"ns ;+:yfsf] ?kdf ljsf; ug]{ .
   -(_ j}b]lzs k"+lh leq\ofpg nufgLstf{x?nfO{ Kofs]h sfo{qmdsf] Joj:yf ug]{ .
   -)f_ d"n'sL P]g, dfgj clwsf/, ;fdflhs s'/Llt tyf hflto e]befj / wfld{s ;lxi)f'tf
        ;DjGwL cGt/fli^«o ;b:otf cg'?k sfo{ ;Dkfbg ug]{ .
   -t_ ;fj{hlgs pQ/bfloTj, ;/sf/L /sd vr{sf] kf/blz{tf, e|i^frf/ lgoGq)f ug{ ;'zf;gnfO{
        /fhg}lts / k|zf;lgs ;+oGqdf s*fO{sf ;fy nfu' ug]{ .

8= lgisif{
   cfly{s cg'zf;gsf] cefjdf d'n'ssf] cfly{s k|zf;g :jR%, ;Ifd, k|efjsf/L / ldtJooL x'g
   ;Sb}g . ul/jL lgjf/)fsf] nflu pRr / lbuf] cfly{s a[l$b/ x'g'kg]{ / o;sf] nflu lghL If]qsf]
   ;lqmo ;xeflutf cfjZos kg]{ x'gfn] lghLs/)f, Jofkf/ pbf/Ls/)f, lghfdtL ;]jfdf ;'wf/ /
   ;'zf;gdf hf]* lbg'kb{% . ;fy} cfly{s ljsf;sf] k|ltkmnsf] Gofof]lrt ljt/)f, cfDbfgL /
   ;DklQsf] Gofof]lrt ljt/)f, e"ldsf] Gofof]lrt ljt/)f k|)ffnL / ul/jf]Gd'v ;/sf/L vr{ k|)ffnL
   x'g'kb{% . x'gtM xfn ;/sf/L vr{ qmdzM ul/j s]lGb|t x¤'b}%, nlIft If]qsf sfo{qmdx? klg
   qmdzM sfof{Gjog x¤'b}%g\, v'nf cfly{s ;fdflhs ultljlwsf sf/)f ;dfhsf] tNnf] ju{;Dd
   ;/sf/, u}/;/sf/L tyf ;fd'bflos sfo{qmdx? k'Ug yfn]sf %g\ . cf}krfl/s tyf cgf}krfl/s
   ;|f]taf^ nfvf}+ JolQm j}b]lzs /f]huf/Ldf k'u]sf %g\ . t}klg :yfoL ?kdf ;d:ofsf] ;dfwfg
   ePsf] %}g . ;j}eGbf dxTjk")f{ s'/f t g]kfndf zflGtsf] jftfj/)f / /fhg}lts :yfloTj
   x'g}kb{% . xfnsf lbgx?df l%d]sL b]zx?n] cfly{s k|ultsf] km*\sf] df/]sf] cj:yfdf g]kfnn]
   ;Gtf]if ug]{ &fp¤ %}g . ctM b]zdf ;+:yfut ;'zf;g NofO{ ul/aL Go"lgs/)f ug{ ;j} nfUg'kg]{
   a]nf cfO{ ;s]sf] % .




                                   cfly{s n]vx? . 51
a}Í]Zj/ - jif{ 1 cÍ 2




                  g]kfnsf] a}+ls+u If]qsf] cj:yf / ;d:of
                                                                             – s]bf/k|;fb cfrfo{

1= kl/ro
    b]zsf] cy{tGq ljleGg cfly{s cjojjf^ lgdf{)f ePsf] x'G% . s[lif, pBF]u, Jofkf/, ko{^g /
    ;fj{hlgs If]q h:t} ljQLo If]q klg Pp^f cfly{s cjoj xf] . ljQLo If]qdf a}+s gof¤ u}/
    a}+lsé ljQLo ;+:yfx? kb{%g . a}+sdf jfl)fHo a}+s kb{%g\ / u}/ a}+lsé ljQLo ;+:yfdf ljsf;
    a}+s, ljQ sDkgL, C)f tyf jrt OsfOx? h:t} ;xsf/L, lnlhé sDkgLx?, ljlN*é sDkgLx?,
    l*:sfp)^ xfp;, jLdf sDkgLx?, k]G;g km)* / ;+rosf]if, g]kfn lwtf]kq jhf/, lgIf]k jLdf
                                                                +
    tyf shf{ ;'/If)f lgud, shf{ ;"rgf s]Gb|, x'nfs jrt a}s cflb kb{%g\ . o;dWo] jfl)fHo
    a}+s, ljsf; a}+s tyf ljQ sDkgL h:tf ;+:yfn] ;j{;fwf/)f hgtfaf^ lgIf]k ;+sng ug{
    kfp+b%g\ . n#' ljQ sf/f]af/ ug]{ ljsf; a}+sn] klg ;d"x ;b:oaf^ lgIf]k ;+sng ug{
    kfp+b%g\ . ;j{;fwf/)faf^ lgIf]k ;+sng ug{ a}+s tyf u}/ a}+lsé ljQLo ;+:yfsf] lgodg,
    lg/LIf)f tyf ;'kl/j]If)f sfo{sf] clGtd lhDd]jf/L b]zsf] s]Gb|Lo a}+ssf] ?kdf /x]sf] g]kfn /fi^«
    a}+sdf /xG% . o:tf a}+s tyf ljQLo ;+:yf / g]kfn /fi^« a}+ssf] ;d"xut ?k g} g]kfnsf]
    ljQLo k|)ffnL xf] .
    a}+s tyf u}/ a}+s ljQLo ;+:yf h:tf ljQLo dWo:ystf{sf] b]zsf] cy{tGqdf &"nf] dxTj x'G% .
    h'g;'s} cy{tGqdf klg ljQLo ;fwg k+"hLnfO{ dxTjk")F{ pTkfbgsf] ;fwg dflgG% . xfd|f] h:tf]
    cfly{s ?kdf ljkGg cy{tGqdf t of] ;To c? k|f;f+lus eP/ cfp¤% . cy{tGqdf /x]sf]
    ;fwgx?sf] k")f{ / lskmfotL pkof]ujf^ dfq cy{tGqsf] ljsf;df &"nf] of]ubfg k'Ug ;Sb% .
    ljQLo ;fwgsf] k")f{ ;b'kof]usf nflu To:tf] ;fwgnfO{ kl/rfng ug]{ ;+:yf, jhf/ / pks/)f
    x'g' cfjZos x'G% . log} ;+:yfsf] dfWodjf^ cy{tGqdf /x]sf Surplus Sector -cfDbfgL eGbf
    vr{ sd ubf{ jrfpg] kIf_ / Deficit Sector -nufgLsf dfu ug]{ kIf_ sf jLr ;]t'sf] sfd
    ub{%g\ . o;jf^ jrt ug]{ If]qn] nufgL ug]{ &fp+ kfp%g\ h;jf^ pgLx?n] k|ltkmn ;d]t k|fKt
                                                       +
    u/L jrt k|f]T;flxt x'g k'Ub% . nufgL ug{ rfxg] kIfn] pko'Qm d"No -Jofh_ df nufgL of]Uo
    ;fwg kfp% / nufgLjf^ plrt k|ltkmn ;d]t kfp% . o;/L x'g] nufgLjf^ s"n /fli^«o
    cfodf ;d]t j[l$ eO{ b]zsf] cfly{s ljsf; ;d]t x'g hfG% . o;}n] ljQLo dWo:ystf{sf]
    dxTj cfly{s ljsf;sf] nflu dxTj dflgG% . df}lb|sLs/)f / /sdfGt/ h:tf ;xfos ;]jfsf]
    ljsf; ;d]t oL ;+:yfsf] dfWodjf^ x'G% . o; n]vdf d'VotM g]kfnsf] a}+lsé k|)ffnLsf af/]df
    rrf{ ul/Psf] % .

2= xfnsf] cj:yf
               +                                             +
    g]kfnsf] a}lsé k|)ffnLn] lbgfg'lbg ljsf; ul//x]sf] % . a}s tyf ljQLo ;+:yfsf] ;+VofTds
    ljsf; tkm{ x]bf{ pT;fxhgs kl/)ffd b]vfkb{% . lj=;+= 2041 c;f/ d;fGt;Dddf b]zdf 2
    jfl)fHo a}+s / 2 ljsf; a}+sdfq /x]sf]df lj=;+=2051 c;f/ ;Dddf 10 jfl)fHo a}+s, 6
    ljsf; a}+s, 8 ljQ sDkgL, 10 art tyf C)f ;xsf/L ;+:yf / 17 j^f ljQLo dWo:ytfsf]
                                                        +
    sf/f]af/ ug]{ u}/ ;/sf/L ;+:yf u/L hDdf 51 ;+:yf a}lsé k|)ffnLsf] césf] ?kdf /x]sf lyP .



  ;xfos Joj:yfks, g]kfn /fi^« a}+s, lj/f^gu/ .



                                           cfly{s n]v . 52
                                                                           a}Í]Zj/ - jif{ 1 cÍ 2


  2062 ;fn r}q dlxgf ;Dddf 17 jfl)fHo a}+sx?, 35 ljsf; a}+sx?, 5 u|fdL)f ljsf;
  a}+sx?, 65 ljQ sDkgLx?, 19 ;Lldt a}+lsé sf/f]af/ ug]{ Ohfht k|fKt ;xsf/Lx? / 48
  j^f ljQLo dWo:ystf{sf] Ohfht lnO n#'ljQ sf/f]af/ ug]{ ;+:yfx? btf{ eO{ ;+rfngdf /x]sf
  %g\ . o;sf ;fy} 117 j^f x'nfs art a}+s ;d]t sfo{/t /x]sf %g\ .
  jfl)fHo a}+sx?n] 2062 df#d;fGt;Dddf 2,69,51 s/f]* lgIf]k kl/rfng u/]sf                %g\ eg]
  2,32,58 s/f]* shf{ tyf nufgL k|jfx u/]sf %g\ . g]kfnsf] ljQLo k|)ffnLdf /x]sf]          +
                                                                                        a}s tyf
  ljQLo ;+:yfx?nfO{ a}+s tyf ljQLo ;+:yf ;DjGwL cWofb]zn] 4 ju{df ljefhg u/]sf]         % . o;
  cGt/ut jfl)fHo a}+sx? "s" ju{df, ljsf; a}+sx? "v" ju{df, ljQLo ;+:yfx? "u"            ju{df /
  n#"ljQ sf/f]jf/ ug]{ ljsf; a}+sx? "#" ju{df kb{%g\ .
  g]kfnsf] a}+lsé k|)FfnLnfO{ ;}$flGts ?kdf x]bf{ o;df zfvf a}+lsé / ldl>t a}+lsé k|)ffnLsf
  u')fx? kfOG% . zfvfut ;+/rgfsf b[li^n] a}+lsé k|)ffnLnfO{ zfvf a}+lsé / OsfO a}+lsé
                                           +                              +
  k|)ffnLdf ljefhg ug]{ ul/G% . OsfO a}lsé k|)ffnLdf s'g} :yfgdf Ps a}s x'G% / cGo
  :yfgdf ;f] a}+ssf] zfvf /xb}g . csf]{ :yfgdf ljk|]if)f (remmitance) tyf cGo Jofkfl/s
  ;'lawfsf] nflu csf]{ s'g} a}+s;+u ;DaGwg lnOG% . zfvf a}+lsé k|)ffnLdf Ps a}+sn]
  cfjZostf cg';f/ ljleGg :yfgdf zfvf :yfkgf ug{ ;S% . g]kfn /fi^« a}+sn] jfl)fHo
    +
  a}sx?n] zfvf vf]Ng ;Sg] gLltut Joj:yf u/]sf] % / ;a} jfl)fHo a}+sx?nf] cfjZostf
                                                       +
  cg';f/ zfvf :yfkgf u/]sf %g\ . o;}u/L jfl)fHo a}sx?n] ;fdfGotof cNksfnLg C)fdfq
  k|bfg ub{% eGg] dfGotf /flvg] / jfl)fHo a}+lsésf ljleGg k|of]hgsf nflu ljleGg lsl;dsf
                      +
  %'§f %'§} jfl)fHo a}s u&g x'g ;Sg] ePtf klg g]kfndf To:tf] l:ylt /x]sf] kfOb}g . g]kfnsf
  jfl)FHo a}+sx?n] ljb]zL ljlgdo ;DaGwL sfo{, lwtf] shf{, Jofkfl/s shf{, bL#{sfnLg shf{,
  pkef]Uo shf{ tyf k"+hLut nufgL ;d]t u/]sf %g\ . o;}n] o; lsl;dsf] k|)ffnLnfO{ ldl>t
  a}+lsé k|)ffnL dfGg ;lsG% .

3= ;d:ofx?
  ljleGg cfGtl/s tyf afx\o tyf cfGtl/s sf/)fn] s'g} k|)ffnLdf ;d:of /xg ;S% . tL
  ;d:ofsf] ;dfwfg ug]{ qmddf g} ;f] k|)ffnLsf] ljsf; ;d]t x'g] ub{% . g]kfndf klg a}+lsé
                                                                "
  k|)ffnLdf /x]sf / cfpg ;Sg] ;d:ofsf] ;dfwfg ug{ tyf ;dofg'sn ljsf; ug{ ljQLo If]q
  ;'wf/ sfo{qmd ;+rfng ul/Psf] % .
  g]kfnsf] ljQLo If]qsf] dxTjk")f{ kIf a}+lsé k|)ffnL g}    xf] . ;j{;fwf/)faf^ art ;+sng ug{
  kfpg], b]zsf] w]/} :yfgdf kx'+r ePsf] tyf cGo ljQLo        k|)ffnLsf] ljsf; ;d]t ck]lIft ljsf;
  x'g g;s]sf] cj:yfdf a}+lsé k|)FfnLsf] dxTj a(L g}         cf+sng ug{ ;lsG% . To;}n] g]kfnsf]
  ljQLo If]q ;'wf/ sfo{qmdn] klg a}+lsé If]qsf] ;'wf/nfO{   g} cfkm\gf] s]Gb|ljGb' agfPsf] % .
  o; sfo{qmdsf d'VotM tLg p@]Zo /x]sf %g\ .
  1=   g]kfn a}+s lnld^]* / /fli^«o jfl)fHo a}+ssf] ;+/rgfTds ;'wf/ (Restructuring of Nepal
       Bank Limited and Rastriya Banijya Bank)
  2=   g]kfn /fi^« a}+ssf] k'g;{+/rgf -Reengineering of Nepal Rastra Bank)
  3=   ljQLo If]qsf] Ifdtf clej[l$ (Capacity Building of Financial Sedtor)
  o; sfo{qmd cg';f/ g]kfn a}+s lnld^]* / /fli^«o jfl)fHo a}+ssf] Joj:yfkg ljb]zL ;+:yf /
  JolQmnfO{ s/f/df lbOPsf] % . oL a}+sdf ePsf] v/fj shf{ (NPA) nfO{ afl~%t ;Ldfleq
                                 +
  NofO{ ;/sf/L :jfldTjdf /x]sf a}snfO{ lghLs/)f ug]{ p@]Zon] ljb]zL ;+:yf / JolQmnfO{
  s/f/df lbOPsf] xf] .




                                     cfly{s n]v . 53
a}Í]Zj/ - jif{ 1 cÍ 2


                                                                        +
    g]kfn /fi^« a}+s gof+ P]gjf^ ;+rflnt ePsf] % . o;jf^ g]kfn /fi^« a}snfO{ sfg"gL :jfoQtf
                                      +
    k|fKt ePsf] % / cGo s]Gb|Lo a}s ;/x clwsf/ k|fKt df}lb|s clwsf/Lsf] ?kdf /x]sf] % .
    o;sf ljefu tyf cGo OsfOx? klg k'g ;+ul&t ePsf %g\ . sd{rf/L ;+u&gdf ;'wf/ gkfpg
    :j]lR%s cjsfz of]hgf -VRS) NofOPsf] % . Joj;flos of]Uotf ePsf sd{rf/L clws[t
    :t/df egf{ lng] gLlt lnOPsf] % . sd{rf/Lsf] ;'ljwfdf k'g/fjnf]sg ul/Psf] % .
    ljQLo If]qsf] Ifdtf clej[l$ ug{ ljleGg sfg"gL tyf ;+:yfut Joj:yf ul/Psf] % . a}+s tyf
    ljQLo ;+:yf ;DjGwL cWofb]z hf/L ePsf] % . g]kfn /fi^« a}+sjf^ a}+s tyf u}/ a}+s ljQLo
    ;+:yfx?nfO{ PsLs[|t lgb]{zg hf/L ul/Psf] % . C)f c;"nL P]gsf] th'{df C)f c;"nL
    Gofoflws/)fsf] u&g, shf{ ;"rgf s]Gb|sf] k'g;{+/rgf, shf{ tyf lgIf]k aLdf lgudsf] u&g
    ul/Psf] % . o;sf] ;fy} sDkgL cWofb]z, ;'/lIft sf/f]af/ cWofb]z ;d]t nfu" eO;s]sf
    %g\ . bfdf;fxL sfg"g / ^f^ kN^g] ;DaGwL sfg"g Nofpg] tof/L ;d]t eO/x]sf] a'lemPsf] % .
    oL k|oTg x¤'bfx¤'b} klg g]kfnsf] ljQLo k|)ffnLsf s]xL sdhf]/L b]lvPsf %g\ . tLdWo] s]xL
    ;d;fdlos rrf{ kfPsf ;d:ofsf] rrf{ ug]{ k|of; ul/Psf] % .

    s_ g]kfn a}+s lnld^]* / /fli^®o jfl)fHo a}+ssf] Joj:yfkg s/f/af^ ck]lIft
       ;kmntf k|fKt gx'g'
        oL a}+sdf ePsf] v/fj shf{ (NPA) nfO{ afl~%t ;Ldfleq NofO{ ;/sf/L :jfldTjdf /x]sf
        a}+snfO{ lghLs/)f ug]{ p@]Zon] ljb]zL ;+:yf / JolQmnfO{ s/f/df lbOPsf] xf] . g]kfn a}+s
        lnld^]* df /x]sf] v/fa shf{ 2060 c;f/df 60=5 k|ltzt /x]sf]df 2061 c;f/df 53=1
        k|ltzt /xL xfn 49 k|ltzt /x]sf] % . o;}u/L /fli^«o jfl)fHo a}+ssf] v/fa shf{ 2060
        c;f/df 60=2 k|ltzt /x]sf]df 2061 c;f/df 57=6 k|ltzt /xL xfn 51 k|ltzt /x]sf]
        % . xfn (NPA) sf] cg'kft s/f/ lb+bfsf avtsf] eGbf sd ePtfklg ck]Iff u/]sf]
        cg'kftdf sd ePsf] %}g . /fli^«o jfl)fHo a}+ssf] lghLs/)f k|lqmofsf] ;+s]t %}g . g]kfn
        a}+s lnld^]* sf] ;/sf/L :jfldTjdf /x]sf 10 k|ltzt z]o/ ;j{;fwf/)fnfO{ laqmL ;d]t
        ul/Psf], tL z]o/sf] bf]>f] ahf/ sf/f]af/ ;d]t eO;s]sf]df xfn ;f] /f]lsPsf] ;Gbe{df b'j}
        a}+ssf] lghLs/)f lgs^ eljiodf x'g] ;Defjgf sd} % . o; ;Gbe{df ljb]zL Joj:yfkgsf]
        Dofb nfdf] ;dosf] nflu yKg' jf ;f] Joj:yfkg s/f/sf] nfut a(L ePsf] cfjfh
        pl&/x]sf] ;Gbe{df j}slNks Joj:yf x'g' cfjZos b]lvG% .

    v_ bf]<f] txsf] ;+:yfsf] u&g x'g g;Sg'
        xfd|f] h:tf] b]zdf ;xsf/L tyf u}/;xsf/L ;+:yfx?sf] ;d]t &"nf] of]ubfg / e"ldsf /xg]
        ub{% . cfly{s ljsf;sf] nflu cfk\mgf] :t/ / Ifdtf cg';f/sf] ljQLo >f]t kl/rfng ug]{
        clwsf/ oL ;+:yfnfO{ lbbf+ nlIft ju{df ;d]t ;sf/fTds k|efj kg{ ;Sg] b]vL g]kfn /fi^«
          +
        a}sn] C)f tyf jrtsf] sf/f]jf/ ug]{ ;xsf/L ;+:yfx?nfO{ ;Lldt a}+lsé sf/f]jf/ ug]{
        Ohfht tyf ;d'xut jrt tyf shf{ nufgL ug]{ u}/ ;xsf/L ;+:yfnfO{ ljQLo
        dWo:ystf{sf] Ohfht lbg] Joj:yf ul/Psf] lyof] . a}+s tyf ljQLo ;+:yf ;DjGwL
                                       +
        cWofb]zdf ;xsf/L ;+:yfnfO{ a}lsé k|)ffnLsf] c+usf] ?kdf :jLsf/ ul/Pg . g]kfn /fi^«
           +
        a}sn] ;xsf/L ;+:yfsf] lgodg, cg'udg, lg/LIf)f / ;"kl/j]If)fsf] sfo{ Ohfht k|bfg ug]{
        ;/sf/L lgsfon] ug'{ kg]{ sfg"gL Joj:yf ePsf] sf/)fn] ;d]t tL ;+:yfnfO{ ;Lldt a}+lsé
        sf/f]jf/ ug]{ Ohfht lbg %f]l*;s]sf] lyof] .
        cGo sf/f]jf/ ug]{ ;xsf/L ;+:yfsf] ;+rfngsf] nflu ljBdfg Joj:yf ;Gtf]ifhgs dfGg
        ;lsP klg C)f tyf jrt sf/f]jf/ ug]{ ;xsf/L ;+:yfsf] nflu jt{dfg lgodg Joj:yf
        kof{Kt dfGg ;lsg] cj:yf %}g . ljQLo dWo:ystf{sf] sfd ug]{ ;+:yfn] sltko ljj]szLn



                                      cfly{s n]v . 54
                                                                      a}Í]Zj/ - jif{ 1 cÍ 2


   dfGotf -Prudential Norms_ sf] kfngf ug'{ cfjZos x'G% . o;jf^ g} ;f] ;+:yfsf]
   lbuf]kg tyf ljQLo :jf:Yo /fd|f] x'G% . cGoyf ljleGg ;d:of pTkGg eO{ ;+:yfsf]
   cl:tTjdf g} k|Zg lrGx pTkGg x'g ;S% . g]kfn /fi^« a}+sjf^ :jLs[ltk|fKt ;xsf/L ;+:yf
   tyf ljQLo dWo:ystf{sf] Ohfht kfPsf ;xsf/L ;+:yfnfO{ g]kfn /fi^« a}+sn] Prudential
   Norms hf/L u/]sf] / lg/LIf)f tyf ;'kl/j]If)f u/]sf] ePtf klg ;f] afx]s cGo ;xsf/L
   ;+:yfn] ;xsf/L ljefu nufot s'g} ;/sf/L lgsfon] jrt tyf C)f ;xsf/Lsf] xsdf
   Prudential Norms k|ltkfbg gePsf] x'gfn] ;xsf/L P]gsf cltl/Qm yk Prudential Norms
   sf] kfngf ug'{ k/]sf] kfOb}g .
   o;} cefjnfO{ dx;'; u/L C)f tyf jrt sf/f]jf/ ug]{ ;xsf/L ;+:yf tyf u}/ ;xsf/L
   ;+:yfsf] ;"k/Lj]If)fLo lgsfosf] ?kdf Pp^f %'§} bf]>f] txsf] ;+:yf (Second Tier
   Institution) sf] u&g ug]{ cjwf/)ff k|sfzdf cfPsf] lyof] . o; ;DjGwL cWoog ug{ Ps
   sfo{bn u&g ;d]t eO{ k|ltj]bg ;d]t k]z e};s]sf] % . t/ xfn;Dd ;f] ;+:yfsf] u&g
   k|lqmof cl# j(g ;s]sf] %}g . o;jf^ Pp^} ljQLo jhf/df Prudential Norms kfngf
   ug'{ kg]{ / gkg]{ tyf s*f lg/LIf)f tyf ;'kl/j]If)f k|lqmofsf] ;fdgf ug'{ kg]{ / gkg]{ b'j}
   vfn] ;+:yf ;dfg ?kdf cl:tTjdf ;d]t OGsf/ ug{ ;lsg] cj:yf %}g .

u_ ;DklQ Joj:yfkg sDkgLsf] u&g gx'g'
   g]kfn a}+s lnld^]* / /fli^«o jfl)fHo a}+ssf] shf{sf] cfwfeGbf j(L lx:;f v/fj shf{sf]
   ?kdf /x]sf] % . jt{dfg shf{ c;"nL k|lqmofsf] dfWodjf^ dfq ;f] v/fj shf{ /fkm;fkm
   x'g ;Sg] cj:yf %}g . ljb]zL JolQm / ;+:yfnfO{ Joj:yfkg s/f/df lbOP kZrft cGo
   kIF -gfkmf, ;+u&gfTds ;+/rgf cflb_ df ;'wf/ ePtf klg a}+ssf] v/fj shf{sf] cg'kftdf
   ck]lIft ;'wf/ ePsf] %}g . xfn g]kfn a}+s lnld^]* sf] u}/ a}+lsé ;DklQ 23,93 nfv %
   eg] /fli^«o jfl)fHo a}+ssf] u}/ a}+lsé ;DklQ 29,76 nfv % . a}+lsé If]qsf] s"n u}/
   a}+lsé ;DklQ 1,33,57 nfv /x]sf] % . o; cj:yfdf v/fj shf{ c;"n pk/ ug{ lwtf]df
   /x]sf] u}/ a}+lsé ;DklQsf] Joj:yfkg ug'{ h?/L x'G% . a}+sx?n] jf/Djf/ lnnfd ubf{ klg
   lnnfd x'g g;sL a}+ssf] jf]em jg]sf] oL ;DklQsf] Joj:yfkgsf] nflu ;f]xL sfd dfq ug]{
   Pp^f ;+:yfsf] lgdf{)f ug'{ cfjZos eO;s]sf] lyof] . o; ljifonfO{ dgg u/L ;DklQ
   Joj:yfkg sDkgLsf] :yfkgf ug]{ cjwf/)ff NofOPsf] lyof] .
   g]kfn /fi^« a}+ssf] of] ;f]rfOnfO{ a}+s tyf ljQLo ;+:yfx?n] ;sf/fTds sbdsf] ?kdf lnO{
   pT;flxt jg]sf lyP . cfk\mgf] ;DklQ a}+sn] sf}*Lsf] efpdf lnnfd u¥of] eGg] c/f]k
   nufpg] C)fLx? klg of] ;+:yfsf] :yfkgfkl% ;Gt'i^ x'g ;Sg] ;+efjgf lyof] . unt
   dg;fon] lbOPsf] C)f -sd lwtf] /fvL, sd;n lwtf] /fvL, cg'koQm lwtf] /fvL lbOPsf],
   k|:tfljt kl/of]hgfsf] ;DefJot cWoog gu/L C)f k|bfg ul/Psf_ jfx]s cGo C)f c;"n
   ug{ of] sDkgL pkof]uL x'g;Sg] b]lvPsf] % .
   of] sDkgL :yfkgf ug]{ ;f]rfO{ o; cl# g} jgfO ;lsPsf] ePtf klg xfn;Dd of] u&g
   eO;s]sf] %}g . g]kfn a}+s lnld^]* / /fli^«o jfl)FHo a}+s s/f/df lng] kIfaf^ tL a}+ssf]
   v/fa shf{ /fkm;fkm x'g g;Sg'sf] sf/)f sfg"gL ;+/rgfdf sdL x'g' / ;DklQ Joj:yfkg
   sDkgL u&g gx'g' egL cf/f]k nufOPsf] cj:yfdf of] sDkgL u&g x'g' emg\ h?/L dfGg
   ;lsG% .

#_ u|fdL)f / ul/j hgtfsf] nflu a}+lsX\u ;]jf k'Ug g;Sg'
             +
   g]kfndf a}lsé k|)ffnLsf] ljsf;sf] cleef/f g]kfn /fi^« a}+sdf g} /x]sf] % . a}+lsé If]qsf]
   ljsf; eP ;f]sf] dfWodjf^ b]zsf] cy{tGqsf] ljsf; x'g] tYo lglj{afb g} /x]sf] % .


                                  cfly{s n]v . 55
a}Í]Zj/ - jif{ 1 cÍ 2


        o;}n] g]kfn /fi^« a}+sn] a}+lsé k|)ffnLsf] ljsf;df ljleGg of]ubfg lbPsf] % . g]kfn a}+s
                                       +              ]
        lnld^]* Ps dfq jfl)fHo a}s /x]sf] kl/k|Ifdf 2022 ;fndf /fli^«o jfl)fHo a}+s /
        2024 ;fndf s[lif ljsf; a}+ssf] :yfkgf eof] . tL a}+ssf zfvf b]zsf ljleGg :yfgdf
        v'n'g egL g]kfn /fi^« a}+sn] lgb]{zg ;d]t hf/L u¥of] / o;/L v'n]sf zfvf #f^fdf kg{
        uP lglZrt cjlw;Dd lglZrt cg'kftdf #F^F Joxf]g]{ gLlt klg lnOof] . ljQLo If]q ;'wf/
        sfo{qmd kZrft v'nf ahf/ gLlt cjnDjg u/]kZrft a}+s tyf u}/ a}+s ljQLo ;+:yf
        :yfkgfdf v'nf gLlt lnOof] . o;kl% g]kfn /fi^« a}+sn] lgb]{zg lbg] gLlt %f]*L v'nf
                                  +
        k|lt:kwf{Tds jftfj/)fdf a}lsé ;]jfsf] lj:tf/ x'g] ljZjf; lnOof] .
                                            +
        cfhsf] cj:yfdf cfP/ x]bf{ g]kfndf a}s tyf ljQLo ;+:yfsf] ;+VofTds pkl:yltdf &"nf]
                                                               +
        k|ult ePsf] b]Vg ;lsG% . b]zsf zx/L If]qdf :yflkt a}s zfvf jLrdf tLj| Joj;flos
        k|lt:kwf{ ePsf] / o;jf^ u|fxsju{ nfeflGjt ePsf] klg kfOG% . t/, u|fdL)f If]qsf]
                                                                                 +
        cj:yf lrGtfhgs % . hf/L $Gbaf^ l;lh{t c;'/Iffsf sf/)f u|fdL)f IF]qsf a}s zfvf
        aGb eO/x]sf %g\ . o;/L b]zsf] s]xL :yfgdf ljQLo If]q ;'wf/ gLltsf] ;sf/fTds
                                                             +
        k|ltkmn kfOPsf] % eg] b]zsf clwsf+z u|fdL)f If]qdf a}s tyf ljQLo ;+:yfsf] pkl:ylt
        z"Go k|foM % .
        a}+sn] kl/rfng ug]{ ljQLo ;fwg nlIft ju{ / If]qdf k'Ug ;sf]; eGg] cjwf/)ff ;d]t
        g]kfn /fi^« a}+sn] /fv]sf] kfOG% . a}+sn] cfk\mgf] s"n shf{ nufgLsf] 40 k|ltzt shf{
        pTkfbgzLn If]qdf nufgL ug'{ kg]{, 12 k|ltzt shf{ k|fyldstf k|fKt If]qdf nufgL ug'{kg]{
        / 3 k|ltzt;Dd ljkGg ju{df ljgflwtf] nufgL ug'{ kg]{ Joj:yf ul/Psf] lyof] . xfn
        k|fyldstf k|fKt shf{ sfo{qmd #^fp+b} nluPsf] % / cfly{s jif{ 2065.66 b]lv of]
        sfo{qmd x^\g] ePsf] % . ljkGg ju{ shf{ Joj:yf ljBdfg /x]tfklg ljkGg ju{sf] a}+s;+u
        kx'+r gx'g', ljkGg ju{df nufgL ug'{ eGbf xhf{gf ltg{ a}+sn] ;lhnf] dx;'; ug'{ tyf cGo
        n#'ljQ sf/f]af/ ug]{ ljQLo ;+:yf dfk{mt shf{ lbg] Joj:yf klg Jofhb/ tyf ljljw
        k|fjwfgsf sf/)f k|efjsf/L jGg ;s]sf] %}g .
        jfl)fHo a}+snfO{ n#'ljQjf^ cnu /fvL ;f] sfo{df n#'ljQ sf/f]jf/ g} d'Vo pb]Zo /fVg]
        ;+:yfnfO{ ;xefuL u/fpg] gLlt lnOPsf] % . o; gLltjf^ n#'ljQ sf/f]jf/ ug]{ ljQLo
        ;+:yfsf] :yfkgf eO{ n#'ljQ sf/f]jf/ -lgIf]k ;+sng tyf shf{ ljt/)f_ eO/x]sf %g\ . oL
        ;+:yfsf] sf/f]jf/df pNn]Vo j[l$ b]lvO{ w]/} hgtfn] ;'ljwf lnPtf klg ul/jLsf] &"nf]
        rk]^fdf k/]sf kxf*L u|fdL)f If]qdf tL ;+:yf k'Ug ;s]sf %}gg . oL sfo{qmd klg ;'ljwf
        ;DkGg If]qdf s]lGb|t ePsf %g\ . zx/L If]qdf n#'ljQ a}+ssf] k|lt:kwf{ % eg] t/fOsf
                                                           +
        klg leqL u|fdL)f e]udf ;d]t / kxf*L efudf oL a}s k'Ug ;s]sf %}gg\ . t/fOsf klg
        ;'ljwf ;DkGg :yfgdf dfq tL ;+:yfsf] ;'ljwf k'Ug ;s]sf] % . #gf cfjfbL ePsf] /
        u}/s[lif Joj;fo ug]{ hgtfnfO{ nlIft u/L lgdf{)f ul/Psf] a+unfb]zsf] u|fdL)f a}+ssf]
        cjwf/)ff cg'?k ;+rfng x'g] oL ;+:yfn] k|bfg u/]sf] C)fjf^ Joj;fo u/L ;f+jf Jofh
        ltg]{ cfly{s kl/a]z g]kfndf %}g eGbf cTo'lQm gxf]nf . g]kfnsf] e"uf]n, cfly{s ;+/rgf /
        cj:yf ;xfp¤bf] n#'shf{ sfo{qmdsf] ljsf; ug{ ;lsPsf] %}g .
        ljQLo If]q ;'wf/sf] sfo{qmd cGt/ut a}+sx?n] cfk\mgf] ;+u&gdf ;'wf/ Nofpg u|fdL)f zfvf
        aGb u/], s'n shf{ nufgLsf] lglZrt k|ltzt n#"shf{ k|bfg ug]{ bfloTjjf^ pgLx?nfO{
        d'Qm k|fo ul/of] -ljkGg ju{df nufgL ug'{ kg]{ Joj:yf ljBdfg %_ . n#'shf{ k|bfg ug]{
        ;+:yfn] g]kfnL hgtfsf] dfu / cfjZostf jdf]]lhd lj:t[t e"efudf uO{ ;'ljwf k|bfg ug{
        ;s]gg\ . g]kfnsf] ljQLo If]q ;'wf/ sfo{sf /)fgLltx?dWo] Ps /x]sf] u|fdL)f If]qsf u/Lj
        hgtfnfO{ a}+lsé ;]jf k'¥ofpg] gLltx? sfof{Gjog k|lqmof k%fl* g} k/]sf] % . ;g\ 1992
        df ul/Psf] u|fdL)f shf{ ;j]{If)fn] 20 k|ltzt hgtfn] dfq ;+:yfut If]qaf^ shf{ lng


                                      cfly{s n]v . 56
                                                                          a}Í]Zj/ - jif{ 1 cÍ 2


       kfPsf, 86 k|ltzt hgtfn] cgf}krfl/s >f]]taf^ C)f lng] u/]sf / 6 k|ltzt hgtfn]
       b'a} >f]tsf] pkof]u u/]sf] k|ltj]bg ;fj{hlgs u/]sf] cj:yfeGbf xfnsf] cj:yf tflTjs
       ?kdf leGg ePsf] dxz'; ug{ ;lsPsf] %}g .
       u|fdL)f If]qdf sf/f]jf/ u/L ul/j tyf dlxnfnfO{     ;d"xj$ u/L u|fdL)f shf{sf] dfu s]xL
       xb;Dd k"/f ul//x]sf] ;xsf/L ;+:yfnfO{ g]kfnsf]         +
                                                            a}lsé k|)ffnLsf] c+u dflgPsf] %}g .
       ;xsf/L ;+:yf / u}}/ ;/sf/L ;+:yfnfO{ lgodg,        lgoGq)f, lg/LIf)f tyf ;'kl/j]If)f ug]{
       lgsfosf] ?kdf :yfkgf ug{ nfluPsf bf]>f] txsf]      ;+:yf (Second Tier Institution) :yfkgf
       x'g ;s]sf] %}g . b]zdf ljBdfg n#'ljQ ;+:yfnfO{      ljz]if gLlt, lgod P]g cg';f/ ;+rfng
       ug'{ pkoQm x'g] lgZro u/L rfn' cf=j= 2062.63       sf] z'?d} /fli^«o n#' ljQ gLlt, 2062
       hf/L ug]{ k|ltj$tf ;d]t 7 dlxgf Joltt x¤'bf k"/f    x'g ;s]sf] %}g .

   X_ ljQLo ;'wf/sf] sfo{qmdsf] kIfdf ;xh tyf ;sf/fTds k|ltlqmof k|fKt gx'g'
       ;/sf/L :jfldTjsf jfl)fHo a}+s tyf cGo a}+s / ljQLo ;+:yf dfq /x]sf] kl/k|]Ifdf ljQLo
       ;'wf/ sfo{qmd NofOof] / ljQLo If]qnfO{ v'nf jgfOof] . a}+s tyf ljQLo ;+:yf vf]Ng /
       ;+rfng ug{ :jtGqtf lbOof] . o; qmddf kof{Kt a}+s / ljQLo ;+:yfsf] :yfkgf eof] .
       g]kfn a}+s lnld^]* / /fli^«o jfl)fHo a}+ssf] ljQLo cj:yf sdhf]/ ePsf] / cGo a}+s
       tyf ljQLo ;+:yfsf] :yfkgf b|'tt/?kdf eO/x]sf] cj:yfdf g]kfn /fi^« a}+ssf] lgodg,
       lg/LIf)f tyf ;'kl/j]If)f k|efjsf/L / s*f kfl/g' kYof]{ . a}+ssf n]vf k|)ffnL kf/bzL{ /
       cGt/f{li^«o :t/sf] klg kfl/g' kYof{] . ;+:yfut ;'zf;gsf] Joj:yf ldnfOg' kYof]{ /
       ljj]szLn l;$fGt (Prudential Norms) klg lgwf{/)f ul/g' kYof]{ . ;/sf/ / g]kfn /fi^«
       a}+saf^ To; tk{m sbd klg p&fOof] . gof+ g]kfn /fi^« a}+s P]g / gof+ a}+s tyf ljQLo
       ;+:yf ;DjGwL cWofb]z NofOof] . /fli^«o jfl)fHo a}+ssf] Joj:yfkg ljb]zL JolQm /
       ;+:yfnfO{ s/f/df lbOof] . sfnf];"rL, ;xljQLos/)F nufgL, n]vf k|)ffnL, k"+hLsf]if, v/fj
       shf{sf] nflu Joj:yf tyf hu]*f ;DjGwL Joj:Yff ul/of] . g]kfnsf] a}+lsé If]qsf] n]vf
       k|)ffnLnfO{ cGt//fli^{«o :t/sf] jgfpg] k|of; eO/x]sf] % .
       b]zsf] cfGtl/s cfjZostf tyf ljZj Jokf/ ;+u&gsf] k|fjwfgsf] sf/)f kg{ ;Sg] jfx\o
                                          +
       r'gf}tLsf] ;fdgf ug{ g]kfn /fi^« a}sjf^ ul/Psf oL k|of; bL#{sfndf nfebfos x'g]
       lyP . t/, oL k|of;n] ;xh ?kdf ;sf/fTds k|ltlqmof k|fKt ug{ ;s]g . b'O{ &"nf /
                        +                                          "
       k'/fgf jfl)fHo a}ssf] Joj:yfkg s/f/ ljjflbt jGof] . sfnf];rL ;DjGwL Joj:yfsf] klg
                                                  +
       C)f pkef]Qmfsf tk{mjf^ cfnf]rgf ul/of] . k"hLsf]if ;DjGwL Joj:yf / v/fj shf{sf] nflu
       Joj:yfsf] sdhf]/ k"+hL ;+/rgf / v/fj shf{sf] cg'kft j(L gePsf a}+sn] b]z, sfn,
       kl/l:ylt;+u tfbfTDo g/fVg] Joj:yf &fg] . k/Dk/fut k|)ffnLjf^ af;]n 2 df hfg' &"nf]
       %nfª dflgPsf] % . bL#{sfndf tL Joj:yfn] k|sf/fGt/n] ;a}nfO{ lxt ug]{ tYodf ;j}
       ;xdt x'g] ljZjf; ug'{ cTo'lQm geP tfklg oL ;'wf/ k|of;n] ;xh gsf/fTds k|ltlqmof
       pTkGg ug{ ;s]gg\ .
       a}+s / ljQLo If]q Joj:yfkg ;fj{hlgs ;/f]sf/sf] ljifo ePsfn] o; tk{m rflnPsf
       kfOnfn] ;fj{hlgs ?kdf ;dy{g kfpg' g} kb{% . o;sf] nflu ljZjf;sf] jftfj/)f agfpg'
       ;j} lgsfo ;r]t /xg'kg]{ b]lvPsf] % .

4= pk;+xf/
   g]kfnsf] åGå / To;jf^       l;lh{t k|efjjf^ ;du| cy{tGq g} lzlyn jGb} uO/x]sf] % .
   lgjf{xd'vL u|fdL)f cy{tGq   s]xL ljsl;t x'g nfu]sf] cj:yfdf pTkGg åGåsf] sf/)f k'gM



                                     cfly{s n]v . 57
a}Í]Zj/ - jif{ 1 cÍ 2


    cwf]ultlt/ nfu]sf] % . zx/L If]q $Gbsf k|efj sd k/]sf] x'gfn] cy{tGq cl# jl(/x]sf] % .
    b]zsf] cy{tGqdf /fd|f] k|ult u/]sf] ;]jf / a}+lsé If]qsf] cj:yf ;Gtf]ifhgs g} % . pBf]u /
    Jofkf/df gsf/fTds k|efj k/]sf] tyf s[lifdf vf;} ;'wf/ x'g g;s]sf] cj:yf % . xfn;Dd
    ;sf/fTds of]ubfg lbg ;s]sf] If]qnfO{ hf]ufP/ /fVg' / ef]ln ltgn] ljsf; ug{ ;Sg] cj:yfsf]
    lgdf{)f ug'{ cfhsf] cfjZostf xf] . o;}n] ljQLo If]q ;'wf/ sfo{qmd cGt/ut a}+lsé If]q
    ;'wf/ sfo{qmd ;+rfngdf /x]sf] % . o;sf] sfof{Gjogdf ck]lIft ;kmntf k|fKt eOg;s]sf]
    ePtf klg o; k|lqmofn] k")f{ k|fyldstfsf ;fy lg/Gt/tf kfO/x]s} % . ljQLo If]q ;'wf/
    sfo{qmdsf] cfnf]rgfsf] :j/ ca ;fgf] eO;s]sf] % . o; n]vdf rrf{ ePsf ;d:of xfn
    ljBdfg /x]tf klg logsf] ;d:ofsf] lg/fs/F)fsf] nflu lg/Gt/ u[xsfo{ eO/x]sf] % . %f]^f]
                                             +
    ;dodf g} oL ult/f]wsf] lg/fs/)f eO a}lsé If]q ;jn x'g] / g]kfnsf] ljQLo k|)ffnLn] klg
    b]vf k/]sf / b]vf kg{ ;Sg] r'gf}ltnfO{ lrb}{ cl# j(\g ;Sg] s'/fdf ljZj:t x'g eg] ;lsG% .


    ;Gbe{ ;fdu|L M
                     +
    1= g]kfn /fi^« a}s ;dfrf/ jflif{s k|sfzg 2060,2061,2062
    2= 50 Years of Nepal Rastra Bank
    3= ldld{/]sf ljleGg c°x?
    4= c?)ff]bosf ljleGg c°x?
    5= df}lb|s gLlt 2062.63
    6= cfly{s ;+ufnf], g]=/f= a}+s, k"j{ sd{rf/L ;+#, 2062 sf&df*f}+ .




                                       cfly{s n]v . 58
                                                                           a}Í]Zj/ - jif{ 1 cÍ 2



              d"No tYofX\sM kl/ro, cfjZostf, dxTj /
                       cy{tGqdf o;sf] k|efj
                                                                                   – d]#/fh >]i&

1= k[i&e"ld
   ;+;f/df s'g}klg /fi^«sf] cfly{s ultljlwsf] cWoog tyf ljZn]if)f ug{ cfly{s j[l$b/,
   d'b|f:kmLltb/, ;/sf/L ah]^, zf]wgfGt/ l:ylt, j}b]lzs Jofkf/ h:tf dxTjk")f{ cfly{s
   kl/;"rsx?sf] k")f{?kdf pkof]u ul/G% . log} kl/;"rsx?nfO{ ;Dk|]if)f ug]{ tyf k|sfzgdf
   Nofpg] dxTjk")f{ lhDd]jf/L /fli^«o cy{Joj:yfsf] ;Djfxssf] ?kdf "g]kfn /fi^« a}+s P]g, 2058"
   n] g]kfn /fi^« a}+snfO{ k|bfg u/]sf] % . g]kfn /fi^« a}+s P]g, 2058 sf] bkmf 4 df pNn]v
   ePsf 5 j^f p@]Zox?dWo] klxnf] p@]Zo "cy{tGqsf] lbuf] ljsf;sf] lgldQ d"No / zf]wgfGt/
   l:y/tf sfod ug{sf nflu cfjZos df}lb|s tyf ljb]zL ljlgdo gLlt lgdf{)f u/L ;f]sf]
   Joj:yfkg ug]{æ egL tf]lsPsf] tyf ;f]xL P]gsf] bkmf 5 "v" df a}+ssf] sfd, st{Jo /
   clwsf/ cGt/ut "d"No l:y/tf sfod ug{ cfjZos df}lb|s gLlt th'{df ug]{ / ;f] gLlt
   sfof{Gjog ug]{ u/fpg]" eGg] Joxf]/f :ki^?kdf pNn]v ul/Psf] % . o;} ;Gbe{df b]zsf]
   Psdfq s]Gb|Lo a}+ssf] ?kdf :yfkgf ePsf] g]kfn /fi^« a}+s d"No:t/nfO{ jflG%t ;Ldfleq /fvL
   cy{tGqsf] lbuf] ljsf;df ^]jf k'¥ofpg lg/Gt/ k|of;/t /xL cfPsf] % .
   df}lb|s gLltsf] ;kmn sfof{Gjog d'b|f:kmLltdf e/ kg]{ x'gfn] d'b|f:kmLltnfO{ dfkg ug{ ljleGg
   tf]lsPsf j:t'x?sf] d"No lgwf{l/t :yfgx?af^} ;+sng ug'{kg]{ x'G% . o:tf] tYof° ;+sng tyf
   ljZn]if)f ug]{ sfo{ ;/sf/sf cGo lgsfox?af^ klg ug{ g;lsg] t x}g t/, oL sfo{x? df}lb|s
                                                                 +
   Joj:yfkg cGtu{t kg]{ ePsf]n] o:tf] sfo{ g]kfn /fi^« a}ssf] cg';Gwfg ljefu, d"No
   dxfzfvfaf^ ;Dkflbt x'¤b} cfPsf] % . o;/L ;Dkfbg x'g] d"No tYof° sfo{nfO{ g]kfn /fi^«
   a}+sn] /fli^«o dxTjsf ;fy lgoldt ?kn] d"No ;+sng u/L cfjZostf cg';f/ ;fKtflxs,
   kflIfs, dfl;s, qodfl;s, cw{jflif{s tyf jflif{s?kdf pkef]Qmf d"No;"rL tyf yf]s d"No;"rL
   tof/ u/L k|sflzt ug]{ ub{% .

2= ljifo k|j]z
   d"No tYof° eGgfn] tYof°Lo ;Ldfleq /x]/ d"Nosf] cfwf/df tof/ ul/Psf] ;"rL (Index) nfO{
   a'lemG% . cyf{t\ d'b|fsf] d"Nodf ePsf] kl/jt{gnfO{ gfKg] ;f+vlso dfWodnfO{ g} d"No ;"rL eGg]
   ul/G% . jl/i& cy{zf:qL L.V. Chandler sf] egfO{ cg';f/ cfwf/jif{sf] ?kdf lnPsf] s'g}
   lglZrt ;dosf] cf};t d"Nosf] t'ngfdf csf]{ jif{sf] ;f]xL ;dosf] cf};t d"No emlNsg] ;+Vof g}
   d"No ;"rL xf] .
   "An index number of prices is a figure showing the height of average price at one time relative to
   other height at some other time that is taken at the base period."
                                                                                     –L.V. Chandler.
   ;+;f/df s'g}klg b]zsf] ;du| d"No l:yltsf] af/]df hfgsf/L pknJw u/fpg] dfWodg} d"No
   tYof° xf] . oxL d"No tYof°sf] dfWodaf^ b]zsf] ;du| cfly{s cj:yf s'g lbzftk{m uO{/x]sf]

  ;xfos Joj:yfks, g]kfn /fi^« a}+s, lj/f^gu/ .

                                       cfly{s n]v . 59
a}Í]Zj/ - jif{ 1 cÍ 2

   %, yfxf kfpg ;lsG% .
   ;~rf/, k|ljlwsf] ljsf; / pBf]u Jofkf/sf] lj:tf/sf] ;fy} v'Nnf cy{tGqsf] sf/)f ljZj Pp^f
   j[xt\ ahf/sf] ?kdf ljsl;t e}/x]sf] % . log} ljZjahf/af^ ljleGg b]zsf dflg;x?nfO{
   cfjZos kg]{ j:t'x? k"lt{ ul/G% . dflg;nfO{ cfjZos kg]{ j:t' tyf ;]jfx?sf] d"No ;w}+
   Ps}gf; x'¤b}g . d"Nodf ljljw sf/)fx?n] kl/jt{g cfO/x]sf] x'G%, h:t}; pkef]Qmfsf] ?rL, j:t'
   tyf ;]jfx?sf] cfk"lt{ kl/df)f, k|rf/k|;f/, cGt//fli^«o d"No, cy{tGqdf /x]sf] d'b|fsf] kl/df)f,
   s/sf b/x?, ahf/ k|lt:kwf{, df};d cflb .
   k")f{ k|lt:kwL{ ahf/df dfu / cfk"lt{df cfpg] kl/jt{g cg';f/ a/fa/ d"No #^a( e}/xg]
               |
   ub{% . d'bfsf] d"No dfkgsf] k|f/lDes sfo{ j:t' tyf ;]jfsf] d"No ;+sng sfo{nfO{ lnOG% .
   cfd pkef]Qmfx?n] cfk\mgf] b}lgs cfjZostf k"/f ug{ ahf/af^ ljleGg k|sf/sf j:t' tyf
   ;]jfx? vl/b ug]{ ub{%g\ . o;/L vl/b ubf{ pkef]Qmfx?n] s:tf k|sf/sf j:t' tyf ;]jfx? al(
   dfqfdf k|of]u ub{%g\ / tL j:t'x?n] pkef]Qmfsf] sltsf] cfjZostf k"/f ug{ of]ubfg
   k'¥ofO{/x]sf %g\, ;f]sf] cWoog Pj+ ljZn]if)f u/L ;f]xL adf]lhd %flgPsf j:t'x?sf] d"No
   ;+sng ug]{ ul/G% .
                                                                '
   o;/L d"No ;+sngsf] nflu %gf}^ ePsf j:t' tyf ;]jfx?sf] k|dv cfwf/sf] ?kdf kfl/jfl/s
   ah]^ ;j]{If)fnfO{ lng] k|rng /x]sf] % . d"No ;"rsf° lgdf{)f ug]{ bf}/fgdf cfly{s jif{
   2029/30 df klxnf], cfly{s jif{ 2041/42 df bf];|f] / cfly{s jif{ 2052/53 df t];|f] u/L 3
   j^f kfl/jfl/s ah]^ ;j]{If)f ;DkGg eO{;s]sf %g\ . oxL t];|f] kfl/jfl/s ah]^ ;j]{If)faf^
   lgwf{/)f ePsf ahf/ s]Gb|, j:t' tyf hg;+Vof, ef/ cflbsf] cfwf/df xfn d"No tYof° ;+sng,
   k|zf]wg / k|sfzg ug]{ ul/Psf] % . ;fdfGotof d'b|fsf] qmozlQm dfkg ug{, ljb]zL ljlgdo
   lgwf{/)f ug{, cfjlws of]hgf th'{df ug{ tyf ltgsf] sfof{Gjog / k|utL d"Nof°g ug{,
   hLjg:t/ dfkg ug{, df}lb|s gLltnfO{ k|efjsf/L ?kdf nfu' ug{, tna-Hofnf Pj+ k]G;gnfO{
   ;do;fk]If ;dfof]hg ub}{ n}hfg, Jofhb/, z]o/ ahf/, j}b]lzs nufgLsf] cfk|jfx, cy{tGqdf
   clws tyf sd t/ntf ePsf] yfxf kfpg, j}b]lzs Jofkf/ l:ylt yfxf kfpgsf] nflu d"No
   ;"rL clt cfjZos dflgG% . oxL d"No ;"rLn] ;du| j:t' tyf ;]jfsf] d"No:t/ s] slt a(]sf]
                                                        |                        |
   jf #^]sf] %, :ki^ ?dkf b]vfO{ lbg] x'gfn] o;nfO{ d'bf:kmLlt elgG% . o;/L d'bfsf] d"No
   (Value) kQf nufpg d"No tYof°sf] ;d]t cfjZostf x'g] ePsf]n] o;sf] /fli^«o:t/df dxTj
   ckl/xfo{ /x]sf] % .
   g]kfndf d"No ;+sng, k|zf]wg / k|sfzg ug]{ sfo{ cfk\mgf] :yfkgfsfnb]lvg} g]kfn /fi^« a}+sn]
   ub}{ cfPsf] % . ;do ;dodf ahf/df pknJw j:t' tyf ;]jfsf] k|s[lt / pkef]Qmfsf] ?rLdf
   kl/jt{g cfO/x]sf] x'G% . t;y{ Ps k^s %gf}^ ul/Psf j:t'x? nfdf] ;do;Dd ahf/df
   pknJw gx'g klg ;S%g\ . To;}n] lglZrt cjlwdf ahf/sf] ;+/rgf, dfudf cfPsf] kl/jt{g
   tyf pkef]Qmfx?n] pkef]u ug]{ j:t'sf] dfu / z}nL cflbnfO{ dWogh/ /fvL k'g/fjnf]sg ug'{
   kg]{ x'G% . To;}n] g]kfn /fi^« a}+sn] k||To]s bz jif{df o:tf] kfl/jfl/s ah]^ ;j]{If)f ug]{ u/]sf]
   % . xfn rf}yf] kfl/jfl/s ah]^ ;j]{If)f sfo{ b]ze/ ;~rfng eO{/x]sf] % .

3= d"No tYofX\s ;+sngsf] cfjZostf / dxTj
   jt{dfg d'b|f ljlgdo k|)ffnLdf cfwfl/t cy{Joj:yfsf] ;~rfngdf d"No ;+oGqsf] dxTjk")f{ e"ldsf
   /x]sf] x'G% . pkef]Qmfn] cfk\mgf] cfDbfgL s'g j:t' tyf ;]jfdf vr{ ubf{ clwstd ;Gt'li^
   k|fKt x'G% . ;fwgsf] pRrtd pkof]u s;/L ug{ ;lsG% eGg] ljifodf hfgsf/L /fVgsf] nflu
   d"Nol:yltsf] hfgsf/L x'g' lgtfGt cfjZos b]lvG% . lghLs/)f, ljZjJofkLs/)f tyf cfly{s
   pbf/Ls/)f h:tf gLltx?nfO{ cfhef]ln ljZjsf clwsf+z /fi^«x?n] c¤ufNb} cfPsf %g\ . k|ljlw
   / ;~rf/, oftfoft tyf ;xh ahf/ kx'¤rsf] sf/)f ljZj Pp^f ;fgf] ahf/sf] ?kdf kl/)ft
                                       cfly{s n]v . 60
                                                                        a}Í]Zj/ - jif{ 1 cÍ 2

   x'g k'u]sf] % . ;+;f/sf] s'g} klg s'gfdf #^]sf cfly{s #^gfx? ;~rf/sf] dfWodaf^ cGo
   /fi^«x?df ;xh} k'Ub% . a]nfa]nfdf #^\g] u/]sf o:tf #^\gfx?n] b]zsf] cfly{s tyf ;fdflhs
   If]qdf ;sf/fTds tyf gsf/fTds b'a} lsl;dn] leGg leGg k|efj kfl//x]sf] x'G% . o;/L
   /fli^«o tyf cGt/f{li^«o sf/)fx?n] d'n'ssf] cfly{s tyf ;fdflhs If]qdf k/]sf] k|efjsf] d"Nof°g
   tyf ljZn]if)f ug{ tYof°nfO{ g} Ps dxTjk")f{ cf}hf/sf] ?kdf pkof]u ug]{ k|rng /x]sf] % .
   d'n'sn] cfly{s kl/;"rssf] oyfy{ l:yltsf] hfgsf/L /fVg' lgtfGt cfjZos x'G% . b]zdf
                                                        |
   d'b|f:kmLlt, cfly{s j[l$b/, k|ltJolQm cfo, ljb]zL d'bfsf] ;+lrtL, zf]wgfGt/ l:ylt, ;/sf/L ah]^
   l:ylt cflb s'g cj:yfdf /x]sf] %, ;f]sf] hfgsf/Lsf nflu tYof°s} ;xof]u lng'kg]{ x'G% .
   cy{zf:qLo b[li^sf])fn] cy{Joj:yfsf ljleGg If]qx?; pTkfbg If]q, pkef]u If]q, ljlgdo If]q,
   ljt/)f If]q, ljQLo If]q nufot cfly{s If]qsf] cltl/Qm ;dfhsf ljleGg kIfx?sf] cWoog
   cg';Gwfg ug{ o:tf tYof+sx? ckl/xfo{ ePsf]n] cfly{s If]qdf ;d]t o:sf] dxTj plQs} /x]sf]
   x'G% .

4= d"No tYofX\s ;DaGwdf g]kfn /fi^® a}+ssf] e"ldsf
   d'n'ssf] s]Gb|Lo a}+ssf] ?kdf g]kfn /fi^« a}+s lj=;+= 2013 ;fn j}zfv 14 ut] :yfkgf        ePsf]
   xf] . ljZjsf] w]/}h;f] d'n'sx?df d"No ;"rL tof/ ug]{ sfo{ ;/sf/L lgsfoaf^ x''g]           u/]sf]
   kfOPtf klg ;/sf/n] g]kfndf d"No ;"rL tof/ u/L k|sfzg ug]{ lhDd]jf/L cflwsfl/s              ?kdf
   g]kfn /fi^« a}+snfO{ lbPsf] % / g]kfn /fi^« a}+sn] klg cfk\mgf] lhDd]jf/LnfO{ k"/f ub}{   cfPsf]
   % .
                  +
   g]kfn /fi^« a}ssf] :yfkgfk"j{ s]lx cTofjZos j:t'x?sf] d"No uf]vf{kqdf k|sflzt u/]/
   ;j{;fwf/)fnfO{ hfgsf/L u/fpg] u/]sf] kfOPtf klg g]kfn /fi^« a}+ssf] :yfkgfkl% a}+sn] df}lb|s
   gLlt th'{df tyf sfof{Gjog ug'{kg]{ ePsfn] To;sf nflu cTofjZos ;fdfgx? h:t}; rfdn,
   g"g, t]n, dl§t]n tyf nQfsk*f nufot b}lgs pkef]Uo j:t'x?sf] sf&df)*F}sf s]lx ;Lldt
   ahf/x?af^ v'b|f d"No ;+sng sfo{sf] yfngL u/L ;j{;fwf/)fsf] hfgsf/Lsf nflu cef/Lt d"No
   k|sfzgdf Nofpg] sfo{ ub]{ cfPsf] lyof] . oxL sf&df)*f} ahf/sf] d"No j[l$nfO{ cfwf/ dfgL
   clw/fHoel/ ;f]xL cg'?k d"No kl/jt{g ePsf] egL ljZn]if)f ul/GYof] . lj=;+= 2022 ;fndf
   o;nfO{ lj:tf/ u/L g]kfn clw/fHosf ljleGg ahf/ s]Gb|x?af^ 44 j^f j:t'x?sf] d"No
   ;+sng ug{ yfNof] . o;/L ;+slnt d"No tYof°nfO{ Jojl:yt / e/kbf]{ t'Nofpg 2023 ;fndf
   a}+ssf] cg';Gwfg ljefu cGt/ut /xg] u/L d"No dxfzfvfsf] :yfkgf ul/of] .
   To:tf] d"No l:yltn] ;xL k|ltlglwTj ug{ g;s]sf] dxz'; u/L tYof°nfO{ Jojl:yt ?kdf cufl*
   a(fpg g]kfn /fi^« a}+sn] cfly{s jif{ 2029/30 df klxnf] k^s 11 j^f gu/ If]qdf
                           {
   kfl/jfl/s ah]^ ;j]If)f ;~rfng u¥of] . h;af^ d"No ;"rsf° lgdf{)fdf j}!flgstf /
   clw/fHosf cGo ahf/ s]Gb|x?sf] ;d]t k|ltlglwTj x'g] u/L zx/L If]qsf pkef]Qmfx?n] u/]sf]
   jif{el/sf] vr{sf] cfwf/df ef/ k|bfg u/L zx/L If]qsf] ef/Lt pkef]Qmf d"No ;"rsf° k|sfzgdf
   Nofof] . o;} qmddf ahf/df pknJw j:t'x? nf]k x'¤b} hfg], pkef]Qmfsf] vr{ tyf rfxgfdf
   kl/jt{g cfpg], gof¤ gof¤ zx/ tyf ahf/x?sf] lj:tf/ x'g] cflb sf/)fx?n] d"No ;"rsf°sf]
                                                                           +
   ef/ kl/jt{g ug'{kg]{ cfjZostf dxz'; u/L cfly{s jif{ 2041/42 df a}sn] 13 j^f gu/
   If]qdf bf];|f] kfl/jfl/s ah]^ ;j]{If)f ;~rfng u/L pkef]Qmf d"No ;"rsf°sf] ef/ cWofjlws
                             |                   {
   u/]sf] lyof] . To:t} t];f] kfl/jfl/s ah]^ ;j]If)f clw/fHosf ljleGg 21 j^f gu/ If]qdf
   cf=j= 2052/53 df ;DkGg u/L xfn ;f]xL cg'?k zx/LIf]qsf] pkef]Qmf d"No ;"rsf° k|sfzg
   ug]{ sfo{ u/L cfPsf] % . ljBdfg zx/L If]qsf] pkef]Qmf d"No ;"rsf° clwstd 301 j^f
   j:t' tyf ;]jfx?sf] g]kfn clw/fHosf k|d'v 21 j^f zx/L If]qx?af^ ;+slnt d"Nosf] cfwf/df
   tof/ ug]{ ul/G% . d"No tYof°sf] a(\bf] dfu / o:sf] pkof]lutf ;d]t j[l$ x'¤b} uO/x]sf]

                                      cfly{s n]v . 61
a}Í]Zj/ - jif{ 1 cÍ 2

        ]
   kl/k|Iodf d"No tYof°sf] bfo/fnfO{ km/flsnf] kfg{ g]kfn /fi^« a}+sn] pkef]Qmf d"No ;"rsf°sf]
   ;fy} yf]s d"No ;"rsf° klg tof/ ub}{ cfPsf] % . cf=j= 2056/57 nfO{ cfwf/ jif{ dfgL
   clw/fHosf 20 j^f ahf/ s]Gb|x?af^ 71 j^f k|d'v j:t'x?sf] yf]s d"No ;+sng u/L yf]s
   d"No ;"rsf° ;d]t tof/ u/L lgoldt ?kdf k|sflzt ub}{ cfPsf] % . To:t} 40 j^f
   cTofjZos j:t'x?sf] ;fKtflxs d"No l:ylt, ef/tsf rf/j^f ;LdfjtL{ ahf/x? / ;f] ahf/sf]
   lgs^:y g]kfnL ahf/x?sf] t'ngfTds l:ylt dfl;s ?kdf k|sflzt ub}{ cfPsf] % .
   g]kfnsf] d'b|f:kmLltb/ dfkg ug]{ pkef]Qmf ;"rsf°nfO{ 10/10 jif{df cWofjlws ug]{ gLlt cg'?k
   rf}yf] kfl/jfl/s ah]^ ;j]{If)f ;~rfng eO{/x]sf] % . ljBdfg pkef]Qmf d"No ;"rsf°df
                  {
   kl/dfh{g ug], clw/fHosf s]lx ahf/ s]Gb|x? yk ug]{ / ;Dej eP;Dd u|fdL)F If]qnfO{ klg
   ;d]^\g] nIf /x]sf] % . g]kfn /fi^« a}+s ;/sf/sf] cfly{s ;Nnfxsf/ ePsf] gftfn] klg
   cy{tGqsf ljljw kIfx?sf] af/]df hfgsf/L /fVg' kg]{ x'G% . b]zsf] df}lb|s clwsf/Lsf] x}l;otn]
   df}lb|s gLlt th'{df ubf{ cfjZos kg]{ tYof°x? dWo] cGo lgsfox?af^ k|fKt x'g g;s]sf
   tYof°x? a}+s cfk}mn] ;+sng, k|zf]wg tyf k|sfzg ug'{ kg]{ x'G% . df}lb|s gLltsf] k|d'v p@]Zo
   cfGtl/s d"No l:y/tf sfod /fVg' xf] . o; ;Gbe{df a}+sn] :yfkgfsfnsf] z'?b]lvg} d"No
   tYof° tof/ ug]{ sfo{ ub}{ cfO{/x]sf] % . xfn g]kfn /fi^« a}+sn] pkef]Qmf d"No ;"rL, Hofnfb/
   ;"rL, cTofjZos j:t'x?sf] ;fKtflxs d"No laj/)f, ;LdfjtL{ If]qsf] t'ngfTds d"No laj/)fx?
   tof/ u/L lgoldt?kdf k|sflzt ub}{ cfO/x]sf] % . cfhsf] j}!flgs o'udf ;"rgf / k|ljlwsf]
   If]qdf ePsf] ljsf;nfO{ Wofgdf /fVbf d"No tYof° ;+sng ;DaGwL sfo{df ;d]t ;/nLs/)f
   ug'{kg]{ x'g uPsf] % . O-d]n, OG^/g]^ tyf ^]lnkmf]g dfk{mt d"No ;+sng ug{ pBdL, Jofkf/L
   tyf cGo ;DalGwt kIfnfO{ ;d]t hfu?s agfpg' kg]{ b]lvG% eg] csf]{tk{m d"No tYof° pknJw
   u/fpg] kIfn] klg ;xL tYof° pknJw u/fO{ /fli^«o dxTj tyf cfjZostfsf] ljifonfO{
   ljZj;gLo agfpg cf-cfk\mgf] tk{maf^ of]ubfg k'¥ofpg' kg]{ x'g cfp¤% .

5= d"No tYofX\s ;+sngdf lghL If]qsf] e"ldsf
   g]kfn /fi^« a}+sn] lgoldt ?kdf ;+sng ug]{ zx/L If]qsf] pkef]Qmf d"No tYof°sf ;|ftx?df  ]
   s]lx ;/sf/L lgsfox? /x]tf klg d'Vo ?kdf lghL If]qsf pBdL, Jofkf/Lju{x? g} x'g\ . d"No
   ;+sng ug]{ sfo{df g]kfn /fi^« a}+sn] cfk\mgf sd{rf/Lx?nfO{ v^fpg] u/]sf] / tL sd{rf/Lx?n]
   ;DalGwt JolQmx?;+u k|ToIf?kdf ;Dks{ u/L d"No ;+sng ug]{ ub{%g\ . To;}n] d"No ;+sng
   sfo{df lghL If]qsf] pBdL Jofkf/Lju{sf] &"nf] dxTj /x]sf] x'G% . g]kfn /fi^« a}+sn] k|sfzg
   ug]{ d"No tYof°sf] z'$tf lghL If]qsf pBdL tyf Jofkf/Lju{af^ k|fKt x'g] d"No tYof°sf]
   oyfy{tfdf e/kg]{ x'gfn] d"No pknJw u/fpg] sfo{nfO{ lhDd]jf/Lk")f{ (én] lng' kg]{ x'G% . o;/L
   lghL If]qaf^ pBdL tyf Jofkf/Lju{n] pknJw u/fPsf] d"No tYof°sf] cfwf/df b]zsf] cfly{s,
   ljQLo tyf df}lb|s gLltx? th'{df tyf sfof{Gjog x'g] / o:sf] k|efjsfl/tf klg lghL If]qsf
   Jofkf/Lx?af^ k|fKt d"No tYof°df lge{/ /xg] ePsf] x'¤bf b]zsf] ljleGg gLlt lgdf{)fdf lghL
   If]qsf pBdL, Jofkf/Lju{sf] ck|ToIf?kdf dxTjk")f{ e"ldsf /xg] ub{% . pk/f]Qm adf]lhd cfk\mgf]
   dxTjk")f{ e"ldsf lgjf{x ug]{ ;DaGwdf /.li^«o dxTjnfO{ a'emL ;xL Pj+ jf:tljs d"No tYof°
   pknJw u/fpg ;DalGwt ;a} pBdL Pj+ Jofkf/Lx?sf] st{Jo x'g cfp¤% .

6= d"No tYofX\s ;+sngdf b]lvPsf ;d:ofx?
   g]kfn /fi^« a}+sn] cfk\mgf] :yfkgfsfnb]lvg} lg/Gt/ ?kdf d"No ;+sng, k|zf]wg / k|sfzg ub}{
   cfPsf] % . o;/L d"No ;+sng / k|zf]wg ubf{ Jojxfl/s ?kdf lgDg ;d:ofx? dxz'; x'g]
   u/]sf %g\ .
       ;"rgf / k|ljlwsf] cTolws ljsf;sf] sf/)f ahf/df gof¤ gof¤ j:t'x?sf] pTkfbg eO/xg]

                                     cfly{s n]v . 62
                                                                     a}Í]Zj/ - jif{ 1 cÍ 2

       x'gfn] d"No tYof° ;+sngsf nflu tf]lsPsf j:t'x? nf]k x'¤b} hfg] / ;f] j:t'sf] ;§fdf
       j}slNks j:t' %gf}^ u/L k|lt:yfkg ug{ nfdf] ;do nfUg] x'¤bf ahf/sf] jf:tljs d"Nosf]
       k|ltlglwTj x'g] u/L d"No ;+sng ug{ sl&g x'¤b} cfPsf] % .
       d"No ;+sng ug{ tf]lsPsf] ahf/ s]Gb| eGbf ahf/ lj:tf/, oftfoftsf] ;'ljwf cflb
       sf/)fx?n] ubf{ csf]{ ahf/ s]Gb|df j:t'x?sf] sf/f]jf/ a(L x'g] / sltko tf]lsPsf
       j:t'x?sf] oyfy{ d"No k|fKt ug{ sl&g x'g] u/]sf] % .
       cfw'lgs k|ljlwdf x'g] ljsf;, j:t'sf] u')f:t/df cfpg] kl/jt{g tyf pkef]Qmfsf] ?rLdf
       cfpg] kl/jt{g cflbsf] sf/)faf^ ahf/df pkef]Uo j:t'x?sf] pkof]udf Jofks kl/jt{g
       cfpg] / %f]^f] ;dodfg} pkef]Qmfsf] ;+/rgfdf cfPsf] kl/jt{g kQf nufpg al( vlr{nf]
       x'g] ePsf]n] oyfy{ d"No ;+sng ug{ sl&g x'g] u/]sf] % .
       cfk"mn] laqmL ug'{kg]{ j:t' tyf ;]jfsf] oyfy{ d"No pknJw u/fO{ ;xof]u ug'{kg]{ st{Jo
       ePsf s]xL pBdL, Jofkf/Lx?df ce}m klg d"No tYof°sf] /fli^«o dxTj jf]w gePsf] sf/)f
       j:t' tyf ;]jfsf] jf:tljs d"No pknJw ju/fpg cK&\of/f] dfGg] u/]sf] b]lvG% .
   oL dflysf ljljw sf/)fx?n] ubf{ d"No ;+sng ug]{ sfo{df Jojxfl/s ?kdf sl&gfO{ pTkGg
   ePsf] kfOPsf] % .

7= d"No l:yltn] ;du| cy{tGqdf kfg]{ k|efj
   cy{Joj:yfsf k|d'v kl/;"rsx?; pTkfbg, jrt, nufgL, e'QmfgL ;Gt'ng, ljlgdob/ nufotsf
   ljleGg kIfx?df d"No tYof°n] cx+ e"ldsf v]n]sf] x'G% . ljsf;zLn d'n'sx?sf] xsdf 5
   k|ltzteGbf a(L b/df d'b|f:kmLlt x'g uPdf To:sf] gsf/fTds c;/x? b]vfkg{ yfNb%g\ . a(\bf]
   d'b|f:kmLltaf^ ljsf;zLn /fi^«df a;f]af; ug]{ clwsf+z Go"g cfo x'g] ju{sf] qmozlQm #^\g
   hfg] x'¤bf k|efjsf/L dfudf sdL cfpg hfg], dfudf sdL cfPkl% pTkfbgzLn If]qsf] nufgLdf
   sdL cfpg] / nufgLdf sdL cfPkl% pTkfbg #^\g], /f]huf/L u'Dg] / cfodf s^f}tL ePkl%
   k'gM k|efjsf/L dfu cem #^\g u} nufgL lg?T;flxt x'¤b} hfG% . hgtf emgemg ul/a x'¤b} hfg]
   / wgL / ul/a aLrsf] c;dfgtf j[l$ x'¤b} hfG% . cy{Joj:yfdf d'b|f:kmLltsf] cj:yf /lx/x]df
   :jb]zdf pTkflbt j:t'sf] t'ngfdf ljb]zL j:t'x? ;:tf] kg{ hfG%, h:n] ubf{ cfoftsf] kl/df)f
   a(\g uO{ ljb]zL d'b|f ;+lrlt qmdzM x|f; x'¤b} e'QmfgL c;Gt'ng x'g hfG% . e'QmfgL
   c;Gt'ngnfO{ ;xL lbzfdf Nofpg :jb]zL d'b|f cjd"Nog ug'{kg]{ x'G%, h;n] cy{Joj:yfdf k'gM
   :kmLltsf/L k|efj b]vfkg{ yfN% . o;/L lg/Gt/?kdf d'b|f:kmLltsf] df/ v]Kg' k/]df ;fdflhs /
   g}lts rl/qdf ktg cfpg], a(\bf] a]/f]huf/Ln] d'n'sdf rln/x]sf] åGb / /fhg}lts xnrndf
   an k'¥ofpg] x'¤bf cjflG%t :t/sf] d'b|f:kmLlt ;w}+ xflgsf/s dflgG% . d"Noj[l$sf] ;dodf
   cfk\mgf j:t' tyf ;]jfx? laqmLaf^ w]/} cfo cfh{g ug]{ Jofkf/L, pBdL / z]o/ nufgLstf{x?
   nfeflGjt ePtfklg cy{Joj:yfdf lqmofzLn /xg] Go"g cfo x'g] -tnj, Hofnf, k]G;g, Jofh
   kfpg]_ ju{ Pj+ ;LdfGt ls;fg, h:sf] cfk\mgf] pAhgL hLljsf]kfh{gsf] nflu kof{Kt x'¤b}g, tL
   ju{x? d'b|f:kmLltaf^ a(L dfqfdf lk*Lt x'g] ub{%g\ .
   ;du|df eGg' kbf{ d'n'sdf a;f]jf; ug]{ ;Dk")F{ hghLjgnfO{ ;xh t'Nofpg g]kfn /fi^« a}+sn]
   oxL d"No tYofª\ssf] dfWodaf^ hfgsf/LlnP/ d"No l:y/tf sfod ug]{ ub{% .

8= g]kfndf d"No j[l$sf] k|j[lQ
   g]kfnsf] ef/t;+u tLglt/ v'Nnf ;Ldfgf ePsf] tyf j}b]lzs Jofkf/sf] &"nf] c+z ef/t;+ug} x'g]
   u/]sf] kl/k|]Iodf g]kfnsf] d"No j[l$ ef/tLo ahf/sf] d"Noj[$L;+u w]/} xb;Dd k|efljt /xG% .
   g]kfnsf] d"Noj[l$sf] k|j[lQnfO{ x]bf{ x/]s 2-3 jif{df slxn] Double Digit df plSng] / slxn]
   Single Digit df emg]{ u/]sf] b]lvG% . g]kfn /fi^« a}+sn] cfly{s jif{ 2029/30 ;fndf ef/Lt

                                    cfly{s n]v . 63
a}Í]Zj/ - jif{ 1 cÍ 2

   d"No k|sfzg ug{ yfn]b]lv cf=j=2061/62 ;fn;Ddsf] 32 jif{sf] cjlwdf jflif{s d"No j[l$b/
   Go"gtd 2=6 b]lv clwstd 21=1 k|ltzt;Ddsf] ptf/ r(fj ePsf] b]lvG% . ljut 5
        ]
   jif{blvsf] d"No j[l$b/ tn lrqdf pNn]v ul/Psf] % .



                                     d"No j[l$sf] k|j[lQ         7

                      7
                                         4.8
                      6                                    4.5
                                                     4
                      5        2.9
                      4
             k|ltzt
                      3
                      2
                      1
                      0
                          2058/59 2059/60 2060/61 2061/62 2062/63
                                                           1st 7
                                                           Month

                                          cfly{s jif{x?




9= pk;+xf/
   d"No ;"rsf° b]zsf ;a} gful/sx?;+u ;DalGwt / ;Dj]bgzLn ljifo ePsf]n] ahf/sf]
   jf:tljs l:yltsf] k|ltlglwTj ug]{ d"No tYof° tof/ ug'{ cy{Joj:yfsf nflu cltg} dxTjk")F{
   sfo{ x'g] ub{% . cy{tGqsf] ;dli^ut cfly{s l:yltdf ;'wf/ eO/x]sf] cyjf x|f; s] eO/x]sf]
   %, To:sf] ljZn]if)f u/L lgrf]* lgsfNg geO{ gx'g] kl/;"rs eg]sf] d"No ;"rsf° g} xf] .
                     '
   ;+;f/sf x/]s d'nsx?sf] cy{Joj:yfdf ptf/ r(fjx? cfO/xG%g\ . To:tf ptf/ r(fjx?nfO{
   ;do;fk]If ?kdf lgoGq)f ug{ ;/sf/n] ljQLo gLlt / s]Gb|Lo a}+sn] df}lb|s gLltsf] th'{df /
   sfof{Gjog ub{%g\ . d"No tYof°sf] cefjdf b]zsf] d'b|f:kmLltsf] hfgsf/L x'g g;Sg] / pko'Qm
   gLltut lg)f{o klg ug{ g;lsg] x'¤bf d"No tYof° /fi^«sf] nflu ckl/xfo{ dflgG% . d'b|f:kmLltsf]
   tYof° hlt ;xL / z'$ x'G%, Toltg} k|efjsf/L (+un] ljQLo gLlt / df}lb|s gLltsf] sfof{Gjog
   ug{ ;lsG% . o; kl/l:yltdf ahf/sf] jf:tljs d"No l:yltsf] k|ltlglwTj ug{ ;Sg] d"No ;"rL
   tof/ ug'{ ;dosf] dfu ePsf] % .




                                       cfly{s n]v . 64
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2




                 a]/f]huf/LM sf/)f, k|efj / g]kfnsf] ;Gbe{
                                                                               –^]s/fh   e)*f/L ∗

1= cy{ tyf kl/ro
      a]/f]huf/L (Unemployment) zJbsf] zflAbs cy{ /f]huf/ gePsf] jf sfd gkfP/ To;}
      j;]sf] >lds eGg] a'lemG% . cy{zf:qdf a]/f]huf/L zJbn] æk|rlnt Hofnfb/df sfd ug{ tTk/
      >ldsn] sfd gkfpg] cj:yfÆ nfO{ j'emfp¤% . sfd ug]{ pd]/sf >ldsx?n] sfd vf]lh/x]sf]
      cj:yfdf s'g}klg pTkfbgzLn If]qdf sfd ug]{ cj;/ gkfpg'nfO{ a]/f]huf/Lsf] cj:yf sfod
      /x]sf] dflgG% . o;sf] dtnj >lds sfd vf]lh/x]s]f / p;n] cfkm\gf] Ifdtf cg'?ksf] sfd
      gkfPsf] cj:yf g} jf:tjdf a]/f]huf/Lsf] cj:yf xf] . cy{zf:qL J.M. Keyense n]
      j]/f]huf/Lsf jfWofTds / :j]lR%s cj:yf x'G%g eg]/ pQm b'O{ cfwf/df kl/eflift u/]sf %g .
      pgsf cg';f/ :j]lR%s a]/f]huf/L eGgfn] sfd kfOPsf] t/ k|rlnt Hofnfb/df sfd ug{
      clgR%'s ePsfnfO{ j'emfp¤b% eg]] c:j]lR%s a]/f]huf/L (Involentary Unemployment_
      eGgfn] k|rlnt Hofnfb/df sfd ug{ tTk/ /x]sf] t/ sfd ug]{ cj;/jf^ j+lrt /x]sf] cj:yf
      xf] .
      cfly{s j[l$b/ / hg;+Vof j[l$b/aLrsf] c;Gt'ng, df¤u / k"lt{aLrsf] c;Gt'ng, k|ljlwsf]
      ljsf;, k|efjsf/L df¤udf j[l$ x'g g;Sg', /fhg}lts kl/jt{g, cfGtl/s åGb, jfx\o x:tIf]k cflb
      h:tf cfly{s, /fhg}lts tyf ;fdflhs sf/)fx?n] ubf{ vf;u/L ljsf;zLn / slxn]sfxL+
      ljsl;t cy{tGqdf of] ;d:of cfpg] ub{% . a]/f]huf/Lsf] l:ylt s'g}klg cy{tGqsf] nflu &"nf]
                         '
      r'gf}tLsf] ljifo x'G%, t/ klg vf;u/L ljsl;teGbf ljsf;zLn cy{tGqdf g} o;sf] c;/ hl^n
      k|sf/sf] x'g] ub{% . ljsf;zLn b]zx?df zx/L If]qsf] lj:tf/sf] sf/)fn] hg;+Vofsf] rfk a(\b}
      uPsf] % eg] s[lif If]qsf] pTkfbsTj #^\b} uPsf] sf/)f a]/f]huf/L tyf cw{ a]/f]huf/Lsf]
      ;d:of qmdzM tLa| ultdf a(\b} uO/x]sf] b]lvG% . vf;u/L 15-25 jif{ pd]/ leqsf
      >dzlQmaLr of] ;d:of JofKt /x]sf] ljleGg cWoogx?jf^ cf}NofO{Psf] % . ctM t]>f] ljZjsf]
      ul/aLdf a]/f]huf/L ;d:ofn] k|d'v :yfg cf]u^\b} uPsf] tLtf] oyfy{ xfd|f] ;fd' plePsf] % .

2= a]/f]huf/Lsf] juL{s/)f
      cy{zf:qLx?n] a]/f]huf/LnfO{ ;do cGt/fn, s'n >d ;do, df};d kl/jt{g, >ldssf] bIftf,
      >ldssf] sfd ug]{ jf gug]{ OR%f, cy{Joj:yfsf] ;+/rgf cflbsf] cfwf/df juL{s/)f u/]sf]
      kfOG% . juL{s/)fsf tL cfwf/x?nfO{ lgDgfg';f/ pNn]v ug{ ;lsG% .
      2=1   klxnf] cfwf/
               Ifl)fs a]/f]huf/L   (Frictional Unemployment_
               ;+/rgfTds a]/f]huf/L (Structural     Unemployment_
               df};dL a]/f]huf/L (Seasonal     Unemployment_
               df¤usf] sdLn] l;lh{t   a]/f]huf/L (Demand-deficit Unemployment_

∗
    k|wfg ;xfos, g]kfn /fi^« a}+s, kfl/jfl/s ah]^ ;e]{If)f cfof]hgf, If]qLo sfof{no, lj/f^gu/ .



                                         cfly{s n]v . 65
a}Í]Zj/ - jif{ 1 cÍ 2

          cy{Joj:yfdf s'g} >dzlQm Ps        k|sf/sf] k]zf %f]*]/ csf]{ k|sf/sf] k]zfdf hf+bfsf] ;do
          cGt/fndf ;[lht a]/f]huf/LnfO{     Ifl)fs a]/f]huf/L elgG% . of] %f]^f] ;dosf nflu dfq
          b]lvg] ub{% . cy{tGqdf ef}lts     ljsf;, k|fljlws ljsf;, gLltut kl/jt{g cflbsf sf/)f
          o:tf] k|sf/sf] a]/f]huf/L ;d:of    b]vf kg]{ ub{% . cy{zf:qLx?n] o;nfO{ v'Nnf a]/f]huf/L
          -Open Unemployment_ klg eg]sf %g . cy{tGqsf] ;+/rgfdf ePsf] kl/jt{gsf]
          sf/)f l;lh{t a]/f]huf/LnfO{ ;+/rgfTds a]/f]huf/L elgG% . o:tf] ;d:of k"¤hLsf] cefjdf
                +       '
          ax';Vos d'nsx?df x'g] ub{% . a(\bf] hg;+Vofsf sf/)f cfGtl/s k"¤hL kl/rfng k|foM
          c;Dej g} x'g] x'¤bf cNkljsl;t d'n'sx?df o:tf] cj:yf cfpg ;S% . t]>f] k|sf/sf]
          a]/f]huf/L s[lifhGo, ko{^g pBf]u h:tf df};dL c;/n] k|ToIf k|efj kfg]{ If]qx?df
          b]vfkb{% . o:tf] a]/f]huf/Lsf] ;d:of lglZrt ;do;Dd dfq ljBdfg /xg] / ;do
          kl/jt{g;¤u} cfkm}+ ;dfKt x'g] k|s[ltsf] x'G% eg] rf}yf] k|sf/sf] a]/f]huf/L cy{tGqdf
          df¤usf] sdLsf sf/)f pTkfbsn] ahf/df cfkm\gf ;j} pTkfbg j]Rg] cj;/ kfp¤b}g; h;n]
          pTkfbsnfO{ lg?T;flxt ub{% . kmn:j?k pTkfbg If]qdf sfd ul//x]sf >ldssf] /f]huf/L
          ;f+#'l/b} hfG% / d'n'sdf a]/f]huf/L ;d:of b]vfkb{% .

    2=2   bf]>f] cfwf/
          k")f{ a]/f]huf/L -Full   Uemployment_
          >ldsn] ;Dk")f{ ;do sfd ug]{ cj;/ ljgf g} Joltt ul//x]sf] % eg] o; k|sf/sf]
          a]/f]huf/LnfO{ k")f{ a]/f]huf/L elgG% .

          cw{ jf Go"g a]/f]huf/L -Underemployment_
          of] cj:yfsf >ldsn] cf+lzs ;do dfq sfd ug]{ cj;/ kfPsf] t/ cfkmgf] ;Dk")f{ >d
          ;do -k"/f ;do;Dd sfd ug{] cj;/_ el/sf] sfd eg] kfPsf x'b}gg . o; lsl;ds]f
          a]/f]huf/LnfO{ b'O{ efudf ljefhg ug{ ;lsG% . klxnf], >ldsx? cfk"m ;Ifd %+bf%+b} klg
          cfk"mn] ug{ ;Sg] sfd gkfpg] cj:yfdf u'lh|/x]sf x'G%g eg] csf]{ k|sf/sf >ldsx?
          sfd ug]{ ;do b}lgs 8 jf 10 #)^fsf] ;f^f] Hofb} sd ;do sfd kfpg] cj:yfdf
          /x]sf x'G%g .

          cb[Zo a]/f]huf/L -Disguised    Uemployment_
          a]/f]huf/Lsf] of] cj:yfdf >ldsn] k")f{ ;do sfd kfPsf] x'G% t/ pQm sfd ;DkGg
          ug{ p;n] yf]/} ;do nufP k'U% . s'g} klg b]zsf] cb[Zo a]/f]huf/LnfO{ s[lif If]q;+u
          ;DalGwt u/]/ cWoog u/]sf] kfOG% . o:tf] k|sf/sf] a]/f]huf/L ljz]if u/]/ cNkljsl;t
          / ljsf;f]Gd'v d'n'sx?sf] s[lif If]qdf /x]sf] x'G% eg]/ ljsf;jfbL cy{zf:qLx?n] k'li^
          u/]sf %g . tL d'n'sx?sf] s[lif If]qdf hgrfk clws /xg], cGo If]qx?df /f]huf/Lsf]
          cj;/x?sf] l;h{gf k|foM gx'g] ePsf]n] ax';+Vos JolQmx? Pp^} k]zfdf a(L >d vr{
          ul//x]sf x'G%g . o;/L pTkfbsTjsf] b[li^df ljrf/ ubf{ s[lif If]qdf ;+nUg clwsf+z
          >dzlQm cb[Zo a]/f]huf/Lsf] cj:yfdf /x]sf] kfOG% .

          n's]sf] a]/f]huf/L -Hidden   Unemployment_
          cfkm\gf] of]Uotf cg';f/sf] sfd gkfO{ leGg k]zf :jLsf/ ul//x]sf] >ldsnfO{ n'Kt jf
          n's]sf] a]/f]huf/L elgG% . o:tf >ldsx?df of]Uotf / bIftf Ps lsl;dsf] x'G% t/
          >d jhf/df ;f] cg's"n /f]huf/L pknJw x'+b}g kmn:j?k p;n] h] h:tf] sfd e]^\% ToxL
          sfddf p;n] u'hf/f ug'{ kl//x]sf] x'G% .



                                        cfly{s n]v . 66
                                                                     a}Í]Zj/ - jif{ 1 cÍ 2

         dfly pNn]v ul/Psf ljleGg lsl;dsf a]/f]huf/Lsf] cnfjf o;nfO{ cf}Bf]lus a]/f]huf/L /
         u}/cf}Bf]lus If]qsf] a]/f]huf/Ldf juL{s/)f u/]/ klg cWoog ug{ ;lsG% .

3= a]/f]huf/L l;h{gf x'g] sf/)fx?
   s'g} klg cy{Joj:yfdf a]/f]huf/L s;/L l;h{gf x'G% eGg] ljifodf ljleGg cy{zf:qLx?åf/f lgDg
   rf/ l;$fGt k|ltkfbg ePsf] kfOG% .

   3=1   zf:qLo l;$fGt
         zf:qLo cy{zf:qLx?sf] ljrf/df, cy{Joj:yfdf jhf/ k")f{ k|lt:kwf{df cfwfl/t x'G% .
         j:t'x?sf] d"No / >ldssf] Hofnf df¤u / k"lt{jf^ lgwf{/)f x'g] ePsf]n] cy{Joj:yfdf
         a]/f]huf/Lsf] ;d:of /x+b}g . >dsf] cfk"lt{ a(L eO{ df¤u sd /x]sf] cj:yfdf Hofnfb/df
         sdL cfpg] / sd Hofnfb/df >dsf] df¤u :jtM a(]/ hfg] cyf{t æHofnf #^fpm,
         ;j}nfO{ sfd b]pmÆ sf] cj:yf l;h{gf eO{ a]/f]huf/Lsf] l:ylt nfdf] ;do;Dd g/xg]
         ljrf/ zf:qLo cy{zf:qLx?sf] /x]sf] % .

   3=2   lsG;sf] l;$fGt
         o; l;$fGt cg';f/ cy{Joj:yfdf s'n /fli^«o pTkfbg k")f{ Ifdtfdf ePsf] l:yltnfO{ k")f{
         /f]huf/Lsf] cj:yf x'G% . t/ ljsf;zLn b]zdf rflxg] hlt df¤usf] l;h{gf x'g g;Sg]
         ePsf] sf/)fn] ubf{ k")f{ /f]huf/Lsf] l:ylt cfpg kfp¤b}g . kmn:j?k Toxf+ a]/f]huf/Lsf]
         c+z /lx/x]s} x'G% . t;y{ s'n df¤usf] sdL (Deficiency in aggregate           demand)
         g} a]/f]huf/Lsf] d'Vo sf/)f xf] eg]/ lsG;åf/f JofVof ul/Psf] % .

   3=3   cfly{s j[l$ l;$fGt
         o; l;$fGt cg';f/ /f]huf/L j(fpg cfly{s j[l$tkm{ Wofg lbg'kb{% . cfly{s j[l$sf
         nflu cy{Joj:yfdf jrt / k"¤hL lgdf{)fsf] b/nfO{ j(fpg' kb{% . kmn:j?k o;n]
         nufgLsf] b/df j[l$ Nofp¤% h;sf] sf/)fjf^ pTkfbg j(g uO{ k"lt{ kIf ;jn x'g
         hfG% / /f]huf/Lsf] cj;/ j(g hfG% t/ o;sf] ljk/Lt ljsf;zLn d'n'sx?df cfly{s
         j[l$ x'g g;s]sf] sf/)f g} a]/f]huf/Lsf] d'Vo ;d:of /x]sf] x'G% .

   3=4   pko'Qm k|ljlw %gf}^ l;$fGt
         pTkfbgsf   d'Vo   b'O{   k|ljlwx?   >d   k|wfg   -Labour   intensive_   /   k"¤hL   k|wfg
         (Capital intensive) dWo] s'g k|ljlw ckgfpg] eGg] s'/f d'n'ssf] cfly{s ljsf;sf]
         :t/, k|fljlws !fg tyf l;k, >f]t tyf ;fwgsf] pknJwtf tyf >d / k"¤hLsf] jhf/
                                                ¤
         d"Non] lgwf{/)f ub{% . olb ahf/df k"hLeGbf >d ;:tf] % eg] pTkfbsn] pTkfbg
         k|ls|ofdf >dsf] dfqf j(fp¤% eg] k"¤hL >deGbf ;:tf] % eg] k"¤hLsf] dfqf j(fp¤% .
         t;y{ /f]huf/L j[l$ ug{sf nflu ljsf;zLn b]zx?df >dnfO{ ;:tf] / k"¤hLnfO{ dx¤uf]
         kfl/g' kb{% t/ oyfy{df o:tf] x'g ;s]sf] kfO{b}g, kmn:j?k a]/f]huf/L jl(/x]sf] x'G% .

4= a]/f]huf/Lsf c;/x?
   o;jf^ l;h{gf x'g] c;/nfO{ cfly{s / u}/cfly{s u/L b'O{ efudf ljefhg u/]/ cWoog ug{
   ;lsG% . s'g} klg cy{Joj:yfdf a]/f]huf/Lsf] ;+Vof j(g' cfkm}+df Pp^f hl^n ;d:of xf] .
   o;jf^ cfly{s / ;fdflhs If]qdf g/fd|f / bL#{sfnLg c;/x? pTkGg x'G%g . a]/f]huf/Lsf]
   ;+Vof hlt ylk+b} hfG%, cy{Joj:yfdf Tolt g} ;d:ofx? a(\b} hfG%g\ . a]/f]huf/L / ul/jLaLr
   lgs^td ;DaGw x'G% . a]/f]huf/Lsf sf/)fn] pTkfbg / cfo b'j}df sdL Nofp¤%, dfgjLo



                                       cfly{s n]v . 67
a}Í]Zj/ - jif{ 1 cÍ 2

    k"¤hLsf] Ifo u/fp¤% . s'n pTkfbg / s'n cfodf sdL cfp¤bf wgLx? cem wgL x¤'b}hfg] /
    ul/ax? emg ul/a x'+b} hfg] cj:yfsf] l;h{gf x'g] ePsf]n] ;dfhdf cfly{s c;dfgtf a(\% .
    o;jf^ Go"g Hofnf, Joj;flos kmd{x?sf] Go"g gfkmf, ;/sf/L /fhZjdf sdL x'gfsf] ;fy}
    d'n'sdf ul/aL / c;dfgtfsf] cj:yf b]vfkb{% . logLx? ;a} a]/f]huf/Lsf cfly{s c;/ x'g
    eg] d'n'sdf /fhg}lts cl:y/tf, ;fdflhs ljs[lt? h:t} rf]/L, *s}tL, xTof, lx+;f cflb a(\g'nfO{
    u}/ cfly{s c;/ elgG% .

5= g]kfndf a]/f]huf/Lsf] cj:yf
    hg;+Vofsf] tLj| a[l$ / ljsf;sf] dGb ult;+u} g]kfndf klg a]/f]huf/L ;+Vof a(b} u}/x]sf] % .
    s[lif If]qdf clws rfk /x]sf] sf/)fn] of] If]q cfkm}df cw{ a]/f]huf/L tyf n'Kt a]/f]huf/Laf^
    u|:t /x]sf] % eg] k/Dk/fut ;+:sf/ tyf n}lés c;dfgtfn] ubf{ dlxnf a]/f]huf/Lsf] ;d:of
    emg lrGtfhgs x'¤b} u}/x]sf] b]lvG% . o;}u/L hftLo tyf If]qut ?kdf b]vfk/]sf c;dfgtf,
    cj;/x?sf] c;dfg ljt/)f cflb h:tf sf/)fx?jf^ b]zsf blnt, hflt tyf hghflt /
    lk%l*Psf ju{df a]/f]huf/L ;d:of sxflnnfUbf] /x]sf] kfOG% . g]kfndf a]/f]huf/Lsf] u)fgf ug]{
    %'§} lgsfo %}g, To;}n] ;j{dfGo tYof°sf] cefj /x]sf] b]lvG% . s]Gb|Lo tYof° ljefun] ug]{
        {
    ;j]If)fx? / k|To]s bzjif{df x'g] hgu)fgfaf^ k|fKt cf+s*f g} o;sf] d"n dfks xf] .

    gjf}+ k~rjifL{o of]hgf -2054-59_ ;+u} #f]if)ff ul/Psf] 20 jif]{ bL#{sfnLg of]hgf (gjf}+ b]lv
    jfx|f+} of]hgf;Ddsf] cjlw) df ul/aLsf] /]vfdf /x]sf dflg;sf] ;+Vof 10 k|ltztdf, a]/f]huf/
    ;+Vof 3 k|ltzt / cw{j]/f]huf/ ;+Vof 10 k|ltztdf emfg]{ nIo /flvPsf] % eg] gjf}+ of]hgf
    cjlwdf a]/f]huf/Lsf] k|ltzt 4=9 af^ 4 df / cw{ a]/f]huf/Lsf] ;+Vof 47 jf^ 35
    k|ltztdf emfg]{ nIo lnOPsf] lyof] . g]kfnsf] a]/f]huf/Lsf] cj:yfnfO{ cWoog ubf{ 15 jif{b]lv
    25 jif{ pd]/sf >dzlQm a(L a]/f]huf/ /x]sf] cg'dfg % eg] To;leq klg k'?ifeGbf dlxnfsf]
    ;+Vof clws % . To;}u/L u|fdL)f If]qsf] t'ngfdf zx/L If]qdf a]/f]huf/Lsf] cg'kft a(L /x]sf]
    cj:yf ljBdfg % .

                      g]kfnsf] /f]huf/L, a]/f]huf/L, cw{ a]/fhuf/L l:ylt / k|If]k)f
                                                                                        -?=xhf/df_
                                                           cf=j=2059.60       bzf}+ of]hgfsf]
                               ljj/)f
                                                              sf] l:ylt     cGTodf x'g] l:ylt
     hg;+Vof                                                     23151=0        25905=0
     15 jif{ / ;f]eGbf dflysf] pd]/sf] hg;+Vof                 13878=0          15867=0
     >d ahf/df pknJw s'n >d                                    10483=0          11582=0
     s'n /f]huf/ >d                                              9959=0          11012=0
     s_ s[lif If]q -k|ltzt_                                         78=1             70=6
     v_ u}x|s[lif If]q -k|ltzt_                                      21=9            29=4
     k")f{ a]/f]huf/ >d                                            524=0            570=0
     k|ltzt                                                           5=0              4=1
     s'n cw{a]/f]huf/ >d                                          3215=0          2456=0
     k|ltzt                                                          32=3            22=3
     cw{j]/f]huf/ -k")f{ a]/f]huf/ >dsf] lx;fjdf_ k|ltzt             12=4              8=6
     s'n a]/f]huf/ >d -k")f{ a]/f]huf/ ;d]t_ k|ltzt                 17=4             13=5
    ->f]tM bzf}+ of]hgf k]h g+=99_




                                        cfly{s n]v . 68
                                                                               a}Í]Zj/ - jif{ 1 cÍ 2

   gjf}+ of]hgfsf] cGTodf s'n /f]huf/ ;+Vof 9959 xhf/ /xL k")f{ a]/f]huf/sf] c+z 5 k|ltzt /
   cw{ a]/f]huf/sf] c+z 32=3 k|ltzt /x]sf] cg'dfg % . of] a]/f]huf/ >dsf] lx;fjdf 12=4
   k|ltzt ePsf] cg'dfg ul/Psf] % . k")f{ a]/f]huf/ 5 k|ltzt ;d]t ubf{ s'n cg'dflgt
   a]/f]huf/ 17=4 k|ltzt /x]sf] b]lvPsf] % .
   bzf}+ of]hgf cjlwdf pTkfbg a[l$sf] k|efj / ljleGg If]qaf^ /f]huf/Ldf x'g] of]ubfg ;d]t u/L
   10 nfv 53 xhf/ /f]huf/L yk l;h{gf eO{ of]hgfsf] cGTodf s'n /f]huf/L 1 s/f]* 10 nfv
   12 xhf/ k'Ug] cg'dfg % . of]hgfsf] cGTodf cfly{s b[li^n] ;lqmo hg;+Vof 1 s/f]* 15
   nfv 80 xhf/ k'Ug] / o;dWo] a]/f]huf/ 4=1 k|ltzt, cw{ a]/f]huf/ 22=3 k|ltzt /
   a]/f]huf/ >dsf] lx;fjdf 8=6 k|ltzt x'g] cg'dfg % . o;k|sf/ bzf}+ of]hgfsf] cGTodf k")f{
   a]/f]huf/ ;d]t u/L s'n a]/f]huf/L 13=5 k|ltztdf emg]{ cg'dfg ul/Psf] % .
   ljut 8 jif{ otf g]kfndf /f]huf/Lsf] b/df 7 k|ltztn] a[l$ ePsf] % . g]kfn hLjg:t/
   ;j]{If)f 2052.53 df s'n /f]huf/L 67 k|ltzt /x]sf]df cf=j= 060.61 sf] ;j]{If)faf^ To;df
   a[l$ eO{ 74 k|ltzt k'u]sf] b]lvG%, of] cjlwdf >dzlQmsf] lx;fjn] lgis[o /x]sf] hg;+Vof 6
                                         ]     {
   k|ltzt ljGb'n] #^\g uO{ 23 k|ltzt k'usf] ;j]If)fjf^ b]lvPsf] % .

                       g]kfn hLjg:t/ ;j]{If)f 2052.53 / 2060.61 sf] t'ngf
                                                                                                     -k|ltztdf_
                  ljj/)F             2052.53         2060.61                         s}lkmot
     a]/f]huf/ ;+Vof                        4=9          3=8       k'?ifdf 3 k|ltzt / dlxnfdf 2
                                                                   k|ltztn] sdL
     sfd ug{ ;Sg] 5 jif{                                           -2060.061 df 56 nfv /x]sf]_ .
     dflysf pd]/ ;d"xsf ;+Vof                                      k'?ifM zx/L If]qdfM 78=8, u|fdL)F
     -s_ k'?ifM                            84=6         86=9       If]qdfM 88=7 dlxnfM zx/L If]qdfM
     -v_ dlxnf                             71=4         72=9       52=5, u|fdL)f If]qdf 76=9 k|ltzt
                                                                   /x]sf]

                           {
   ->f]tM g]kfn hLjg:t/ ;j]If)f 2060.061, s]Gb|Lo tYof+s ljefu_

6= bzf}+ of]hgfdf /f]huf/L gLlt
   bzf}+ of]hgf cjlwdf /f]huf/Lsf cj;/df ul/ax?sf]                kx'¤r    a(fpg     lgDgfg';f/sf     gLltx?sf]
   cjnDag / ltgsf] sfof{Gjog ul/g] ePsf] % .
        cfly{s tyf ;fdflhs ljsf;sf sfo{x? lj:tf/ u/L /f]huf/Lsf cj;/x? a(fpg] .
        /f]huf/Lsf cj;/x?df ul/jsf] kx'¤r a(fpg >dd'vL Joj;fox?sf] k|j${g ug]{ .
        lk%l*Psf ju{ tyf If]qsf] nflu cfod"ns / /f]huf/Lsf nlIft sfo{qmd ;+rfng ug]{ .
        ljBdfg /f]huf/Lsf] cfo:t/ a(fpg k|lzIf)fsf cj;/ tyf pko'Qm k|fljlws pkof]uåf/f
        pTkfbsTj a(fpg] .
                         '
        Joj;flos sfo{szntf clea[l$ tyf >lds                 ju{sf]        cfwf/e"t    xs    lxtsf]    ;+/If)fsf
        kIfx?nfO{ ;Gt'lnt ?kdf cl# a(fpg] .
        l;ko'Qm   hgzlQm   pTkfbg   u/L    a}b]lzs   /f]huf/Lsf     cj;/x?sf]        ;d]t   clwstd      pkof]u
        ug]{ .




                                          cfly{s n]v . 69
a}Í]Zj/ - jif{ 1 cÍ 2


7= g]kfnsf] kl/k|]Ifdf ljBdfg r'gf}tLx?
    sfof{Gjog kIf sdhf]/ /x]sf] ljsf; gLlt, b]zdf ljBdfg e|i^frf/, cfGtl/s /fhg}lts ;+s^,
                                                                                         '
    ljZjdf b]vf kb}{ uPsf] cfly{s dGbL h:tf y'k|} cfGtl/s tyf jfx\o sf/)fx?n] ubf{ d'nssf]
    cy{tGq lrGtfhgs cj:yfaf^ u'lh|/x]sf] % . b]zsf] s'n ufx{:Yo pTkfbg cfzftLt ?kdf a(\g
    g;Sg', pRrb/df hg;+Vofsf] a[l$sf sf/)f k|ltJolQm cfo a(g g;Sg', /f]huf/Lsf j}slNks
    cj;/x? gx'g' cflb a]/f]huf/Lsf cGo sf/)fx? x'g . g]kfndf a]/f]huf/Lsf] ;Gbe{df b]vf k/]sf
    k|d'v r'gf}tLx?nfO{ lgDgfg';f/ b]vfpg ;lsG% .
        jif]{lg lzlIft a]/f]huf/Lsf] ;+Vof lrGtfhgs ?kdf a(b} hfg' .
        a]/f]huf/L / cw{ a]/f]huf/Lsf] l:ylt ljs/fn x'b} hfg' .
        bIf >dsf] &fp¤df afn>dsf] k|of]u a(b} hfg' .
        dlxnfsf] nflu /f]huf/Lsf cj;/x? Hofb} gu)o /xg' .
        lghL If]q /f]huf/L a(fpg] vfnsf pBdsf] l;h{gf ug{ Tolt pT;flxt gx'g' .
        >dnfO{ cgf}krfl/s If]qdf k|of]u u/fO{ >d zf]if)F ug]{ k|j[lQ a(b} hfg' .
        >ldssf] bIftf a(fpg] cj;/sf] sdL x'g', h;jf^ pTkfbsTj a(g g;Sg' .
        >ldsx?nfO{ pknJw /f]huf/L klg k")f{ dof{lbt /xg g;Sg' .
        zx/d'vL ljsf; gLltn] ubf{ u|fdL)f If]qdf /f]huf/Lsf cj;/sf] l;h{gfsf] b/ Hofb} Go"g /xg' .
        a}b]lzs /f]huf/Lsf] k|j${g / plrt cg'udgsf] kof{Kt Joj:yf gx'g' .
        /f]huf/L l;h{gf ug]{ vfnsf] :ki^ ljsf; gLltsf] cefj x'g' cflb .

8= a]/f]huf/L ;d:of lg/fs/)fsf pkfox?
    ljsl;t jf ljsf;zLn h'g;'s} /fi^«df a]/f]huf/Lsf] ;d:of x'G% . ljsl;t cy{tGqdf To;sf]
    c;/ ;fdfGo b]lvg ;S%, h;nfO{ ;lhn} lg/fs/)f klg ug{ ;lsG% eg] g]kfn nufotsf
    ljsf;zLn b]zx?df o:tf] ;d:ofn] cy{Joj:yfsf ;j} If]qdf b"/ufdL c;/ ug]{ vfnsf] x'G% .
    To;}n] a]/f]huf/Lsf] ;d:of ;dfwfg ug{ klg ljsl;t cy{tGqdf ;xh x'G% eg] ljsf;f]Gd'v
    cy{Joj:yfdf pkfo sfof{Gjog ug{ TolQs} sl&gfOsf] ;fdgf ug'{ kg]{ x'G% . a]/f]huf/L ;d:of
    lg/fs/)fsf s]xL pkfox?nfO{ lgDg j'¤bfdf k|:t't ug{ ;lsG% .

    s[lif If]qsf] ljsf;
    ljsf;zLn b]zx?n] a(bf] hg;+VofnfO{ cfjZos vfBfGg cfk"lt{ ug]{ s[lif If]qsf] ljsf; /
    lj:tf/ u/]/ /f]huf/Lsf cj;/ clea[l$ ug]{ lbuf] If]qsf] ?kdf :jLsf/ u/L ;f]xL cg'?ksf
    of]hgf lgdf{)f u/L sfof{Gjog ug'{ kb{% .
    s[lif If]qnfO{ Joj;flos, k|ljlwo'Qm / cfw'lgsLs/)f u/L pTkfbsTj a(fO{ k|z:t /f]huf/Lsf
    cj;/ l;h{gf ug{ ;lsG% .

    cf}Bf]lus ljsf;
    >dd"ns k|ljlwdf cfwfl/t cf}Bf]lus     ljsf; / lj:tf/n] /f]huf/Lsf] cj;/ a(fp¤% . >dd"ns
    k|ljlwn] #/]n' tyf s'^L/ pBf]ux?sf]                                                      ]
                                           ljsf;df ljz]if Wofg lbg] x'¤bf u|fdL)f If]qsf] a]/fhuf/L
    #^fp¤% . t;y{ ljsf;zLn b]zx?n]        >dd"ns #/]n' tyf &"nf pBf]ux?sf] ljsf; / lj:tf/sf]
    pkfoaf^ /f]huf/Lsf] cj;/x? l;h{gf     u/L a]/f]huf/L ;d:of #^fpb} n}hfg ;S%g .




                                       cfly{s n]v . 70
                                                                     a}Í]Zj/ - jif{ 1 cÍ 2


    ;]jfd"ns If]qx?sf] ljsf;
    ljsf;zLn b]zx?df u|fdL)f If]qx?df ;Lldt dfqfdf ;]jfsf cj;/x? pknJw x'G%g\ . tL
    If]qx?df lzIff, :jf:Yo, ;fd'bflos sfo{qmd, kz':jf:Yo ;DjGwL l%^f], %l/tf] ;]jf pknJw
    u/fpg] tyf zx/df dd{t, /+u/f]ug, ;/n k|ljlwo'Qm l*hfOg, l;nfO,{ w'nfO{ h:tf ;]jfd"ns
    sfo{x?sf] klxrfg / lj:tf/ u/]/ /f]huf/Lsf cj;/x? a(fpg ;lsG% .
    ;fj{hlgs If]qdf ljsf; lgdf{)f sfo{qmd
    ;fj{hlgs ljsf; lgdf{)fsf lqmofsnfksf] lj:tf/n] k|z:t /f]huf/Lsf] l;h{gf ug{ ;lsg] ;Defjgf
    x'G%, lsgls To:tf ljsf; cfof]hgfx? >dd"ns / ;fdfGo >ldsn] klg sfd ug{ ;Sg]
    vfnsf] x'g] ePsf]n] o;n] ul/ax?sf] cfo / /f]huf/Lsf cj;/ b'j}df a[l$ Nofp¤% .

    l;kd"ns k|fljlws lzIffdf hf]*
    /f]huf/Ld"ns lzIff k|)ffnLsf] ljsf;sf] nflu l;kd"ns / k|fljlws lzIff tyf o; ;DaGwL
    tflnd ;+rfng ug]{tkm{ ljz]if hf]* lbOg' kb{% . h;n] ubf{ :jb]zdf / j}b]lzs /f]huf/Lsf]
    nflu bIf >dzlQmsf] pTkfbg x'g uO{ ljb]zdf ;d]t /f]huf/Lsf] cj;/x? k|fKt x'gsf ;fy}
    pgLx?sf] cfh{gn] ;/sf/nfO{ ;d]t ljk|]if)f   (Remittance)   dfkm{t zf]wgfGt/ ;'b[( ug]{ cj;/
    k|fKt x'G% .

    clgolGqt hg;+Vof a[l$df lgoGq)f
    hg;+Vofsf] a[l$ ;+u;+u} /fi^«sf] ;fdflhs bfloTj klg a(b} u}/x]sf] x'G% . clgolGqt ?kdf
    al(/x]sf] hg;+Vofsf] kfngkf]if)fsf nflu pknJw tdfd >f]t / ;fwgx? ;d]t ckof{Kt x'g]
    ePsf]n] /fi^«n] a(\bf] hg;+Vofs} e/)fkf]if)fsf nflu cfkmgf] ;Dk")f{ ;fwg / >f]t vr{ ug'{kg]{
    afWotfn] ubf{ b]z ljsf;sf nflu rflxg] k"¤hL jrt ug]{ Ifdtf b]zn] u'dfp¤% . kmn:j?k k"¤hL
    nufgL sd eO{ /fli^«o pTkfbgdf k|lts"n k|efj kb{% . o;n] a]/f]huf/L ;d:of emg a(fp¤% .
    t;y{ hg;+Vof a[l$df lgoGq)f u/L cy{Joj:yfn] wfGg ;Sg] dfqfdf hg;+Vof pknJw /x]df pQm
                                            '
    hgzlQmnfO{ pTkfbgzLn sfo{df nufO{ d'nsdf a]/f]huf/Lsf] ;d:of ;dfwfg ug{ ;xof]u ldN% .

9= lgisif{
    s'g} klg cy{tGqdf ljBdfg a]/f]huf/Lsf] ;d:of oyf]lrt ;doleq ;dfwfgfy{ pkfo cjnDag
    ul/Pg eg], Psftkm{ b]zsf] >dzlQm cg'Tkfbs eO/x]sf] x'G% eg] csf]{tk{m pQm >ldssf]
    l;h{gzLn Ifdtf lbgx'¤ x|f; eO/x]sf] x'G% . o;af^ ;dfhdf ul/ax? ylkb} hfgfsf ;fy}
    ljleGgk|sf/sf lj;+ultx? a(fpgdf pTk|]/s e}/x]sf] x'G% . g]kfn klg ljZjsf ul/a d'n'sx?
    dWo]sf] Ps xf] . hg;+Vofsf] a[l$b/ ;+u} ul/aL / a]/f]huf/Lsf] ;+Vof klg lbgx¤'+ a(b} uPsf]
    s'/f] s^' oyfy{ xf] . t;y{ o;sf] ;dfwfgsf nflu ;/sf/L If]qaf^ gLltut Joj:yf / To;sf]
                           {
    k")f{ sfof{Gjog x'g'kg], lghL If]qaf^ klg cj;/x?sf] l;h{gf ug]{tkm{ kxn x'g'kg]{, b]zsf
                                                                                         ]
    /fhgLlt!, k|zf;s, a'l$hLjL, ;dfh;]jL, pBf]uL, Jofkf/L cflb ;j}n] >dnfO{ ;Ddfg / k|fT;fxg
    ug]{ k/Dk/f / k|j[lQsf] ljsf; ul/g' kb{% . ljZj ahf/sf] df¤u cg'?ksf] k|fljlws lzIff
    k|)ffnLdf hf]* lbOg' kb{% . b]zdf jrt / gof¤ gof¤ If]qx?df nufgL a(fO{ /f]huf/Lsf cj;/
    l;h{gf ug{ ;lsPdf ljBdfg a]/f]huf/Lsf] ;d:of ;dfwfgdf d@t k''Ug ;S% .




                                       cfly{s n]v . 71
a}Í]Zj/ - jif{ 1 cÍ 2




            ljb]zL d'b|f tyf hfnLgf]^ klxrfgsf cfwf/x?
                                                                               -/fhg bfxfn

1= ljifo k|j]z
                                                                      |
    s'g} klg b]zsf] df}lb|s clwsf/L jf ;/sf/åf/f hf/L ul/Psf sfuhL d'bfnfO{ ægf]^Æ elgG% .
    o:tf] gf]^x?sf] Pp^f lglZrt cfly{s d"No -Economic Value) x'g'sf] ;fy} sfg'gL dfGotf
                                                        |
    k|fKt x'g] ub{%g\ . g]kfnL a[xt zJbsf]if cg';f/ æd'bf eGgfn] clwsf/ k|fKt a}s jf
    ;/sf/åf/f k|rngdf Nofpg] ljleGg cfsf/ k|sf/sf ljljw qmo-ljqmosf] dfWod x'g] wft' jf
               |
    sfuhsf] d'bfæ elg kl/eflift ul/Psf] % . ;+If]kdf, s'g} klg b]zsf] df}lb|s clwsf/Låf/f hf/L
    ul/Psf] sfg'gL dfGotf k|fKt -Legal   Tender)    ePsf], ;j{ ;fwf/)fåf/f l:js[t, d"No dfkg /
    ;~ro ug{ ;lsg] tyf qmo-ljqmosf] nflu k|of]u x'g] ljlgdosf] ;fwgnfO{ g} d'b|f elgG% .

2= d'b|fsf ljz]iftfx?
    a}+sgf]^x?   ljlgdo   cfjZostf   jdf]lhsf   ljleGg   b/x?df   ztk|ltzt   ;"/If)f   /fv]/   dfq
    lgisflzt x'g] x'gfn] pQm ljleGg b/sf gf]^x?sf] b'j}tkm{ c+lst d"No, /+u Pj+ cfsf/-k|sf/åf/f
    ;lhn} klxrfg ug{ ;lsg], cfsif{)f Pj+ l^sfp, k|of]u ug{ ;/n tyf gf]^df cGtlg{lxt ;'/If)f
    ljz]iftfx? kof{Kt dfqfdf /x]sf x'G%g\ . pQm cGtlg{lxt d"Vo ;'/If)f ljz]iftfx? dWo] s]xL
    k/Dk/fut / w]/}h;f] cfw'lgs k|ljlwo"Q d]lzgx?af^ dfq yfxf kfOg] pRr:t/Lo %g\ .
    cfw'lgs pRr :tl/o ;'/If)f ljz]iftfx?nfO{ æcGtlg{lxt ;'/If)f Joj:yfÆ eGg] ul/G%, h'g o;
    k|sf/ %g\M
     ⇒     gf]^sf] sfuh
     ⇒     gf]^df k|o"Qm /+usf] ;+of]hg
     ⇒     %kfO{ k|ljlw
     ⇒     of]hgfj$ c° k|)ffnL jdf]lhdsf] lk|km]S; ;lxtsf] gf]^ gDa/
     ⇒     gf]^sf] cfsf/-k|sf/
     ⇒     kfgL %fk
     ⇒     ;'/If)f wfuf]
     ⇒     Intaglio Printing
     ⇒     Printed and Embossed Anti-copy Key.
     ⇒     Micro-Lettering
     ⇒     Note Number with Magnetic Ink.
     ⇒     Fluorescence Fibers.
     ⇒     Machine Readable Features
     ⇒     See-Through Registration Mark
     ⇒     Corner Stone Water Mark.


                                 +
  k|wfg gub ;xfos, g]kfn /fi^« a}s, lj/f^gu/ .


                                       cfly{s n]vx? . 72
                                                                                a}Í]Zj/ - jif{ 1 cÍ 2


3= hfnLgf]^
   hfnL jf gSsnL gf]^ eGgfn] gf]^ %kfO{ ul/ lgisfzg ug]{ sfg'gL clwsf/ kfPsf] lgsfo
   jfx]ssf cGo JolQm, ;+:yf jf lgsfon] s'g} klg k|sf/n] u}x| sfg'gL tj/af^ &uL ug]{
   dgzfon] jgfPsf] gf]^sf] k|ltlnlknfO{ g} hfnLgf]^ elgG% .
   hfnL jf gSsnL gf]^sf] ;d:of ljZjsf k|foM b]zx?df /x]sf] kfOPsf] % . :yflgo tyf
   cGt/f{li^«o :t/df %flkP/ hfnLgf]^sf] ljsf; tyf lj:tf/ x'g'sf k|d'v sf/)fx? dWo]
   dflg;x?df cGtlg{lxt ;';'Kt ck/flws dgf]j[lQ, clws hg;+Vof, Go"g cfly{s cj;/ tyf
   c:tJo:t k|zf;g, cTofw'lgs k|ljlwsf] b|'tQ/ ljsf;, a}+sgf]^df cGtlg{lxt ;"/If)f ljz]iftfk|lt
   ;j{;fwf/)f cgle!, ;j} &fp¤df ljB'lto hf¤r pks/)fsf] cefj tyf pRr k|ljlwo"Qm :Sofg/,
   ckm;]^ k|]; Pj+ l*lh^n %kfO{ k|ljlwsf] b'?kof]u cflb sf/)fx? g} hfnLgf]^ lgisfzgsf k|dv  '
                                                        ]
   sf/s tTjx? x'g\ . ;fdfGotfM lgDg kf¤r k|sf/sf ;|ftx?af^ lgisflzt hfnLgf]^x? k|rngdf
   /xg] ub{%g\ .

   3= 1 klxnf] ;|f]t
          ;fdfGo /+uLg kmf]^f]skL d]lzgaf^ lgsflnPsf lgDg u')f:t/sf hfnLgf]^x? o; cGtu{t
          kb{%g\ . o:tf gf]^x?df sfuhsf] :tl/otf sd;n tyf gf]^df k|o"Qm /+ux?sf] ;dfof]hg
          ;xL k|sf/n] ePsf] x'b}g . kmn:j?k o; k|sf/sf hfnLgf]^x?nfO{ ;lhn} klxrfg ug{
          ;lsG% .

   3= 2 bf]];|f] ;|f]t
          :Sofg/ / pRr k|ljlwsf] /+lug kmf]^f]skLaf^ lgsflnPsf dWod :t/sf hfnLgf]^x? x]bf{
          df}lns a}+sgf]^;+u ldNbf h'Nbf b]lvPtf klg        Ultra Voilet Light     tyf   Magnifying
          Glass åf/f     ;lhn} %'§\ofpg ;lsG% .

   3= 3 t];|f] ;|f]t
          pRr k|ljlw, :Sofg/, ckm;]^ k|]; / l*lh^n %kfO{, ul/ lgisflzt Joj;flos
          hfnLgf]^x?, h;nfO{ gféf] cfvf¤n] %'§ofpg ufx|f] x'G% . o; k|sf/sf gf]^x? æJoj;flos
          hfnLgf]^   cGtu{t    kg]{   x'gfn]   o:tf   gf]^sf]   klxrft   ug{   Ultra Voilet Light,
          Magnifying Glass, Note Sorter Machine sf] ;xfotfn] tyf gf]^df cGtlg{lxt
          ljleGg ;"/If)fsf] kl/If)fåf/f hfnLgf]^ klxrfg ug{ ;lsG% .

   3= 4 rf}yf] ;|f]t
          s[ltd cGtlg{lxt ;'/If)f tTjx? /fvL cTofw'lgs ljB'lto                  pks/)faf^    lgisflzt
          hfnLgf]^x? h;sf] klxrfg ug]{ ljz]if Wofg lbg' kb{% .

   3= 5 /fhg}lts ;|f]t
          a}+sgf]^ %kfO{ ug{ sDkgLx?n] lgsfn]sf hfnLgf]^x? o; cGtu{t kb{%g\ .

4= hfnLgf]^sf gsf/fTds k|efjx?
   4= 1 /fli^®o cy{tGqdf k|efj
          hfnL d'b|f d'n'ssf] cy{tGqsf] nflu Hofb} g} eofjx x'G% . z'? cj:yfdf                 ;fdfGo
          ePklg cGttf]uTjf o:tf d'b|fx?sf] s"n kl/)ffdn] /fli^«o cy{ Joj:yfnfO{                ljleGg
          k|sf/n] ;+s^ u|:t kfg{ ;Sb% . h:t}M
               d'b|f k|bfodf a[l$,



                                          cfly{s n]vx? . 73
a}Í]Zj/ - jif{ 1 cÍ 2


                 d'b|f:kmLltdf a[l$,
                 s[lqd dfudf a[l$,
                 cfoftdf a[l$ eO{ zf]wgfGt/ l:yltdf rfk
                 /fhZj #^g] Pj+ ah]^ #f^fdf a[l$ x'g] .

    4= 2 d'b|fk|lt cljZjf;
             hfnL d'b|fsf] sf/)faf^ pQm d'b|f k|lt hgljZjf; #^\g uO{ cfly{s If]q nufot cGo
             cfly{s ultljlwx?df lzlyntf cfpg ;Sg],

    4= 3 a}lsX If]qdf gsf/fTds k|efj
             kl/jTo{ ljb]zL d'b|f lgIf]k :jLsf/ tyf ljlgdo ug{ jfl)fHo a}+s tyf ljQLo ;+:yfx?
                                                                      '
             pbfl;g /xg ;Sg] x'gfn] pgLx?sf] sfo{ If]qsf] bfo/f ;f¤#/f] eO{ v"b d'gfkmfdf sld
             x'g ;Sg] .

    4= 4 /]ld^]G; k|efljt x'g]
             ljsf;f]Gd'v /fi^«sf] nflu kl/jTo{ ljb]zL d'b|f dfgj zl//df /Qm ;+rf/ hlts}
             dxTjk")f{ x'G%, o:tf] b'n{e d'b|fsf] If]qdf hfnL d'b|fsf] v]n z'? x'g yfNof] eg] ;Dk")f{
             cy{hut g} w/fzfoL aGg ;S% .

    4= 5 gub sf/f]jf/df sfnf] ahf/sf] k|e'Tj
             ljb]zL e"lddf kl;gf a]r]/ sdfPsf] d'b|fk|lt cGofo x'g ;Sg] tyf a}b]lzs /f]huf/
             xtf]T;fxL x'g hfG% .

    4= 6 <f]tsf] b'?kof]u
             hfnLgf]^ lgoGq)fsf] nflu cfly{s, k|fljlws, hgzlQm, ;do tyf ;fwgx?sf] cTolws
             kl/rfng ug'{ kg]{ ePsf]n] pQm >f]tx?df cgfjZos Jooef/ a(\g hfg] x'G% .

5= g]kfn /fi^|\ a}+såf/f ljlgdo :jLs[t ljb]zL d'b|fx?
    g]kfn /fi^« a}+sn] ef/tLo d'b|f nufot cGo kl/jTo{ ljb]zL d'b|fx?nfO{ vl/b-ljqmL tyf vl/b
    dfq ug]{ k|of]hgsf] nflu ljlgdo :jLs[t o; k|sf/ u/]sf] %M
    s_ vl/b tyf ljqmLtkm{                           k|rlnt gf]^ b/x?
    1=    ef/tLo ?k}of -g]kfndf_        5, 10, 20, 50, / 100
    2=    cd]l/sL *n/                   1, 2, 5, 10, 20, 50 / 100
    3=    o"/f]                         5, 10, 20, 50, 100, 200 / 500
    4=    kfp)* :^ln{é                  5, 10, 20 / 50
    5=    :jL; k|m}+s                   10, 20, 50, 100, 200, 500 / 1000
    6=    ci^«]lnog *n/                 5, 10, 20, 50 / 100
    7=    Sofg]l*og *n/                 1, 5, 10, 20, 50 / 100
    8=    l;+ufk'/ *n/                  1, 2, 5, 10, 20, 50, 100, 1000, / 10,000
    9=    hfkfgL o]g                    500, 1000, 2000, 5000 / 10000
    10=   rfOlgh o"cfg                  1, 2, 5, 10, 20, 50 / 100
    v_ vl/b dfq                                     k|rlnt gf]^ b/x?
    1=    :jLl*; qmf]g/                 10, 20, 50, 100, 500 / 1000
    2=    *]lg; qmf]g/                  50, 100, 200, 500 / 1000
    3=    xésé *n/                      10, 20, 50, 100, 500 / 1000



                                          cfly{s n]vx? . 74
                                                                             a}Í]Zj/ - jif{ 1 cÍ 2


   4=   ;fpbL c/a l/ofn                  1, 5, 10, 20, 50, 100, 200 / 500
   5=   stf/ l/ofn                       1, 5, 10, 50, 100 / 500
   6=   yfO{ ef^                         10, 20, 50, 100, 500 / 1000
   7=   o"=P=O{=lb/fd                    5, 10, 20, 50, 100, 200, 500 / 1000
   8=   dn]lzog l/éL^                    1, 2, 5, 10, 50 / 100
   pk/f]Qm ljb]zL d'b|fx?dWo] s]xL d'b|fx?df hfnLgf]^sf] k|sf]k a(]sf] kfOPsf] %, vf;u/L xfd|f]
   ldq /fi^« ef/t / ;+o"Qm /fHo cd]l/sfsf d'b|fx? qmdzM ef/tLo ?k}of 100 / 50 b/,
   cd]l/sL *n/ 100 b/ tyf o"/f] gf]^x?df hfnLgf]^x? k|fKt ePsf %g\ .

6= hfnLgf]^ klxrfg ug]{ k|d'v cfwf/x?
   hfnL jf gSsnL         gf]^, df}lns a}+sgf]^x?;+u ef}lts ?kdf dfq ldNbf h'Nbf h:tf] b]lvPtf klg
   ;SsnL a}+sgf]^df                                                                         +
                           cGtlg{lxt ;'/If)f ljz]iftfx? hfnLgf]^df k|foM z'Go x'g] x'gfn] a}sgf]^df
   cGtlg{lxt ;Dk")f{     ;"/If)f ljz]iftfx? g} d'Vo ?kn] hflngf]^ klxrfgsf] d"ne"t cfwf/ :tDe
   x'g\ . hfnLgf]^nfO{    lgDg cfwf/x?af^ klxrfg ug{ ;lsG% .

   6= 1 gf]^sf] sfuh
           gf]^ %fKg] sfuhnfO{ g} klxnf] ;'/Iffsf] ?kdf lnOG% . gf]^ ljz]if k|sf/sf] sfuhdf
           %flkG% . gf]^ %fKg] sfuhx? ztk|ltzt ;'t -100% Cotton mould-made) af^
           ag]sf x'G%g\ . o:tf] sfuh agfpg] sDkgLx? cToGt l;ldt %g\, h:t}M

           -s_   Portals-England.
           -v_   Louisenthal - Germany.
           -u_   Arzoo - Wiggins- France.
           -#_   Crane - USA
           gf]^sf] sfuhnfO{ g} /fd|f];+u bf¤h]/ x]/]df hfnLgf]^ ;lhn} klxrfg ug{ ;lsG% .
           hfnLgf]^sf] sfuh kftnf] jf a(L afSnf], ;lhn} Rofltg] tyf s]xL lrKnf] k|sf/sf] x'G% .

   6= 2 gf]^df k|o"Qm /+usf] ;+of]hg
           hfnLgf]^df k|of]u ePsf] /+u lkmtnf], kfgLdf v'Olng] tyf w]/} uf(f Pj+ lrKnf] tyf
           gf]^sf] k|To]s yfgx?df /+usf] ;+of]hg Ps} k|sf/sf] x'¤b}g .

   6= 3 %kfO{ k|ljlw
           ljleGg cTofw'lgs k|ljlw tyf ljleGg ;|f]taf^ lgisfzg ul/g] x'gfn] hfnLgf]^sf] :t/df
           Ps?ktf geO{ km/s km/s /x]sf] kfOG% .
           of]hgfa$ Numbering System jdf]lhd lk|km]S; ;lxtsf] gf]^ gDa/ geO{ hyfefjL
           gf]^ gDa/ /flvPsf] x'G% . pQm gf]^ gDa/x?sf] cfsf/k|sf/ ;d]t df}lns a}+sgf]^;+u
           x'ax' gldNg] x'G%g\ .

   6== 4 gf]^sf] cfsf/-k|sf/
           hfnLgf]^ em§ x]bf{ dfq df}lns a}+sgf]^ h:tf b]lvP klg Pp^} b/sf ljleGg hfnLgf]^x?
           cfk}mdf km/s km/s x'G%g\ .

   6== 5 Water Mark
           a}+sgf]^sf] sfuh lgdf{)f x'g] qmddfg} kfgL %fk /flvPsf] x'G%, t/ hfnLgf]^df kfgL
           %fk kl% /flvg] ePsf]n] c:ki^, wldnf] tyf lkmSsf x'G% .



                                          cfly{s n]vx? . 75
a}Í]Zj/ - jif{ 1 cÍ 2


    6== 6 Security Thread
           gf]^sf] sfuh agfpg] qmddf g} ;'/If)f wfuf] /flvPsf] x'G% t/ hfnLgf]^df ;"/If)f
           wfuf] h:tf] efg kfg{ xNsf wsf]{ h:tf] dfq c+lst ul/Psf] x'G%, obfsbf ;"/If)f wfuf]
           /flvPtf klg pQm wfuf]df s'g} c+s, cIf/ x'b}g .

    6== 7 Intaglio Printing
           df}lns a}+s gf]]^sf] ljleGg &fp¤df Intaglio                       Printing        -p&]sf]   %kfO{_    x'G%    eg]
           hfnLgf]^sf] s'g}klg &fp¤df pQm k|fjwfg x'b}g .

    6== 8 Micro Lettering
           hfnLgf]^df ;'Id cIf/x? x'b}gg\, obfsbf To:tf] b]lvPklg                       Magnifying Glass             n] x]bf{
           Micro Lettering sf] efg                     kfg]{   u/L     ntkt      kf]ltPsf]     dfq     x'G%,    t/   df}lns
           a}+sgf]^x?df Micro Lettering                :ki^ %flkPsf] x'G% .

    6== 9 See Through Registration Mark
           hfnLgf]^df        See Through Freature x'ax'              ldn]sf] x'¤b}g .

    6== 10 Machine Readable Features
           hfnLgf]^df s'g} klg        Machine Readable Features                        }
                                                                                    x'bgg\ .
           dfgljo r]tgf tyf lgDg pks/)fx?af^ hfnLgf]^sf] klxrfg o; k|sf/ ug{ ;lsG%M
           ⇒      gf]^nfO{ %fd]/, xNnfP/ jf km*\sf/]/,
           ⇒      gf]^sf] ef}lts :j?knfO{ hf¤r]/
           ⇒      gf]^nfO{ s]xL If)f kfgLdf lehfP/
           ⇒      Magnifying Glass Pj+ Ultra Voilet LIght      sf] k|of]u u/]/,
           ⇒      gf]^ l*:k]G;Lé tyf k|f];]l;é d]l;gaf^ pQm d]lzgdf ePsf] ;]G;/x?åf/f gf]^sf]
                  df]^fO{,   gf]^df   p&]sf]   efux?     Pj+   jlQ      afNbf    rDsLg]       (Fluorenscence)           tyf
                  Banknote Sorter Machine                  af^ hfnLgf]^ klxrfg ug{ ;lsG% .

7= ef/tLo df}lns a}+sgf]^ tyf hfnLgf]^df ePsf km/sx?
    xfn g]kfndf ef/tLo 100 b/;Ddsf gf]^x? dfq ljlgdo of]Uo /x]sf %g\, h;dWo] 100 /
    50 b/df hfnLgf]^sf] klxrfg lgDg k|sf/ ug{ ;lsG%M

    7= 1 sfuh
          Reserve Bank of India (RBI) af^ lgisflzt ;a} b/sf gf]^x?sf] sfuh 82
          GSM (Grams Per Square Metre) x'G% . gf]^ %fKg sfuh jgfpg skf;
          (Cotton Rag) sRrf kbfy{sf] ?kdf k|of]u ePsf] x'gfn] ef/tLo gf]^ ;dfGo sfuh
          eGbf s*f, RofTbf t'ngfTds ?kdf jlnof] / km*\sfbf{ Ps lsl;dsf] cnUu} cfjfh
          (Crackle Sound )            cfp%¤, t/ hfnLgf]^sf] sfuh lrKnf] tyf g/d x'G% .
          ef/tLo a}+sgf]^x?sf] cfsf/           (Size)    lgDg k|sf/ /x]sf] %M
          b/                                                        cfsf/
          ef=?= 5                                                    117 x 63 mm
          ef=?= 10                                                   137 x 63 mm


                                                cfly{s n]vx? . 76
                                                                                    a}Í]Zj/ - jif{ 1 cÍ 2


       ef=?= 20                                             147 x 63 mm
       ef=?= 50                                             147 x 73 mm
       ef=?= 100                                            157 x 73 mm
7= 2 ;'/If)f wfuf]
       dxfTdf   ufGwLs}   lrq   c+lst    100    -Ps;o_       b/sf]    a}+sgf]^sf]   ;]So"l/^L    y|]*df    c+u|]hL
       a)f{dfnfsf] R.B.I. / b]jgfu/L lnkLdf æef/tÆ n]lvPsf] cIf/x? :ki^ b]lvG% eg]
       hfnLgf]^df tL cIf/x? c:ki^ / wldnf] b]lvG% ;fy} df}lns gf]^df ;'/If)f wfuf] tn
       b]lv dfly;Dd ;Unf] b]lvG% eg] hfnLgf]^df vl)*t ePsf] b]lvG% .

7= 3   Printed And Embossed Anti-Copy Key
       dfxfTdf ufGwLsf] lrq c+lst 100 -Ps;o_ b/sf] df}lns gf]^df ufGwLsf] lrqsf] bfof¤
       efudf ;]tf] c+u|]hL cIf/n] 100 n]lvPsf] &Ls tn pHofnf]lt/ t];f]{ kf/L x]bf{ sfnf]
       c+u|]hL cIf/df 100 n]lvPsf] :ki^ b]lvG% eg] hfnLgf]^df b]lvb}g .

7= 4 Water Mark
       hfnL ef/tLo gf]^df kfgL %fk lkmSsf -wldnf]_ x'G% . o;nfO{ pHofnf] / %fof¤df x]bf{
       s'g} km/s b]lvb}g . ToxL kfgL%fk df}lns gf]^nfO{ pHofnf] kl§ kmsf{P/ x]bf{ ef/tLo
       a}+sgf]^df :ki^ ;kmf b]lvG% .

7= 5 Intaglio Printing
       ef/tLo 100 tyf 50 b/sf] hfnLgf]^sf] s'g} klg &fp¤df                     Intaglio Printing             tyf
       Latent (n's]sf] %ljlrq_          st}   klg   x'b}g    eg]     df}lns    a}+sgf]^sf]      ljleGg     &fp¤df
       Intaglio Printing x'G% .         h:t}M a}+ssf] gfd, a}+ssf] lzn, ue{g/sf] b:tvt, zt{ tyf
       argj$tfsf] %kfO{x? .

7= 6 Fluorescence
       hfnL ef/tLo gf]^sf] gDa/df k|of]u ePsf] d;L ef/tLo a}+sgf]^sf] t'ngfdf lkmSsf /ftf]
       / Ultra Voilet Light df x]bf{           gaNg] x'G% eg] df}nLs a}+sgf]^sf] gDa/df k|of]u
       ePsf] d;L Ultra Voilet Light            df x]bf{ rxlsnf] b]lvG%, o;sf] ;fy} ef/tLo 100
       (;o_ b/sf] df}lns gf]^sf]] sfuhdf aNg] /]zfx?sf] k|of]u ul/Psf] x'G% h;nfO{                        Ultra
       Violet Light   df x]bf{ gf]^df /x]sf /]zfx? ljleGg /+udf an]sf]                  (rDs]sf]_        b]lvG% .
                                    }
       t/ hfnLgf]^df ;f] k|fjwfg x'bg .

7= 7 dfxfTdf ufGwLsf] lrq
       dfxfTdf ufGwLsf] lrq c+lst 100 -Ps;o_ b/sf] gf]^df dfxfTdf ufGwLsf] lrq ;kmf /
       :ki^ b]lvG% eg] hfnLgf]^df wldnf] / e@f lsl;dsf] b]lvG% . dfxfTdf ufGwLsf] lrq
       c+lst 100 -Ps;o_ b/sf] df}lns a}+sgf]^nfO{ kmf]^f]skL, :Soflgé tyf ckm;]^ lk|G^Lé
                       ]
       tyf ljleGg ;|ftaf^ lgisfzg ul/Psf] x'gfn] pQm hfnLgf]^x? :jo+df ljljwtf x'g]
       u/]sf] kfOPsf] % . s]xL hfnLgf]^x?sf] sfuh df]^f] / lk|G^ e@f, wldnf] b]lvG% eg]
       s]xLdf sfuh kftnf], lrKnf] / g/d x'g] u/]sf] % . ef/tLo 50 -krf;_ b/sf] a}+sgf]^
       rflx+ xfn;Dd kmf]^f]skL ul/Psf] kfOPsf] % . o;/L kmf]^f]skL ul/Psf hfnLgf]^x?
       wldnf], sfuh df]^f] / df}lns gf]^;+u bf¤Hbf :ki^ %'l§g] vfnsf] % .




                                        cfly{s n]vx? . 77
a}Í]Zj/ - jif{ 1 cÍ 2


          ;dofg's'n df}lns gf]^sf] ;'/If)fdf ;'wf/ ub}{ n}hfg] qmddf ;g\ 2005 b]lv ef/tLo
          l/ha{ a}+sn] 100 -Ps;o_ b/sf] gf]^df yk ;'/If)fsf] Joj:yf u/L k|rngdf NofPsf] %
          h;df ;"/If)f wfuf] s]xL RofK^f] / xl/of] /+usf] ePsf] kfOPsf] % . pQm gf]^nfO{
          pHofnf]tkm{ sf]N^] kf/]/ x]bf{ ;"/If)f wfuf]sf] /+u kl/jt{g ePsf] k|i^;+u b]Vg ;lsG% .
          o:t}, ef/tLo l/ha{ a}+sn] czf]s :tDe c+lst 100 -Ps;o_ b/sf] gf]^x? lj:yflkt
          u/fpb} nu]sf] x'gfn] czf]s :tDe c+lst a}+sgf]^df hfnLgf]^x? k|rngaf^ nf]k eO{/x]sf]
          kfOPsf] % .

    7= 8 z'Id cIf/x?
          hfnL ef/tLo gf]^df z'Id cIf/x? ga'lemg] tyf c:ki^ x'G% eg] gf]^ gDa/sf] cfsf/
          ef/tLo a}+sgf]^ gDa/sf] t'ngfdf ;fgf] x'G% .

    dfxfTdf ufGwLsf] lrq
    lgDg gf]^df ;fdfGot lgDg  Prefix ePsf 100 b/sf gf]^x?df hfnL klg e]l^Psf %g\ .
    -c_ czf]s :tDe 5 Q R / 5 L S
    -cf_ ufGwLsf] lrq c+lst 8 C N /9 D R / 7 G P
    o:t} lgDg 6 j^f cIf/ (Alphabets). x? ef/tLo gf]^ gDa/sf] Prefix df k|of]u ePsf]
    x'b}g– L, O, J, X, Y / Z
    lj:t[t hfgsf/Lsf] nflu ef/tLo l/he{ a}+ssf] Website:www.rbi.org.in df /x]sf] % .

8= kl/jTo{ ljb]zL d'b|fx? tyf hfnLgf]^df ePsf km/sx?
   8= 1 cd]l/sg *n/
          k|To]s   US Dollar      sf] cu|efudf Tofxf¤sf Voflt k|fKt JolQmsf] lrq b]xfo jdf]lhd
          x'G% . of] lrq ;fgf cfsf/sf] -1990       Series   ;Ddsf]_ gf]^df cu|efusf] &Ls aLrdf
          x'G% eg] &"nf] cfwf/sf] lrq    (;g\   1996 / 2004     Series sf]) gf]^sf] aLrdf   geO{
                             wUS a}+sgf]^df lgDg
          s]xL afof¤ k§L x'G% .                         JolQmsf] lrq (Portrait) x'G% .

          US $ 1- Washington
          US $ 2- Jefferson / Declaration of Independence .
          US $ 5- Lincoln / Lincoln Memorial
          US $ 10- Hamilton
          US $ 20- Andrew Jackson
          US $ 50- Grant
          US $100- Franklin (Independence Hall)
          8= 1= 1 Paper of the Note
                  U.S. Dollar agfpg] sfuhsf] sRrf kbfy{sf] ?kdf 1÷4 Linen / 3÷4
                  Cotton sf] k|of]u ePsf] x'G% . kmn:j?k hfnLgf]^sf] t'ngfdf US a}sgf]^
                                                                                  +
                    alnof], gRofltg] tyf l^sfp x'G% . gf]^sf] sfuhdf /ftf tyf lgnf /]zfx?
                    (Red and Blue Fibers)       /flvPsf] x'G% . t/, hfnLgf]^sf] /+u a}+sgf]^sf]
                    t'ngfdf lkmSsf, wldnf] tyf sfuh %fDbf lrKnf] x'G% .




                                         cfly{s n]vx? . 78
                                                                                       a}Í]Zj/ - jif{ 1 cÍ 2


      8= 1= 2       Water Mark
                    gf]^df ePsf] JolQmsf] lrq s} cfs[lt kfgL %fksf] ?kdf gf]^sf] bfof¤ k§L
                    x'G% . pbfx/)fsf] nflu US 100 b/sf] gf]^df Franklin sf] lrq x'G% /
                    pQm gf]^sf] bfof¤ k§L ;f]xL lrq kfgL %fksf] ?kdf b]lvG%, t/ o; k|sf/sf]
                    kfgL %fk ;g\ 1990 jf ;f] eGbf k'/fgf] Series sf] gf]^df x'bg, s]jn ;g\
                                                                               }
                    1996 / 2004 sf] Series sf] gf]^df                  dfq       % .   hfnLgf]^df     kfgL   %fk
                    b]lvb}g, ePklg wldnf] b]lvG%, k|i^ x'b}g .
      8= 1= 3       Color Shifting Ink
                    ;g\ 1996 Series sf] gf]^sf]       tNnf] bfof¤ s'gfdf n]lvlPsf] gf]^sf]
                    Numerical Value ;txdf /fv]/       x]bf{ xl/of] b]lvG% eg] sf]N^] kf/]/ x]bf{
                    sfnf] b]lvG% . o;/L g} ;g\ 2004 Series sf] gf]^df ;txdf /fv]/ x]bf{
                    tfdf (Copper) /+usf] / sf]N^] kf/]/ x]bf{ xl/of] b]lvG% . hfnLgf]^df o;/L
                    /+u kl/jt{g x'b}g .
      8= 1= 4       Security Thread
                    US a}+sgf]^df &f*f]    ?kdf (Vertically) Knfli^ssf] wfuf] (Polymer
                    Thread) sf] ;'/If)f   wfuf] /flvPsf] x'G% . ;g\ 1996 ;]l/hsf] US$ 100
                    b/sf] gf]^df pQm ;'/If)f wfuf] leq 'USA' / '100' qmd};+u pN^f]-;'N^f] kf/L
                    n]lvPsf] x'G% . o;}u/L ;g\ 2004 Series sf] US$ 20 b/sf] gf]^df
                    'USA'       /    cIf/df    gf]^sf] TWENTY n]lvPsf] % . pQm ;'/If)f
                                                          b/
                    wfuf]nfO{   Ultra Voilet Light     df x]bf{ ;"gf}nf] (Golden) /+udf jn]sf]
                    (Glow) b]lvG%, t/ hfnLgf]^df ;'/If)f wfuf] x'bg obfsbf ePklg To;df
                                                                         }
                    s]xL klg n]lvPsf] b]lv+b}g . Ultra Voilet Light df x]bf{ aNb}g .
      8= 1= 5       Micro Printing
                    US a}+sgf]^ 100 b/sf] afof¤ s'gfdf /x]sf] Numerical Value                               leq
                    'USA' / '100' tyf jLrsf] tl:j/ (Franklin) sf] sf]^sf] sn/df                            ;'Id
                    cIf/df 'THE UNITED STATES OF AMERICA' %flkPsf]                                         x'G%
                    h;nfO{ Magnifying Glass     n] x]bf{ b]Vg ;lsG% t/ hfnLgf]^df                          o:tf]
                    k|fjwfg x'b}g,     olb    sxL   st}    ePklg    c+s   tyf      cIf/x?      ;kmf    tyf z'$
                    x'b}gg\ .
      8= 1 6        Concentric Fine Lines
                    ;g\ 1996 Series sf] gf]^sf] b'a} k§L /x]sf] lrqsf] j/Lk/L Ps lsl;dsf]
                    wsf{x? (Fine Lines) %flkPsf x'G%g\ . US$ 100        b/sf] gf]^df /x]sf]
                    Franklin / k%f*L /x]sf] Independence Hall sf] j/Lk/L Fine Lines
                    Print ul/Psf] x'G%, pQm Lines df Intaglio Printing ePsf] x'gfn]
                    gSsn ug{ s&Lg x'G%, To;}n] hfnLgf]^df o:tf] k|fjwfg                        }
                                                                                            x'bg .

8= 2 o"/f] d'b|f
      o"/f]k]nL b]zx? jLrsf] ljlgdo b/sf] clglZrttfnfO{ x^fO{ Psn o"/f]k]nL ahf/sf] ljsf;
      ug]{, d"No l:yltnfO{ k|lt:kwL{ Pj+ kf/bzL{ t'Nofpg] nufotsf p@]Zon] z'?cft ul/Psf]
      o"/f]   d'b|fsf]   sfof{Gjogsf    nflu    July 1998      df    o"/f]k]nL    s]Gb|Lo    a}+s    (European
      Central Bank ECB)                 sf] :yfkgf eO{ ;g\         1999 January 1st            b]lv o"/f] d'b|fsf]



                                             cfly{s n]vx? . 79
a}Í]Zj/ - jif{ 1 cÍ 2


          z'?cft      ePsf]     xf] .   xfn   o"/f]k]nL   ;+#   (European Union)       cGtu{tsf       12   /fi^«
          (cli^«of,   cfo/n})*, a]NhLod, O^fnL, nUhDju{, lkmgn})*, k|mfG;, u|L; hd{gL, lgb/n})*,
          kf]r'{un / :k]g_ x?n] January            1st 2001 b]lv            |
                                                                   o"/f] d'bfnfO{ ;femf d'b|fsf] ?kdf l:jsf/
          u/L k|rngdf NofO;s]sf %g\ .

          o"/f] d'b|f klxrfgsf cfwf/ tyf hfnLgf]^df ePsf km/sx?
          xfn;Dd k|fKt ePsf hfnL o"/f] d'b|fx?df 50 b/sf] o"/f] d'b|f /x]sf]n] lgDg k|q[mofaf^
          pQm d'b|f ;SsnL jf hfnL egL yfxf kfpg ;lsG% .
          8= 2= 1     Intaglio Print
                      o"/f] 50 b/sf] df}lns a}+sgf]^sf] lgDg :yfgx?df Intaglio (raised ) Print
                      x'G%, h;nfO{ %fd]/ yfxf kfpg ;lsG% .
                      ⇒ gf]^sf] dflyNnf] efudf %flkPsf c+uhL j)f{dfnfsf &"nf
                                                                 ]|                     cIf/x?
                          (Capital Letters) BCE ECB EZB EKT EKP
                      ⇒ gf]^sf] Value Numeral "50"
                      ⇒ %ljlrq Windows / Gateways.
          8= 2= 2     Water Mark
                      d"Vo snfTds lrq / Value Numeral ”50" k|i^;+u            kfgL              %fkdf      b]Vg
                      ;lsG% eg] hfnLgf]^df ;f] x'b}g, obfsbf ePklg wldnf] x'G% .
          8= 2= 3     Security Thread
                      o"/f] (EURO) zAb        / Value Numeral "50"           b'j}           ;"/If)f    wfuf]df
                                                                           }
                      %flkPsf] x'gfn] k(\g ;lsG% t/ hfnLgf]^df ;f] s'/f x'bg .
          8= 2= 4     Foil Hologram
                      gf]^sf] bfof¤tkm{ /x]sf] snfTds lrqsf] cfs[lt / Value Numeral "50'"
                      c+lst lrq l;wf x]bf{ b]lvb}g t/ sf]N^] kf/]/ x]bf{ dfq b]lvG% . hfnLgf]^df
                      pQm k|fjwfg l;w} k|i^ b]lvG% .
          8= 2= 5     Colour-Shifting Ink
                      gf]^ c+lst Value Numeral '50' df Purple Colour sf]         d;L k|of]u ePsf]
                      b]lvG% eg] ;f]xL &fp+df csf]{ sf])faf^ x]bf{ xl/of] /+u tyf v}/f] b]lvG% t/
                      hfnLgf]^df h'g;'s} sf])faf^ x]bf{ klg /+u kl/jt{g x'b}g .
          8= 2= 6     Micro-Lettering
                      Magnifier Glass sf]  ;xfotfaf^ gf]^sf] tNnf] afof¤ s'gfdf /x]sf z'Id
                      cIf/ k(\g ;lsG% t/ hfnLgf]^df To:tf ;'Id cIf/ k(g g;lsg] x'G%g\ .

9= kl/jTo{ ljb]zL d'b|fx?nfO{ hfnLgf]^sf] k|efjaf^ arfpg ul/Psf k|of;x?
    9= 1 cd]l/sL a}+sgf]^
          k|yd     k^s    1861 df cd]l/sL a}+sgf]^ hf/L x'¤bf sfuh agfpg ;"lt wfuf]
                          ;g\
          (Cotton Linen)   tyf xl/of] d;Lsf] k|of]u ePsf] lyof] . bf]>f] k^s ;g\ 1928 df
          US a}+sgf]^sf  k|To]s b/df JolQm lrqsf ;fy} cGo lrq (Portrait and
          Illustration) sf]k|of]u ul/of] .
          t]>f] k^s ;g\ 1990 df US a}+sgf]^df gof¤ ljz]iftf æ;'/If)f wfuf]Æ (Security
          Thread) yk ul/of] . hfnLgf]^sf] k|efjaf^ arfpg rf}yf] k^s ;g\ 1996 df lgDg
          ljz]iftfx? yk ul/of] .


                                               cfly{s n]vx? . 80
                                                                               a}Í]Zj/ - jif{ 1 cÍ 2


              Larger off-center Portrait.
              Water Mark Portrait.
              Colour Shifting Ink.
              Concentric Fine-Line Printing
         ;g\ 2003 b]lv    US 20 b/sf] gf]^ gof¤ ;'/If)f ljz]iftfsf ;fy lgisfzg eof] .
         o;/L ljZn]if)f ubf{  US Dollar df tLg vfnsf gf]^x? k|rngdf b]lvG%g\ .
              aLrsf] lrq (Portrait) ;fgf] ePsf k'/fgf gf]^ cyf{t ;g\ 1990 Series ;Ddsf gf]^x?,
              Portrait &"nf] ePsf ;g\ 1996 Series sf gf]^x?,
              ;g\ 2004 Series sf] US$ 20 b/sf] gof¤ gf]^ ;g\ 2003 b]lvg} tyf US$ 50
              b/sf] gof¤ gf]^ ;g\ 2004 b]lv g} k|rngdf cfO{;s]sf] % .
         o;}u/L ;g\ 2006 sf] z'?af^ g}              US 10   b/sf] gof¤ gf]^ k|rngdf cfpg] hfgsf/L
         US Government n]           u/fO{ ;s]sf] % . gof¤ ;"/If)f ljz]iftfx?sf] lj:t[t hfgsf/Lsf] nflu
         Website http://www.moneyfactory.gov/newmoney df uP/ cWoog ug{ ;lsG% .
   9= 2 l:jl*z a}+sgf]^
         SVERIGES RIKS BANK n] 31 December 2005 kl% nfu" x'g] u/L Swedish
         Banknote df         kl/jt{g u/L gof¤ a}+sgf]^ lgisfzg ug]{ hfgsf/L lbPsf] % .
         ;dosf] cGt/fn;+u} ljsf; eO{/x]sf cTofw'lgs k|ljlwsf] b'?kof]u ub}{ gSsnLgf]^
                                                  +
         lgisfzg ul/ k|rngdf cfO{/x]sf] ;Gbe{df a}sgf]^x?nfO{ cem kl/dfh{g tyf ljlzli^s/)f
                                                    [                        |
         ul/ yk gof¤ ;'/If)f ljz]iftfo'Qm agfpg] k|qmof cg'?k g} pk/f]Qm d'bfx?df kl/jt{g
         ul/Psf]     xf] .      lj:t[t      hfgsf/Lsf]   nflu   Riks     Bank's     sf]    Website:
         www.riksbank.se df              x]g{ ;lsG% .

10= pk;+xf/
   s'g} klg b]zsf] sfg'gL u|fx\o d'b|fn] df}lb|s If]qdf To; /fi^«sf] kl/ro lbPsf] x'G% . xfdLn]
   glhsaf^ To:tf d'b|fx?sf] /fd|/L cjnf]sg ug'{ dxTjk")f{ x'G% . k|fKt x'g] s'g} klg gf]^nfO{
   a}+sgf]^;+u t'ngfTds cWoog u/]/ dfq ;f] gf]^sf] cj:yf yfxf kfpg ;lsg] ePsf]n] hfnLgf]^
   %'§ofp¤bf dfly pNn]v ePsf ljz]iftfx? dWo] s'g} PsnfO{ dfq cfwf/ jgfpbf ck"/f] lg)f{o x'g
   ;Sg] ePsf]n] ;Dej eP;Dd ;j} cfwf/ s]nfP/ ;j}df leGgtf e]l^Pkl% dfq hfnL &x/ ug'{
   ;j} b[li^sf])fn] Gofo;+ut x'G% .
   hfnLgf]^sf] ;d:of yf]/ jx't ;j} d'n'sdf /x]sf] x'G% . d'n'ssf] cfly{s cj:yf, ;+:yfut
   Ifdtf, a}lsé If]qsf] k|efjsf/Ltf / Controlling Mechanism n] ubf{ ljsl;t d'n'sx?df
   of] ;d:of ;fk]lIft ?kdf sd x'G% . xfd|f] d'n'sdf klg g]kfnL ?k}oftkm{ ?=500.- /
   ?=1,000.- df s]xL hfnLgf]^x? k|fKt x'g] u/]sf %g\ eg] ef/tLo ?k}of, US Dollar / Euro
   d'b|fdf ;d]t hfnLgf]^sf] pkl:ylt b]lvG% . g]kfn /fi^« a}+s, g]kfnsf] d'b|f ahf/af^ ;j}
   k|sf/sf hfnLgf]^x? d"Qm ePsf] kl/l:ylt lgdf{)f ug{ rfxG% . o;sf nflu g]kfn /fi^« a}+sn]
   ljut s]lx jif{b]lv tflnd, uf]i&L, cGt/lqmof h:tf hgr]tgf clej[l$sf sfo{qmdx? ;+rfng ub}{
   cfPsf] % . of] Psn g]kfn /fi^« a}+ssf] dfq bfloTj geO{ ;Dk")f{ a}+s;{, dgLr]Gh/, k|zf;lgs
   c+u, gful/s ;dfh, pBdL, Jofkf/L tyf hg;fwf/)fx?sf] klg xf] . To;df cem a}s;{,
   dgLr]Gh/x? tyf ;Dk")f{ ljQLo If]qsf] e"ldsf dxTjk")f{ x'G% . To;}n] ;dosf] cGt/fn;+u}
   ljsf; eO{/x]sf] cTofw'lgs k|ljlwx?sf] b'?kof]u ub}{ lgisflzt hfnLgf]^ lj?$sf] ;+j]bglzntf,
   ;r]ttf Pj+ ;q[mo ;hutf g} xfdL ;j}sf] k|d'v ;fd"lxs r'gf}tL xf] .




                                             cfly{s n]vx? . 81
a}Í]Zj/ - jif{ 1 cÍ 2




                        cfly{s n]vx? . 82
a}Í]Zj/ - jif{ 1 cÍ 2




    df]/X lhNnfdf jfl)fHosf] k|f/De / ljsf;M Ps ;+:d/)f
                                                                              – ljZj/fh kf)*]


k'ugk'u c;L jif{ cl#;Dd xfnsf] ;'G;/L lhNnf tyf emfkf lhNnfsf s]xL efu ;d]t hf]*]/
                                      ]
agfOPsf] df]/ª lhNnfsf] ;b/d'sfd /+unL ahf/ lyof] . oxf¤ v/ jf l^gsf] %fgf ePsf s]xL
#/x? lyP . h;df k;n lyP, ef/tLo Jofkf/Lx?sf v/Lb-laqmL ug]{ c:yfoL d)*Lx?, uf]nfx? lyP
h;nfO{ v/Lb-laqmLsf] sfd ;s]kl% aGb ug]{ ul/GYof] . ;Ldfkf/Lsf Jofkf/Lx? k|foM h;f] ;f¤em
k/]kl% pt} kms{Gy] lsgeg] lx+;|s kz', /f]u tyf *s}tL cflbsf] laulauL lyof] . /+u]nLsf] ahf/df
;fwf/)f lrhx? dfq kfOg] x'gfn] ljz]if cj;/sf] lglDt ljz]if lrh lsGg kmf/aL;u~h -xfn
låhb]gLgu/_, sl^xf/, sf]nsftf cflb &fp¤df hfg' kYof]{ .
To; avt df]/ª]nLx?sf] hLljsf]kfh{gsf ;fwg s[lif pTkfbg, h:t}M wfg, k^'jf, tf]/L, v];f/L
cflbnfO{ laqmL u/L ePsf] cfDbfgL g} lyof] . /+u]nL / kmf/aL;u~hnfO{ hf]*\g] c&fx| ldn nfdf]
sRrL tyf lbSs nfUg] af^f] lyof] . o; dfu{af^ df]/ªsf] s[lif pTkfbg låhb]gLgu/ k'¥ofO{
Toxf¤af^ /]nsf] af^f] sl^xf/, sf]nsftf k'¥ofOGy] . Tof] a]nfsf df]/ªaf;Lx? s[lif pkhsf] laqmL
sfo{df ;Lldt lyP / Jofkf/df pgLx? cl# cfO;s]sf lyPgg\ . ltgtfsf lj/f^gu/sf] If]qfTds
cl:tTj lyPg . /+u]nLb]lv afx| ldn klZrd a[l^zåf/f zfl;t hf]uagL If]qb]lv s/La rf/ dLn
pQ/ /fgL l;lsofxL, t]lnof kf]v/L, de'mjf, hxbf, xf^vf]nf, dw'df/f, ux]nL, z°/k'/ cflb ;;fgf
                                |
ufp¤df ljeflht of] :yfgnfO{ uf]ufxf ahf/ elgGYof] / oxf¤sf] Jofkfl/s s]Gb| oxL ahf/ lyof] .
oxf¤ klg ef/tLo Jofkf/Lx? vl/bbf/L cflb ;s]kl% a]n'sf hf]uagLtk{m kms{Gy] .
sfnfGt/df kmf/aL;u~haf^ hf]uagL;Dd /]ndfu{ cfPkl% uf]u|fxf ahf/ ef/tLo ;Ldfdf rNg] /]n
dfu{af^ lgs} glhs eof] . c&f/ dLn ^f(f / nfdf] af^f]n] hf]*]sf] /+u]nL / låhb]gLgu/eGbf s]an
tLg dLn rfgr'gn] hf]*]sf] uf]u|fxf-hf]uagL dfu{ lgs} %f]^f] dflgg yfNof] . ca, Jofkf/Lx?sf] Wofg
uf]u|fxf ahf/tk{m tflgof] . clg df]/ª lhNnfsf] ;b/d'sfd ;fg]{ s'/f rn] cg';f/ tTsfnLg
a*fxflsd sg]{n hLtaxfb'/af^ tTsfnLg /f)ff k|fOd ldlgi^/ rGb|zDz]/ /f)ffdf hfx]/ eof] .
kmn:j?k ;/sf/L :t/af^ hf¤ra'em u/L /fo k]z ug{ :j=;'Aaf sflnbf; sf]O/fnf vl^g' eof] .
pxf¤n] cWoog ubf{ lgDglnlvt dxTjk")f{ tYox? k]mnf kfg'{eof] –
       ]
-s_ /+unL ahf/n] wgs'^f Onfsfsf] lj:t[t kxf*L efunfO{ g%f]Psf],
-v_ t/fO{sf dxTjk")F{ &fp¤nfO{ klg /+u]nLn] Ps ;DaGwdf kfg{ g;s]sf],
                                                        ]
-u_ uf]u|fxf ahf/ ef/tLo /]ndfu{af^ lgs} glhs x'gfn] /+unLdfeGbf Jofkf/ kmi^fpg ;Sg] ;Defjgf
    /x]sf] .
log} tYox? ;fy uf]u|fxf ahf/df ;b/d'sfd ;fg'{ kg]{ ;'emfj ;d]t k]z ul/of] .
oL ;a}sf] kmn:j?k lj=;+= 1971 ;fndf df]/ªsf] ;b/d'sfd /+u]nLaf^ tTsfnLg uf]u|fxf ahf/
(xfnsf] lj/f^gu/ ahf/) df ;fl/of] . o;k|sf/ ;f/ ;+If]kdf s] b]lvG% eg] df]/ªsf] If]q Jofkf/
tyf jfl)fHosf] lglDt clt pkof]uL If]q /x]sf] sf/)fn] g} o;sf] ;b/d'sfd ;d]t ;fl/Psf] xf] .




  lj/f^gu/-8 lgjf;L >L kf)*] c+u|]hLsf k"j{ ;x-k|fWofks tyf xfn ;lqmo clwjQmf x'g'x'G% .


                                     cfly{s n]vx? . 82
                                                                            a}Í]Zj/ - jif{ 1 cÍ 2


Jofkf/ tyf jfl)fHosf] lgldQ g} o:tf] uxg lg)f{o lng' k/]sf] x'gfn] df]/ª lhNnfsf] Oltxf;;+u
df]/ª lhNnfsf] jfl)fHo tyf Jofkf/sf] Oltxf; hf]l*Psf] % .
df]/ªsf] Jofkf/ / jfl)fHonfO{ ljsl;t ug{sf] lgldQ ef/tsf] s'zdfxf xf^af^ kf¤r kl/jf/nfO{
    |
uf]ufxf ahf/df a;f]af; u/fO{ ahf/If]qdf k|To]s kl/jf/nfO{ b'O{ laufxfsf] b/n] hUuf k|bfg ul/Psf]
lyof] . oL kf¤r kl/jf/x? lgDglnlvt lyP .
-s_       ;'ugdn rf¤bdn b'u* kl/jf/
-v_       ;'/hdn rf¤bdn ;]l&of kl/jf/
-u_       aL//fh a]grGb gfxf^f kl/jf/
-#_       k|]drGb %tdn n'lgof kl/jf/
-ª_       wg/fh g]drGb kf/]v kl/jf/
oL kf¤r kl/jf/sf] a;f]af;n] cGo Jofkf/Lx?nfO{ klg uf]u|fxf ahf/df :yflkt x'g] cfsif{)f hufof] .
                                                                  {
lj/f^gu/sf ;fy} ;Dk")f{ df]/ªsf] jfl)fHosf] Oltxf;df a*fxflsd sg]n lzjk|tfk zDz]/ yfkf /
cl;i^]G^ ;'Aaf kß/fh kf)*]sf] gfdnfO{ %'^fpg' x'Gg lsgeg] pxf¤x?s} b"/blz{tfaf^ s'zdfxf xf^sf
pk/f]Qm kf¤r sd{& kl/jf/ af]nfOPsf lyP, h;n] o; If]qdf jfl)fHo tyf Jofkf/ cufl* a(fP .
oL Jofkf/Lx?n] uf]u|fxfsf] Jofk/df l:y/tf NofP, s[lif pTkfbgx?sf] a]rlavg ug]{ /fd|f] ahf/ tof/
kf/] / vl/b ug]{ uf]nf u@Lsf] lgdf{)f u/] . ca Jofkf/Lx? ot} #/ agfO{ jf axfndf a;L :yfoL
sf/f]af/ ug]{ sfd ug{ yfn] . o;af^ df]/ªn] gof¤ ?k lng yfNof] .
o;} l;nl;nfdf s]xL tYout cf¤s*fnfO{ qmdj$ ?kdf /fVg] k|of; u/]sf] %' .
                                 |
:juL{o s[i)fk|;fb sf]O/fnfn] uf]ufxf ahf/df ;xsf/L ;+:yfsf] ?k/]vf ;Demfpg]vfnsf] pBf]uL uf]nf
lj=;+=1974 ;fndf cf/De ug'{ePsf] lyof] . t/, b'O{ jif{kl% of] Jofkfl/s uf]nf aGb eof] . o;}u/L
lj=;+= 1974 ;fndf s]z/zDz]/ df]/ªdf cfpg' ePsf] avt e]l*of/L ;d]tsf :ynx?sf] lg/LIf)f
         |
ubf{ uf]ufxf If]q dxfef/tsfnLg /fhf lj/f^sf] /fHo b]lvg uof] eGg] cfwf/df uf]u|fxf ahf/nfO{
lj/f^gu/ ahf/ gfdfs/)f ug{ hfx]/ u/L lgsf;f eP cg';f/ To; pk|fGt o; :yfgn] xfnsf] gfd
lj/f^gu/ kfof] .
o;} ;dotfsf /fhu'? ts/fh kf)*]sf] gfddf df]/ª If]qsf] ;QfO; df}hfsf] lhldbf/L v/Lb e};s]sf]
lyof] . /fhu'?df Jofkfl/s dgf]j[lQ klg ePaf^ pxf¤n] To; avtsf] cfjZostf cg';f/ ?lkof¤sf]
Jofkf/ ug]{ t]hf/y sf]&Lsf] cf/De u/L cfk\mgf] ;f('bfOsf %f]/f :juL{o b'uf{lglw nf]xgLnfO{ /]vb]v
ug{ lgo'Qm ug'{eof] . lj/f^gu/df To; a]nf;Dd ?lkof¤ nufgL ug]{ olt &"nf] &fd ly+b} lyPg . ctM
o;n] tTsfnLg a}+ssf] sfd u¥of] / df]/ªsf] Jofkf/df of]ubfg u¥of] . Ps bzseGbf a(L
;do;Dd o;sf] ;~rfng eof] / kl% aGb eof] . df]/ªsf] ;/fkmL sf/f]jf/sf] Oltxf;df of]
sf]&Lsf] :yfg lgZro g} klxnf] b]lvG% .
w/fg lgjf;L :juL{o clg?$ ;fx'n] lj=;+= 1980 ;fndf kf]vl/of, lj/f^gu/df Pp^f ;fgf] /fO;
ldnsf] :yfkgf ug'{eof] hf] s]xL ;dokl% aGb eof] . w/fgdf of] pBf]u gvf]n]/ lj/f^gu/df
vf]lnPsf] b]lvgfn] w/fg To; avt;Dd o:tf] pBf]usf] lglDt nfos e} g;s]sf] b]lvG% . df]/ªsf]
                                                                       '
Oltxf;df of] klxnf] pBf]u xf] / klxnf pBf]uklt :juL{o clg?$ ;fx' g} x'gx'GYof] .
lj=;+=    1980 ;fn tfsfg} :juL{o /fdnfn uf]N%f lj/f^gu/df cfP/ a;f]af; ug{ yfNg' eof] . oxf¤
cfpg'      cl# kmf/la;u~hdf % jif{;Dd cfk\mgf] lszf]/fj:yfb]lv k^'jfsf] Jofkf/ u/]sf] x'gfn] df]/ª
If]qsf]    Jofkfl/s dxTjsf] !fg pxf¤df lgs} lyof] . ctM tL ;a} ca k|of]udf NofOPkl% df]/ªsf]
k^'jf     Jofkf/n] cfZro{hgs pGglt ug{ yfNof] .




                                        cfly{s n]vx? . 83
a}Í]Zj/ - jif{ 1 cÍ 2


o;/L s'zdfxf xf^af^ cfpg'ePsf kf¤r kl/jf/dWo] ;aeGbf a(L b'u* kl/jf/n], kl% cfpg' ePsf
tf]bL kl/jf/, uf]N%f kl/jf/ tyf wf*]jf kl/jf/ cflbn] df]/ª lhNnfsf] jfl)fHonfO{ lg/Gt/ pGglt /
a(f]Q/Ltk{m n}hfg yfNg' eof] . df]/ª ca Jofkf/sf] lgldQ g]kfne/df pko'Qm lhNnf tyf
lj/f^gu/ Jofkf/Lx?sf] ;xL sd{:yn dflgg yfn]sf] lyof] .
lj=;+= 1985-86 ;fn;Dd lj/f^gu/sf uf]nfx?df a]Rg NofOg] k^'jf tyf cGo lhG;L dfn
laq]mtfaf^ Ps ;]/ k|ltdgsf] b/n] p&fOg] j:t'nfO{ (ntf / a]Rg Nofpg] k|To]s uf*Laf^ lnOg]
rf/ cfgf -ef=?=, tTsfn ;f]x| k};f, xfn klRr; k};f_ nfO{ vrf{ elgg] u/]sf] lyof] . o;af^
uf*LjfgnfO{ bxL Ro"/f cflb v'jfOGYof] . of] /sd ;/sf/L :jLs[tL lnO p&fOPsf] geP/
;dembf/Laf^ p&fOPsf] lyof] . ;+of]un] of] /sd ef=?=tLg nfv -To; avt lj/f^gu/, df]/ª tyf
t/fO{ If]qdf ef=?=sf] rng lyof]_ k'u]sf] a]nf lj=;+= 1986 ;fndf sg]{h /fhzDz]/sf] bf}*fxf eof]
/ Toxf¤ "(ntf-vr{" lj?$ ph'/ k/]/ "(ntf-vr{ sf)*" aGg k'Uof] . o; ph'/Ldf sf/jfxL rnfP/
sf&df)*f};Dd d'@f k'¥ofOof] / ca pk|fGt (ntf vr{ gp&fpg' / p&]sf] /sd ;/sf/L vhfgfdf
hDdf ug'{ eGg] ul/of] .
sl^xf/df ltgtfsf /x]sf] h"^ ldn / To;af^ x'g] kmfObfsf] ljifodf :juL{o /fdnfn uf]N%fhLnfO{
ljz]if !fg lyof] . ldnsf Dofg]h/ x/åf/L dnn] ltg}tfsf Pp^f ;Nnfx lbg' eof] ls lj/f^gu/df
Pp^f h'^ ldn vf]Ng' plrt xf]nf . ldn dflns /fwfs[i)f rdl*ofn] o:tf] ldn vf]n] cfk\mgf]
tk{maf^ /sd nufpg] cfZjf;g lbg'eof] .
z'e #*Ldf ePsf] of] z'e of]hgfnfO{ lj=;+= 1991 ;fnsf] cGTolt/ /f)ff k|wfgdGqL h'$zDz]/sf]
df]/ª bf}*fxf ePsf] a]nf tTsfnLg a*fxflsd, uf]N%fhL, x/åf/LdnhL, rdl*ofhL, s[i)fk|;fb
sf]O/fnfhL tyf cGo s]xL uGodfGo JolQm eO{ hfx]/ x'¤bf :jLs[tL k|fKt eof] . uf]N%fhL o;df
ljz]if?kn] nfUg' eof] .
To; a]nf;Dd g]kfndf pBf]u tyf sDkgL ;DaGwL s'g} sfg"g lyPg . ctM ca lgdf{)f ug'{ kg]{
eof] / lj=;+= 1994 ;fndf g]kfn sDkgL sfg"g hf/L eof] / g]kfn pBf]u k/Lifb\sf] u&g eof] .
lj/f^gu/ h"^ ldnsf] :yfkgf klg o;} jif{ /fgL l;lsofxLdf eof] . of] ldndf 51 k|ltzt
g]kfnLsf] / 49 k|ltzt ef/tLosf] z]o/ /sd nufOof] . ;]& rdl*ofn] ;a} ef/tLo /sd
;sfg'{eof] . o;kl% lj/fg u|fdL)f If]q /fgL l;lsofxLdf klg ahf/ a:g yfNof] . k;n vf]lnP /
a:tL a(\b} uof] . df]/ªdf pBf]usf] /fd|f] eljio b]v]/ rdl*ofhLn] g} df]/ª ;'u/ ldn, u'x\o]Zj/L
/fO; ldn / g]kfn s]ldsn O)*i^«L vf]Ng' eof] . oL ;a} pBf]ux? cf;kf;df g} vf]lnP / oL
;a}sf] ;~rfng tyf Joj:yfkgsf] lhDdf rdl*ofhLn] cfk\mgf] ;fnf] P]zgf/fo)f l;+#flgofhLnfO{
lbg'eof] . pxf¤n] oL ;a}sf] s'zn Joj:yfkg ug'{eof] .
log} jif{x?df :juL{o cfgGb/fh >]i&n] oxL /fgL l;lsofxL If]qdf g} h'$ d}r k}mS^«L cf/De
    {
ug'eof] . ;nfO{sf] pBf]udf g]kfne/df of] pBf]u klxnf] xf] . o;} k|sf/n] pxf¤n] g} g]kfn KnfOp*,
af]lag sDkgL clg lxdfno h"^ k|];sf] :yfkgf ug'{eof] . o;dWo] h"^ k|]; kl% /fdnfnhLn] v/Lb
u/L xg'dfg h"^ k|];sf] gfd lbP/ ;~rfng ug'{eof] . ca df]/ª lhNnfsf] jfl)fHo ef/tLo ;Ldf
glhs /fgL l;lsofxL, hf]uagLdf lj:tf/ eof] / o; If]qn] gof¤ gfd "ldN; Pl/of" k|fKt u¥of] .
              ]
ltgtfsf ;'abf/ cgGt/fd b]jsf]^fn] cgGt /fO; ldn vf]Ng' eof] . sfnfGt/df cgGt/fdhL
sfzLjf; ug{ yfNg' eof] / o;sf] ;~rfng pxf¤sf] HjfO¤ k+= zf]efrGb| vgfnaf^ x'g yfNof] . s]xL
jif{kl% of] ldn /f&LhLnfO{ laqmL eof] . clxn] lj/f^gu/sf] ;ft #'DtLsf] af^f]df l:yt /fO; ldn
To;}sf] a(] a(fPsf] ?k xf] .
wgs'^f tk{maf^ w/fg tyf lj/f^gu/df l/hfn kl/jf/x?sf] k|j]z o;} ;dolt/ eof] . h'$zDz]/sf
                                               {
HjfO¤ df]xgljqmd zfx -/fd /fhf_ n] k|fKt ug'ePsf] ahf/ c*\*fsf] &]Ssfsf] ;'Aaf kbdf
                                     {
gf/fo)fk|;fb l/hfnn] s]xL ;do sfd ug'eof] . kl% pxf¤n] Jofkf/Lx?nfO{ ?lkof¤ nufgL nufpg] /


                                    cfly{s n]vx? . 84
                                                                          a}Í]Zj/ - jif{ 1 cÍ 2


Jofkf/ klg ug{ yfNg'eof] . :j= s[i)fk|;fb sf]O/fnfsf] d[To'kl% pxf¤sf] kl/jf/df Jofkf/ xf]Og ls
/fhgLltsf] k|jntf b]lvg yfNof] .
lj=;+= 2003 ;fndf csf]{ pBf]u snsQfsf hL=*L= nf]oNsfsf]         k|aGwdf tyf g]kfnL / ef/tLo
k"¤hLsf] nufgLdf /fgL If]qdf g} >L /#'klt h"^ ldnsf] :yfkgf    eof] . cf/Dedf nf]oNsf k|ltlglw
e¤j/nfn df]/nfO{ Joj:yfks agfOof] t/, s]xL lbgdf g} g]kfn      ;/sf/;+u df]/sf] kmf^f] k¥of] /
a(\b} uof] . cGTodf o;sf] ;~rfng ;/sf/n] cfk\mg} xftdf lnof]    .
o; a]nf;Dd df]/ª lhNnfdf /fhgLlt wdfwd tfTb} cfof] / /f)ff zf;gsf] cGTo x'g] x'g] lgZro
b]lvof] . pBf]u Jofkf/ ;a}tk{m o;sf] c;/ kg{ yfNof] / gof¤ df]* b]lvof] . lj=;+= 2007 ;fnsf]
qmflGtsfn;Dd s]xL kl/jf/x?n] df]/ªdf Jofkf/nfO{ k':t}gL Jofkf/ agfpg yfn]sf lyP . oLdWo]
/fdnfnhL uf]N%fsf] kl/jf/, huGgfyhL *]*/fhhLsf] kl/jf/, /fdflszghLsf] kl/jf/, lzj/tghL
/f&Lsf] kl/jf/, gf/fo)fk|;fb l/hfnhLsf] kl/jf/, k+= d]#/fhhL zdf{sf] kl/jf/, rf¤bdn n'gs/)fhLsf]
kl/jf/ ;d]tnfO{ pNn]v ug{ ;lsG% . :yfgfefjn] cGo sltko ;lqmo kl/jf/sf gfd oxf¤ n]Vg
;lsg, Ifdfk|fyL{ %' . casf] df]/ªdf pBf]uhGo Jofkf/, jfl)fHo cg'?ksf] Jofkf/, ;fgf Jofkf/x?sf]
Jofkf/, xf^ahf/df ul/g] c:yfoL Jofkf/ cflb JofKt eP .
o;sf] ;fy} df]/ª lhNnfsf] Jofkfl/s zf]if)f klg eof] . lj=;+= 2007 ;fnsf] qmlGtkl% s]xL ;do
c;xgLo cj:yf b]lvof] . ef/tLo Jofkf/Ln] df]/ªdf k|fKo dfn ;:tf]df lsGg], s[lqd cefj v*f
ul/lbg] / kl% ltg} dfn dx¤uf]df a]Rg] cfr/)f b]vfP . df]/ªdf tTsfnLg cGtl/d ;/sf/sf
ldln^/L ueg{/ :j= s]zjk|;fb sf]O/fnfn] of] cj:yf /f]Sg df]/ª aflx/sf Jofkf/LnfO{ df]/ªsf
dfn;fdfg lsGg glbg] cfb]z u/L Ps Jofkfl/s a}&ssf] cfof]hgf ug'{ eof] . o;} a}&sn] 18
;b:oLo Ps ;ldltsf] u&g u/L kbflwsf/Lx? ;d]tsf] r'gfj u¥of] . of] r'gfjaf^ zf]efrGb k^jf/L
;efklt, cfz'nfn af]x/f ;lrj, dLg/fh kf)*], k|]d/fh df:s], sfn'/fd cu|jfn, nfnrGb ;'/fgf,
tf]nf/fd b'u*, /fhdn wf*]jf ;d]t 16 hgf ;b:odf r'lgg' eof] . ldln^/L ueg{/af^ o;
;ldltnfO{ lj/f^gu/ Jofkf/L ;+#sf] gfdfs/)f eof] . cln kl% o; ;+#sf] sfo{If]q a(\b} uof] /
o;nfO{ "df]/ª Jofkf/ ;+#" tyf c+u|]hLdf df]/ª dRof{G^;\ P;f]l;Pzg" eGg] gfd lbOof] .
qmlds ?kdf df]/ªsf] jfl)fHo hut df]/ª Jofkf/ ;+#sf] %ftf d'lGt/ ;'/lIft ?kn] b|"t a]udf cl#
a(\g yfNof] . ;do ;fk]If x'g] qmddf w/fg, /+u]nL, Og?jf, b'xaL, O^x/L, x/}+rf cflb :yfgsf]
k|ltlglwTj klg o;df eof] . sf&df)*"df ^}l/km af]*{sf] u&g x'¤bf o; ;+#sf] /fo tyf k|ltlglw
lnOof] . /fh:j ;+sngdf o;sf /fo ;'emfjn] dxTjk")f{ e"ldsf v]Nof] . df]/ªsf] Jofkfl/s lxtsf]
lgldQ o; ;+#n] ;/sf/nfO{ ;'emfjx? k]z ub{% . d"No lgoGq)f ug{ / j:t' ;'netfsf] lgldQ o;
;+#sf] k|of; eO/xG% .
o; k|sf/n] df]/ªsf] jfl)fHodf uxgtd of]ubfg lbg] of] ;+# s'g} ;do cfk;L a}dgZotfsf] sf/)fn]
                                            {
b'O{ ^'qmfdf af¤l*of] / Pp^f ^'qmf df]/ª dr]G^ P;f]l;Pzg / csf]{ ^'qmf df]/ª dr]{G^ k]m*/]zgsf]
gfdn] b'O{ cnu cnu af]*{x? ´')*\ofOP . t/, s]xL ;dembf/ JolQmx?, d'Vo ?kdf :juL{o
       |
gu]Gb|k;fb l/hfnsf] k|of;af^ b'a} ^'qmfdf d]nldnfk eof] / k"j{ df]/ª Jofkf/ ;+# cyf{t\ df]/ª
    {
dr]G^;\ P;f]l;Pzg g} /xg uof] .
tTsfnLg a*fxflsd :juL{o e"kfndfg l;+xn] o; ;+#sf] cf/lDes sfndf o;n] ;fdflhs sfd klg
ug'{ k%{ eGg' ePsf] / o; egfO{nfO{ :jLsf/ u/L df]/ª Jofkf/ ;+#n] a? cfk\mgf] ejg agfPg t/
c:ktfn, :s"n, dlGb/ cflbsf ejgx? eg] lgdf{)f u/fof] . lgs} kl% dfq cfk\mgf] ejg agfof] .
o; k|sf/ "Jofkf/] a;t] nIdL" sf] d"ndGqsf] kfngf o;n] Pstk{m ul//x]% eg] csf]{tk{m ";]jf lx
k/df] wd{" sf] l;$fGtnfO{ klg %f]*]sf] %}g .
lj=;+= 1016 ;fndf lhldbf/L pGd"ng eof] tyf e"lds/sf] Joj:yfaf^ 25 laufxf dflysf] hldgdf
s/ k|yf nfu" eof] . o;n] e"ldsf cfwfl/t kl/jf/x?sf ;b:ox? la:tf/} la:tf/} Jofkf/df cfP .


                                     cfly{s n]vx? . 85
a}Í]Zj/ - jif{ 1 cÍ 2


o;af^ k'/fgf] k/Dk/f nf]k x'¤b} cfof] / ca ef/tLo d"nsf] g]kfnL dfq} xf]Og ls g]kfnL d"nsf
g]kfnLx? klg a(L dfqfdf df]/ªsf] jfl)fHodf /fO; ldn, vf¤*;f/L ldn, O{+|^f ^fon pBf]u tyf
oftfoft Joj;fodf b]vf kg{ yfn] . e"ld ;DaGwL df]hd:tL ug]{ lhldbf/sf zfvf ;Gtfg jfl)fHosf]
sf/f]jf/df ;lqmo b]lvg yfn] o:t} k|sf/n] %fkfvfgf Joj;fo klg df}nfpg yfNof] . :^]gn]; l:^nsf
sf/vfgf klg cfof] . ca kmnfd, lkQn, sf¤; cflbsf ef¤*fx?sf] &fp¤ l:^nsf ef¤*fx?n] lng
yfn] . ufp¤ ufp¤ hf]*\g] af^fx? v'n]kl% pBf]u vf]lnP . oL pBf]udf /fO; ldn, t]n ldn, Ro"/f,
ux'¤sf] s'^fgL ldn g} w]/}h;f] b]lvP . ufp¤ leqsf g/dfOnf :yfgx?df ahf/ v'n], a:tL a(], :s"n,
              ]
kf&zfnf v'n, hghLjgdf kl/jt{g b]vfk¥of] . o;/L pBf]u / Jofkf/n] df]/ª]nLx?df kl/jt{g cfof] .
k"j{-klZrd hf]*\g] /fhdfu{sf] lgdf{)f, df]/ªsf] e"efunfO{ k~rfotL Joj:yfn] sf^]/ csf]{ lhNnf agfO{
df]/ªsf] ;Ldf %f]§\ofO¤bf, e"ld;'wf/ sfo{qmd nfu" x'g' cflbn] klg df]/ªsf] jfl)fHo hutdf uxgtd
kl/jt{g NofP .
/#'klt h"^ ldN;sf] :yfkgf ;fy} df]/ªsf] Jofkfl/s hutdf Pp^f gof¤ cfofd yk x'g] k|of; ePsf]
lyof] . Tof] xf] ;d'b|kf/ h"^ lgof{t . o;sf] Jojl:yt ?k / yfngL O{:jL ;+jt 1956 -lj=;+= 2016
;fnlt/_ df :juL{o /fdnfnhL uf]N%faf^ z'? eof] . pxf¤n] ;~rfng u/]sf] >L xg'dfg O)*li^«h
k|f=ln= af^ lgof{tof]Uo kSsL uf¤& tof/ kf/]/ of] sfdnfO{ ;xL / qmlds dfu{df nluof] . o;
k|sf/n] df]/ªaf^ k^'jfsf] l;wf Jofkf/ ;d'b|kf/;+u x'g yfNof] . o;sf] 10 jif{kl% uf]N%fhLaf^ g}
;f]leot ?;;+u j:t' ljlgdo Jofkf/ -af^{/ ^«]*_ sf] ;Demf}tf eof] . o;af^ pxf¤n] ;f]leot ?;df
h'^ k&fpg] / Toxf¤sf ss{^kftf, lgdf{)f ;fdu|L, pkef]Uo ;fdu|L, ljB'tLo ;fdfg, lrgL,
df]^/;fOsn tyf ;fOsn cflb Nofpg] ul/of] . o;k|sf/ dfnsf] ;f^f] dfn g} cfoft lgof{tsf]
Jofkf/ x'g yfNof] .
:juL{o /fdnfnhL uf]N%faf^ cfk\mgf] sfG%f] %f]/f x'nf;rGb uf]N%fsf] gfdsf] cl#Nnf] zAb;fy
:yfkgf ug'ePsf] "x'nf; d]^n qmfk\m^\;" n] :^Lnsf ef¤*fx?sf] pTkfbgaf^ df]/ªsf] Jofkf/df qmflGt
           {
Nofof] . :^Lnsf j:t'x?nfO{ g]kfnleq / g]kfn aflx/ -vf;u/L ef/tLo ;LdfIf]q_ sf pkef]Qmfx?n]
lgs} dg k/fP . ca #/#/df :^Lnsf a]bfuL / emlNsg] ef¤*f, a§f tyf cGo ;fdu|L -k"hf ef¤*f
;d]t_ k'u] . df]/ªleqs} b'u* :^Ln sDkgL, c?)ff]bo pBf]u ;d]taf^ pTkflbt j:t'sf] ;lhnf] /
l%^f] vkt eof] .
/f)ffsfnb]lv g} Jofkf/df ;lqmo b'u* kl/jf/sf tf]nf/fd b'u*n] h"^ k|]; tyf :^«faf]*{ k\mofS^«L
h:tf pBf]u :yfkgf u/]/ df]/ªsf] Jofkf/df csf]{ gof¤ lgsf; Nofpg' eof] / b'u*hLsf] k\mofS^«Lsf
:^]gn]; :^Lnsf ef¤*f, :^«faf]*{ k\mofS^«Lsf pTkfbg cflbnfO{ ljleGg ahf/df ;d]t dg k/fOPsf
%g\ .
uf]N%f vfB pTkfbgsf] rfdnn] g]kfnsf ;fy} blIf)f ef/tsf] s]/nf /fHodf lgs} nf]slk|otf kfof] .
uf]N%fhLn] lj=;+= 2017-18 ;fnlt/ g]kfn a}+sdf k|tLtkq (Pn=;L=) vf]n]/ g]kfnaf^ l;w} cf}krfl/s
?kn] dfn;fdfg lgof{t ug]{ sfo{sf] cf/De ug'{eof] . df]/ªsf] Jofkfl/s ljsf;df of] :jl)f{d #*L
/x]sf] lyof] .
df]/ªsf] jfl)fHo hutsf csf{ clj:d/)fLo JolQm :juL{o dbgnfn tf]bLn] aªnfb]zsf] r^\uf¤j
aGb/ufx eP/ /flwsfk'/sf] af^f] g]kfndf ;d'b|kf/af^ l;d]G^ k}&f/L z'? ug'{eof] . pxf¤n] cfk\mgf]
hLjgsfndf pBf]u / Jofkf/ a(fP/ sf&df)*F}, g]kfnu~h cflb :yfgdf n}hfg' eof] .
o;k|sf/ df]/ªsf Jofkf/Lx? ca cGo lhNnfx? ;fy} l%d]sL d'n's clg ;d'b|kf/sf d'n'sx?;+u klg
Jofkfl/s ;DaGw / lqmofsnfkdf ;+nUg ePsf] b]lvG% . :jb]zL #/a'gfsf n'uf, vf¤*L, v;|f] gdL&f]
                                     {
vfgf, c¤Wof/f] */nfUbf] /ftdf a:g'kg], p/f&nfUbf] lg:s[o hLjgdf a:g afWo ePsf 75 jif{
cl#;Ddsf df]/ª]nLx? cfh dL&f] vfgf, ;'ljwfk")f{ hLjg, /fd|f rxlsnf ;kmf ;'U#/ lrh j:t'sf]
pkof]u / pkef]u u%{g\ . ca df]/ª lhNnfdf uof] eg] ?=1/- sf] rfdnn] hLjge/ vfg / d/]kl%


                                      cfly{s n]vx? . 86
                                                                                   a}Í]Zj/ - jif{ 1 cÍ 2


lsl/of ug{ klg k'U% eGg] egfO{ laNs'n ´'&f] e};s]sf] % . ca t df]/ª lhNnfdf uof] eg] x/]s
k|sf/n] efUof]bo x'G% elgG% . oxf¤sf] xfjfkfgL, oxf¤sf :yfg, oxf¤sf ljljw ;'ljwfk")f{ hLjgn]
w]/}nfO{ df]lxt kf/]sf] % . k|ltlbg o; lhNnfdf a(\bf] hg;+Vofn] klg o; s'/fnfO{ k'li^ u%{ .
oL ;a}sf] >]o Jofkf/ / jfl)fHonfO{ hfG% . jfl)fHo Joj;fos} sf/)faf^ o; lhNnfsf] ;b/d'sfd
;fl/of] / sfnfGt/df Tof] csf]{ ;b/d'sfd lj/f^gu/nfO{ b]zsf] klxnf] cf}Bf]lus If]q / Jofkfl/s
s]Gb| agfOof] .
ca gof¤ gof¤ Jofkfl/s lqmofsnfk x'g yfn] . /fhwfgL sf&df)*f} k'Ug ef/t guO{ g]kfnleq} eP/
Ps} lbgdf df]/ªaf^ k'Ug ;lsg] eof] . wgL tyf ;'ljwf k|fKt JolQmx? xjfO{ dfu{df ofqf u/]/
sf&df)*F} hfg] uy]{, sdhf]/ cfly{s cj:yf ePsfx? /]n -ef/tLo_ tyf a;dfu{åf/f sf&df)*f}
k'Uy] . Pp^} xjfO{ Po/nfOG;n] ;a}nfO{ cf];fg{ ;Sy]g, ctM kfnf] s'g'{kYof]{ . ca sltko Po/j]hx?
x'gfn] laxfg ;a}/} OlR%t :yfgdf k'u]/ sf&df)*f} jf lj/f^gu/df lbge/ Jo:t eO{ sfd ;s]kl%
;f¤emdf kms{g] ;'ljwf pknJw u/fof] . To:t} /fqLa; rn]sf] x'¤bf sf&df)*f} afx]s cGo w]/} :yfgdf
klg of] cj;/ cfPsf] % . ca gof¤ ;f]rfO{n] gof¤ gof¤ of]hgf / sfd x'g yfn]sf %g\ .
hghLjgdf kl/jt{gsf] qmd hf/L % . df]/ªsf] Jofkf/df k|ult eO/x]% .
;fy;fy} lgDglnlvt s^' ;TonfO{ :jLsfg'{ k%{ / o; ;DaGwdf uDeL/ gLlt agfP/ of]hgfj$ ?kdf
sfd ul/g' cfjZos b]V%'M-
1=   cr]n df]/ªdf ljb]zL ;fdfg, w]/}h;f] ljnfl;tfsf, sf] laqmL x'g] ahf/ al(/x]%g\ . o;af^
     :jb]zL j:t'x? nf]k x'g], dx+uf] hLjg JofKt x'g] l:ylt pTkGg x'¤b}% / of] l:ylt cjfl~%t,
     c;fdflhs / czf]egLo ck/fwsf] ;h{s x'g ;S% .
2=   :jb]zL Jofkf/Lx? ljb]zL      Jofkf/L    ;fd'   k/flht   e}/x]%g\   h;af^   eljiodf   ;+#if{do   c:j:Yo
     cj:yf cfpg ;S% .
3=   df]/ªdf hg;+Vof al(/x]%, Jofkf/ al(/x]% t/ df]/ªsf] &"nf] e'efu / hg;+VofnfO{ Jofkf/df
     ;fd]n x'g] of]hgf st}af^ gag]sf]n] c;Gtf]if k}mn¤b} % .
4= ;/sf/L cfly{s gLlt ;fgf tyf dWod:t/sf Jofkf/Lsf] lglDt lxts/ e}/x]sf %}gg\ h;af^ of]
                                                                            {
   jf o:tf Jofkf/Ldf ;Gtf]if %}g . cJojxfl/s s/ k|yf nufpg' clg vf/]h ug', k'gM csf]{
   ?kdf nufpg' cflbn] oyfl:yltjfbnfO{ a(fjf lbP/ k|fKt k|ult u'Dg ;S% .
5=                         }
     df]/ªsf o'jf zlQm w]/h;f] a]sf/ % / ljb]zlt/ knfog ug]{ bfp vf]H% / cj;/ kfPkl%
     efU% . df]/ªsf] Jofkf/df :jb]zL lgoGq)fsf] sdLn] o;f] ePsf] x'g ;S% .
6=   a(\bf] dx¤uL, s[lqd cefj, t:s/L, sfnfahf/L, b]xJofkf/, nfu"kbfy{sf] a]rlavgnfO{ ;d]t
     df]/ª]nLx?n] ef]Ug', b]Vg' tyf ;'Gg' kl//x]% . oLaf^ x'g] unt df/ klg vfg' kl//x]% .
     lognfO{ lgoGq)f ug{ s]xL sfg"g lgod ag]sf %g\ / ltgLx?nfO{ s*fO;fy nfu' ug'{ kb{%, gq
     l:ylt ljikmf]^s x'g ;S% .
7=      '
     d'nsdf xfn cfPsf          /fhg}lts cl:y/tf, cfly{s gLltsf sdhf]/L, k^'jf Jofkf/sf] x|f;,
     dfcf]jfbLsf] JofKt qf;     cflbn] df]/ªsf] Jofkf/df c;/ kf/]sf] % . Jofkf/sf], jfl)fHosf] ;fy}
     cGo sltko cj:yf /         ;Dk")F{ d'n'ssf] ljsf;sf] lgldQ /fhg}lts l:y/tf, cfly{s ;'b[(tf ;fy}
     zflGt-;'/Iff rflxG%g\ .   df]/ªdf dfq geO{ ;Dk")f{ g]kfndf oL tLg cfjZos tTjx? wldlnPsf]
     cj:yfdf %g\ . jfl)fHo      ljsf;sf] lglDt of] #fts xf] .




                                            cfly{s n]vx? . 87
a}Í]Zj/ - jif{ 1 cÍ 2




   Improving Dissemination of NRB Reports and Policies


                                                                        - Tula Raj Basyal*

1. Financial System
     An orderly, stable, and sound financial sy stem constitutes a
     prerequisite for expediting economic growth and development process.
     Recognizing the positive role of the financial sy stem in the economic
     development, efforts have been made to expand and improve the
     financial system of the country. Accordingly, Nepal’s financial system
     has undergone noticeable institutional changes and operational growth
     during the past two decades. The number of banks and financial
     institutions licensed, regulated, and supervised by the Nepal Rastra
     Bank (NRB) as in March-end 2006 rose to 17 commercial banks, 40
     development banks including five regional rural development banks,
     65 finance companies, 19 financial cooperatives and 48 micro-finance
     NGOs. A number of money changers authorized for exchanging foreign
     exchange and institutions authorized for receiving remittances from
     Nepalese working aboard are also in operation. The NRB is dedicated
     toward enhancing the health and effectiveness of the financial system
     through improving the structural, institutional, organizational,
     managerial, regulatory and supervisory dimensions of the sy stem. The
     increased level of financial integration, most markedly reflected in
     Nepal's membership to the World Trade Organization (WTO), has also
     unfolded both opportunities and challenges in the financial system.

2. NRB Role
     To strengthen the financial system, the role of the NRB in information
     collection, analytical research and dissemination of reports and
     findings on the important areas of the macroeconomy in general and
     the financial sy stem in particular has become quite significant. As the
     supreme authority on the monetary affairs, the regulator and
     supervisor of the financial sy stem and the advisor to the Government
     on the economic matters, the NRB acts as the depository of the
     information on the financial system and the related macroeconomic
     indicators. The NRB is placed in a unique position to collect, compile,
     process and analyze information and disseminate the same to the

* Executive Director, Public Debt Management Department, Nepal Rastra Bank.



                                   cfly{s n]vx? . 88
                                                           a}Í]Zj/ - jif{ 1 cÍ 2


   financial system and other stakeholders of the economy . The NRB
   publications facilitate the financial market participants in their
   assessment of the macroeconomic and financial environment besides
   identifying the stance and role of the monetary policy for making
   better-informed decisions. Through these publications, other
   stakeholders of the economy would be equally benefited from their
   understanding of the central banking perspectives on the
   developments, issues, and policy framework underlying the financial
   sy stem. Hence, as explained below, the information collection,
   analytical research and timely dissemination function comprises an
   important NRB responsibility.

3. NRB Act, 2002
   The NRB Act, 2002 has recast the functions and objectives of the
   NRB as to: (a) formulate necessary monetary and foreign exchange
   policies to maintain the stability in price and consolidate the balance
   of pay ments; (b) regulate, inspect, supervise and monitor, as well as
   to foster stability and ensure liquidity of, the banking and financial
   sy stem; (c) develop a sound, healthy and efficient pay ments system;
   and (d) promote the banking and financial sy stem and ensure greater
   level of public confidence in the system. Accordingly, the Act
   specifies that the NRB shall, in order for attaining its objectives and
   carrying out its functions, collect, by itself or through Government of
   Nepal or other entities, necessary information on economic and
   financial matters. For this purpose, the NRB could also seek
   cooperation from individuals and entities both inside and outside the
   country including the international institutions. The NRB may make
   appropriate arrangements for coordinating and improving the system
   of statistics collection, storing, and dissemination related to its area
   of operations (Section 104). The NRB is also obliged to provide to
   Government of Nepal necessary information on balance of payments,
   banking and financial subjects if so requested by Government of
   Nepal. Likewise, Government of Nepal, public entities, and private
   sector would have to provide necessary information on economic and
   financial matters if requested by the NRB (Section 10). The Act
   outlines that the NRB is obliged to regularly publish and disseminate
   the information on the statistical analy sis conducted by it in areas like
   the macroeconomy, development of financial markets, money supply,
   price stability, expansion of credit, balance of pay ments, foreign
   exchange, etc. (Section 12). The Act also requires the NRB to
   establish and operate information network, as specified, with the
   objective of promoting banking and financial sy stem in the country
   (Section 87). The NRB is required to submit to Government of Nepal



                             cfly{s n]vx? . 89
a}Í]Zj/ - jif{ 1 cÍ 2


     the Audit Report, Report on the NRB Activities, and Report on
     Economic and Financial Situation within four months of the
     completion of the fiscal y ear. Also, the NRB would have to publish its
     monthly balance sheet within 15 day s of the completion of each month
     (Section 93). The NRB is not only the banker and financial agent of
     Government of Nepal but also its advisor on the economic matters.
     Accordingly, Government of Nepal could seek consultations from the
     NRB in its area of operations and it would be the duty of the NRB to
     extend such consultations on the subjects requested. Government of
     Nepal, while preparing the annual budget, would seek consultations
     from the NRB on domestic debt along with the overdraft. The NRB is
     obliged to submit to Government of Nepal the Pre-budget Review
     Report on Economic and Financial Matters every y ear (Section 69).
     The NRB needs to publish for public information the Report on
     Monetary Policy that incorporates a comprehensive review and
     evaluation of the previous y ear's monetary policy together with the
     justification and analy sis of the monetary policy that the NRB is
     adopting and implementing during the following y ear (Section 94).
     The concerned agency could consult the NRB before carrying out the
     amendment, formulation or such related work with respect to laws
     concerning subjects like the monetary policy and operations, credit,
     balance of pay ments, foreign exchange and banking that fall under the
     objective or jurisdiction of the NRB. If requested by the concerned
     agency, it would be the duty of the NRB to furnish consultation on
     these subjects. The NRB is also bestowed right to present to
     Government of Nepal the proposals regarding formulation of new laws
     and making amendments to the existing laws in the aforesaid subjects.
     Because of these responsibilities also, the NRB's role in collecting,
     compiling, analy zing and disseminating information on the different
     sectors of the macroeconomy in general and the areas relevant for the
     accomplishment of its objectives and discharge of its functions in
     particular becomes quite significant. The NRB staff capacity in the
     areas of the core central banking responsibility needs to be
     substantially improved for which also the role of relevant and timely
     information collection, analytical research, and wider and easier
     dissemination becomes qu ite significant.
     It would be relevant to mention th at the previous NRB Act, 1955 also
     contained important provisions on information collection and
     dissemination. According to the Act, the NRB was required to publish
     monthly statement of its accounts regularly and also present to
     Government of Nepal report on its annual accounts and activities
     within four months of the end of the fiscal year (Section 17). The Act
     also required the NRB to present to Government of Nepal at least once


                              cfly{s n]vx? . 90
                                                         a}Í]Zj/ - jif{ 1 cÍ 2


   a y ear the actual situation of the economic, banking and financial
   position of the country and publish the same for the information of the
   general public (Section 14). The NRB could collect the necessary
   records, statistics, or particulars for surveying, evaluating and
   analyzing the economic situation of the country and also publish the
   report prepared on the basis of the information thus collected (Section
   15).

4. Practices
   To discharge these responsibilities in relation to the collection,
   analysis and dissemination of information on economic and financial
   matters, the NRB has been effortful to disseminate as much
   information as possible through various ways including bringing out a
   series of publications concentrating on economic, financial and
   monetary sectors. Dissemination work is strengthened by the regular
   communication of Hon. Governor with the financial market, media and
   other stakeholders through addresses, speeches, meetings and
   interviews which outline the NRB's initiatives and assessmen t with
   respect to the condition of the economy and the progress of the policy
   measures adopted in the attainment of the NRB objectives. The NRB
   provides the latest information and analysis on the macroeconomic
   developments     through     its   publications  like   the    Current
   Macroeconomic Situation and Main Economic Indicators on a monthly
   basis and the Quarterly Economic Bulletin on a quarterly basis. The
   Current Macroeconomic Situation is published both in Nepali and
   English and released at the Press Conference chaired by Hon.
   Governor himself. This publication is very popular among the
   economic and financial community and is extensively covered by all
   the Nepali and English Dailies including the TV Channels. On the
   occasion of the NRB Anniversary , special edition of the Samachar
   (NRB Newsletter) is published containing Hon. Governor's entire
   address delivered on the occasion as well as the articles on the
   macroeconomy, banking and finance, contributed especially by the
   NRB staff.
   NRB publications like the Monetary Policy, Annual Report, Economic
   Report, and Economic Review (Occasional Paper) are published on an
   annual basis. Other departmental journals like the Rastra Wrin
   Khabarpatra (Public Debt Magazine), Prabardhan (Promotion),
   Prashikshyan (Training), and Banking and Financial Statistics are
   published semi-annually. NRB special publications covering economic
   and financial sector like the Souvenirs published on the occasion of
   the NRB's Silver Jubilee Anniversary, Forty Years' Anniversary, and



                            cfly{s n]vx? . 91
a}Í]Zj/ - jif{ 1 cÍ 2


     Golden Jubilee Anniversary have been widely popular. Similarly,
     other research and survey reports are occasionally brought out. The
     Research Department has also published analytical reports on topics
     like the IMF and Nepal, WTO and Nepal, World Bank and Nepal, ADB
     and Nepal, South Asian Integration as well as other departmental
     studies. Mirmire, another important publication of the NRB, publishes
     a special annual edition incorporating articles on the economic
     matters. The Mirmire is also published as a monthly magazine
     containing literary work in the Nepali language. A monthly Samachar
     furnishing news and activities focusing on internal operations of the
     NRB is published. Some NRB Offices outside the Kathmandu Valley
     occasionally bring out publications covering topics on the economy
     besides giving details of their annual operations and activities. The
     respective departments on an occasional basis publish compendium of
     circulars and notifications issued to the commercial banks and other
     financial institutions.
     A Public Relations Office under the Office of the Governor has been
     in operation to disseminate the information to the media. NRB
     spokesperson also disseminates information to ensure that the
     communication is consistent and credible. On occasions, the NRB
     organizes seminars, interaction programs, and press conferences with
     stakeholders to appropriately convey information regarding the
     financial sector developments and relevant issues. The Banking
     Promotion Board conducts weekly radio programs on banking
     promotion. It also conducts programs through media advertisements
     and seminars. The info rmation about the forthcoming primary and
     secondary market operations in the government securities along with
     the past details of the auction results are conveyed through website
     and public media. The exchange rates of the domestic currency vis-à-
     vis the foreign currencies are disseminated on a daily basis. These
     dissemination arrangements and publications thus ensure timely
     availability of the financial information including information on the
     NRB activities, monetary policy operations, and macroeconomic
     developments.

5. IMF Code
     It would be relevant to note that the dissemination practices currently
     in use in the NRB mostly comply with the code of good practices on
     transparency for monetary policy as developed by the International
     Monetary Fund (IMF) in September 1999. Some of the remaining
     transparency practices would have to be gradually incorporated so as
     to raise the Nepalese transparency practice as per the international



                              cfly{s n]vx? . 92
                                                                  a}Í]Zj/ - jif{ 1 cÍ 2


   standards. The good transparency practices for monetary policy by
   central banks are grouped into the following categories:
     I.    Clarity of Roles, Responsibilities and Objectives of Central Banks for
           Monetary Policy
    II.    Open Process for Formulating and Reporting Monetary Policy Decisions
    III.   Public Availability of Information on Monetary Policy
    IV.    Accountability and Assurances of Integrity by the Central Bank
   The details of the Code of good practices on transparency in monetary
   policy are given in Appendix A.

6. Significance
   The NRB dissemination arrangements and publications have become
   the most important instruments to facilitate the review and evaluation
   of the working of the Nepalese economy in its important dimensions.
   The focus of the NRB publications on the macroeconomic sectors like
   the real, monetary, price, government finance, and external situation
   of the economy has made the publications very specialized, unique,
   and high in demand. Besides containing macroeconomic data, some
   publications highlight developments and progress and provide
   informative and analytical framework in the different areas of the
   central banking activities. The target groups of the NRB publications
   could be specified as the general public, news media, Government,
   financial market participants, private sector economic organizations,
   universities and research community, international organizations in
   the central bank's areas of interest and the foreign central banks, etc.
   All these stakeholders including the university students, related
   professionals, civil service and other employees, job applicants and
   similar users have been immensely benefited from the information and
   analysis as covered in these publications. Besides, the staff in the
   NRB itself are highly eager to go through such publications so as to
   enhance their existing expertise in the area of work currently engaged
   and to gain insight about other central banking activities and related
   information so as to equip themselves for efficiently discharging the
   overall central banking responsibilities in the future. It may be
   worthwhile to note that the central banking capacity, with special
   focus on the human resource capacity, needs to be enhanced for
   discharging efficiently the various functions and responsibilities
   entrusted to the NRB as the central bank of the country . The quality
   and analytical competence reflected in the NRB publications would
   substantially help in building and fostering such capacity.




                                cfly{s n]vx? . 93
a}Í]Zj/ - jif{ 1 cÍ 2


7. Problems
     In the context of discharging the central banking responsibilities, the
     NRB has recognized the overriding role and significance of the work
     of information collection and analytical assessment besides
     disseminating the output to the stakeholders. Accordingly, various
     arrangements and initiatives have been made to make continuous
     improvement in this important function of the NRB. However, the
     publications work in the NRB still needs major improvements. For
     example, different departments have been publishing their
     publications in their own way s. Publications bearing the name of the
     NRB come out in different designs, shapes, sizes, color, quality,
     editorial practices, periodicity, and printing features. Even the
     concepts, terminology, and expressions related to the central banking
     and financial sy stems as well as the NRB-related facts and figures do
     not converge at times. There is no central coordinating unit to check
     the accuracy , uniformity, consistency, and quality of the facts and
     figures published in the different publications. In the absence of a
     single point that overseas quality control and ensures accuracy and
     consistency of the information published, there arises a risk of the
     statistics or information relating to a particular time or date being
     different, not to mention about the different statements, analy tical
     underpinnings, and departmental perspectives that the respective
     departments would disseminate. The possibility of the occurrence of
     such inaccuracy, inconsistency and divergence of the facts and figures
     and the associated weaknesses of the assessment, analysis,
     interpretation and findings, that too coming through the same
     institution, would seriously undermine the quality and correctness of
     the information to be conveyed to the stakeholders. This could reduce
     the strength of the direction, objective, thrust, and stance the NRB
     policies and measures have visualized for improving the financial
     sy stem. Consequently, the NRB's role in the achievement of its
     objectives like attaining the macroeconomic and financial stability,
     improving the health of the financial sy stem, and enhancing its image,
     credibility and trust could receive setbacks.

8. Improvement Measures
     To address the above problems and standardize the publications work,
     one-window sy stem should be operationalized. The Public Relations
     Division under the Office of the Governor should be revamped for
     mainstreaming the publications and standardizing their quality,
     especially focusing on ensuring accuracy, consistency and regularity



                              cfly{s n]vx? . 94
                                                         a}Í]Zj/ - jif{ 1 cÍ 2


   of the information disseminated through the NRB. The respective
   departments should continue to prepare the manuscripts as before and
   send it to the Division for the final review and printing. A high-level
   Editorial Board should be constituted in the Division to verify the
   editorial work, ensure standardization of the contents, improve the
   paper and print quality and enhance the overall get-up of the
   publications. Besides ensuring the correctness of the facts and figures
   and enhancing the quality of the analysis, developing a standard
   editorial format and consistently applying them would definitely
   foster the image of the NRB publications. The stakeholders would also
   be extremely benefited by being conversant with the latest trends,
   developments, issues, underpinnings and future directions in the
   macroeconomic and financial fields if Hon. Governor's addresses,
   speeches     and   interviews    along     with  the    NRB-organized
   seminar/interaction proceedings are put in the website of the NRB and
   published on a regular basis.

9. Conclusion
   The NRB publications, besides focusing on imparting and ensuring a
   degree of confidence in the financial system by providing a wealth of
   relevant, timely and qualitative information in a transparent and
   timely manner, have also been of great help in enhancing the NRB
   staff capacity so instrumental for attaining the NRB objectives. At the
   same time, the NRB is fully aware that the development and
   operationalization of an appropriate and effective publications system
   becomes an essential component for further reforming the central
   banking function. Improving the content, enhancing the editorial
   capacity, ensuring regularity and focusing on standardization of the
   publications would not only help foster the image of the NRB but
   would also help articulate analyses and assessments of the economy to
   the benefit of the stakeholders and the economy as a whole.




                            cfly{s n]vx? . 95
a}Í]Zj/ - jif{ 1 cÍ 2


                                                                 Appendix A

 Code of Good Practices on Transparency in Monetary Policy
In the context of strengthening the architecture of the international
monetary and financial sy stem, the International Monetary Fund (IMF)
developed, in September 1999, a Code of Good Practices on Transparency
in Monetary and Financial Policies. The Code parallels the Code of Good
Practices in Fiscal Transparency developed by the Fund in April 1998.
The Code of Good Practices on Transparency in Monetary and Financial
Policies identifies desirable transparency practices for central banks in
their conduct of monetary policy and for central banks and other financial
agencies in their conduct of financial policies. For purposes of the Code,
transparency refers to an environment in which the objectives of policy,
its legal, institutional, and economic framework, policy decisions and
their rationale, data and information related to monetary and financial
policies, and the terms of agencies' accountability, are provided to the
public on an understandable, accessible and timely basis.
The case for transparency of monetary and financial policies is based on
two main premises. First, the effectiveness of monetary and financial
policies can be strengthened if the public knows the goals and instruments
of policy and if the authorities can make a credible commitment to
meeting them. In making available more information about monetary and
financial policies, good transparency practices promote the potential
efficiency of markets. Second, good governance calls for central banks
and financial agencies to be accountable, particularly where the monetary
and financial authorities are granted a high degree of autonomy. In cases
when conflicts might arise between or within government units (e.g., if the
central bank or a financial agency acts as both owner and financial
supervisor of a financial institution or if the responsibilities for monetary
and foreign exchange policy are shared), transparency in the mandate and
clear rules and procedures in the operations of the agencies can help in
their resolution, strengthen governance, and facilitate policy consistency.
In making the objectives of monetary policy public, the central bank
enhances the public's understanding of what it is seeking to achieve, and
provides a context for articulating its own policy choices, thereby
contributing to the effectiveness of monetary policy. Further, by providing
the private sector with a clear description of the consid erations guiding
monetary policy decisions, transparency about the policy process makes
the monetary policy transmission mechanism generally more effective, in
part by ensuring that market expectations can be formed more efficiently.
By providing the public with adequate information about its activities, the



                              cfly{s n]vx? . 96
                                                           a}Í]Zj/ - jif{ 1 cÍ 2


central bank can establish a mechanism for strengthening its credibility by
matching its actions to its public statements.
The benefits for countries adopting good transparency practices in
monetary and financial policies have to be weighed against the potential
costs. In situations where increased transparency in monetary and
financial policies could endanger the effectiveness of policies, or be
potentially harmful to market stability or the legitimate interests of
supervised and other entities, it may be appropriate to limit the extent of
such transparency. Limiting transparency in selected areas needs to be
seen, however, in the context of a generally transparent environment. In
the case of monetary policy, the rationale for limiting some ty pes of
disclosure arises because it could adversely affect the decision-making
process and the effectiveness of policies. Similarly, exchange rate policy
considerations, notably, but not exclusively, in countries with fixed
exchange rate regimes, may provide justification for limiting certain
disclosure practices. For example, extensive disclosure requirements about
internal policy discussion on money and exchange market operations
might disrupt markets, constrain the free flow of discussion by
policy makers, or prevent the adoption of contingency plans. Thus, it might
be inappropriate for central banks to disclose internal deliberations and
documentation, and there are circumstances in which it would not be
appropriate for central banks to disclose their near-term monetary and
exchange rate policy implementation tactics and provide detailed
information on foreign exchange operations. Similarly, there may be good
reasons for the central bank (and financial agencies) not to make public
their contingency plans, including possible emergency lending.
Transparency practices differ not only in substance, but also in form. With
regard to informing the public about monetary and financial institutions
and their policies, an important issue concerns the modalities that these
public disclosures should take. In particular with regard to monetary
policy, should transparency practices have a legislative basis in a central
bank law, or be based in other legislation or regulation, or be adopted
through other means? The Code takes a pragmatic approach to this issue
and recognizes that a variety of arrangements can lead to good
transparency practices. On matters pertaining to the roles, responsibilities,
and objectives of central banks (and for principal financial regulatory
agencies), it recommends that key features be specified in the authorizing
legislation (e.g., a central bank law). Specifying some of these practices
in legislation gives them particular prominence and avoids ad hoc and
frequent changes to these important aspects of the operations of central
banks and relevant financial agencies. Information about other
transparency aspects, such as how policy is formulated and implemented



                              cfly{s n]vx? . 97
a}Í]Zj/ - jif{ 1 cÍ 2


and the provision of information, can be presented in a more flexible
manner. However, it is important that such information be readily
accessible, so that the public can with reasonable effort obtain and
assimilate the information.
The focus of the Code is on transparency. While good transparency
practices for the formulation and reporting of monetary and financial
policies help to contribute to the adoption of sound policies, the Code is
not designed to offer judgments on the appropriateness or desirability of
specific monetary or financial policies or frameworks that countries
should adopt. Transparency is not an end in itself, nor is transparency a
substitute for pursuing sound policies; rather, transparency and sound
policies are better seen as complements. The Code is directed at the
transparency requirements of central banks and financial agencies, not at
the transparency procedures relating to firms and individual institutions.
However, the benefits of transparency for monetary and financial policies
may be fostered by appropriate policies to promote transparency for
markets in general, for the institutions that are being supervised, and for
self-regulatory organizations.
The Code is of sufficient breadth to span and be applied to a wide range of
monetary and financial frameworks. Elements of the Code are drawn from
a review of good transparency practices used in a number of countries and
discussed in the professional literature. The Code thus represents a
distillation of concepts and practices that are already in use and for which
there is a record of experience. The manner in which transparency is
applied and achieved, however, may differ, reflecting different
institutional arrangements with respect to monetary and financial policies
and legal traditions. The good transparency practices contained in the
Code will, therefore, have to be implemented flexibly and over time to
take account of a country 's particular circumstances. A number of Fund
members currently lack sufficient resources and the institutional capacity
to implement all of the good transparency practices listed in the Code.
These practices are included in the Code in the anticipation that countries
would aspire over time to introduce such good practices.
          GOOD TRANSPARENCY PRACTICES FOR MONETARY POLICY
                         BY CENTRAL BANKS
  I.    Clarity of Roles, Responsibilities and Objectives of Central Banks for Monetary
        Policy
        1.1 The ultimate objective(s) and institutional framework of monetary policy
            should be clearly defined in relevant legislation or regulation, including, where
            appropriate, a central bank law.




                                    cfly{s n]vx? . 98
                                                               a}Í]Zj/ - jif{ 1 cÍ 2


    1.1.1 The ultimate objective(s) of monetary policy should be specified in
          legislation and publicly disclosed and explained.
    1.1.2 The responsibilities of the central bank should be specified in
          legislation.
    1.1.3 The legislation establishing the central bank should specify that the
          central bank has the authority to utilize monetary policy instruments to
          attain the policy objective(s).
    1.1.4 Institutional responsibility for foreign exchange policy should be
          publicly disclosed.
    1.1.5 The broad modalities of accountability for the conduct of monetary
          policy and for any other responsibilities assigned to the central bank
          should be specified in legislation.
    1.1.6 If, in exceptional circumstances, the government has the authority to
          override central bank policy decisions, the conditions under which this
          authority may be invoked and the manner in which it is publicly
          disclosed should be specified in legislation.
    1.1.7 The procedures for appointment, terms of office, and any general
          criteria for removal of the heads and members of the governing body of
          the central bank should be specified in legislation.
1.2 The institutional relationship between monetary and fiscal operations should be
    clearly defined.
    1.2.1 If credits, advances, or overdrafts to the government by the central bank
            are permitted, the conditions when they are permitted, and any limits
            thereof, should be publicly disclosed.
    1.2.2 The amounts and terms of credits, advances, or overdrafts to the
            government by the central bank and those of deposits of the government
            with the central bank should be publicly disclosed.
    1.2.3 The procedures for direct central bank participation in the primary
            markets for government securities, where permitted, and in the
            secondary markets, should be publicly disclosed.
    1.2.4 Central bank involvement in the rest of the economy (e.g., through
            equity ownership, membership on governing boards, procurement, or
            provision of services for fee) should be conducted in an open and public
            manner on the basis of clear principles and procedures.
    1.2.5 The manner in which central bank profits are allocated and how capital
            is maintained should be publicly disclosed.
    1.3     Agency roles performed by the central bank on behalf of the
            government should be clearly defined.




                           cfly{s n]vx? . 99
a}Í]Zj/ - jif{ 1 cÍ 2


            1.3.1 Responsibilities, if any, of the central bank in (i) the management of
                   domestic and external public debt and foreign exchange reserves, (ii) as
                   banker to the government, (iii) as fiscal agent of the government, and
                   (iv) as advisor on economic and financial policies and in the field of
                   international cooperation, should be publicly disclosed.
            1.3.2 The allocation of responsibilities among the central bank, the ministry
                   of finance, or a separate public agency,3 for the primary debt issues,
                   secondary market arrangements, depository facilities, and clearing and
                   settlement arrangements for trade in government securities, should be
                   publicly disclosed.
  2.    Open Process for Formulating and Reporting Monetary Policy Decisions
        2.1 The framework, instruments, and any targets that are used to pursue the
            objectives of monetary policy should be publicly disclosed and explained.
            2.1.1 The procedures and practices governing monetary policy instruments
                   and operations should be publicly disclosed and explained.
            2.1.2 The rules and procedures for the central bank's relationships and
                   transactions with counter parties in its monetary operations and in the
                   markets where it operates should be publicly disclosed.
        2.2 Where a permanent monetary policy-making body meets to assess underlying
            economic developments, monitor progress toward achieving its monetary
            policy objective(s), and formulate policy for the period ahead, information on
            the composition, structure, and functions of that body should be publicly
            disclosed.
            2.2.1 If the policy-making body has regularly scheduled meetings to assess
                   underlying economic developments, monitor progress toward achieving
                   its monetary policy objective(s), and formulate policy for the period
                   ahead, the advance meeting schedule should be publicly disclosed.
        2.3 Changes in the setting of monetary policy instruments (other than fine-tuning
            measures) should be publicly announced and explained in a timely manner.
            2.3.1 The central bank should publicly disclose, with a preannounced
                   maximum delay, the main considerations underlying its monetary
                   policy decisions.
        2.4 The central bank should issue periodic public statements on progress toward
            achieving its monetary policy objective(s) as well as prospects for achieving
            them. The arrangements could differ depending on the monetary policy
            framework, including the exchange rate regime.
            2.4.1 The central bank should periodically present its monetary policy
                   objectives to the public, specifying, inter alia, their rationale,
                   quantitative targets and instruments where applicable, and the key
                   underlying assumptions.



                                  cfly{s n]vx? . 100
                                                                     a}Í]Zj/ - jif{ 1 cÍ 2


         2.4.2 The central bank should present to the public on a specified schedule a
                 report on the evolving macroeconomic situation, and their implications
                 for its monetary policy objective(s).
     2.5 For proposed substantive technical changes to the structure of monetary
         regulations, there should be a presumption in favor of public consultations,
         within an appropriate period.
     2.6 The regulations on data reporting by financial institutions to the central bank
         for monetary policy purposes should be publicly disclosed.
3.   Public Availability of Information on Monetary Policy
     3.1 Presentations and releases of central bank data should meet the standards
         related to coverage, periodicity, timeliness of data and access by the public that
         are consistent with the International Monetary Fund's data dissemination
         standards.
     3.2 The central bank should publicly disclose its balance sheet on a preannounced
         schedule and, after a predetermined interval, publicly disclose selected
         information on its aggregate market transactions.
         3.2.1 Summary central bank balance sheets should be publicly disclosed on a
                 frequent and preannounced schedule. Detailed central bank balance
                 sheets prepared according to appropriate and publicly documented
                 accounting standards should be publicly disclosed at least annually by
                 the central bank.
         3.2.2 Information on the central bank's monetary operations, including
                 aggregate amounts and terms of refinance or other facilities (subject to
                 the maintenance of commercial confidentiality) should be publicly
                 disclosed on a preannounced schedule.
         3.2.3 Consistent with confidentiality and privacy of information on individual
                 firms, aggregate information on emergency financial support by the
                 central bank should be publicly disclosed through an appropriate central
                 bank statement when such disclosure will not be disruptive to financial
                 stability.
         3.2.4 Information about the country's foreign exchange reserve assets,
                 liabilities and commitments by the monetary authorities should be
                 publicly disclosed on a preannounced schedule, consistent with the
                 International Monetary Fund's Data Dissemination Standards.
     3.3 The central bank should establish and maintain public information services.
         3.3.1 The central bank should have a publications program, including an
                 Annual Report.
         3.3.2 Senior central bank officials should be ready to explain their
                 institution's objective(s) and performance to the public, and have a




                                cfly{s n]vx? . 101
a}Í]Zj/ - jif{ 1 cÍ 2


                   presumption in favor of releasing the text of their statements to the
                   public.
        3.4 Texts of regulations issued by the central bank should be readily available to
            the public.
  4.    Accountability and Assurances of Integrity by the Central Bank
        4.1 Officials of the central bank should be available to appear before a designated
            public authority to report on the conduct of monetary policy, explain the policy
            objective(s) of their institution, describe their performance in achieving their
            objective(s), and, as appropriate, exchange views on the state of the economy
            and the financial system.
        4.2 The central bank should publicly disclose audited financial statements of its
            operations on a preannounced schedule.
            4.2.1 The financial statements should be audited by an independent auditor.
                   Information on accounting policies and any qualification to the
                   statements should be an integral part of the publicly disclosed financial
                   statements.
            4.2.2 Internal governance procedures necessary to ensure the integrity of
                   operations, including internal audit arrangements, should be publicly
                   disclosed.
        4.3 Information on the expenses and revenues in operating the central bank should
            be publicly disclosed annually.
        4.4 Standards for the conduct of personal financial affairs of officials and staff of
            the central bank and rules to prevent exploitation of conflicts of interest,
            including any general fiduciary obligation, should be publicly disclosed.
            4.4.1 Information about legal protections for officials and staff of the central
                   bank in the conduct of their official duties should be publicly disclosed.
             (source: http://www.imf.org/external/np/mae/mft/code/index.htm)




                                   cfly{s n]vx? . 102
                                                                            a}Í]Zj/ - jif{ 1 cÍ 2



                  NPAs and Modalities to Tackle Them


                                                                   - Surendra Man Pradhan*
While going through an overview of the non-performing assets (NPA) position of banks in
different countries, we find that it had been around 20 percent in China, 15 percent in
Philippines, and 30.41 percent in Nepal as at the end of 2002. It carried around 20 percent,
15 percent, and 7.4 percent of total GDP of China, Philippines and Nepal respectively. The
non-performing loans to total credit of the banking sector stands at 18.94 percent in the F/Y
2004/2005 as compared to 24.26 percent in the previous fiscal year. If we go through the
status of individual banks, it ranged from 1 percent to 53 percent in the F/Y 2004/2005
while it had been up to 58 percent in the previous year. In the government owned and semi-
government owned banks like Nepal Bank Limited and Rastriya Banijya Bank it comes
around 50 to 55 percent of their credit portfolio but in case of other public sector joint
venture banks, it ranges around 3 to 15 percent. In the case of Nepal Bank and Rastriya
Banijya Bank, the big defaulting borrowers cover around 65 percent of the total NPA of
these banks. The deteriorating security and economic situation and resistance from major
willful defaulters who have taken refuge behind a weak legal framework because of weak
loan documentation system in the banks have contributed in enlarging the size of NPAs.
The delays in the establishment of a commercial bench in the court system, enhancement of
the capacity of the Debt Recovery Tribunal and enforcement of the steps recommended by
the High Level Committee led by Dr. Shankar Sharma have also hindered the process of
recovery of NPAs. Whatever may be the NPA position in existence, it is not possible that it
happens to be zero. In any business an element of non-performing assets is inevitable.
Banking is a business and therefore, NPAs are unavoidable. The concept of NPAs came
into Nepalese financial systems consequent to introduction of Prudential Accounting
Norms a decade ago. An era of recognizing income (even unrealized) was changed to
providing for probable losses. Days of counting the chickens before the eggs hatch are
over. However, overemphasizing NPA has created an atmosphere of non-sanction of credit.
All NPAs are not irrecoverable. It is part of banking throughout the world. It is neither
peculiar to government owned banks nor to the public sector banks. Quantum wise, the
gross NPA is high in the former case as they account for major share of total credit
portfolio.
However, the NPA position in Nepalese banking sector is exaggerated. The ratio is related
to credit and not to assets. The international norm is to relate the ratio to assets. If the ratio
is related to total assets, the NPA ratios in Nepalese banking sector are bound to fall very
sharply. Hence, it is necessary to take a policy decision to relate NPAs to total assets and
not to credit as at present. It is also necessary for the banks to give desegregated data of



* Executive Director, Nepal Rastra Bank, Bank and Financial Institutions Regulation Department.


                                        cfly{s n]vx? . 103
a}Í]Zj/ - jif{ 1 cÍ 2

NPAs such as sub-standard, doubtful and loss assets, which will throw more authentic light
on the quality of assets.
There is a growing realization that unless the growth in NPAs is kept in control, it has the
potential to cause systemic crisis. Hence, even though NPAs cannot be avoided, the growth
reduction should be brought down to around 2-3 percent of risk-weighted assets.
Before going for the ways and means to tackle NPAs we should be well aware with the
reasons for the protruding of NPAs. The 'euphoria' generated with liberalization can be
taken for granted as the main reason. A dream of globalization led to huge investments,
which unfortunately could not be utilized properly due to hesitant liberalization policies.
Large corporate misutilised the credits and delayed payments and contributed indirectly for
enhancing NPA ratio. The use of the existing banks in Nepal as instrument of public policy
has been another prime reason. Lending under populist schemes like directed lending to
certain sectors like priority sector lending, export financing at reduced return rates are some
of the examples. All these loans have joined the rank of NPAs. Projects financed in the pre-
reform era, with high gearing, low promoters stake, with viability based on high tariffs and
fiscal concessions have also contributed in increasing the NPAs. Lack of vision in appraisal
of proposal while loan sanctioning, reviewing or enhancing credit limits, absence of risk
management policy of financing, concentration of credit in few group of parties and
sectors, lack of coordination among various financiers, lack of initiative to take timely
action against willful defaulters, indecision on exiting out of bad loans for fear of
investigating agencies like Special Police, CIAA, Public Accounts Committee of the
Parliament have also contributed in whatsoever measures to the worsening situation of
NPA front.
Most crucial reason for the increase in the NPAs is the shabby and defaulter friendly legal
system.. The worthwhile exercise by the two oldest Nepalese banks in the court to recover
their overdue loans has gone in vain. It clearly brought out that it takes decades for courts
to decide cases and even after decrees obtained, execution of decrees is virtually an
impossible task. Hundreds of cases are languishing in courts for decades. The failure in
enhancing the capability of Debt Recovery Tribunals has also played a positive role in
increasing NPAs. Similarly, Labour-oriented small size old technology operations,
unionized work force, non-transparent accounting policy and poor auditing practices,
corruption, political patronage and pressure have all also contributed equally in this respect.
In the last but not the least, the responsibility of Nepal Rastra Bank, the Central
Supervisory authority of the financial sector of the country cannot be set free without any
obligation. Its ineffectiveness and inefficiency in monitoring and supervising the
performances of commercials banks in the past have also added some fuel in growing the
NPAs.
The treatment of any ailment should not be difficult once you have diagnosed the illness. In
the present case of NPAs also, the only solution for all the NPAs seems to be a compromise
and settlement policy to be framed by each bank based upon the track record of the
borrower, the original amount lent, the minimum rate of return to cover the cost of money
and the present value of the cash. Of course, consideration of the realizable value of
security and worth of guarantors and the absence of any malafide intention of the borrower

                                       cfly{s n]vx? . 104
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2

should also be taken into account. In the recent past, the government has initiated certain
corrective measures so as to reduce the NPA position of the banking sector. The
government has issued a strict directive to bar the blacklisted borrowers from assuming
public posts, being honored with medals or decorations as well as all other privileges and
benefits offered by the state. The directive has also barred the blacklisted borrowers from
registering new industry, firm or company and from participating in any government
bidding process. The directive has also banned sales or ownership transfer of all sort of
property registered in the name of borrowers unless it has been intended for the repayment
of the bank loan. The directive has been issued following the cabinet decision made on
May18, 2005 to fully endorse a report submitted by the high level committee led by Dr.
Shankar Sharma, which among others had recommended a list of tough measures against
the blacklisted borrowers, including a ban from taking public posts. With the issuance of
the directive, a few well-known high profile borrowers have taken the initiative to settle
their dues. But, however, due to lack of seriousness in the enforcement of these directives,
the NPA position could not have been turned around. Hence, an endeavor has been made to
mention some prescriptions for effective remedy for the problem of the NPAs. They are
mentioned hereunder:
1.   Strengthen the administrative system: The most important remedy for tackling the
     NPAs is to give autonomy to the boards of banks. Neither the NRB nor the
     Government of Nepal should interfere in the settlement of problem loans. "Autonomy
     and accountability" are the core principles of liberalization process. The impertinent
     nature of bureaucracy complicates the issue and NPAs linger on. Hence, my own
     suggestions in this regard are:
     (a)   Give the banks an absolute autonomy so that they can go for a professional
           board without any government/NRB nominee having a seat thereon. Let the
           board exercise its legitimate power of supervision through good corporate
           governance and be accountable to shareholders.
     (b)   Appoint independent professional director in the bank boards so as to enhance
           the quality of credit management system.
     (c)   Appoint professionals as CEOs: They should have freedom to operate and
           accountable to the board so that they can improve the quality of appraisals and
           take proactive and aggressive measures to recover dues.
     (d)   All the banks need to restructure and reorganize themselves through appropriate
           schemes.
     (e)   Systematize the credit management in the bank by developing prudent credit
           procedure guidelines and loan write off policy.
     In this regard, Nepal Rastra Bank can keep its eyes open to monitor and supervise
     their performances by strengthening its supervisory methodologies and working as a
     watchdog.
2.   Legal Reforms: The much talked about legal reforms need to be urgently effected and
     an awe-inspiring legal system to punish willful large defaulters should be in place.


                                     cfly{s n]vx? . 105
a}Í]Zj/ - jif{ 1 cÍ 2

     Revenue Recovery Acts should be made applicable to banks' dues as well. The
     proposed Depository Institutions Act, Foreign Exchange Regulation Act etc. should
     be effected urgently. Similarly, the capability enhancement of the Debt Recovery
     Tribunal and establishment of the commercial bench in the court system should be
     expedited at the earliest. The Insolvency Ordinance needs to be brought into
     implementation along with introduction of Bankruptcy Act as well. Appointment of
     receivers should be mandatory to prevent the borrowers from alienating the assets.
3.   Formation of Assets Reconstruction Company: ARCs can also be used as remedy for
     NPAs. However, many countries have used ARCs to address NPAs but only where
     there is fully blown banking crisis. Although bailing out of government owned banks
     through ARCs can create serious moral hazard problems in the system and it cannot
     be prescribed as full-proof remedy for the time being, this mechanism can also play
     significant role in reducing NPAs if it is implemented cautiously. Radical revamping
     of the present management and organizational system coupled with adequate legal
     reforms should also be prominent contributory in this respect. It can be complemented
     with strengthened and dependable Credit Information Bureau and effective and
     efficient monitoring and supervision from Nepal Rastra Bank with full hearted support
     from Government of Nepal.




                                     cfly{s n]vx? . 106
                                                                         a}Í]Zj/ - jif{ 1 cÍ 2




        Debt Management Office: An Alternative Institutional
          Arrangement for Managing Public Debt and the
                       Nepalese Context
                                                                      - Narayan Prasad Paudel *

1.     INTRODUCTION
       Tax revenues and borrowings are the two major sources of financing government s’
       expenditures. Two schools of thought exist in this regard. The traditional Keynesian
       view is that borrowings are more expansionary than tax financing. The Recardian
       view, on the other hand, states that debt financing and tax financing are equivalent.
       However, the general practice is that when governments spend more than their
       incomes, they must borrow from somewhere. In other words, the government seeks to
       finance its budgetary or fiscal deficit through borrowings. The historical origin of
       such deficit financing lies in war finance. Deficit financing remained as one of the
       widely used method of government financing during wartime. The issuance of
       government securities as a means of war financing was initiated in Holland in 1542.
       The British government became the first one to perfect the market for government
       securities in 1693. In the USA, the first government securities were issued in 1790
       with the objective of financing the Revolutionary War. The development of an active
       secondary market for government securities started when specialized brokers emerged
       in the New York Stock Exchange in 1792. The British government invented the use of
       Treasury bill as an instrument of short term debt financing in 1877.
       The government has two broad options to finance its deficit - internal or domestic
       borrowings and external borrowings. Borrowings from the central bank, domestic
       commercial banks and the general public constitute internal borrowings and
       borrowings from the rest of the world in form of foreign or external debt are
       categorized as external borrowings. However, all these sources of financing might not
       be equally accessible to the government and the extent to which the government relies
       on each of these sources depends on its debt management strategy.
2.     PUBLIC DEBT MANAGEMENT
       Public debt management has changed significantly over the past two decades. Until
       the late 1980s, public debt management was considered as an extension or part of
       monetary policy and it was recognized as a separate public policy during the 1990s. It
       has been recognized activity having its own objectives of portfolio management in
       terms of cost and risk, coordinating with other key areas of public policy.


*
    Director, Public Debt Management Department, Nepal Rastra Bank.
                                         cfly{s n]vx? . 107
a}Í]Zj/ - jif{ 1 cÍ 2


     According to the International Monetary Fund, the main objective of public debt
     management is to ensure that the government’s financing needs and its payment
     obligations are met at the lowest possible cost over the medium to long run, consistent
     with the prudent degree of risk. Therefore, the primary objective of public debt
     management is to raise the required amount of funds by achieving the risk and cost
     objectives. However, the cases of emerging and developing economies may be
     different from those of advanced or developed countries. Developing domestic debt
     markets, problems in coordinating debt management with monetary management
     policy, problems in analyzing and controlling the impact of debt servicing on the
     budget and in controlling contingent liabilities are the major characteristics of
     emerging market economies. Therefore, the secondary objective of public debt
     management in such economies is to develop and maintain an efficient market for
     government securities.
     The government should always seek to ensure that the level and the growth rate of
     public debt are fundamentally sustainable and can be serviced under different possible
     circumstances. Public debt service ratio, public debt to GDP ratio and public debt to
     tax ratio are the major indicators that can be used to assess the level debt
     sustainability. Usually, the largest financial portfolio in the country is the
     government’s debt portfolio and the market for government securities remains the
     largest securities market in terms of size, volume and instruments. Therefore, sound
     debt management practices and the need for an efficient and sound capital market are
     considered to be the fundamental factors in managing the public debt. A poorly
     structured public debt may lead to debt management crises.
3.   THE RESPONSIBILITY FOR MANAGING PUBLIC DEBT
     Generally, the responsibility of managing public debt is entrusted to the central bank
     of the country. The government defines the strategy for debt management and the
     central bank implements that strategy and administers the issuance of public debt.
     However, the primary objective of the central bank is to maintain stability in the
     economy by using monetary policy actions at its disposal. Possible conflicts of
     interests may arise when the central bank is given the dual mandate of conducting
     monetary as well as debt management. The argument is that inside information on
     monetary policy decisions can influence debt management decisions even if a separate
     department within the central bank carries out debt management activities. Therefore,
     it was considered to separate the responsibilities between the central bank and the
     ministry of finance because the two authorities have different concerns with regard to
     public debt. For example, the Bank of England was responsible for managing public
     debt in the United Kingdom prior to 1997. The Chancellor of Exchequer announced
     the transfer of responsibility of managing government’s public debt from the Bank of
     England to the Treasury in May 1997. In April 1998, a Debt Management Office
     (DMO) was established as an executive agency of the Treasury. The debt
     management office is responsible for the operation of debt management within the
     policy framework set by the Treasury. The following were the reasons offered for the


                                     cfly{s n]vx? . 108
                                                              a}Í]Zj/ - jif{ 1 cÍ 2


decision taken to transfer debt management responsibility from the Bank of England
to the Debt Management Office.
-   The need to prevent inside information, particularly on monetary policy, from
    influencing debt management policy.
-   The need to avoid possible conflicts of interest between debt management and
    monetary policy management.
-   A need to create a clearer allocation of the responsibilities for debt management
    and monetary policy.
The process of transferring debt management responsibilities from the central bank to
a separate debt management office took place at different paces in different countries.
A number of alternative institutional arrangements exist with regard to the location of
debt management office including the ministry of finance, the central bank and an
autonomous debt management office. However, the choice of an appropriate
alternative form or arrangement for public debt management may be a country-
specific issue depending on the particular circumstances of the country. In any form of
these possible alternatives, the basic objective is to set up an independent
organizational structure with clearly defined objectives and performance criteria for
efficient, transparent and accountable debt management practices. For example,
Austria, Belgium, Ireland, New Zealand, Portugal and Sweden have separate and
autonomous debt management offices, located within (debt management offices,
DMOs) or outside (separate debt management offices, SDMOs) the ministry of
finance. Under such arrangements, the formulation of debt policy specifying the level
and limits of public debt rests in the hands governments and the debt management
offices are primarily responsible for implementing debt management strategies
formulated by the governments and administering the day-to-day operations.
Therefore, irrespective of their locations, debt management offices should primarily
be responsible for the day-to-day operation of public debt management. In order to
establish an effective debt management office with an appropriate governance
structure, the following factors must be taken into account.
-   The debt management office needs to be identified as a consolidated and single
    entity with clear responsibilities.
-   The objectives of the debt management office need to be clearly specified.
-   The debt management office needs to be offered an incentive-compatible contract
    so that desirable levels of efforts are applied.
-   The actions of the debt management office need to be monitored and risk control
    functions need to be in place.
-   The ministry of finance must have the capacity to carry out its monitoring
    functions.



                                cfly{s n]vx? . 109
a}Í]Zj/ - jif{ 1 cÍ 2


4.   THE NEPALESE CONTEXT
     Nepal Rastra Bank, the central bank, is responsible for managing the government’s
     internal or domestic debt whereas the government itself handles the management of
     external debt. The concept of raising internal debt by the government was formally
     originated in Nepal in the year 1962 when the government issued 90-days Treasury
     bills amounting to Rs. 7 million with a coupon interest rate of one percent. Nepal
     Rastra Bank has been carrying the responsibility of managing the government’s
     internal debt since 1962. Therefore, the central bank of Nepal has been carrying the
     dual responsibility of conducting monetary policy as well as debt management.
     The primary market in government securities is related to debt management and the
     basic objective of which is to raise required amount of financing on behalf of the
     government. The practice is such that Nepal Rastra Bank will take the ownership of
     any un-subscribed or under-subscribed portions of government securities in the
     primary market. This sort of arrangement is quite similar to underwriting of the
     issuance of government securities and it may distort the functioning of monetary
     policy. This type of underwriting arrangement may not be in place when a separate
     agency handles the activities related to public debt management. Therefore, an
     efficient market for government securities is a prerequisite for transferring the
     responsibility of public debt management from the central bank to a separate agency.
     To achieve the objective of monetary policy, secondary market operations in treasury
     bill are undertaken at the initiative of Nepal Rastra Bank. Secondary market
     operations of treasury bill is based on liquidity monitoring and forecasting framework
     (LMFF). Based on liquidity monitoring and forecasting framework, Nepal Rastra
     Bank uses open market instruments such as outright sale auction, outright purchase
     auction, reverse re-purchase auction and repurchase auction. Outright sale auction and
     outright purchase auction are respectively used to absorb and to inject medium and
     long-term liquidity. Reverse re-purchase auction is used to withdraw short-term
     liquidity from the banking system whereas repurchase auction is used to inject short-
     term liquidity to the banking system.
     The major characteristics of the government securities in Nepal are similar to those of
     other emerging economies such as under-developed domestic debt markets, problems
     in coordinating debt management with monetary management and problems in
     analyzing and controlling the impact of debt servicing on the budget. The need for the
     transfer of internal debt management responsibilities to a separate entity has not yet
     recognized in the context of Nepal. The market for government securities in Nepal has
     not been well developed and a number of reform measures have been proposed in
     order to make the market for government securities efficient. Therefore, the main
     concern in the present context is to institutionalize the required system of domestic
     debt management so as to facilitate the trading on government securities smoothly as
     well as efficiently rather than starting the process for transferring the responsibility of
     domestic debt management from the central bank to some other entity. Nepal Rasra
     Bank has been undertaking initiatives or measures to strengthen domestic debt


                                       cfly{s n]vx? . 110
                                                                a}Í]Zj/ - jif{ 1 cÍ 2


management through the announcement of its monetary policy every year. Some of
the major reform issues are the introduction electronic book-entry system and central
depository system, the use of scripless securities and the development of secondary
market transactions for long-term government securities through the organized stock
market.
At present, Nepal Rastra Bank has been carrying the activities related to the issuance,
recording and transfers of government debt securities on a traditional or manual basis.
The introduction of an electronic book-entry system is vital for the development of
market for government securities. The implementation of central depository system
(CDS), a computer-based system, facilitates holding of government securities in
electronic accounts and also facilitates faster and easier processing of transactions for
government securities. The central depository system is generally installed and
maintained in the public debt management department of the central bank. With the
initiation of online system among the different participants of public debt, the
issuance of scripless securities based on book-entry system will be possible, which
will reduce administrative works, cost and the risk of loss or damage of securities. The
scripless securities are issued in data entry form without a paper certificate. A
computer-based central depository system enables the issuing and recording of
transactions on scripless securities and the central depository system electronically
records the transfers of title when securities are transferred from one party to another.
Central depository system will be the registry as well as the custodian for government
securities. The payment for securities or settlement of funds in scripless securities is
based on Real Time Gross settlement System (RTGS) through which funds will be
settled instantaneously on real time. However the process of going from traditional
record-keeping system to modern and electronically on-line system and thereby
implementing the full-fledged book-entry system may take some time. Once the
proposed system is in place, it will improve efficiency in government debt securities
market by improving secondary market trading and eliminating risks associated with
paper-based securities.
The monetary policy for the fiscal year 2004/05 announced by Nepal Rastra Bank has
made a provision of issuing development bonds on auction basis with the objective of
carrying secondary market transactions for the same through Nepal Stock Exchange
Limited. By the end of the first nine months of the fiscal year 2005/06, the
development bonds amounting to Rs 3.75 billion was issued through auction basis and
such bonds have already been listed with Nepal Stock Exchange Limited for
secondary market transactions purpose. However, the trading floor for secondary
market transactions in development bonds has not yet been opened so far and it can be
expected that in the near future such transactions will take place in the stock
exchange.
In conclusion, the present stage of government securities market in Nepal urges the
need for initiating appropriate policy measures to strengthen the capacity of the
market. The concerned authorities and the policymakers need to pay their attention in

                                 cfly{s n]vx? . 111
a}Í]Zj/ - jif{ 1 cÍ 2


     building-up an efficient market for government securities rather than opting for a
     separate agency to manage public debt.
References:
-    Baye, Michael R., and Dennis W. Jansen, 2000, “Money, Banking and Financial
     Markets an Economic Approach” AITBS Publishers.
-    Borio, Cladio E.V., 2001, “A hundred ways to skin a cat: comparing monetary policy
     operations procedures in the United States, Japan and euro area”, BIS Papers No. 9
     (Basle, Bank for International settlements.
-    Currie, Elizabeth, Jean-Jacques Dethier, and Eriko Togo, 2003, “Institutional
     Arrangements for Public Debt Management”, Policy Research Working Paper 3021,
     The World Bank.
-    Guidelines for Public Debt Management Prepared by the Staffs of the International
     Monetary Fund and the World Bank.
-    International Monetary Fund, 2000, “Liquidity Forecasting”, MAE OP/00/07.
-    Kohn, Meir, “Financial Institutions and Markets”.
-    Nepal Rastra Bank, Public Debt Management, 2005 “ Public Debt Magazine” No. 4
     and 5.
-    Nepal Rastra Bank, “ Monetary Policy for Fiscal Year 2004/05”.
-    Nepal Rastra Bank, “ Monetary Policy for Fiscal Year 2005/06”.




                                    cfly{s n]vx? . 112
v)* æuÆ
 ljljw
                                                                        a}Í]Zj/ - jif{ 1 cÍ 2


            g]kfn /fi^® a}s, la/f^gu/sf] gful/s a*fkq
                                  (Citizen Charter)
g]kfn /fi^« a}+s, lj/f^gu/ sfof{noaf^ ;Dkfbg x'g] sfo{x?sf] laj/)f, sfo{ ;Dkfbg ug]{ kmf¤^
/ sfo{ ;Dkfbg ug{ nfUg] ;dofjlw lgDgfg';f/ /x]sf] % . ;DalGwt kmf¤^af^ tf]lsPsf]
;doleq sfo{ ;Dkfbg x'g g;s]df d'Vo Joj:yfks jf Joj:yfks ;dIf ph'/L u/]df t'?Gt
;'g'jfO x'g] Aoxf]/f cjut u/fp¤b} ;DalGwt ;a}sf] hfgsf/Lsf] nflu of] gful/s a*fkq
;fj{hlgs ul/Psf] % .

cg';Gwfg kmf¤^, a}+lsª ljsf; tyf d"No OsfO{af^ ;Dkfbg x'g] sfo{x?

-1_ u|fdL)f :jfjnDag sf]ifsf] shf{ ;b'kof]u lg/LIf)f sfo{ ;DalGwt ljefuaf^ kq k|fKt ePsf]
    ldltn] af^f]sf] Dofb afx]s 7 lbgleq ;DkGg x'g] .

-2_ u|fdL)f :jfjnDag sf]ifaf^ shf{ :jLs[t eO{ ;DalGwt ljefuaf^ kq k|fKt x'g cfPsf]
    ldltn] 1 sfo{ lbgleq td;'s u/fO{ shf{ k|jfx x'g] .

-3_ ;DalGwt ljefuaf^ k'g/shf{ :jLs[lt kq k|fKt ePsf] ldltn] 1 sfo{ lbgleq td;'s u/fO{
    k'g/shf{ k|bfg x'g] .

-4_ gof¤ a}+s tyf ljQLo ;+:yf :yfkgfsf] ;DaGwdf k|f/lDes hfgsf/L ;DalGwt AolQmn] ;Dks{
    u/]sf] 1 #)^fleq k|bfg ul/g] .

cg';Gwfg kmf¤^, ;fd'bflos e"ldut hn l;+rfO{ If]q cfof]hgf   (CGISP) OsfO{af^ ;Dkfbg x'g]
sfo{x?

-1_ ;DalGwt ljefuaf^ C)f :jLs[lt kq k|fKt ePsf] ldltn] 1 sfo{ lbgleq td;'s u/fO{
    C)f k|bfg ul/g] .

-2_ C)fLn] ltg{ NofPsf] ;f¤jf Aofh /sd C)fL kmf¤^df cfPsf] 1 #)^fleq a'emL lnO{ To;sf]
    lg:;f k|bfg ul/;lsg] .

cg';Gwfg kmf¤^, cfly{s ljsf; OsfO{af^ ;Dkfbg x'g] sfo{x?

      +
-1_ a}s tyf ljQLo ;+:yf, pBf]u tyf cGo lgsfon] k]z ug{ NofPsf] tYof+s 10 ldg]^leq
    a'lemlng] .

      +
-2_ a}s tyf ljQLo ;+:yfn] eg'{kg]{ a}= c= kmf/fdx? / zf]wgfGt/ ;DaGwL kmf/fdx?df s'g}
    låljwf eO{ cfjZos hfgsf/Lsf] nflu ;Dks{ /fVg cfPdf 1 sfo{ lbgleq cfjZos
    hfgsf/L k|bfg ul/g] .

-3_ a}+ssf] df}lb|s gLlt tyf df]/ª, ;'G;/L, ;Kt/L, wgs'^f / t]x|y'd lhNnfsf] cfly{s
    ultljlwsf] ;DaGwdf s'g} ;/sf/L sfof{no tyf ;+:yfx?nfO{ s]xL hfgsf/L cfjZos ePdf
    kq k|fKt ePsf] ldltn] 1 sfo{ lbgleq pknJw u/fOg] .




                                           ljljw . 113
a}Í]Zj/ - jif{ 1 cÍ 2

    pk/f]Qm sfo{x? lgwf{l/t ;doleq ;DkGg x'g g;s]df cg';Gwfg kmf¤^ x]g]{ Aoj:yfksnfO{
    lghsf] sfo{sIfdf uO{ jf kmf]g g+= 522590 Ext. 236 df u'gf;f] u/]df t'?Gt ;'gjfO{
                                                                                 '
    x'g] Joj:yf ul/Psf] % .

cfGtl/s k|zf;g kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ pwf/f] v/Lb ePsf lanx?sf] e'QmfgL Ps-b'O{j^f lansf] xsdf tTsfn / sDkfon ug'{ kg]{
    lansf] xsdf lan k|fKt ePsf] ef]lnkN^ e'QmfgL x'g] .

                                                 ]
-2_ ^])*/af^ v/Lb ul/g] ;fdfgsf] lg)f{o ^])*/ v'nsf] a(Ldf 7 lbgleq ul/g] .

-3_ /fh:j bflvnf ug]{ tyf cGo ef}r/x? kq k|fKt x'gf;fy tTsfn lgMz'Ns k|fKt x'g] .

-4_ a}+sx?sf vfnL afs; tyf a}+saf^ %f]*\g' kg]{ ;fdfgsf] u]^kf; tTsfn agfO{ lbg] .

-5_ cfGtl/s k|zf;g ;DalGwt cGo ;f]wk'% tyf hfgsf/L tTsfn lbOg] .

-6_ k"j{ sd{rf/Lsf] k]G;g e'QmfgL k^[f k|fKt ePsf] 15 ldg]^leq x'g] .

d'b|f Joj:yfkg -h/gn_ kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ ;^[f egf{sf nflu bfjLdf k|fKt ?= 100 ;Ddsf gf]^sf] ;xfos Aoj:yfksn] / ;f]eGbf
    dflysf gf]^sf] Aoj:yfksn] lgodfg';f/ x]/L tTsfn e'QmfgL cfb]z lbg] .

-2_ tf]*f rnfgsf nflu ef*fdf lnPsf kl/jxg ;fwg -a; / Kn]g_ sf] ef*fsf] e'QmfgL 2
    #)^fleq x'g] .

                                 +
-3_ tf]*f rnfg ubf{sf] jfl)fHo a}ssf sd{rf/Lx?sf]] lan ;Dk")f{ k|lqmof k"/f /x]df lan k|fKt
    ePsf] csf]{ sfo{ lbg;Dddf km%\of}{^ x'g] .

d'b|f Aoj:yfkg -gub_ kmf¤^ kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ ljleGg a}+sx?n] hDdf ug{ NofPsf &"nf b/sf gf]^x? ;f]xL lbg a'emL lnO{ hDdf ul/lbg] .

-2_ ;fgf b/sf gf]^x? ;Dej eP;Dd l%^f] a'emL lnO{ hDdf ul/lbg] .

bflvnf kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ /fh:j / cGo /sd bflvnf ug{ NofPsf]df ?= 25 nfv;Ddsf] /sd a'emL ;xfos
    Aoj:yfksaf^ k|dfl)ft ul/g] . o;sf] nflu sfpG^/n] ef}r/ lnPkl% gf]^sf] laj/)f /
    sfdsf] rfk cg';f/ 3 ldg]^b]lv 10 ldg]^;Dd ;do nfUg] .

-2_ ?=25 nfvdflysf] /sd bflvnfsf] nflu Aoj:yfks / d'Vo Aoj:yfksaf^ ef}r/ k|dfl)ft
    x'g] . o;sf nflu 10 ldg]^b]lv 2 #)^f;Dd ;do nfUg] .

-3_ cGo cfjZos hfgsf/L ;xfos Aoj:yfksaf^ tTsfn kfOg] .

-4_ bflvnf ug{ rflxg] cfjZos ef}r/ lgMz'Ns tTsfn pknJw x'g] .




                                             ljljw . 114
                                                                                     a}Í]Zj/ - jif{ 1 cÍ 2

btf{ / rnfgL OsfO{af^ ;Dkfbg x'g] sfo{x?

-1_ btf{ ug{ tf]s nfu]sf kqx?         btf{    u/L   ;DalGwt       kmf¤^df   a'emfpg] .     o;sf]     nflu   5
    ldg]^b]lv 10 ldg]^ nfUg] .

-2_ x'nfsaf^ k|fKt kqx? tf]s nfu]kl% btf{ u/L ;DalGwt kmf¤^df a'emfpg] .

laN; kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ ljb]zL d'b|f   ;^xL   sfpG^/   vf]Ngsf] nflu       cfjZos kmd{ laN;         kmf¤^af^     t'?Gt      pknJw
    x'g]% .

-2_ ljb]zL d'b|f ;^xL sfpG^/ ;~rfng ug{ Ohfhtkqsf] nflu ljlwk"j{s lgj]bg k]z x'g
    cfPdf lg/LIf)f u/L 7 sfo{ lbgleq} lg)f{o x'g] .

-3_ ;xdltkqsf] zt{ cg';f/ k"jf{wf/ ;DkGg u/L ;^xL sfpG^/ ;~rfng ug{ :jLs[lt dfu
    ePdf lg/LIf)f ul/;s]kl% kl/jTo{ ljb]zL d'b|fsf] eP s]Gb|Lo sfof{nodf l;kmfl/; u/L
    k&fOg] / ef=?= v/Lb laqmLsf] eP 3 sfo{ lbgleq :jLs[lt pknJw u/fOG% .

-4_ /fli^«o jrtkq / gful/s jrtkq / C)fkqsf] e'QmfgL cjlwkZrft ;f¤jf Aofhsf] nflu k]z
    x'g cfPdf Aofhsf] xsdf 10 ldg]^leq / ;f¤jfsf] xsdf /sd cg';f/ 10 b]lv 20
    ldg]^leq e'QmfgL x'g]% .

-5_ k]G;gsf] nflu k]G;g k§f / k]G;g/ cfk}m pkl:yt ePdf 10 ldg]^leq e'QmfgL x'g]% .

-6_ kl/jTo{ ljb]zL d'b|f laqmLsf] nflu cfPsf] ljlwk"j{ssf] lgj]bg pk/ Aoj:yfks . d'Vo
    Aoj:yfksaf^ cfb]z ePdf a}+ls+u (gub_ kmf¤^df gub a'emfO{ laN; kmf¤^sf] ^f]sg (e'QmfgL
                                        ]
    l:nk) dfk{mt 30 ldg]^leq e'QmfgL x'g% .

-7_ ef/tLo ?k}of¤ v/Lb tyf laqmLtk{m /sd tyf kf^L{sf] le* cg';f/ 10 b]lv 30 ldg]^
    ;Dddf ;^xL ul/lbOg]% .

-9_ ljBfyL{af^ ljb]zdf cWoogfy{ ;^xL :jLs[ltsf] nflu ljlwk"j{s lgj]bg k]z x'g cfPdf
    s]Gb|Lo sfof{no;+u t'?Gt kqfrf/ ul/lbOg]% / k|fKt :jLs[lt cg';f/ ;DalGwt ljBfyL{nfO{
    hfgsf/L u/fOg]% .

                                  +
-10_ dgL r]~h/x?x? tyf jfl)fHo a}sx?nfO{ ef=?= v/Lb laqmLsf] O= k|f= sldzg ;DalGwtsf]
     vftfdf hDdf u/L ;"rgf lbg] .

n]h/ kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ ^f]sg sfpG^/df r]s k]z          u/L      ;DalGwt    e'QmfgL    sfpG^/af^      10     b]lv      30    ldg]^
    leq;Dd gub e'QmfgL lbg] .

-2_ r]saf^ /fh:j, ;/sf/L c*\*fvfgf, w/f}^L, ;~rosf]if, gful/s nufgL sf]if vftfdf hDdf
    ug{ Aoj:yfks . d'Vo Aoj:yfksaf^ tf]s cfb]z eO{ a}+lsª ;doleq k]z x'g cfPdf 15
    ldg]^leq ef}r/ k|fKt ug{ ;lsg] .

-3_ rfn' cfly{s jif{sf] a}+s :^]^d]G^ jf a}+s Aofn]G; ;l^{lkms]^ dfu x'g cfPdf t'?Gt pknJw
    u/fOg] .




                                                ljljw . 115
a}Í]Zj/ - jif{ 1 cÍ 2

a}+lsu -gub_ kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ n]h/ kmf¤^af^ e'QmfgLof]Uo r]s k|fKt x'gf;fy r]ssf] e'QmfgL x'g] .

-2_ ef}r/ k|fKt x'gf;fy k]G;gsf] e'QmfgL x'g] .

-3_ cfGtl/s k|zf;g kmf¤^af^ hf/L ePsf] k]-c*{/ sfpG^/df k|fKt x'gf;fy e'QmfgL x'g] .

-4_ laN; kmf¤^df ;Dks{     u/L   /sd   hDdf   u/]sf]   ef}r/   k]z   u/]sf]   30   ldg]^leq c;kmL{,
    :dfl/sf laqmL x'g] .

lSnol/u kmf¤^af^ ;Dkfbg x'g] sfo{x?

-1_ g]kfn /fi^« a}+s afx]s lSnol/ª xfp;sf ;b:o a}+ssf] r]s ;lxt ;~ro sf]if, /fh:j jf
    ;/sf/L c*\*fvfgfsf] vftf jf a}+ssf] vftfdf /sd hDdf ul/lbg] kq sf/f]jf/sf lbg
    lbp¤;f] 12M00 ah] -dfu{, kf}if / df# dlxgfdf 11M30 ah]_ ;Dd k]z x'g cfPdf ;f]xL
    lbgsf] 2M30 ah] (dfu{, kf}if / df# dlxgfdf 2M00 ah]_ cw{s^[L ef}r/ pknJw x'g] .
    pk/f]Qm ;dokl% k|fKt ePsf] kqsf] xsdf ;f] lbgsf] ef]lnkN^ lbgsf] 2M30 ah] (dfu{,
    kf}if / df# dlxgfdf 2M00 ah]_ ah]kl% pknJw x'g] . o; kmf¤^df z'qmaf/ sf/f]jf/ gx'g]
    x'¤bf dfly pNn]lvt sf/f]jf/sf] lbg eGgfn] cfOtaf/b]lv lalxaf/;Dd ;Demg' k%{ .




                                              ljljw . 116
                                                                                   a}Í]Zj/ - jif{ 1 cÍ 2


        k"jf{~rn ljsf; If]qsf s]xL lhNnfx?sf] cfly{s emns
                                             cfly{s jif{   cfly{s jif{   k|ltzt      cfly{s jif{   k|ltzt
            lhNnfM df]/é           OsfO{
                                             2059.60        2060.61      kl/jt{g      2061.62      kl/jt{g
1= e"If]q s[lif                    x]S^/      171754         167948         -2=2       166548         -0=8
2= s[lif pTkfbg                    d]=^g      619588         692949         11=8       656588         -5=2
    s= vfBfGg afnL                            398248         447783        12=4        405402         -9=5
    v= gub] afnL                               126831        145094        14=4        148272         2=2
    u= cGo afnL                                94509         100072          5=9       102914         2=8
3= kz'hGo pTkfbg
    s= df;'                        d]=^g       20949           21428         2=3          7309      -65=9
    v= km'n                     xhf/ uf]^f     38888            38121       -2=0         28562      -25=1
    u= b"w                         d]=^g       48206          48880          1=4         20128      -58=8
    #= pmg                        s]=hL=
4= lgIf]k                        ?= nfv        135925          58541       -56=9         66657       13=9
    s= rNtL                                      6440            6364       -1=2           6763        6=3
    v= art                                      29190          35308       21=0          39918       13=1
    u= d'@tL                                    94606            9146      -90=3         11991       31=1
    #= cGo                                       5689            7723      35=8           7985         3=4
5= a}+sx?sf] shf{                ?= nfv
    s= nufgL                                   170603          233167       36=7        302192       29=6
    v= c;'nL                                  165909         224830         35=5       288759        28=4
    u= af¤sL                                   103120         112183        8=8         124396       10=9
    #= efvf gf#]sf]                             43893          39290       -10=5        78689       100=3
6= shf{ -s[lif ljsf; a}+s_       ?= nfv
    s= nufgL                                     5486           4601       -16=1           5532      20=2
    v= c;'nL                                     4782           4517        -5=5           5531      22=4
    u= c;'n x'g af¤sL shf{                      12222           12307        0=7         12308        0=0
7= cfoft                         ?= nfv       169099          177398        4=9        257488        45=1
    s= ef/t                                    70024            66936      -4=4        130883        95=5
    v= cGo d'n's                               99075          110462        11=5        126605       14=6
8= lgof{t                        ?= nfv       121440          111846        -7=9       158864        42=0
    s= ef/t                                    77868           82734         6=2        132465       60=1
    v= cGo d'n's                                43572           29112      -33=2         26399        -9=3
9= /fh:j l:ylt                   ?= nfv         36953           36783       -0=5        43448        18=1
    s= s/ /fh:j                                  33212         33825         1=8         41182       21=8
    v= u}/s/ /fh:j                               3741           2958      -20=9            2266      -23=4
10= klAns;¤usf] ef=?=sf/f]jf/    ?= nfv
    s= vl/b                                     18306          21390       16=8          11076      -48=2
    v= las|L                                    18299          16075       -12=2         17319        7=7
11=/f;folgs dn                     d]=^g         5148          20941      306=8          18919        -9=7


                                              ljljw . 117
a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{   cfly{s jif{   k|ltzt cfly{s jif{   k|ltzt
       lhNnfM ;'g;/L              OsfO{
                                             2059.60        2060.61      kl/jt{g   2061.62    kl/jt{g
1 e"If]q s[lif                    x]S^/       114105         112802           -1=1  113648         0=7
2 s[lif pTkfbg                    d]=^g      644893          576200         -10=7   626795         8=8
    s= vfBfGg afnL                            307261          317031           3=2  299291        -5=6
    v= gub] afnL                              151526         161473            6=6  207733       28=6
    u= cGo afnL                               186106           97696       -47=5    119771       22=6
3= kz'hGo pTkfbg
    s= df;'                       d]=^g         4657           4698          0=9      5506      17=2
    v= km'n                     xhf/ uf]^f      33630         33709          0=2     33741       0=1
    u= b"w                        d]=^g        45200          45269          0=2    45523        0=6
    #= pmg                       s]=hL=          4211          4188         -0=5      4170      -0=4
4= lgIf]k                        ?=nfv         34083          38268         12=3    44006       15=0
    s= rNtL                                      2901           2537      -12=5       3307      30=4
    v= art                                     25083          29660        18=2     34854       17=5
    u= d'@tL                                    4565           3954       -13=4       4277       8=2
    #= cGo                                       1534           2117       38=0       1568     -25=9
5= a}+sx?sf] shf{                ?=nfv
    s= nufgL                                   22851           23366        2=3      33127      41=8
    v= c;'nL                                   21786          22391         2=8     30907       38=0
    u= af¤sL                                   18916          19891         5=2     22108       11=1
    #= efvf gf#]sf]                             7306           7055        -3=4       6956       -1=4
6= shf{ s[lif ljsf; a}+s         ?=nfv
    s= nufgL                                     3916          4041         3=2      4705       16=4
    v= c;'nL                                     3342          3585         7=3      4066       13=4
    u= c;'n x'g af¤sL shf{                      13659          7572       -44=6      8150        7=6
7= cfoft                         ?=nfv            233            460       97=4        605      31=5
    s= ef/t                                       233            460       97=4        605      31=5
    v= cGo d'n's                                    0              0                     0
    7=1 lgof{t                   ?=nfv              3             17      466=7        127    647=1
    s= ef/t                                         3             17      466=7        127    647=1
    v= cGo d'n's                                    0              0                     0
8= /fh:j l:ylt                   ?=nfv           3359          3882        15=6      4489       15=6
    s= s/ /fh:j                                  2716          2710        -0=2       3330      22=9
    v= u}/s/ /fh:j                                643           1172       82=3       1159       -1=1
9= klAns;¤usf]+ ef=?=sf/f]jf/    ?=nfv
    s= v/Lb                                      2591          2794         7=8       1755     -37=2
    v= las|L                                     2668          2895         8=5       1386     -52=1
10=/f;folgs dn                    d]=^g          1139           573       -49=7        453     -20=9
11= jLp ljhg                      d]=^g           456           329       -27=9        503      52=9




                                               ljljw . 118
                                                                                 a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
            lhNnfM emfkf          OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/        176307       173542        -1=6       193954       11=8
2= s[lif pTkfbg                   d]=^g       658581         663698       0=8        656588        -1=1
    s= vfBfGg afnL                            398803         391360       -1=9      405402          3=6
    v= gub] afnL                               181320       190040        4=8        148272       -22=0
    u= cGo afnL                                78458         82298        4=9        102914       25=1
3= kz'hGo pTkfbg
    s= df;'                       d]=^g         12320         19635      59=4         20027        2=0
    v= km'n                     xhf/ uf]^f       5240         5484        4=7          23532     329=1
    u= b"w                        d]=^g         15830        16490        4=2         50538      206=5
    #= pmg                        s]=hL=
4= lgIf]k                        ?= nfv        20498          24656       20=3        27090        9=9
    s= rNtL                                      4270         5248       22=9          3960      -24=5
    v= art                                      14803        17794       20=2         20708       16=4
    u= d'@tL                                     1374          1540       12=1         1286       -16=5
    #= cGo                                          51           74      45=1           1136    1435=1
5= a}+sx?sf] shf{                ?= nfv
    s= nufgL                                    17205        18069        5=0         21338       18=1
    v= c;'nL                                    17632         17952        1=8        20147       12=2
    u= af¤sL                                    14723        14840        0=8         15887        7=1
    #= efvf gf#]sf]                              4791          6066       26=6         6804       12=2
6= shf{ s[lif ljsf; a}+s         ?= nfv
    s= nufgL                                     3822          3126      -18=2         4306       37=7
    v= c;'nL                                     2754          2550       -7=4          3767      47=7
    u= c;'n x'g af¤sL shf{                     10480          10181       -2=9        11577        13=7
7= cfoft                         ?= nfv         53185        55298        4=0         48193       -12=8
    s= ef/t                                     12203         33709      176=2        31395        -6=9
    v= cGo d'n's                               40982         21589       -47=3        16798       -22=2
8= lgof{t                        ?= nfv         60696        59529        -1=9       100185       68=3
    s= ef/t                                     29418        30294         3=0        57486       89=8
    v= cGo d'n's                                31278         29235       -6=5        42699       46=1
9= /fh:j l:ylt                   ?= nfv         13815        14802         7=1        10305       -30=4
    s= s/ /fh:j                                 11346        12489        10=1         8744       -30=0
    v= u}/s/ /fh:j                               2469          2313       -6=3          1561      -32=5
10= klAns;¤usf] ef=?=sf/f]jf/    ?= nfv
    s= vl/b                                     27618        24150       -12=6        27447        13=7
    v= las|L                                     4520          2439      -46=0        10972      349=9
11=/f;folgs dn                    d]=^g          1649           778      -52=8         1787      129=7



                                               ljljw . 119
a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
         lhNnfM ;Kt/L             OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/        131070        133970        2=2       134194        0=2
2= s[lif pTkfbg                   d]=^g        532227        538665         1=2      571262         6=1
    s= vfBfGg afnL                             182300       284300        56=0      279900         -1=5
    v= gub] afnL                                87610        95860         9=4       102060         6=5
    u= cGo afnL                                262317       158505        -39=6      189302       19=4
3= kz'hGo pTkfbg
    s= df;'                       d]=^g          3598         4893        36=0         4740        -3=1
    v= km'n                     xhf/ uf]^f       6411         19536      204=7        27910       42=9
    u= b"w                        d]=^g         21114         32196       52=5        27531      -14=5
    #= pmg                        s]=hL=          823           882        7=2          1393      57=9
4= lgIf]k                        ?= nfv                       10345                   10187        -1=5
    s= rNtL                                      1445          2192       51=7         1707       -22=1
    v= art                                       6501          7258        11=6        7799        7=5
    u= d'@tL                                      873           878        0=6           661     -24=7
    #= cGo                                         18            17        -5=6           20      17=6
5= jfl)fHo a}+sx?sf] shf{        ?= nfv
    s= nufgL                                     5204          3127       -39=9        4185        33=8
    v= c;'nL                                     3741          3186      -14=8         3545       11=3
    u= af¤sL                                     5684          5625        -1=0        4477      -20=4
    #= efvf gf#]sf]                                            2912                    2402       -17=5
6= shf{ -s[lif ljsf; a}+s_       ?= nfv
    s= nufgL                                     2243         2447         9=1         3084       26=0
    v= c;'nL                                     1760          2243       27=4          2651      18=2
    u= c;'n x'g af¤sL shf{                       4429          4634        4=6         4979
7= cfoft                         ?= nfv            58            44      -24=1            42      -4=5
    s= ef/t                                        58            44      -24=1            42      -4=5
    v= cGo d'n's                                     0            0                        0
8= lgof{t                        ?= nfv              3            4        33=3            2     -50=0
    s= ef/t                                          3            4        33=3            2     -50=0
    v= cGo d'n's                                     0            0                        0
9= /fh:j l:ylt                   ?= nfv           470           832       77=0           817       -1=8
    s= s/ /fh:j                                   288           452       56=9           393      -13=1
    v= u}/s/ /fh:j                                182           380      108=8          424       11=6
10= klAns;¤usf] ef=?=sf/f]jf/    ?= nfv
    s= vl/b                                       800           407      -49=1           313      -23=1
    v= las|L                                      748           567      -24=2           977      72=3
11=/f;folgs dn                    d]=^g           749            113     -84=9            59     -47=8




                                               ljljw . 120
                                                                                 a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
         lhNnfM t]x|y'd           OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/         37312        37684         1=0         37167       -1=4
2= s[lif pTkfbg                   d]=^g        119718       125254         4=6       129927         3=7
    s= vfBfGg afnL                              47615        49998         5=0        47217        -5=6
    v= gub] afnL                               15449          16651        7=8        23664       42=1
    u= cGo afnL                                 56654        58605         3=4        59046        0=8
3= kz'hGo pTkfbg
    s= df;'                       d]=^g          1953          2162       10=7          4336     100=6
    v= km'n                     xhf/ uf]^f       2149          2021        -6=0        2024        0=1
    u= b"w                        d]=^g         13883         14163        2=0        14244        0=6
    #= pmg                        s]=hL=         1208          1501       24=3         1528         1=8
4= lgIf]k                         ?=nfv          1061          1151        8=5         1278       11=0
    s= rNtL                                       291           368       26=5           526      42=9
    v= art                                         632          655         3=6          618       -5=6
    u= d'@tL                                       137          124        -9=5          133       7=3
    #= cGo                                           1            4      300=0             1      -75=0
5= a}+sx?sf] shf{                 ?=nfv
    s= nufgL                                        11           56      409=1            41      -26=8
    v= c;'nL                                        21          120      471=4            46      -61=7
    u= af¤sL                                      194           130       -33=0          127       -2=3
    #= efvf gf#]sf]                                172          119      -30=8           122       2=5
6= shf{ -s[lif ljsf; a}+s_        ?=nfv
    s= nufgL                                      518           513        -1=0         478        -6=8
    v= c;'nL                                      427           416        -2=6         380       -8=7
    u= c;'n x'g af¤sL shf{                        944          1012        7=2         2087      106=2
7= /fh:j l:ylt                    ?=nfv            84           165       96=4           161       -2=4
    s= s/ /fh:j                                     19           22       15=8            27      22=7
    v= u}/s/ /fh:j                                  65          143      120=0           134       -6=3
8= klAns;¤usf] ef=?= sf/f]jf/     ?=nfv
    s= vl/b                                         21           57      171=4            54       -5=3
    v= las|L                                        25             1     -96=0             1       0=0
9= /f;folgs dn                    d]=^g             19




                                               ljljw . 121
a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
        lhNnfM wgs'^f             OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/        48348         50204         3=8        51041         1=7
2= s[lif pTkfbg                   d]=^g        88272        148424        68=1       213245       43=7
    s= vfBfGg afnL                              61581         71700       16=4        66854        -6=8
    v= gub] afnL                                20234         31405       55=2        34721       10=6
    u= cGo afnL                                  6457         45319      601=9       111670      146=4
3= kz'hGo pTkfbg
    s= df;                        d]=^g          4631         4469         -3=5        4720        5=6
    v= km'n                     xhf/ uf]^f       9393         8541         -9=1        8882        4=0
    u= b"w                        d]=^g         32142         32977        2=6        33834        2=6
    #= pmg                        s]=hL=                      5945                     4790       -19=4
4= lgIf]k                         ?=nfv          3496          3788        8=4         4150        9=6
    s= rNtL                                        532          735       38=2          818        11=3
    v= art                                       2505          2576        2=8         2919        13=3
    u= d'@tL                                      447           475         6=3          356      -25=1
    #= cGo                                          12             2      -83=3           57    2750=0
5= jfl)fHo a}+sx?sf] shf{         ?=nfv
    s= nufgL                                      722           375      -48=1           646      72=3
    v= c;'nL                                      646           357      -44=7           650      82=1
    u= af¤sL                                      960           977        1=8          957        -2=0
    #= efvf gf#]sf]                               287           321       11=8           232      -27=7
6= shf{ -s[lif ljsf; a}+s_        ?=nfv
    s= nufgL                                      346           387       11=8           413        6=7
    v= c;'nL                                      257           290       12=8          228       -21=4
    u= c;'n x'g af¤sL shf{                       1203          1302        8=2         1487       14=2
7= /fh:j l:ylt                    ?=nfv           282           350       24=1          388       10=9
    s= s/ /fh:j                                    123          103       -16=3          111       7=8
    v= u}/s/ /fh:j                                159           247       55=3           277      12=1
8= klAns;¤usf] ef=?= sf/f]jf/     ?=nfv
    s= v/Lb                                         29           15      -48=3            14       -6=7
    v= las|L                                        37           21      -43=2             4     -81=0
9= /f;folgs dn                    d]=^g           959           875       -8=8           691      -21=0
10=s[lif cf}hf/                    uf]^f           82              1     -98=8             3     200=0




                                               ljljw . 122
                                                                                 a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
         lhNnfM kf¤ry/            OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/        50700         49368         -2=6       45652        -7=5
2= s[lif pTkfbg                   d]=^g       146464        140395         -4=1      133702       -4=8
    s= vfBfGg afnL                              71415        66720         -6=6       65965        -1=1
    v= gub] afnL                                49635       49250         -0=8        45382        -7=9
    u= cGo afnL                                25414        24425          -3=9       22355       -8=5
3= kz'hGo pTkfbg
    s= df;                        d]=^g          3765         3776         0=3         3920         3=8
    v= km'n                     xhf/ uf]^f       3320         3028        -8=8         3405       12=5
    u= b"w                        d]=^g         16100        17400         8=1         9409      -45=9
    #= pmg                        s]=hL=
4= lgIf]k                        ?= nfv          1460         1719        17=7         1942        13=0
    s= rNtL                                       404          471         16=6          513       8=9
    v= art                                        951         1155        21=5          1313       13=7
    u= d'@tL                                       98           84        -14=3           99      17=9
    #= cGo                                           7            9       28=6            17      88=9
    5 jfl)fHo a}+sx?sf] shf{     ?= nfv
    s= nufgL                                      180           167        -7=2          131      -21=6
    v= c;'nL                                      250          206        -17=6          129      -37=4
    u= af¤sL                                       615         411        -33=2          393      -4=4
    #= efvf gf#]sf]                               194          244        25=8           217      -11=1
6= shf{ s[lif ljsf; a}+s         ?= nfv
    s= nufgL                                       622         589         -5=3          560      -4=9
    v= c;'nL                                      439          385        -12=3         429       11=4
    u= c;'n x'g af¤sL shf{                        1667        1915        14=9         2042         6=6
7= /fh:j l:ylt                   ?= nfv            213         281        31=9          285         1=4
    s= s/ /fh:j                                    50           45       -10=0            62      37=8
    v= u}/s/ /fh:j                                 163          236      44=8            223       -5=5
8= klAns;¤usf] ef=?= sf/f]jf/    ?= nfv
    s= v/Lb                                         77           66       -14=3           72       9=1
    v= las|L                                         1            2      100=0             0    -100=0
10=/f;folgs dn                    d]=^g             62          45       -27=4            50       11=1




                                               ljljw . 123
a}Í]Zj/ - jif{ 1 cÍ 2



                                             cfly{s jif{ cfly{s jif{   k|ltzt     cfly{s jif{   k|ltzt
            lhNnfM O{nfd          OsfO{
                                             2059.60      2060.61      kl/jt{g     2061.62      kl/jt{g
1= e"If]q s[lif                   x]S^/         69249        70247         1=4        81109       15=5
2= s[lif pTkfbg                   d]=^g        196810       203914          3=6     258545        26=8
    s= vfBfGg afnL                             87840         91543         4=2       108725       18=8
    v= gub] afnL                                61185        63250         3=4        68373        8=1
    u= cGo afnL                                47785         49121         2=8       81447        65=8
3= kz'hGo pTkfbg
    s= df;'                       d]=^g          5723         5891         2=9          6911      17=3
    v= km'n                     xhf/ uf]^f       4689         4507         -3=9        5534       22=8
    u= b"w                        d]=^g        52740         56687         7=5        93995       65=8
    #= pmg                        s]=hL=
4= lgIf]k                        ?= nfv          2897          3533       22=0         4128       16=8
    s= rNtL                                       462          907        96=3          1314      44=9
    v= art                                       2144         2300          7=3        2522        9=7
    u= d'@tL                                      277           291        5=1           283       -2=7
    #= cGo                                         14            35      150=0             9     -74=3
5= jfl)fHo a}+sx?sf] shf{        ?= nfv
    s= nufgL                                      345          200       -42=0           268      34=0
    v= c;'nL                                      308          186        -39=6         224       20=4
    u= af¤sL                                      1165        1272         9=2          1343       5=6
    #= efvf gf#]sf]                                671         706         5=2           821      16=3
6= shf{ -s[lif ljsf; a}+s_       ?= nfv
    s= nufgL                                     1422         1401         -1=5         1651      17=8
    v= c;'nL                                      944          1152       22=0         1340       16=3
    u= c;'n x'g af¤sL shf{                       3596         3844         6=9         4153        8=0
7= cfoft                         ?= nfv             51          40        -21=6           94     135=0
    s= ef/t                                         51          40        -21=6           94     135=0
    v= cGo d'n's                                     0            0                        0
8= lgof{t                        ?= nfv           388           196      -49=5          180       -8=2
    s= ef/t                                       388           196      -49=5          180       -8=2
    v= cGo d'n's                                     0            0                        0
9= /fh:j l:ylt                   ?= nfv           388          528         36=1          432     -18=2
    s= s/ /fh:j                                    171         158         -7=6          166       5=1
    v= u}/s/ /fh:j                                 217         370        70=5           266     -28=1
10= klAns;¤usf] ef=?=sf/f]jf/    ?= nfv
    s= vl/b                                      2473         1904        -23=0          137      -92=8
    v= las|L                                        92          58        -37=0           10     -82=8
11=/f;folgs dn                    d]=^g           222          142        -36=0           36     -74=6




                                               ljljw . 124
                                                                              a}Í]Zj/ - jif{ 1 cÍ 2


                         k"jf{~rn ljsf; If]qdf /x]sf
                  jfl)fHo a}+sx?sf] gfdfjnL tyf kmf]g gDa/
lhNnfM df]/ª -STD Code 021_

 qm=;++          a}sx?sf] gfd                      &]ufgf                     kmf]g g+=
 1=       g]kfn a}+s lnld^]*            l;^L clkm;, lj/f^gu/       525442÷522406
 2=       g]kfn a}+s lnld^]*            ldN; Pl/of lj/f^gu/        436219÷435024
 3=       g]kfn a}+s lnld^]*            ahf/c*[f lj/f^gu/          522010÷527148
 4=       g]kfn a}+s lnld^]*            /+u]nL                     580062
 5=       /fli^«o jfl)fHo a}+s          If]qLo sfof{no, lj/f^gu/   435525, FAX 435376
 6=       /fli^«o jfl)fHo a}+s          lj/f^gu/                   521031÷526582
 7=       /fli^«o jfl)fHo a}+s          ;'VvfaGb/ufx, lj/f^gu/     435432
 8=       /fli^«o jfl)fHo a}+s          a/uf%L, lj/f^gu/           525306, 538851
 9=       /fli^«o jfl)fHo a}+s          b]jsf]^frf}s, lj/f^gu/     525305
 10=      /fli^«o jfl)fHo a}+s          pnf{jf/L                   540449
 11=      /fli^«o jfl)fHo a}+s          O^x/L                      5822040
 12=                         +
          :^\of)**{ rf^{*{ a}s          lj/f^gu/                   528983÷528982
 13=      glan a}+s lnld^]*             lj/f^gu/                   526213÷526214÷531860
 14=      g]kfn a+unfb]z a}+s ln=       lj/f^gu/                   524263÷530509
 15=      lxdfnog a}+s ln=              lj/f^gu/                   524653÷528452
 16=      Pg cfO{=l;= a}+s ln=          lj/f^gu/                   521921÷522748
 17=      Pe/]i^ a}+s ln=               lj/f^gu/                   530527÷521479
 18=      s'df/L a}+s ln=               lj/f^gu/                   537101-5
 19=      g]kfn O)e]i^d])^ a}+s         lj/f^gu/                   534523
 20=      g]kfn q|m]l*^ P)* sd;{ a}+s   lj/f^gu/                   536278÷536279
 21=      l;åfy{ a}+s ln=               lj/f^gu/                   532901÷532903
 22=      a}+s ckm sf&df)*f} ln=        lj/f^gu/                   536904/ 536905
 23=      g]kfn P;=la=cfO{=a}+s ln      lj/f^gu/                   523226÷521854/ 538795
 24=      nIdL a}+s ln                  lj/f^gu/                   538401÷538402
 25=      n'lDagL a}+s ln               lj/f^gu/                   538823÷538824
 26=      s[lif ljsf; j}+s, a}=sf=      ;'=lg=sf=, lj/f^gu/        522438
 27=      s[lif ljsf; j}+s, a}=sf=      lj/f^gu/                   523025÷526031
 28=      s[lif ljsf; a}+s a}=sf=       tLgk}gL, lj/f^gu/          524260÷528217




                                                 ljljw . 125
a}Í]Zj/ - jif{ 1 cÍ 2


lhNnfM ;'g;/L -STD Code 025_

 qm=;++         a}sx?sf] gfd                      &]ufgf                 kmf]g g+=
   1       g]kfn a}+s lnld^]*          l;^L clkm;, w/fg         520413÷520084
   2       g]kfn a}+s lnld^]*          O^x/L                    580059÷581159
   3       g]kfn j}+s lnld^]*          b'xjL                    540020÷540021
   4       g]kfn j}+s lnld^]*          e'mDsf                   562003 / 9852046490
   5       /fli^«o jfl)fHo a}+s        w/fg                     521862
   6       /fli^«o jfl)fHo a}+s        O^x/L                    582040
   7       /fli^«o jfl)fHo a}+s        Og?jf                    560020
   8       :^\of)**{ rf^{* a}+s        w/fg                     520505
   9       glan a}+s lnld^]*           O^x/L                    581400
  10       glan a}+s lnld^]*           w/fg                     530130
   11      g]kfn a+unfb]z a}+s ln=     w/fg                     530166, fax 524729
  12       lxdfnog a}+s ln=            w/fg                     528966
   13      Pg=cfO{=l;= a}+s lnld^]*    w/fg                     526520
  14       g]kfn P;lacfO{ a}+s         w/fg                     530370, 530371
  15       Pe/]i^ a}+s lnld^]*         b'xjL                    540628
   16      Pe/]i^ a}+s lnld^]*         O^x/L                    586411
  17       s[lif ljsf; a}+s a}=sf=     w/fg                     526571
  18       s[lif ljsf; a}+s a}=sf=     O^x/L                    582750÷582566

lhNnfM ;Kt/L -STD Code 031_

 qm=;++         a}sx?sf] gfd                       &]ufgf                kmf]g g+=
   1       g]kfn a}+s lnld^]*          /fhlj/fh                 520184, 520040
   2       g]kfn a}+s lnld^]*          s+rgk'/                  560011
   3       /fli^«o jfl)fHo a}+s        /fhlj/fh                 520095, 520190
   4       s[lif ljsf; a}+s, a}+=sf=   /fhlj/fh                 520339

lhNnfM wgs'^f -STD Code 026_

 qm=;++         a}sx?sf] gfd                       &]ufgf                kmf]g g+=
   1      g]kfn a}+s lnld^]*           wgs'^f                   520140
   2      /fli^«o jfl)fHo j}+s         wgs'^f                   520424




                                                  ljljw . 126
                                                                           a}Í]Zj/ - jif{ 1 cÍ 2


lhNnfM emfkf -STD Code 023_

 qm=;++         a}sx?sf] gfd                         &]ufgf                kmf]g g+=
   1      g]kfn a}+s lnld^]*            eb|k'/                    520194
   2      g]kfn j}+s lnld^]*            ljtf{df]*                 540291
   3      g]kfn j}+s lnld^]*            bds                       580106
  4       g]kfn j}+s lnld^]*            w'nfjf/L                  560293÷560155
  5       g]kfn a}+s lnld^]*            uf}/LuGh                  529840 -pco)
   6              +
          g]kfn j}s lnld^]*             sfs/le§f                  562055
   7      /fli^«o jfl)fHo a}+s          eb|k'/                    520061÷520193
  8       /fli^«o jfl)fHo a}+s          ljtf{df]*                 541513÷541511
  9       /fli^«o jfl)fHo j}+s          bds                       580488
  10                   +
          Pg=cfO=;L= a}s, ljtf{df]*     ljtf{df]*                 541415
  11      P;=la=cfO{     +
                       a}s, ljtf{df]*   ljtf{df]*                 540481
  12                  +
          Pg=;L=;L= a}s, ljtf{df]*      ljtf{df]*                 541119
  13      s[lif ljsf; j}+s a}=sf=       ljtf{df]*                 542800÷541200

lhNnfM t]x|y'd -STD Code 026_

 qm=;++         a}sx?sf] gfd                         &]ufgf                kmf]g g+=
  1=      g]kfn a}+s lnld^]*            t]x|y'd                   460155

lhNnfM Onfd -STD Code 027_

 qm=;++         a}sx?sf] gfd                         &]ufgf                kmf]g g+=
   1      g]kfn a}+s lnld^]*            Onfd                      520063÷520018
   2      /fli^«o jfl)fHo j}+s          Onfd                      520572
   3      /fli^«o jfl)fHo j}+s          lkmSsn, cfOtjf/]          555155

lhNnfM kf¤ry/ -STD Code 024_

 qm=;++         a}sx?sf] gfd                         &]ufgf                kmf]g g+=
   1      g]kfn a}+s lnld^]*            lkmlbd                    520155
   2      /fli^«o jfl)fHo a}+s          lkmlbd                    520282

lhNnfM tfKn]h'é -STD Code 024_
 qm=;++         a}sx?sf] gfd                         &]ufgf                kmf]g g+=
  1=      g]kfn a}+s lnld^]*            tfKn]h'é                  560155




                                                    ljljw . 127
a}Í]Zj/ - jif{ 1 cÍ 2


lhNnfM l;/xf -STD Code 033_
 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo a}+s   nfxfg                     560195
   2      /fli^«o jfl)fHo a}+s   l;/xf                     520002÷520053
   3      /fli^« jfl)fHo a}+s    ldr}{of                   550001
  4       g]kfn j}+s lnld^]*     uf]nahf/                  540000 -PCO)
  5               +
          g]kfn j}s lnld^]*      nfxfg                     560183÷560184
   6      g]kfn a}+s lnld^]*     l;/xf                     520283,

lhNnfM ;+v'jf;ef -STD Code 029_
 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo j}+s   r}gk'/                    570155
   2      /fli^«o jfl)fHo a}+s   vf¤bjf/L                  560155
   3              +
          g]kfn a}s lnld^]*      vf¤bjf/L                  560284

lhNnfM ef]hk'/ -STD Code 029_
 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo a}+s   ef]hk'/                   424012
   2      g]kfn j}+s lnld^]*     ef]hk'/                   -

lhNnfM pbok'/ -STD Code 035_

 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo a}+s   ufO{#f^                   420155
   2      g]kfn j}+s lnld^]*     ufO{#f^                   520378

lhNnfM cf]vn('éf -STD Code 037_

 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo a}s    cf]vn('éf

lhNnfM vf]^fª -STD Code 036_

 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo j}+s   lbSt]n                    426512

lhNnfM ;f]n'v'Da' -STD Code 038_

 qm=;++         a}sx?sf] gfd                  &]ufgf                 kmf]g g+=
   1      /fli^«o jfl)fHo a}+s   ;Nn]/L                    626025




                                             ljljw . 128
                                                                       a}Í]Zj/ - jif{ 1 cÍ 2


                     k"jf{~rn ljsf; If]qdf /x]sf
            cGo ljQLo ;+:yfx?sf] gfdfjnL tyf kmf]g gDa/
qm=;++         ljQLo ;+:yfsf] gfd                  &]ufgf      kmf]g g+=       FAX g+=
  1      k"jf{~rn u|fdL)f ljsf; a}+s       lj/f^gu/         521703,          524259
                                                            523396
  2      g]kfn a+unfb]z kmfOgfG; P)*       lj/f^gu/                          521851
         lnlh+u sDkgL lnld^]*                               530979
  3      g]kfn xfplh+u P)* dr]{G^          lj/f^gu/                          521816
         kmfOgfG; sDkgL lnld^]*                             521816
 4       >L OGe]:^d]G^ P)* kmfOgfG;        lj/f^gu/                          523092
         sDkgL lnld^]*                                      521791
 5       lj/f^nIdL ljQLo ;+:yf ln=         lj/f^gu/         538051           538218
                                                            538218
  6      g]kfn cf}Bf]lus ljsf; lgud        lj/f^gu/         525314           525314
  7      /fli^«o ;xsf/L ljsf; a}+s         lj/f^gu/         523898           523898
 8       o"lge;{n kmfOgfG; sDkgL ln=       w/fg             521958           521958
 9       c?)f kmfOgfG; sDkgL ln=           w/fg             523185           523185
                                                            524450           524450
 10      g]kfn dN^Lk/k; sf]ck/]l^e         /fhlj/fh
         sDkgL ln=                                          562022           562022
 11      dN^Lk/k; ;]le+u P)*               /fhlj/fh
         OGe]:^d]G^ sDkgL ln=                               521170           521170
 12      :^f/ ax'@]lZoo ;xsf/L ;+:yf ln=   lj/f^gu/         523898           523898
 13      PS;n s|]l*^ P)* sd{z              ljtf{df]*
         kmfO{gfG; ln=                                      543563           543563
14       efh'/Tg kmfOgfG; P)* ;]leª        lj/f^gu/
         sDkgL ln=                                          525886           525886




                                             ljljw . 129
a}Í]Zj/ - jif{ 1 cÍ 2




                   ;dfzf]wgu[xsf ;b:o a}+sx?sf] gfdfjnL
    s|=;+=           ;b:o a}+s tyf ljQLo ;+:yf               ^]lnkmf]g g+=    FAX g+=

    1=               +
             g]kfn a}s lnld^]*, l;^L clkm;, lj/f^gu/ .       525442          524804

    2=       /fli^«o jfl)fHo a}+s, lj/f^gu/ .                526582          530207
    3=              +
             glan a}s lnld^]*, lj/f^gu/ .                    531860          524800
    4=       g]kfn OGe]i^d]G^ a}+s lnld^]*, lj/f^gu/ .       534523          534526
    5=       :^\of)**{ rf^{*{ a}+s g]kfn lnld^]*,            528983          528982
             lj/f^gu/ .
    6=                 +
             lxdfnog a}s lnld^]*, lj/f^gu/ .                 524653          528452
    7=                           +
             g]kfn P;=la=cfO{= a}s lnld^]*, lj/f^gu/ .       538795          521854
    8=       g]kfn aª\unfb]z a}+s lnld^]*, lj/f^gu/ .        524263          530509
    9=                +
             Pe/]i^ a}s lnld^]*, lj/f^gu/ .                  521479          530527
    10=        +
             a}s ckm sf&df)*" lnld^]*, lj/f^gu/ .            536904          536906
    11=      g]kfn q]ml*^ P)* sdz{ a}+s lnld^]*,             536279          535260
             lj/f^gu/ .
    12=      g]kfn O)*li^«on P)* sdlz{on a}+s lnld^]*,       521921          522748
             lj/f^gu/ .
    13=      n'lDagL a}+s lnld^]*, lj/f^gu/                  538823          538058
    14=      s[lif ljsf; a}+s, a}+ls+u sfof{no, lj/f^gu/ .   526021          526031
    15=             +
             nIdL a}s lnld^]*, lj/f^gu/ .                    538401          538403
    16=               +
             l;$fy{ a}s lnld^]*, lj/f^gu/ .                  532901          532904
    17=      lj/f^nIdL ljQLo ;+:yf lnld^]*, lj/f^gu/ .       538052          538218
    18=      s'df/L a}+s lnld^]*, lj/f^gu/ .                 537101          537105




                                            ljljw . 130
                                                                                                              a}Í]Zj/ - jif{ 1 cÍ 2

              g]kfn /fi^® a}+s, lj/f^gu/ sfof{noaf^ Ohfht k|fKt u/]sf dlgr]~h/x?
s|=;+=          kmd{sf] gfd            k|f]k/fO^/sf] gfd                     :yfg                 kmf]g g+=  sf/f]jf/sf] lsl;d
1=       g]kfn ;^xL sfp)^/        >L   h''j]/ cfnd          lj/f^gu/     - 22, /fgL            524128     ef=?=v/Lb ljqmL
2=       afnfhL ;^xL sfp)^/       >L   /fs]zs'df/ j]ufgL    lj/f^gu/     - 9, d]g/f]*          535432     ef=?=v/Lb ljqmL
3=       dxfjL/ ;^xL sfp)^/       >L   z'idfs'df/L ;]&Lof   lj/f^gu/     - 8, d]g/f]*          522746     ef=?=v/Lb ljqmL
4=       eJo ;^xL sfp)^/          >L   r]tgf/fo)f eut       lj/f^gu/     - 11, b]jsf]^f rf}s   534497     ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
5=       cf]d;fO{ dlgr]~h/        >L z]v/k|;fb Gof}kfg]     lj/f^gu/ - 10, b]jsf]^f rf}s       522301     ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
6=       /fgL ;^xL sfp)^/         >L /fdljnf; zfx           lj/f^gu/ - 21, /fgL                527981     ef=?=v/Lb ljqmL
7=       l;l$ljgfos ;^xL sfp)^/   >L df]tL/fh bfxfn         lj/f^gu/ - 12, a'wxf^ rf}s         528588     ef=?=v/Lb ljqmL
8=       lazfn dlgr]~h/           >L gljg u]nfn             O{^x/L - 1                         025-584488 ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
9=       sf¤s/le^[f dlgr]~h/      >L pboaxfb'/ sfsL{        sf¤s*le^[f, emfkf                  023-562020 ef=?=v/Lb ljqmL
10=      >L u)f]z dlgr]~h/        >L gf/fo)fk|;fb kf}*]n    lj/f^gu/ - 9, d]g/f]*              526752     ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
11=      nfdf dlgr]~h/            >L ;d[tnfn nfdf           lj/f^gu/ - 20                      526204     ef=?=v/Lb ljqmL
12=      e^[/fO{ ;^xL sfp)^/      >L nlntfs'df/L kf]v/]n    pnf{jf/L - 4, df]/+u               023-562491 ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
13=      w'nfaf/L dlgr]~h/        >L   lnnfaxfb'/ kf)*]     sf¤s*le§f,    emfkf                023-560487 ef=?=v/Lb ljqmL
14=      lt?klt dlgr]~h/          >L   an/fd lji^           lj/f^gu/     21                    435899     ef=?=v/Lb ljqmL
15=      ho>L dlgr]~h/            >L   cf]dk|sfz uf]on      lj/f^gu/     13                    526886     ef=?=v/Lb ljqmL
16=      :jl:tsf ;^xL sfpG^/      >L   /ljGb| zdf{          lj/f^gu/     12                    524293     ef=?=v/Lb ljqmL
17=      Go" d'gfn dlgr]~h/       >L   lji)f'k|;fb d}gfnL   sf¤s*le§f    10, emfkf             562491     ef=?=v/Lb ljqmL
18=      o'lgs dlgr]~h/           >L   /hgL /l~ht >]i&      w/fg-9                             520711     ef=?=v/Lb ljqmL tyf
                                                                                                          kl/jTo{ lj=d'= v/Lb
19=      sf]Ggog dlgr]~h/         >L Zofds[i)f cfrfo{       lj/f^gu/-21                        536658     ef=?=v/Lb ljqmL



                                                              ljljw      .   131
a}Í]Zj/ - jif{ 1 cÍ 2



g]kfn /fi^® a}+s, lj/f^gu/df sfo{/t clws[t tyf sd{rf/Lx?sf]
                          ^]lnkmf]g gDa/
 l;=g+=           gfd                   >])fL                      kb        ^]lnkmf]g / df]afOn gDa/
  1=      lza/fh >]i&          clws[t k|yd, k|zf;g      d'Vo Joj:yfks     526521, 9842022388
  2=      /d]z bfxfn           clws[t låtLo, k|zf;g     Aoj:yfks          530665, 9842032511
  3=      t]haxfb'/ /fgf       clws[t låtLo, k|zf;g     Aoj:yfks          522152, 9842027514
  4=      ;'lgn df:s]          clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    527796, 9842023557
  5=      s'df/k|;fb kf]v/]n   clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    527222, 9842032518
  6=      s]bf/k|;fb cfrfo{    clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    532532, 9842032332
  7=      d]#/fh >]i&          clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    524275, 9842032499
  8=      /fde'if)f d]xtf      clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    533559
  9=      sfzLk|;fb vltj*f clws[t t[tLo, k|zf;g         ;xfos Aoj:yfks    531203
  10= a'l$axfb'/ yfkf          clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    023520415, 533844 p
  11= OGb|f rDnfufO{+          clws[t t[tLo, k|zf;g     ;xfos Aoj:yfks    536573
  12= uh]Gb| >]i&              clws[t t[tLo, gub        ;xfos vhf~rL      535581
  13= k|sfz/fh cfrfo{          clws[t t[tLo, gub        ;xfos vhf~rL      537519, 9842023300
  14= bof/fd e^[/fO{           ;xfos k|yd, k|zf;g       k|wfg ;xfos       535134, 9842033780
  15= s[i)fk|;fb yklnof        ;xfos k|yd, k|zf;g       k|wfg ;xfos       536448, 023542845
  16= v'dfgGb ;'j]bL           ;xfos k|yd, k|zf;g       k|wfg ;xfos       023542311pp
  17= OGb|k|;fb u]nfn          ;xfos k|yd, k|zf;g       k|wfg ;xfos       527495, 9842020104
  18= zs'Gtnf >]i&             ;xfos k|yd, k|zf;g       k|wfg ;xfos       524275, 9842032344
  19= uf]kfnaxfb'/ a:g]t       ;xfos k|yd, k|zf;g       k|wfg ;xfos       524345, 9842022383
  20= x]dgf/fo)f /fhj+zL ;xfos k|yd, k|zf;g             k|wfg ;xfos       9842030676
  21= sdnf vltj*f              ;xfos k|yd, k|zf;g       k|wfg ;xfos       420519, 9842029977
  22= lagf]b kf]v/]n           ;xfos k|yd, k|zf;g       k|wfg ;xfos       531570, 9842031314
  23= g[l;+xxl/ bfxfn          ;xfos k|yd, k|zf;g       k|wfg ;xfos       25560752, 9842026951
  24= lbjfs/ clwsf/L           ;xfos k|yd, k|zf;g       k|wfg ;xfos       25560780
  25= bL#{axfb'/ yfkf          ;xfos k|yd, k|zf;g       k|wfg ;xfos       538898, 9842029161
  26= /fh]z l#ld/]             ;xfos k|yd, k|zf;g       k|wfg ;xfos       527714
  27= lvnaxfb'/ >]i&           ;xfos k|yd, k|zf;g       k|wfg ;xfos       535730, 9842034166
             |
  28= lhi)f'k;fb a/fn          ;xfos k|yd, k|zf;g       k|wfg ;xfos       537130, 9842032340
  29= z+s/ j:tL                ;xfos k|yd, k|zf;g       k|wfg ;xfos       532793
  30= a;Gt ljqmd /f)ff         ;xfos k|yd, gub          k|wfg gub ;xfos   535060
  31= k|df]b >]i&              ;xfos k|yd, gub          k|wfg gub ;xfos   523135, 9842029973
  32= k|df]bs'df/ zdf{         ;xfos k|yd, gub          k|wfg gub ;xfos   524597, 9842029572




                                                      ljljw . 132
                                                                             a}Í]Zj/ - jif{ 1 cÍ 2


l;=g+=        gfd                 >])fL                       kb           ^]lnkmf]g / df]afOn gDa/
 33= /fhg bfxfn          ;xfos k|yd, gub           k|wfg gub ;xfos      530416, 9842032566
 34= hoGts'df/ kf}*]n    ;xfos k|yd, gub           k|wfg gub ;xfos      537735
 35= /fdz/)f zdf{        ;xfos k|yd, gub           k|wfg gub ;xfos      527381, 9842032572
 36= ux]Gb| sf]O/fnf     ;xfos k|yd, gub           k|wfg gub ;xfos      526331, 9842029553
 37= hoGtL rfkfufO{      ;xfos k|yd, gub           k|wfg gub ;xfos      533376, 9842032597
 38= pd]zk|;fb sfk\mn]   ;xfos k|yd, gub           k|wfg gub ;xfos      9842024770
 39= /hgL >]i&           ;xfos k|yd, gub           k|wfg gub ;xfos      522945, 9842033083
 40= /]jGt sf]O/fnf      ;xfos k|yd, gub           k|wfg gub ;xfos      533949, 9842029532
 41= u)f]zk|;fb uf}td    ;xfos k|yd, gub           k|wfg gub ;xfos      023580900, 9842029833
 42= ;+hLjs'df/ /fpt     ;xfos k|yd, gub           k|wfg gub ;xfos      531292, 9842032751
 43= s]bf/gfy kf}*n
                  ]      ;xfos k|yd, gub           k|wfg gub ;xfos      532222, 9842032570
 44= Ps/fh ;'j]bL        ;xfos k|yd, gub           k|wfg gub ;xfos      532095, 9842029844
             ]
 45= leid ;'jbL          ;xfos k|yd, gub           k|wfg gub ;xfos      521219, 9842024067
 46= hLtaxfb'/ yfkf      ;xfos k|yd, gub           k|wfg gub ;xfos      531395
 47= gj{bf /fpt          ;xfos k|yd, gub           k|wfg gub ;xfos      531292, 9842029422
 48= uu{axfb'/ aflgof¤   ;xfos k|yd, gub           k|wfg gub ;xfos      023540268, 9842030002
 49= sNkgfb]jL e^[/fO{   ;xfos k|yd, gub           k|wfg gub ;xfos      525649, 9842024076
 50= z+s/axfb'/ vltj*f ;xfos k|yd, k|fljlws        jl/i& ;xfos -sDKo'^/_ 535775, 533930(R)
 51= uf]ljGbaxfb'/ v*\uL ;xfos k|yd, k|fljlws      jl/i& ;xfos -sDKo'^/_ 27520195
 52= ef]hs'df/ /fO{      ;xfos k|yd, k|fljlws      jl/i& ;xfos -sDKo'^/_ 535241
 53= /])f'sf jg          ;xfos k|yd, k|fljlws      jl/i& ;xfos -sDKo'^/_ 533649, 9842030142
 54= tf/fgfy bfxfn       ;xfos k|yd, k|fljlws      jl/i& On]lS^«l;og    525722, 9842026117
 55= ef]h/fh e^[/fO{     ;xfos låtLo, gub          gub ;xfos            527494, 9842032521
 56= b]jLhLk|;fb dxt     ;xfos låtLo, gub          gub ;xfos            531822, 9842032474
 57= gd{bf /fodfemL      ;xfos låtLo, gub          gub ;xfos            526252
 58= s)f{dfof jh|frfo{   ;xfos låtLo, gub          gub ;xfos            525569
 59= /fwLsf u'/fufO{     ;xfos låtLo, gub          gub ;xfos            528708
 60= s'df/k|;fb ;Tofn    ;xfos låtLo, gub          gub ;xfos            533888, 9842032254
         ]
 61= of]uGb| *f+uL       ;xfos låtLo, gub          gub ;xfos            25561110
 62= ^]saxfb'/ >]i&      ;xfos låtLo, gub          gub ;xfos            535427, 9842033119
 63= gGbf l/hfn          ;xfos låtLo, gub          gub ;xfos            532628
 64= lai)f'xl/ h};L      ;xfos låtLo, k|fljlws     KnDa/                532792, 9842021974
 65= Zofds'df/ yfkf      ;xfos t[tLo, k|zf;g       ;xfos /]s*{ lsk/     537233
 66= nlntaxfb'/ s^'jfn ;xfos t[tLo, k|zf;g         ;xfos /]s*{ lsk/     522590, 9842033294
 67= gf/fo)faxfb'/ #n]   ;xfos t[tLo, k|zf;g       gfoj s's sd s]o/ ^]s/ 523772, 9842030813
 68= /fdaxfb'/ a:g]t     ;xfos t[tLo, k|fljlws     d]sflgS;             527679


                                                 ljljw . 133
a}Í]Zj/ - jif{ 1 cÍ 2


 l;=g+=        gfd                  >])fL                  kb      ^]lnkmf]g / df]afOn gDa/
  69= zq'#g l;+x           ;xfos rt'y{, k|fljlws   rfns         9842024575
  70= t]hk|;fb s*/Lof      ;xfos rt'y{, k|fljlws   rfns         533844pp, 9842032569
  71= /fdjtL *f]d          ;xfos rt'y{, k|zf;g                  522590
  72= ltnsk|;fb uf}td      ;xfos rt'y{, k|zf;g                  521172
  73= xl/axfb'/ v*\sf      ;xfos rt'y{, k|zf;g                  533802
  74= rqmaxfb'/ /fO{       ;xfos rt'y{, k|zf;g                  535110
  75= laBfnIdL yfkf        ;xfos rt'y{, k|zf;g                  527496
  76= gf/fgaxfb'/ du/                {
                           ;xfos rt'y, k|zf;g                   522590
  77= k|bLkk|;fb vltj*f              {
                           ;xfos rt'y, k|zf;g                   25540806
  78= /fh' >]i&            ;xfos rt'y{, k|zf;g                  435754, 9842020927
  79= gu]Gb| v*\sf         ;xfos rt'y{, k|zf;g                  533844, 9842023397
  80= sdnf zdf{            ;xfos rt'y{, k|zf;g                  27520628
  81= /fdaxfb'/ s^'jfn     ;xfos rt'y{, k|zf;g                  535687, 9842032530
  82= z]v/gfy e^[/fO{      ;xfos rt'y{, k|zf;g                  535792pp
  83= *Da/axfb'/ vqL                 {
                           ;xfos rt'y, k|zf;g                   533844, 9842033370
  84= d'g]Zj/ *f]d         ;xfos rt'y{, k|zf;g                  522590
  85= g/]Gb|k|;fb d}gfnL   ;xfos rt'y{, k|zf;g                  522590, 9842032390
  86= piff aflNdsL         ;xfos rt'y{, k|zf;g                  522590
  87= vu]Gb| v/]n          ;xfos rt'y{, k|zf;g                  9842032290
  88= /fwfs[i)f v*\sf      ;xfos rt'y{, k|zf;g                  9842024144
  89= ;'lzns'df/ b]j       ;xfos rt'y{, k|zf;g                  521510pp, 9842031800
  90= v]df kf}*]n          ;xfos rt'y{, k|zf;g                  528929pp, 9842031659
  91= dgaxfb'/ u'?+u       ;xfos k~rd, k|zf;g                   535244
  92= lnnfb]jL *f]dgL      ;xfos k~rd, k|zf;g                   522590
              + ]
  93= ;'lgn ('un           ;xfos k~rd, k|zf;g                   537775, 9842032619
  94= df]gaxfb'/ du/       ;xfos k~rd, k|zf;g                   536311, 9842029593
  95= ;+uLtf >]i&          ;xfos k~rd, k|zf;g                   435947
  96= ^+saxfb'/ vqL        ;xfos k~rd, k|zf;g                   522590
  97= tf/f #n]             ;xfos k~rd, k|zf;g                   533240
  98= /Ltf cof{n           ;xfos k~rd, k|zf;g                   535687
  99= d's'Gb g]kfn         ;xfos k~rd, k|zf;g                   531233, 9842029917
  100=uf]/vaxfb'/ lu/L     ;xfos rt'y{, /Ifs
  101= pdfsfGt vltj*f      ;xfos k~rd, l;kfxL
  102=rGb|axfb'/ sfsL{     ;xfos k~rd, l;kfxL




                                                 ljljw . 134
                                                                              a}Í]Zj/ - jif{ 1 cÍ 2


             g]kfn /fi^® a}+s, kfl/jfl/s ah]^ ;e]{If)f cfof]hgf
             If]qLo sfof{no, lj/f^gu/df sfo{/t clws[t tyf
                          sd{rf/Lx?sf] ^]lnkmf]g gDa/
l;=g+=           gfd                 >])fL                 kb                 ^]lnkmf]g gDa/
 1=      Zofds[i)f bfxfn     clws[t låtLo, k|zf;g sf=d' pk lgb]{zs   531880, 9842029299
 2=      t'n;L k|;fb l#ld/] clws[t t[tLo, k|zf;g ;xfos lgb]{zs       530034, 9842031279
 3=      ;'lgtf >]i&         clws[t t[tLo, k|zf;g ;xfos lgb]{zs      523164, 524431
 4=      dgf]h aflgof¤       ;xfos k|yd, k|zf;g k|wfg ;xfos          23541561, 9842020103
 5=      ^]s/fh e)*f/L       ;xfos k|yd, k|zf;g k|wfg ;xfos          533357
 6=         \
         k|xnfb v*\sf        ;xfos k|yd, k|zf;g k|wfg ;xfos          527834, 9842020103
 7=      cRo'ts'df/ yfkf     ;xfos k|yd, k|zf;g k|wfg ;xfos          532552, 9842020148
 8=      ;'/]zs'df/ s]=;L=   ;xfos k|yd, gub       k|wfg gub ;xfos   531229, 9842022108
 9=      OGb|k|;fb zdf{      ;xfos k|yd, gub       k|wfg gub ;xfos   536199, 9842030070
       |
 10= w'j kf]v/]n             ;xfos k|yd, gub       k|wfg gub ;xfos   25584141
 11= n]vgfy bfxfn            ;xfos k|yd, gub       k|wfg gub ;xfos   532109, 9841323713
 12= ;'lw/ kf}*]n            ;xfos k|yd, gub       k|wfg gub ;xfos   525394, 9842028874
 13= j[ifaxfb'/ lai^         ;xfos låtLo, gub      gub ;xfos         420864, 9842027254
 14= nf]s]z Gof}kfg]         ;xfos låtLo, gub      gub ;xfos         527391, 9842029031
 15= eLdk|;fb clwsf/L        ;xfos låtLo, gub      gub ;xfos         532766, 9842029152
 16= /fs]zs'df/ >]i&         ;xfos rt'y{, k|zf;g                     522590




                                                   ljljw . 135
a}Í]Zj/ - jif{ 1 cÍ 2


                             s]xL dxTjk")f{ ^]lnkmf]g gDa/x?

g]kfn /fi^® a}+s, s]Gb|Lo sfof{no, afn'jf^f/, sf&df)*f}
 qm=;++    ljefu / dxfzfvf / kmf¤^/ OsfO{x?              kmf]g g+=         FAX g+=
 1=       ^]lnkmf]g PS;r]~h, afn'jf^f/        4410158, 4410201, 4411250,
                                              4414708, 4414874, 4419804,
                                              4419805, 4419807, 4428224,
                                              4428225,
 2=       ueg{/sf] sfof{no                    4410386                      4410159
 3=       *]k'^L ueg{/sf] sfof{no             4412963
 4=       *]k'^L ueg{/sf] sfof{no             4412262
 5=       hgzlQm Joj:yfkg ljefu               4414014, 4441044             4428201
 6=       ;fdfGo ;]jf ljefu                   4411834                      4414955
                                              4428201
 7=       ljb]zL ljlgdo Joj:yfkg ljefu        4441038, 4412204             4414553
 8=       cg';Gwfg ljefu                      4411638                      4441048
 9=       zf]wgfGt/ dxfzfvf                   4444001
 10=      d"No dxfzfvf                        4411782
 11=      hg;Dks{ dxfzfvf                     4420910, 4411198
 12=      sfg"g dxfzfvf                       4410515                      4441051
 13=      ;+:yfut of]hgf ljefu                4441043                      4444708
 14=      ljQ Joj:yfkg ljefu                  4411622                      4410514
 15=        +
          a}s tyf ljQLo ;+:yf lgodg           4411407                      4414552
          ljefu
 16=      cfGtl/s n]vfk/LIf)f ljefu           4433365                      4424840
 17=      a}+s ;'k/Lj]If)f ljefu              4417497                      4412306
 18=      ljQLo ;+:yf ;'kl/j]If)f ljefu       4414996                      4415158
 19=      n#' ljQ ljefu                       4412823                      4412224
 20=      ;"rgf k|ljlw ljefu                  4413584                      4428202
 21=      g]kfn /fi^« a}+s, u]i^ xfp;,        4414484
          sdnkf]v/L




                                               ljljw . 136
                                                                      a}Í]Zj/ - jif{ 1 cÍ 2


sf&df)*f}df /x]sf g]kfn /fi^® a}+ssf cGo sfof{nox?
 qm=;++    ljefu / dxfzfvf / kmf¤^/ OsfO{x?               kmf]g g+=               FAX g+=
 1=       a}+ls+u     sfof{no,   yfkfynL      4414484                          4227378
          yfkfynL
 2=       ^]lnkmf]g PS;r]~h, yfkfynL          4248900, 4248901, 4248902,
                                              4248903, 4248904
 3=       a}+s;{ k|lzIf)f s]Gb|, yfkfynL      4243023, 4242881, 4241155         4223138
 4=       d'b|f Joj:yfkg ljefu, yfkfynL       4227283, 4241155                 4249541
 5=       /fi^« C)f Joj:yfkg         ljefu,   4250192, 4221763                 4254170
          yfkfynL
 6=       ^S;f/ dxfzfvf                       4250003, 4226965                 4221750
 7=       shf{ ;"rgf s]Gb|                    4225018                          4230868

g]kfn /fi^® a}+ssf df]km;nsf sfof{nox?
 qm=;++                sfof{no                            kmf]g g+=               FAX g+=
 1=       g]kfn /fi^« a}+s, lj/f^gu/
          d'Vo Joj:yfks                       -021_ 526521 / 526522/526519        526519
          PS;r]~h                             -021_ 522590, 522152, 523771
 2=       kfl/jfl/s ah]^ ;j]{If)f cfof]hgf    -021_ 526058
          g]kfn /fi^« a}+s, lj/f^gu/
 3=       g]kfn /fi^« a}+s, jL/u~h
          d'Vo Joj:yfks                       -051_ 522598, 522288                521902
          PS;r]~h                             -051_ 522053, 521902
 4=       g]kfn /fi^« a}+s, g]kfnu~h
          d'Vo Joj:yfks                       -081_ 520683, 520110                520226
          PS;r]~h                             -081_ 520326,
 5=       g]kfn /fi^« a}+s, l;$fy{gu/
          d'Vo Joj:yfks                       -071_ 520344, 520295                520189
          PS;r]~h                             -071_ 520268
 6=       g]kfn /fi^« a}+s, kf]v/f
          d'Vo Joj:yfks                       -061_ 52115, 520194                 521561
          PS;r]~h                             -061_ 520114
 7=       g]kfn /fi^« a}+s, hgsk'/
          d'Vo Joj:yfks                       -071_ 520344, 520295                520189
          PS;r]~h                             -071_ 520268
 8=       g]kfn /fi^« a}+s, l;$fy{gu/
          d'Vo Joj:yfks                       -041_ 520362, 520182                520302
          PS;r]~h                             -041_ 521729
 9=       g]kfn /fi^« a}+s, wgu(L
          Joj:yfks                            -091_ 521623, 523172                521322
          PS;r]~h                             -091_ 522325




                                               ljljw . 137
a}Í]Zj/ - jif{ 1 cÍ 2


k"jf{~rn If]qsf s]xL dxTjk")f{ ^]lnkmf]g gDa/x?
s]xL cfjZos ^]lnkmf]g gDa/x?                 xf]^n, wd{zfnf, ;efu[x
lhNnf k|zf;g sfof{no        521351           cltly ;bg                      522381
k|d'v lhNnf clwsf/L lgjf;   525291           cltly u[x                      528624
If]qLo sf]if lgb]{zgfno     525110           /fwfs[i)f wd{zfnf              523495
If]qLo x'nfs lgb]{zgfno     522665           /fwf/d)f wd{zfnf               522987
cfGtl/s /fh:j sfof{no       530166           sfnL wd{zfnf                   523043
lj/f^gu/ eG;f/ sfof{no      435843           hfgsL ;]jf ;bg                 521098
dfnkf]t sfof{no             527202           h}g ejg                        523553
k"jL{ k[tgf d'Vofno         584995           tf]bL ejg                      530466
zfxL g]kfnL ;]gf O^x/L      580634           lem k'rM                       523295
If]qLo k|x/L sfof{no        435001           jL/]Gb| zefu[x                 522236
lhNnf k|x/L sfof{no         525401           xf]^n h]lgon                   530250
gu/ k|x/L sfof{no           521850           xf]^n :jfutd\                  524450
k|x/L lgoGq)f sIf              100           xf]^n O:^g{ :^f/               521588
sf]zL c+rn c:ktfn           524234           xf]^n gd:sf/                   521199
la/f^ gl;+{u xf]d           522144           xf]^n z]/] k~hfa               526178
uf]N%f cf+vf c:ktfn         523706           xf]^n d"g                      522937
g]kfn /]*qm; ;f];fO^L       523030           xf]^n /Tgf                     531579
sd{rf/L ;+rosf]if           525029           xf]^n zf]ef Og                 524720
cjwgf/fo)f gl;{ª xf]d       522811         jf?)foGq -bdsn_
df]/ª ;xsf/L c:ktfn         523230                lj/f^gu/                  525000
pBf]u ;+u&g, df]/ª          525712                O^x/L            -025_    580101
df]/ª Jofkf/ ;+#            527173                w/fg             -025_    520199
/fli^«o ;dfrf/ ;ldlt        526859                Og?jf            -025_    560101
uf]/vfkq ;+:yfg             524746                eb|k'/           -023_    520101
sflGtk'/ b}lgs              525959         An* a}+s, ;j jfxg
g]kfn ;dfrf/kq              525854
                                             Jn* a}+s                       523325
g]kfn ^]lnlehg              524861
                                             ;jjfxg ;]jf                    525000
g]kfn ljB't k|flws/)f       525255
g]kfn vfg]kfgL ;+:yfg       523329
                                           PDa'n]G;
                                             lj=g=pk d=g=kf= PDa'n]G;       522236
g]kfn ^]lnsd                523050
                                             PDa'n]G; -/]*qm;_              521030
a'$ Po/ -Po/kf]^{_          522478
                                             PDa'n]G; -/]*qm; /+u]nL_       580048
a'$ Po/ l;^L                526901
                                             cjwgf/fo)f gl;{+u xf]d          53175
sl:ds Po/ -Po/kf]^{_        530120
                                             lj/f^ gl;{+u xf]d PDa'nG;]     527071
sl:ds Po/ l;^L              524898
                                             r]tgzLn ldq kl/ifb\ PDa'n]G;   523573
cf/=Pg=P=;L=                524661
                                             b"/ ;~rf/ sd{rf/L ;+#  +       533333
lj/f^gu/ pk dgkf sfof{no     522336
                                             lj/f^gu/ h]l;;                 527316
                                             hLjg ljsf; ;dfh, sl;{of        566088




                                      ljljw . 138
                             a}Í]Zj/
               -g]kfn /fi^® a}+s, lj/f^gu/sf] cw{aflif{s va/kq_

              jif{ 1 cÍ 2 2063 h]i& -d] . h'g 2006_

                       n]vsju{df cg'/f]w
g]kfn /fi^® a}+s, lj/f^gu/af^ cw{aflif{s ?kdf k|sflzt x'g] o; "a}Í]Zj/" sf nflu
b]xfo adf]lhd n]v-/rgf pknAw u/fO{ lbg' x'g n]vsju{df cg'/f]w ul/G% .

1= n]v-/rgf a}+s Joj:yfkg, df}lb|s Joj:yfkg, ljQLo Joj:yfkg, ljQLo If]q ;'wf/,
   d'b|f tyf k"FhL ahf/, ljQ Joj:yfkg, s/ k|zf;g / cy{tGqsf ;d;fdlos
   ljifo;+u ;DalGwt x'g'kg]{% .
2= ;DalGwt If]qsf lj!x?af^ k|fKt x'g] vf]hd"ns Pj+ ljZn]if)ffTds n]v / /rgfnfO{
   klxnf] k|fyldstf lbOg]% .
3= n]v / /rgf g]kfnL jf c+u|]hL efifdf n]lvPsf] x'g'kg]{% / n]v / /rgfdf JoQm
   hfgsf/L tyf ljrf/ k|lt n]vs cfk}m k")f{ hjfkmb]xL x'g' kg]{% .
4= cfk\mgf] n]v 2500 b]lv clwstd 5000 zAbdf ;dfj]z u/]sf] x'g' kg]{% .
5= sfuhsf] Psfkl´ ;kmf;+u ^fOk ul/Psf] n]v / /rgfsf] Ps k|lt k]z ug'{ kg]{% .
6= n]v / /rgf k|sfzg ug]{ / gug]{ k")f{ clwsf/ sfo{sf/L ;Dkfbsdf /xg]% .
7= k|sflzt /rgfsf nflu cfsif{s kfl/<ldssf] Joj:yf ;d]t ul/Psf] % .

n]v / /rgf k&fpg] &]ufgf
sfo{sf/L ;Dkfbs
"a}Í]Zj/"
g]kfn /fi^® a}+s
lj/f^gu/ .

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:17
posted:7/1/2011
language:Icelandic
pages:150