A_©vq‡bi m~Pbv 1

Aa¨vq 1 A_©vq‡bi
m~Pbv
Introduction to
Finance
e¨emvq evwY‡R¨i cÖmvi AvR wek¦e¨vcx| cY¨ I †mevi gvb †hgb
bvbvgyLx Pvwn`vi m„wó K‡i‡Q †Zgwb cÖwZ‡hvwMZvI e„w×
cv‡”Q| A_©vq‡bi AvIZv I cwiwa e¨vcKfv‡e we¯Í…Z| Avgv‡`i
ˆ`bw›`b Rxe‡b †hgbÑ e¨w³MZ, cvwievwiK, mvgvwRK I ivR‰bwZK
cÖwZwU †¶‡Î A_©‰bwZK Kg©KvÛ RwoZ| A_© Qvov †h †Kv‡bv
e¨emvq cÖwZôvb APj| ZvB A_©‡K e¨emv‡qi Rxebxkw³ ejv nq|
mvaviYZ A_© ej‡Z bM` A_© ev e¨vs‡K Rgv Kiv A_©‡KB eySvq|
wKš‘ A_©vqb ej‡Z ïay bM` A_© msMÖn Kiv‡KB eySvq bv,
A_©vKv‡i cÖKvwkZ †hgbÑ †PK, cÖvBReÛ, cÖvc¨ wej, †kqvi, eÛ
BZ¨vw`I A‡_©i AšÍf©y³| wewfbœ Drm n‡Z A_© msMÖn, A_©
e¨e¯’vcbv, wewb‡qvM, A_© msi¶Y Ges mswkøó mKj Kvh©vewj‡K
A_©vqb ejv nq| mgvR mf¨Zvi cwieZ©‡b weÁvb I cÖhyw³i e¨vcK
Dbœq‡bi mv‡_ mv‡_ e¨emv‡qi AvIZv ev cwiwa †hgb e„w× †c‡q‡Q
†Zgwb e¨emvq evwY‡R¨ cÖwZ‡hvwMZv M‡o D‡V‡Q| GB
cÖwZ‡hvwMZvq wU‡K _vK‡Z n‡j e¨vemv‡K hy‡Mvc‡hvMx cwiKíbv
cÖYqb Ki‡Z n‡e| ZvB †Kv‡bv e¨emvq ïiæ Kivi c~‡e© e¨emv‡qi Rb¨
myôz cwi‡ek, A‡_©i msMÖn, A‡_©i Dchy³ e¨envi mywbwðZ Ki‡Z
n‡e| hv‡Z Drcv`‡bi mgq c‡Y¨i Dcv`b e¨q, weµq LiP Ges Ab¨vb¨ LiP
me©wbgœ †i‡L m‡e©v”P gybvdv AR©b m¤¢e nq Ges mv‡_ mv‡_
m¤ú` me©vwaK nq|
G Aa¨vq †k‡l wk¶v_x©iv (wkLb dj)
1. A_©vq‡bi aviYv I ¯^iƒc e¨vL¨v Ki‡Z cvi‡e;
2. A_©vq‡bi µgweKvk eY©bv Ki‡Z cvi‡e;
3. A_©vq‡bi Kvh©vewj we‡kølY Ki‡Z cvi‡e;
4. mvgwóK A_©bxwZi KvVv‡gv‡Z A_©vq‡bi f~wgKv
eY©bv Ki‡Z cvi‡e;
5. A_©vq‡bi bxwZmg~n e¨vL¨v Ki‡Z cvi‡e;
6. A_©vq‡bi bxwZmg~‡ni g‡a¨ cvi¯úwiK m¤úK© e¨vL¨v
Ki‡Z cvi‡e;
2 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
7. A_©vq‡bi Dci Gi bxwZmg~‡ni cÖfve we‡kølY Ki‡Z
cvi‡e;
8. A_©vq‡bi j¶¨ e¨vL¨v Ki‡Z cvi‡e;
9. A_©vq‡bi mvgvwRK `vqe×Zvi ¸iæZ¡ we‡kølY Ki‡Z
cvi‡e;
1.01 A_©vq‡bi aviYv
Concept of Finance
A_©vqb g~jZ A_© ev Znwej msMÖn, wewb‡qvM I Zvi
e¨e¯’vcbv wb‡q KvR K‡i| Avgv‡`i ˆ`bw›`b Rxe‡b cÖwZwU Kv‡R
A‡_©i cÖ‡qvRb| Avi e¨emv cÖwZôvb A_© Qvov m¤ú~Y© APj| G
Rb¨B A_©vqb‡K e¨emvq cÖwZôv‡bi ü`wcÛ (heart of organization) ejv
nq| mvaviYfv‡e A_© msMÖn I e¨e¯’vcbv‡K A_©vqb ejv nq| GKwU
cÖwZôvb cwiPvjbvi Rb¨ wK cwigvY g~jab cÖ‡qvRb, †Kvb †Kvb
Drm n‡Z †mB g~jab msMÖn Ki‡j Ges †Kvb cÖ‡R± ev m¤ú‡`
wewb‡qvM Ki‡j e¨emv‡qi gybvdv me‡P‡q †ewk n‡e, †mB mKj
wel‡qi cwiKíbv cÖYqb I ev¯Íevq‡bi †h Kvh©vewj Zv‡KB A_©vqb
e‡j| GKwU e¨emvq cÖwZôv‡b cY¨`ªe¨ cÖ¯‘Z I µq Kivi Rb¨ A‡_©i
cÖ‡qvRb nq| †hgb: KuvPvgvj µq , hš¿cvwZ I †gwkb µq , Kg©KZ©v
I Kg©Pvix‡`i †eZb I gRywi cÖ`vb BZ¨vw`| wewb‡qv‡Mi aiY
Abyhvqx Znwe‡ji cÖ‡qvRb nq| †m Abyhvqx Znwej msMÖn Ki‡Z
nq, hv‡Z K‡i Drcv`b Kvh©μg Ae¨vnZ _v‡K| myZivs A_©vqb ej‡Z
Kg e¨‡qi Drm n‡Z Znwej msMÖn Ges Gi e¨envi msµvšÍ
Kvh©vewj‡K eySvq|
A_©vq‡bi aviYv‡K Avgiv wewfbœ e¨emvq, (†hgb GK gvwjKvbv,
Aswk`vwi, †hŠ_g~jabx e¨emvq) cvwievwiK wKsev †mev agx©
cÖwZôvb (†hgb: nvmcvZvj I wkÿv cÖwZôvb) BZ¨vw`i `„wó‡KvY
†_‡K Av‡jvPbv Ki‡Z cvwi| Rbve Avwid GKwU Kw¤úDUvi †kv-iæ‡gi
gvwjK| Zvi cÖwZôv‡b wZbRb Kg©Pvix i‡q‡Q| GKRb µq-weµq‡qi
wnmve wjwce× K‡ib, GKRb Kw¤úDUvi weµq Kivi mgq †mwUs‡mi
KvR K‡ib Ges Z…Zxq Rb weµq Kgx© wn‡m‡e KvR K‡ib| Rbve
Avwi‡di e¨emv‡qi Kvh©μg h_vh_fv‡e cwiPvjbv Rb¨ wmwcI, gv`vi
†evW©, nvW©wW·, gwbUi, †ig, cvIqvi mvcøvBqvi BZ¨vw`
cÖ‡qvRb Abyhvqx µq Ki‡Z nq| Zvi e¨emv‡qi cÖvi‡¤¢ mewKQy µq
Kivi Rb¨ †h cwigvY A‡_©i cÖ‡qvRb †m Zvi wbR¯^ A_© ev g~jab
e¨env‡ii gva¨‡g wbe©v‡ni †Póv K‡ib| hw` Zvi wbR¯^ g~jab
ch©vß bv nq Zvn‡j g~ja‡bi NvUwZ c~i‡Yi Rb¨ cÖ‡qvRbxq A_©
Avw_©K cÖwZôvb e¨vsK A_ev AvZ¥xq¯^R‡bi wbKU n‡Z FY
wn‡m‡e wb‡Z cv‡ib| wbR¯^ g~jab Ges FYK…Z g~jab‡K GKwÎZ
fv‡e g~jab KvVv‡gv (capital structure) ejv nq| cÖwZgv‡m Kw¤úDUvi µq
-weμ‡qi gva¨‡g †h cwigvY Avq nq Zv n‡Z gvm †k‡l †`vKvb fvov,
 A_©vq‡bi m~Pbv 3
we`y¨r wej, Kg©Pvix‡`i †eZb I Ab¨vb¨ LiP wbe©vn K‡i _v‡Kb|
gvwmK Avq n‡Z Zv‡K cÖwZ gv‡m F‡Yi A_© I my` cwi‡kva Kivi
cwiKíbv Ki‡Z nq| Rbve Avwid cÖZ¨vkv K‡ib †h Zvi e¨emv‡qi
AwR©Z Avq n‡Z mKj e¨q wbe©v‡ni ciI Zvi wKQz gybvdv _vK‡e,
hv w`‡q †m Zvi cwiev‡ii ˆ`bw›`b LiP ev e¨q enb Ki‡Z cvi‡e Ges
wKQz cwigvY A_© e¨emvq m¤úªmvi‡Yi Rb¨ ev fwel¨‡Z m‡qi Rb¨
e¨envi Ki‡Z cvi‡eb| myZivs GKRb Kw¤úDUvi e¨emvqx g~jab
msMÖn Ges h_vh_fv‡e e¨envi msµvšÍ GKwU Kvh©Ki cwiKíbv
cÖYq‡bi gva¨‡g e¨emvq cwiPvjbv Ki‡Z cÖZ¨vkv Abyhvqx gybvdv
AR©b m¤¢e| ZvB e¨emvq A_©vqb wKfv‡e GKwU e¨emvq
cÖwZôvb myóyfv‡e cwiPvjbv Ki‡Z nq, KLb wK cwigvY A‡_©i
cÖ‡qvRb, †Kvb †Kvb Drm n‡Z Zv msMÖn Kiv n‡e Ges †Kvb †Kvb
cÖK‡í wewb‡qvM Kiv n‡e Zv wba©viY Ki‡Z mnvqZv K‡i Ges †mB
mv‡_ wKfv‡e Znwe‡ji m‡e©v”P e¨envi wbwðZ K‡i cÖwZôv‡bi jÿ¨ I
D‡Ïk¨ c~iY wbwðZ Kiv hv‡e Zvi m‡½ m¤ú„³|
wkÿv cÖwZôv‡bi †cÖwÿ‡ZI A_©vq‡bi aviYvi cÖ‡qvM i‡q‡Q|
†hgb GKwU wkÿv cÖwZôvb hvi g~j¨ jÿ¨ ev D‡Ïk¨ KLbB gybvdv
AR©b bq| G ai‡bi cÖwZôv‡bi g~j¨ D‡Ïk¨ n‡jv- QvÎ-QvÎx‡`i
mywkÿvq wkwÿZ K‡i M‡o †Zvjv Ges gvbweK gyj¨‡eva m¤úbœ
mybvMwiK wn‡m‡e M‡o †Zvj‡Z cvi‡jB cÖwZôv‡bi g~j¨ jÿ¨ AwR©Z
nq| wkÿv cÖwZôv‡b I Av‡qi Drm I e¨‡qi wewfbœ LvZ _v‡K| myZivs
GLv‡bI Znwej e¨e¯’vcbv GKwU ¸iæZ¡c~Y© welq| wkÿv cÖwZôv‡b
Av‡qi Drmmg~n n‡jv-fwZ© wd, QvÎ-QvÎx‡`i gvwmK †eZb, cixÿvi
wd BZ¨vw`| Ab¨w`‡K e¨‡qi LvZ mg~n n‡jv- wkÿK, Kg©KZ©v-
Kg©Pvix‡`i †eZb-fvZv, †evbvm, we`y¨r wej cÖ`vb, dvwb©Pvi I
Kw¤úDUvi µq BZ¨vw`| GKwU wkÿv cÖwZôv‡bi hveZxq Kvh©µg
myôzfv‡e m¤úv`b Kivi Rb¨ Znwe‡ji wewfbœ Drm wPwýZ KiY I
msM„nxZ Znwej e¨env‡ii LvZ we‡ePbv K‡i h_vh_fv‡e Znwe‡ji
e¨envi wbwðZ KivB n‡jv wkÿv cÖwZôv‡bi `„wó‡KvY †_‡K A_©vqb|
GKwU cwiev‡iI A_©vq‡bi cÖ‡qvM i‡q‡Q| mvaviYZ GKwU cwiev‡i
GK ev GKvwaK Av‡qi Drm _v‡K, †hgb: K…wlKvR, PvKwi BZ¨vw`
Ab¨w`‡K ˆ`bw›`b Li‡Pi I Avevi bvbvb LvZ _v‡K| A_©vr e¨emvq I
Ae¨emvq cÖwZôvb, miKvwi cÖwZôvbmn me©ÎB A_©vq‡bi aviYv I
Gi cÖ‡qvM Acwinvh©|
ÿz`ªvqb ev †QvU e¨emvq cÖwZôv‡bi †ÿ‡Î A_©vqb †hgb
Zvrchc~Y© †Zgwbfv‡e †hŠ_g~jabx †Kv¤úvwbi †ejvqI A_©vqb
AZ¨šÍ ¸iæZ¡c~Y© Ges Gi Acwinvh©Zv A‡bK †ewk| †hgb: BDwbfvi,
†ew·‡Kv dvg©v, ¯‹qvi dvg©vwmDwUK¨vjm, emyÜiv I evUv
†Kv¤úvwb BZ¨vw` eo e¨emvq cÖwZôvb| G ai‡bi eo e¨emvq
cÖwZôvb MVb I cwiPvjbvi Rb¨ wecyj cwigv‡Y g~ja‡bi cÖ‡qvRb nq|
GLv‡b f~wg, `vjvb †KvVv, hš¿cvwZ, AZ¨vaywbK †UK‡bvjwR BZ¨vw`
µ‡qi Rb¨ cÖ_‡ggB A‡bK ¯’vqx LiP Ki‡Z nq| eo eo †Kv¤úvwb¸‡jv
4 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
†kqvi I FYcÎ weµq I `xN©‡gqvw` FY MÖn‡Yi gva¨‡g g~jab msMÖn
K‡i _v‡K| G ai‡bi FY mvaviYZ miKvwi I †emiKvwi e¨vsK, wjwRs
†Kv¤úvwb I Ab¨vb¨ FY`vbKvix cÖwZôvb n‡Z msMÖn K‡i| ¯’vqx
g~ja‡bi mv‡_ mv‡_ e¨emvq cwiPvjbvi Rb¨ KuvPvgvj µq I gRy`cY¨,
Kg©KZ©v I Kg©Pvix‡`i †eZb I gRywi cÖ`vb, R¡vjvwb LiPmn cÖPyi
cwigv‡Y PjwZ g~jab cÖ‡qvRb nq| GB ai‡bi g~jab ¯^í‡gqvw` Drm
n‡Z msMÖn Kiv nq| Drcvw`Z cY¨ mvgMÖx weµq †_‡K Avq K‡i hv
h_vh_fv‡e e¨envi AZ¨vek¨K| myZivs GKwU e¨emvq cÖwZôvb MVb I
cwiPvjbvi Rb¨ GKwU myôz cwiKíbv cÖYqb Ges Gi mvwe©K
ev¯Íevqb I A‡_©i cÖevn‡K Kvh©Ki fv‡e wbqš¿Y AZ¨šÍ ¸iæZ¡c~Y©
we‡ewPZ nq| Ab¨_vq GKwU e¨emvq cÖwZôvb Kvw•LZ jÿ¨ AR©b
Ki‡Z cv‡i bv| AZGe, GKwU e¨emvq cÖwZôvb MVb I cwiPvjbvi Rb¨
wK cwigvY g~jab cÖ‡qvRb, g~jab msMÖ‡ni R‡b¨ myweavRbK Drm
wPwýZ KiY I Dchy³ mg‡q A_© msMÖn, msM„nxZ A_© jvfRbK Lv‡Z
wewb‡qvM wbwðZ KiY I A‡_©i AvMgb-wbM©gb wbq‡š¿i gva¨‡g
A‡_©i m‡e©v”P e¨envi wbwðZ K‡i cÖwZôv‡bi jÿ¨ AR©b wbwðZ
Kivi mvgwMÖK cÖ‡Pôv‡K A_©vqb e‡j|
1.02 A_©vq‡bi msÁv
Definition of Finance

A_© msMÖn I e¨e¯’vcbv‡K A_©vqb ejv nq| A_©vq‡bi g~j KvR

n‡jv Znwej msMÖn I Zvi e¨envi, e¨e¯’vcbv Ges wewb‡qvM|
Avgv‡`i ˆ`bw›`b Rxe‡b A‡_©i cÖ‡qvRb nq| Avi e¨emv cÖwZôvb
A_© Qvov m¤ú~Y© APj| G Rb¨B A_©vqb‡K e¨emvq cÖwZôv‡bi
ü`wcÛ (heart of organization) ejv nq| GKwU cÖwZôvb cwiPvjbvi Rb¨
wK cwigvY g~jab cÖ‡qvRb, †Kvb †Kvb Drm n‡Z †mB g~jab
msMÖn Ki‡j Zv cÖwZôv‡bi Rb¨ jvfRbK Ges †Kvb cÖ‡R± ev m¤ú‡`
wewb‡qvM Ki‡j e¨emv‡qi gybvdv me‡P‡q †ewk n‡e, †mB mKj
wel‡qi cwiKíbv cÖYqb I ev¯Íevq‡bi †h Kvh©vewj Zv‡KB A_©vqb
e‡j| mvaviYfv‡e A_©vqb n‡jv Znwej msMÖn I Zvi e¨envi,
wewb‡qvM I e¨e¯’vcbv‡KB A_©vqb e‡j| e¨vcK A‡_©, A‡_©i
cwiKíbv, ms¯’vcb, msi¶Y, e¨envi Ges wbqš¿Y m¤úwK©Z mKj
Kvh©vewj‡K A_©vqb e‡j|
L.J Gitman (wMUg¨vb) Gi g‡Z, “Finance can be defined as the art and
science of managing money. It is concerned with the process, institutions,
markets and instruments involved in the transfer of money among
individuals, businesses, and governments.” A_©vr A_© e¨e¯’vcbv
msµvšÍ Kjv‡KŠkj I weÁvb‡K A_©vqb e‡j| A_©vqb GKwU cÖwµqvi
mv‡_ m¤ú„³, GB cÖwµqvi g‡a¨ cÖwZôvbmg~n, evRvi Ges A_©
wewbg‡qi gva¨g ev nvwZqvimg~n AšÍfy©³, hvi d‡j e¨w³eM©,
e¨emvq msMVb Ges miKv‡ii g‡a¨ A_© wewbgq n‡q _v‡K|
 A_©vq‡bi m~Pbv 5
E.W. Walker Gi g‡Z, "Activities of a business concern relevant of financial planning, co-
ordination, control and their application is called finance." A_©vr e¨emv‡qi
Kvh©vewj hv Avw_©K cwiKíbv, mgš^q mvab, wbqš¿Y Ges Zv‡`i
cÖ‡qvM‡K A_©vqb e‡j|
A_©vqb ej‡Z †mB Dcvq‡K eySvq hv Øviv Znwej msMÖn Kiv hvq
Ges Znwe‡ji e¨e¯’vcbv I e›Ub m¤¢eci nq| A_©vq‡bi Kvh©µg
GKwU cÖwµqvi gva¨‡g m¤úbœ nq| wb‡¤œ A_©vq‡bi cÖwµqv
wP‡Îi gva¨‡g †`Lv‡bv n‡jv : eZ©gv
b
Avw_©
gybvdv Drm
K Ae¯’v
AR©b wba©vi
hvPvB
Y Ges
myôz A_©
cÖKí
Avw_©K msMÖn
wPÎ : A_©vq‡bi cÖwµqv
wbe©v
e¨e¯’vcbv
A_© Pb
i gva¨‡g
wewb‡q
cÖKí : A_©vq‡bi
wPÎ vM cÖwµqv
ev¯Íevqb
Dc‡iv³ msÁvmg~n we‡kølY Ki‡j A_©vq‡bi wb‡¤œv³ ˆewkó¨ cvIqv
hvq :
1. A_©vqb n‡jv A_© e¨e¯’vcbvi GKwU cÖwµqv ev †KŠkj|
2. A_©vqb †KŠkj Avw_©K evRvi I cÖwZôvwbK wewb‡qvM I
Avw_©K e¨e¯’vcbvi g‡a¨ mgš^q mvab K‡i|
3. A_©vq‡bi †KŠkj cÖ‡qvM K‡i cÖwZôvb Zvi D‡Ïk¨ ev¯Íevqb K‡i
_v‡K|
4. A_©vqb cÖwµqvi mv‡_ Avw_©K evRvi, wewfbœ Avw_©K
cÖwZôvb Ges Avw_©K m¤ú` (†hgb: †kqvi, eÛ, wW‡eÂvi
BZ¨vw`) RwoZ| Ges
5. A_©vq‡bi gva¨‡g e¨w³ Z_v iv‡óªi A‡_©i cwiPvjbv I mylg eÈb
wbwðZ Kiv hvq|v
cwi‡k‡l ejv hvq, A_©vqb n‡jv Avw_©K cwiKíbv, A_©msMÖn,
wewb‡qvM, gybvdv e›Ub, A‡_©i mgš^q mvab I wbqš¿Y
m¤úwK©Z Kv‡Ri mgwó| cÖwZwU cÖwZôv‡bi †ÿ‡Î ¯^í e¨‡q A_©
ev Znwej msMÖn Ges Gi myôz e¨env‡ii Rb¨ A_©vqb LyeB
¸iæZ¡c~Y©|
1.03 A_©vq‡bi µgweKvk
Evolution of Finance
gvbe mf¨Zv weKv‡ki cÖv_wgK ¯Í‡i `ªe¨ wewbgq c×wZ Pvjy
wQj| g~jZ `ªe¨ wewbgq cÖ_vi Amyweav `~i Ki‡Z wM‡qB A‡_©i
6 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
m~Pbv nq| A_©‰bwZK µgweKv‡ki mv‡_ mv‡_ Drcv`b cÖwµqvq
kÖgwefv‡Mi m~Pbv N‡U| c~‡e© Znwej msMÖn KivB A_©vq‡bi
AšÍf©y³ wQj| Kv‡ji weeZ©‡b A‡_©i e¨enviwU A_©vq‡bi AvIZvfz³
n‡q‡Q| `xN© mg‡qi cwieZ©bkxj cwi‡ek cwiw¯’wZi Øviv cÖfvweZ
n‡q eZ©gvb A_©vq‡bi m„wó n‡q‡Q| mß`k kZvãx‡Z cÖhyw³i
Dbœqb I Drcv`b †KŠkj wkí Dbœq‡bi †ÿ‡Î wecøevZœK cwieZ©b
m~Pbv K‡i hv wkí wecøe bv‡g cwiwPZ| cÖwZ‡hvwMZvq wU‡K
_vK‡Z n‡j A_©vqb msµvšÍ aviYv I e¨envi m¤ú‡K© Rvbv
¸iæZ¡c~Y© n‡q c‡o| G‡Z Drcv`b †KŠkj RwUjZi nq Ges we‡klvwqZ
cÖwµq vi gva¨‡g Drcv`b cÖwµq v DrKl©Zv jvf K‡i| Dbwesk kZvwãi
†k‡li w`‡K A_©vqb c„_K welq wn‡m‡e ¯^xK…wZ jvf K‡i| G‡ÿ‡Î hvi
Ae`vb Abš^xKvh© wZwb n‡jb cÖL¨vZ †jLK _gvm Gj MÖxb| wZwb
Zvi MÖš’wU 1897 mv‡j mbvZb ev MZvbyMwZK avivq Avw_©K
e¨e¯’vc‡Ki Kvh©vewj g~jZ wnmveiÿY I Zv we‡køl‡Yi gva¨‡g
fwel¨Z Kvh©μg cÖYq‡bi ga¨ †_‡K †ewo‡q G‡m bZzb aviYvi eB
cÖKvk K‡ib| wnmvekv‡¯¿i weKv‡ki mv‡_ mv‡_ Aóv`k kZvwã‡Z
A_©vqb g~jZ Avw_©K weeiYxi wePvi we‡køl‡Yi Kv‡R wb‡qvwRZ
wQj| MZvbyMwZK aviYvq Avw_©K e¨e¯’vcK‡`i cÖavb KvR wQj
wnmve msiÿY I Zv we‡kølY c~e©K fwel¨r Kvh©µg cÖYqb| mf¨Zv
weKv‡ki mv‡_ mv‡_ cÖwZôv‡bi e¨vwß I cÖhyw³MZ Dbœqb
Avw_©K e¨e¯’vcK‡`i `vq `vwqZ¡ cwiewZ©Z n‡q‡Q| A_©vq‡bi g~j
weKvk N‡U hy³iv‡óª c‡i Zv mviv we‡k¦ Qwo‡q c‡i|
A_©vq‡bi µgweKv‡ki G aviv A_©vq‡bi cÖK…wZ I AvIZv
m¤ú‡K© Avgv‡`i GKwU A_©en aviYv †`q| MZvbyMwZK avivq
Avw_©K e¨e¯’vcK‡`i cÖavb `vwqZ¡ wQj wnmve msi¶Y I Zv
we‡kølY c~e©K fwel¨Z Kvh© cÖwµqv cÖYqb| GQvov cÖwZôv‡bi
cÖK…Z Ae¯’v m¤ú‡K© wewfbœ cÖwZ‡e`b ˆZwi Ges bM` A_©
e¨e¯’vcbvi gva¨‡g cÖwZôvbwU‡Z Zvi cÖ‡`q wej¸‡jv h_v mg‡q
cwi‡kv‡ai e¨e¯’v MÖnY I A_©vq‡bi µgweKv‡ki avivq KvR wn‡m‡e
hy³ nq| wKš‘ mf¨Zv weKv‡ki mv‡_ mv‡_ cÖwZôv‡bi AvIZv I
cÖhyw³MZ Dbœqb Avw_©K e¨e¯’vcK‡`i `vwqZ¡‡K evwo‡q
w`‡q‡Q| hy³iv‡óª Dbwesk kZvãx‡Z A_©vq‡bi †h weeZ©b
msNwUZ n‡q‡Q Zv c‡i mviv we‡k¦ A_©vq‡bi weeZ©b aviv
wn‡m‡e cwiwPwZ jvf K‡i| A_©vq‡bi µgweKv‡ki aviv‡K Zz‡j aiv
n‡jv :
K) 1920 Gi c~e©eZ©x `kK (Decade before 1920) : wesk kZvwãi
ïiæi w`‡K A_©vq‡bi hvÎv ïiæ nq| Gi c~‡e© A_©vqb‡K A_©bxwZi
GKwU Ask wn‡m‡e we‡ePbv Kiv n‡Zv| †m mgq A_©vqb g~jab
evRv‡ii `wjjvw`, cÖwµqv I cÖwZôvbmg~n wb‡qB mxgve× wQj|
 A_©vq‡bi m~Pbv 7
1890 mvj †_‡K 1900 mv‡ji ïiæi w`K ch©šÍ hy³iv‡óª †Kv¤cvwb¸wji
g‡a¨ GKwÎKiY cÖwµqv Pvjy nq| 1899 mv‡j †R. wW. iwK †djvi
hy³iv‡óªi wbDRvwm© kn‡i Standard Oil Company MV‡bi gva¨‡g Standard Oil
Group of Companies ¸wj‡K GKwÎKiY K‡i| GB GKwÎKi‡Yi Ab¨Zg D‡Ïk¨ wQj
¯’vqx Drcv`b LiP Kwg‡q evRv‡i GKwU k³ Ae¯’vb ˆZwi Kiv| 1900
mv‡j U.S. Steel †Kv¤cvwb MwVZ n‡q ZrKvjxb hy³iv‡ó&ªi evRv‡ii 63
kZvsk †kqvi wbqš¿ K‡i| H mgq H †Kv¤cvwbi g~jab wQj cÖvq 1.4
wewjqb gvwK©b Wjvi hv B‡Zvc~‡e© KLbI †Kv‡bv †Kv¤cvwbi wQj
bv| H mgq Av‡iv cÖvq 307wU †Kv¤úvwb GKwÎZ n‡q hy³iv‡ó&ªi
evRv‡i KvR KiwQj| ÷xj †Kv¤úvwb QvovI GKÎxK…Z †Kv¤úvwb H
mg‡q hy³iv‡óªi evRv‡i Zv‡`i k³ Ae¯’vb ˆZwi K‡iwQj| Avw_©K
weeiYx we‡køl‡Yi gva¨‡g GKwU †Kv¤úvwbi mv‡_ Ab¨ GKwU
†Kv¤úvwb GKÎxKiY Ki‡j cÖwZôvb jvfRbK n‡e GB wel‡q
w`Kwb‡`©kbv w`‡Z Avw_©K e¨e¯’vcK‡`i †K ¸iæZ¡c~Y©
`vwqZ¡ cvjb Ki‡Z nq| H mg‡q Avw_©K e¨e¯’vcK‡`i †Kv¤úvwb¸‡jvi
GKÎxKi‡Y eo As‡Ki A_©vqb I Avw_©K weeiYx ˆZwii `vwqZI¡ cvjb
Ki‡Z nq| H GKwÎKiY cÖwµq vi Rb¨ eo ai‡bi A_©vq‡bi cÖ‡qvRbxqZv
†`Lv †`q Ges g~jab KvVv‡gv e¨e¯’vcbv †Kv¤cvwbi GKUv
¸iæZ¡c~Y© KvR wn‡m‡e cwiMwYZ nq| †mB mgq †_‡K A_©vqb
e¨emvq cÖwZôv‡bi Avw_©K e¨e¯’vcbvi GKUv c„_K I ¸iæZ¡c~Y©
Kvh©‡¶Î wn‡m‡e ¯^xK„wZ jvf K‡i| GUv D‡jL¨ †h, H mg‡q
†Kv¤cvwbi Avw_©K weeiYx ˆZwi I Zvi we‡kølY wQj cÖv_wgK ¯Í‡i
hv ïay †Kv¤cvwbi Af¨šÍixY cÖ‡qvR‡b e¨envi Kiv n‡Zv|
L) 1930-Gi `kK (Decade 1940) : GKÎxKiY cÖeYZv hy³iv‡óª
Avkvbyiƒc mdjZv cvqwb| Av‡Mi `k‡K GKxf~Z A‡bK cÖwZôvbB c‡ii
`k‡K †`Dwjqv n‡q hvq| Dciš‘ w·ki `k‡K hy³iv‡óª Pig g›`v ïiæ nq|
A‡bK jvfRbK cÖwZôvbI ¶wZMÖ¯Í †Kv¤úvwbi ZvwjKvq c‡o hvq|
GgZve¯’vq e¨emvq cÖwZôvb¸‡jv cybM©Vb K‡i Kxfv‡e
†`DwjqvZ¡ †_‡K i¶v Kiv ivLv hvq, †m e¨vcv‡i Avw_©K e¨e¯’vcK
we‡kl `vwqZ¡ cvjb K‡ib| 1929 †_‡K 1932 mv‡ji g‡a¨ Dow Jones Gi Mo
coZv 30wU wk‡íi †kqvi g~j¨ 89% K‡g †Mj| U.S. Steel Common Stock Gi
cÖwZ †kqv‡ii g~j¨ 262 UvKv †_‡K 21 UvKv; General Motors Gi †kqvi
g~j¨ 92 UvKv †_‡K 7 UvKv Ges RCA Gi †kqvi g~j¨ 115 UvKv †_‡K 3
UvKvq bvgj| RvZxq †eKvi‡Z¡i nvi 1929 †_‡K 1933 mv‡ji g‡a¨ 3.2%
†_‡K 25% G DbœxZ n‡jv| wKQz wKQz †Kv¤úvwb †`Dwjqv n‡q
†M‡jv, GgbwK A‡bK cÖwZôv‡bi Rb¨ wU‡K _vKvB cÖavb mgm¨v
n‡q `uvovj| cÖ_gw`‡K g~jab KvVv‡gv wm×v‡šÍ FY‡K A_©vq‡bi
cÖavb Drm wn‡m‡e we‡ePbv Kiv n‡Zv hv FY cwi‡kva ¶gZv I Zvij¨
mgm¨v‡K Av‡iv evwo‡q w`‡jv| e¨emvq cÖwZôv‡bi cybe©vmb I
8 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
wU‡K _vKvi cwiKíbv Avw_©K e¨e¯’vcbvi bZzb Kvh©vejx wn‡m‡e
we‡ewPZ n‡jv| A_©‰bwZK Ae¯’vmg~n †dWv‡ij (Federal) weavb
Pvjy Kij hv A_©‰bwZK Kg©KvÛ Ges Ab¨vb¨ wel‡qi Dci miKvwi
wbqš¿Y cÖwZwôZ n‡jv|
M) 1940-Gi `kK (Decade 1940) : G mg‡q bM` A_©cÖev‡ni
ev‡RU K‡i mycwiKwíZfv‡e bM` cÖev‡ni gva¨‡g A_©vqb †m
`vwqZ¡ cvjb K‡i| 1939 mv‡j wØZxq wek¦hy× ïiæ nq Ges 1945
mv‡j †kl nq| miKvi cÖwZiÿv wkí Drcv`‡bi Rb¨ cÖ‡qvRbxq miÄvg
µ‡q A‡_©i †hvMvb †`q| d‡j mKj †Kv¤úvwbi PjwZ g~jab e¨e¯’vcbv
Avw_©K e¨e¯’vcK‡`i wbKU GKwU P¨v‡jÄ wn‡m‡e †`Lv †`q| wØZxq
wek¦hy× DËiKv‡j Avw_©K e¨e¯’vcK‡`i ¯^vfvweK Ae¯’vq †hme
†Kv¤úvwb wewfbœ cY¨`ªe¨ Drcv`b KiZ †mme †Kv¤úvwbi Drcv`b
ÿgZv e„w×i Rb¨ cÖ‡qvRbxq A_© wKfv‡e msMÖn Kiv n‡e †m
`vwqZ¡ cvjb Ki‡Zv| hy×Kvjxb mg‡q gvby‡li gv‡S bM` wcÖqZv †e‡o
hvq| d‡j †Kv¤úvwbi gybvdv cybtwewb‡qvM bv K‡i jf¨vsk wn‡m‡e
†bIqvi cÖeYZv †e‡o hvq|
N) 1950-Gi `kK (Decade 1960) : 1940 †_‡K 1950 Gi `k‡Ki
cÖv_wgK ¯Íi ch©šÍ mgq‡K A_©vq‡bi mbvZb hyM wn‡m‡e wPwýZ
Kiv nq, hv 1920 Ges 1930 Gi `k‡K weKwkZ n‡qwQ‡jv| †m mgq
e¨emvq cÖwZôvb‡K ewnivMZ‡`i (outsiders) †_‡K Avjv`v wn‡m‡e
we‡ePbv Kiv n‡Zv| †hgb: wewb‡qvMKvix I FY`vZv, wKš‘ e¨emvq
cÖwZôv‡bi wfZi wm×všÍ MÖnY‡K we‡ePbv Kiv n‡Zv bv| GB aviv‡K
A_©vq‡bi mbvZb aviv ejv nq| 1950 Gi `k‡K A_©vq‡bi mbvZb
`„wófw½I cwieZ©b nq| Znwej msMÖn K‡i wKfv‡e Zv jvfRbK Lv‡Z
wewb‡qvM K‡i me©vwaK gybvdv AR©b Kiv hvq Zv A_©vq‡bi
cÖavb KvR wn‡m‡e cwiMwYZ nq| G mgqKv‡j A_©vqb bvbv
cÖwZK~jZvi ga¨ w`‡q AwZevwnZ Ki‡jI bZzb bZzb m~‡Îi Avwe®‹vi
nq| wewb‡qvM wm×v‡šÍi Rb¨ g~jab ev‡RwUs Ges cÖKí g~j¨vq‡Y
MvwYwZK we‡køl‡bi e¨envi Ab¨Zg| 1950 Gi `k‡Ki ga¨fv‡M g~jab
ev‡RwUs bZzb wewb‡qvM cÖKí mbv³Ki‡Yi †ÿ‡Î bZzb †KŠkj I c×wZi
Avwef©ve n‡jv hv e¨emv‡qi g~ja‡bi `ÿ e›U‡bi KvR‡K Z¡ivwš^Z
Ki‡Z mn‡hvwMZv K‡i|
O) 1960-Gi `kK (Decade 1960) : 1960 Gi `k‡K AvaywbK
A_©vq‡bi hvÎv ïiæ| A_©vqb †kqvi ev g~jab evRvi‡K AMÖvwaKvi
w`‡Z ïiæ K‡i| GKwU cÖwZôv‡bi †kqvi‡nvìvi‡`i m¤ú` ev †kqv‡ii
evRvig~j¨ me©vwaKiYB wQj GB mg‡qi A_©vq‡bi Ab¨Zg D‡Ïk¨|
wKš‘ A_©vq‡bi mv‡_ SzuwKi m¤ú`wU †Zgb we‡ePbvq †bIqv nqwb|
A_©vq‡bi †ÿ‡Î SuywKi aviYv n‡jv GB †h gybvdv e„w×i mv‡_ mv‡_
SuywKI e„w× cvq| myZivs gybvdv me©vwaKiY me©`v Kvw•ÿZ
bvI n‡Z cv‡i|
 A_©vq‡bi m~Pbv 9
1950 Gi `k‡Ki ci g~j¨vqb g‡Wj (Valuation Model) Gi D™¢e nq|
g~j¨vqb g‡W‡ji gva¨‡g g~jab KvVv‡gv I jf¨vsk bxwZ cÖPwjZ nq|
1958 I 1961 mv‡j d«vs‡Kv gwWMwjqvwb I gvU©b wgjvi (Modigliani
& Miller) D³ wel‡qi Dci GK ZË¡ wb‡q nvwRi nb hv A_©vq‡bi †ÿ‡Î GK
hyMvšÍKvix cwieZ©b G‡b w`‡q‡Q|
1960 Gi `k‡Ki cÖavb NUbv n‡jv Portfolio Theory Gi Dbœqb Ges
Avw_©K e¨e¯’vcbvq Gi h_vh_ e¨envi I cÖ‡qvM| Markowitz
me©cÖ_g 1952 mv‡j GB Z‡Ë¡i Avwef©ve NUvb| Zvic‡i Willism
Sharpe, Lintner, Fama GB Z‡Ë¡i Av‡iv A‡bK cÖe„w× NUvb| GB Z‡Ë¡i
gva¨‡g SuzwK‡K A_©vq‡bi g~j Kv‡Ri AšÍf©y³ Kiv nq| †cvU©‡dvwjI
Gi Ab¨vb¨ m¤cwËi mv‡_ H ¯^Zš¿ m¤ú` m¤c‡K©i gvÎvi Dci wbf©i
K‡i wbY©q Kiv n‡e †h H m¤ú` AwaK SuywKc~Y© bv Kg
SuywKc~Y©|
P) 1970-Gi `kK (Decade 1970) : GB mgq Kw¤úDUvi ïÎcvZ nq d‡j e`‡j
hvq A_©vq‡bi KvR| A_©vqb ZLb AsKwbf©i n‡q D‡V| g~jawb
KvVv‡gvi mbvZb aviYvI A‡bK AsKwbf©i I RwUj nq| ZvwË¡K
A_©vqb‡K bvbv Z‡Ë¡i we‡køl‡Y mg„× K‡ib n¨vwi gv‡K©vBR,
gvU©b wgjvi, d«vs‡Kv gwWMwjqvwb|
William Sharpe Zvi †cvU©dwjI ZË¡ 1970 Gi `k‡K cybtms¯‹vi K‡ib|
wZwb Dbœqb Ki‡jb g~jabx m¤cwËi g~j¨ wba©viY g‡Wj (Capital
Asset Pricing Model)| GB g‡Wj cÖ‡qvM K‡i, †Kvb wbw`©ó g~jabx
m¤cwËi Avq wba©vib Kiv hvq I SuywK c·Kv‡l msiwÿZ Ab¨vb¨
m¤cwËi mv‡_ wg‡k hvq| 1970 Gi `k‡Ki weL¨vZ Ae`vb Black &
Scholes Gi cQ›` Kivi ÿgZv g‡Wj (Option Model)| GB g‡Wj m¤cK©hy³
Avw_©K `v‡qi g~j¨vq‡bi Rb¨ e¨enƒZ nq |
Q) 1980-Gi `kK (Decade 1980) : e¨emvq m¤cÖmviY I
cÖwZ‡hvwMZvg~jK evRvi e¨e¯’vq wU‡K _vKvi Rb¨ A_©vqb Zvi
mbvZbx e¨e¯’vi cwieZ©b K‡i bZzb iƒ‡c Avwef~©Z nq| G mgq
cÖwZôv‡bi wewfbœ cÖK‡íi g‡a¨ g~ja‡bi my`¶ eÈb I cÖKí¸‡jv n‡Z
AwR©Z Av‡qi wePvi-we‡kølYB wQj A_©vq‡bi g~j welq| 1976 mv‡j
Arbitrage Pricing Theory Avwe®‹„Z nq, hv A_©vqb‡K AvaywbK iƒ‡c
mw¾Z K‡i|
R) 1990-Gi `kK (Decade 1990) : GB `k‡K wek¦ evwYR¨ ms¯’v
(World Trade Organization) cÖwZwôZ nq| wek¦e¨vcx Avg`vwb-ißvwbi
Dci †_‡K cÖwZeÜKZv I wewawb‡la e¨vcKfv‡e n«vm Kiv nq| hvi d‡j
A_©vqbI AvšÍR©vwZKZv jvf K‡i| Z_¨ cÖhyw³ I wek¦vq‡bi hy‡M
A_©q‡bi †ÿÎ AviI cÖmvwiZ n‡Z _v‡K| eZ©gv‡b A_©vqb n‡jv
e¨emvq cÖwZôv‡bi e¨e¯’vcbvq GKwU cÖv‡qvwMK mgvav‡bi †ÿÎ,
hv wnmveiÿY, A_©bxwZ I Ab¨vb¨ Avw_©K welq¸‡jv‡K mswgkªY
K‡i m„wó n‡q‡Q|
10 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
S) AvaywbK A_©vq‡bi m~Pbv (Introduction to modern finance) : G
mg‡q A_©vq‡bi wewb‡qvM wm×v‡bgk c„w_exi †Kv_vq, †Kvb cY¨
cÖ¯‘Z Kiv I weµq Kiv jvfRbK †mUv we‡ePbv Kiv nq, †Zgwb we‡k¦i
†Kvb evRv‡i Kx cÖK…wZi I †Kvb Drm n‡Z Znwej msMÖn Kiv
jvfRbK ZvI A_©vq‡bi welqe¯‘‡Z cwiYZ nq| ZvB ejv hvq, A_©vqb
n‡jv e¨emvq cÖwZôv‡bi e¨e¯’vcbvq GKwU cÖ‡qvwMK mgvav‡bi
†¶Î, hv wnmvei¶Y, A_©bxwZ I Ab¨vb¨ Avw_©K welq¸‡jvi
mswgkª‡Y Avwef~©Z n‡q‡Q|
cwi‡k‡l ejv hvq, A_©vq‡bi µgweKvk Avw_©K e¨e¯’vcbvi we‡kl
cÖfve I cÖ‡qvRbxqZv‡K e¨vcKfv‡e Zz‡j a‡i‡Q| mgq cwieZ©‡bi
mv‡_ Zvj wgwj‡q A_©vqb GKRb Avw_©K e¨e¯’vcK‡K Znwe‡ji Drm
wba©viY, msMÖn, eÈb, wewb‡qvM I e¨envi wbwðZKiY Ges
g~j¨vq‡b we‡klfv‡e mnvqZv K‡i|
1.04 A_©vq‡bi ¯^iƒc
Nature of Finance
A_©vq‡bi AvIZv I cwiwa AZ¨šÍ e¨vcK| A_©vqb cÖwµqvwU
e¨emv‡qi Rb¨ †hgb ¸iæZ¡c~Y© †Zgwb e¨w³MZ, cvwievwiK,
mvgvwRK I ivóªxq cÖwZwU †ÿ‡Î ¸iæZ¡c~Y©| ZvB A_©vq‡b‡K
cÖwZôv‡bi ü`wc‡Ûi mv‡_ Zzjbv Kiv n‡q‡Q| e¨w³ ch©vq,
cvwievwiK, mvgvwRK I miKv‡ii cÖwZwU †¶‡Î A_©vq‡bi e¨envi
e¨vcK| wb‡gœ A_©vq‡bi wewfbœ ¯^iƒc ev aib Av‡jvPbv Kiv n‡jv :
1. cvwievwiK A_©vqb ev e¨w³MZ A_©vqb (Personal finance) :
cwiev‡ii Av‡qi Drm¨ I cwigvY wba©viY Kiv Ges Avq ey‡S e¨q
Ki‡j cwiev‡ii mvwe©K Kj¨vY nq, GwU wba©viY Kiv‡K cvwievwiK
A_©vqb ejv nq| GKwU cwiev‡ii Avq I e¨‡qi wewfbœ LvZ i‡q‡Q Ges
cwiev‡ii cÖ‡qvRbxq e¨‡qi Lv‡Zi g‡a¨ AMÖvwaKvi wfwˇZ e¨q¸‡jv
c~iY Ki‡Z nq| cwiev‡ii Avq e¨‡qi Rb¨ ch©vß bv n‡j wbKU
AvZ¥xq¯^Rb, cwiwPZ e¨w³eM©, eÜz-ev܇ei wbKU †_‡K avi K‡i
cÖ‡qvRbxq A_© msMÖn K‡i e¨q †gUv‡Z cv‡i| cvwievwiK A_©vq‡b
Av‡qi mv‡_ mvgÄm¨ †i‡L e¨q wba©viY Ki‡Z nq| cwiev‡ii Av‡qi
cÖavb LvZ¸‡jv n‡jv PvKwiRxwe‡`i †eZb, e¨emvqx‡`i gybvdv,
kªwgK‡`i gRywi, †kqvi‡nvìvi‡`i jf¨vsk, eÛ‡nvìvi‡`i my` BZ¨vw`|
Avevi cwiev‡ii e¨‡qi cÖavb LvZ¸‡jv n‡jvÑ evmv fvov, AvmevecÎ
µq, wUwf, wd«R µq I M„nwbg©vY, mšÍvb‡`i †jLv covi LiP, hvZvqvZ
LiP, Lvevi LiP, wPwKrmv LiP BZ¨vw`| cÖ‡Z¨‡Ki Avq mxwgZ nIqvq
msM„nxZ Znwej Dchy³ e¨envi wbwðZ Kiv GKvšÍ Riæwi| cwiev‡ii
e¨q Zzjbvq Avq †ewk n‡j fwel¨‡Zi Rb¨ mÂq K‡i cieZx©‡Z Ab¨
m¤ú‡` wewb‡qv‡Mi my‡hvM m„wó nq|
 A_©vq‡bi m~Pbv 11
2. miKvwi A_©vqb (Public finance) :
miKv‡ii evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y n‡e Ges †mB
A_© †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Zv wba©viY Kiv‡K
miKvwi A_©vqb e‡j| miKvwi A_©vq‡b cÖ_‡g e¨q wba©viY Kiv nq
Ges †m Abyhvqx wewfbœ Drm n‡Z Znwej msMÖn Ki‡Z nq| miKvwi
A_©vq‡bi g~j j¶¨ n‡jv RbKj¨vY| cÖwZwU miKv‡ii GKwU
mywbw`©ó A_© e¨e¯’vcbv i‡q‡Q| ZvB miKvi e¨q †gUv‡Z wewfbœ
Drm n‡Z Znwej msMÖn K‡i| miKvwi A_©vq‡b hLb Avq A‡c¶v e¨q
†ewk A_©vr (Avq < e¨q) ZLb Zv‡K NvUwZ ev‡RU e‡j| Avevi e¨q
Zzjbvq Avq †ewk n‡j A_©vr, (Avq > e¨q) DØ„Ë ev‡RU e‡j| miKvi
RbKj¨v‡Yi j‡¶¨ †`‡ki Dbœq‡b wewfbœ Lv‡Z A_© e¨q K‡i _v‡K|
†hgbÑ iv¯ÍvNvU, †mZz, KvjfvU©, wk¶v cÖwZôvb, nvmcvZvj, AvBb-
k„•Ljv I cÖwZi¶v, gvbe Dbœqb Ges mvgvwRK AeKvVv‡gv BZ¨vw`|
GB mKj e¨q wbe©v‡ni Rb¨ miKvi‡K wewfbœ Drm n‡Z A_© msMÖn
Ki‡Z nq| †hgbÑ AvqKi, mviPvR©, g~j¨ ms‡hvRb Ki, LvRbv,
Avg`vwb I ißvwb ïé, wd, Rwigvbv, mÂqcÎ, cÖvBReÛ I †UªRvwi wej
BZ¨vw`|
miKvwi A_©vqb AjvfRbK n‡q _v‡K KviY miKvwi A_©
Dbœqbg~jK Kg©Kv‡Û e¨q Kiv nq| miKvwi A_©vq‡bi e¨q, Avq
A‡cÿv †ewk n‡Z cv‡i| miKvwi gvwjKvbvi †ek wKQz e¨emvq
cÖwZôvb _v‡K, hv A‡cÿvK…Z Kg jvfRbKI n‡Z cv‡i| †hgb: BSCIC Gi
Aax‡b ivmvqwbK wkí cÖwZôvb¸‡jv| Avevi hgybv †mZzi g‡Zv †gNv
cÖKí ev¯Íevq‡bi Rb¨ cÖPzi A‡_©i cÖ‡qvRb nq, hw` miKv‡ii ev‡RU
n‡Z m¤ú~Y© A‡_©i ms¯’vb Kiv nq Zvn‡j A‡bK mgq miKv‡ii
mvgwRK I ivóªxq wbivcËvRwbZ e¨‡qi Rb¨ A‡_©i msKU m„wó n‡Z
cv‡i| ZvB miKvi‡K wewfbœ Drm n‡Z ˆe‡`wkK FY MÖnY Ki‡Z nq|
†hgb : wek¦e¨vsK, ADB (Asian Development Bank), IDB (Islamic
Development Bank) BZ¨vw`| A‡bK mgq Gme cÖwZôvb FY cÖ`v‡bi
mgq wewfbœ RwUj kZ© Av‡ivc K‡i, hv †`‡ki Dbœqb I fveg~wZ©
msiÿ‡Yi mv‡_ mvgÄm¨c~Y© bq| Gme cwiw¯’wZ we‡ePbv K‡i
miKvi Ab¨vb¨ Drm †_‡K A‡_©i ms¯’vb Kivi †Póv K‡i| eZ©gv‡b
wek¦e¨vcx Ges GgbwK evsjv‡`‡k miKvwi I †emiKvwi mn‡hvwMZvi
gva¨‡g e„nr cÖKí¸‡jvi A_©vqb Kiv nq| miKvwi I †emiKvwi
mn‡hvwMZvq Ggb A_©vqb‡K PPP (Public Private Partnership) ejv nq|
eZ©gv‡b wek¦e¨vcx Ggb A_©vqb e¨vcK RbwcÖq n‡q D‡V‡Q|
†hgb: evsjv‡`‡ki mvq`vev` Dovj †mZz PPP Gi A_©vq‡b ˆZwi| GB
Drm¸‡jv †_‡K A_©vqb ch©vß bv n‡j miKvi †`wk ev we‡`wk e¨vsK
12 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
†_‡K `xN© ev ¯^í †gqv‡` FY wb‡q _v‡K| NvUwZ ev‡R‡Ui mgq G
ai‡bi FY †bIqvi cÖeYZv †`Lv hvq| Dc‡ii Av‡jvPbvq n‡Z ejv hvq :
i) miKvwi A_©vq‡bi g~j j¶¨ RbKj¨vY
ii) e¨‡qi LvZ Av‡M wba©viY K‡i
iii) ˆe‡`wkK FY MÖnY K‡i
iv) PPP Gi gva¨‡g A_©vqb K‡i;
3. Ae¨emvqx cÖwZôv‡bi A_©vqb (Non- business finance) :
†h mKj cÖwZôvb gvbe Kj¨vY, `wi`ª Ges ewÂZ gvby‡li †mevq
wb‡qvwRZ _v‡K Zv‡K Ae¨emvqx cÖwZôvb e‡j| †hgb GKwU ¯‹zj
Ae¨emvqx cÖwZôvb| wk¶v cÖwZôvb, nvmcvZvj, GwZgLvbv
BZ¨vw` Ae¨emvqx cÖwZôvb Gme cÖwZôv‡bi g~j D‡Ïk¨ gybvdv
AR©b bq| Ae¨emvqx cÖwZôv‡bi Rb¨ Znwej msMÖn I Gi myôz
e¨envi Kivi cÖwµq v‡K Ae¨emvqx cÖwZôv‡bi A_©vqb e‡j| wkÿv
cÖwZôvb gybvdvwfwËK cÖwZôvb bq| Z‡e GmKj cÖwZôvb
cwiPvjbvqI A‡_©i cÖ‡qvRb Av‡Q| G‡¶‡Î A_©vq‡bi f~wgKv n‡jv
m‡e©vËg Drm wbe©vPb K‡i Znwej msMÖn Kiv Ges msM„nxZ
A_© wk¶v cÖwZôvb, nvmcvZvj I GwZg Lvbvi g‡Zv cÖwZôv‡bi
Dbœqbg~jK Kv‡R e¨q Kiv| wewfbœ ai‡bi `vb I Aby`v‡bi gva¨‡g
GmKj cÖwZôvb A_© msMÖn K‡i _v‡K| ZvB Ae¨emvq cÖwZôv‡bi
g~j KvR n‡jv A_© msMÖ‡ni Rb¨ m‡e©vËg Drm wPwýZ Kiv Ges
myôz e¨e¯’vcbvi gva¨‡g h_v‡hvM¨ e¨envi wbwðZ Kiv| DcwiD³
Av‡jvPbv n‡Z ejv hvq :
i) Gi g~j D‡Ïk¨ gybvdv AR©b bq, †mevB g~j wfwË|
ii) `vb I Aby`v‡bi gva¨‡g A_© msMÖn K‡i|
iii) wk¶v cÖwZôvb, nvmcvZvj, GwZgLvbv BZ¨vw` Ae¨emvq
cÖwZôvb|
4. e¨emvq A_©vqb (Business finance) :
e¨emvq A_©vqb ej‡Z GKwU e¨emvq myôzfv‡e cwiPvjbvi Rb¨
Kx cwigvY gyja‡bi cÖ‡qvRb Ges †Kvb †Kvb Drm n‡Z Zv msMÖn
Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv wewb‡qvM Kiv n‡e Zv‡K eySvq|
e¨emvq cÖwZôvb ej‡Z gybvdv AR©‡bi D‡Ïk¨ jvf ev ÿwZi SuzwK
wb‡q MwVZ cÖwZôvb‡K eySvq| d‡j GKwU e¨emvq cÖwZôvb
cÖ‡qvRbxq Znwej msMÖn I wewb‡qv‡Mi Rb¨ †h A_©vqb cÖwµq v
e¨envi K‡i Zv‡K e¨emvq A_©vqb e‡j| e¨emvq cÖwZôv‡bi g~j j¶¨
n‡jv gybvdv AR©b, Znwej msMÖn I jvfRbK Lv‡Z wewb‡qv‡Mi †¶‡Î
GKwU e¨emvq cÖwZôv‡bi ¸iæZ¡c~Y© f~wgKv cvjb K‡i _v‡K|
myZivs e¨emvq n‡”Q Ggb GKwU cÖwµqv hvi gva¨‡g Znwej
msMÖn I Gi h_vh_ e¨envi wbwðZ Kiv hv‡Z cÖwZôv‡b Kvw•¶Z j¶¨
 A_©vq‡bi m~Pbv 13
AR©b Kiv m¤¢e nq| mvaviYZ e¨emvq cÖwZôvb‡K 3 fv‡M fvM Kiv
nq :
K) GKgvwjKvbv e¨emvq (Sole Tradership)
L) Askx`vwi e¨emvq (Partnership Business)
M) †hŠ_g~jabx e¨emvq (Joint stock Company)
GB wZb ai‡bi e¨emvq cÖwZôv‡bi mvaviY ˆewkó¨ n‡jv
wewb‡qv‡Mi Rb¨ A_© msMÖn Ges myôzfv‡e A‡_©i e¨env‡ii
gva¨‡g cÖwZôv‡bi m¤ú` m‡e©v”P nq|
K) GKgvwjKvbv e¨emv‡qi A_©vqb (Sole tradership finance) : GKRb
e¨w³ †h e¨emvq MVb I wbqš¿Y K‡i Zv‡K GKgvwjKvbv e¨emvq
e‡j| mvaviYZ gyw` †`vKvb, KzwUi wkí, †i÷z‡i›U, †myjb,
eywUK kc, Lvevi †nv‡Uj BZ¨vw` GKgvwjKvbv e¨emvq
cÖwZôvb| GKgvwjKvbv e¨emv‡qi g~jab gvwj‡Ki wbR¯^ _v‡K
Avevi e¨vsK I AvZ¥xq¯^Ri‡bi A_ev MÖvgxY gnvR‡bi Kv‡Q
my‡`i wfwˇZ FY MÖn‡Yi gva¨‡g Znwej msMÖn K‡i| GB ai‡bi
e¨emv‡q gvwjK mivmwi e¨emvq cwiPvjbv K‡i _v‡K weavq G
ai‡bi e¨emv‡qi A_©vq‡bi cwimi Lye †QvU nq| e¨w³MZ m¤ú`B
¯^í A_©vq‡bi g~j Drm| ZvB GB e¨emvq MVb, cwiPvjbv I
wbqš¿Y †ek mnR| e¨w³MZ m¤ú` e„w× GB A_©vq‡bi g~j j¶¨|
GB e¨emv‡qi mKj gybvdv gvwjK GKvB †fvM K‡i|
L) Askx`vwi e¨emv‡qi A_©vqb (Partnership business finance) :
GKvwaK e¨w³ Pzw³i wfwˇZ †Kvb e¨emvq cÖwZôvb MVb I
cwiPvjbv Ki‡j Zv‡K Askx`vwi e¨emvq e‡j| Askx`vwi e¨emv‡qi
†¶‡Î me©wbgœ m`m¨ msL¨v `yB Ges m‡e©v”P 20 Rb|
Pzw³B n‡jv GB ai‡bi e¨emv‡qi g~j wfwË| Pzw³ Abyhvqx
Askx`viMY g~jab mieivn K‡i Ges Pzw³ Abyhvqx wb‡R‡`i g‡a¨
jvf †jvKmvb eÈb K‡i| GB ai‡bi e¨emvq A_© msMÖ‡ni g~j Drm
n‡jv Askx`vi‡`i wbR¯^ Znwej, gybvdv, AvZ¥xq¯^Rb,
eÜzevÜe †_‡K FY, e¨vsK A_ev bb-e¨vswKs Avw_©K cÖwZôvb
n‡Z my‡`i wfwˇZ FY MÖnY| GB ai‡bi e¨emvi g~j D‡Ïk¨ n‡jv
wbR¯^ Znwej h_vh_fv‡e e¨envi K‡i gybvdv wbwðZ Kiv| g~jZ
gybvdv AR©‡bi j‡¶¨B Askx`vwi e¨emvq cÖwZôvb cwiPvwjZ
nq|
M) †hŠ_g~jabx e¨emv‡qi A_©vqb (Joint stock company finance) :
ZvwjKvfy³ †Kv¤úvwb Aby‡gvw`Z g~jab‡K †QvU †QvU As‡k
wef³ K‡i †kqvi wn‡m‡e RbM‡Yi Kv‡Q weµq K‡i †h A_©
msMÖn Kiv nq Zv‡K †hŠ_g~jabx e¨emvq A_©vqb e‡j| GK
gvwjKvbv I Askx`vwi e¨emvq cwiPvjbvq gvwjK mivmwi RwoZ
_v‡K| wKš‘ †hŠ_g~jabx e¨emv‡q gvwjK mivmwi RwoZ _vK‡Z
cv‡i bv| ZvB G ai‡bi e¨emv‡qi A_©vqb Avjv`v| †hŠ_ g~jabx
14 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
†Kv¤úvwbi g~ja‡bi cÖavb Drm n‡iv †kqvi g~jab| †kqvi weµq
QvovI †hŠ_g~jabx †Kv¤úvwb eÛ ev wW‡eÂvi Bmy¨ K‡i g~jab
msMÖn Ki‡Z cv‡i| †hgb : 1 †KvwU UvKvi g~jab msMÖ‡ni Rb¨
†Kv¤úvwb cÖwZwU †kqv‡ii g~j¨ 100 UvKv wba©viY Ki‡j
1,00,000 †kqvi Rbmvavi‡Yi Kv‡Q weµq K‡i GB g~jab msMÖn
K‡i| mvaviY †kqvi‡nvìviMY †Kv¤úvwbi cÖK…Z gvwjK| G mKj
gvwjK †kqvi n‡Z jf¨vsk †c‡q _v‡K| GB mKj †kqvi me©cÖ_g
MYcÖ¯Ív‡ei gva¨‡g cÖv_wgK evRv‡i wewµ nq Zvi ci gva¨wgK
evRv‡i XvKv ÷K G·‡PÄ I PÆMÖvg ÷K G·‡P‡Ä †kqvi µq-weµq
nq| †kqvi‡nvìviMY †Kv¤úvwbi me©‡kl `vwe`vi Ges eÛ‡nvìviMvY
†Kv¤úvwbi gybvdvi cÖ_g `vwe`vi|
5. AvšÍR©vwZK A_©vqb (International finance) :
miKvi I wewfbœ †emiKvwi cÖwZôvb hviv wek¦ evRvi n‡Z
g~jab msMÖn K‡i Zv‡K AvšÍR©vwZK A_©vqb e‡j| GLv‡b wek¦
evRvi ej‡Z AvšÍR©vwZK g~jab evRvi‡K eySv‡bv n‡q‡Q|
AvšÍR©vwZK A_©vq‡b miKvi I wewfbœ cÖwZôv‡bi Avg`vwb I
ißvwb, ˆe‡`wkK gy`ªvi wewbgq nvi, ˆe‡`wkK wewb‡qvM BZ¨vw`
wb‡q wePvi we‡kølY Kiv nq| evsjv‡`k Kg cÖhyw³ D™¢ve‡bi †`k
ZvB AwaKvsk †gwkbvix, hš¿cvwZ, KjKâv, KuvPvgvj, Jla, R¡vjvbx,
†c‡Uªvwjqvg, Lv`¨ `ªe¨ BZ¨vw` wewfbœ †`k n‡Z Avg`vwb K‡i
_v‡K| Avevi evsjv‡`k †_‡KI c„w_exi wewfbœ †`‡k †cvkvK, cvU I
cvURvZ `ªe¨, K…wlRvZ cY¨, gvbe m¤ú` BZ¨vw` ißvwb Kiv n‡”Q|
evsjv‡`k mvaviYZ ißvwb A‡c¶v Avg`vwb †ewk K‡i _v‡K| GB
Avg`vwb I ißvwbi cv_©K¨‡K e¨emv‡qi fvlvq evwYR¨ NvUwZ e‡j|
d‡j evsjv‡`k cÖwZ eQi evwYR¨ NvUwZ †`Lv †`q| GB NvUwZ c~i‡Y
cÖevmx evsjv‡`kx‡`i cvVv‡bv A_© (†iwgU¨vÝ) AZ¨šÍ ¸iæZ¡c~Y©|
eûRvwZK e¨emv‡qi †¶‡Î AvšÍR©vwZK A_©vqb A‡bK ¸iæZ¡c~Y©
f~wgKv cvjb K‡i _v‡K| eûRvwZK †Kv¤úvwb¸‡jv we‡k¦i wewfbœ
¯’v‡b d«vbPvBwR, R‡q›U †fÂvi, AwaMÖn‡Yi gva¨‡g AvšÍR©vwZK
A_©vq‡b cÖ‡ek K‡i| †hgb: iwe, LG, evUv, m¨vgmvs, wcRv nvU,
MÖvgxY †dvb BZ¨vw`| Gme cÖwZôv‡bi Rb¨ cÖ‡qvRb wewfbœ
†`‡ki gy`ªv e¨e¯’v m¤^‡Ü mg¨K aviYv jvf I wfbœ wfbœ †`‡k
jvfRbKKfv‡b wewb‡qvM Kiv| AvšÍR©vwZK evwY‡R¨i d‡j ˆe‡`wkK
gy`ªvi wewbgq nvi DVvbvgv K‡i ZvB AvšÍR©vwZK A_©vq‡b †h
SuywKi m„wó nq Zvi n«v‡mi e¨e¯’vcbv AvšÍR©vwZK A_©vq‡bi
Av‡jvP¨ welq|
Kg©cÎ-1 :
µwgK Kv‡Ri/A_©vq‡bi aib †Kvb
bs A_©vq‡bi
AšÍfz©³
1 ivZzj GKRb e¨emvqx †m Zvi †Q‡ji ¯‹z‡j hvIqvi
 A_©vq‡bi m~Pbv 15
Rb¨ 20 j¶ UvKv e¨‡q GKwU Mvwo µq Kij|
2 K…wl †¶‡Î GB eQi miKvi 10 †KvwU UvKv fZ©ywK
w`‡e e‡j wm×všÍMÖnY Kij|
3 gybvdv AR©‡bi D‡Ï‡k¨ widvZ avbgwÛ‡Z 20
†KvwU UvKvq GKwU AZ¨vaywbK nvmcvZvj
wbg©vY K‡i|
4 cvi‡fR I Zvi wZb weÜz wg‡j GKwU Uz¨wiRg
e¨emvq cwiPvjbv K‡i| Pzw³ G e¨emv‡qi g~j
wfwË|
5 myRb GKwU bZzb e¨emvi Rb¨ 100 †KvwU
UvKvi †kqvi Bmy¨ K‡i Rbmvavi‡Yi Kv‡Q wewµ
K‡i A_© msMÖn K‡i|
1.05 e¨emvq A_©vqb I miKvwi A_©vq‡bi cv_©K¨
Difference between Business Finance and Public Finance
e¨emvq A_©vqb ej‡Z GKwU e¨emvq myôzfv‡e cwiPvjbv Kivi
Rb¨ Kx cwigvY A‡_©i cÖ‡qvRb Ges †Kvb †Kvb Drm n‡Z †m A_©
msMÖn Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv wewb‡qvM Kiv n‡e Zv‡K
eySvq| Ab¨w`‡K, miKvwi A_©vqb ej‡Z ivóª ev ¯’vbxq miKv‡ii
A_©vq‡K eySvq| A_©vr miKv‡ii evwl©K Avq †Kvb †Kvb Drm n‡Z
msMÖn Kiv n‡e Ges evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y Kiv
n‡e Zv wba©viY Kiv‡K miKvwi A_©vqb e‡j| cÖwZwU miKv‡ii
GKwU mywbw`©ó A_© e¨e¯’vcbv Av‡Q| miKvwi A_©vq‡b cÖ_‡g
e¨‡qi cwigvY wba©viY Kiv nq Ges †m Abyhvqx wewfbœ Drm †_‡K
Znwej msMÖn Kiv nq| e¨emvq A_©vqb I miKvwi A_©vq‡bi g‡a¨
cv_©K¨ wbgœiƒc :
cv_©‡K¨i e¨emvq A_©vqb miKvwi A_©vqb
welq (Business Finance) (Public Finance)
1. msÁv GKwU e¨emvq cÖwZôvb miKv‡ii evwl©K Avq
(Definition) cÖ‡qvRbxq Znwej †Kvb †Kvb Drm n‡Z
msMÖn I wewb‡qv‡Mi msMÖn Kiv n‡e Ges
Rb¨ †h A_©vqb cÖwµqv evwl©K e¨q †Kvb †Kvb
e¨envi K‡i Zv‡K e¨emvq Lv‡Z Kx cwigv‡Y Kiv n‡e
A_©vqb e‡j| Zv wba©viY Kiv‡K miKvwi
A_©vqb e‡j|
2. Drm e¨emvq cÖwZôvb miKvi Af¨šÍixY I ˆe‡`wkK
(sources) mvaviYZ Af¨šÍixY Drm Dfq Drm n‡Z A_©
n‡Z Znwej msMÖn K‡I msMÖn Ki‡Z cv‡i|
_v‡K|
3. D‡Ïk¨ e¨emvq A_©vq‡bi g~j miKvwi A_©vq‡bi g~j
16 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
(Objectives D‡Ïk¨ n‡jv †kqvi‡nvìvi‡`i D‡Ïk¨ n‡jv Av_©-
) m¤ú` me©vwaKiY| mvgvwRK Kj¨vY
me©vwaKiY|
4. cwiwa e¨emvq A_©vq‡bi cwiwa miKvwi A_©vq‡bi AvIZv
(scope) mxwgZ| ev cwiwa e¨vcK|
5. Avq- e¨emvq A_©vq‡bi †ÿ‡Î miKvwi A_©vq‡b e¨q‡K
e¨‡qi e¨q †_‡K Avq †K †ewk Avq †_‡K †ewk AMÖMY¨
mgš^q AMÖMY¨ Kiv nq| A_©vr Kiv nq| A_©vr cÖ_‡g
(Co- cY¨ ev †mev weµq K‡i wK miKv‡ii e¨‡qi cwigvY
ordination) cwigvY Avq cvIqv hv‡e wVK Kiv nq Ges †m
Zvi mv‡_ e¨‡qi mgš^q †gvZv‡eK Av‡qi e¨e¯’v
Kiv nq| Kiv nq|
6. Znwej e¨emvq A_©vq‡b miKvwi A_©vq‡b miKvi
msMÖn cÖvwZôvwbK Drm mg~n Av‡qi Rb¨ RbM‡Yi KvQ
(Collecting n‡jv: Avw_©K cÖwZôvb †_‡K AvqKi, g~j¨
fund) n‡Z FY, †kqvi, eÛ ev FYcÎ ms‡hvRb Ki (VAT),
Bmy¨| Avg`vbx ïé, Drcv`b ïé
Ges AvšÍR©vwZK ms¯’v
n‡Z FY BZ¨vw` MÖnY
Ki‡Z cv‡i|
7. e¨emvq cÖwZôvb F‡Yi miKvwi A_©vq‡b miKvi
†`DwjqvZ my` I Avmj cwi‡kva Ki‡Z KL‡bv †`Dwjqv nq bv|
¡ (Insolvency) bv cvi‡j †`Dwjqv n‡q †h‡Z KviY miKvi e¨q ey‡S Avq
cv‡i| K‡i _v‡K| ZvQvov RbMY
miKvi‡K Ki w`‡Z eva¨
_v‡K|
1.06 A_©vq‡bi Kvh©vewj
Function of Finance
GKwU e¨emvq cÖwZôvb mvsMVwbK KvVv‡gv‡K wewfbœ fv‡M
wef³ Kiv n‡q _v‡K| †hgb: e¨e¯’vcbv wefvM, µq wefvM, wnmve
wefvM Ges A_© wefvM| G mKj wefv‡Mi mgš^‡q e¨emv‡qi hveZxq
Kvh©vewj cwiPvwjZ nq| mKj wefv‡Mi mv‡_ A_© wefv‡Mi
†hvMv‡hvM me‡P‡q †ewk| KviY A_© wefvM Ab¨vb¨ mKj wefvM
n‡Z †ewk ¸iæZ¡c~Y©| ZvB A_©‡K e¨emv‡qi Rxewb kw³ e‡j| Avi
A_© msµvšÍ Kvh©vewji `vwq‡Z¡ wb‡qvwRZ e¨w³‡K Avw_©K
e¨e¯’vcK (Financial manager) e‡j| Avw_©K e¨e¯’vcK GKwU cÖwZôv‡bi
¸iæZ¡c~Y© e¨w³| wZwb e¨emv‡qi Avw_©K cwiKíbv cÖYqb n‡Z
 A_©vq‡bi m~Pbv 17
ïiæ K‡i hveZxq KvR m¤úv`‡b ¸iæZ¡c~Y© f~wgKv cvjb K‡ib|
wb‡¤œ A_©vq‡bi Kvh©vewj Av‡jvPbv Kiv n‡jv :
Kvh©v
ewj

Znwej g~jab ¯^í‡gqvw` Znwej eÈb

msMÖn
¯^í‡gqvw` ev‡RwUs
¯’vqx m¤ú‡` m¤ú` jf¨vsk/
`xN©‡gqv wewb‡qvM e¨e¯’vcbv gybvdv
PjwZ m¤ú`
w` PjwZ `vq /my`
wPÎ : A_©vq‡bi Kvh©vewj
1. Znwej msMÖn (Raising fund) :
GKRb Avw_©K e¨e¯’vc‡Ki cÖavb KvR n‡jv Kg Li‡Pi m¤¢ve¨
Znwe‡ji Drm¸‡jv wPwýZ Kiv Ges cÖ‡qvRbxq Znwe‡ji msMÖn Kiv|
Znwej msMÖ‡ni wewfbœ Drm wbe©vPb Ges Gme Dr‡mi myweav-
Amyweav we‡kølY K‡i A_©vqb-msµvšÍ cwiKíbv MÖnY Kiv nq|
mvaviYZ PjwZ e¨q wbe©v‡ni Rb¨ ¯^í‡gqvw` Drm †_‡K Ges ¯’vqx
e¨q wbe©v‡ni Rb¨ `xN©‡gqvw` Drm †_‡K Znwej msMÖn Kiv nq|
†Kv‡bv cÖK‡íi wewb‡qv‡Mi Rb¨ Kx cwigvY wbR¯^ g~jab ev
mvaviY †kqvi (Equity) Ges Kx cwigvY FYK…Z g~jab (debt capital)
Ges AMÖvwaKvi †kqv‡ii gva¨‡g A_©vqb Kiv n‡e Zv wba©viY KivB
A_©vq‡bi cÖavb KvR| gvwj‡Ki wbR¯^ g~jab I FYK„Z g~ja‡bi
wgkªY‡K g~jab KvVv‡gv ejv nq| †h g~jab KvVv‡gv‡Z g~jab LiP
me‡P‡q Kg n‡e Ges †kqv‡ii g~j¨ me©vwaK n‡e Zv‡K, Kvg¨ g~jab
KvVv‡gv (optimum capital structure) e‡j| Avi Kvg¨ g~jab KvVv‡gv
wbY©q Kiv A_©vq‡bi KvR| wb‡¤œ `yÕwU cÖwZôv‡bi g~jab
KvVv‡gv †`Lv‡bv n‡jv :
†Kv¤úvwb A †Kv¤úvwb B
g~ja‡bi fvi e¨q Mo g~ja‡bi fvi e¨ Mo g~jab
Drm g~jab Drm q e¨q
e¨q
mvaviY 60 15 = 9.0% mvaviY 40 15 = 6.0%
†kqvi % % †kqvi % %
AMÖvwaKv 20 12 = 2.4% AMÖvwaKv 20 12 = 2.4%
i †kqvi % % i †kqvi % %
FYcÎ 20 10 = 2.0% FYcÎ 40 10 = 4.0%
% % % %
18 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
fvi Av‡ivwcZ Mo 13.4% fvi Av‡ivwcZ Mo 12.4%
g~jab e¨q g~jab e¨q
Dc‡iv³ †Kv¤úvwb `yÕwUi g‡a¨ B †Kv¤úvwbi g~jab e¨‡qi ciwgvY
Kg| ZvB Znwej msMÖ‡ni †ÿ‡Î g~ja‡bi Drm Ges e¨‡qi cwigvY I
g~ja‡bi wgkªY we‡ePbv Ki‡Z nq|
†Kv¤cvwb‡Z †kqvi gvwjK‡`i Avq I SuywKi g‡a¨ mgš^q mva‡bi
gva¨‡g wba©vwiZ g~jab wgkÖ‡Y hLb Kg SuywK‡Z me©vwaK
gybvdv AR©b m¤¢e, ZLbB †Kv¤cvwbi †kqvi g~j¨ ev †kqvi
gvwjK‡`i m¤c` me©vwaK ch©v‡q DbœxZ Kiv m¤¢e nq| Avw_©K
e¨e¯’vcK gybvdv Ges Sz&uwKi g‡a¨ mgš^qmva‡ib gva¨‡g Kvg¨
g~jab KvVv‡gv iÿv K‡i| A_©vq‡bi Rb¨ wbqg-bxwZ I kZ©vejx c~iY
K‡i cwiKwíZfv‡e cÖ‡qvRbxq A_© msMÖn Kiv Avw_©K e¨e¯’vc‡Ki
KvR| G‡ÿ‡Î wewfbœ Drm †_‡K A_© msMÖ‡ni Rb¨ Av‡ivwcZ
wewfbœ kZ©vejx we‡ePbv Ki‡Z nq|
2. g~jab ev‡RwUs ev wewb‡qvM wm×všÍ (Capital budgeting) :
g~jab ev‡RwUs wm×všÍ ej‡Z GKwU cÖKí wPwýZKiY, we‡kølY I
wbe©vPb Kiv‡K eySvq| A_v©r g~jab ev‡RwUs ej‡Z `xN©‡gqvw`
wewb‡qvM wm×všÍ MÖnY Kiv‡K eySvq| `xN©‡gqvw` wewb‡qvM
ej‡Z wewfbœ ¯’vqx m¤ú` †hgb †`vKv‡bi AvmevecÎ, KviLvbvi
hš¿cvwZ, †gwkb, d¬¨vU µq, `vjvb‡KvVv wbg©vY BZ¨vw` µ‡qi Rb¨
m¤¢ve¨Zv hvPvB K‡i wewb‡qvM wm×všÍ MÖnY Kiv n‡jv g~jab
ev‡RwUs| GKwU cÖK‡íi Rb¨ Kx cwigvY g~jab cÖ‡qvRb, cÖK‡íi
Kvh©Kvj H cÖK‡íi fwel¨Z cÖZ¨vwkZ Avq Ges Av‡qi AwbðqZv
cÖf„wZ we‡ePbv I g~j¨vqb K‡i wewb‡qvM wm×všÍ MÖnY Ki‡Z nq|
ZvB `xN© †gqvw` A_©vq‡bi c~‡e© cÖK‡íi g~jab ev‡RwUs-Gi
gva¨‡g Avw_©K ¯^¤¢ve¨Zv hvPvB K‡i †bIqv A_©vq‡bi Ab¨Zg KvR|
 A_©vq‡bi m~Pbv 19
GKwU ÷zwWI †`vKv‡bi wcÖ›U †gwkb I K¨v‡giv µq-msµvšÍ
wm×všÍ GKwU wewb‡qvM wm×všÍ| Drcv`bKvix cÖwZôv‡bi Rb¨
Drcv`bgyLx †gwkb µq, KviLvbv wbg©v‡Yi LiPI GB RvZxq wm×všÍ|
Znwej msMÖn Kivi ci Zv me©vwaK jvfRbK cÖK‡í wewb‡qvM Kiv
Avw_©K e¨e¯’vc‡Ki Ab¨Zg KvR| D`vniY¯^iƒc †ew·g‡Kv
dvg©vwmDwUK¨vjm †Kv¤úvwb GKwU bZzb †gwkb µ‡qi wPšÍv-
fvebv Ki‡Q| †gwkbwUi †gqv`Kvj n‡e 12 eQi| AvMvgx 12 eQ‡i
†gwkbwU µ‡qi wm×všÍ MÖnY Kiv n‡e| bM` AvšÍtcÖevn wbY©q
Ki‡Z n‡j cÖ_‡gB AvMvgx 12 eQ‡i Kx cwigvY weµq n‡e Zv wba©viY
Ki‡Z n‡e| weµq j× A_© †_‡K Drcv`b LiP Ges Ab¨vb¨ LiP ev` †`qvi ci
bM` AvšÍtcÖevn wbb©q Ki‡Z nq| fwel¨r memgqB AwbwðZ|
†ew·g‡Kv dvgv©wmDwUK¨vjm †Kv¤úvwbi †gwkb µ‡qi wm×v‡šÍi
†ÿ‡Î AvMvgx 12 eQ‡i weµ‡qi cwigvY, c‡Y¨i g~j¨ wba©viY BZ¨vw`
¸iæZ¡c~Y© welq| KviY fwel¨‡Z Pvwn`vi cwieZ©‡bi d‡j weµ‡qi
cwigv‡Yi cwieZ©b N‡U| ZvB Avw_©K e¨e¯’vcK‡K wewb‡qvM
cÖK‡íi Rb¨ Kx cwigvY Znwe‡ji cÖ‡qvRb, cÖK‡íi Avqy®‹vj, D³ cÖKí
n‡Z fwel¨Z cÖZ¨vwkZ Avq, Av‡qi AwbðqZv BZ¨vw` welq we‡ePbv
I g~j¨vqb K‡i g~jab ev‡RwUs wm×všÍ MÖnY Ki‡Z nq|
3. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv (Short term assets management) :
¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z cÖwZôv‡bi bM` A_©, gRy` cY¨,
cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡KB eySvq| GKRb Avw_©K
e¨e¯’vcK‡K †h †Kv‡bv e¨emvq myôz I my›`ifv‡e cwiPvjbv Ki‡Z
PjwZ g~jab e¨e¯’vcbvi weKí †bB| GKwU cÖwZôv‡b ¯’vqx I PjwZ GB
`yB ai‡bi m¤ú` _v‡K| ¯’vqx m¤cwË I PjwZ m¤cwˇZ mgš^q K‡i
A_© wewb‡qvM Ki‡Z nq| GRb¨ GKRb Avw_©K e¨e¯’vcK‡K †h †Kvb
e¨emvq cÖwZôv‡bi jÿ¨ AR‡©b PjwZ g~jab e¨e¯’vcbv myôyfv‡e
cwiPvjbv Ki‡Z nq| PjwZ g~ja‡b wewb‡qv‡Mi †ÿ‡Î †Kv¤úvwbi
gybvdv AR©b ÿgZv (Profitability) I Zvij¨ (Liquidity) Gi g‡a¨ mvgÄm¨
weavb KivB cÖavb KvR| ¯’vqx m¤ú‡`i KvR ¯^vfvweK ivLvi Rb¨
PjwZ g~ja‡bi cÖ‡qvRb| e¨emv‡qi ˆ`bw›`b Kg©KvÛ cwiPvjbvi Rb¨
cÖ‡qvRbxq g~jab‡K ¯^í‡gqvw` ev PjwZ g~jab ejv nq| PjwZ
g~ja‡bi Dcv`vb n‡”Q PjwZ m¤úwË I PjwZ `vq hvi †gqv` 1 eQi ev
Zvi Kg| PjwZ g~ja‡bi cÖavb Dcv`vb n‡jv bM` Znwej, KuvPvgvj ev
Drcvw`Z `ª‡e¨i gRyZ, wewea †`bv`vi, cÖvc¨wej BZ¨vw`| Kx
cwigvY KuvPvgvj µq Ki‡Z n‡e Ges Zvi Rb¨ cÖ‡qvRbxq A_© †Kv_vq
†_‡K msM„nxZ n‡e, av‡i cY¨ weµ‡qi †¶‡Î †`bv`vi‡`i Kv‡Q Kx
cwigvY A_© Av`vq Ki‡Z n‡e Ges Kx cwigvY A_© cvIbv`vi‡`i
cwi‡kva Ki‡Z n‡e G mKj hveZxq Kvh©vewj ¯^í‡gqvw` m¤ú`
e¨e¯’vcbvi AvIZvfy³| ¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z cÖwZôv‡bi
20 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
bM` A_©, gRy`cb¨, cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡K eySvq| Kx
cwigvY KuvPvgvj μ‡qi Rb¨ A_© †Kv_v n‡Z msMÖn Kiv hv‡e G
msµvšÍ wm×všÍ‡K PjwZ wewb‡qvM wm×všÍ e‡j| †Kvb †Kv¤cvwb
hw` PjwZ g~ja‡b AwaK wewb‡qvM K‡i ev g~jab hw` Ae¨enƒZ
_v‡K, Zvn‡j gybvdv AR©b ÿgZv K‡g hv‡e| Avevi hw` PjwZ
m¤cwˇZ Avw_©K wewb‡qv‡Mi cwigvY K‡g hvq Zvn‡j †Kv¤cvwbi
PjwZ †`bv cwi‡kv‡a Amyweav nq| G‡Z SyuwKi cwigvY †e‡o hvq|
ZvB PjwZ m¤cwˇZ wewb‡qvM wm×všÍ Ggbfv‡e MÖnY Ki‡Z n‡e
hv‡Z gybvdv AR©b ÿgZv K‡g bv hvq, Avevi †`bv cwi‡kv‡ai
AcviMZv msµvšÍ SuywKi m¤gyLxb n‡Z bv nq| aiv hvK GKwU
KviLvbvi Rb¨ 10 j¶ UvKv e¨‡q GKwU †gwkb µq Kiv n‡jv| hw`
Drcv`‡bi Rb¨ KuvPvgvj mieivn Kiv bv hvq Zvn‡j Drcv`b ¯^vfvweK
_vK‡e bv| ZvB Drcv`b ¯^vfvweK ivL‡Z PjwZ g~jab e¨e¯’vcbv Kiv
n‡jv GKRb Avw_©K e¨e¯’vc‡Ki ¸iæZ¡c~Y© KvR| ZvB KuvPvgvj
µ‡qi Rb¨ Zvij¨ a‡i ivL‡Z nq| ch©vß cwigvY PjwZ m¤ú‡` wewb‡qvM
Kiv bv n‡j cÖwZôvb e¨emvq SuywK co‡Z cv‡i| Avevi `xN©‡gqvw`
Avw_©K SuywK n‡Z cv‡i| Avevi AZ¨vwaK PjwZ m¤ú‡` wewb‡qvM
Ki‡j c‡Y¨i †hvMvb evo‡jI gybvdv AR©b¶gZv n«vm cv‡e| ZvB PjwZ
m¤ú‡` Ggbfv‡e wewb‡qvM Kiv n‡e hv‡Z Zvij¨ I gybvdvi g‡a¨
mgš^q _v‡K|
4. Znwej (gybvdv) eÈb (Distribution of fund) :
Znwej eÈb ej‡Z e¨emv‡q AwR©Z gybvdv n‡Z †kqvi‡nvìvi‡`i
jf¨vsk, FY`vZv‡`i my` Ges miKvi‡K Ki cÖ`vb Kiv‡K eySvq| gybvdvi
†h Ask †kqvi‡nvìvi‡`i g‡a¨ e›Ub Kiv nq Zv‡K jf¨vsk (Dividend) e‡j
Ges †h Ask e›Ub bv K‡i fwel¨r wewb‡qvM ev e¨emvq m¤úªmvi‡Yi
Rb¨ †i‡L †`qv nq Zv‡K msiwÿZ gybvdv (Retained earnings) e‡j| mvaviYZ
AwR©Z gybvdvi m¤ú~Y© Ask †kqvi‡nìvi‡`i g‡a¨ e›Ub Kiv nq bv|
AwR©Z gybvdvi KZ Ask jf¨vsk wnmv‡e †kqvi gvwjK‡`i g‡a¨ e›Ub
Kiv n‡e Ges KZ Ask fwel¨‡Zi Rb¨ †Kv¤úvwb‡Z †i‡L †`Iqv n‡e Zv
wVK Kiv‡K jf¨vsk bxwZ (Dividend Policy) ejv nq| AwR©Z gybvdvi wK
cwigvY †kqvi gvwjK‡`i g‡a¨ e›Ub Kiv n‡e Ges wK cwigvY
†Kv¤úvwb‡Z †i‡L †`Iqv n‡e Zv wba©viY Kiv Avw_©K e¨e¯’vc‡Ki
¸iæZ¡c~Y© KvR| hw` †Kv¤úvwbi jvfRbK Lv‡Z bZzb wewb‡qv‡Mi
my‡hvM _v‡K Zvn‡j Znwej msMÖ‡ni Rb¨ gybvdvi m¤ú~Y© Ask
eÈb bv K‡i AvswkK eÈb Kiv nq| Avevi, jf¨vsk AvswkK eÈb Kiv n‡j
Zv †kqvi g~‡j¨i Dci Kx cÖfve co‡Z cv‡i Zv we‡ePbv K‡i wm×všÍ
wb‡Z nq| ZvB jf¨vsk Ggbfv‡e eÈb Ki‡Z n‡e hv‡Z †Kv¤úvwbi fwel¨Z
wewb‡qv‡Mi my‡hvM _v‡K| ZvB †h jf¨vsk e›Ub nvi †Kv¤cvwbi
†kqvi gvwjK‡`i mš‘ó †i‡L Ges fwel¨‡Zi wewb‡qvM my‡hv‡Mi
 A_©vq‡bi m~Pbv 21
mبenv‡ii ms¯’vb †i‡L †kqvi g~j¨ me©vwaK Ki‡Z cv‡i ZvB ÔKvg¨
jf¨vsk e›Ub' (Optimum dividend payout ratio)| ZvQvov, †Kv¤cvwbi
jf¨vsk cÖ`v‡bi ¯’vqxZ¡ Ges †evbvm †kqvi I bM` jf¨vsk cÖ`v‡bi
e¨vcv‡i Avw_©K e¨e¯’vcK‡K wPšÍ fvebv K‡i wm×všÍ wb‡Z nq|
Aiv hvK cÖvY †Kv¤úvwb G eQi 20 †KvwU UvKv gybvdv AR©b
K‡i| GB gybvdvi m¤ú~Y© Ask †kqvi gvwjK‡`i bv w`‡q 60% jf¨vsk
wnmv‡e cÖ`vb K‡i G‡Z †Kv¤úvwb (20  60%) = 12 †KvwU UvKv
jf¨vsk cÖ`vb K‡i| GQvovI †Kv¤úvwb fwel¨‡Z bZzb wewb‡qv‡Mi Rb¨
msiw¶Z Znwe‡j (20  40%) = 8 †KvwU UvKv msi¶Y K‡i hv
†Kv¤úvwb fwel¨‡Z jvfRbK †Kvb cÖK‡í wewb‡qvM Kivi my‡hvM
cv‡e| gybvdvi cy‡ivUvB jf¨vsk AvKv‡i e›Ub Ki‡j fwel¨‡Z
wewb‡qv‡Mi my‡hvM _v‡K bv| Avevi jf¨vsk cÖ`vb bv Ki‡j
†kqvigvwjKMY Amš‘ó nq|
ZvB gybvdvi Ask Ggbfv‡e eÈb Kiv DwPZ hv‡Z †kqvigvwjK‡`i
mš‘wói gva¨‡g †Kv¤úvwbi m¤ú` m‡e©v”P nq| †Kv¤úvwbi gybvdv
n‡Z FY`vZv‡`i wbw`©ó mgq AšÍi my` cÖ`vb Ki‡Z nq Ab¨_vq
†Kv¤úvwb †`Dwjqv n‡q †h‡Z cv‡i| Avevi h_vmg‡q miKvi‡K Ki
cwi‡kva Ki‡Z nq| Avi Ki cwi‡kv‡a †Kv¤úvwb e¨_© n‡j †Kv¤úvwbi
wbeÜb evwZj nIqvi m¤¢vebv _v‡K| wb‡¤œ Znwej e›U‡bi †ÿ‡Î
†ewk Kg
jf¨vsk I msiwÿZ Znwe‡ji m¤úK© †`Lv‡bv n‡jv :
60% jf¨vsk cÖ`vb 40% msiw¶Z
gybvdv Znwej
40% jf¨vsk cÖ`vb 60% msiw¶Z
Znwe‡ji nvi
Kg †ewk
wPÎ : gybvdv eÈb

cwi‡k‡l ejv hvq, Zªxe cÖwZ‡hvwMZvg~jK gy³ evRvi bxwZ‡Z

cÖwZwU e¨emvq cÖwZôvb AZ¨šÍ mZKZ©vi mv‡_ A_©vqb cwiKíbv
K‡i _v‡K| KviY A_©vqb cwiKíbvi DciB GKwU e¨emvq cÖwZôv‡bi jÿ¨
AR©b wbf©ikxj|
Kg©cÎ 2 : wb‡Pi D‡jøL KvR A_©vq‡bi †Kvb Kv‡Ri AšÍfz©³ Zv
ZvwjKvfz©³ Ki :
µwgK Kv‡Ri aib A_©vq‡bi
bs †Kvb
Kv‡Ri
AšÍf©y³
22 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
1 Rbve wgRvb cÖwZwU 100 UvKv g~‡j¨i
1,00,000 †kqvi evRv‡i weµq f‡i A_©
msMÖn K‡i| †kqvicÖwZ 50 UvKv nv‡i Avq
n‡jI †kqvigvwjK‡`i 60% jf¨vsk cÖ`vb Kiv
nq|
2 e„n`vqZb wkí KviLvbv ¯’vc‡b gvwjK
wbR¯^ Znwe‡ji cvkvcvwk 10 †KvwU UvKvi
FY e¨envi K‡i|
3 cÖvY MÖæc cY¨ Drcv`‡bi Rb¨ 1 †KvwU
UvKv e¨‡q †gwkb µq Ki‡jI nv‡Z bM` A_©
bv _vKvq KuvPvgvj wKb‡Z cvi‡Q bv|
4 MZ eQ‡i AwaK cwigvY av‡i weµ‡qi d‡j
A‡bK A_© †`bv †_‡K hvq ZvB GB eQi
†`bv`v‡ii cvIbv Av`v‡qi Rb¨ ¸iæZ¡ Av‡ivc
Kiv n‡jv|
5 e¨emvq m¤cÖmvi‡Yi Rb¨ Rbve ivwnb 1
†KvwU UvKvi eÛ Bmy¨ K‡i|

1.07 mvgwóK A_©bxwZi KvVv‡gv I A_©vq‡bi

f~wgKv
Macro Economics Structure and Role of Finance
mvgwóK A_©bxwZ n‡”Q A_©bxwZi Ggb GKwU kvLv, hv
†Kv‡bv GKK †kªwYi cÖwZôv‡bi A_©bxwZ‡K wb‡`©k bv K‡i RvZxq
ev AvÂwjK A_©bxwZi mvgwMÖK Kg©`¶Zv, KvVv‡gv I AvPiY wb‡q
Av‡jvPbv Kiv‡K eySvq| A_©vr mgwóK A_©bxwZ mgMÖ A_©bxwZ
Z_v RvZxq I wek¦ A_©bxwZ wb‡q Av‡jvPbv K‡i| †hgb wKfv‡e
A_©bxwZi mvgwMÖK cÖe„w× DVvbvgv K‡i mgwóK A_©bxwZ Zv
Av‡jvPbv K‡i| mgwóK A_©bxwZ A_©‰bwZK PjK¸‡jv‡K mvwe©K
A_©bxwZi Av‡jv‡K we‡kølY K‡i| mgwóK A_©bxwZ‡Z RvZxq Avq,
†fvM¯Íi, g~j¨¯Íi, gRywi ¯Íi, †eKvi‡Z¡i nvi, g~j¨ùxwZ, wb‡qvM¯Íi,
ev‡RU BZ¨vw` PjKmg~n Av‡jvwPZ nq| †hgb- miKvwi ev‡RU ev Ki
RbM‡Yi Avq wKsev `vg¯Íi‡K wKfv‡e cÖfvweZ K‡i Zv mvgwóK
A_©bxwZ‡Z Av‡jvwPZ nq| A_©vr mgwóK A_©bxwZ mgMÖ
A_©bxwZ wb‡q Av‡jvPbv K‡i|
mvgwóK A_©bxwZwe`MY cy‡iv A_©‰bwZK Kg©KvÛ eySvi Rb¨
wRwWwc, †eKvi‡Z¡i nvi I g~j¨ m~P‡Ki g‡Zv mvgwMÖK wb‡`©kK
wb‡q KvR K‡ib| mvgwóK A_©bxwZwe`MY mvgwóK A_©bxwZi
 A_©vq‡bi m~Pbv 23
KvVv‡gv Dbœqb K‡i _v‡Kb, hv wKQy Dcv`v‡bi g‡a¨ m¤úK©
e¨vL¨v K‡i| †hgb: RvZxq Avq, Drcv`b, †fvM, †eKviZ¡, gy`«vùxwZ,
mÂq, wewb‡qvM, AvšÍR©vwZK evwYR¨ Ges AvšÍR©vwZK A_©
e¨e¯’v| †Kv‡bv GKwU wbw`©ó AÂj ev †`‡ki A_©bxwZi aib‡KB
mvgwóK A_©bxwZi KvVv‡gv e‡j| mvgwMÖK A_©‰bwZK
KvVv‡gv‡Z H A‡ji mvgwMÖK Pvwn`v I †hvMv‡bi mgš^q
wbf©ikxj| mvgwóK A_©‰bwZK KvVv‡gv‡Z †Kv‡bv GKwU AÂj ev
†`‡ki †gvU Drcvw`Z `ªe¨ ev †mevi cwigvY, †gvU Avq, Kg©ms¯’vb,
Drcv`bkxj m¤ú` Ges g~j¨ ¯Íi BZ¨vw` welq wb‡q Av‡jvPbv Kiv nq|
G KvVv‡gv‡Z A_©bxwZi g~j welqmg~n we‡kølY Ges e¨vL¨v Kiv
n‡q _v‡K|
Ab¨w`‡K e¨emv cÖwZôvb cwiPvjbvi Rb¨ GKwU myôz cwi‡ek
cÖ‡qvRb| Avi GB cwi‡ekwU ˆZwi K‡i mgwóK A_©bxwZ| mgwóK
A_©bxwZ Ggb GKwU cÖvwZôvwbK cwi‡ek hvi †fZi GKUv e¨emvq
cÖwZôvb Zvi hveZxq Kvh©vejx m¤cv`b K‡i _v‡K| mgwóK
A_©bxwZ g~jZt GKwU mvwe©K A_©‰bwZK cwi‡e‡ki A_© I
g~jab evRv‡ii Avw_©K gva¨gmg~n (intermediaries), e¨vswKs c×wZi
cÖvwZôvwbK KvVv‡gv, Avw_©K FY I ivR¯^ (Fiscal) bxwZ Ges
Avw_©K bxwZ wba©viY I wbqš¿Y| Avw_©K e¨e¯’vcK‡K Aek¨B
e¨vcK A_©‰bwZK cwi‡ek m¤c‡K© AeMZ n‡Z n‡e| Ab¨_vq Zvi
Kvh©vejx cwiPvjbv myó n‡e bv| Avw_©K e¨e¯’vcK‡`i wb‡Pi
welq¸‡jv Rvbv cÖ‡qvRb :
K) Kxfv‡e Avw_©K bxwZ Znwe‡ji LiP cÖfvweZ K‡i, Avw_©K
e¨e¯’vcK‡`i Zv Rvbv DwPZ I KviY wPwýZ Kiv DwPZ|
L) Kxfv‡e ivR¯^ bxwZ A_©bxwZ‡K cÖfvweZ K‡i Avw_©K
e¨e¯’vcK‡`i Zv Rvbv DwPZ |
M) A_©ms¯’vb I m¤¢ve¨ wewb‡qvM cÖKí‡K g~j¨vqb Kivi Rb¨
wewfbœ Avw_©K cÖwZôvbmg~n m¤c‡K© Ges Kg© c×wZ
m¤c‡K© Rvbv DwPZ|
g~jab msMÖ‡ni †ÿ‡Î †hŠ_g~jawb †Kv¤úvwb †kqvievRv‡i †kqvi,
eÛ, wW‡eÂvi Bmy¨ K‡i g~jab msMÖn K‡i _v‡K| Avevi †h mKj
†Kv¤úvwb †kqvievRv‡ii gva¨‡g g~jab msMÖn Ki‡Z e¨_© nq †m
mKj e¨emvq cÖwZôvb Avw_©K cÖwZôvb n‡Z FY MÖnY K‡i A_©
msMÖn K‡i| Avw_©K cÖwZôv‡bi dv‡Ûi mxgve×Zvi Kvi‡Y wKQz
e¨emvq cÖwZôvb AcÖvwZôvwbK Drm †_‡K AwaK my‡` FY MÖnY
K‡i _v‡K| D”P my‡`i Kvi‡Y F‡Yi LiPI †ewk nq| G‡ÿ‡Î A_©vqb
m¤ú‡K© mwVK aviYv _vK‡j A_©vr
 Avw_©K cwiKíbv cÖbqY;
 †Kvb †Kvb Drm n‡Z g~jab ev Znwej msMÖn Ki‡Z n‡e;
24 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
 Kx cwigvY A_© Kx c×wZ‡Z Ges †Kvb cÖK‡í wewb‡qvM Ki‡Z
n‡e;
 g~ja‡bi cvwi‡ZvwlK cÖ`vb BZ¨vw`|
D³ welq¸‡jv mwVKgZ Kiv n‡j Drcv`b e¨q Kg hv‡e| Drcv`b
cÖwµqv myôfv‡e cwiPvwjZ n‡j Drcv`‡bi cwigvb e„w× cv‡e hv
mvgwóK A_©bxwZ‡Z ¸iæZ¡c~Y© f~wgKv iv‡L| Ab¨w`‡K miKvi
ivóxq A_©vq‡bi aviYv cÖ‡qvM K‡i mvgwóK A_©bxwZ‡Z gy`ªvi
†hvMvb ev F‡Yi cwigvY e„w× Ki‡Z cv‡i| †hgb: evsjv‡`k e¨vsK my‡`
nvi Kwg‡q A_ev †Lvjv evRvi n‡Z miKvwi eÛ µq K‡i Avw_©K
cÖwZôv‡bi gva¨‡g gy`ªv mieivn e„w× Ki‡Z cv‡i| d‡j my‡`i nvi K‡g
Ges Drcv`b e¨q n«vm cvq| Drcv`b e¨q Kg nIqvi Kvi‡Y evRv‡i
cY¨g~j¨ Kg n‡e Ges cY¨ `ª‡e¨i Pvwn`v evo‡e Ges Drcv`b e„w×
cvq| d‡j Kg©ms¯’vb ev‡o Ges mvgwóK A_©bxwZ‡Z Zv
¸iæZ¡c~Y© f~wgKv cvjb K‡i|

wPÎ : NvUwZ ev‡RU GKK, DØ„Ë ev‡RU GKK I Avw_©K cÖwZôvb

Dc‡ii wP‡Î NvUwZ ev‡RU GKK ev e¨emvq cÖwZôvb A_©vq‡bi
mwVK aviYv cÖ‡qvM K‡i PjwZ m¤úwˇZ wewb‡qv‡Mi Rb¨
¯^í‡gqv`x Ges ¯’vqx m¤úwˇZ wewb‡qv‡Mi Rb¨ `xN©‡gqv`x FY
Avw_©K cÖwZôvb n‡Z MÖnY Ki‡Z cv‡i Ges †kqvi, eÛ BZ¨vw`
Bmy¨ K‡i Zv Avw_©K cÖwZôv‡bi wbKU weµq K‡i `xN©‡gqvw`
g~jab msMÖn Ki‡Z cv‡i| Ab¨w`‡K D×…Ë ev‡RU GKK ev mÂqKvix
ev FY`vZv‡`i A_©vq‡b wel‡q mwVK aviYv _vK‡j D×…Ë A_©
cÖ‡qvRb Abyhvqx mÂqx wnmve ev ¯’vqx wnmve A_ev Dfq
wnmv‡e Rgv ivL‡Z cv‡i| Gfv‡e Avw_©K cÖwZôvb (e¨vsK, wegv
‡Kv¤úvwb BZ¨vw`) mvgwóK A_©bxwZ‡Z NvUwZ GKK I D×…Ë
GK‡Ki Znwej e¨e¯’vcbvi †ÿ‡Î mnvqK f~wgKv cvjb K‡i|

1.08 A_©vq‡bi bxwZmg~n

Principles of Finance
bxwZgvjv nj Kvh©m¤úv`‡bi KvVv‡gv myZivs bxwZgvjv ej‡Z
Ggb wKQz †gŠwjK welq‡K eySvq hv wbw`©ó †Kvb Kvh© m¤úv`b
Kivi †ÿ‡Î Abymib Kiv n‡j cÖwZôv‡bi g~j jÿ¨ AR©b mnRZi nq|
dv‡g©i g~j j‡¶¨ †cŠQv‡bvi Rb¨ Avw_©K e¨e¯’vcK‡K KwZcq bxwZ
AbymiY Ki‡Z nq| ZvB dv‡g©i g~j j¶¨ AR©‡bi Rb¨ GKRb Avw_©K
 A_©vq‡bi m~Pbv 25
e¨e¯’vcK‡K wewb‡qvM wm×všÍ Ges A_©vq‡bi Ab¨vb¨ KvR
m¤úv`‡bi mgq A_©vq‡bi Gme bxwZgvjv AbymiY Ki‡Z nq| wb‡¤œ
A_©vq‡bi K‡qKwU ¸iæZ¡c~Y© bxwZ m¤ú‡K© Av‡jvPbv Kiv n‡jv :
SuywK-
gybvdvi
bxwZ
(abvZ¥K
Zvij¨ I †cvU©‡dv
m¤úK©)
gybvdvi wjI
bxwZ ˆewPΨvq‡
(FYvZ¥K bi bxwZ
m¤úK©) (SuywK
n«vm
wPÎ : bxwZmg~‡ni g‡a¨ Kiv)
m¤úK©
1. Zvij¨ I gybvdv bxwZ (Principles of liquidity and profit) :
Zvij¨ I gybvdv bxwZ ej‡Z eySvq e¨emv‡qi cÖwZwU Avw_©K
wm×všÍ Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I gybvdv DfqB eRvq
_v‡K| Avw_©K e¨e¯’vcK A_©vq‡bi Kvh©vewj myôzfv‡e m¤úv`‡bi
Rb¨ GB bxwZwU AbymiY K‡i _v‡K| Avw_©K e¨e¯’vcbvi cÖvq
cÖwZwU †ÿ‡Î GB bxwZi f~wgKv ¸iæZ¡c~Y©| cÖwZwU Kv‡R jÿ
ivL‡Z nq †h e¨emv‡qi Zvij¨ I gybvdvi †KvbwUB hv‡Z e¨vnZ bv nq|
GwU GKwU mgwš^Z bxwZ hv wK bv Zvi‡j¨i bxwZ I gybvdvi bxwZi
g‡a¨ Dchy³ mgš^q mvab K‡i|
†h †Kvb `ªe¨, m¤ú` ev wmwKDwiwU weµq K‡i KZ `ªæZ bM`
A‡_© iƒcvšÍi Kiv hvq Zv‡K Zvij¨ e‡j| †h †Kvb cÖwZôvb Zvi ˆ`bw›`b
KvR cwiPvjbv Ki‡Z wM‡q A‡bK ai‡bi cvIbv`vi m„wó K‡i| e¨vsK ev
Ab¨vb¨ Avw_©K cªwZôvb †_‡K hw` FY †bqv nq Zvn‡j FY
mieivnKvwi‡K cvIbv`vi e‡j| G mKj F‡Yi GKwU wbw`©ó †gqv` _v‡K|
†gqv` DËxY© nIqvi Av‡M my`mn F‡Yi A_© cwi‡kva Ki‡Z nq|
Avw_©K e¨e¯’vcK hw` Zvi‡j¨i bxwZ h_vh_fv‡e AbymiY K‡i Zvn‡j
h_v mg‡q FY cwi‡kva Kiv hvq| cÿvšÍ‡i cÖwZôvbwUi hw` Zvij¨ Kg
_v‡K Zvn‡j cÖwZôvbwU FY cwi‡kv‡ai †ÿ‡Î e¨_© n‡Z cv‡i| †m
Ae¯’vq Avw_©K e¨e¯’vcbv e¨_© e‡j MY¨ nq| G‡Z cÖwZôvbwU
ÿwZMÖ¯’ nq| GKwU e¨emvq cÖwZôv‡b hviv Kg©KZ©v I Kg©Pvix,
kÖwgK KvR K‡i Zv‡`i †eZb wVK mg‡q cwi‡kva Ki‡Z nq †m Rb¨ I
Zvij¨ `iKvi| cY¨ Drcv`‡bi mg‡q †h me KuvPvgvj e¨envi Kiv nq
†m¸‡jv mvaviYZ e¨emv‡qi wbqg Abyhvqx evwK‡Z †Kbv nq| Zvij¨
bxwZ Abyhvqx A_© e¨e¯’vcK G mKj welq Ggbfv‡e wbqš¿Y K‡i †hb
mKj ai‡bi †`bv-cvIbv h_vmg‡q cwi‡kva Kiv hvq| A_©vr cÖwZôv‡bi
Zvij¨ ej‡Z PjwZ m¤ú` n‡Z PjwZ `vq cwi‡kv‡ai ÿgZv‡K eySvq|
26 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
gybvdv bxwZ AbymiY K‡i mvavibZ jvfRbK Lv‡Z wewb‡qvM Kiv
nq| cÖwZwU e¨emv‡qi mvg‡b wewb‡qv‡Mi A‡bK weKí my‡hvM
_v‡K| GKRb A_© e¨e¯’vcK wm×všÍ †bq †Kvb †Kvb Lv‡Z wewb‡qvM
Ki‡j gybvdv m‡e©v”PKiY Ki‡Z mg_© n‡e| gybvdvi bxwZ AbymiY
K‡i A_©e¨e¯’vcK cwiwgZ SzuwKi g‡a¨ †_‡KB gybvdv e„w× Ki‡Z
cv‡i| Zvij¨ bxwZ‡K cÖavb¨ w`‡j gybvdv ÿwZMÖ¯’ nq Avevi gybvdvi
bxwZ‡K cÖvavb¨ w`‡j Zvij¨ ÿwZMÖ¯’ nq| myZivs Zvij¨ I
wewb‡qv‡Mi g‡a¨ fvimvg¨ †i‡L Avw_©K e¨e¯’vcbv Kiv Avek¨K|
A_©vr GKw`‡K †hgb ˆ`bw›`b Kvh© cwiPvjbvi g‡Zv bM` A_© nv‡Z
ivLv cÖ‡qvRb, Ab¨w`‡K gybvdv AR©‡bi Rb¨ †mB A_© wewb‡qvM
KivI cÖ‡qvRb| ZvB Avw_©K e¨e¯’vcKMY Zvij¨ I gybvdvi g‡a¨
mgš^q mva‡bi gva¨‡g m¤ú` e¨e¯’vcbv K‡i _v‡K|
Dchy©³ Av‡jvPbv †_‡K cÖZxqgvb nq †h, Zvij¨ I wewb‡qv‡Mi
g‡a¨ fvimvg¨ †i‡L Avw_©K e¨e¯’vcbv Kiv Avek¨K| KviY GwU GKwU
mgwš^Z bxwZ hv wKbv Zvij¨ bxwZ I gybvdvi bxwZi g‡a¨ Dchy³
mgš^q mvab K‡i| A_©vr Zvij¨ I gybvdvi bxwZi g‡a¨ GKwU wecixZ
ev FYvZ¥K m¤úK© we`¨gvb Av‡Q| Zvij¨ bxwZ‡K cÖvavb¨ w`‡j
gybvdv ¶wZMÖ¯Í nq Avevi gybvdv bxwZ‡K cÖvavb¨ w`‡j Zvij¨
¶wZMÖ¯Í nq| wb‡gœ Zvij¨ I gybvdvi g‡a¨ m¤úK© †iLv wP‡Î
†`Lv‡bv n‡jv :

AwaK Kg Kg
Zvij¨ wewb gybv
‡qvM dv
Kg †ewk †ewk
Zvij¨ wewb gybvdv
‡qvM
wPÎ : Zvij¨ I gybvdvi bxwZ
myZivs, Zvij¨ I wewb‡qv‡Mi g‡a¨ fvimvg¨ †i‡L Avw_©K
e¨e¯’vcK‡K Kvh© m¤úv`‡bi e¨e¯’v Kiv DwPZ| aiv hvK, GKwU
†Kv¤úvwbi me©‡gvU 10,00,000 UvKv g~‡j¨i m¤ú` i‡q‡Q|
†Kv¤úvwb hw` m¤ú~Y© Ask wewb‡qvM K‡i Z‡e †Kv¤úvwb Zvij¨
msK‡U co‡e| wewb‡qvM n‡Z †Kv¤úvwb 10% gybvdv cÖZ¨vkv K‡i|
A_© e¨e¯’vcK hw` Zvij¨ bxwZ Abyhvqx 20 kZvsk bM` ivL‡Z Pvq
Z‡e Zvi wewb‡qvM nq 8,00,000 UvKv Ges gybvdvi cwigvY n‡e
80,000 UvKv| cÿvšÍ‡i Avw_©K e¨e¯’vcK hw` 30% Zvij¨ ivLvi
wm×všÍ MÖnY K‡ib Zvn‡j wewb‡qvM n‡e 7 jÿ UvKv Ges gybvdvi
cwigvY n‡e 70,000 UvKv| Avevi, Avw_©K e¨e¯’vcK Zvij¨ e„w×
40% ivLvi wm×všÍ wb‡j wewb‡qvM AviI n«vm †c‡q 6 jÿ UvKv n‡e
Ges gybvdv AviI n«vm †c‡q 60,000 UvKv n‡e| gybvdv AR©b
e¨emv‡qi g~j jÿ we‡ePbv K‡i hw` 20 kZvsk Zvi‡j¨i bxwZ AbymiY
 A_©vq‡bi m~Pbv 27
K‡i Ges †m Ae¯’vq cÖwZôv‡bi PjwZ `vq †gUv‡Z bv cv‡i, Z‡e †mUv
†Kvbfv‡eB cÖwZôv‡bi Rb¨ Kvw•LZ n‡Z cv‡i bv| Avevi Zvij¨ †ewk
†i‡L gybvdvi cwigvY 80,000 †_‡K 70,000 ev Av‡iv n«vm †c‡q
60,000 UvKv nq Ges †`Lv hvq †h 30 kZvsk Zvij¨ ivL‡jI cÖwZôv‡bi
PjwZ `vq cwi‡kva Kiv †hZ, Z‡e †mUvI cÖwZôv‡bi Rb¨ `ytLRbK|
†h‡nZz GB welqwU Av‡M †_‡K wbwðZ K‡i ejv hvq bv ZvB welqwU
Avw_©K e¨e¯’vc‡Ki `vwq‡Z¡ †Q‡o †`qv nq| ZvB cÖwZwU Avw_©K
wm×všÍ Avw_©K e¨e¯’vc‡K Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I
gybvdv Dfq eRvq ivLv m¤¢e nq| ZvB A_©vq‡bi fvlvq ejv nq Zvij¨ I
gybvdvi bxwZ GKwU mgwš^Z bxwZ hv wKbv Zvij¨ bxwZ I gybvdvi
bxwZi g‡a¨ Dchy³ mgš^q mvab K‡i|
Zvij¨ I gybvdvi bxwZi g‡a¨ GKwU wecixZgyLx m¤úK© Av‡Q|
Zvij¨ bxwZ‡K cÖvavb¨ w`‡j gybvdv ¶wZMÖ¯Í nq Avevi gybvdv
bxwZ‡K cÖvavb¨ w`‡j Zvij¨ ¶wZMÖ¯Í nq| welqwU wb‡gœi †iL wP‡Îi
gva¨‡g †`Lv‡bv n‡jv :

A (AwaK
gybv

P1
dv

gybvdv Kg
P2
Zvij¨)
B (Kg gybvdv
AwaK Zvij¨)

0 L1 Zvi L2
wPÎ : Zvij¨ I j¨gybvdv mgš^q
Hint : P = gybvdv (Profit); L = Zvij¨ (Liquidity)
Dc‡iv³ wP‡Î L2 cwigvY Zvij¨ msiÿY Ki‡j gybvdvi cwigvY nq P2
cwigvY| A_©vr AwaK Zvij¨ Kg gybvdv| Aciw`‡K Zvi‡j¨i cwigvY
n«vm K‡i hLb L1 Kiv nq ZLb gybvdvi cwigvb e„w× †c‡q P1 nq|
A_©vr Kg Zvij¨ AwaK gybvdv|
2. SuywK-gybvdv bxwZ (Principles of risk and return) :
wewb‡qvM n‡Z cÖZ¨vwkZ gybvdv A‡cÿv cÖK…Z gybvdv Kg
nIqvi m¤¢vebv‡K SuwzK e‡j| SzuwKi Kvi‡bB wewb‡qvM cÖKí †_‡K
Avkvbyiƒc gybvdv AwR©Z nqbv Ges wewb‡qvMK…Z A_© ¶wZi
m¤§yLxb nq| wewb‡qvM n‡Z cÖvß A_©‡K gybvdv e‡j| cÖ‡Z¨K
wewb‡qvMKvix gybvdvi Avkvq cÖK‡í A_© wewb‡qvM K‡i| SzuwK-
gybvdv bxwZ Abymv‡i wewb‡qvM hZ †ewk SuwzKc~Y© n‡e
cÖZ¨vwkZ gybvdvi nvi Z‡Zv †ewk n‡e| KviY GKRb wewb‡qvMKvix
hLb AwaK SzuwK MÖnY K‡i ZLb †m AwaK gybvdv cÖZ¨vkv K‡i|
Avw_©K e¨e¯’vc‡Ki SuzwK I gybvdvi g‡a¨ mgš^q mvab K‡i
e¨emv‡qi Avw_©K wm×všÍ MÖnY Kiv DwPZ hv‡Z cÖwZôv‡bi jÿ¨
AR©b Kiv hvq| Ges cÖwZôv‡bi †kqvi‡nvìvi‡`i ¯^v_© i¶v nq|
28 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
SuzwK I gybvdvi g‡a¨ m¤úK© GKwU D`vni‡Yi mvnv‡h¨ e¨vL¨v
Kiv n‡jv| g‡b Ki, Rbve Avqgvb mvw`K e¨vw·g‡Kv wjwg‡UW Gi
Avw_©K e¨e¯’vcK| wZwb hw` miKvwi e‡Û wewb‡qvM K‡ib Zvn‡j
Zv n‡e GKwU SzuwKgy³ wewb‡qvM| KviY miKvwi eÛ n‡Z cÖwZ eQi
wbw`©ó nv‡i my` mywbwðZ cvIqv hvq| A_©vr G‡ÿ‡Î eÛ n‡Z
cÖvc¨ my` I Avmj cÖvwßi †Kvb AwbðqZv _v‡K bv| ZvQvov miKvi
KL‡bv †`Iwjqv nIqvi AvksKv †bB| GRb¨ miKvwi eÛ ev FYcÎ n‡Z
cÖvß gybvdvi nvi n‡”Q SzuwKgy³ gybvdvi nvi| wKš‘ Rbve Avqgvb
mvw`K hw` †kqvi evRv‡i †Kvb †Kv¤úvwbi †kqv‡i wewb‡qvM K‡i
†m‡ÿ‡Î wewb‡qvM n‡Z cÖvß Avq mywbwðZ bq| †h †Kvb mgq
†kqv‡ii `vg n«vm ev e„w× n‡Z cv‡i| GgbwK †kqv‡ii evRvi g~j¨
n«vm †c‡q Zv µq g~‡j¨i †P‡q Kg n‡Z cv‡i| A_©vr ÿwZ n‡Z cv‡i|
Avevi †kqv‡ii evRvi g~j¨ µq g~‡j¨i †P‡q A‡bK †ewk n‡Z cv‡i| G‡ÿ‡Î
gybvdvi nvi A‡bK †ewk n‡Z cv‡i| wewb‡qvMKvixiv AwZwi³ SzuwK
MÖn‡Yi Rb¨ †h AwZwi³ gybvdv cÖZ¨vkv K‡i Zv‡K SuzwK Awanvi
(Risk premium) e‡j| myZivs SuzwK wcÖwgqvg n‡”Q SzwKc~Y© m¤ú‡`
wewb‡qvM n‡Z gybvdvi nvi Ges SuzwKgy³ m¤ú‡` wewb‡qvM n‡Z
gybvdvi nv‡ii cv_©K¨| aiv hvK, Rbve Avqgvb mvw`K miKvwi e‡Û
wewb‡qvM K‡i‡Qb Ges cÖvß gybvdvi nvi 12%| GQvovI wZwb
GKwU ‡Kv¤úvwbi SzuwKc~Y© †kqv‡i wewb‡qvM K‡i‡Qb Ges
gybvdvi nvi 22%| G‡ÿ‡Î SuzwK Awanvi n‡”Q 12% (22%-12%)| wKš‘
wZwb hw` ïaygvÎ miKvwi e‡Û wewb‡qvM K‡ib †m‡ÿ‡Î SuzwK
Awanvi k~b¨ n‡e| ZvB wewb‡qv‡Mi †ÿ‡Î GKRb Avw_©K
e¨e¯’vcK‡K SuywK I Av‡qi g‡a¨ mgš^q mvabc~e©K wewb‡qvM
wm×všÍ MÖnY Ki‡Z nq| SzuwK I gybvdvi g‡a¨ GB m¤úK©‡K wP‡Îi
mvnv‡h¨ †`Lv‡bv n‡jv :
†gvU
Avq

gyb SyuwK MÖn‡Yi d‡j

vdv evowZ gybvdv
SyuwKgy³
gybvdv
0 Sy
u
wPÎ: SyuwK I gybvdvi g‡a¨ m¤úK©
w
Dc‡ii Av‡jvPbv n‡Z ejv hvq, SyuwK I gybvdvi g‡a¨ cvi¯úwiK
K
mggyLx m¤úK© j¶¨ Kiv hvq| A_©vr SyuwK evo‡j gybvdv ev‡o
 A_©vq‡bi m~Pbv 29
Avevi SyuwK Kg‡j gybvdvI K‡g| wKš‘ SuywK I gybvdv e„w× mgvb
Abycv‡Z nq bv|
3. †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ (Principles of portfolio
diversification) :
e¨emvqx ev wewb‡qvMKvix Zvi mg¯Í A_© GKwU m¤ú‡`
wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g SuywK
n«vm Kivi cÖ‡Póv‡K †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ e‡j|
†cvU©‡dvwjI ˆewPΨvq‡bi g~j¨ D‡Ïk¨ n‡”Q SzuwK n«vm Kiv|
A_©vq‡b GKwU eûj cÖPwjZ gZev` n‡”Q ÒDo not put your all eggs in one
busketÓ| m¤ú` e¨e¯’vcbvi †ÿ‡Î (Asset management) G bxwZi f~wgKv
Acwimxg| ˆewPΨvq‡bi bxwZ‡K GKRb e¨emvqx, Drcv`bKvix Ges
wewb‡qvMKvixi `„wó‡KvY †_‡K e¨vL¨v Kiv †h‡Z cv‡i| Znwej
wewb‡qv‡Mi †ÿ‡Î e¨emvqx cY¨ ev †mev hZ`~i m¤¢e
ˆewPΨvqc~Y© n‡j e¨emv‡qi SuzwK ew›UZ nq I SzuwK n«vm cvq|
cÖwZwU e¨emvq cÖwZôvb AwbwðZ fwel¨Z‡K †K›`ª K‡i gybvdv
AR©‡bi †Póv K‡i| d‡j e¨emvq bvbvgyLx SuzwKi m¤§yLxb nq| GB
SzwK¸‡jv wewfbœ Kvi‡Y m„wó n‡Z cv‡i; †hgb- A_©‡bwZK, ivR
‰bwZK, mvgvwRK †cÖÿvc‡Ui cwieZ©b, evRv‡i bZzb c‡Y¨i
Dcw¯’wZ, cÖvK…wZK `y‡h©vM, AvKw¯§K `yN©Ubv BZ¨vw`| Gme
cwieZ©b¸‡jv‡K wbqš¿Y Kiv ev Gi Rb¨ cÖ¯‘wZ †bqv e¨e¯’vcK‡`i c‡ÿ
mvaviYZ m¤¢e bq| d‡j SuzwK e›U‡bi bxwZ Abym‡bi d‡j AwbwðZ
evRvi cwiw¯’wZ‡ZI cÖZ¨vwkZ gybvdv AR©b m¤¢e|
GKRb e¨emvqx ev wewb‡qvMKvix hw` Zvi mKj m¤ú` GKwU
†Kv¤úvwb‡Z ev GK ai‡bi c‡Y¨i e¨emv K‡i Zvn‡j e¨emv‡qi gybvdv
AR©b SzuwKc~Y© n‡q hvq| KviY GKwU †Kv¤úvwb‡Z mKj m¤ú`
wewb‡qvM Ki‡j †mB †Kv¤úvwbwU cieZ©xKv‡j †`Dwjqv n‡q †h‡Z
cv‡i| cÿvšÍ‡i e¨emvqx ev wewb‡qvMKvix hw` Zvi mKj m¤ú` GKwU
†Kv¤úvwb‡Z ev GK ai‡bi c‡Y¨ wewb‡qvM bv K‡i GKvwaK
†Kv¤úvwb‡Z wewb‡qvM K‡i _v‡K Zvn‡j SzuwK ew›UZ n‡q hvq| GB
†ÿ‡Î GKwU †Kv¤úvwbi †kqv‡ii evRvi g~j¨ n«vm †c‡jI Ab¨
†Kv¤úvwbi †kqv‡ii evRvi g~j¨ e„w×i gva¨‡g ÿwZ cywl‡q †bqv m¤
¢e nq| KviY GK mv‡_ me †Kv¤úvwbi †kqv‡ii evRvi g~j¨ n«vm cv‡e
bv ev me †Kv¤úvwb GKmv‡_ †`Dwjqv nIqvi m¤¢ebv Kg| ZvB
GKvwaK cÖK‡í ev m¤úwˇZ wewb‡qvM Ki‡j SzuwK Kgv‡bv m¤¢e|
aiv hvK, Rbve Avqgvb mvw`K 10,00,000 UvKv †WmwUwb
†Kv¤úvwb‡Z wewb‡qvM K‡ib| †Kvb Kvi‡Y †WmwUwb †Kv¤úvwb eÜ
n‡q hvq G‡Z Rbve Avqgvb mvw`K ¶wZi m¤§yLxb nq| Aci w`‡K
Rbve cjK Zvi 10,00,000 UvKv wZbwU cÖK‡í wewb‡qvM K‡i| cÖKí
30 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
wZbwU n‡jv miKvwi wmwKDwiwUR µq, ¯‹qvi †Kv¤úvwb †kqvi Ges
†WmwUwb †Kv¤úvwbi †kqvi µq| d‡j cjK mv‡n‡ei †WmwUwb
†Kv¤úvwb †`Dwjqv ev eÜ n‡q †M‡jI Ab¨ wewb‡qvM n‡Z †m
cÖZ¨vwkZ gybvdv cvq| Avi cÖZ¨vwkZ gybvdv cvIqvi KviY n‡jv cjK
mv‡ne †cvU©‡dvwjI bxwZ MÖnY K‡i wewb‡qv‡Mi SuywK n«vm
K‡ib| G welqwU‡K wb‡Pi wP‡Îi mvnv‡h¨ †`Lv‡bv n‡jv :
GKK GKvwaK
wmwKDwiwU‡Z wmwKDwiwU‡Z
wewb‡qvM wewb‡qvM

miKv ¯‹qvi Bf¨vwj

†WmwUwb wi †Kv¤ú
†Kv¤úvwb †kqvi µq eÛ vwb wewb‡qvM
(†`Iwjqv‡Z¡i SuywK (GKvwaK m¤ú‡`
†ewk _v‡K) AvbycvwZKgva¨‡g
SuywKSzuwK
n«vm n«vm
cvq)
[

wPÎ : †cvU©‡dvwjI ˆewPΨvq‡bi

Kg©cÎ 4 :
µwg welqe¯‘ †Kvb
K bs ai‡bi
bxwZ
1 Rbve ivZz‡ji GKvwaK cÖK‡í wewb‡qvM
my‡hvM _vKv ¯^‡Z¡I †m AwaK gybvdvi
cÖZ¨vkvq GKwU cÖK‡í wewb‡qvM wm×všÍ
MÖnY Kij|
widvZ mv‡ne bZzb AviI GKwU cÖK‡í
2 wewb‡qv‡Mi Rb¨ Zvi Rgv‡bv m¤ú~Y© A_©
Ab¨ cÖK‡íB wewb‡qvM K‡i| d‡j †m kªwgK‡`i
†eZb I KviLvbv fvov mgq g‡Zv cwi‡kva Ki‡Z
e¨_© nq|
3 Avw_©K msKU †gvKvwejvi Rb¨ wg. Rvwn`
me mgq GKwU wbw`©ó cwigv‡Yi A_© nv‡Z
iv‡L| G‡Z gybvdvi cwigvY I mvgÄm¨ _vK|
4 wjwc GKRb PvKwiRxwe †m Zvi †eZ‡bi
m¤ú~Y© Ask LiP bv K‡i fwel¨‡Zi Rb¨ wKQz
UvKv Rwg‡q iv‡Lb|
5 BDwbwjfvi evsjv‡`k Km‡gwU· RvZxq cY¨
Drcv`b K‡i| m¤úªwZ Zviv wgwb c¨vK I
d¨vwgwj c¨v‡Ki gva¨‡g cY¨ Drcv`b K‡i| G‡Z
mKj †µZv mš‘ó nq|
 A_©vq‡bi m~Pbv 31
6 cjK mv‡ne GKRb bvgKiv AvmevecÎ e¨emvqx|
†m GKvav‡i †mvdv‡mU, WvBwbs †Uwej I LvU
ˆZwi K‡i| cieZx©‡Z AwaK gybvdvi cÖZ¨vkvq
†m AvmevecÎ e¨emvevÜe K‡i †m GKwU
†Kv¤úvwbi †kqvi µq K‡i|
7 miKvi hvZvqvZ e¨e¯’v AvivgcÖ` Kivi Rb¨
evm, †g‡Uªv †i‡ji cvkvcvwk IqvUvi evm
mvwf©m Pvjy K‡i|

1.09 A_©vq‡bi bxwZmg~‡ni g‡a¨ cvi¯úwiK

m¤úK©
Interrelationship Among Principles of Finance
cÖwZwU e¨emvq cÖwZôv‡bi g~j jÿ¨ AR©‡bi A_©vqb I
A_©vqb e¨e¯’vcbvi KwZcq ¸iæZ¡c~Y© bxwZgvjv i‡q‡Q| g~j jÿ¨
AR©‡bi Rb¨ Avw_©K e¨e¯’vcbvi bxwZgvjv Ges †KŠkj m¤ú‡K©
mvwe©K Ávb jvf I h_vh_ cÖ‡qvM AZ¨šÍ ¸iæZ¡c~Y©| A_©vqb
e¨e¯’vcbv ej‡Z e¨emv‡qi Rb¨ cÖ‡qvRb Abyhvqx g~jab msMÖn,
†mB msM„nxZ Znwej ev g~jab ¯^í I `xN©‡gqvw` wewb‡qvM
wbwðZ KiY I Znwej eÈb msµvšÍ e¨e¯’vcbv‡K eySvq| A_©vqb
e¨e¯’vcbv, wewb‡qvM wm×všÍ MÖnY Ges Znwej e›Ub msµvšÍ
wm×všÍ MÖn‡Yi Rb¨ GKRb Avw_©K e¨e¯’vcK‡K A_©vq‡bi
bxwZgvjv AZ¨šÍ ¸iæZ¡mnKv‡i we‡ePbv Ki‡Z nq| wKš‘ A_©vq‡bi
bxwZmg~‡ni cvi¯úwiK m¤úK© I wbf©ikxjZv m¤ú‡K© bv Rvb‡j
†Kvb A_© e¨e¯’vcK G¸‡jvi mwVK cÖ‡qvM wbwðZ Ki‡Z cvi‡e bv|
ZvB A_©vq‡bi bxwZ mg~‡ni mwVK cÖ‡qv‡M G¸‡jvi cvi¯úwiK
m¤úK© wb‡q Av‡jvPbv Kiv Acwinvh©| A_©vq‡bi bxwZmg~‡ni
g‡a¨ cvi¯úwiK m¤úK© Av‡jvPbv Kiv n‡jv:
1. Zvij¨ I gybvdv bxwZi mv‡_ SuywK-gybvdv bxwZi
m¤úK© (Relation of principles of liquidity and profitability and principles of risk and
return) : †Kv‡bv †Kv¤úvwbi Zvij¨ e„w× †c‡j Gi gybvdv I gybvdvi nvi
n«vm cvq, Avevi A¯^”QjZvRwbZ SuywKi cwigvY n«vm †c‡q _v‡K|
Ab¨w`‡K Zvi‡j¨i cwigvY n«vm †c‡j gybvdv Ges gybvdvi nvi e„w×
cvq Ges A¯^”QjZvRwbZ SuywKi cwigvY e„w× cvq| D`vniY¯^iƒc ejv
hvq, Avjdv wRbm wjt wewfbœ ai‡bi c¨v›U I R¨v‡KU ˆZwi K‡i
we‡`‡k ißvwb K‡i| GKwU ißvwb cÖKí cwiPvjbvi Rb¨ †Kv¤úvwb
AwaKvsk g~jab wewb‡qvM K‡i †`q| A_© cÖvw߇Z †ewk mgq †j‡M
hvq e‡j Zvi‡j¨i AeZ©gv‡b cÖwZôvbwU Kg©KZ©v Kg©Pvix‡`i
†eZb fvZv cwi‡kv‡a A¶g n‡q c‡o| d‡j Kg©xiv ag©NU K‡i
32 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
cÖwZôvbwUi Kvh©µg eÜ K‡i †`q| G‡¶‡Î Avjdv wRbm wjt Gi
A¯^”QjZvRwbZ SuywK e„w× †c‡q‡Q| Ab¨w`‡K, Avjdv wRbm wjt
ißvwbK…Z A_© cvIqvi ci bZzb †Kv‡bv AW©vi †c‡jvbv, d‡j
cÖwZôvbwUi Zvi‡j¨i cwigvY e„w× cv‡e wKš‘ gybvdvi nvi n«vm
cv‡e Ges Am”QjZv SuywK n«vm cv‡e| Av‡jvPbv †_‡K †`Lv hvq,
Zvij¨ I gybvdv Ges SuywK I gybvdv bxwZi g‡a¨ m¤úK© AZ¨šÍ
wbweo|
2. SuywK-gybvdv bxwZi mv‡_ †cvU©‡dvwjI ˆewPΨvqb
bxwZi m¤úK© (Relation of principles of risk and return and principles of portfolio
diversifications) : SuywK-gybvdv †hgb ci¯úi m¤úK©hy³, †Zgwb SuywK I
gybvdv bxwZi mv‡_ ˆewPΨvqb bxwZI cvi¯úwiK m¤úK©hy³| SuywK
n«vm †c‡j †hgb gybvdvi nvi n«vm cvq, †Zgwb SuywK e„w× †c‡j
gybvdvi nvi e„w× cvq| ˆewPΨvqb bxwZi g~j D‡Ïk¨ n‡jv e¨emv‡qi
SuywK n«vm Kiv| ZvB SuywK I gybvdvi bxwZ Ges ˆewPΨvqb
bxwZi D‡Ïk¨ GK I Awfbœ| D`vniY¯^iƒc ejv hvq, Zvwgg BKevj Zvi
evevi wbKU †_‡K DËivwaKvi m~‡Î 1 †KvwU UvKv †c‡q‡Q| Zvwgg
GB 1 †KvwU UvKv wewb‡qvM K‡i me©vwaK gybvdv †c‡Z Pvq|
G‡¶‡Î Zvwg‡gi DwPZ n‡e Zvi cÖvß UvKv wewfbœ cÖK‡í
wewb‡qvM Kiv| †hgb †m wKQz UvKv †kqv‡i wewb‡qvM Ki‡Z cv‡i,
Avevi wKQz UvKv w`‡q LyPiv Jl‡ai †`vKvb cÖwZôv Ki‡Z cv‡i| Gfv‡e
GKvwaK cÖK‡í wewb‡qvM Kiv n‡j wewb‡qv‡Mi gybvdv wKQzUv Kg
n‡jI SuywK n«vm cv‡e|

1.10 A_©vq‡bi Dci Gi bxwZmg~‡ni cÖfve

Impact of Principles of Finance
Avw_©K e¨e¯’vcK‡K A_©vqb bxwZgvjv Abymi‡Yi gva¨‡g
cÖwZôv‡bi Avw_©K cwiKíbv MÖnY Ki‡Z nq| Avw_©K cwiKíbvq
A_©vq‡bi bxwZmg~n wfwË wn‡m‡e KvR K‡i| A_©vqb cwiKíbvq
e¨e¯’vcK‡K Znwej msMÖn, g~jab ev‡RwUs, ¯^í‡gqvw` m¤ú`
e¨e¯’vcbv Ges Znwej eÈb (jf¨vsk e›Ub) msµvšÍ wm×všÍ MÖnY
Ki‡Z nq| Avw_©K wm×všÍ MÖn‡Y e¨e¯’vcK Kxfv‡e A_©vq‡bi
bxwZi Dci wbf©ikxj nb Zv Av‡jvPbv Kiv n‡jv :
1. Znwej msMÖ‡n SuywK-gybvdv bxwZ Ges ˆewPΨvq‡bi
bxwZi cÖfve : Znwej msMÖ‡n SuywK-gybvdv Ges ˆewPΨvqb
bxwZi cÖfve AZ¨šÍ ¸iæZ¡c~Y©| Avgiv cÖ_‡g Znwej msMÖ‡ni †ÿ‡Î
ˆewPΨvq‡bi bxwZi cÖfve Ges cieZ©x‡Z SzuwK-gybvdv bxwZi
cÖfve wb‡q Av‡jvPbv Kie| Znwej msMÖ‡ni †¶‡Î ˆewPΨvq‡bi bxwZ
AbymiY Kiv n‡j GKwU Drm n‡Z A_© msMÖn bv K‡i GKvwaK Drm
 A_©vq‡bi m~Pbv 33
n‡Z Znwej msMÖn Kiv‡K cÖvavb¨ †`qv nq| GKvwaK Drm n‡Z Znwej
msM„nxZ n‡j GKB mg‡q Zv cwi‡kva Kivi cÖ‡qvRb n‡e bv e‡j
cwi‡kv‡ai SuywK n«vm cv‡e| D`vniY¯^iƒc ejv hvq, ¯‹qvi
dvg©vwmDwUK¨vjm wjt ïay †kqvi Bmy¨i gva¨‡g Znwej msMÖn bv
K‡i eÛ Bmy¨i gva¨‡gI g~jab msMÖn Ki‡Z cv‡i| A_ev FYK…Z Znwej
msMÖ‡ni †¶‡Î GKwU e¨vsK‡K ¸iæZ¡¡ bv w`‡q GKvwaK e¨vsK ev
Avw_©K cÖwZôvb; †hgb: †mvbvwj e¨vsK, iƒcvwj e¨vsK, †gNbv
e¨vsK, RbZv e¨vsK, wegv †Kv¤úvwb, wjwRs †Kv¤úvwb †_‡K
wewfbœ †gqv‡` FY MÖnY Ki‡Z cv‡i| G‡¶‡Î ¯‹qvi
dvg©vwmDwUK¨vjm wjwg‡UW‡K GKB mg‡q FY cwi‡kva Ki‡Z n‡e
bv weavq Abvqv‡m Znwej msM„nxZ n‡jI cÖwZôvbwUi cwi‡kv‡ai
mgq wfbœ nIqvq SuywK n«vm cv‡e| Ab¨w`‡K SuywK-gybvdv bxwZ
A_©vqb wm×všÍ‡K e¨vcKfv‡e cÖfvweZ K‡i| †Kvb cÖwZôvb AwZwi³
FY MÖn‡Yi gva¨‡g wewb‡qvM e„w× Ki‡j Zvi gybvdv e„w× †c‡jI
Avw_©K SuywKi cwigvY e„w× cv‡e| ZvB cÖvwZôvwbK SuywK
Kgv‡Z n‡j Avw_©K e¨e¯’vcK‡K FYK…Z Znwe‡j nvi Kgv‡Z n‡e| ZvB
Avw_©K e¨e¯’vcK SzuwK I gybvdvi g‡a¨ mgš^q mvab K‡i Kx
cwigvY A_© †kqvi g~jab Ges Kx cwigvY A_© FY g~jab n‡Z msMÖn
Kiv DwPZ Zv wba©viY K‡i _v‡K|
2. g~jab ev‡RwUs wm×v‡šÍi †¶‡Î SuywK-gybvdv bxwZi
cÖfve : `xN©‡gqvw` wewb‡qvM wm×všÍ n‡jv g~jab ev‡RwUs
wm×všÍ| `xN©‡gqvw` wm×všÍ MÖnY GKwU RwUj cÖwµqv| †Kbbv
fwel¨Z me©`v AwbwðZ| g~jab ev‡RwUs‡qi †¶‡Î SuywK I gybvdv
we‡kølY AZ¨šÍ ¸iæZ¡c~Y© wn‡m‡e we‡ewPZ nq| GKwU cÖK‡í A_©
wewb‡qv‡Mi ci †`Lv †Mj gybvdvi nvi b~b¨Zg gybvdvi nvi ev g~jab
e¨q A‡c¶v Kg ZLb cÖKíwU eR©b Kiv nq| Giƒc‡¶‡Î wewb‡qvMKvix
wbwðZfv‡e †`Dwjqv nIqvi m¤¢vebv _vK‡e| Avevi cÖK‡íi gybvdvi
nvi hw` b~¨bZg cÖ‡qvRbxq gybvdvi nvi ev g~jab e¨q A‡cÿv †ewk
nq ZLb cÖKíwU MÖnY‡hvM¨ nq Ges cÖKíwU jvfRbK nq| D‡jøL¨ †h,
†Kvb cÖK‡íi SzuwK hZ †ewk n‡e b~¨bZg cÖ‡qvRbxq gybvdvi nvi
ZZ †ewk n‡e| ZvB `xN©‡gqvw` g~jab wewb‡qv‡Mi c~‡e©B
wewb‡qvMKvix‡K g~jab e¨q Ges wewb‡qvM †diZ A_©vr gybvdvi
nvi m¤ú‡K© aviYv wb‡Z n‡e| hw` wewb‡qvM †di‡Zi nvi g~jab e¨q
A‡c¶v †ewk nq Zvn‡j cÖKíwU MÖnY Kiv †h‡Z cv‡i, Ab¨_vq bq|
D`vniY¯^iƒc ejv hvq, cvwKRv †U·UvBjm wjt bZzb GKwU Kvco ˆZwii
†gwkb µq Ki‡Z Pvq| hvi AvbygvwbK g~j¨ 3,00,000 UvKv| hvi
†gqv`Kvj 5 eQi| †gwkbwU †_‡K evwl©K 50,000 UvKv Ki cieZ©x
Avq n‡e| †gwkbwU µq Ki‡Z e¨vsK †_‡K FY MÖnY Ki‡j 20% my`
w`‡Z n‡e| G‡¶‡Î cÖwZôvbwUi Mo Av‡qi nvi (ARR) n‡e 33.33%|
†h‡nZz Av‡qi nvi b~¨bZg cÖ‡qvRbxq g~jab e¨q A‡c¶v AwaK
34 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
†m‡nZz cÖKíwU MÖnY‡hvM¨ n‡e| Ab¨w`‡K, cÖwZôvbwUi g~jab
msMÖ‡n my‡`i nvi cÖvß Mo Avq A‡c¶v †ewk n‡j cÖKíwU ewR©Z
n‡e| Av‡jvPbv †_‡K †`Lv hvq, g~jab ev‡RwUs wm×v‡šÍi †¶‡Î mv‡_
SuywK I gybvdv bxwZ gvivZ¥K cÖfve we¯Ívi K‡i|
3. PjwZ m¤ú` e¨e¯’vcbvi †ÿ‡Î Zvij¨ I gybvdv bxwZi
cÖfve : PjwZ m¤ú‡` wewb‡qvM e„w×i d‡j cÖvwZôvwbK Zvij¨
e„w× cvq| Avevi Zvij¨ e„w× †c‡j cÖwZôv‡bi gybvdv ¶wZMÖ¯Í nq|
Aciw`‡K PjwZ m¤ú‡` wewb‡qvM n«vm †c‡j cÖvwZôvwbK Zvij¨
n«vm cvq Ges gybvdv e„w× cvq| AwaK Zvij¨ †hgb cÖwZôv‡bi Rb¨
¶wZKi, †Zgwb cÖ‡qvRbxq cwigv‡Y Zvi‡j¨i Afv‡eI cÖvwZôvwbK
Kvh©vewj ¶wZMÖ¯Í nq| ZvB Avw_©K e¨e¯’vcK‡K PjwZ m¤ú‡`
Ggbfv‡e wewb‡qvM Kiv DwPZ hv‡Z Zvij¨ I gybvdv DfqB eRvq
_v‡K| myZivs PjwZ m¤ú` e¨e¯’vcbvi Zvij¨ I gybvdvi welqwU
¸iæ‡Z¡i mv‡_ we‡ePbv Ki‡Z n‡e|
4. Znwej eȇbi †ÿ‡Î SuywK-gybvdv bxwZi cÖfve : Znwej
eȇbi mv‡_ SuywK I gybvdvi bxwZ m¤úK© AZ¨šÍ wbweo|
†Kv¤úvwbi AwR©Z gybvdvi GKwU Ask †kqvi‡nvìvi‡`i g‡a¨ jf¨vsk
AvKv‡i e›Ub Kiv nq| ZvQvov gybvdv n‡Z Av‡M F‡Yi my` I
AMÖvwaKvi †kqv‡ii jf¨vsk cwi‡kva Kiv nq| †Kv¤úvwb jf¨vsk cÖwZ
eQi mgnv‡i eÈb K‡i bv| †Kv¤úvwbi nv‡Z hw` myweavRbK
wewb‡qv‡Mi my‡hvM _v‡K ZLb †kqvi‡nvìv‡`i g‡a¨ Kg jf¨vsk e›Ub
K‡i| Ges D³ A_© AwaK jvfRbK cÖK‡í wewb‡qvM K‡i gybvdv e„w×
Kiv hvq| Avevi †Kv¤úvwb hw` gybvdvi m¤ú~Y© Ask †kqvi‡nvìvi‡`i
g‡a¨ e›Ub K‡i Zvn‡j cvIbv`v‡ii FY I my` cwi‡kv‡a e¨_© nq, †m‡ÿ‡ÎI
†Kv¤úvwb wejywßi ev Avw_©K SzuwKi m„wó n‡e| †h †Kv¤úvwb
†kqv‡ii wbqwgZ bM` jf¨vsk cÖ`vb K‡i wewb‡qvMKvwiiv H
†Kv¤úvwbi †kqvi †ewk µq K‡i| d‡j †Kv¤úvwbi †kqv‡ii evRvi g~j¨
e„w× cv‡e| ZvB Znwej eȇb †ÿ‡Î Avw_©K e¨e¯’vcK‡K
†kqvi‡nvìvi‡`i cÖZ¨vkv, FY`vZv‡`i F‡Yi my`, AwaK jvfRb cÖK‡í
wewb‡qv‡Mi my‡hvM BZ¨vw` welq we‡ePbvq †i‡L Znwej e›U‡bi
wm×všÍ MÖnY Ki‡Z nq|

1.11 A_©vq‡bi j¶¨

Goal of Finance
†h †Kvb e¨emv cÖwZôv‡bi A_©msµvšÍ wm×všÍ¸‡jv ev¯Íevq‡bi
cÖavb D‡Ïk¨ n‡jv H †Kv¤cvwbi wbw`©ó j‡ÿ¨ †cuŠQv‡bv|
†Kv¤cvwbi H j‡ÿ¨ †cuŠQv‡bvi Rb¨B c~‡e© ewY©Z wewb‡qvM
wm×všÍ, A_©vqb wm×všÍ I jf¨vsk wm×všÍ myôyfv‡e MÖnY I Zvi
ev¯Íevqb GKvšÍ cÖ‡qvRb| G¸‡jvi ev¯Íevqb Kivi Rb¨ GKwU
cÖwZôv‡bi `vwq‡Z¡ _v‡Kb e¨e¯’vcKMY (Managers)| ZvB e¨e¯’vcK‡K
 A_©vq‡bi m~Pbv 35
Ggbfv‡e †Kv¤úvwb cwiPvjbv Kiv DwPr hv GKwU dv‡g©i me©Rb
¯^xK„Z D‡Ïk¨ H dv‡g©i gvwj‡Ki ev gvwjK‡`i mvwe©K A_©
‰bwZK Kj¨vY (economic welfare) me©vwaKi‡Y me‡P‡q †ewk
¸iæZ¡c~Y© f~wgKv iv‡L| †Kv¤úvwbi gvwjK‡`i mvwe©K A_©
‰bwZK Kj¨v‡Yi D‡Ïk¨ AR©‡b wb‡¤œv³ `yÕwU cš’v (approach)
A_©vq‡bi jÿ¨ wn‡m‡e we‡ewPZ nq :
1. gybvdv me©vwaKiY (Profit Maximization)
2. m¤ú` me©vwaKiY (Wealth Maximization)
gybvdv †kqvi cÖwZ
me©vwaKiY Avq e„w×
g~j j¶¨

m¤ú` †kqv‡ii evRvi

me©vwaKiY g~j¨ e„w×

1. gybvdv me©vwaKiY (Profit maximization) :

†Kv‡bv dvg© ev e¨emvq cÖwZôv‡bi gybvdv e„w× Kiv‡K
gybvdv me©vwaKiY e‡j| mvaviYZ †Kv‡bv e¨emvq cÖwZôv‡bi
†gvU Avq †_‡K †gvU e¨q ev` w`‡j hv Aewkó _v‡K Zv‡K gybvdv e‡j|
†Kv‡bv e¨emvq cÖwZôv‡bi g~j D‡Ïk¨B n‡”Q gvwjK‡`i Rb¨ gybvdv
AR©b Ges Zv me©vwaKiY (Maximization) Kiv| gybvdv me©vwaKi‡Yi
D‡Ïk¨‡K mvg‡b †i‡L GKRb Avw_©K e¨e¯’vcK H dv‡g©i wewb‡qvM
wm×všÍ, A_©vqb wm×všÍ I jf¨vsk wm×všÍmg~n ev¯Íevqb K‡ib|
†Kv¤úvwb ev e¨emvq cÖwZôv‡bi g~j j¶¨ gybvdv AR©b n‡jI
mgv‡Ri Pvwn`v Abyhvqx e¨q Kwg‡q ¸YMZ gvbm¤úbœ cY¨ I †mev
cÖ`v‡bi gva¨‡g gybvdvR©b‡K cÖvavb¨ †`Iqv nq|
L.J. Gitman (wMUg¨vb) Gi g‡Z, "Corporations commonly meansure profit in terms of
earnings per share (EPS), which represent the amount earned during the period on behalf of each
outstanding share of common stock" A_©vr GKwU K‡c©v‡ikb gybvdv cwigvc
K‡i †kqvi cÖwZ Avq (earnings per share) Gi gva¨‡g hv GKwU wbw`©ó
mg‡q cÖwZwU mvaviY †kqv‡ii wecix‡Z Kx cwigvY A_© AwR©Z
n‡q‡Q Zv wb‡`©k K‡i|
J.F. Weston and E.F. Brigham-Gi fvlvq, "The maximization of firm's net income is called
profit maximization." A_©vr wbU gybvdv me©vwaKiY‡K dv‡g©i gybvdv
me©vwaKiY e‡j|
gybvdv AR©bB cÖwZôv‡bi Ab¨Zg cÖavb j¶¨| G j¶¨‡K †K›`ª K‡i
cÖvwZôvwbK wewb‡qvM wm×všÍ M„nxZ nq| †Kv¤úvwbi
†kqvi‡nvìvi‡`i †kqvi cÖwZ Avq e„w× Kiv‡K gybvdv e„w×KiY e‡j|
36 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
GKwU †Kv¤úvwbi †kqvi cÖwZ Avq (earnings per share) wb‡¤œi
mgxKi‡Yi gva¨‡g wbY©q Kiv hvq :
†kqvi cÖwZ Avq (EPS) =
AvaywbK e¨emvq RM‡Z Ôgybvdv' kãwU `y'wU A‡_© e¨enƒZ nq|
 gvwjK m¤cwK©Z aviYv (owner oriented concept)
 cwiPvjb m¤cwK©Z aviYv (operational concept)
cÖ_gZ, gvwjK m¤cwK©Z aviYv Abyhvqx gvwjKiv e¨emv †_‡K †h
Ask cvq ZvB n‡”Q gybvdv|
wØZxqZ, Acic‡ÿ cwiPvjb m¤cwK©Z aviYvq e¨emvq cwiPvjb `ÿZvi
Dci ¸iæZ¡ †`Iqv n‡q‡Q| `ÿZvi Kvi‡Y m„ó DØ„Ë Drcv`b ÿgZv‡K jvf
AR©b ÿgZv (profitability) ejv nq| AvaywbK Kv‡j jvf AR©b ÿgZv‡K
GKwU †Kv¤cvwbi g~j D‡Ïk¨ wn‡m‡e aiv nq| ZvB gybvdv
me©vwaKiY ZLbB n‡e hLb †Kvb m¤cwË ev cÖK‡í wewb‡qvM K‡i
me©vwaK A_©‰bwZK Kg©`ÿZvi gva¨‡g †Kv¤cvwbi gvwjK‡`i
me©vwaK A_©‰bwZK Kj¨vY mvab m¤¢e| jvfRbK cÖK‡í ev

me©vwaKiY
m¤cwˇZ wewb‡qv‡Mi wm×všÍ MÖnY Ges D³ cÖKí ev¯Íevq‡bi Rb¨

gybvdv
myweavRbK Drm †_‡K Znwej msMÖn K‡i Zvi I myôy e¨e¯’vcbvi
gva¨‡gB gybvdv me©vwaKiY m¤¢e| wb‡gœ gybvdv me©vwaKi‡Yi
aviYvwU wP‡Îi mvnv‡h¨ Zz‡j aiv n‡jv :
A_©vqb

wewb‡qvM bM` ev
¯^í‡gqvw
PjwZ
` D‡Ïk¨
e¨emvq cÖe„w×
c~iY AR©b
cwiPvjb
jf¨vsk
wm×všÍ
wPÎ : gybvdv me©vwaKiY
gybvdv me©vwaKiY m¤ú‡K© wewfbœ aviYv wb‡P e¨vL¨v Kiv n‡jv
:
 e¨q wbqš¿Y : e¨q Kgv‡Z cvi‡j gybvdv †e‡o hvq| ZvB A‡b‡K
g‡b K‡ib Drcv`b LiP Ges cÖkvmwbK I weµq LiP Kwg‡q gybvdv
me©vwaKiY m¤¢e| cÖwZ‡hvwMZvg~jK evRv‡i DbœZ gv‡bi
KuvPvgvj I `ÿ kÖwg‡Ki myôy I `ÿ e¨e¯’vcbvi gva¨‡g Drcv`b LiP
Kwg‡q Ges DbœZgv‡bi `ªe¨ ev †mev Dcnvi w`‡q b¨vqm½Z g~‡j¨
weμ‡qi gva¨‡g gybvdv e„w× ev me©vwaKiY m¤¢e| myZivs e¨q
ms‡KvPb Kiv A_©vq‡bi Ab¨Zg D‡Ïk¨|
 Drcvw`Z c‡Y¨i weµq g~j¨ e„w× : gybvdv AR©bB cÖavb j¶|
ZvB GB j¶¨‡K †K›`ª K‡i c‡Y¨i g~j¨ e„w× Kivi gva¨‡g gybvdv e„w×
 A_©vq‡bi m~Pbv 37
Kiv hvq| Z‡e cÖwZ‡hvwMZvg~jK evRv‡i Zv m¤¢e bvI n‡Z cv‡i|
Z‡e `ªe¨ ev †mevi ¸YMZ gvb DbœZ †i‡L Zv m¤¢e n‡Z cv‡i|
 c‡Y¨i Pvwn`v m„wó : A‡bK mgq we`¨gvb cY¨ ev †mevi bZzb
bZzb Pvwn`v m„wó Kiv hvq| `ªe¨ ev †mevi Pvwn`v m„wó K‡i
AwaK cwigvY `ªe¨ Drcv`b I weµq K‡i gybvdv me©vwaKiY Kiv m¤
¢e n‡Z cv‡i| cÖwZ‡hvwMZvg~jK evRv‡i ev evRvi A_©bxwZ‡Z
†fv³v‡`i Ges we‡µZv‡`i µq-weµ‡qi Kvh©vewj I ¯^fve ev AvPiY
`ª‡e¨i g~j¨ wba©viY K‡i| Pvwn`v m„wó K‡i †Kv¤cvwbi gvwjK‡`i
gybvdv me©vwaKi‡Yi Rb¨ †Kvb m¤cwË ev cÖK‡í wewb‡qvM
wm×všÍ, A_©vqb wm×všÍ I jf¨vsk wm×všÍmg~n ev¯Íevq‡bi Rb¨
me©vwaK gybvdv AR©b m¤¢e| Avi gybvdv AR©b ÿgZv
me©vwaKi‡Yi j‡ÿ¨ Avw_©K e¨e¯’vcK cÖKí I wm×všÍmg~‡ni g‡a¨
†h¸wj AwaK jvfRbK †m¸wj MÖnY Ki‡eb, Avi †h¸wj jvfRbK bq †m¸wj
eR©b Ki‡eb|
e¨emvq cÖwZôv‡bi Ab¨Zg j¶¨ n‡jv ¯^í‡gqv‡` me©vwaK
gybvdv AR©b Kiv| G c×wZ Abymv‡i cÖwZôv‡bi g~j j¶¨ n‡jv AwaK
nv‡i gybvdv AR©b Kiv| GLb cÖkœ n‡”Q gybvdv me©vwaKiY
GKwU e¨emvq cÖwZôv‡bi hyw³m½Z D‡Ïk¨ wK bv? GUv Kx
†Kv¤úvwbi gvwjK‡`i A_©‰bwZK KY¨vY mva‡bi P~ovšÍ gvcKvwV?
DËi n‡”Q bv| KviY gybvdv AR©‡bi wKQz mxgve×Zv _vKvq GwU
dv‡g©i g~j, ev¯Íem¤§Z, h‡_vchy³ I gvbweK w`K we‡ePbv K‡i g~j
j¶¨ ejv hvq bv| ZvQvov cÖwZ‡hvwMZvg~jK evRv‡i gybvdv
me©vwaKiY‡K †Kv¤úvwbi g~j j¶¨ ejv hvq bv| wb‡¤œv³ Kvi‡Y
gybvdv me©vwaKiY jÿ¨‡K gvwjK‡`i mvwe©K A_©‰bwZK Kj¨vY
mva‡bi cwiPvjb gvcKvwV wn‡m‡e we‡ePbv Kiv hvq bv :
K) gybvdv aviYv A¯úóZv (Ambiguity or Vague) : gybvdv kãwUi †h
msÁv †`Iqv n‡q‡Q Zv AZ¨šÍ A¯úó| gybvdv ej‡Z wK ¯^í‡gqvw` bv
`xN©‡gqv`x gybvdv, Kic~e© gybvdv bv Ki cieZ©x gybvdv, wbU
gybvdv bv †gvU gybvdv, †gvU gybvdv bv †kqvi cÖwZ gybvdv
eySv‡bv n‡q‡Q Zv ¯úó bq| gybvdvi Giƒc wewfbœ aviYv‡K wewfbœ
e¨w³ ev cÖwZôvb wewfbœfv‡e e¨vL¨v Ki‡Z cv‡i| †KD Avevi
g~ja‡bi Dci gybvdvi nvi, †KD Avevi ïay ¯’vqx m¤cwˇZ
wewb‡qv‡Mi Dci gybvdvi nvi wnmve Ki‡Z cv‡ib| D`vniY¯^iƒc ejv
hvq, GKwU dv‡g©i 100 UvKv `v‡gi 20,000 †kqvi Av‡Q| A_©vr
†kqvi g~jab = 20,000  100 = 20,00,000 UvKv| aiv hvK, GB
wewb‡qvM K‡i MZ eQi dvg©wU wbU gybvdv AR©b K‡i‡Q
4,00,000 UvKv| Zvn‡j, †kqvi cÖwZ gybvdv ev Avq n‡e 4,00,000 
20,000 = 20 UvKv| g~ja‡bi Dci Avq kZKiv 4,00,000  20,00,000 =
20%| wKš‘, Ab¨ dv‡g©i hw` GKB cwigvY †kqvi g~jab Ges Av‡iv
2,00,000 FYK„Z g~jab wewb‡qvM _v‡K Ges †gvU wewb‡qv‡Mi Dci
38 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
kZKiv 20% nv‡i Avq K‡i hw` eQ‡i 60,000 UvKv wbU gybvdv AR©b
K‡i _v‡K, Z‡e †kqvi cÖwZ gybvdv n‡e 6,00,000  20,000 = 30
UvKv Ges dv‡g©i wbR¯^ g~ja‡bi Dci gybvdvi kZKiv nvi n‡e
6,00,000  20,00,000 = 30%|
Dchy©³ Av‡jvPbv Ges D`vniY †_‡K GUv cwi¯‹vi fv‡e ejv hvq,
Ôgybvdv' k‡ãi A¯úó msÁv I e¨vL¨vi Kvi‡Y GUv‡K A_©‰bwZK
wm×v‡šÍi gvcKvwV wnmv‡e e¨envi Kiv hyw³m½Z bq|
L) gybvdv AR‡©b A‡_©i mgqg~j¨ we‡ePbv Kiv nq bv
(Time value of money are igonred) : gybvdv me©vwaKiY‡K
GKwU e¨emv cÖwZôv‡bi jÿ¨ wnmv‡e MY¨ Kivi Ab¨ GKwU ÎæwU ev
evav n‡”Q, wewfbœ mg‡q wewfbœ cwigvY ev nv‡i gybvdv| GKwU
D`vni‡Yi mvnv‡h¨ e¨vcviwU ¯úó Kiv hvq| g‡b Ki, GKRb
wewb‡qvMKvixi nv‡Z wZbwU weKí wewb‡qvM cÖKí i‡q‡Q| Zuv‡`i
Ab¨vb¨ Avw_©K Z_¨ wb¤œiƒc :
cÖ g~ja cÖK‡íi eQ‡ii gybvdv (UvKvq) †gvU
Kí b †gqv` Avq
K 40,00 3 25,0 25,0 25,000 Ñ Ñ 75,000
0 00 00
L 40,00 4 0 25,0 10,00 40,00 75,00
0 00 0 0 0
M 40,00 5 25,0 5,00 10,000 10,00 25,0 75,000
0 00 0 0 00
Dchy©³ †Uwe‡j GUv jÿ¨Yxq †h, wZbwU cÖK‡íi g~jab GKB Ges
†gvU gybvdvI GKB cwigvY| †h‡nZz wewfbœ mg‡qi gybvdvi cwigvY
wewfbœ iKg, †m‡nZz Gme †ÿ‡Î gybvdv‡K †Kv¤cvwbi A_©‰bwZK
wm×v‡šÍi gvcKvwV wn‡m‡e e¨envi Kiv hyw³m½Z bq|
ZvQvov A‡_©i eZ©gvb g~‡j¨i aviYvwU‡K we‡ePbv Kiv DwPZ|
Dchy©³ wZbwU cÖK‡íi Kvh©Kvj wfbœ nIqvq Ges wewfbœ mg‡qi
gybvdvI wfbœ nIqvq cÖwZwU cÖK‡íi fwel¨‡Z cÖZ¨vwkZ gybvdv‡K
A‡_©i eZ©gvb g~‡j¨ iƒcvšÍwiZ K‡i wm×všÍ †bqv DwPZ, hv gybvdv
me©vwaKiY jÿ¨wU we‡ePbv K‡i bv| A‡_©i mgqg~j¨ we‡ePbv Kiv
n‡j Dchy©³ cÖKí wZbwUi g‡a¨ cÖKí ÔK' Gi fwel¨‡Z cÖZ¨vwkZ
gybvdvi eZ©gvb g~j¨ †ewk n‡e Ges cÖKí ÔKÕ MÖnY‡hvM¨ n‡e|
M) SuywK we‡ePbv Kiv nq bv (Avoiding risk) : gybvdv
me©vwaKiY j‡ÿ¨i Av‡iKwU we‡kl Amyweav n‡”Q G‡ÿ‡Î wewb‡qvM
†_‡K cÖZ¨vwkZ gybvdv AR©‡bi †h SuywK Av‡Q Zv we‡ePbv Kiv
nq bv| GLv‡b SzuwK ej‡Z wewb‡qvM cÖK‡íi cÖZ¨vwkZ gybvdvi
cwieZ©bkxjZv‡K eySvq| myZivs gybvdv Ges SzuwKi g‡a¨
mgš^qmvab Kiv cÖ‡qvRb| GKwU D`vni‡Yi mvnv‡h¨ welqwU
 A_©vq‡bi m~Pbv 39
e¨vL¨v Kiv hvq| wewb‡qvMKvixi nv‡Z `yÕwU wewb‡qvM cÖKí
i‡q‡Q| cÖKí `yÕwUi Avw_©K Z_¨ wb‡¤œ †`qv n‡jv :
cÖK cÖ‡qv eQ‡ii gybvdv (UvKvq) †gvU
í Rbxq 1g 2q 3q 4_© 5g gybvdv
g~jab
K 4,000 3,000 -1,000 2,000 - 4,00 6,500
1,500 0
L 4,000 500 800 1,000 1,50 2,50 6,300
0 0
Dc‡ii †Uwej †_‡K Avgiv ej‡Z cvwi gybvdv me©vwaKiY jÿ¨ Abymv‡i
cÖKí ÔKÕ MÖnY Kiv n‡e| KviY cÖKí ÔKÕ Gi †gvU gybvdvi cwigvY
cÖKí ÔLÕGi †P‡q †ewk| Z‡e cÖKí ÔKÕ Gi gybvdv AR©‡bi ZviZg¨
i‡q‡Q, hv‡K SuywK ejv nq| cÖKí `yÕwUi g‡a¨ ÔKÕ cÖK‡íi 2q I 4_©
eQi ÿwZ n‡q‡Q h_vµ‡g 1,000 I 1,500 UvKv| wKš‘ ÔLÕ cÖK‡í cÖ‡Z¨K
eQ‡iB gybvdv AwR©Z n‡q‡Q| myZivs SzuwK we‡ePbv Ki‡j A_©vr
gybvdvi cwieZ©bkxjZv we‡ePbv Ki‡j cÖKí ÔLÕ MÖnY Kiv DwPZ KviY
Gi SzuwK Kg| myZivs gybvdvi ZviZg¨ ev AwbðqZvi Kvi‡Y gybvdv
me©vwaKiYI AwbwðZ n‡q c‡o hv gybvdv me©vwaKi‡Y we‡ePbv Kiv
nq bv|
N) bM` cÖevn we‡ePbv K‡i bv (Cashflow are not considered) :
†Kv¤úvwbi gybvdvi cwigvb e„w× Zvi gv‡b GB bq †h †kqvi gvwjK‡`i
bM` cÖevn e„w× †c‡q‡Q| †Kv¤úvwb n‡Z †kqvi‡nvìviMY `yÕfv‡e bM`
cÖevn †c‡q _v‡K| GKwU n‡”Q jf¨vs‡ki (dividend) gva¨‡g Ges Ab¨wU n‡”Q
g~jabx jvf (Capital gain) Gi gva¨‡g| wbU gybvdvi †h Ask †kqvi gvwjK‡`i
g‡a¨ e›Ub Kiv nq Zv‡K jf¨vsk e‡j Ges g~jabx jvf ej‡Z eySvq †kqviwUi
weµq g~j¨ I µq g~‡j¨i cv_©K¨| myZivs †kqvi cÖwZ Avq (Earning per share)
e„w× cvIqvi A_© GB bq †h †Kv¤úvwbi cwiPvjbv cl©` mv‡_ mv‡_ †kqvi
gvwjK‡`i jf¨vs‡ki cwigvY e„w× Ki‡e| Ab¨w`‡K †kqvi cÖwZ Avq e„w×
cIqvi A_© GB bq †h †kqv‡ii g~j¨ e„w× cv‡e| A‡bK dv‡g©i †ÿ‡Î †`Lv hvq
gybvdv e„w× cvIqv m‡Ë¡I †kqv‡ii g~j¨ e„w× cvq bv| G‡ÿ‡Î †kqv‡ii g~j¨
ZLbB e„w× cv‡e hw` gybvdv e„w×i mv‡_ fwel¨‡Z cÖvß bM` cÖevn
e„w× cvq|
GKwU D`vni‡Yi mvnv‡h¨ aviYwU e¨vL¨v Kiv hvq| g‡b Ki, cÖhyw³
wbf©i GKwU †Kv¤úvwbi Drcv`b LiP Ges cÖkvmwbK I weµq LiP
n«vm K‡i gybvdv AwaK cwigv‡Y e„w× Ki‡Z cv‡i| G‡ÿ‡Î gybvdv
e„w×i KviY n‡”Q LiP n«vm Kiv| wKš‘ evRv‡i GB †Kv¤úvwbi
cÖwZ‡hvwMZvg~jK Ae¯’v n«vm cvIqvi d‡j †Kv¤úvwbi †kqv‡ii g~j¨
n«vm cv‡e KviY A‡bK wewb‡qvMKvix Zv‡`i †kqvi weµq Ki‡e GB
40 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
Kvi‡Y fwel¨‡Z bM` cÖevn n«vm cv‡e| myZivs G‡ÿ‡Î gybvdv e„w×
†c‡q‡Q wKš‘ bM` cÖevn n«vm †c‡q‡Q hvi d‡j †kqv‡ii g~j¨ K‡g hvq|
2. m¤ú` me©vwaKiY (Wealth Maximization) :
GKwU dv‡g©i m¤c` me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨
me©vwaKiY‡K ev bxU eZ©gvb g~j¨ me©vwaKiY‡K eySvq| e¨vcK
A‡_©, †h Kvh©µ‡gi Øviv †kqvi‡nvìvi‡`i wbU eZ©gvb g~j¨ e„w×
cvq Zv‡K m¤ú` me©vwaKiY e‡j| A_©vr †Kvb cÖKí n‡Z cÖvß bM`
A‡_©i eZ©gvb g~j¨ e„w× KivB n‡jv m¤ú` me©vwaKiY|
†kqvi‡nvìviMY GKwU †Kv¤úvwbi g~j gvwjK| ZvB †kqvi‡nvìvi‡`i
m¤ú‡`i cwigvY e…w× Kiv GKwU dv‡g©i g~j j¶¨ wn‡m‡e we‡ewPZ
nq| †kqv‡ii eZ©gvb evRvi g~j¨ we‡ePbv K‡i †kqvi‡nvìvi‡`i m¤ú‡`i
cwigvY wn‡me Kiv nq| †kqv‡ii evRvi g~j¨ Kg n‡j †kqvi‡nvìvi‡`i
m¤ú‡`i cwigvY n«vm cvq, Avevi †kqv‡ii evRvi g~j¨ †ewk n‡j
†kqvi‡nvìvi‡`i m¤ú‡`i cwigvY e…w× cvq| m¤ú` me©vwaKiY ej‡Z
Avgiv †kqv‡ii evRvi g~j¨ e…w× Kiv‡K ey‡S _vwK| †Kvb
wewb‡qv‡Mi bxU eZ©gvb g~j¨ ej‡Z gybvdvi eZ©gvb g~‡j¨i
mgwó I wewb‡qv‡Mi eZ©gvb g~‡j¨i ga¨eZ©x cv_©K¨‡K eySvq|
BwZevPK (positve) wbU eZ©gvb g~j¨B m¤c‡`i m„wó K‡i|
I.M. Pandey (cv‡Û) Gi g‡Z, "Wealth maximization means maximizing the net present
value of a course of action to shareholder. The net present value of a course of action is the
difference between the present value of its benefits and present value of its costs." A_©vr †h
Kvh©µ‡gi Øviv †kqvi‡nvìvi‡`i wbU eZ©gvb g~j¨ e„w× cvq Zv‡K
m¤ú` me©vwaKiY e‡j| wbU eZ©gvb g~j¨ bM` myweavi eZ©gvb
g~j¨ Ges Li‡Pi eZ©gvb g~‡j¨i cv_©K¨ wb‡`©k K‡i|
Ross Westerfield (I‡q÷vi wdì) and Jordan (RW©vb) Gi g‡Z, ÒThe goal of financial
management is to maximize the current value per share of the existing stock.Ó A_©vr Avw_©K
e¨e¯’vcbvi jÿ¨ n‡”Q cÖwZwU †kqv‡ii eZ©gvb evRvi g~j¨ e„w× Kiv|
m¤ú‡`i cwigvY = eZ©gv‡b cÖwZwU †kqv‡ii
evRvi g~j¨  †kqv‡ii msL¨v
Wealth = Market Price Per Share  Number of Share

D`vnviY¯^iƒc ejv hvq, †Kv‡bv GKwU †Kv¤úvwbi †kqv‡ii cwigvY

1,000wU Ges cÖwZwU †kqv‡ii evRvi g~j¨ 100 UvKv n‡j D³
†Kv¤úvwbi †gvU m¤ú‡`i cwigvY n‡e (1,000  100) = 1,00,000
UvKv| hw` cÖwZwU †kqv‡ii evRvi g~j¨ e„w× †c‡q 200 UvKv nq
Zvn‡j D³ †Kv¤úvwbi †gvU m¤ú‡`i cwigvY n‡e (1,000  200) =
2,00,000 UvKv| GKBfv‡e cÖwZwU †kqv‡ii evRvi g~j¨ 300 UvKv n‡j
D³ †Kv¤úvwbi †gvU m¤ú‡`i cwigvY `uvov‡e (1,000  300) =
3,00,000 UvKvq| A_©vr †kqv‡ii evRvi g~‡j¨i mv‡_ m¤ú‡`i cwigv‡Yi
mggyLx m¤úK© we`¨gvb| †kqv‡ii evRvi g~j¨ e„w× †c‡j m¤ú‡`i
 A_©vq‡bi m~Pbv 41
cwigvY e„w× cvq Ges †kqv‡ii evRvi g~j¨ n«vm †c‡j m¤ú‡`i cwigvY
n«vm cvq|
†kqv‡ii g~j¨ wZbwU wel‡qi Dci wbf©i K‡i; †hgb : gybvdv
DcvR©‡bi mgq, bM` cÖev‡ni cwigvY Ges SzuwK| D‡jøL¨ GwU
gybvdv me©vwaKi‡Yi D‡Ï‡k¨i `ye©jZv¸wj `~i K‡i mwVKfv‡e
m¤c‡`i cwigvc Ki‡Z mÿg nq e‡j G D‡Ïk¨wU GKwU myôy I
hyw³m½Z D‡Ïk¨ wn‡m‡e mve©Rbxbfv‡e M„nxZ| †Kv¤cvwbi ev
dv‡g©i m¤c` me©vwaKiY jÿ¨‡K mvg‡b †i‡L Avw_©K e¨e¯’vcK‡K
cÖwZwU Avw_©K Kg©KvÛ ev wm×všÍ Ggbfv‡e MÖnY I Zv
ev¯Íevq‡bi c`‡ÿc MÖnY DwPZ hv‡Z d©v‡gi †kqv‡ii g~j¨ e„w× cvq|
†h‡nZz †kqv‡ii g~j¨ Øviv dv‡g©i gvwjK‡`i m¤ú‡`i cwigvY wnmve
Kiv nq, †m‡nZz †kqv‡ii g~j¨ e„w× †c‡j dv‡g©i gvwjK‡`i m¤ú`
e„w× cvq| A_©vr Avw_©K e¨e¯’vcbvi jÿ¨ n‡”Q cÖwZwU †kqv‡ii
eZ©gvb evRvi g~j¨ e„w× Kiv| GKwU dv‡g©i †kqv‡ii eZ©gvb
g~j¨ ev m¤c‡`i cwigvY Avgiv wb‡¤œv³ m~Î e¨envi K‡i cwigvc Ki‡Z
cvwi :
NPV = – CF0
Dchy©³ m~‡Î NPV Øviv dv‡g©i †kqv‡ii wbU eZ©gvb g~j¨, CFt Øviv
fwel¨‡Z cÖZ¨vwkZ bM` cÖevn Ges k Øviv evÆvi nvi Ges CFo Øviv
cÖv_wgK g~jab cÖKvk Kiv n‡q‡Q| evÆvi nvi ev cÖ‡qvRbxq Av‡qi
nvi (Required rate of return) wb‡¤œv³fv‡e wbY©q Kiv hvq :
evÆvi nvi (k) = SzuwKgy³ Av‡qi nvi (Risk free rate) + SzuwK
wcÖwgqvg (Risk premium)
†Kvb †Kv¤úvwb‡Z wewb‡qv‡Mi †ÿ‡Î SzuwK hZ †ewk n‡e evÆvi nvi
ev cÖ‡qvRbxq gybvdvi nvi ZZ †ewk n‡e| D‡jøL¨ †h, Dc‡ii m~‡Îi
gva¨‡g †Kvb †kqv‡ii eZ©gvb g~j¨ wba©vi‡Yi †ÿ‡Î bM` cÖevn, bM`
cÖev‡ni mgq (gybvdv DcvR©‡bi mgq) Ges SzuwK (evÆvi nvi ev
cÖ‡qvRbxq gybvdvi nvi) we‡ePbv Kiv nq| Dchy©³ m~Î e¨envi K‡i
†h †Kv¤cvwb ev cÖK‡íi m¤c‡`i bxU eZ©gvb g~j¨ hZ †ewk n‡e,
†mB dv‡g©i ev cÖK‡íi m¤c‡`i ev †kqv‡ii g~j¨ ZZ †ewk n‡e|
m¤ú` me©vwaKi‡Yi c‡¶ hyw³mg~n wb‡gœ wP‡Îi mvnv‡h¨ Zz‡j
aiv n‡jv :
cÖwZôv‡bi g~j j¶¨

†kqvi cÖwZ
evRvi g~j¨
¯^”QjZvi
e„w×
wb‡`©kK
†kqvi‡nvìvi‡`i
m¤ú` cÖwZ`vb
me©v m¤ú‡`i
waKiY m‡e©vËg
mvgvwRK
e¨envi
Kj¨vY mvab
kªwgK‡`i
¯^v_©i¶v
miKvwi
42 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
wPÎ : m¤ú‡`i me©vwaKi‡Yi c‡¶i hyw³mg~n
m¤c` me©vwaKiY jÿ¨wU †h †Kvb †Kv¤cvwbi gybvdv me©vwaKiY
j‡ÿ¨i `ye©jZv¸wj `~i K‡i Avw_©K Kg©KvÛ cwiPvjbv K‡i gvwj‡Ki
mvwe©K A_©‰bwZK I mvgvwRK Kj¨v‡Yi D‡Ïk¨ AR©‡bi welq
we‡ePbv K‡i| ZvB wb‡¤œv³ KviY¸‡jvi Rb¨ m¤c` me©vwaKiYB
†Kv¤cvwbi g~j jÿ¨ nIqv DwPZ :
K) ¯úó aviYv (Clear Concept) : gybvdv m‡e©v”PKiY aviYvq gybvdv
kãwUi A®úó aviYv‡K cwinvi K‡i m¤ú‡`i cÖK…Z Ae¯’v I m¤ú‡`i
cwigvc c×wZ e¨vL¨v w`‡q‡Q| G‡¶‡Î A¯úó gybvdvi cwie‡Z© ¯úó
wbU bM` cÖevn‡K (Net Cash Benefit or NCB) cwigvcK wn‡m‡e e¨envi Kiv
nq| G‡¶‡Î m¤ú` Gi cwigvcK wn‡m‡e NPV †K ¸iæZ¡¡ †`qv n‡q‡Q|
L) A‡_©i mgqg~j¨‡K we‡ePbv K‡i (It Considers time value of mone ) :
m¤ú` me©vwaKi‡Yi †¶‡Î A‡_©i mgqg~j¨‡K we‡ePbv Kiv nq| GwU
†Kvb dv‡g©i ev cÖK‡íi bxU bM` cÖev‡ni msL¨vMZ I ¸YMZ w`KwU
we‡ePbv K‡i| ZvQvov bM` cÖev‡ni mgq g~j¨I we‡ePbv Kiv nq, hv
gybvdv me©vwaKiY j‡ÿ¨ we‡ePbv Kiv nq bv| wKš‘ cybtwewb‡qvM
my‡hvM I gy`ªvùxwZi R‡b¨ A‡_©i g~‡j¨i ZviZg¨ N‡U| m¤¢ve¨
gybvdvi eZ©gvb g~j¨ hw` wewb‡qvwRZ g~ja‡bi eZ©gvb g~j¨
A‡c¶v †ekx nq Z‡e Zv MÖnY‡hvM¨ e‡j we‡ewPZ nq|
GKwU D`vni‡Yi mvnv‡h¨ e¨vcviwU ¯úó Kiv hvq| g‡b Ki, GKRb
wewb‡qvMKvixi nv‡Z `yÕwU weKí wewb‡qvM cÖKí i‡q‡Q| cÖKí `yÕwUi
Avw_©K Z_¨ wb‡¤œ †`qv n‡jv :
cÖK cÖv_ cÖK eQ‡ii gybvdv (UvKvq) †gvU wbU
í wgK ‡íi gybv eZ©gvb
wew †gq dv g~j¨
b‡qv v`
M
K 4,000 3 2,50 3,00 2,000 - 7,500 2,255
0 0
L 4,00 4 1,00 1,50 2,000 3,00 7,500 1,701
0 0 0 0
Dchy©³ †Uwe‡j GUv jÿ¨Yxq †h, `yÕwU cÖK‡íi g~jab GKB Ges †gvU
gybvdvI GKB cwigvY wKš‘ wbU eZ©gvb g~j¨ mgvb bq|
cÖ‡qvRbxq gybvdvi nvi ev evÆvi nvi 10% a‡i Dfq cÖK‡íi eZ©gvb
g~j¨ wbY©q Kiv n‡q‡Q| A‡_©i mgqg~j¨ we‡ePbv Kiv n‡j Dchy©³
cÖKí `yÕwUi g‡a¨ cÖKí ÔK' Gi fwel¨‡Z cÖZ¨vwkZ gybvdvi eZ©gvb
g~j¨ †ewk ZvB cÖKí ÔKÕ MÖnY‡hvM¨ n‡e| wKš‘ gybvdv
me©vwaKiY jÿ¨wU we‡ePbv Ki‡j `yBwU cÖKíB MÖnY‡hvM¨|
†h‡nZz wewfbœ mg‡qi gybvdvi cwigvY wewfbœ iKg, †m‡nZz Gme
 A_©vq‡bi m~Pbv 43
†ÿ‡Î gybvdv‡K †Kv¤cvwbi A_©‰bwZK wm×v‡šÍi gvcKvwV
wn‡m‡e e¨envi Kiv hyw³m½Z bq|
M) bM` cÖevn we‡ePbv K‡i (It considered cashflow) : m¤ú`
me©vwaKi‡Yi †¶‡Î dv‡g©i mKj bM` cÖevn‡K we‡ePbv Kiv nq|
A_©vr m¤ú` me©vwaKiY j‡ÿ¨ bM` cÖevn we‡ePbv K‡i wewb‡qvM
cÖK‡íi wbU eZ©gvb g~j¨ wbY©q Kiv nq| wKš‘ gybvdv
me©vwaKi‡Y ïaygvÎ cÖK‡íi †gvU gybvdv‡K we‡ePbv K‡i| †Kvb
dv‡g©i m¤c‡`i bxU eZ©gvb g~j¨ hZ †ewk n‡e, †mB dv‡g©i
m¤c‡`i ev †kqv‡ii g~j¨ ZZ †ewk n‡e| ZvB GKRb Avw_©K e¨e¯’vcK
wewb‡qvM wm×všÍ MÖn‡Yi †ÿ‡Î bM` cÖevn‡K ¸iæZ¡ w`‡q _v‡K hv
dv‡g©i †kqv‡ii g~j¨ e„wׇZ mnqZv K‡i|
N) SzuwK we‡ePbv K‡i (It considers risk) : m¤ú` me©vwaKi‡Yi
†¶‡Î weKí cÖKí mg~‡ni g‡a¨ SuywK cwigvc K‡i Kg SuywK m¤úbœ
Ges wbwðZ I AwaK Avq m¤úbœ cÖKí wbe©vPb Kiv nq| †hLv‡b
gybvdv me©vwaKiY Gi †¶‡Î AwaK gybvdvi j‡¶¨ AwaK SuywK‡K
¸iæZ¡¡ †`qv nq| †Kv‡bv wewb‡qvM †_‡K cÖZ¨vwkZ fwel¨Z bM`
cÖevn hZ wbwðZ, H bM` cÖevn ZZ ¸Ym¤úbœ Ges m¤c‡`i g~j¨I
ZZ †ewk| fwel¨Z bM` cÖev‡ni AwbðqZv Ges mg‡qi wewfbœZv I
cv_©K¨ we‡ePbvq †i‡L wbw`©ó evÆvi nvi w`‡q fwel¨Z cÖevn‡K
eZ©gvb g~‡j¨ iƒcvšÍwiZ Kiv nq| AwbðqZv ev SyuwK Ges mg‡qi
e¨vwß hZ †ewk, DwjøwLZ evÆvi nvi (g~jab LiP) ZZ †ewk aiv nq| G
e¨e¯’vq AwaKZi hyw³m½Z m¤c‡`i g~j¨ cÖwZdwjZ nq| fwel¨‡Z
wewb‡qv‡Mi †h SuywK Av‡Q Zv G‡ÿ‡Î we‡ePbv Kiv nq|
GKwU D`vni‡Yi mvnv‡h¨ welqwU e¨vL¨v Kiv hvq| wewb‡qvMKvixi
nv‡Z `yÕwU wewb‡qvM cÖKí i‡q‡Q| cÖKí `yÕwUi Avw_©K Z_¨ wb‡¤œ
†`qv n‡jv :
cÖK cÖ‡qv eQ‡ii gybvdv (UvKvq) †gvU
í Rbxq 1g 2q 3q 4_© 5g gybvdv
g~jab
K 4,000 3,00 -1,000 2,000 - 4,00 6,500
0 1,500 0
L 4,000 500 800 1,000 1,50 2,50 6,300
0 0
Dc‡ii †Uwej †_‡K Avgiv ej‡Z cvwi cÖKí ÔKÕ Gi gybvdv AR©‡bi
ZviZg¨ i‡q‡Q, hv‡K SuywK ejv nq| cÖKí `yÕwUi g‡a¨ ÔKÕ cÖK‡íi
2q I 4_© eQi ÿwZ n‡q‡Q h_vµ‡g 1,000 I 1,500 UvKv| wKš‘ ÔLÕ
cÖK‡í cÖ‡Z¨K eQ‡iB gybvdv AwR©Z n‡q‡Q| myZivs SzuwK
we‡ePbv Ki‡j A_©vr gybvdvi cwieZ©bkxjZv we‡ePbv Ki‡j cÖKí
ÔLÕ MÖnY Kiv DwPZ KviY Gi SzuwK Kg|
44 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
O) †kqvi g~‡j¨i Ici ¸iZ¡ (Focus on Market Price of Share): Avw_©K
e¨e¯’vcbvi g~j `vwqZ¡B n‡”Q gvwj‡Ki mvwe©K A_©‰bwZK
Kj¨vY| A_©‰bwZK Kj¨vY ZLbB m¤¢e hLb wewb‡qvMKvixi
wewb‡qv‡Mi g~j¨ D‡Ëv‡ivËi e„w× cvq, hv Zuvi †kqv‡ii g~j¨ Øviv
cwigvc‡hvM¨| Ab¨ K_vq ejv hvq, †kqv‡ii g~j¨ me©vwaKiYB n‡”Q
m¤c‡`i g~j¨ me©vwaKiY hv bxU eZ©gvb g~j¨ me©vwaKi‡Yi weKí
cÖwZdjK wnmv‡e e¨e¯’vc‡Ki Avw_©K wm×v‡šÍi gvcKvwV|
cwi‡k‡l ejv hvq, A_©vqb ev Avw_©K e¨e¯’vcbvi D‡Ïk¨ Kx Zv
wbav©i‡Yi Rb¨ GKwU dv‡g©i mvwe©K jÿ¨‡K mvg‡b bv †i‡L eis
†Kvb we‡kl Avw_©K wm×všÍ mvg‡b ivLv DwPZ| G e¨vcv‡i
cÖv_wgK ch©v‡q gybvdv me©vwaKiYB wQj me©Rb M„nxZ
ZvwË¡K D‡Ïk¨ ev gvcKvwV Ges †m mgq gybvdv‡KB A_©‰bwZK
`ÿZvi gvcKvwV wn‡m‡e we‡ePbv Kiv n‡Zv| wKš‘ eZ©gvb DbœZ
Ges AvaywbK e¨emv RM‡Z †h‡nZz gybvdv me©vwaKiY j‡ÿ¨ †ek
wKQy `ye©jZv i‡q‡Q, m¤c` me©vwaKiY jÿ¨ Øviv †m me
`ye©jZv‡K `~i Kiv m¤¢e n‡q‡Q Ges G jÿ¨ AR©b K‡i †MvUv
mgv‡Ri Ges gvwjK‡`i mvwe©K A_©‰bwZK Kj¨vY mvab m¤¢e
n‡q‡Q| GRb¨ m¤c` me©vwaKiYB dv‡g©i g~j jÿ¨ nIqv DwPZ|
Kg©cÎ-4 :
µwgK A_©vq‡bi welq †Kvb ai‡bi
bs j¶¨
1 ¯‹qvi †Kv¤úvwbi Avw_©K e¨e¯’vcK †kqvi
cÖwZ Avq e„w× Kivi Rb¨ wewfbœ
cÖwµqv MÖnY K‡i‡Qb|
2 †gNbv †Kv¤úvwbi †kqvi cÖwZ evRvi g~j¨
GeQi c~e©eZ©x eQ‡ii Zzjbvq A‡bK
e„w× †c‡q‡Q|
3 hgybv †Kv¤úvwbi Avw_©K e¨e¯’vcK c‡Y¨i
¸YMZ gvb n«vm K‡i e¨q Kgv‡bvi wm×všÍ
MÖnY K‡ib|
4 ¯‹qvi †Kv¤úvwb A‡_©i mgq g~j¨ we‡ePbv
Kivq †Kv¤úvwbi †kqv‡ii evRvi g~j¨
K‡qK¸Y e„w× †c‡q‡Q|
5 weKb †Kv¤úvwb weµq e„w×i Rb¨ c‡Y¨i
g~j¨ n«vm K‡i‡Q| ZvQvov gybvdv e„w×i
Rb¨ LiP n«vm Kivi wm×všÍ MÖnY K‡i‡Q|

1.12 gybvdv me©vwaKiY I m¤ú` me©vwaKi‡Yi

g‡a¨ cv_©K¨
 A_©vq‡bi m~Pbv 45
Difference between Profit maximization and Wealth
maximization
†Kv‡bv dvg© ev e¨emvq cÖwZôv‡bi gybvdv e„w× Kiv‡K
gybvdv me©vwaKiY e‡j| mvaviYZ †Kv‡bv e¨emvq cÖwZôv‡bi
†gvU Avq †_‡K †gvU e¨q ev` w`‡j hv Aewkó _v‡K Zv‡K gybvdv e‡j|
†Kv‡bv e¨emvq cÖwZôv‡bi g~j D‡Ïk¨B n‡”Q gvwjK‡`i Rb¨ gybvdv
AR©b Ges Zv me©vwaKiY Kiv| Ab¨w`‡K †h Kvh©µ‡gi Øviv
†kqvi‡nvìvi‡`i wbU eZ©gvb g~j¨ e„w× cvq Zv‡K m¤ú`
me©vwaKiY e‡j| †kqv‡ii evRvi g~j¨ Kg n‡j †kqvi‡nvìvi‡`i m¤ú‡`i
cwigvY n«vm cvq, Avevi †kqv‡ii evRvi g~j¨ †ewk n‡j †kqvi‡nvìvi‡`i
m¤ú‡`i cwigvY e…w× cvq| gybvdv me©vwaKiY I m¤ú`
me©vwaKi‡Yi g‡a¨ cv_©K¨ wb‡gœ Av‡jvPbv Kiv n‡jv :
welq gybvdv me©vwaKiY m¤ú` me©vwaKiY
(Profit Maximization) (Welth Maximization)
1. msÁv gybvdv me©vwaKiY ej‡Z m¤ú` me©vwaKiY ej‡Z
(Definition) e¨emvq cÖwZôv‡bi †kqvi e¨emvq cÖwZôv‡bi
cÖwZ Avq me©vwaKiY †kqv‡ii evRvi g~j¨
†K eySvq| me©vwaKiY‡K eySvq|
2. jf¨vsk G‡ÿ‡Î jf¨vsk wm×všÍ m¤ú` me©vwaKiY j‡ÿ¨
(Dividend) we‡ePbv Kiv nq bv| jf¨vsk wm×všÍ‡K
we‡klfv‡e we‡ePbv Kiv
nq| KviY jf¨vsk wm×v‡šÍi
Dci dv‡g©i evRvi g~j¨
wbf©i K‡i|
3. aviYv gybvdv me©vwaKiY m¤ú` me©vwaKiY
(Concept) A_©vq‡bi GKwU mbvZb A_©vq‡bi AvaywbK
aviYv| aviYv|
4. A‡_©i gybvdv me©vwaKi‡Y m¤ú` me©vwaKi‡Yi
eZ©gvb A‡_©i mgqg~j¨, bM` D‡Ï‡k¨ A‡_©i mgqg~j¨
g~j¨ (Time cÖevn I SzuwK we‡ePbv bM` cÖevn I SzuwK
value of money) Kiv nq bv| we‡ePbv Kiv nq|
5. G‡¶‡Î gy`ªvùxwZi cÖfve gy`ªvùxwZ we‡ePbv bv
gy`ªvùxw we‡ePbv Kiv nq bv| Ges K‡i m¤ú` me©vwaKiY
Z (Inflation) gy`ªvùxwZi mgq AwaK Am¤¢e| ZvB welqwU
gybvdv AR©‡b m‡Pó nq| ¸iæZ¡¡ mnKv‡i †`Lv nq|
6. evRvi gybvdv me©vwaKiY †kqv‡ii evRvi g~j¨ hv
e¨e¯’v evRvi e¨e¯’vi mv‡_ m¤ú‡`i wb‡`©kK, evRvi
(Market price of cÖZ¨ÿfv‡e RwoZ bq| e¨e¯’vi mv‡_ cÖZ¨ÿfv‡e
mechanism)
46 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
RwoZ|
7. gybvdv me©vwaKiY †ÿ‡Î cÖe„w×i nvi Ae¨vnZ †i‡L
cÖe„w×i cÖe„w×i nvi we‡ePbv Kiv cÖwZôvb‡K mg„×kvjx
nvi nq bv| Kiv nq|
(Growth rate)
cwi‡k‡l ejv hvq †h, m¤ú` me©vwaKiY GKwU me©Rb ¯^xK…Z
aviYv hv Avw_©K e¨e¯’vcbvi g~j j¶¨| myZivs ejv hvq, gybvdv
me©vwaKiY †Kv‡bv dv‡g©i g~j j¶¨ n‡Z cv‡i bv eis m¤ú`
me©vwaKi‡Yi aviYvwU ev¯Íem¤§Z I mvgÄm¨c~Y©| hvi gva¨‡g
†Kv‡bv e¨emv‡qi g~j j‡¶¨ †cuŠQv‡bv m¤¢e|
1.13 mvgvwRK `vqe×Zv Ges A_©vqb
Social Responsibility and Finance
GKwU e¨emvq cÖwZôv‡bi mv‡_ wewfbœ cÿ (†hgb: †kqvi‡nvìvi,
e¨e¯’vcbv, miKvi, †µZv, we‡µZv, Kg©KZ©v I Kg©Pvix, e¨vsK I
wegv †Kv¤cvwb, FY`vZv Ges †fv³v) m¤ú„³ _v‡K| ZvB Avw_©K
e¨e¯’vc‡Ki mvgvwRK `vwqZ¡ nj mKj †Mvwôi ¯^v_© iÿv K‡i
†Kv¤cvwbi m¤c` me©vwaKiY Kiv| A_©vq‡bi mvgvwRK `vqe×Zv
ej‡Z mKj ¯^v_©mswkøô c‡ÿi ¯^v_©iÿv K‡i cÖwZôv‡bi m¤ú`
me©vwaKiY‡K eySvq| Ab¨fv‡e ejv hvq, mvgv‡Ri cÖwZ e¨emv‡qi
†h `vwqZ¡ Zv‡KB mnR A‡_© e¨emv‡qi ev A_©qv‡bi mvgvwRK
`vwqZ¡ e‡j| mvavibZ GKwU A_©bxwZi mÂq I m¤c` wewb‡qvM Kiv
nq gybvdv I SyuywK‡K we‡ePbv K‡i Ges †mRb¨B evRv‡i †Kvb
†Kv¤úvwbi †kqv‡ii g~j¨ gybvdv I SyuwKi g‡a¨ mgš^q mva‡bi
cÖwZdjb| g~jZt gybvdv I SyuwKi mgš^q mva‡bi gva¨‡g m¤c‡`i
g~j¨ me©vwaKiYB †Kv¤cvwbi g~j jÿ¨ wn‡m‡e mve©Rbxbfv‡e
M„nxZ| Z‡e G jÿ¨ AR©‡bi cvkvcvwk mvgvwRK `vwqZ¡‡ev‡ai K_vI
we‡Pbv Ki‡Z n‡e| †Kv¤úvwbi m¤c` me©vwaKiY Ki‡Z wM‡q †fv³vi
¯^v_©, kÖwg‡Ki b¨vh¨ gRywi, myôy Kg©Pvix wb‡qvMbxwZ,
wbivc` Kvg©¯’j, Kg©Pvix‡`i Dbœqb I Zv‡`i wkÿv e¨e¯’v, mvwe©K
cwi‡ek, cvIbv`vi‡`i ¯^v_©, miKv‡ii ¯^v_© BZ¨vw` welqI h_vh_fv‡e
we‡ePbv Kiv e¨e¯’vcbvi `vwqZ¡| G mKj mvgvwRK `vwqZ¡ cvjb Kivi
†ÿ‡Î A‡bK mgq †Kv¤úvwbi gvwjK‡`i gybvdv I m¤c` me©vwaKi‡Yi
cÖwµqv evavMÖ¯Í nq| hvi d‡j A‡bK mgq mvgvwRK `vwqZ¡‡eva
Ges m¤c` me©vwaKi‡Yi g‡a¨ ؇Üi m„wó nq|
Rbve RqšÍ U¨vbvwi e¨emvq Pvjy Ki‡jv| Gi Rb¨ †m Kyievwbi mKj
cïi Pvgov µq K‡i| cÖ_‡g GB Pvgov¸‡jv‡K †KwgK¨vj w`‡q ay‡q
Pvgovi cY¨ ˆZwii Rb¨ cÖ¯‘Z Ki‡Z nq| wKš‘ Avgv‡`i †`‡ki GB U¨vbvix
 A_©vq‡bi m~Pbv 47
wk‡íi hveZxq eR©¨ c`v_©¸‡jv eywo M½vi cvwb‡Z †h‡q wg‡k| d‡j
cvwb `~wlZ n‡q hvq| Gfv‡e b`xi cvwb Kv‡jv eY© aviY K‡i `yM©Ü
m„wó nq| d‡j hv cvwb `~l‡Yi mv‡_ mv‡_ evqy `~lY Ki‡Q| b`xi
m¤ú` A_©vr gvQ¸‡jv g‡i hv‡”Q Ges b`x Zvi bve¨Zv nviv‡”Q|
Aciw`‡K Rbve RqšÍ Pvgovi ˆZwi bZzb wWRvB‡bi e¨vM, Iqv‡jU, †eë,
RyZv ˆZwi K‡i †`‡k Kg©ms¯’v‡bi my‡hvM m„wó K‡i‡Q Ges GB cY¨
we‡`‡k ißvwbi gva¨‡g ˆe‡`wkK gy`ªv AR©‡bi c_ myMg n‡q‡Q|
wZwb wbqwgZ Ki w`‡q miKvi‡K mvnvh¨ K‡ib| GQvovI wZwb
wewfbœ mgvR‡mevg~jK Kv‡R wecyj cwigvY A_© `vb K‡ib Ges
Av_©-mvgvwRK Dbœq‡b mvnvh¨ K‡ib| GLv‡b †`Lv hv‡”Q GB
e¨emvq ¯’vc‡bi d‡j †h Av_© mvgvwRK Dbœqb n‡”Q Zvi †P‡q †ekx
cwi‡e‡ki ¶wZ n‡”Q| Zvn‡j Rbve RqšÍ Kx Ki‡e? e¨emvq eÜ K‡i
w`‡e? GLv‡b Rbve RqšÍ mgv‡Ri Dbœq‡bi K_v we‡ePbv K‡i
e¨emvwqK Kvh©µgI Pvjy ivL‡eb| †hgb-wkí KviLvbv¸‡jvi eR©¨
AZ¨vaywbK cÖhyw³i gva¨‡g AcmviY K‡i evqy I cvwb `~lY n‡Z gy³
ivL‡Z cv‡ib| G‡Z K‡i Zvi e¨emvwqK Kvh© e¨nZ n‡e bv|
mgv‡Ri cÖwZ e¨emv‡qi †h `vwqZ¡ Zv‡KB mnR A‡_© e¨emv‡qi
mvgvwRK `vqe×Zv e‡j| mgv‡Ri gvby‡li wewfbœ ai‡bi Pvwn`v
c~i‡Yi gva¨‡g gybvdv AR©b KivB e¨emvqxi KvR| mgv‡Ri ïaygvÎ
†µZv ev †fv³vivB _v‡K bv cÖwZôv‡bi hviv Kg©x ZvivI mgv‡RiB
m`m¨| GKwU D`vni‡Yi mvnv‡h¨ welqwU Av‡jvPbv Kiv hvK| wgé
wfUv †Kv¤úvwb evsjv‡`‡k †evZjRvZ wN mieivn K‡i _v‡K| wN Gi
g‡a¨ †Kv‡bv †fRvj bv wgkv‡bv A_©vr wN Gi ¸YMZ gvb wVK †i‡L
b¨vh¨ g~‡j¨ wN mieivn Kiv cÖwZôv‡bi GKwU mvgvwRK `vwqZ¡|
ZvQvov wgé wfUv †Kv¤úvwb‡Z hviv PvKwi Ki‡Qb A_©vr
Kg©KZ©v I Kg©Pvix‡`i Dchy³ cvwikÖwgK I Avw_©K myweav
cÖ`vb Kiv Ges KviLvbvi cwi‡ek fvj ivLv, kÖwgK-Kg©Pvix‡`i mv‡_
fvj AvPiY KivI e¨emv‡qi Ab¨Zg mvgvwRK `vwqZ¡| Gfv‡e mgv‡Ri
wewfbœ c‡¶i mv‡_ e¨emvq m¤úK©hy³| mevi cÖwZ G
`vwqZ¡ cvjbB e¨emv‡qi mvgvwRK `vqe×Zv wn‡m‡e MY¨|
Dchy³ Av‡jvPbv †_‡K e¨emv‡qi mvgvwRK `vqe×Zv m¤ú‡K©
wb¤œiƒc aviYv cvIqv hvq :
1. Giƒc `vqe×Zv ej‡Z mgv‡Ri gvby‡li cÖwZ wewfbœ mvgvwRK
`vwqZ¡ cvjb‡K eySvq
2. †Kv‡bv e¨emvq cÖwZôvb AvBbMZfv‡e Ki‡Z eva¨ bq Ggb
`vwqZ¡‡K eySvq;
3. Giƒc `vwqZ¡ cvj‡bi d‡j mgv‡R cÖwZôvb m¤ú‡K© mybvg
m„wó nq|
48 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
myZivs †Kv‡bv e¨emvq cÖwZôvb AvBbMZfv‡e Ki‡Z eva¨ Ggb
`vwqZ¡ ev‡` mgv‡Ri wewfbœ c¶ †hgb: †µZv ev †fv³v, mieivnKvix,
wbR¯^ e¨emvqx m¤úª`vq, cÖwZ‡ekx, miKvi cÖf…wZ c‡¶i cÖwZ
†h `vwqZ¡ cvjb K‡i Zv‡K e¨emv‡qi mvgvwRK `vqe×Zv e‡j|
eZ©gvb Zxeª cÖwZ‡hvwMZvc~Y© e¨emvq RM‡Z fv‡jv Ki‡Z n‡j
e¨emvqx‡`i‡K Aek¨B mgv‡Ri wewfbœ c‡¶i cÖwZ `vwqZ¡ cvj‡bi
cÖ‡qvRb c‡o| e¨emvq cvjb K‡i Ggb mvgvwRK `vwqZ¡mg~n
wb‡gœ Av‡jvPbv Kiv n‡jv :
e¨em
miKvi vq
I mgv‡Ri Askx`
kªwg vi
K mvgv e¨em
Kg©P wRK vq
vix `vwq Kvh©
Z¡ µg
†kqvi‡n Rbmvav
vìvi Ges iY I
wewb‡q mgv‡Ri
vMKvix cÖwZ
wPÎ : e¨emv‡qi mvgvwRK `vqe×Zv
`vwqZ¡
1. wewb‡qvMKvix‡`i cÖwZ `vwqZ¡ (Responsibilitiy to the investor) :
wewb‡qvMKvixiv Zv‡`i K‡ói mÂq‡K wewb‡qvM K‡i jf¨vs‡ki ev
gybvdvi cÖZ¨vkvq| hviv Drcv`b Kv‡h© A_© wewb‡qvM K‡i I
wkíKviLvbv M‡o †Zv‡j Avgiv mvaviYZ Zv‡`i wewb‡qvMKvix ewj|
†h‡nZz wewb‡qvMKvix‡`i A‡_©B e¨emvq msMwVZ I cwiPvwjZ nq
†m‡nZz e¨emvq Zv‡`i cªwZ wb‡gœv³ Dcv‡q `vwqZ¡ cvjb K‡i :
K) wewb‡qvMK…Z A‡_©i hyw&³hy³ e¨envi wbwðZ Kiv;
L) b¨vh¨ I Drmvne¨ÄK jf¨vsk cÖ`v‡bi †Póv Pvjv‡bv ;
M) Avw_©K weeiYx mieivn I
N) e¨emv‡qi Dbœqb, m¤úªmviY I wewb‡qvMKvix‡`i mvgvwRK
gh©v`v cÖwZôv ; BZ¨vw`|
2. †µZv I †fv³v‡`i cÖwZ `vwqZ¡ (Responsibilitiy to buyer and Consumer)
: †µZv ev †fv³viv n‡”Q cÖwZôv‡bi j²x| †µZv ev †fv³viv mgv‡Ri
GKwU ¸iæZ¡c~Y© Ask| Zv‡`i Av¯’v I mn‡hvwMZvi Dci e¨emv‡qi
mdjZv we‡klfv‡e wbf©ikxj| e¨emvq Zv‡`i cÖwZ wb‡gœv³fv‡e
 A_©vq‡bi m~Pbv 49
`vwqZ¡ cvj‡bi †Póv K‡i| ZvB e¨emvqx‡K wb‡¤œv³ `vwqZ¡ cvjb
Ki‡Z nq-
K) c‡Y¨i evRvi w¯’wZkxj ivLv Ges gvbm¤§Z cY¨ mieivn Kiv|
L) cY¨ I evRvi msµvšÍ wewfbœ Z_¨ mieivn Kiv|
M) †gqv` DËxY© cY¨ ev †mev mvgMÖx weµq bv Kiv|
N) cY¨ I evRvi msµvšÍ wewfbœ Z_¨ mieivn Kiv|
O) `~®úªvc¨ cY¨ ev †mev mvgMÖx †hgb Jla I Lv`¨ mvgMÖx
†µZv‡`i Pvwn`v gZ mieivn Kiv|
3. kªwgK-Kg©Pvix‡`i cÖwZ `vwqZ¡ (Responsibilitiy to the employee) :
kªwgK-Kg©Pvix cÖwZôv‡bi Drcv`b I gybvdv e„w×i KvwiMi|
kÖwgK-Kg©Pvix‡`i cwikÖ‡gi Dci ej‡Z †M‡j e¨emvq cÖwZôvb wU‡K
_v‡K| ZvB Zv‡`i ¯^v_©‡K Ae‡njv K‡i e¨emvq cwiPvjbv Kiv hvq bv|
ZvB Zv‡`i mš‘ó I Kg©PvÂj¨ ivLvi Rb¨ e¨emvq Zv‡`i cÖwZ
wb‡gœv³ fv‡e `vwqZ¡ cvjb K‡iÑ
K) Dchy³ cvwikªwgK I Avw_©K myweav `vb ;
L) PvKwii wbivcËv weavb I fwel¨r Avw_©K wbðqZvi e¨e¯’v Kiv ;
M) kªwgK-Kg©Pvix‡`i mv‡_ fv‡jv AvPiY Kiv ;
N) wewfbœ ai‡bi cÖ‡Yv`bvi e¨e¯’v Kiv ;
O) ¸iæZi Amy¯’ ev `~N©Ubvi m¤§yLxb n‡j wPwKrmvi e¨qfvi
enb I Dchy³ ÿwZ c~i‡Yi e¨e¯’v Kiv|
4. Rbmvavi‡Yi cÖwZ `vwqZ¡ (Responsibilitiy to the general public) :
mgv‡Ri gvbyl M‡o †Zv‡j e¨emvq cÖwZôvb| Rbmvavi‡Yi hv‡Z Kj¨vY
nq Zv wPšÍv K‡i cÖwZôvb‡K cY¨ Drcv`b Ki‡Z n‡e, ïaygvÎ gybvdv
AR©‡bi D‡Ïk¨ cY¨ Drcv`b Ki‡j n‡e bv| mgvR I mgv‡Ri gvbyl‡K
wN‡iB e¨emvq I Gi Kvh©vewj AvewZ©Z nq| GB mgvR n‡Z
wewfbœ my‡hvM-myweav MÖnY K‡iB e¨emvq mg„w× jvf K‡i| ZvB
wb‡gœv³ Dcv‡q e¨emvq mgv‡Ri cÖwZI Zvi `vwqZ¡ cvjb K‡i :
K) mgv‡Ri cÖ‡qvRb g‡Zv cY¨ I †mevmvgMÖx Drcv`b I mieivn
Kiv ;
L) wewfbœ RbwnZKi Kv‡R mnvqZv `vb I RvZxq `y‡h©vM
gyû‡Z© RbM‡Yi cv‡k `vuov‡bv;
M) GjvKvq nvmcvZvj, wk¶v cÖwZôvb I Ab¨vb¨ Kj¨vYag©x
cÖwZôvb MVb BZ¨vw`|
N) mgv‡Ri cÖ‡qvRb gvwdK gvbm¤§Z cY¨ Drcv`b I mieivn Kiv|
O) ¯’vbxq Rbmvavi‡Yi Rb¨ ÿwZKi Ggb †Kvb cÖKí MÖnY bv Kiv|
5. m‡MvÎxq e¨emvqx‡`i cÖwZ `vwqZ¡ (Responsibilitiy to the Businrss
community) : eZ©gvbKv‡j myôzfv‡e e¨emvq cwiPvjbvi †¶‡Î mg‡MvÎxq
e¨emvqx‡`i cªwZI `vwqZ¡ cvj‡bi cÖ‡qvRb c‡o| e¨emvqxiv Giƒc
50 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
`vwqZ¡ cvjb bv Ki‡j Zv‡`i g‡a¨ Ab¨vq cÖwZ‡hvwMZv I †ilv‡iwl
e„w× cvq Ges G‡Z mK‡jB ¯^v_© wecbœ n‡q _v‡K| G j‡¶¨ e¨emvq
†h mKj `vwqZ¡ cvjb K‡i Zv wbgœiƒc :
K) cÖwZ‡ewk e¨emvqx‡`i‡K msNe× K‡i msN ev mwgwZ M‡o
†Zvjv ;
L) G‡Ki Amyweavq A‡b¨i mn‡hvwMZv Kiv;
M) Ab¨vq cÖwZ‡hvwMZvq wjß bv nIqv; BZ¨vw`|
6. FY`vZv‡`i cÖwZ `vwqZ¡ (Responsibilitiy to the lenders) : FY`vZviv
my‡`i cÖZ¨vkvq SuywK enb K‡i e¨emvq A_© avi cÖ`vb K‡i| e¨vsK
F‡Yi †¶‡Î mwVK mg‡q F‡Yi my` I Avmj cwi‡kva e¨emv‡qi Ab¨Zg
¸iæZ¡c~Y© `vwqZ¡| KviY e¨vsK RbM‡Yi Avgvb‡Zi gva¨‡g Zvi
g~ja‡bi GKwU Ask msMÖn K‡i| cieZ©x‡Z GB AvgvbZK…Z A_©
wewfbœ †gqv‡` wewfbœ dvg© ev †Kv¤úvwb‡K FY cÖ`vb K‡i _v‡K|
e¨vsK‡K AvgvbZKvix‡`i RgvK…Z A‡_©i Dci my` cÖ`vb Ki‡Z nq|
ZvQvov eÛ †nvìvi‡`i‡K wbqwgZ my` cwi‡kva KivI GKwU
¸iæZ¡c~Y© `vwqZ¡| GB mKj FY`vZv‡`I cÖwZ wb‡¤œv³
`vwqZ¡ cvjb Ki‡Z nq:
K) m¤úvw`Z mKj Pzw³ h_vh_fv‡e †g‡b Pjv|
L) h_vmg‡q I h_vh_ Dcv‡q cvIbv cwi‡kva Kiv|
M) †MvcbxqZv iÿv Kiv|
7. miKv‡ii cÖwZ `vwqZ¡ (Responsibilitiy to the Government) : e¨emvq
cÖwZôvb M‡o †Zvjvq miKvi †hgb mnvqZv K‡i †Zgwb e¨emvq
cÖwZôvb miKvi‡K Ki cÖ`vb K‡i mn‡hvwMZv Ki‡Z n‡e| miKvi
†h‡Kv‡bv mgv‡Ri m‡e©v”P cÖwZwbwaZ¡kxj ms¯’v| †`‡ki e¨emvq
Dbœq‡bi miKv‡ii †hgwb `vwqZ¡ i‡q‡Q †Zgwbfv‡e e¨emv‡qiI
miKv‡ii cÖwZ `vwqZ¡ _vKv ¯^vfvweK| e¨emvq miKv‡ii cÖwZ
wb‡gœv³ fv‡e `vwqZ¡ cvjb K‡i :
K) †eKvi mgm¨v mgvav‡b miKvi‡K mnvqZv Kiv ;
L) miKv‡ii wbqg-bxwZi h_vh_ AbymiY Kiv ;
M) miKvi‡K h_vixwZ Ki I ivRZ¡ cÖ`vb Kiv;
N) ivóªxq m¤ú‡`i (†Zj,M¨vm, we`y¨r) AcPq bv Kiv|
O) miKvi‡K wewfbœ welq civgk© cÖ`vb I mn‡hvwMZv †`qv ;
BZ¨vw`|
cwi‡k‡l ejv hvq, eZ©gvbKv‡j e¨emvq ïaygvÎ gybvdv AR‡©bi
D‡Ï‡k¨ cwiPvwjZ nq bv eis mgv‡Ri wewfbœ c‡ÿi cÖwZ
`vwqZ¡ cvj‡bi gva¨‡g m¤úK© m„wó I mevi wbKU n‡Z cÖ‡qvRbxq
mn‡hvwMZv jv‡fi cÖvqm Pvjvq| djkÖæwZ‡Z e¨emv‡qi mybvg
e„w× cvq Ges Gi mv‡_ e¨emvq m¤úªmviY I AwaK gybvdv AR©b
 A_©vq‡bi m~Pbv 51
m¤¢e nq| mvgvwRK `vqe×Zvi KvR¸‡jvi Kvi‡Y e¨emvq cÖwZôv‡bi
mybvg e„w× cvq| Gi d‡j †hme myweav¸‡jv cvIqv hvq Zv n‡jv :
K) K‡c©v‡iU fveg~wZ©;
L) †kqvi‡nvìvi‡`i AvZ¡wek¦vm iÿvq mnvqZv K‡i;
M) cÖwZôv‡bi †÷vK‡nvìvi‡`i ¯^v_© mswkøó mKj cÿ †hgb :
†kqvi gvwjK, KuvPvgvj mieivnKvix, FY`vZv, miKvi BZ¨vw`)
AvbyMZ¨ A½xKvi Ges kÖ×v AR©b Kiv hvq|
N) m¤¢ve¨ gvgjv Ges wePvi msµvšÍ Kv‡h©i e¨q n«vm cvq;
Gme myweavi Kvi‡Y cÖwZôv‡bi bM` cÖevn e„w× cvq Ges SzuwK
n«vm cvq| d‡j cÖwZôv‡bi †kqvi g~‡j¨i Dci BwZevPK cÖfve c‡o|
A_©vr dv‡g©i gvwjK‡`i m¤ú` me©vwaKiY D‡Ïk¨ AR©‡bi Rb¨
mvgvwRK `vqe×Zv ¸iæZ¡c~Y© Dcv`vb wn‡m‡e we‡ePbv Kiv nq|

1.14 DËi ms‡ÿc

Answer in Brief

Ávbg~jK cÖkœ (Knowledge Level Question) [1

b¤^‡ii cÖ‡kœi DËi]
1. A_©vqb Kx ? (What is finance?)
DËi : cÖwZôv‡bi cÖ‡qvRbxq Znwej msMÖn I Zvi e¨envi,
wewb‡qvM Ges e¨e¯’vcbv‡KB A_©vqb e‡j|
2. e¨emvq A_©vqb Kx ? (What is business finance?)
DËi: e¨emvq A_©vqb ej‡Z GKwU e¨emvq myôzfv‡e cwiPvjbv
Kivi Rb¨ Kx cwigvY A‡_©i cÖ‡qvRb Ges †Kvb †Kvb Drm n‡Z †m
A_© msMÖn Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv wewb‡qvM Kiv n‡e
Zv‡K eySvq|
3. Avw_©K e¨e¯’vcK †K ? (Who is financial manager?)
DËi : †h e¨vw³ cÖwZôv‡bi A_© msµvšÍ Kvh©vewji
`vwq‡Z¡ wb‡qvwRZ _v‡K Zv‡K Avw_©K e¨e¯’vcK e‡j|
4. miKvwi A_©vqb Kx ? (What is government finance?)
DËi : miKv‡ii evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y n‡e Ges
†mB A_© †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Zv wba©viY
Kiv‡K miKvwi A_©vqb e‡j|
5. †emiKvwi A_©vqb Kx ? (What is government finance?)
DËi : miKvwi cÖwZôvb Qvov Ab¨vb¨ mKj cÖKvi e¨vw³ ev cÖwZôv‡bi
A_©vqb‡K †emiKvwi A_©vqb e‡j|
6. cvwievwiK A_©vqb Kx ? (What is personal finance?)
52 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
DËi : cwiev‡ii Av‡qi Drm I cwigvY wba©viY Kiv Ges †mB Avq
Kxfv‡e e¨q Ki‡j cwiev‡ii m`m¨‡`i mvwe©K Kj¨vY nq, Zv
wba©viY Kiv‡K cvwievwiK A_©vqb e‡j|
7. Ae¨emvqx cÖwZôv‡bi A_©vqb Kx ? (What is non business finance?)
DËi : Ae¨emvqx cÖwZôv‡bi (†hgb- nvmcvZvj, GwgZLvbv
BZ¨vw`) Znwej msMÖn I Gi myô e¨envi Kivi cÖwµqv‡K
Ae¨emvqx cÖwZôv‡bi A_©vqb e‡j|
8. AvšÍR©vwZK A_©vqb Kx ? (What is international finance?)
DËi : AvšÍR©vwZK A_©vqb ej‡Z GKwU †`‡ki Avg`vwb I ißvwb,
ˆe‡`wkK gy`ªvi wewbgq nvi BZ¨vw` wb‡q Av‡jvPbv‡K eySvq|
9. Znwej msMÖn Kx ? (What is collection of fund?)
DËi : Znwej msMÖn ej‡Z Znwe‡ji wewfbœ Drm wbe©vPb Ges
Gme Dr‡mi myweav-Amyweav we‡kølY K‡i g~jab msMÖn
Kiv‡K eySvq|
10. g~jab ev‡R©wUs wm×všÍ Kx ? (What is capital budgeiting?)
DËi : g~jab ev‡R©wUs ej‡Z `xN©‡gqvw` wewb‡qvM wm×všÍ
MÖnY Kiv‡K eySvq|
11. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv Kx ? (What is short term or current asset
management?)
DËi : ¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z GKwU cÖwZôv‡bi bM`
A_©, gRy`cY¨, cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡K eySvq|
12. Znwej e›Ub Kx ? (What is destribution of fund?)
DËi : Znwe‡ji e›Ub ej‡Z AwR©Z gybvdv n‡Z †kqvi gvwjK‡`i‡K
jf¨vsk, FY`vZv‡`i my` I miKvi‡K Ki cÖ`vb Kiv‡K eySvq|
13. mvgwóK A_©bxwZ Kx ? (What is macro economics?)
DËi : mvgwóK A_©bxwZ ej‡Z †Kv‡bv we‡kl e¨w³ ev cÖwZôvb
m¤^‡Ü ¯^Zš¿fv‡e Av‡jvPbv bv K‡i †`‡ki A_© e¨e¯’v m¤ú‡K©
mvgwMÖKfv‡e Av‡jvPbv Kiv‡K eySvq|
14. SzuwK-gybvdv bxwZ Kx ? (What is risk-return principle?)
DËi : SzuwK-gybvdv bxwZ ej‡Z Avw_©K wm×všÍ MÖn‡Yi †¶‡Î
msMÖnxZ wewb‡qv‡Mi SyuwK I gybvdvi g‡a¨ mgš^q mvab K‡i
Avw_©K wm×všÍ MÖnY Kiv‡K eySvq|
15. Zvij¨ I gybvdv bxwZ Kx ? (What is principle of liquidity and
profitability?)
DËi : Zvij¨ I gybvdv bxwZ ej‡Z eySvq e¨emv‡qi cÖwZwU
Avw_©K wm×všÍ Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I gybvdv
DfqB eRvq _v‡K|
 A_©vq‡bi m~Pbv 53
16. ˆewPΨvq‡bi ev eûg~LxKiY bxwZ Kx ? (What is principle of
portfolio diversification?)
DËi : GKRb wewb‡qvMKvix Zvi mg¯Í A_© GKwU m¤ú‡`
wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g
SuywK n«vm Kivi cÖ‡Póv‡K †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
e‡j|
17. gybvdv me©vwaKiY Kx ? (What is profit maximization?)
DËi : †Kvb dvg© ev e¨emvq cÖwZôv‡bi gybvdv (†kqvi cÖwZ
Avq) e„w× Kiv‡K gybvdv me©vwaKiY e‡j|
18. m¤ú` me©vwaKiY Kx ? (What is wealth maximization?)
DËi : m¤c` me©vwaKiY ej‡Z †Kvb dv‡g©i †kqv‡ii g~j¨
me©vwaKiY‡K ev bxU eZ©gvb g~j¨ me©vwaKiY‡K eySvq|
19. e¨emv‡qi mgvwRK `vwqZ¡ Kx? (What is social responsibility of
business?)
DËi : mgv‡Ri cÖwZ e¨emv‡qi †h `vwqZ¡ Zv‡KB mnR A‡_©
e¨emv‡qi mvgvwRK `vwqZ¡ e‡j|
20. †÷K‡nvìvi ej‡Z Kx eySvq ? (What is meant by stakeholder?)
DËi : e¨emvq cÖwZôv‡bi mv‡_ ¯^v_© mswkøó mKj c¶‡K
(†hgb †kqvigvwjK, miKvi, †fv³v, mieivnKvix) †÷K‡nvìvi e‡j|
21. Zvij¨ Kx ? (What is liquidity ?)
DËi : †h‡Kvb `ªe¨, m¤ú` ev wmwKDwiwUR weµq K‡i b¨vh¨
g~‡j¨ `ªæZ bM` A‡_© iƒcvšÍi Kiv‡K Zvij¨ e‡j|
22. m¤ú` me©vwaKi‡Yi wb‡`©kK Kx ? (What is the indicator of
wealth maximization?)
DËi: m¤ú` me©vwaKi‡Yi wb‡`©kK n‡”Q †kqv‡ii eZ©gvb evRvi
g~j¨|
23. eøvK Uz‡qm&‡W Kx ? (What is Black Tuesday?)
DËi : 1929 mv‡ji 29 A‡±vei Zvwi‡L hy³iv‡óªi †kqvi evRv‡i †h
am bv‡g Zv eøvK Uz‡q&m‡W bv‡g cwiwPZ|
24. g~jab KvVv‡gv Kx ? (What is capital structure?)
DËi : FY g~jab I BKz¨BwU g~ja‡bi wgkÖY‡K g~jab KvVv‡gv
e‡j|
25. Kvg¨ g~jab KvVv‡gv Kx ? (What is Optimum capital structure?)
DËi : †h g~jab KvVv‡gv wgkÖ‡Y g~jab LiP me‡P‡q Kg n‡e Ges
†kqv‡ii g~j¨ me©vwaK n‡e Zv‡K Kvg¨ g~jab KvVv‡gv e‡j|
26. jvf¨vsk Kx ? (What is dividend?)
DËi : wbU gybvdvi †h Ask †kqvi‡nvìvi‡`i g‡a¨ e›Ub Kiv nq Zv‡K
jf¨vsk e‡j|
54 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
27. jf¨vsk bxwZ Kx ? (What is dividend policy?)
DËi : gybvdvi KZ Ask jf¨vsk AvKv‡i e›Ub Kiv n‡e Ges KZ Ask
msiÿY Kiv n‡e Zv wVK Kiv‡K jf¨vsk bxwZ e‡j|
28. gybvdv e›Ub nvi Kx ? (What is Dividend payout ratio?)
DËi : AwR©Z gybvdvi †h Ask gvwjK‡`i g‡a¨ weZiY Kivi wm×všÍ
MÖnY Kiv nq Zv‡K gybvdv e›Ub nvi ejv nq|
29. A_©vqb ev g~jab KvVv‡gv wm×všÍ Kx ? (What is financing or
capital structure decision?)
DËi : `xN©‡gqvw` m¤ú` AR©‡bi Rb¨ cÖ‡qvRbxq g~ja‡bi Kx
cwigvY gvwjKvbv g~jab Ges Kx cwigvY FY g~ja‡bi gva¨‡g
msMÖn Kiv n‡e Zv wba©viY Kiv‡KB A_©vqb ev g~jab KvVv‡gv
wm×všÍ e‡j|
30. e¨emvq ˆbwZKZv Kx ? (What is business ethics?)
DËi : e¨emvwqK ˆbwZKZv ej‡Z bxwZ kv‡¯¿i †mB Ask hv
e¨emv‡qi †Kvb KvR Kiv DwPr ev †Kgb AvPiY cÖ`k©b Kiv DwPZ
Ges †Kvb KvR Kiv ev AvPiY cÖ`k©b Kiv DwPZ bq G msµvšÍ welq‡K
eySvq|
31. ÷K‡nvìvi Kviv ? (Who are stockholder's?)
DËi : †Kv¤úvwb‡Z †kqvi µ‡qi gva¨‡g hviv wewb‡qvM K‡i ZvivB
÷K‡nvìvi|
32. A_©vq‡bi mvgvwRK `vwqZ¡ Kx ? (What is social responsibility?)
DËi : mgv‡Ri cÖwZ e¨emv‡qi †h `vwqZ¡ Zv‡KB mnR A‡_©
e¨emv‡qi ev A_©vq‡bi mvgvwRK `vwqZ¡ e‡j|
33. CSR Gi c~Y©iƒc Kx? (Elaborate CSR?)
DËi : Corporate Social Responsibility.
34. A_©vqb wm×všÍ Kx? (What is financial decision?)
DËi : wewb‡qvM cÖKí wbe©vP‡bi ci †Kvb Drm n‡Z g~jab msMÖn Kiv
n‡e Zv wbe©vPb‡KB A_©vqb wm×všÍ e‡j|
35. e¨emvq cÖwZôvb Kx? (What is Business organization?)
DËi : e¨emvq cÖwZôvb ej‡Z gybvdv AR‡©bi D‡Ï‡k¨ jvf ev ÿwZi
SuzwK wb‡q MwVZ cÖwZôvb‡K eySvq|
36. e¨e¯’vc‡Ki mvgvwRK `vqe×Zv Kx? (What are social
responsibilities?)
DËi : mgv‡Ri cªwZ e¨emv‡qi ev Gi e¨e¯’vc‡Ki †h `vwqZ¡ cvjb Kiv
DwPZ Zv†Kb mnR A‡_© e¨e¯’vc‡Ki mvgvwRK `vqe×Zv e‡j|

Abyavebg~jK cÖkœ (Understanding Level

Question) [2 b¤^‡ii cÖ‡kœi DËi]
 A_©vq‡bi m~Pbv 55
1. ÒA_©vqb ej‡Z Znwej msMÖn Kiv‡KB eySvqÓ e¨vL¨v Ki|
[ivRkvnx †evW© 2016]
("Finance is collection of fund". Explain.)
DËi : A_©vqb ej‡Z ïaygvÎ Znwej msMÖn Kiv‡K eySvq bv| A_©vqb
e‡j‡Z A_© msMÖn, A_© wewb‡qvM I A_© wbqš¿Y cÖwµqv‡K eySvq|
Znwej msMÖn A_©vqb cÖwµqvi me© cÖ_g avc| Znwej msMÖ‡ni ci
D³ Znwej Dchy³ Lv‡Z wewb‡qvM Ges myô wbqš¿‡Yi gva¨‡g
cÖwZôvb‡K Zvi Kvw•LZ j‡¶¨ †cŠuQv‡bv ch©šÍ hveZxq Avw_©K
Kvh©vewj‡K A_©vqb ejv nq|
2. miKvwi A_©vqb Aa¨qb †Kb ¸iæZ¡¡c~b© ? (Why is the study of
government finance important?)
DËi : miKv‡ii evwl©K e¨q †Kvb †Kvb Lv‡Z Kx cwigv‡Y n‡e Ges †mB
A_© †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Zv wba©viY Kiv‡K miKvwi
A_©vqb e‡j| miKvwi A_©vq‡bi g~j j¶¨ mgvRKj¨vY, gybvdv AR©b
bq| miKv‡ii evwl©K e¨q †Kvb †Kvb Lv‡Z, Kx cwigv‡Y n‡e Ges †mB
A_© †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Zv wba©viY GKwU
¸iæZ¡c~Y© welq| G mKj Kvi‡Y miKvwi A_©vqb cvV ¸iæZ¡c~Y©|
3. Zvij¨ I gybvdvi g‡a¨ m¤úK© e¨vL¨v Ki| (Explain the relationship
between liquidity and profitability.)
DËi : Zvij¨ I gybvdvi g‡a¨ FYvZ¥K ev wecixZ m¤úK© we`¨gvb|
A_©vr Zvij¨ n«vm †c‡j gybvdv e„w× cvq Ges Zvij¨ e„w× †c‡j
gybvdv n«vm cvq| KviY bM` A_© ev Zvij¨ hZ †ewk _vK‡e
wewb‡qv‡Mi cwigvY ZZ Kg n‡e| wewb‡qvM n‡Z gybvdv AwR©Z nq|
d‡j wewb‡qvM Kg n‡j gybvdvi cwigvYI Kg n‡e| Ab¨w`‡K, Zvij¨ Kg n‡j
wewb‡qvM †ewk n‡e Ges gybvdvi cwigvYI e„w× cv‡e|
4. ch©vß cwigvY Zvi‡j¨i Afv‡e †Kvb SuywK m„wó nq ?
e¨vL¨v Ki| (Which risk is created because of lack of sufficient amount of liquidity?
Explain)
DËi : ch©vß cwigvY Zvi‡j¨i Afv‡e Am”QjZv ev Zvi‡j¨i SuywK m„wó
nq| GKwU cÖwZôv‡bi PjwZ LiP (†hgb Kg©Pvix‡`i †eZb, e¨vsK F‡Yi
my`) †gUv‡bvi e¨_©Zv n‡”Q Am”QjZv SuywK|ch©vß cwigvY bM`
A_© ev Zvij¨ bv _vK‡j Gme PjwZ LiP †gUv‡bv hvq bv| ZvB Zvij¨
msK‡Ui Kvi‡Y Am”QjZv SuywK m„wó nq|
5. Zvij¨ ej‡Z Kx eySvq? e¨vL¨v Ki| (What is mean by liquidity? Explain.)
DËi : †h‡Kvb `ªe¨, m¤ú` ev wmwKDwiwUR weµq K‡i b¨vh¨ g~‡j¨
`ªæZ bM` A‡_© iƒcvšÍi Kiv‡K Zvij¨ e‡j| A_©vr cÖwZôv‡bi Zvij¨ ej‡Z
PjwZ m¤ú` n‡Z PjwZ `vq cwi‡kv‡ai ÿgZv‡K eySvq| dvg© hw` PjwZ
m¤úwˇZ †ewk A_© wewb‡qvM K‡i Zvn‡j gybvdv K‡g hv‡e d‡j Zvij¨
e„w× cv‡e| Avevi dvg© hw` PjwZ m¤úwˇZ wewb‡qvM bv K‡i Zvn‡j
PjwZ `vq cwi‡kv‡ai ÿgZv n«vm cv‡e †m‡ÿ‡Î dvg©wUi †`Dwjqv‡Z¡i
SzuwK e„w× cv‡e|
56 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
6. Zvij¨ msK‡U †Kvb ai‡bi mgm¨v m„wó nq ? e¨vL¨v Ki |
(Which risk is created because of lack of sufficient amount of liquidity? Explain)
[w`bvRcyi †evW© 2016]
DËi : Zvij¨ msK‡Ui Kvi‡Y Am”QjZv SuywK m„wó nq | cÖwZôv‡bi
PjwZ LiP (†hgb Kg©Pvix‡`i †eZb, e¨vsK F‡Yi my`) †gUv‡bvi e¨_©Zv
n‡”Q Am”QjZv SuywK| cÖwZôv‡bi hLb Zvij¨ msKU †`Lv †`q ZLb
cÖwZôvb Zvi PjwZ `vq cwi‡kv‡a A¶gZv cÖKvk cvq Ges ˆ`bw›`b
Kvh©µg cwiPvjbvi Amyweav †`Lv †`q| ZvB Zvij¨ msK‡Ui Kvi‡Y
Am”QjZv SuywK m„wó nq|
7. ÒA_©vq‡b SzuwK I gybvdvi g‡a¨ wecixZgyLx m¤úK©
we`¨gvbÓ- Zzwg wK GKgZ ? e¨vL¨v Ki| (The relationship between
risk and profitability is inverse” Do you agree? Explain)
DËi : ÒA_©vq‡b SzuwK I gybvdvi g‡a¨ wecixZgyLx m¤úK©
we`¨gvbÓ- GB Dw³wUi mv‡_ Avwg GKgZ bB| KviY SyuwK evo‡j
gybvdv ev‡o Avevi SyuwK Kg‡j gybvdvI K‡g| A_©vr SzuwK I gybvdvi
g‡a¨ mggyLx m¤úK© we`¨gvb| wewb‡qvM n‡Z cÖZ¨vwkZ gybvdv
A‡cÿv cÖK…Z gybvdv Kg nIqvi m¤¢vebv‡K SuwzK e‡j| Ab¨w`‡K
wewb‡qvM n‡Z cÖvß A_©‡K gybvdv e‡j| ZvB wewb‡qvM hZ †ewk
SuwzKc~Y© n‡e cÖZ¨vwkZ gybvdvi nvi Z‡Zv †ewk n‡e|
8. Zvij¨ I gybvdv bxwZ e¨vL¨v Ki| (Explain the principle of liquidity and
profit.)
A_ev, ÒZvij¨ I gybvdvi g‡a¨ Kx ai‡bi m¤úK© we`¨gvbÓ|
e¨vL¨v Ki|
DËi : Zvij¨ I gybvdv bxwZ ej‡Z eySvq e¨emv‡qi cÖwZwU Avw_©K
wm×všÍ Ggbfv‡e MÖnY Kiv DwPZ hv‡Z Zvij¨ I gybvdv DfqB eRvq
_v‡K| Zvij¨ I gybvdvi bxwZi g‡a¨ GKwU wecixZ ev FYvZ¥K m¤úK©
we`¨gvb Av‡Q| dvg© hZ †ewk cwigvY Znwej wewb‡qvM Ki‡Z cvi‡e
Zvi gybvdvi cwigvYI ZZ †ewk n‡e d‡j Zvij¨ K‡g hv‡e| Ab¨w`‡K Zvij¨
†ewk ivL‡j wewb‡qv‡Mi cwigvY n«vm cv‡e d‡j gybvdvi cwigvY n«vm
cv‡e| ZvB Zvij¨ I wewb‡qv‡Mi g‡a¨ fvimvg¨ †i‡L Avw_©K e¨e¯’vcK‡K
Kvh© m¤úv`‡bi e¨e¯’v Kiv DwPZ|
9. ÔA_©vq‡b Zvij¨ I gybvdvi g‡a¨ mggyLx m¤úK© we`¨gvbÕ
Zzwg wK GKgZ? e¨vL¨v Ki| (The relationship between liquidity and profitability is
same direction or positive” Do you agree? Explain.)
A_ev, ÒZvij¨ I gybvdvi g‡a¨ BwZevPK m¤úK© we`¨gvbÓ|
e¨vL¨v Ki|
DËi : ÔA_©vq‡b Zvij¨ I gybvdvi g‡a¨ mggyLx m¤úK© we`¨gvbÕ GB
Dw³i mv‡_ Avwg GKgZ bB| mvaviYZ e¨emvq cÖwZôvb Zvi msM„nxZ
Znwej wewfbœ jvfRbK cÖK‡í wewb‡qvM K‡i gybvdv AR©b K‡i _v‡K|
†Kv¤úvwb hZ †ewk cwigvY Znwej wewb‡qvM Ki‡Z cvi‡e Zvi gybvdvi
 A_©vq‡bi m~Pbv 57
cwigvYI ZZ †ewk n‡e| Ab¨w`‡K Zvij¨ †ewk ivL‡j wewb‡qv‡Mi cwigvY
n«vm cv‡e d‡j gybvdvi cwigvY n«vm cv‡e| ZvB Zvij¨ I gybvdvi g‡a¨
wecixZgyLx m¤úK© we`¨gvb|
10. GKRb e¨emvqx †Kb †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
AbymiY K‡i ? e¨vL¨v Ki| (Why does a business man follow principle of
portfolio diversification? Explain.)
A_ev, †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z wK eySvq ?
DËi : GKRb wewb‡qvMKvix Zvi mg¯Í A_© GKwU m¤ú‡` wewb‡qvM
bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g SuywK n«vm Kivi
cÖ‡Póv‡K †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ e‡j| †cvU©‡dvwjI
ˆewPΨvq‡bi bxwZi d‡j wewb‡qv‡Mi SuywK n«vm cvq| †hgb GKRb
e¨emvqx hw` Zvi mKj m¤ú` w`‡q GK ai‡bi c‡Y¨i e¨emv K‡i Zvn‡j
e¨emv‡qi gybvdv AR©b SzuwKc~Y© n‡q hvq| cÿvšÍ‡i e¨emvqx hw`
wewfbœ ai‡bi c‡Y¨i e¨emvq K‡i †m‡ÿ‡Î GKwU c‡Y¨i weµq n«vm †c‡jI
Ab¨vb¨ c‡Y¨i weµq w`‡q e¨emv‡qi ÿwZ cywl‡q †bqv m¤¢e| ZvB
SzuwK n«v‡mi Rb¨ GKRb e¨emvqx †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
AbymiY K‡i|
11. Znwej msMÖ‡ni †¶‡Î †cvU©‡dvwjI ˆewPΨvq‡bi bxwZi
cÖfve e¨vL¨v Ki| (Explain the impact of principle of portfolio diviersification on
cllection of fund.)
DËi : Znwej msMÖ‡ni †¶‡Î †cU©‡dvwjI ˆewPΨvq‡bi bxwZi cÖfve
i‡q‡Q| GKwU cÖwZôvb Znwej msMÖ‡ni †¶‡Î †cvU©‡dvwjI
ˆewPΨvq‡bi bxwZ AbymiY Ki‡j †m‡¶‡Î GKwU Dr‡mi cwie‡Z©
GKvwaK Drm n‡Z Znwej msMÖn Kiv‡K cÖvavb¨ †`qv nq| †hgb GKwU
†Kv¤úvwb mvaviY †kqvi, eÛ ev FYcÎ Ges wewfbœ †gqvw` e¨vsK F‡Yi
gva¨‡g Znwej msMÖn Ki‡Z cv‡i| wewfbœ †gqv‡` FY MÖnY Kivi d‡j
GKB mg‡q wekvj As‡Ki cvIbv`vi‡`i `vwe c~iY Ki‡Z n‡e bv eis wfbœ
wfbœ mg‡q wKQz wKQz K‡i cvIbv †gUv‡Z n‡e hv cÖwZôvbwUi c‡¶
A‡c¶vK…Z mnR| ZvB Znwej msMÖ‡ni †¶‡Î †cvU©‡dvwjI ˆewPΨvq‡bi
bxwZ AbymiY Ki‡j Zvij¨ mgm¨v A‡bKvs‡k n«vm cvq|
12. Znwej msMÖn Kxfv‡e †Kv¤úvwbi m¤ú` me©vwaKi‡Yi
mv‡_ m¤úwK©Z? e¨vL¨v Ki| (How is the collection of fund related with
wealth maximization of a company ? Explain)
DËi : Znwej msMÖn ej‡Z Znwe‡ji wewfbœ Drm wbe©vPb Ges Gme
Dr‡mi myweav Amyweav we‡kølY K‡i g~jab msMÖn Kiv‡K eySvq|
m¤ú` me©vwaKiY ej‡Z †Kv¤úvwbi †kqvi g~‡j¨i m‡eŸ©v”PKiY‡K
eySvq| GKwU †Kv¤úvwbi DwPZ Ggbfv‡e Znwej msMÖn Kiv †hb
g~jab e¨q me‡P‡q Kg nq| g~jab e¨q hZ Kg n‡e †Kv¤úvwbi g~j¨ ev
m¤ú` ZZ †ewk n‡e| Avevi g~jab e¨q hZ †ewk n‡e †Kv¤úwbi g~j¨ ev
m¤ú` ZZ Kg n‡e| Gfv‡e Znwej msMÖn †Kv¤úvwbi m¤ú`
me©vwaKi‡Yi mv‡_ m¤úwK©Z|
58 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
13. g~jab ev‡R©wUs wmÜvšÍ †Kb ¸iæZ¡c~Y© ? e¨vL¨v Ki|
(Why is capital budgeting decision important ? Explain.)
DËi : g~jab ev‡R©wUs wmÜvšÍ ej‡Z `xN©‡gqvw` wewb‡qvM
wm×všÍ MÖnY Kiv‡K eySvq| `xN© †gqv‡` cwi‡ek cwiw¯’wZmn A‡bK
wKQzB cwiewZ©Z n‡Z cv‡i| cÖK‡íi Rb¨ Kx cwigvY g~jab cÖ‡qvRb,
cÖK‡íi Kvh©Kvj H cÖK‡íi fwel¨Z cÖZ¨vwkZ Avq Ges Av‡qi AwbðqZv
cÖf„wZ we‡ePbv I g~j¨vqb K‡i wewb‡qvM wm×všÍ MÖnY Ki‡Z nq|
Avi GmKj welq m¤ú‡K© mwVK wm×všÍ MÖnY n‡”Q g~jab
ev‡R©wUs wm×všÍ| GQvovI g~jab ev‡R©wUs wm×v‡šÍi mv‡_
cÖPzi cwigvY ¯’vqx LiP RwoZ| GmKj Kvi‡Y g~jab ev‡R©wUs wm×všÍ
¸iæZ¡c~Y©|
14. gybvdv me©vwaKiY ej‡Z Kx eySvq? e¨vL¨v Ki| (What is
mean by profit maximization? Explain.)
DËi : †Kv‡bv dvg© ev e¨emvq cÖwZôv‡bi gybvdv e„w× Kiv‡K
gybvdv me©vwaKiY e‡j| mvaviYZ †Kv‡bv e¨emvq cÖwZôv‡bi †gvU
Avq †_‡K †gvU e¨q ev` w`‡j hv Aewkó _v‡K Zv‡K gybvdv e‡j| †Kv‡bv
e¨emvq cÖwZôv‡bi g~j D‡Ïk¨B n‡”Q gvwjK‡`i Rb¨ gybvdv AR©b
Ges Zv me©vwaKiY Kiv| †Kv¤úvwb ev e¨emvq cÖwZôv‡bi g~j j¶¨
gybvdv AR©b n‡jI mgv‡Ri Pvwn`v Abyhvqx e¨q Kwg‡q ¸YMZ
gvbm¤úbœ cY¨ I †mev cÖ`v‡bi gva¨‡g gybvdvR©b‡K cÖvavb¨ †`Iqv
nq|
15. gybvdv me©vwaKY j‡¶¨ A‡_©i mgq g~j¨ ev gybvdv
AR©‡bi mgq we‡ePbv Kiv nq bv- e¨v¨Lv Ki| (Time value of money
or timing of profit is not considered in profit maximization goal – Explain.)
DËi : †Kv‡bv dvg© ev e¨emvq cÖwZôv‡bi gybvdv e„w× Kiv‡K
gybvdv me©vwaKiY e‡j| gybvdv me©vwaKiY j‡¶¨ †h cÖK‡íi †gvU
gybvdv †ewk †m cÖKí‡K cÖvavb¨ †`qv nq| gybvdv AR©‡b mgq‡K
cÖva¨vb¨ †`qv nq bv| wKš‘ wewb‡qvM cÖK‡íi gybvdv wewfbœ mg‡q
wewfbœ iKg nq| ZvB hZ ZvovZvwo wewb‡qvMK…Z Znwej †diZ
cvIqv hv‡e cÖwZôv‡bi Rb¨ ZZB fvj n‡e| wKš‘ gybvdvi me©vwaKY
j‡¶¨ GB welqwU we‡ePbv Kiv nq bv|
16. gybvdv me©vwaKiY †Kb dv‡g©i P~ovšÍ j¶¨ bq ?
e¨vL¨v Ki| (Why is profit maximization not the ultimate goal of a firm ? Explain.)
DËi : gybvdv me©vwaKiY ej‡Z †Kvb dvg© ev e¨emvq cÖwZôv‡bi
gybvdv (†kqvi cÖwZ Avq) e„w× Kiv‡K eySvq| GKwU †Kv¤úvwb ev
e¨emvq cÖwZôvb e¨q Kwg‡q A_ev cY¨g~j¨ evwo‡q gybvdv e„w× Ki‡Z
cv‡i| G‡¶‡Î AwaK gybvdv cÖvw߇KB eo K‡i †`Lv nq| `xN© †gqv‡` †kqvi
g~j¨ e„w×i welqwU ZZUv ¸iæZ¡¡ cvq bv| gybvdv me©vwaKiY j‡¶¨
bM` cÖevn, A‡_©i mgqg~j¨ I SyuwK we‡ePbv bv Kivi Kvi‡Y GwU
d©v‡gi P~ovšÍ j¶¨ bq|
 A_©vq‡bi m~Pbv 59
17. gybvdv me©vwaKiY †Kb dv‡g©i jÿ¨ nIqv DwPZ?
e¨vL¨v Ki| (Why is profit maximization be the firm’s goal? Explain.)
DËi : Avw_©K wm×všÍ MÖn‡Y gybvdv me©vwaKiY dv‡g©i D‡Ï‡k¨i
gvcKvwV ev wb‡`©kK wn‡m‡e LyeB mnR| GKUv A_©bxwZ‡Z
weivRgvb dvg©mg~‡ni gvwjKiv Zuv‡`i m¤cwË ev Znwej wewb‡qvM
K‡i mgv‡Ri Pvwn`v wgwU‡q m‡šÍvlRbK gybvdv jvf Ki‡Z cvi‡j GUv ejv
hvq †h A_©‰bwZK Dbœqb n‡”Q| gybvdv me©vwaKiY n‡j A_©
‰bwZK m¤c‡`i myôy I `ÿ e¨envi wbwðZ nq| gybvdv me©vwaKi‡Yi
gva¨‡g mwVK mvgvwRK Kj¨vY m¤¢e| KviY G‡Z wewb‡qvMKvix cvq
gybvdv, †fv³v cvq m‡šÍvlRbK `v‡g Zvi cÖ‡qvRbxq `ªe¨ ev †mev|
Ab¨vb¨ A_©‰bwZK m¤c` myôyfv‡e e¨enƒZ nq hv mwVK mvgvwRK
Kj¨v‡YiB jÿ¨| ZvB gybvdv me©vwaKiY cÖwZôv‡bi Avw_©K
wm×v‡šÍi g~j gvcKvwV nIqv DwPZ|
18. Ògybvdv `¶Zvi gvb`ÛÓ e¨vL¨v Ki| (“Profit is standard of the
efficiency” Explain.)
DËi : gybvdv `¶Zvi gvb`Û K_vwU h_v_© bq| KviY gybvdv AR©b
e¨emv‡qi g~j D‡Ïk¨ n‡jI Zv ¯^í mg‡qi Rb¨ wKš‘ `xN© mg‡q e¨emvi
Rb¨ gybvdvi cvkvcvwk mvgvwRK Kj¨vY, cÖwZôv‡bi mybvg BZ¨vw`
Acvwinvh©| Avevi wewfbœ †Kv¤úvwbi wewb‡qv‡Mi cwigvY mgvb
bq ZvB mevi gybvdv mgvb bvI n‡Z cv‡i| †mB `„wó‡KvY n‡ZI gybvdv
e¨emv‡qi gvb`Û bq|
19. ÒD”P gybvdvhy³ cÖKí wbe©vPb me©`vB MÖnY‡hvM¨
bq|Ó D³wU e¨vL¨v Ki| (Selection of high earning project is not acceptable
always- Explain the statement.)
DËi : D”P gybvdvhy³ cÖKí wbe©vPb me©`vB MÖnY‡hvM¨ bq-
Dw³wU mwVK| D”P gybvdvhy³ cÖK‡í wewb‡qvM †_‡K fwel¨‡Z
cÖZ¨vwkZ gybvdv AR©‡b †h SzuwK Av‡Q Zv we‡ePbv Ki‡Z nq|
GLv‡b SzuwK ej‡Z wewb‡qvM cÖK‡íi cÖZ¨vwkZ gybvdvi
cwieZ©bkxjZv‡K eySvq| myZivs gybvdv Ges SzuwKi g‡a¨
mgš^qmvab Kiv cÖ‡qvRb| gybvdv me©vwaKi‡Y j‡ÿ¨ D”P gybvdv‡K
cÖvavb¨ †`qv nq| wKš‘ GB jÿ¨wU SzuwK, A‡_©i mgqg~j¨, bM`
cÖevn BZ¨vw` we‡ePbv K‡i bv e‡j †gvU gybvdv †ewk n‡jB Zv MÖnY
Kiv DwPZ bq|
20. m¤ú` me©vwaKiY ej‡Z Kx eySvq? e¨vL¨v Ki| (What is mean
by Wealth maximization? Explain.)
A_ev, m¤ú` me©vwaKiY wKfv‡e Kiv hvq? e¨vL¨v Ki|
DËi : GKwU dv‡g©i m¤c` me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨
me©vwaKiY‡K ev bxU eZ©gvb g~j¨ me©vwaKiY‡K eySvq| A_©vr
†Kvb cÖKí n‡Z cÖvß bM` A‡_©i eZ©gvb g~j¨ e„w× KivB n‡jv m¤ú`
me©vwaKiY| †kqvi‡nvìvi‡`i m¤ú‡`i cwigvY e…w× Kiv GKwU dv‡g©i
60 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
g~j j¶¨ wn‡m‡e we‡ewPZ nq| †kqv‡ii evRvi g~j¨ Kg n‡j †kqvi‡nvìvi‡`i
m¤ú‡`i cwigvY n«vm cvq, Avevi †kqv‡ii evRvi g~j¨ †ewk n‡j
†kqvi‡nvìvi‡`i m¤ú‡`i cwigvY e…w× cvq| myZivs †kqv‡ii evRvi g~j¨
e„w×i gva¨‡g m¤ú` me©vwaKiY Kiv hvq|
21. †Kv¤úvwbi g~j j¶¨ m¤ú` me©vwaiY- e¨vL¨v Ki| (Ultimate
goal of a company is wealth maximization- Explain.)
A_ev, m¤ú` me©vwaKiY †Kv¤úvwbi g~j jÿ nIqv DwPZ? e¨vL¨v
Ki|
DËi : GKwU dv‡g©i m¤c` me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨
me©vwaKiY‡K ev bxU eZ©gvb g~j¨ me©vwaKiY‡K eySvq|
†kqvi‡nvìviMY GKwU †Kv¤úvwbi g~j gvwjK| Avi †Kv¤úvwbi gvwjK‡`i
m¤ú` cwigvc Kiv nq †kqv‡ii eZ©gvb evRvi g~j¨ Øviv| m¤ú`
me©vwaKiY †Kv¤úvwbi g~j j¶¨ nIqvi KviY n‡jv GwU (K) A‡_©i
mgqg~j¨, (L) bM` cÖevn I (L) SuywK we‡ePbv K‡i|
22. miKvi mvgwóK A_©bxwZ‡Z Kxfv‡e F‡Yi cwigvY e„w×
Ki‡Z cv‡i ? e¨vL¨v Ki| (How does government increase amount of loan in macro
economy ? Explain.)
DËi : miKv‡ii ivóªxq A_©vq‡bi aviYv cÖ‡qvM K‡i evsjv‡`k e¨vsK
my‡`i nvi Kwg‡q A_ev †Lvjv evRvi n‡Z miKvwi eÛ µq K‡i Avw_©K
cÖwZôv‡bi (evwYwR¨K e¨vsK) gva¨‡g F‡Yi cwigvY e„w× Ki‡Z cv‡i|
†hgb : miKvi e¨vsK my‡`i nvi n«vm Ki‡j, Drcv`b e¨q n«vm cvq|
Drcv`b e¨q Kg nIqvi Kvi‡Y evRv‡i cY¨g~j¨ Kg n‡e Ges cY¨ `ª‡e¨i
Pvwn`v evo‡e Ges Drcv`b e„w× cv‡e| d‡j Kg©ms¯’vb ev‡o Ges
mvgwóK A_©bxwZ‡Z Zv ¸iæZ¡c~Y© f~wgKv cvjb K‡i|
23. jf¨vsk cÖ`vb Kxfv‡e †Kv¤úvwbi g~j j‡¶¨i mv‡_
m¤úwK©Z ? e¨vL¨v Ki| (How is payment of dividend related with main goal of
a company? Explain.)
DËi : gybvdvi †h Ask †kqvigvwjK‡`i g‡a¨ e›Ub Kiv nq Zv‡K jf¨vsk
e‡j| GKwU †Kv¤úvwbi g~j¨ j¶¨ n‡”Q m¤ú` me©vwaKiY ev †kqvi
g~‡j¨i m‡eŸ©v”PKiY| jf¨vsk cÖ`vb Ki‡j †kqvigvwjKMY mš‘ó _v‡K Ges
evRv‡i †Kv¤úvwbi Pvwn`v e„w× cvq| d‡j †kqv‡ii evRvi g~j¨ e„„w×
cvq| Gfv‡e jf¨vsk cÖ`vb †Kv¤úvwbi g~j¨ j‡¶¨i mv‡_ m¤úwK©Z|
24. A_©vq‡b mgvwRK `vqe×Zvi welqwU †Kb
¸iæZ¡c~Y© ? e¨vL¨v Ki | (Why is the issue of social responsibility important
in finance ? Explain.)
DËi : A_©vq‡b mgvwRK `vqe×Zv ej‡Z e¨emv cÖwZôv‡bi mv‡_
m¤úwK©Z wewfbœ c‡¶i (†hgbÑ †kqvigvwjK, †fv³v, Kg©KZ©v,
Kg©Pvix, miKvi BZ¨vw`) ¯^v_© i¶v K‡i cÖwZôv‡bi m¤ú`
me©vwaKiY‡K eySvq| mgv‡Ri gvby‡li cÖwZ wewfbœ mvgvwRK
`vwqZ¡ cvjb Ki‡j cÖwZôv‡bi mybvg e„w× cvq| †kqvigvwjK‡`i
AvZ¥wek¦vm i¶vq mnqZv K‡i Ges cÖwZôv‡bi mv‡_ m¤úwK©Z mKj
 A_©vq‡bi m~Pbv 61
c‡¶i AvbyMZ¨ I kÖ×v AR©b Kiv hvq| Gme myweavi Kvi‡Y cÖwZôv‡bi
†kqvi g~‡j¨i Dci BwZevPK cÖfve c‡o| A_©vr dv‡g©i gvwjK‡`i m¤ú`
me©vwaKiY D‡Ïk¨ AR©‡bi Rb¨ mgvwRK `vqe×Zv ¸iæZ¡c~Y©
Dcv`vb wn‡m‡e we‡ePbv Kiv nq|
25. mgwóK A_©bxwZ‡Z Avw_©K cÖwZôvbmg~n †Kvb `ywU
c‡¶i g‡a¨ †mZzeÜb wn‡m‡e KvR K‡i ? e¨vL¨v Ki| (Between
which two parties in macro economy do financial institutions act as bridge? Explain.)
DËi : mvgwóK A_©bxwZ‡Z Avw_©K cÖwZôvbmg~n NvUwZ GKK I
DØ„Ë GK‡Ki g‡a¨ †mZzeÜb wn‡m‡e KvR K‡i| e¨emvq cÖwZôvb ev
Drcv`bKvix PjwZ I ¯’vqx m¤úwˇZ wewb‡qv‡Mi Rb¨ ¯^í‡gqvw` I
`xN©‡gqvw` FY Avw_©K cÖwZôvb n‡Z MÖnY Ki‡Z cv‡i| GQvovI
†kqvi eÛ BZ¨vw` evwYwR¨K cÖwZôv‡bi wbKU weµq K‡i
`xN©‡gqvw` Znwej msMÖn Ki‡Z cv‡i| Ab¨w`‡K DØ„Ë GKK ev
mÂqKvix A_©vq‡bi aviYv cÖ‡qvM K‡i DØ„Ë A_© mÂq ev ¯’vqx
wnmv‡e Avw_©K cÖwZôv‡b Rgv ivL‡Z cv‡i| Gfv‡e Avw©_©K
cÖwZôvbmg~n (†hgbÑ e¨vsK, wegv †Kv¤úvwb) mvgwôK
A_©bxwZ‡Z NvUwZ GKK I DØ„Ë GK‡Ki Znwej e¨e¯’vcbvi †¶‡Î mnvqK
f‚wgKv cvjb K‡i †mZzeÜb wn‡m‡e KvR K‡i|
26. A_© I A_©vq‡bi g‡a¨ m¤úK© Kx? e¨vL¨v Ki| (What is the
relationship between money and finance? Explain.) [h‡kvi †evW© 2016]
DËi : A_© n‡”Q me©Rb ¯^xK…Z I eûj e¨eüZ wewbg‡qi gva¨g|
Ab¨fv‡e ejv hvq, A_© n‡”Q GKwU Zij m¤úwË hv cY¨ I †mev µq-weµq
Gi †¶‡Î †jb‡`‡bi gva¨g wn‡m‡m e¨eüZ nq| Aci w`‡K, A_©vqb n‡”Q
A_© e¨e¯’vi Kjv‡KŠkj A_©vr A_© msMÖn A_© wewb‡qvM I A_©
wbhš¿Y cÖwµqv‡K wb‡`©k K‡i| myZvivs A_© Øviv A_©vqb cÖwµqv
mym¤úbœ Kiv nq| d‡j A_© I A_©vqb G‡K Ac‡ii cwic~iK|
27. GKwU dv‡g©i P‚ovšÍ j¶¨ Kx nIqv DwPZ? e¨vL¨v Ki|
(What should be the ultimate goal of a firm? Explain.)
DËi : m¤ú` me©vwaKiYB GKwU dv‡g©i P~ovšÍ j¶¨| GKwU dv‡g©i
m¤c` me©vwaKiY ej‡Z H dv‡g©i †kqv‡ii g~j¨ me©vwaKiY‡K ev bxU
eZ©gvb g~j¨ me©vwaKiY‡K eySvq| G‡¶‡Î, gybvdv AR©‡bi w`‡K
`„wó bv w`‡q PjwZ †kqv‡ii evRvi g~‡j¨i Dci gybvdvi cÖfv‡ei
welqwU‡K ¸iæZ¡¡ †`qv nq| KviY †kqv‡ii evRvi g~j¨ e„w× †c‡j
cÖwZôv‡bi g~j¨ e„w× cvq| g~j¨ e„w×i GB aviv Ae¨vnZ ivLvB m¤ú`
me©vwaKi‡Yi g~j K_v|
28.A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z Kx eySvq? e¨vL¨v Ki|
[ewikvj, w`bvRcyi
(What is mean by social responsibility of Finance? Explain.)
†evW© 2016,2019]
DËi : A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z mKj ¯^v_©mswkøô c‡ÿi
¯^v_©iÿv K‡i cÖwZôv‡bi m¤ú` me©vwaKiY‡K eySvq| mgv‡Ri
gvby‡li wewfbœ ai‡bi Pvwn`v c~i‡Yi gva¨‡g gybvdv AR©b KivB
e¨emvqx‡`i DwPZ| mgvwRK `vqe×Zvi Kvi‡Y e¨emvq cÖwZôv‡K
62 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
†hme Kvh©vewj m¤úbœ Ki‡Z nq Zvi Rb¨ e¨emv‡qi wKQz AwZwi³
A_© LiP Ki‡Z nq| †hgb: weªwUk Av‡gwiKvb †Uve¨v‡Kv evsjv‡`‡k
Zv‡`i ZvgvKRvZ c‡Y¨i Kviev‡ii cvkvcvwk ebvqb, cwi‡ek weï×KiY Ges
Ab¨vb¨ mgvwRK Kg©Kv‡Ûi mv‡_ RwoZ|
29. "Don’t put all eggs in a busket" Dw³wU e¨vL¨v Ki| ("Don’t put all eggs in
a busket" Explain the statement.)
DËi: Dw³wUi g~j welq n‡”Q GKRb wewb‡qvMKvixi mKj m¤ú` GKwU
Lv‡Z wewb‡qvM Kiv DwPZ bq, A_©vr †cvU©‡dvwjI ˆewPΨvq‡bi
bxwZ AbymiY Kiv DwPZ| GKRb wewb‡qvMKvix Zvi mg¯Í A_© GKwU
m¤ú‡` wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kivi gva¨‡g
SuywK n«vm Kivi cÖ‡Póv‡K †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ e‡j|
m¤ú` e¨e¯’vcbvi †ÿ‡Î G bxwZi f~wgKv Acwimxg| GKvwaK m¤ú‡`
wewb‡qv‡Mi gva¨‡g SuywK n«vm cvq| ZvB †cvU©‡dvwjI Gi g~j
D‡Ïk¨B n‡jv wewb‡qvM ˆewPΨvq‡bi gva¨‡g SuywK n«vm Kiv|
30. e¨emv‡q ˆbwZKZv ej‡Z Kx eySvq? e¨vL¨v Ki| (What is mean
by ethic of business? Explain.)
DËi: e¨emv‡q mKj ¯^v_© mswkøó c‡¶i cÖwZ BwZevPK aviYv‡K
e¨emvq ˆbwZKZv e‡j| e¨emvwqK ˆbwZKZv ej‡Z bxwZ kv‡¯¿i †mB
Ask hv e¨emv‡qi †Kvb KvR Kiv DwPr ev †Kgb AvPiY cÖ`k©b Kiv
DwPZ Ges †Kvb KvR Kiv ev AvPiY cÖ`k©b Kiv DwPZ bq G msµvšÍ
welq‡K eySvq|
31. e¨emvq A_©vqb ej‡Z Kx eySvq? e¨vL¨v Ki| (What is mean by
business Finance? Explain.)
DËi : e¨emvq cÖwZôv‡bi cÖ‡qvRbxq Znwej msMÖn I wewb‡qv‡Mi
Rb¨ †h A_©vqb cÖwµq v e¨envi K‡i Zv‡K e¨emvq A_©vqb e‡j|
A_©vr GKwU cÖwZôvb cwiPvjbvi Rb¨ wK cwigvY g~jab cÖ‡qvRb,
†Kvb †Kvb Drm n‡Z †mB g~jab msMÖn Ki‡j Zv cÖwZôv‡bi Rb¨
jvfRbK Ges †Kvb cÖ‡R± ev m¤ú‡` wewb‡qvM Ki‡j me‡P‡q †ewk
gybvdv n‡e, †mB mKj wel‡qi cwiKíbv cÖYqb I ev¯Íevq‡bi †h
Kvh©vewj Zv‡KB A_©vqb e‡j| A_©vq‡bi g~j KvR n‡jv Znwej
msMÖn I Zvi e¨envi, e¨e¯’vcbv Ges wewb‡qvM| Avi e¨emv cÖwZôvb
A_© Qvov m¤ú~Y© APj| G Rb¨B A_©vqb‡K e¨emvq cÖwZôv‡bi
ü`wcÛ ejv nq|
32. wewb‡qvM wm×všÍ Kx? e¨vL¨v Ki| (What is mean by investment
decision? Explain.)
DËi : †Kvb †Kvb cÖK‡í ev m¤cwˇZ wewb‡qvM Ki‡j cÖwZôv‡bi D‡Ïk¨
AR©b mnR n‡e Zv wba©viY Kiv‡K wewb‡qvM wm×všÍ e‡j| Avi
†mRb¨ wewfbœ cÖKí n‡Z fwel¨‡Z cÖZ¨vwkZ Avq ev gybvdvi cwigvY
wbY©q Kiv GKvšÍ cÖ‡qvRb| †h‡nZz cÖKí n‡Z fwel¨‡Z cÖZ¨vwkZ Avq
Abygv‡bi Dci wfwË K‡i wbY©q Kiv nq, †m‡nZz Gi mv‡_ SuywK
RwoZ| ZvB †Kvb wewb‡qvM cÖKí g~j¨vq‡b fwel¨‡Z cÖZ¨vwkZ Avq I
SyuwK we‡ePbv K‡i wewb‡qvM wm×všÍ MÖnY Ki‡Z nq|
 A_©vq‡bi m~Pbv 63
33. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z Kx eySvq? e¨vL¨v Ki|
(What is mean by current Asset management? Explain.)
A_ev, ¯^í‡gqvw` m¤ú` e¨e¯’vcbv †Kb Riæwi? e¨vL¨v Ki|
DËi : ¯^í‡gqvw` m¤ú` e¨e¯’vcbv ej‡Z cÖwZôv‡bi bM` A_©, gRy`
cY¨, cÖvc¨ wej BZ¨vw`i e¨e¯’vcbv‡K eySvq| GwU‡K PjwZ g~jab
e¨e¯’vcbv I ejv nq| †Kvb †Kv¤cvwb hw` PjwZ g~ja‡b AwaK
wewb‡qvM K‡i Zvn‡j gybvdv AR©b ÿgZv K‡g hv‡e| Avevi hw` PjwZ
m¤cwˇZ Avw_©K wewb‡qv‡Mi cwigvY K‡g hvq Zvn‡j †Kv¤cvwbi
PjwZ †`bv cwi‡kv‡a Amyweav nq| G‡Z SyuwKi cwigvY †e‡o hvq| ZvB
PjwZ m¤cwˇZ wewb‡qvM wm×všÍ Ggbfv‡e MÖnY Ki‡Z n‡e hv‡Z
gybvdv AR©b ÿgZv K‡g bv hvq, Avevi †`bv cwi‡kv‡ai AcviMZv
msµvšÍ SuywKi m¤gyLxb n‡Z bv nq| ZvB ¯^í †gqvw` m¤ú`
e¨e¯’vcbv Lye Riæwi|
34. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv †Kvb `yÕwU wel‡qi g‡a¨
mgš^q mvab K‡i? e¨vL¨v Ki| (Current asset management combines which
of the two?Explain.)
DËi : ¯^í‡gqvw` m¤ú` e¨e¯’vcbv PjwZ g~ja‡b wewb‡qv‡Mi †ÿ‡Î
†Kv¤úvwbi gybvdv AR©b ÿgZv (Profitability) I Zvij¨ (Liquidity) Gi g‡a¨
mgš^q mvab K‡i| †Kvb †Kv¤cvwb hw` PjwZ g~ja‡b AwaK
wewb‡qvM K‡i Zvn‡j gybvdv AR©b ÿgZv K‡g hv‡e| Avevi hw` PjwZ
m¤cwˇZ Avw_©K wewb‡qv‡Mi cwigvY K‡g hvq Zvn‡j †Kv¤cvwbi
PjwZ †`bv cwi‡kv‡a Amyweav nq| G‡Z SyuwKi cwigvY †e‡o hvq| ZvB
PjwZ m¤cwˇZ wewb‡qvM wm×všÍ Ggbfv‡e MÖnY Ki‡Z n‡e hv‡Z
gybvdv AR©b ÿgZv K‡g bv hvq, Avevi †`bv cwi‡kv‡ai AcviMZv
msµvšÍ SuywKi m¤gyLxb n‡Z bv nq|
35. A_©vqb m¤ú‡K© Rvbv †Kb ¸iæZ¡c~Y©? e¨vL¨v Ki|
DËi: mvaviY A‡_© A_©vqb ej‡Z A_© msMªn Kiv‡K eySvq| e¨vcK
A‡_© A‡_©i cwiKíbv, msMªn, msiÿY, e¨envi Ges wbqš¿Y m¤úK©xq
Kvh©vewj n‡”Q A_©vqb| cªwZwU cªwZôv‡bi †ÿ‡Î ¯^í e¨‡q A_© ev
Znwej msMªn Ges Gi myô e¨env‡ii Rb¨ A_©vqb LyeB ¸iæZ¡c~Y©|
GQvovI A_©vq‡bi aviYv mwVKfv‡e cª‡qvM K‡i cªwZwU cªwZôvb g~j
j‡ÿ¨ †cŠQv‡Z cv‡i|
36. m¤ú` m‡e©v”PKi‡Yi wb‡`k©K Kx? e¨vL¨v Ki|
DËi: m¤ú` m‡e©v”PKi‡Yi wb†`k©K n‡”Q kqv‡ii eZ©gvb evRvi g~j¨|
m¤ú` m‡ev”PKi‡Yi ej‡Z †Kv¤úvwbi †kqv‡ii evRvi g~j¨ e…w×KiY‡K
eySvq| †Kv¤úvwbi gvwjK†`i m¤ú` cwigvc Kiv nq †kqv‡ii eZ©gvb
evRvi g~j¨ Øviv| m¤ú` m‡e©v”PKi‡Yi †ÿ‡Î (1) A‡_©i mgq g~j¨, (2)
bM` cªevn I (3) SyuwK| we‡ePbv Kiv nq hv †Kv¤úvwbi †kqv‡ii evRvi
g~j¨ e…w×i †ÿ‡Î ¸iæZ¡c~Y© f~wgKv iv‡L|
36. A_©vq‡b SyuwK-gybvdv bxwZ †Kb AbymiY Kiv nq?
DËi: Avw_©K wm×všÍ Mªn‡Yi †ÿ‡Î msM…nxZ wewb‡qv‡Mi SyuwK I
gybvdvi g‡a¨ mgš^qmvab K‡i Avw_©K wm×všÍ Mªn‡Yi bxwZ†Kb
64 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
SyuwK gybvdv bxwZ e‡j| mvaviYZ SyuwK †ewk n‡j gybvdv †ewk nq|
wewb‡qvMKvixiv gybvdvi Avkvq wewb‡qvM K‡i| AwaK SyuwKi Kvi‡Y
Avkvbyiƒc gybvdv AwR©Z bv n‡j wewb‡qvM ÿwZi m¤§yLxb n‡Z
cv‡i| GRb¨ A_©vq‡bi g~j jÿ¨ AR©b Ki‡Z SyuwK gybvdv bxwZ
AbymiY Kiv nq|
m„Rbkxj cÖ‡kœi D`vniY (Examples of
Creative Questions)

m„Rbkxj D`vniY 1
wb‡gœ `ywU †Kv¤úvwbi Z_¨ †`Iqv n‡jv :
†Kv¤ú †kqvi †kqvi cÖwZ Avq †kqv‡ii evRvi g~j¨
wb cÖwZ 1g eQi 2q eQi 1g eQ‡ii 2q eQ‡ii
wjwLZ
g~j¨
GKwg 100 20 24 110 110
¯‹qvi 100 19 19 115 125
K. †÷K‡nvìvi †K?
L. mvgvwRK `vqe×Zv ej‡Z Kx eySvq? e¨vL¨v Ki|
M. DÏxc‡Ki Z‡_¨i Av‡jv‡K GKwg †Kv¤úvwb A_©vq‡bi †Kvb j¶¨wU
AR©b K‡i‡Q ? e¨vL¨v Ki|
N. m¤ú` me©vwaKi‡Yi wfw³‡Z †Kvb †Kv¤úvwbwU DËg ? hyw³mn
Av‡jvPbv Ki|
K bs cÖ‡kœi DËi
†÷K‡nvìvi ej‡Z e¨emvq cÖwZôv‡bi mv‡_ ¯^_© mswkó mKj c¶‡K
(†hgb †kqvigvwjK, miKvi, †fv³v, mieivnKvix) eySvq|
L bs cÖ‡kœi DËi
mgv‡Ri cÖwZ e¨emv‡qi `vwqZ¡‡KB mvgvwRK `vqe×Zv e‡j| e¨emv‡qi
mv‡_ wewfbœ c¶ RwoZ _v‡K †hgb: †kqvigvwjK, †fv³v, KuvPvgvj
mieivnKvix, e¨e¯’vcK, Ib¨vb¨ Kg©KZ©v-Kg©Pvix, miKvi, FY`vZv cÖf„wZ|
GmKj ¯^v_© mswkøó c‡¶i ¯^v_© i¶v K‡i cÖwZôv‡bi m¤ú` me©vwaKi‡Yi
†h `vqe×Zv Zv‡K A_©vq‡bi mvgvwRK `vqe×Zv e‡j|
M bs cÖ‡kœi DËi
DÏxc‡Ki GKwg †Kv¤úwb A_©vq‡bi gybvdv me©vwaKiY j¶¨wU AR©b
Ki‡Q|
†Kv‡bv d©vg ev e¨emvq cÖwZôv‡bi gybvdv e„w× Kiv‡K gybvdv
me©vwaKiY e‡j| e¨emvq cÖwZôvb e¨q Kwg‡q Ae¯’v Abyhvqx cY¨ g~j¨
e„w× K‡i gybvdv e„w× Ki‡Z cv‡i| g~j¨ wVK †i‡L weµq evov‡Z cvi‡jI
gybvdv e„w× cvq|
DÏxc‡K †`Lv hv‡”Q GKwg †Kv¤úvwbi †kqvi cÖwZ Avq 1g eQ‡i wQj 20
UvKv wKš‘ wØZxq eQ‡i Zv n‡q‡Q 24 UvKv| GLv‡b GKwg †Kv¤úvwbi
†kqv‡ii evRvi g~j¨ AcwiwZ©Z i‡q‡Q wKš‘ †kqvi cÖwZ Avq e„w× cv‡”Q|
myZivs GKwg †Kv¤úvwb gybvdv me©vwaKiY j¶¨wU AR©b K‡i‡Q|
 A_©vq‡bi m~Pbv 65
N bs cÖ‡kœi DËi
m¤ú` me©vwaKi‡Yi wfwˇZ ¯‹qvi †Kv¤úvwb DËg|
†Kv‡bv d©vg ev e¨emvq cÖwZôv‡bi m¤ú` e„w× Kiv‡K m¤ú`
me©vwaKiY e‡j| †Kv¤úvwbi gvwjK‡`i m¤ú` cwigvc Kiv nq †kqv‡ii
eZ©gvb evRvi g~j¨ Øviv|
DÏxc‡K ¯‹qvi †Kv¤úvwbi †kqv‡ii evRvi g~j¨ 1g eQ‡i wQj 115 UvKv
wKš‘ 2q eQ‡i Zv †e‡o 125 UvKv n‡q‡Q| A_©vr ¯‹qvi †Kv¤úwbi †kqv‡ii
evRvi g~j¨ e„w× cv‡”Q| Ab¨w`‡K GKwg †Kv¤úvwbi †kqv‡ii evRvi g~j¨
e„w× cvqwb| myZivs m¤ú` me©vwaKi‡Yi wfw³‡Z ¯‹qvi †Kv¤úwb DËg|
†Kvb cÖwZôv‡bi m¤ú` e„w× †c‡q‡Q wKbv Zv Rvbvi Rb¨ †kqv‡ii
evRvi g~‡j¨i cwieZ©b ch©v‡jvPbv Ki‡Z nq| †Kvb †Kv¤úwbi †kqv‡ii
evRvi g~j¨ e„w× †c‡jB †Kv¤úvwbwUi mvgwMÖK m¤ú` e„w× cvq|
DÏxc‡Ki GKwg †Kv¤úwbi †kqv‡ii evRvi AcwiewZ©Z _vK‡jI ¯‹qvi Kv¤úwbi
m¤ú` me©vwaKiY j¶¨ AR©b K‡i‡Q| ZvB ¯‹qvi †Kv¤úwb GKwg †Kv¤úwb
A‡c¶v DËg|
m„Rbkxj D`vniY 2
cÖZ¨q wjwg‡UW Gi Avw_©K Ae¯’v wbgœiƒc:
weeiY mvj
2015 2016 2017 2018
†kqvi cÖwZ Avq (UvKv) 10 15 20 30
†kqvi cÖwZ jf¨vsk 10 15 20 25
(UvKv)
cÖwZ †kqv‡ii evRvi 200 240 260 280
g~j¨ (UvKv)

†Kv¤úvwbwU 2019 mv‡j kÖwgK‡`i †eZb-fvZv cwi‡kva Kivi ci †`L‡Z †cj

e¨vsK F‡Yi my` cÖ`v‡bi ch©vß A_© cÖwZôv‡bi †bB| fwel¨‡Z gybvd
nIqvi h‡_ó m¤¢vebv _vKv m‡Ë¡I †Kv¤úvwb GLb wec‡`i m¤§yLxb|
K. eûgyLxKiY bxwZ Kx?
L. Ògybvdv `¶Zvi gvb`ÛÓ e¨vL¨v Ki|
M. DÏxc‡K DwjøwLZ cÖZ¨q wjwg‡UW A_©vq‡bi †Kvb bxwZ j•N‡Yi
d‡j wec‡`i m¤§yLxb n‡q‡Q eY©bv Ki|
N. ÒDÏxc‡K DwjøwLZ cÖZ¨q wjwg‡UWi Avw_©K Ae¯’v A_©vq‡bi
g~j j¶¨ AR©‡bi wb‡`©kKÓ-Dˇii ¯^c‡¶ hyw³ `vI|
K bs cÖ‡kœi DËi
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq e¨emvqx ev
wewb‡qv‡MKvix Zvi mKj A_© GKwU m¤ú‡` wewb‡qvM bv K‡i GKvwaK
m¤ú‡` wewb‡qvM Ki‡e hv‡Z SuywK n«vm cvq|
L bs cÖ‡kœi DËi
gybvdv `¶Zvi gvb`ÛÑ K_vwU h_v_© bq| KviY gybvdv AR©b
e¨emv‡qi g~j D‡Ïk¨ n‡jI Zv ¯^í mg‡qi Rb¨ wKš‘ `xN© mg‡q e¨emvi Rb¨
66 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
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Avevi wewfbœ †Kv¤úvwbi wewb‡qv‡Mi cwigvY mgvb bq ZvB mevi
gybvdv mgvb bvI n‡Z cv‡i| †mB `„wó‡KvY n‡ZI gybvdv e¨emv‡qi gvb`Û
bq|
M bs cÖ‡kœi DËi
DÏxc‡K †Kv¤úvwb Zvij¨ I gybvdvi bxwZ j•Nb K‡i‡Q|
Zvij¨ I gybvdvi g‡a¨ wecixZ m¤úK©| Zvij¨ †ewk ivL‡j wewb‡qvM
n«vm cvq, Avevi Zvij¨ Kg ivL‡j wewb‡qvM e„w× cvq| Zvij¨ ej‡Z PjwZ
g~ja‡bi cÖ‡qvRb †gUv‡Z †h cwigvY bM` A_© nv‡Z ivL‡Z nq Zv‡K
eySvq| Avevi gybvdv ej‡Z c‡Y¨i weµq g~j¨ I µq g~‡j¨i cv_©K¨‡K eySvq|
e¨emvq cwiPvjbvq Zvij¨ I gybvdvi g‡a¨ mgš^q ivLv Avek¨K| Zvij¨ I
gybvdvi g‡a¨ mgš^q bv _vK‡j AwaK Zvi‡j¨i d‡j gybvdv ¶wZMÖ¯— n‡e|
Avevi AwaK gybvdvi d‡j Zvij¨ ¶wZMÖ¯— nq|
DÏxc‡Ki Av‡jv‡K ejv hvq, cÖZ¨q †Kv¤úvwb 2019 mv‡j kªwgK‡`i †eZb
fvZv cwi‡kva Kivi ci †`L‡Z †cj e¨vs‡Ki my` cwi‡kv‡ai Rb¨ cvh©vß A_©
cÖwZôv †bB| A_©vr Zvij¨ Kg ivLvq A‡_©i msK‡U c‡o‡Q| hv Zvij¨ I
gybvdvi bxwZ AbymiY K‡iwb|
N bs cÖ‡kœi DËi
DÏxc‡K cÖZ¨q wjwg‡UW m¤ú` me©vwaKiY j¶wU AR©b Ki‡Z mg_©
n‡q‡Q|
m¤ú` me©vwaKiY ej‡Z †Kv¤úvwbi †kqv‡ii evRvi g~j¨ e„w× Kiv‡K
eySvq| †Kv¤úvwbi g~j j‡¶¨ †cŠQv‡Z A‡_©i mgq g~j¨, SuywK we‡ePbv I
bM` cÖevn we‡ePbv K‡i A_©vqb KivUv Avek¨K|
DÏxc‡K cÖZ¨q wjwg‡UW A_©vq‡bi g~j j‡¶¨ †cuŠQv‡Z m¶g n‡q‡Q|
KviY †kqvi cÖwZ Avq, †kqvi cÖwZ jf¨vsk cÖ`v‡bi cvkvcvwk †Kv¤úvwbi
†kqvi cÖwZ evRvi g~j¨I e„w× cv‡”Q| hv m¤ú` me©vwaKxKi‡Yi g~j j¶¨
AR©‡b m‡Pó n‡q‡Q|
m„Rbkxj D`vniY 3
Rbve iwng gbvevRvi wjwg‡U‡Wi Aw_©K e¨e¯’vcK| m¤úªwZ wZwb
`y'‡Uv cÖK‡íi K_v we‡ePbv Ki‡Qb| `y'‡Uv cÖK‡íi Rb¨ eZ©gv‡b
10,00,000 UvKv cÖ‡qvRb| `ywU cÖKí cÖvq mgAvqhy³| wb‡gœi cÖKí
`y'‡Uv n‡Z cieZ©x 5 eQ‡i †h wbU gybvdv n‡e Zv †`Iqv n‡jv :
wbU gybvdv
cÖKí 1g 2q 3q 4_© 5g †gvU
gybvdv
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0 00 0 00 0 00
L 2,00,00 3,00,00 4,00,00 3,00,00 3,00,00 15,00,0
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K. wewb‡qvM wm×všÍ Kx ?
 A_©vq‡bi m~Pbv 67
L. “A_©vq‡b gybvdv I SzwKi g‡a¨ mggyLx m¤úK© we`¨gvbÓ-
Zzwg Kx GKgZ ? e¨vL¨v Ki|
M. DÏxc‡K DwjøwLZ Rbve iwng †h `ywU cÖK‡íi m¤¢vebv hvPvB
K‡j‡Qb Zv A_©vq‡bi †Kvb Kvh©vewji AšÍfz©³? e¨vL¨v Ki|
N. dv‡g©i m¤ú` me©vwaKiY Ki‡Z PvB‡j cÖKí ÔLÕ MÖnY Kiv DwPZÕ-
D³wU DÏxc‡Ki Av‡jv‡K g~j¨vqb Ki|
K bs cÖ‡kœi DËi
†Kv‡bv m¤úwË ev cÖK‡í wewb‡qvM Ki‡j dv‡g©i cÖZ¨vwkZ Avq
mev©waK nq Zv wbav©iY Kiv‡KB wewb‡qvM wm×všÍe‡j|
L bs cÖ‡kœi DËi
ÒA_©vq‡b gybvdv I SzwKi g‡a¨ mggyLx m¤úK© we`¨gvbÓ e³e¨wU
mwVK|
†h bxwZi mvnv‡h¨ SuywK Ges gybvdvi g‡a¨ mvgÄm¨ Avbv nq Zv‡KB
SzuwK I gybvdv mgš^qKiY bxwZ e‡j| ev¯—‡e SuywK Ges Av‡qi g‡a¨
wbweo m¤úK© we`¨gvb| SuywK e„w× †c‡j Avq e„w× cvq| Avevi SuywK
n«vm †c‡j Avq n«vm cvq|
M bs cÖ‡kœi DËi
DÏxc‡K wg. nvmvb †h `ywU cÖK‡íi m¤¢vebv hvPvB K‡i‡Qb Zv
A_©vq‡bi g~jab ev‡RwUs Kvh©vewji AšÍf~©³|
g~jab ev‡RwUs n‡jv `xN©‡gqvw` wm×všÍ MÖn‡Yi e¨eüZ wewb‡qvM
wm×všÍ MÖnY cÖwµqv hvi gva¨‡g m‡e©vËg cÖKí wbe©vPb Kiv nq Ges
Kg SuywK A_P †ewk gybvdv cÖ`vbKvix cÖKí¸‡jv‡K wPwýZ Kiv nq|
DwÏc‡K Rbve iwng wgbvevRvi wjwg‡U‡Wi Aw_©K e¨e¯’vcK| m¤úªwZ
wZwb `ywU cÖK‡íi K_v we‡ePbv Ki‡Qb| `ywU cÖK‡íi Rb¨ eZ©gv‡b
10,00,000 UvKv cÖ‡qvRb| `ywU cÖKí cÖvq mgAvqhy³| ZvB †h cÖK‡íi
Av‡qi wbU eZ©gvb g~j¨ me©vwaK n‡e Rbve iwng †mB cÖKíwUB MÖnY
Ki‡eb| myZivs DÏxc‡K Rbve iwng †h `ywU cÖK‡íi m¤¢vebv hvPvB K‡i‡Qb
Zv A_©vq‡bi g~jab ev‡RwUs Kvh©vewji AšÍf~©³|
N bs cÖ‡kœi DËi
dv‡g©i m¤ú` me©vwaKiY Ki‡Z PvB‡j cÖKí ÔLÕ MÖnY Kiv DwPZ|
KviY cÖKí ÔLÕ Gi SuywK cÖKí ÔKÕ Gi SuywK A‡c¶v Kg|
SuywK Ges Av‡qi g‡a¨ wbweo m¤úK© we`¨gvb| SuywK e„w× †c‡j
Avq e„w× cvq| Avevi SuywK n«vm †c‡j Avq n«vm cvq| †h bxwZi
mvnv‡h¨ SuywK Ges gybvdvi g‡a¨ mvgÄm¨ Avbv nq Zv‡KB SzuwK I
gybvdv mgš^qKiY bxwZ e‡j|
DwÏc‡K `ywU cÖK‡íi K_v we‡ePbv Ki‡Qb| `ywU cÖK‡íi Rb¨ eZ©gv‡b
10,00,000 UvKv cÖ‡qvRb| `ywU cÖKí cÖq mg Aqhy³| cÖKí ÔKÕ Gi Av‡qi
ZviZg¨ ev DÌvb cZb cÖKí ÔLÕ Gi Av‡qi ZviZg¨ ev DÌvb cZb A‡c¶v AwaK|
cÖKí ÔKÕ Gi SuywK cÖKí ÔLÕ A‡c¶v AaxK| GKB fv‡e cÖKí ÔKÕ Gi ¶wZi
m¤¢ebv cÖKí ÔLÕ A‡c¶v AaxK| A_©vr cÖKí ÔLÕ Gi jv‡fi m¤¢ebv cÖKí
ÔKÕ A‡c¶v AaxK| ZvB cÖKí ÔLÕ MÖnY Ki‡j dv‡g©i m¤ú` e„w× cv‡e|
dv‡g©i m¤ú` me©vwaKiY Ki‡Z PvB‡j cÖKí ÔLÕ MÖnY Kiv DwPZ|
68 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
m„Rbkxj D`vniY 4
wg. ivmwdK wewW dyW †Kv¤úvwbi Avw_©K e¨e¯’vK| Zvi wbKU
wewb‡qv‡Mi Rb¨ 2,00,000 UvK i‡q‡Q| wZwb wb‡gœi `yÕwU cªK‡íi
†h‡Kvb GKwU‡Z wewb‡qv‡Mi wPšÍvfvebv Ki‡Qb| cª‡Z¨K cªK‡í cªv_wgK
wewb‡qvM 1,00,000 UvKv| cªKí `ywUi AvMvgx 5 eQ‡ii wbU gybvdv wbgœiƒc:
evwl©K gybvdv (UvKvq)
cÖKí 1g 2q 3q 4_© 5g †gvU
gybvdv
K 50,000 35,000 30,000 25,000 20,000 1,60,00
0
L 20,000 20,000 40,000 40,000 45,000 1,65,00
0
wg. ivmwdK, Zvi cªwZôv‡bi †kqv‡ii evRvi g~j¨ e…w× Kivi j‡ÿ¨ KvR K‡i
hv‡”Qb| Ab¨w`‡K wg. kv‡Li Zvi e¨emv m¤úªmvi‡Yi j‡ÿ¨ GKwU bZyb
†gwkb µ‡qi wm×všÍ MªnY K‡i‡Qb| †gwkbwUi Avqy®‹vj 20 eQi|
K. dv‡g©i mvgvwRK `vwqZ¡ Kx?
L. PjwZ m¤úwË ¯^íZvi Kvi‡Y dv‡g©i †h ai‡bi SuywKi m„wó nq Zv
e¨vL¨v Ki|
M. wg. kv‡Li †h wm×všÍ MªnY K‡i‡Qb Zv A_©vq‡bi †Kvb Kvh©vewji
AšÍf©y³? e¨vL¨v Ki|
N. wg. ivmwdK †h jÿ¨ wb‡q KvR Ki‡Qb Zv AR©b Ki‡Z n‡j DÏxc‡Ki
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hyw³ `vI|
K bs cÖ‡kœi DËi
mgv‡Ri cÖwZ e¨emv‡qi †h `vwqZ¡ Zv‡KB mnR A‡_© e¨emv‡qi
mvgvwRK `vwqZ¡ e‡j|
L bs cÖ‡kœi DËi
PjwZ m¤úwË ¯^íZvi Kvi‡Y dv‡g© Avw_©K msK‡Ui m„wó nq hv Zvij¨
msKUI ejv hvq| Zvij¨ ej‡Z dv‡g©i Kvh©µg ¯^vfvweK ivL‡Z KuvPvgvj µq,
†eZb I gRywi cwi‡kva BZ¨vw`‡Z e¨q Ki‡Z nq| G mKj PjwZ m¤ú‡`i e¨q
wbe©v‡ni Rb¨ me©`v nv‡Z wKQz bM` A_© a‡i ivL‡Z nq, hv‡K Zvij¨ ejv
nq| ZvB GB Zvi¨ ¯^íZvi Kvi‡Y Avw_©K msKU †`Lv †`q|
M bs cÖ‡kœi DËi
wg. kv‡Li †h wm×všÍ MªnY K‡i‡Q Zv A_©vq‡bi g~jab ev‡RwUs
wm×všÍ msµvšÍ Kvh©vewji AšÍf©y³|
g~jab ev‡RwUs wm×všÍ ej‡Z `xN©‡gqvw` cªK‡í wewb‡qvM wm×všÍ
MªnY Kiv‡K eySvq|
DÏxc‡K wg. kv‡Li e¨emv m¤úªmvi‡Yi j‡ÿ¨ †h †gwkb µ‡qi wm×všÍ
MªnY Ki‡Qb Zv `xN©‡gqvw` wewb‡qvM wm×všÍ| KviY †gwkbwUi
Avqy®‹vj 20 eQi| myZivs Rbve kv‡Li †gwkb µ‡qi wm×všÍ n‡”Q g~jab
ev‡RwUs wm×v‡šÍi AšÍf©y³|
N bs cª‡kœi DËi:
 A_©vq‡bi m~Pbv 69
[Link] †h jÿ¨ wb‡q KvR Ki‡Qb Zv n‡jv m¤ú` me©vwaKiY| G jÿ¨
AR©‡b Ges A‡_©i mgq g~j¨ we‡ePbvq K cªKí MªnY Kiv DwPZ| A‡_©i
mgq g~j¨ we‡ePbvq K cªKí MªnY K‡i 1g I 2q eQ‡i AwR©Z gybvdv
cybivq wewb‡qvM K‡i fwel‡Z gybvdv A‡bK †ewk cvIqv m¤¢e| GQvovI, L
cªK‡íi Zyjbvq K cªKí n‡Z wewb‡qvMK…Z Znwej `ªæZ †diZ cvIqv m¤¢e|
wKš‘ gybvdv me©vwaKiY j‡ÿ¨i †ÿ‡Î G welqwU we‡ePbv Kiv nq bv|
A_©vr gybvdv me©vwaKiY we‡ePbv Ki‡j L cªKíwU MªnY‡hvM¨|
†h‡nZz wg. BKevj m¤ú` me©vwaKiY jÿ¨ AR©‡bi Rb¨ KvR Ki‡Qb,
†m‡nZz `yÕwU cÖK‡íi g‡a¨ K cÖKíwU MÖnY Kiv DwPZ, hw`I K cÖK‡íi
†gvU gybvdv L cÖKí n‡Z Kg|
m„Rbkxj D`vniY 5
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BZ¨vw` †¶‡Î e¨emv cÖmvwiZ Kivi wm×všÍMÖnY K‡i‡Q| GQvovI ¸YMZ
gv‡bi cY¨ b¨vh¨ g~‡j¨ mieivn, Kgx©‡`i Kv‡Ri Dchy³ cwi‡ek, wbqwgZ
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cÖwZôvbwU †miv cÖwZôv‡bi cyi¯‹vi jvf K‡i|
K. ¯^í‡gqvw` m¤ú` e¨e¯’vcbv Kx?
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e¨vL¨v Ki|
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K bs cÖ‡kœi DËi
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L bs cÖ‡kœi DËi
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Avevi hw` jf¨vsk cÖ`vb Kiv bv nq Zvn‡j †kqvi cÖwZ evRvi g~j¨ n«vm
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M bs cÖ‡kœi DËi
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N bs cÖ‡kœi DËi
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eySvq|
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Ki|
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gZvgZ `vI|
K bs cÖ‡kœi DËi
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e¨e¯’vcbv Ges wewb‡qvM m¤úKx©q Kvh©vewj‡K A_©vqb ejv n‡q
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L bs cÖ‡kœi DËi
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 A_©vq‡bi m~Pbv 71
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M bs cÖ‡kœi DËi
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MÖnY K‡i‡Qb|
N bs cÖ‡kœi DËi
DÏxc‡K Zvij¨ I gybvdv bxwZi e¨Z¨q n‡q‡Q| Zvij¨ ej‡Z cÖwZôv‡bi bM`
A‡_©i cwigvY‡KB eySvq †h cwigvY bM` A_© nv‡Z ivL‡Z PjwZ g~ja‡bi
cÖ‡qvRb †gUv‡bv hvq Zv‡K Zvij¨ e‡j| Avevi gybvdv ej‡Z cY¨ weµ‡qi
gva¨‡g AwR©Z jvf‡KB eySvq| Zvij¨ I gybvdvi g‡a¨ wecixZ m¤úK©|
ZvB Avw_©K e¨e¯’vcK Zvij¨ I gybvdvi g‡a¨ mgš^q †i‡L wewb‡qvM
Kiv DwPZ| Zvij¨ †ewk ivL‡j wewb‡qvM Kg n‡e Avi wewb‡qvM Kg n‡j
gybvdv K‡g n‡e| ZvB gybvdv Zvi‡j¨i g‡a¨ mgš^q ivLv DwPZ| Zvij¨‡K
cÖvavb¨ w`‡j gybvdv ¶wZMÖ¯Í nq Avevi gybvdv‡K cÖvavb¨ w`‡j Zvij¨
msKU †`Lv †`q|
DÏxc‡Ki Av‡jv‡K ejv hvq, †PŠayix mv‡ne m¤ú~Y© A_© wewb‡qvM
Kivq Zvij¨ msKU †`Lv †`q| G‡Z †PŠayix mv‡ne PjwZ g~jab ¶wZi
m¤§yLxb nq| ABC †Kv¤úvwbi Avw_©K e¨e¯’vcK PjwZ g~ja‡bi K_v wPšÍv
bv Kivi d‡j PjwZ g~jab wbe©v‡n msKUvcbœ †`Lv †`q|
m„Rbkxj D`vniY 7
miKvi `xN©‡gqvw` Znwej msMÖn Kivi j‡¶¨ weMZ eQi †K›`ªxq e¨vs‡Ki
gva¨‡g †UªRvwi eÛ evRv‡i weµq K‡i‡Q& GQvovI Ki I Ab¨vb¨ Drm n‡Z
miKvi cÖPzi cwigvY ivR¯^ Av`vq K‡i‡Q| GmKj A_© †`‡ki wk¶v, ¯^v¯’¨,
cwienb BZ¨vw` Lv‡Z miKvi e¨q K‡i _v‡K| Ab¨w`‡K kvwKj wj. Gi Avw_©K
e¨e¯’vcK weMZ eQi gybvdvi cy‡ivUvB †kqvi gvwjK‡`i g‡a¨ eÈb K‡i †`b|
d‡j wewfbœ bZzb cÖK‡í wewb‡qv‡Mi my‡hvM MÖnY Ki‡Z cÖwZôvbwU
e¨_© nq| Z‡e †kqvi g~j¨ e„w× bv n‡jI weMZ wZb eQi hver †Kv¤úvwbi
†kqvi cÖwZ Avq e„w× cv‡”Q|
K. e¨emvq A_©vqb Kx?
L. "Don’t put all eggs in a busket" Dw³wU e¨vL¨v Ki|
M. DÏxc‡K DwjøwLZ miKv‡ii Kvh©µg †Kvb ai‡bi A_©vq‡bi mv‡_
m¤úwK©Z? e¨vL¨v Ki|
N. DÏxc‡K kvwKj wj. A_©vq‡bi g~j j¶¨ AR©b Ki‡Z †c‡i‡QÑ Zzwg wK G
e³‡e¨i mv‡_ GKgZ? e¨vL¨v Ki|
72 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
K bs cÖ‡kœi DËi
GKwU e¨emvq myôzfv‡e cwiPvjbv Kivi Rb¨ Kx cwigvY A‡_©i cÖ‡qvRb
Ges †Kvb †Kvb Drm n‡Z †m A_© msMÖn Kiv n‡e Ges †Kvb †Kvb Lv‡Z Zv
wewb‡qvM Kiv n‡e Zv‡K eySvq|
L bs cÖ‡kœi DËi
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z e¨emvqx Zvi mKj A_© GKwU
m¤ú‡` wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kiv‡K eySvq| d‡j
SuywK n«vm cvq| †hgb GKRb e¨emvqx hw` ïaygvÎ GKwU c‡Y¨i e¨emv K‡i
Zvn‡j e¨emv‡qi gybvdv AR©b †ek SuywKc~b© n‡q hvq| A_©vr ¶wZi m¤
¢ebv n«vm †c‡jI Ab¨vb¨ c‡Y¨i weµq w`‡q e¨emv‡qi ¶wZ cywl‡q †bqv m¤
¢e| ZvB SuywK n«v‡mi Rb¨ GKRb e¨emvqx †cvU©‡dvwjI ˆewPΨvq‡bi
bxwZ AbymiY K‡i|
M bs cÖ‡kœi DËi
DÏxc‡K D‡jøwLZ miKv‡ii Kvh©µg miKvwi A_©vq‡bi mv‡_ m¤úwK©Z|
miKvwi A_©vqb ej‡Z miKv‡ii evwl©K Avq †Kvb Drm n‡Z msMÖn Kiv n‡e
Ges evwl©K e¨q †Kvb Lv‡Z, Kx cwigvY Zv wba©viY‡K miKvwi A_©vqb
e‡j|
miKvwi e¨e¯’vcbvB cÖ_‡g e¨‡qi cwigvY Kiv nq| miKvwi A_©vq‡bi g~j
j¶¨ n‡jv mvgvwRK Kj¨vY| ZvB miKvi RbKj¨v‡Yi D‡Ï‡k¨ iv¯ÍvNvU, †mZz,
¯‹zj, miKvwi nvmcvZvj, Avkªq‡K›`ª, AvBbk„•Ljv I cÖwZi¶v e¨e¯’v
BZ¨vw` miKvwi A_©vq‡bi e¨q| G mKj e¨q wbe©v‡ni Rb¨ miKvi‡K AvqKi,
mviPvR©, g~j¨ ms‡hvRb Ki, Avg`vwb I ißvwb ïé BZ¨vw` wewµ K‡i A_©
msMÖn K‡i|
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cÖPzi ivR¯^ Av`vq Ki‡Q hv miKvwi A_©ms¯’v‡bi aib|
N bs cÖ‡kœi DËi
DÏxc‡K kvwKj wj. Gi A_©vq‡bi g~j j¶¨ AR©b Ki‡Z e¨_© n‡q‡Q| ZvB
Avwg GB e³‡e¨i mv‡_ GKgZ bB| KviY, DÏxc‡K gybvdv AR©b j‡¶¨i
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e„w× Kiv‡KB eySvq| Aciw`‡K, gybvdv m‡e©v”PKiY ej‡Z †kqvi cÖwZ Avq
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A_© jf¨vsk wnmv‡e cÖ`vb Ki‡jI †kqvi cÖwZ evRvi g~j¨ e„w× cvqwb eis
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cÖwZdjb N‡U‡Q| ZvB ejv hvq, bynvm wj. A_©vq‡bi g~j j¶¨ AR©‡b
e¨_© n‡q‡Q| ÔKÕ ÔLÕ
m„Rbkxj D`vniY 8 cÖwZôvb cÖwZôvb
cY¨ wgwbc¨vK †evZjRvZ
k¨v¤úy k¨v¤úy
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me
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 A_©vq‡bi m~Pbv 73

K. miKvwi A_©vqb Kx?

L. †Kv¤úvwbi g~j j¶¨ me©vwaKiY e¨vL¨v Ki|
M. DÏxc‡Ki L cÖwZôvbwUi g~j j¶¨ gybvdv me©vwaKiY nIqv DwPZ
bq †Kb?
N. DÏxc‡Ki L cÖwZôvbwUi SuywKi cwigvY KgÑ Dw³wU g~j¨vqb Ki|
K bs cÖ‡kœi DËi
miKvwi A_©vqb ej‡Z miKv‡ii evwl©K e¨q †Kvb †Kvb Lv‡Z, Kx cwigv‡Y
n‡e Ges †mB A_© †Kvb †Kvb Drm n‡Z msMÖn Kiv n‡e Zv wba©viY
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L bs cÖ‡kœi DËi
m¤ú` me©vwaKiY ej‡Z †Kv¤úvwbi †kqv‡ii evRvi g~j¨ e„w×KiY‡K
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g~j¨ Øviv| m¤ú` me©vwaKiY †Kv¤úvwbi g~j j¶¨ nIqvi KviY n‡jv GwU (1)
A‡_©i mgq g~j¨, (2) bM` cÖevn I (3) SuywK we‡ePbv K‡i|
M bs cÖ‡kœi DËi
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Kvi‡Y L cÖwZôv‡bi g~j j¶¨ gybvdv me©vwaKiY nIqv DwPZ bq :
1. gybvdv AR©‡b mgq we‡ePbv Kiv nq bv;
2. bM` cÖevn we‡ePbv Kiv nq bv;
3. SuywK we‡ePbv Kiv nq bv|
gybvdv me©vwaKiY j‡¶¨i DcwiD³ `ye©jZvi Kvi‡Y `xN©‡gqv‡` GwU
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me©vwaKiY|
N bs cÖ‡kœi DËi
DÏxc‡Ki L cÖwZôvbwUi SuywKi cwigvY Kg KviY cÖwZôvbwU
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74 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
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Kg| ZvB wewb‡qvM hZ ˆewPΨvqbc~Y© n‡e SuywK ZZ n«vm cv‡e|
DÏxc‡K L cÖwZôvb GK ai‡bi k¨v¤úyi e¨emv bv K‡i †evZjRvZ,
wgwbc¨vK I nvievj k¨v¤úyi e¨emv Ki‡Q| A_©vr c‡Y¨i ˆewPΨvqb n‡q‡Q|
d‡j †evZjRvZ k¨v¤úyi weµq n«vm †c‡jI wgwbc¨vK I nvievj k¨v¤úyi weµq
n‡Z ¶wZ cywl‡q †bqv m¤¢e| A_©vr SuywKi n«vm Kiv m¤¢e|
DÏxc‡K †`Lv hvq, K cÖwZôvb †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
AbymiY Ki‡Q bv| wKš‘ L cÖwZôvb †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
AbymiY Kivi Kvi‡Y K cÖwZôv‡bi Zzjbvq L cÖwZôv‡bi SuywKi cwigvY Kg|
m„Rbkxj D`vniY 9
cÙv †mZz wbg©v‡Yi j‡¶¨ miKvi wewfbœ †emiKvwi cÖwZôvb‡K
A_©vq‡bi AvnŸvb Rvbv‡j ÔweUv †Kv¤úvwb wj.Õ mvov w`‡q A_©vq‡bi
wm×všÍ MÖnY K‡i| Ab¨w`‡K ÔAvjdv †Kv¤úvwb wj.Õ MÖvgxY Amnvq
wkï‡`i wk¶v m¤cÖmvi‡Yi j‡¶¨ K·evRv‡ii ivgy‡Z miKv‡ii mnvqZvq ivevi
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gybvdvR©‡b m¶g nq| eZ©gv‡b ÔAvjdv †Kv¤úvwb wj.Õ ivgy‡Z K‡qKwU
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K. e¨emvq ˆbwZKZv Kx?
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K bs cÖ‡kœi DËi
gybvdv AR©‡bi D‡Ï‡k¨ e¨emvq cÖwZôvb Zvi Znwej msMÖn I
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L bs cÖ‡kœi DËi
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G‡K weÁvb wn‡m‡eI AvL¨vwqZ Kiv nq|
M bs cÖ‡kœi DËi
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 A_©vq‡bi m~Pbv 75
cÖwZôvbwU wbw`©ó nv‡i miKv‡ii wbKU n‡Z gybvdv msMÖn Ki‡Z
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wbg©v‡Y A_© mieivn K‡i| wewb‡qvM jvfRbK n‡e e‡j †Kv¤úvwbwU Giƒc
wm×všÍMÖnY K‡i|
N bs cÖ‡kœi DËi
ÔAvjdv †Kv¤úvwb wj. KZ…©K M„nxZ wm×všÍwU mvgvwRK `vqe×Zvi
`„wó‡KvY †_‡K AZ¨šÍ †hŠw³K e‡j g‡b nq|
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DwPZ| Giƒc `vqe×Zvi Kvi‡Y cÖwZôvb K¨vej gybvdv I m¤ú`
me©vwaKi‡Yi welqwU‡KB ¸iæZ¡¡ †`q bv| GwU me©vwaK RbKj¨v‡Yi
welqwUI we‡ePbv K‡i _v‡K| G‡¶‡Î Avjdv †Kv¤úvwb wjt Gi mvgvwRK
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Ges Awfevmx‡`i cÖwZ `vqe×Zv‡K †evSvq|
ÔAvjdv †Kv¤úvwb wj. KZ…©K M„nxZ wm×všÍwU mvgvwRK
`vqe×Zvi `„wó‡KvY †_‡K AZ¨šÍ †hŠw³K e‡j g‡b nq| ÔAvjdv †Kv¤úvwb
wj.Õ e¨emv‡qi cvkvcvwk ivgy‡Z wk¶v cÖwZôvb I nvmcvZvj cÖwZôvi
gva¨‡g RbMY‡K †h †mev cÖ`vb Ki‡Q Zv AZ¨šÍ hyw³m½Z| cÖwZwU
e¨emvq cÖwZôv‡biB mvgvwRK `vqe×Zv _vKv DwPZ| Giƒc `vqe×Zvi
Kvi‡Y cÖwZôvb K¨vej gybvdv I m¤ú` me©vwaKi‡Yi welqwU‡KB
¸iæZ¡¡ †`q bv| GwU me©vwaK RbKj¨v‡Yi welqwUI we‡ePbv K‡i _v‡K|
G‡¶‡Î Avjdv †Kv¤úvwb wj. Gi mvgvwRK `vqe×Zv ej‡Z mgv‡Ri wewfbœ
c‡¶i cÖwZ; h_v: MÖvnK, FY`vZv, GjvKv Ges Awfevmx‡`i cÖwZ
`vqe×Zv‡K †evSvq| Avjdv wj. †Kv¤úvwb mvgvwRK `vqe×Zvi Ask
wn‡m‡e ivgy A‡j wk¶v cÖwZôvb I nvmcvZvj ¯’vc‡bi gva¨‡g RbM‡Yi
m‡e©v”P Kj¨vY wbwðZ Ki‡Z Pvq e‡j Zv‡`i Giƒc Kg©KvÛ‡K mvgvwRK
`vqe×Zvi `„wó‡KvY †_‡K AZ¨šÍ †hŠw³K e‡j g‡b nq|
m„Rbkxj D`vniY 10 PÆMÖvg †evW© 2017,
ewikvj †evW© 2019;, XvKv †evW©-2021
Rbve bexb I dwi` `yRbB cvBKvix e¨emv K‡ib| Rbve bexb ïay Kvc‡oi
e¨emv K‡ib| Ab¨w`‡K Rbve dwi` GKB mv‡_ Kvco Ges RyZvi e¨emv K‡ib|
Rbve dwi` g‡b K‡ib GKwU e¨emvq ÿwZ n‡j Ab¨ e¨emv w`‡q †hb Zv
cywl‡q †bqv hvq| Rbve bexb †ewk gybvdvi Avkvq nv‡Z Aí wKQz bM`
A_© †i‡L m¤ú~Y© wewb‡qvM K‡ib|
K. gybvdv me©vwaKiY Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 17)
76 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
L. Zvij¨ ej‡Z Kx eySvq? e¨vL¨v Ki| (DËi ms‡KZ: Abyavebg~jK cÖkœ
bsÑ 5)
M. Rbve dwi` A_©vq‡bi †Kvb bxwZ AbymiY K‡i‡Qb e¨vL¨v Ki|
N. Rbve bex‡bi wewb‡qvM wm×všÍ e¨emv‡q Kx cÖfve †dj‡Z cv‡i?
we‡kølY Ki|
M bs cª‡kœi DËi
DÏxc‡K Rbve dwi` A_©vq‡bi †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY
K‡i‡Qb|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq e¨emvqx Zvi mKj A_©
GKwU m¤ú‡` wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kiv‡K
eySvq| GKwU †Kv¤úvwb‡Z mKj A_© wewb‡qvM Ki‡j cieZ©x‡Z †mB
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cv‡e|
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dwi` g‡b K‡ib Kvc‡oi e¨emvq hw` †Kv‡bv ÿwZ nq, RyZvi e¨emvq †_‡K
gybvdv AR©b Kiv hv‡e| myZivs GKvwaK c‡Y¨i e¨emv K‡i Rbve dwi`
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZi AbymiY K‡i‡Qb hvi d‡j Zvi e¨emv‡qi
SyuwK nªvm cv‡e|
N bs cª‡kœi DËi
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n‡e ev Am”QjZv SyuwK m„wó n‡e|
ch©vß cwigvY Zvi‡j¨i Afv‡e Am”QjZv SyuwK m…wó nq| A_©vr
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bv _vK‡j Gme PjwZ LiP †gUv‡bv hvq bv|
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DÏxc‡K Rbve bexb‡K e¨emv‡qi ˆ`bw›`b Kvh© cwiPvjbvi g‡Zv bM`
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L. m¤ú` m‡e©v”PKiY ej‡Z Kx eySvq ? (DËi ms‡KZ: Abyavebg~jK
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M. cvwb cwi‡kvabKvix hš¿ µq A_©vq‡bi †Kvb Kvh©vewji AšÍfz©³?
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N. DÏxc‡K ivnvZ †Kv¤úvwb wjt Gi wewb‡qvM wm×všÍwU A_©vq‡bi
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M bs cª‡kœi DËi
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DÏxc‡K ivnvZ †Kv¤úvwb wjt cvwb cwi‡kvabKvix hš¿ µ‡qi wm×všÍ
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N bs cª‡kœi DËi
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AR©‡b mnvqK f~wgKv cvjb Ki‡e|
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K. e¨emvq A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 2)
L. gybvdv me©vwaKiY †Kb dv‡g©i P~ovšÍ jÿ¨ bq? e¨vL¨v Ki| (DËi
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M. Rbve Avigv‡bi †gwkb µ‡qi wm×všÍwU A_©vq‡bi †Kvb Kvh©vewji
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N. DÏxc‡K DwjøwLZ Rbve cvi‡fR A_©vq‡bi †Kvb bxwZ AbymiY bv
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N bs cÖ‡kœi DËi
DÏxc‡K Rbve cvi‡fR A_©vq‡bi Zvij¨ I gybvdv bxwZi bxwZ AbymiY bv
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wewb‡qvM †ewk n‡e Avi wewb‡qvM †ewk n‡j gybvdvi cwigvYI e„w×
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DÏxc‡K Rbve cvi‡fR †ewk jv‡fi Avkvq g~ja‡bi cyivUvB Zvi e¨emvq
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m„Rbkxj D`vniY 13 XvKv
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K. e¨emvq A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 2)
L. wewb‡qvM wm×všÍ Kx? (DËi ms‡KZ: Abyavebg~jK cÖkœ bsÑ
32)
M. Avjdv wj. KZ©„K Abym„Z A_©vq‡bi bxwZwU Av‡jvPbv Ki|
N. weUv wj. KZ©„K M„nxZ A_©vq‡bi bxwZmg~n Zzjbvg~jKfv‡e
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cÖKíwU AwaK gybvdvRbK Ges AwaK SuywKc~Y©| hv A_©vq‡bi SuywK
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N bs cª‡kœi DËi
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K. gybvdv me©vwaKiY Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 17)
L. e¨emv‡qi mvgvwRK `vqe×Zv ej‡Z Kx eySvq? (DËi ms‡KZ:
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M. Rbve AvdRvj †nv‡mb wewb‡qv‡Mi †¶‡Î A_©vq‡bi †Kvb bxwZ
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GKgyLx _v‡K ZvB wewb‡qvMKvix SuywKi m¤§yLxb _v‡K|
DÏxc‡K Rbve AvdRvj †nv‡mb kvcjv wj. cÙv wj. Ges †gNbv wjwg‡U‡Wi
†kqvi µq K‡i| wZwb GKvwaK †Kv¤úvwbi †kqvi µq Kivq †cvU©‡dvwjI
bxwZ MÖnY K‡i| d‡j Zvi kvcjv wj. Gi wewb‡qvM †jvKmvb n‡jI cÙv I
†gNbv wjwg‡UW n‡Z cÖZ¨vwkZ jf¨vsk cv‡”Q G‡Z GKwU wmwKDwiwU‡Z
†jvKmvb n‡jI evwK `ywU n‡Z cÖZ¨vwkZ djvdj cv‡”Q| ZvB ejv hvq,
AvdRvj †nv‡mb wewb‡qvM ˆewPΨvq‡bi gva¨‡g †cvU©‡dvwjI bxwZ
MÖnY K‡ib|
82 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
N bs cª‡kœi DËi
`ywU mnKgx©i g‡a¨ Rbve AvdRv‡ji wewb‡qvM DrK…ó e‡j g‡b Kwi|
GKRb wewb‡qvMKvix `yB fv‡e wewb‡qvM Ki‡Z cv‡i| GKK
wmwKDwiwU‡Z Ges †cvU©‡dvwjI‡Z|
AvdRvj †cvU©‡dvwjI wmwKDwiwU‡Z wewb‡qv‡Mi d‡j SuywK n«vm
cvq Ab¨w`‡K †g‡n`yj Zvi Aemi Znwej n‡Z cÖvß 30 j¶ UvKv ïay kvcjv
wjwg‡U‡Wi †kqvi µq K‡i| eQi †k‡l †`Lv †Mj kvcjv wj. Gi †jvKmvb n‡”Q d‡j
†g‡n`y‡ji m¤ú~Y© A_© †jvKmvb nq| wKš‘ AvdRvj SuywK eȇbi gva¨‡g
wewb‡qvM Ki‡j GKK SuywK n«vm cvq d‡j kvcjv wj. †jvKmv‡b _vK‡jI cÙv
I †gNbv wi. Gi †kqvi n‡Z cÖZ¨vwkZ jf¨vsk cv‡”Q| ZvB ejv hvh, AvdRvj
†nv‡m‡bi wewb‡qvM cÖKí g~j¨vqb DrK…ó e‡j g‡b Kwi|
m„Rbkxj D`vniY 16 wm‡jU
†evW©-2019
kvnxb I kvgxg `yRb Nwbô eÜz| Zviv Df‡qB Zv‡`i Rgv‡bv UvKv w`‡q
e¨emvq Ki‡e wm×všÍ wbj| kvnxb Zvi UvKv w`‡q cÖwZgY 850 UvKv `‡i
588 gb Mg µq K‡i gRy` Kij| Ab¨w`‡K kvgxg 294 gb Mg 850 UvKv `‡i I
cÖwZgb 2,000 UvKv `‡i 125 gY ïKbv mwilv µq K‡i gRy` Kij| cieZx©‡Z
M‡gi `vg K‡g hvIqvq kvnxb e¨emv‡q ¶wZMÖ¯Í nq| wKš‘ mwilvi `vg †e‡o
hvIqvq kvgxg e¨emv‡q jvf Ki‡Z m¶g nq|
K. e¨emvq A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 2)
L. e¨emv‡q ˆbwZKZv ej‡Z Kx eySvq? (DËi ms‡KZ: Abyavebg~jK
cÖkœ bsÑ 30)
M. kvnxb e¨emv‡q †Kb ¶wZMÖ¯Í nq? e¨vL¨v Ki|
N. kvgxg-Gi e¨emv‡q mdjZvi KviY we‡kølY Ki|
M bs cª‡kœi DËi
kvnxb e¨emv‡q ¶wZMÖ¯Í nIqvi KviY n‡jv †cvU©‡dvwjI ˆewPΨvqb
bxwZ AbymiY bv Kiv|
†cvU©‡dvwjI ˆewPΨvqb bxwZ ej‡Z eySvq e¨emvqx Zvi mKj A_© GKwU
m¤ú‡` wewb‡qvM Kiv| GKwU †K¤úvwb‡Z mKj A_© wewb‡qvM Ki‡j
cieZx©‡Z †mB †Kv¤úvwb †`Dwjqv n‡q †h‡Z cv‡i| wKš‘ me¸‡jv
†Kv¤úvwb GK mv‡_ †`Dwjqv nIqcvi m¤¢vebv Kg| ZvB wewb‡qvM hZ
ˆewPΨvqbc~Y© n‡e SuywK ZZ n«vm cv‡e|
DÏxc‡K kvnxb Zvi UvKv w`‡q cÖwZ gb 850 UvKv `‡i 588 gb Mg
µq K‡i gRy` K‡i| cieZx©‡Z M‡gi `vg K‡g hvIqvq kvnxb e¨emvq ¶wZMÖ¯
— nq| KviY kvnxb †cvU©‡dvwjI ˆewPΨvqb bxwZ AbymiY K‡iwb|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY Ki‡j SuywK n«vm †cZ|
N bs cª‡kœi DËi
kvgx‡gi e¨emvq mdjZvi KviY n‡jv †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ
AbymiY|
†cvU©‡dvwjI bxwZ ej‡Z eySvq GKwU m¤ú‡` m¤ú~Y© A_©
wewb‡qvM bv K‡i GKvwaK m¤ú‡` A_© wewb‡qvM Kiv| GKwU
 A_©vq‡bi m~Pbv 83
†Kv¤úvwb‡Z mKj A_© wewb‡qvM Ki‡j cieZx©‡Z †mB †Kv¤úvwb †`Dwjqv
n‡q †h‡Z cv‡i| wKš‘ GKmv‡_ me¸‡jv †Kv¤úvwb †`Dwjqv nIqvi m¤¢vebv
Kg| ZvB wewb‡qvM hZ ˆewPΨvqbc~Y© n‡e SuywK ZZ n«vm cv‡e|
DÏxc‡K kvgxg Mg I mwilv µq K‡i gRy` K‡i| cieZx©‡Z M‡gi `vg Kg‡jI
mwilvi `vg †e‡o hvIqvq e¨emv‡q jvf Ki‡Z m¶g nq| kvgxg GKvwaK cY¨
µ‡qi d‡j †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY K‡i‡Q| hvi d‡j e¨emv‡qi
SuywK n«vm †c‡q‡Q| kvgxg GKvwaK cY¨ µ‡qi d‡j SuywK n«vm †c‡q‡Q|
e¨emv‡q mdjZv AR©b Ki‡Z †c‡i‡Q|
m„Rbkxj D`vniY 17 mw¤§wjZ †evW©
(XvKv, wm‡jU, h‡kvi) 2018
wg. KvRj Ges wg. iZb `yBRb eÜz GKwU cÖwZwôZ wek¦we`¨vj‡q wdb¨vÝ
GÛ e¨vswKs wel‡qi Dci cov‡kvbv Ki‡Qb| Zviv `yBRb wg‡j wm×všÍwbj
†h, wUDkwb K‡i AwR©Z UvKv w`‡q †kqvi evRv‡i wewb‡qvM Ki‡e| wg.
KvRj Zvi cuywR w`‡q GKwU gvÎ †Kv¤úvwbi †kqvi µq Kij| Ab¨w`‡K, wg.
iZb Zvi cuywR w`‡q mvZwU †Kv¤úvwbi †kqvi µq Kij|
K. e¨emvq A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ2)
L. m¤ú` me©vwaKiY Kxfv‡e Kiv hvq? e¨vL¨v Ki| (DËi ms‡KZ:
Abyavebg~jK cÖkœ bsÑ 12)
M. wg. iZb wewb‡qv‡Mi †¶‡Î A_©vq‡bi †Kvb bxwZwU AbymiY
K‡i‡Q? e¨vL¨v Ki|
N. DÏxc‡Ki Av‡jv‡K, †kqvi evRv‡i wewb‡qv‡Mi †¶‡Î Kvi wewb‡qvM‡K
AwaK †hŠw³K e‡j Zzwg g‡b Ki? we‡kølY K‡i gZvgZ `vI|
M bs cª‡kœi DËi
wg. iZb wewb‡qv‡Mi †ÿ‡Î A_©vq‡bi †cvU©‡dvwjI ‰ewPÎvq‡bi
bxwZ AbymiY K‡i‡Q|
ˆewPΨvq‡bi bxwZ ej‡Z eySvq wewb‡qvMKvix Zvi mKj A_© GKwU
m¤ú‡` wewb‡qvM bv K‡i wewfbœ m¤ú‡` wewb‡qvM Ki‡e hv‡Z SyuwK
nªvm cvq| KviY GKwU †Kv¤úvwb‡Z wewb‡qvM Ki‡j cieZ©x‡Z †mB
†Kv¤úvwb †`Dwjqv n‡q †h‡Z cv‡i| wKš‘ me¸‡jv †Kv¤úvwb †`Dwjqv nIqvi
m¤¢vebv Kg| ZvB wewb‡qvM hZ ‰ewPΨc~Y© n‡e SyuwK ZZ nªvm
cv‡e|
DÏxc‡K wg. iZb Zvi cyuwR w`‡q mvZwU †Kv¤úvwbi †kqvi µq K‡i|
GKvwaK †Kv¤úvwbi †kqv‡ii wewb‡qv‡Mi Kvi‡Y wg, iZb A_©vq‡bi
†cvU©‡dvwjI ‰ewPΨv‡bi bxwZ AbymiY K‡i‡Q|
N bs cª‡kœi DËi
†kqvi evRv‡i wewb‡qv‡Mi †ÿ‡Î wg. iZ‡bi wewb‡qvM‡K †hŠw³K e‡j
Avwg g‡b Kwi| KviY wg. iZb ˆewPΨvq‡bi bxwZ AbymiY K‡i GKvwaK
†Kv¤úvwbi †kqv‡i wewb‡qvM K‡i‡Qb| Ab¨w`‡K wg, KvRj ïaygvÎ GKwU
†Kv¤úvwbi †kqv‡i mKj A_© wewb‡qvM K‡i‡Qb|
ˆewPÎvqb bxwZ ej‡Z eySvq wewb‡qvMKvix Zvi mKj A_© GKwU
m¤ú‡` wewb‡qvM bv K‡i wewfbœ m¤ú‡` wewb‡qvM Ki‡e hv‡Z SyuwK
84 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
nªvm cvq| KviY GKwU †Kv¤úvwb‡Z wewb‡qvM Ki‡j cieZ©x‡Z †mB
†Kv¤úvwb †`Dwjqv n‡q †h‡Z cv‡i| wKš‘ me¸‡jv †Kv¤úvwb †`Dwjqv nIqvi
m¤¢vebv Kg| ZvB wewb‡qvM hZ ‰ewPΨc~Y© n‡e SyuwK ZZ nªvm
cv‡e|
DÏxc‡K wg. iZb Zvi cyuwR w`‡q mvZwU †Kv¤úvwbi †kqvi µq K‡i|
GKvwaK †Kv¤úvwbi †kqv‡ii wewb‡qv‡Mi Kvi‡Y wg. iZb A_©vq‡bi
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY K‡i‡Q| Ab¨w`‡K wg. KvRj Zvi
cyuwR w`‡q GKwUgvÎ †Kv¤úvwbi †kqvi µq K‡i‡Q|
wg. iZb †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY Kivq Zv SyuwK
nªvm cv‡e| KviY GKwU ev `y'wU †Kv¤úvwb‡Z ÿwZ n‡jI Ab¨vb¨
†Kv¤úvwbi †kqv‡ii wewb‡qvM n‡Z jvf Øviv Zv cywl‡q †bqv m¤¢e| hv
wg. KvR‡ji †ÿ‡Î m¤¢e bq| KviY wZwb †cvU©‡dvwjI ˆewPÎvq‡bi bxwZ
AbymiY K‡ib bvB| wg. KvR‡ji †ÿ‡Î SyuwK nªvm Kiv m¤¢e bq| d‡j KvR‡ji
wewb‡qvM †ewk SyuwKc~Y©| myZivs wg: iZ‡bi wewb‡qvM AwaK
†hŠw³K|
m„Rbkxj D`vniY 18 mw¤§wjZ †evW©
(Kzwgjøv, PÆMÖvg, ewikvj) 2018
hgybv I myigv †Kv¤úvwbi Z_¨vewj wbgœiƒc :
cÖwZôv‡bi DPS (UvKv) evRvi g~j¨ †kqv‡ii
bvg (UvKv) AwfwnZ
2015 2016 2017 2015 201 201 g~j¨
6 7 (UvKv)
hgybv 50 55 60 200 200 200 150
†Kv¤úvwb
myigv 40 40 40 200 250 300 150
‡Kv¤úvwb
Rvbve wkcvZ hgybv †Kv¤úvwbi †kqvi µq Ki‡j I Rbve AvdRvj †Kv¤úvwbi
†kqvii µ‡qi wPšÍv Ki‡Q|
K. Zvij¨ Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 21)
L. ÔÔD”P gybvdvhy³ cÖKí wbe©vPb me`©vB MÖnY‡hvM¨ bq|ÕÕ
Dw³wU e¨vL¨v Ki|
M. A_©vq‡b †Kvb j¶ we‡ePbvq wkdvZ hgybv †Kw¤úvwbi †kqvi µq
K‡i‡Q? e¨vL¨v Ki|
N. Rbve AvdRv‡ji myigv †Kv¤úvwbi †kqvi µ‡hi wPšÍvavivi mv‡_
Zzwg wK GKgZ? Av_©q‡bi j‡¶¨i wfwˇZ Zv we‡kølY Ki|
M bs cª‡kœi DËi
A_©vq‡bi gybvdv me©vwaKiY jÿ¨ we‡ePbvq wkdvZ hgybv
†Kv¤úvwbi †kqvi µq K‡i‡Q|
gybvdv me©vwaKiY ej‡Z †Kvb dvg© ev e¨emvq cªwZôv‡bi gybvdv
e…w× Kiv‡K eySvq| e¨emvq cªwZôvb e¨q Kwg‡q Ae¯’v Abyhvqx cY¨
g~j¨ evwo‡q gybvdv e…w× Ki‡Z cv‡i| g~j¨ wVK †i‡L weµq evov‡Z cvi‡jI
 A_©vq‡bi m~Pbv 85
gybvdv K‡i| GKwU †Kv¤úvwb gybvdv cwigvc K‡i †kqvi cªwZ Avq I †kqvi
cªwZ jf¨vsk (DPS) Gi gva¨‡g|
DÏxc‡K hgybv †Kv¤úvwbi †kqvi cªwZ jf¨vsk (DPS) 2015 mv‡j wQj 50
UvKv 2016 mv‡j wQj 55 UvKv Ges 2017 mv‡j wQj 60 UvKv| A_©vr
hgybv †Kv¤úvwbi †kqvi cªwZ jf¨vsk (DPS) e…w× cv‡”Q| wKš‘ †kqv‡ii
evRvi g~j¨ AcwiewZ©Z wQj| hgybv †Kv¤úvwb A_©vq‡bi gybvdv
me©vwaKiY jÿ¨wU AR©b K‡i‡Q| myZivs A_©vq‡bi gybvdv me©vwaKiY
jÿ¨ we‡ePbvq wkdvZ hgybv †Kv¤úvwbi †kqvi µq K‡i‡Q|
N bs cª‡kœi DËi
Rbve AvdRv‡ji myigv †Kv¤úvwbi †kqvi µ‡qi wPšÍvavivi mv‡_ Avwg
GKgZ| KviY myigv †Kv¤úvwb A_©vq‡bi m¤ú` me©vwaKiY jÿ¨wU AR©b
K‡i‡Q|
m¤ú` me©vwaKiY ej‡Z †Kv¤úvwbi †kqv‡ii evRvi g~j¨ e…w×KiY‡K
eySvq| †Kv¤úvwbi gvwjK‡`i m¤ú` cwigvc Kiv nq †kqv‡ii eZ©gvb evRvi
g~j¨ Øviv|
DÏxc‡K myigv †Kv¤úvwbi †kqv‡ii evRvi g~j¨ 2015 mv‡j wQj 200
UvKv 2016 mv‡j wQj 250 UvKv Ges 2017 mv‡j wQj 300 UvKv| wKš‘
†kqvi cªwZ jf¨vsk (DPS) AcwiewZ©Z wQj| A_©vr myigv †Kv¤úvwbi
†kqv‡ii evRvi g~j¨ e…w× cv‡”Q| myZivs myigv †Kv¤úvwb A_©vq‡bi
m¤ú` me©vwaKiY jÿ¨wU AR©b K‡i‡Q|
m¤ú` me©vwaKiY jÿ¨wUi †ÿ‡Î (K) A‡_©i mgq g~j¨, (L) bM` cªevn I
(M) SyuwK we‡ePbv Kiv nq| hv †Kv¤úvwbi †kqv‡ii evRvi g~j¨ e…w×i
†ÿ‡Î ¸iæZ¡c~Y© f~wgKv iv‡L| myZivs m¤ú` me©vwaKiY jÿ¨wU
we‡ePbvq Rbve AvdRv‡ji myigv †Kv¤úvwbi †kqvi µ‡qi wPšÍvavivi mv‡_
Avwg GKgZ|
m„Rbkxj D`vniY 19 mw¤§wjZ †evW©
(XvKv, wm‡jU, h‡kvi) -2018
wg. Zylvi Avn‡g` MovB wj.-Gi GKRb Avw_©K e¨e¯’vcK| wZwb
`ywU cªK‡í wewb‡qv‡Mi K_v fve‡Qb| cªKí `ywU‡Z cªv_wgK
wewb‡qvM 2,00,000 UvKv| wb‡g `ywU cªK‡íi cieZ©x 5 eQ‡ii
wbU gybvdv †`Iqv nj :
eQi cªKí ÔKÕ cªKí ÔLÕ
1 1,20,000 5,000
2 40,000 30,000
3 50,000 20,000
4 35,000 25,000
5 5,000 1,70,000
†gvU 2,50,000 2,50,000
gybvdv
K. Zvij¨ Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 21)
86 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
L. e¨emvq ˆbwZKZv ej‡Z wK eySvq? (DËi ms‡KZ: Abyavebg~jK
cÖkœ bsÑ 30)
M. wg. Zylvi Avn‡g` †h `ywU cªK‡íi K_v fve‡Qb Zv A_©vq‡bi †Kvb
Kvh©vewji g‡a¨ c‡o? e¨vL¨v Ki|
N. hw` wg. Zylvi Avn‡g` Zvi dv‡g©i m¤ú` me©vwaKiY Ki‡Z Pvq Z‡e
DÏxc‡K DwjøwLZ `ywU cªK‡íi g‡a¨ †KvbwU cQ›` Kiv DwPZ?
we‡kølY Ki|
M bs cª‡kœi DËi
wg. Zylvi Avn‡g` †h `y'wU cªK‡íi K_v fve‡Qb Zv A_©vq‡bi g~jab
ev‡RwUs wm×všÍ Kvh©vewji AšÍf~³|
g~jab ev‡RwUs wm×všÍ ej‡Z `xN©‡gqvw` cªK‡í wewb‡qvM wm×všÍ
MªnY Kiv‡K eySvq| `xN© †gqv`x e‡qvM cªKí n‡Z 1 eQi Gi AwaK mgq
ch©šÍ myweav cvIqvq|
DÏxc‡K wg. Zylvi †h `y'wU cªK‡í wewb‡qv‡Mi K_v fve‡Qb Zv
`xN©‡gqvw` wewb‡qvM cªKí| †hgb: K I L Dfq cªKí n‡Z AvMvgx 5 eQi
wbU gybvdv cvIqv hv‡e| A_©vr cªK‡íi Avqy®‹vj 5 eQi| myZivs wg. 22
Avn‡g` †h `y'wU cªK‡íi K_v fve‡Qb Zv A_©vq‡bi g~jab ev‡RwUs
wm×všÍ Kvh©vewji AšÍf©y³|
N bs cª‡kœi DËi
wg. Zylvi Avn‡g` hw` Zvi dv‡g©i m¤ú` me©vwaKiY Ki‡Z Pvq Zvn‡j
`yÕwU cªK‡íi g‡a¨ ÒKÓ cªKí MÖnY Kiv DwPZ| KviY ÒKÓ cªKí n‡Z eQ‡ii
cª_g w`‡K †ewk wbU gybvdv cvIqv hv‡e| Ab¨w`‡K ÒLÓ cªKí GZ eQ‡ii
ïiæi w`‡K Kg cwigvY wbU gybvdv cvIqv hv‡e |
A‡_©i mgq g~j¨ Ab¨vqx †h cªK‡íi cª_g w`‡K bM` cªevn †ewk _v‡K, †m
cªK‡íi D³ A_© wewb‡qvM K‡i Av‡iv †ewk cwigvY gybvdv AR©b Kiv hvq|
d‡j cªwZôv‡bi m¤ú` e„w× cvq|
DÏxc‡K cªKí K Gi eQ‡ii ïiæi w`‡K wbU gybvdv h_vµ‡g 1,20,000;
40,000; 50,000; 35,000 I 5,000 UvKv| Ab¨w`‡K L cªK‡íi gybvdv h_vµ‡g
5,000; 30,000; 20,000; 25,000 I 1,70,000 UvKv|
Dfq cªK‡íi †gvU gybvdv mgvb| wKš‘ K cªK‡íi cª_g w`‡K gybvdv †ewk
Ges L cªK‡íi cª_g w`‡Ki gybvdv cybivq wewb‡qvM Kiv Av‡iv †ewk
gybvdv AR©b m¤¢e hv cªwZôv‡bi m¤ú` e…w× Ki‡e| myZivs wg. Zylvi
hw` Zvi dv‡g©i m¤ú` me©vwaKiY Ki‡Z Pvq Zvn‡j K cªKí cQ›` Kiv DwPZ|
m„Rbkxj D`vniY 20 (XvKv †evW© 2017)
wgt ivwKe GKRb mdj e¨emvqx| wZwb wewfbœ Lv‡Z †hgb: †U·UvBj,
†fvM¨cY¨, dvg©vwmDwUK¨vj, ÷xj BZ¨vw`‡Z wewb‡qvM K‡ib| MZ eQi
wZwb GKwU wm‡g›U d¨v±wi cªwZôvi wPšÍv K‡iwQ‡jb| e¨emv ïiæ Kivi
Rb¨ Zvi 4 †KvwU UvKv cª‡qvRb wQj| Zvi wb‡qvMK…Z Avw_©K e¨e¯’vcK
Zv‡K `ªæZ wewb‡qvM †diZ cvIqv Ges gybvdv m‡e©v”PKi‡Yi e¨vcv‡i bRi
†`Iqvi civgk© w`‡jb| wKš‘ wgt ivwKe Avw_©K e¨e¯’vc‡Ki civgk© MªnY
K‡ibwb| Zvi g~j jÿ¨ wQj m¤ú` m‡e©v”PKiY, gybvdv m‡e©v”PKiY bq|
wZwb G jÿ¨ AR©‡b cª‡qvR‡b wKQy gybvdv Z¨vM Ki‡ZI cª¯ÍyZ wQ‡jb|
 A_©vq‡bi m~Pbv 87
K. e¨emvq A_©vqb wK? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ2)

L. A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z wK eySvq? (DËi ms‡KZ:

Abyavebg~jK cÖkœ bsÑ 28)
M.
†Kvb bxwZ Abyhvqx wgt ivwKe bZyb e¨emvq ïiæ Ki‡Z ‡P‡q
wQ‡jb? e¨vL¨v Ki|
N. wgt ivwKe KZ©…K M…nxZ m¤ú` m‡e©v”PKiY wm×všÍwUi mv‡_
Zywg wK GKgZ? Dw³i mv‡_ hyw³ †`LvI|
M bs cª‡kœi DËi
wgt ivwKe †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ Abyhvqx e¨emv ïiæ Ki‡Z
†P‡qwQ‡jb|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq e¨emvqx Zvi mKj A_©
GKwU m¤ú‡` wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kiv‡K
eySvq|
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DÏxc‡K †`Lv hv‡”Q, Rbve kvnxb 25,00,000 UvKv g~jab wb‡q †kqvi
e¨emvq Avi¤¢ K‡ib Ges wZwb g~ja‡bi m¤ú~Y© A_© 25,00,000 UvKv
w`‡q Avkv †Kv¤úvwbi †kqvi µq K‡ib| †cvkvK wk‡í AwMœKv‡Ûi d‡j Rbve
kvnx‡bi jv‡fi cwie‡Z© ÿwZ nj| myZivs Rbve kvnxb GKvwaK †Kv¤úvwb‡Z
bv K‡i GKwU †Kv¤úvwb‡Z m¤ú~Y© A_© wewb‡qvM Kivi Kvi‡b
A_©vq‡bi †cvU©‡dvwjI ˆewPΨvqb bxwZwU jw•NZ n‡q‡Q|
N bs cª‡kœi DËi
DÏxc‡Ki Rbve kvnxb‡K GKvwaK cªK‡íi wewb‡qv‡Mi civgk© A_©vq‡bi
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZi Av‡jv‡K †hŠw³K| KviY GKvwaK cªK‡í
wewb‡qvM Kivi d‡j wewb‡qv‡Mi SyuwK nªvm cv‡e|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq Drcv`bKvix ev e¨emvqx
Zvi mKj A_© GKwU †Kv¤úvwb‡Z wewb‡qvM bv K‡i GKvwaK
†Kv¤úvwb‡Z wewb‡qvM Kiv‡K eySvq| GKwU †Kv¤úvwb‡Z mKj A_©
wewb‡qvM bv Ki‡j cieZ©x‡Z †mB †Kv¤úvwb †`Dwjqv n‡q †h‡Z cv‡i|
wKš‘ me¸‡jv †Kv¤úvwbi †`Dwjqvi mfebv Kg| ZvB wewb‡qvM hZ
ˆewPΨvqbc~Y© n‡e SyuwK ZZ nªvm cv‡e|
DÏxc‡K †`Lv hv‡”Q, Rbve kvnxb 25,00,000 UvKv g~jab wb‡q †kqvi
e¨emvq Avi¤¢ K‡ib Ges wZwb g~ja‡bi m¤ú~Y© A_© 25,00,000 UvKv
w`‡q Avkv †Kv¤úvwbi †kqvi µq K‡ib| †cvkvK wk‡í AwMœKv‡Ûi d‡j Rbve
 A_©vq‡bi m~Pbv 93
kvnx‡bi jv‡fi cwie‡Z© ÿwZ nj| myZivs Rbve kvnxb GKvwaK †Kv¤úvwb‡Z
wewb‡qvM Ki‡j A_©vr †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ AbymiY Ki‡j
wewb‡qv‡Mi SyuwK n«vm †cZ|
Rbve kvnxb †cvU©‡dvwjI ˆewPΨvq‡bi bxwZi AbymiY K‡i GKvwaK
cªK‡íi wewb‡qvM Ki‡j, SyuwK nªvm cv‡e| †m‡ÿ‡Î GKwU †Kv¤úvwb‡Z
ÿwZ n‡jI Ab¨ †Kv¤úvwbi jvf w`‡q ÿwZ cywl‡q †bqv m¤¢e| ZvB Rbve
kvnxb‡K GKvwaK cªK‡íi wewb‡qv‡Mi civgk© A_©vq‡bi †cvU©‡dvwjI
ˆewPΨvq‡bi bxwZi Av‡jv‡K †hŠw³K|
m„Rbkxj D`vniY 26 wm‡jU
†evW©-2016
Rbve Avjg wewb‡qv‡Mi wel‡q wm×všÍnxbZvq fzM‡Qb| Zvi we‡eP¨
`yBwU †Kv¤úvwbi Z_¨vw` wbgœiƒc:
†Kv¤úvwb cÖZ¨vwkZ cwiwgZ
Av‡qi nvi e¨eavb
A 12% 3%
B 15% 7%
K. e¨emvq ˆbwZKZv Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 30)
L. Zvij¨ msK‡U †Kvb ai‡bi mgm¨vi m„wó nq? e¨vL¨v Ki| (DËi
ms‡KZ: Aby. cÖkœ bsÑ 6)
M. hw` DÏxc‡Ki Rbve Avjg B †Kv¤úvwb‡Z wewb‡qvM K‡ib, Zvn‡j Zv
A_©vq‡bi †Kvb bxwZi mv‡_ mvgÄm¨c~Y©?
N. hw` Avjg mv‡ne Dfq †Kv¤úvwb‡Z wewb‡qvM Ki‡Zb, Zvn‡j Zuvi
wewb‡qvM wm×v‡šÍi †hŠw³KZv A_©vq‡bi bxwZi Av‡jv‡K
we‡kølY Ki|
M bs cª‡kœi DËi
DÏxc‡Ki Rbve Avjg hw` B †Kv¤úvwb‡Z wewb‡qvM K‡ib, Zvn‡j Zv
A_©vq‡bi SyuwK-gybvdv bxwZ bxwZi mv‡_ mvgÄm¨c~Y©|
Avw_©K wm×všÍ Mªn‡Yi †ÿ‡Î msM…nxZ wewb‡qv‡Mi SyuwK I
gybvdvi g‡a¨ mgš^qmvab K‡i Avw_©K wm×všÍ Mªn‡Yi bxwZ†Kb SyuwK
gybvdv bxwZ e‡j| mvaviYZ SyuwK †ewk n‡j gybvdv †ewk nq|
wewb‡qvMKvixiv gybvdvi Avkvq wewb‡qvM K‡i| AwaK SyuwKi Kvi‡Y
Avkvbyiƒc gybvdv AwR©Z bv n‡j wewb‡qvM ÿwZi m¤§yLxb n‡Z cv‡i|
GRb¨ A_©vq‡bi g~j jÿ¨ AR©b Ki‡Z SyuwK gybvdv bxwZ AbymiY Kiv nq|
DÏxc‡K Rbve Avjg B †Kv¤úvwb‡Z wewb‡qvM K‡ib| B †Kv¤úvwbi
SyuwK I gybvdvi nvi A †Kv¤úvwbi †P‡q †ewk| B †Kv¤úvwbi cwiwgZ
e¨eavb I cªZ¨vwkZ Av‡qi nvi h_vµ‡g 7% I 15% hv A †Kv¤úvwbi ‡P‡q
†ewk| myZivs AwaK gybvdv AR©‡bi Rb¨B Rbve Avjg B †Kv¤úvwb‡Z
wewb‡qvM K‡ib hv A_©vq‡bi SyuwK-gybvdv bxwZ bxwZi mv‡_
mvgÄm¨c~Y©|
N bs cª‡kœi DËi
94 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
Rbve Avjg mv‡ne hw` Dfq †Kv¤úvwb‡Z wewb‡qvM Ki‡Zb, Zvn‡j Zvi
wewb‡qvM wm×všÍ †cvU©‡dvwjI ˆewPΨvq‡bi bxwZi Av‡jv‡K †hŠw³K
n‡Zv|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq e¨emvqx ev
wewb‡qvMKvix Zvi mKj A_© GKwU m¤ú‡` ev c‡Y¨ wewb‡qvM bv K‡i
GKvwaK m¤ú‡` ev c‡Y¨ wewb‡qvM Ki‡e hv‡Z SyuwK nªvm cvq| GKwU
†Kv¤úvwb‡Z mKj A_© wewb‡qvM Ki‡j cieZ©x‡Z †mB †Kv¤úvwb
†`Dwjqv n‡q †h‡Z cv‡i| wKš‘ me¸‡jv †Kv¤úvwbi †`Dwjqv nIqvi m¤¢vebv
Kg| ZvB wewb‡qvM hZ ˆewPΨvqbc~Y© n‡e SyuwK ZZ nªvm cv‡e|
DÏxc‡K Rbve Avj‡gi Rb¨ A †Kv¤úvwb‡Z I B †Kv¤úvwb‡Z wewb‡qvM
Kivi my‡hvM i‡q‡Q| hw` Avjg mv‡ne A †Kv¤úvwb‡Z I B †Kv¤úvwb‡Z
wewb‡qvM Ki‡Zb, Zvn‡j Zv †cvU©‡dvwjI wewb‡qvM n‡Zv| †cvU©‡dvwjI
wewb‡qvM g~jZ †cvU©‡dvwjI ˆewPΨvq‡bi bxwZi AbymiY|
Rbve Avjg †cvU©‡dvwjI ˆewPΨvq‡bi bxwZi AbymiY K‡i Dfq
†Kv¤úvwb‡Z wewb‡qvM Ki‡j, SyuwK nªvm cv‡e| †m‡ÿ‡Î GKwU
†Kv¤úvwb‡Z ÿwZ n‡jI Ab¨ †Kv¤úvwbi jvf w`‡q ÿwZ cywl‡q †bqv m¤¢e|
m„Rbkxj D`vniY 27
ivRkvnx †evW©-2016
‘A’ †Kv¤úvwb ïaygvÎ wgwbc¨vK k¨v¤úy wecYb K‡i _v‡K Ges mybvg
e„w× I e¨emvq m¤úªmvi‡Yi j‡¶¨ Zviv Zv‡`i †gvU jv‡fi 25% jf¨vsk
wn‡m‡e †kqvi †nvìvi‡`i g‡a¨ e›Ub K‡i _v‡K| Aciw`‡K ‘B’ †Kv¤úvwb
wgwbc¨vK k¨v¤úyi cvkvcvwk d¨vwgwj mvBR k¨v¤úy, †evZjRvZ k¨v¤úy I
nvievj k¨v¤úy wecYb K‡i Ges Zv‡`i †gvU jv‡fi 80% jf¨vsk wn‡m‡e
†kqvi‡nvìvi‡`i g‡a¨ e›Ub K‡i _v‡K|
K. Zvij¨ I gybvdv bxwZ Kx ? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 15)
L. A_©vqb ej‡Z Znwej msMÖn Kiv‡KB eySvq? eywS‡q †jL| (DËi
ms‡KZ: Aby. cÖkœ bsÑ 1)
M. †Kv¤úvwb ‘B’ SzuwK n«vmKi‡Y A_©vq‡bi †Kvb bxwZwU AbymiY
K‡i‡Q? e¨vL¨v Ki|
N. DÏxc‡Ki †Kvb †Kv¤úvwbwU A_©vq‡bi m¤ú` me©vwaKi‡Yi j¶¨wU
AR©‡bi w`‡K GwM‡q hv‡”Q Zv we‡kølYc~e©K Av‡jvPbv Ki|
M bs cª‡kœi DËi
†Kv¤úvwb 'B' SyuwK nªvmKi‡Y A_©vq‡bi †cvU©‡dvwjI ˆewPΨvq‡bi
bxwZ MªnY K‡i‡Q|
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ ej‡Z eySvq e¨emvqx ev wewb‡qvMKvix
Zvi mKj A_© GKwU m¤ú‡` ev c‡Y¨ wewb‡qvM bv K‡i GKvwaK m¤ú‡`
wewb‡qvM Kiv‡K eySvq|
DÏxc‡K ÔBÕ †Kv¤úvwb wgwbc¨vK k¨v¤úyi cvkvcvwk d¨vwgwj mvBR
k¨v¤úy, †evZjRvZ k¨v¤úy I nvievj k¨v¤úy wecbb K‡i| myZivs ÔBÕ
†Kv¤úvwb c‡Y¨i ˆewPΨvq‡bi gva¨‡g †cvU©‡dvwjI bxwZ AbymiY Ki‡Q|
N bs cª‡kœi DËi
 A_©vq‡bi m~Pbv 95
DÏxc‡Ki ÔAÕ †Kv¤úvwbwU A_©vq‡bi m¤ú` me©vwaKi‡Yi jÿ¨wU
AR©‡bi w`‡K GwM‡q hv‡”Q|
DÏxc‡Ki ÔAÕ †Kv¤úvwb mybvg e…w× I e¨emvq m¤úªmvi‡Yi j‡ÿ¨
Zviv Zv‡`i †gvU jv‡fi 25% jf¨vsk wn‡me †kqvi‡nvìvi‡`i g‡a¨ e›Ub K‡i
_v‡K| e¨emv m¤úªmvi‡Yi Rb¨ A_© wewb‡qv‡Mi Kvi‡Y cªwZôv‡bi bM`
cªevn e…w× cv‡e Ges †Kv¤úvwbi †kqv‡ii evRvig~‡j¨i Dci BwZevPK
cªfve co‡e|
Ab¨ w`‡K ÔBÕ †Kv¤úvwb Zv‡`i †gvU jv‡fi 80% jf¨vsk wn‡m‡e
†kqvi‡nvìvi‡`i g‡a¨ eÈb K‡i _v‡K| d‡j ÔBÕ †Kv¤úvwbi nv‡Z wewb‡qv‡Mi
Rb¨ fvj †Kvb cªKí †bB| GRb¨ †Kv¤úvwb Zv‡`i †gvU jv‡fi †ewki fvM
†kqvi‡nvìv‡`i g‡a¨ eÈb K‡i| myZivs DÏxc‡Ki ÔAÕ †Kv¤úvwbwU A_©vq‡bi
m¤ú` me©vwaKi‡Yi jÿ¨wU AR©‡bi w`‡K GwM‡q hv‡”Q|
m„Rbkxj D`vniY 28 XvKv †evW© 2016
Avkv wjt †Ljbv Dc`vbKvix cªwZôvb| cªwZôv‡bi e¨e¯’vcK Rbve nvmvb
e¨emv m¤úªmvi‡Yi Rb¨ bZyb wZbwU wewb‡qvM †ÿÎ wPwýZ K‡i‡Qb|
†m¸‡jv n‡jv eviweWj, UgK¨vU I wgwKgvDm| cªK‡í wewb‡qv‡Mi Rb¨
Rbve nvmvb 13% Pµe…w× my‡` 10 eQ‡ii Rb¨ 30 jÿ¨ UvKv ÔKÕ e¨vsK
n‡Z FY K‡ib| wZwb FYK…Z m¤ú~Y© UvKv UgK¨vU cªK‡í wewb‡qv‡Mi
Rb¨ cwiPvjbv cl©‡` cª¯Íve Dc¯’vcb K‡ib| cwPvjbv cl©` Rbve nvmv‡bi
cª¯Íve cªZ¨vL¨vb K‡i wZbwU cªK‡íB wewb‡qv‡Mi mycvwik K‡ib|
K. Zvij¨ Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 21)
L. SyuwK I gybvdvi m¤úK© e¨vL¨v Ki| (DËi ms‡KZ: Abyavebg~jK
cÖkœ bsÑ 7)
M. DÏxc‡K ewY©Z Rbve nvmvb A_©vq‡bi †Kvb Drm n‡Z A_© msMªn
K‡i‡Qb? e¨vL¨v Ki|
N. DÏxc‡K ewY©Z cwiPvjbv cl©` Rbve nvmv‡bi cª¯Íve cªZ¨vL¨vb K‡i
A_©vq‡bi †h bxwZ Mªn‡Yi mycvwik K‡i‡Qb Zv we‡kølY Ki|
M bs cª‡kœi DËi
Rbve nvmvb A_©vq‡bi `xN©‡gqvw` Drm n‡Z FY g~jab msMªn
K‡i‡Qb|
5 eQ‡ii AwaK mg‡qi Rb¨ †h A_© msMªn Kiv nq Zv‡K `xN©‡gqvw`
Drm e‡j|
DÏxc‡K Rbve nvmvb cªK‡í wewb‡qv‡Mi Rb¨ 13% Pµe…w× my‡` 10
eQ‡ii Rb¨ 30 jÿ UvKv ÔKÕ e¨vsK n‡Z FY MªnY K‡ib hvi †gqv` 5 eQ‡ii
†ewk| myZivs Rbve nvmvb `xN©‡gqvw` Drm n‡Z A_© msMªn K‡i‡Qb|
N bs cª‡kœi DËi
cwiPvjbv cl©` Rbve nvmv‡bi cª¯Íve cªZ¨vLvb K‡i A_©vq‡bi
†cvU©‡dvwjI ˆewPΨvq‡bi bxwZ Mªn‡Yi mycvwik K‡i‡Qb| †cvU©‡dvwjI
ˆewPΨvq‡bi bxwZ ej‡Z wewb‡qvMKvix Zvi mKj A_© GKwU m¤ú‡`
wewb‡qvM bv K‡i GKvwaK m¤ú‡` wewb‡qvM Kiv‡K eySvq|
96 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
DÏxc‡K cwiPvjbv cl©‡` Rbve nvmv‡bi cª¯Íve wQj m¤ú~Y© UvKv
UgK¨vU cªK‡í wewb‡qvM Kivi Rb¨ myZivs cwiPvjbv cl©` Rbve nvmv‡bi
cªZ¨vL¨vb K‡i †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ Mªn‡Yi mycvwik K‡i‡Qb|
DÏxc‡K Rbve nvmvb GKUv cªK‡í (UgK¨vU cªKí) m¤ú~Y© A_©
wewb‡qvM Ki‡j wewb‡qvM †ek SyuwKc~Y© n‡q hvq| A_©vr ÿwZi m¤
¢vebv †ewk _v‡K| wKš‘ GKvwaK cªK‡í wewb‡qvM Ki‡j GKwU cªK‡í ÿwZ
n‡jI Ab¨vb¨ cªK‡íi Avq w`‡q ÿwZ cywl‡q †bqv m¤¢e| ZvB SyuwK nªv‡mi
Rb¨ cwiPvjbv cl©` A_©vq‡bi †cvU©‡dvwjI ˆewPΨvq‡bi bxwZ Mªn‡Yi
mycvwik K‡i‡Qb hv hyw³hy³ n‡q‡Q|
1.15eûwbe©vPwb cÖkœ
Multiple Choice Questions (MCQ)
 A_©vq‡bi m~Pbv 97
1. GKwU e¨emvq cÖwZôv‡bi g~j 8. Avg`vwb-ißvwb evwY‡R¨
j¶¨ Kx nIqv DwPZ? e¨eüZ A_©vqb c×wZ‡K Kx ejv
K. m¤ú` me©vwaKiY L. nq?
gybvdv me©vwaKiY K. miKvwi A_©vqb L.
M. weµq me©vwaKiY N. Ae¨emvq A_©vqY
†mev me©vwaKiY M. e¨emvq A_©vqb N.
2. SuywK Ges gybvdvi g‡a¨ AvšÍR©vwZK A_©vqb
Kxiƒc m¤úK© we`¨gvb? 9. †h A_©vq‡b e¨w³MZ Avq I e¨q
K. mgvbycvwZK L. mij wb‡q Av‡jvPbv Kiv nq Zv‡K Kx
‰iwLK e‡j?
M. wecixZgyLx N. K. miKvwi A_©vqb L.
mggyLx Avw_©K e¨e¯’vcbv
3. A_©vq‡bi g~j welqe¯‘ Kx? M. Ae¨emvq A_©vqb N.
K. kªg e¨e¯’vcbv L. Awdm e¨w³MZ A_©vqb
e¨e¯’vcbv 10. †h bxwZi
M. Znwej e¨e¯’vcbv N. mvnv‡h¨ cÖwZôv‡bi Avq-e¨q
Drcv`b e¨e¯’vcbv mgš^q Kiv nq Zv‡K Kx e‡j?
4. †Kvb mgq †_‡K A_v©q‡bi e¨vcK K. Dchy³Zvi bxwZ L. eûweaKib
e¨e¯’vcbv ïiæ nq? bxwZ
K. AvaywbK hy‡M L. eZ©gvb M. Zvij¨ bxwZ N. Avq-e¨q
Kv‡j mgš^q bxwZ
M. wkí wecø‡ei mgq 11. KZ mv‡j gvK©yBR
N. e¨vsK e¨e¯’v D™¢‡ei ci †cvU©‡dvwjI w_Iwi Avwe®„‹Z
5. gybvdv jv‡fi D‡Ï‡k¨ msNwUZ nq?
e¨emv‡qi A_v©qb msµvš— K. 1971 L. 1984
hveZxq Kvhv©ewj‡K Kx ejv M. 1975 N. 1952
nq? 12. †KvbwU
K. e¨emvq A_v©qb L. Znwej e¨emvq cÖwZôv‡bi
e¨e¯’vcbv `xN©‡gqvw` D‡Ïk¨?
M. A_v©qb N. g~jab K. mvgvwRK mybvg AR©b
e¨e¯’vcbv L. mgvR †mev
6. miKvwi A_v©q‡bi g~j j¶¨ Kx ? M. m¤ú` mev©waKiYN.
K. gybvdv AR©b L. e¨emvq gybvdv mev©waKiY
m¤úªmviY 13. wb‡Pi †KvbwU
M. mvgvwRK Kj¨vY e¨e¯’vcKxq Kvh©vewj?
N. miKv‡ii RbwcÖqZv i¶v K. gybvdv e›Ub L. Avw_©K
7. Avq I e¨‡qi eZ©gvb g~‡j¨i wm×vš—
cv_©K¨‡K Kx ejv nq? M. g~jab msi¶b N. Znwej
K. gybvdv me©vwaKxKiY msMÖn
L. m¤ú` me©vwaKxKiY 14. †KvbwU
M. e¨emvq A_©vqb N. e¨emv‡qi evwn¨K Dcv`vb?
Ae¨emvq A_©vqb K. e¨emv‡qi AvKvi L. Ki
bxwZ
98 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
M. g~jab KvVv‡gv N. K. bxU gybvd L. jf¨vsk
e¨emv‡qi cÖK…wZ M. †gvU gybvdv N. msiw¶Z
15. iwng mv‡ne GKRb dj we‡µZv| Znwej
wZwb dj weµ‡qi gva¨‡g 20. Av‡qi †h Ask gybvdv wn‡m‡e
e¨emvq m¤cÖmvi‡Yi †kqvi‡nvìvi‡`i g‡a¨ e›Ub Kiv
wm×všÍwb‡jb| GLv‡b ˆmKZ nq Zv‡K Kx e‡j?
mv‡n‡ei m¤úvw`Z Kvhv©ewj K. jf¨vsk L. bxU gybvdv
n‡jvÑ M. msiw¶Z Znwej N. †gvU
K. Znwej msMÖn L. m¤ú` gybvdv
e¨e¯’vcbv 21. KL‡bv KL‡bv e¨emvq
M. Znwej eÈb N. g~jab cÖwZôvbmg~n jv‡fi GKwU
ev‡RwUs Ask RbM‡Yi Kj¨v‡Y e¨q K‡i
16. wWwRUvj cÖKvkbx _v‡K| e¨emv‡qi Giƒc
evsjvevRv‡i ïaygvÎ GKv`k-Øv`k Kvh©µg‡K Kx e‡j?
†kªwYi eB wewµ KiZ| e¨emv‡qi K. Aby`vb cÖ`vb L. e¨emv‡qi
m¤cÖmvi‡Yi Rb¨ 2019 mvj Dbœqb
†_‡K wWMÖx I Abv‡m©i eB M. mvgvwRK `vqe×Zv N.
ˆZwii KvR ïiæ K‡i| bZzb cÖK‡íi gybvdv mgš^qKiY
Rb¨ cÖKvkbx‡K 20 j¶ UvKv 22. †h A_©vqb gybvdv AR©‡bi
wewb‡qvM Ki‡Z nq| cÖwZôv‡bi D‡Ï‡k¨ cwiPvwjZ nq bv Zv‡K
G ai‡bi wewb‡qvM bxwZ‡K Kx
Kx e‡j?
e‡j?
K. Ae¨emvq A_©vqb L.
K. ˆewPÎvqb bxwZ L.
e¨w³MZ A_©vqb
gybvdv bxwZ
M. e¨emvq A_©vqb N.
M. †mevi bxwZ N. Zvij¨
miKvwi A_©vqb
bxwZ
17. wb‡Pi †KvbwU e¨emv‡qi 23. wb‡Pi †KvbwU m‡e©v”P
ˆ`bw›`b Kvh©vewj wn‡m‡e MÖnY‡hvM¨ Ges ¯^xK…Z
we‡ewPZ nq? wewbgq gva¨g wn‡m‡e
K. wewb‡qvM wm×všÍ L. cwiwPZ?
Avw_©K wm×všÍ K. KuvPvgvj L. wewbgq wej
M. jf¨vsk wm×všÍ N. gybvdv M. A_© N. FYcÎ
e›Ub 24. wb‡Pi †KvbwU‡Z A‡_©i mgq
18. e¨emv‡q h‡_ó cwigvY A_© g~j¨ we‡ePbv Kiv nq bv?
gRy` ivLvi g~j KviY †KvbwU? K. e¨q ms‡KvPb L. Avq
K. e¨emvq m¤cÖmviY Kiv me©vwaKiY
L. fwel¨‡Z ch©vß A‡_©i M. gybvdv me©vwaKxKiY N.
†hvMvb m¤ú` me©vwaKxKiY
M. AwZwi³ wewb‡qvM Kiv 25. wb‡Pi †KvbwU me©vwaK Zij
N. Zvij¨ msKU †gvKv‡ejv Kiv m¤ú` iƒ‡c we‡ePbv Kiv nq?
19. Av‡qi †h Ask gybvdv wn‡m‡e K. cÖvc¨ wej L. FYcÎ
†kqvi‡nvìvi‡`i g‡a¨ e›Ub Kiv M. bM` A_© N. ¯^Y©
nq bv Zv‡K Kx e‡j? 26. SzuwK I Av‡qi g‡a¨ †Kgb
m¤úK© we`¨gvb?
 A_©vq‡bi m~Pbv 99
K. wbgœgyLx L. mggywL N. A‡_©i cÖ‡qvRbxqZv
M. wecixZgywL N. abvZ¥K wba©viY
27. †Kv¤úvwbi/dv‡g©i g~j/Kvw•LZ 33. wb‡Pi †KvbwU e¨emvq
D‡Ïk¨ wb‡Pi †KvbwU? A_©vq‡bi bxwZ ?
K. †kqvicÖwZ Avq e„w× Kiv K. Zvij¨ I gybvdv bxwZ
L. gv‡K©U †kqvi e„w× Kiv L. A_©vqb I jf¨vsk bxwZ
M. dv‡g©i mvaviY †kqv‡ii M. Avg`vwb I ißvwb bxwZ
g~j¨ e„w× Kiv N. FY MÖnY I FY cÖ`vb bxwZ
N. wewb‡qvM n‡Z AwR©Z 34. †Kv‡bv GKwU wbw`©ó cÖK‡í
Avq e„w× Kiv g~jab wewb‡qvM bv K‡i
28. GKwU dv‡g©i/‡Kv¤úvwbi GKvwaK jvfRbK cÖK‡í g~jab
†kqvi‡nvìvi‡`i m¤ú` ej‡Z Kx wewb‡qvM Kiv‡K A_©vq‡bi
eySvq? fvlvq Kx ejv nq?
K. dv‡g©i Kg©KZ©v Kg©Pvix K. fvimvg¨ bxwZ L. ˆiwLKvqb
msL¨v bxwZ
L. dv‡g©i mvaviY †kqvi evRvi M. mvg¨Zv weavb bxwZ
g~j¨ N. †cvU©‡dvwjI ˆewPÎvqb
M. Kg©Pvix‡`i cÖ`Ë †eZ‡bi bxwZ
cwigvY 35. Avw_©K wm×všÍMÖnb I ev¯—
N. dv‡g©i m¤ú` I `v‡qi eB evq‡bi †¶‡Î gybvdv e„wׇK
g~‡j¨i cv_©K¨ AMÖvwaKvi †`Iqv‡K Kx e‡j?
29. GKwU dv‡g©i Ki cieZ©x Avq K. m¤ú` me©vwaKiY L.
1,00,000 UvKv| hw` mvaviY Drcv`b wbwðZKiY
†kqv‡ii msL¨v 50,000 nq, M. gybvdv me©vwaKiY N.
Zvn‡j †kqvi cÖwZ Avq KZ n‡e? m¤ú` e¨e¯’vcbv
K. 2 UvKv L. 3 UvKv 36. eZ©gv‡b e¨emv‡qi g~j
M. 1 UvKv N. 4 UvKv PvwjKvkw³ wn‡m‡e Kx e¨envi
30. SzuwK I gybvdvi g‡a¨ m¤úK© Kiv nq?
Kx i“c? K. A_©vqb L. wewb‡qvM
K. wecixZ L. GKgyLx M. D‡`¨vM N. Drcv`b
m¤úK© 37. miKvwi A_©vq‡b cÖ_‡g
M. mgvbycvwZK N. †Kv‡bv †KvbwU Kiv nq?
m¤úK© †bB K. SzuwK wba©viY L.
31. Ki msMÖn †Kvb ai‡b gybvdv wba©viY
A_©ms¯’v‡bi g‡a¨ c‡o ? M. e¨‡qi cwigvY wba©viY
K. Af¨š—ixY L. evwn¨K N. Av‡qi cwigvY wba©viY
M. Aa¨emvq N. e¨emvq 38. A_©vqb Kx wb‡q KvR K‡i?
32. A_©vq‡bi cÖavb KvR K. cÖKí e¨e¯’vcbv L.
†KvbwU? Drcv`b e¨e¯’vcbv
K. Drm wPwýZKiY L. Znwej M. i¶Yv‡e¶Y e¨e¯’vcbv
msMªn N. Znwej e¨e¯’vcbv
M. Znwej wewb‡qv‡Mi wm×vš 39. GKwU †Kv¤úvwb cÖ‡qvRYxq
— Znwej msMÖnb K‡i -
100 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
K. b~¨bZg Puv`v msMÖ‡ni 46. Avg`vwb-ißvwb evwY‡R¨ †h
gva¨‡g A_©vqb e¨envi Kiv nq Zv‡K
L. e¨w³MZ m¤úwË wewµi Kx e‡j?
gva¨‡g K. AvšÍR©vwZK A_©vqb L.
M. †UªRvwi wej Bmy¨ K‡i miKvwi A_©vqb
N. †kqvi wewµi gva¨‡g M. e¨emvq A_©vqb N.
40. wb‡Pi †KvbwU A_©ms¯’v‡bi Ae¨emvq A_©vqb
KvR ? 47. wb‡Pi †KvbwU gybvdv
K. Avw_©K cwiKíbv cÖYqb me©vwaKiY j‡¶¨ we‡ePbv Kiv
L. Znwej msMÖn nq bv?
M. Zvij¨ e¨e¯’vcbv N. Dc‡ii K. gybvdv e„w× L. mvgvwRK
me¸‡jv Kj¨vY
41. wb‡Pi †KvbwU A_©vq‡bi KvR M. A‡_©i mgqg~j¨ N.
bq? m¤ú‡`i m‡e©vËg e¨envi
K. wewb‡qvM L. A_© msMÖn 48. m¤ú` me©vwaKiY cÖwZôv‡bi
M. evRviRvZKiY N. g~jab g~j¨ g‡b Kivi KviYÑ
ev‡RwUs K. A‡_©i mgqg~j¨ we‡ePbv
42. wb‡Pi †Kvb e³e¨wU mwVK? L. bM` cÖevn I SzuwK
K. e¨emvq I A_©vqb ci¯úi we‡ePbv
cÖwZØ›Øx M. dv‡g©i wbU g~j¨ e„w× I
L. e¨emvq I A_©vqb kã `ywU `xN©‡gqvw` cÖe„w×
mgv_©K we‡ePbv
M. e¨emvq I A_©vqb G‡K N. Dc‡ii me¸‡jv
A‡b¨i cwic~iK 49. cÖwZwbwa‡Z¡i m¤úK© ej‡Z
N. e¨emvq I A_©vqb †evSvqÑ
†Kv‡bvfv‡eB m¤úK©hy³ bq K. miKvi I RbM‡Yi g‡a¨
43. †KvbwU A_©vq‡bi bxwZ bq? m¤úK©
K. wbU bM` cÖevn bxwZ L. L. †µZv I we‡µZvi g‡a¨
Zvij¨ bxwZ m¤úK©
M. A‡_©i mgqg~j¨ bxwZ N. M. †kqvi‡nvìvi I e¨e¯’vcbvi
¶wZc~i‡Yi bxwZ g‡a¨ m¤úK©
44. A_©vq‡bi Kvh©‡¶Î bq N. e¨emvq cÖwZôvb I weµq
†KvbwU? cÖwZwbwa‡`i g‡a¨ m¤úK©
K. gy`ªv I g~jab evRvi L. 50. Dchy³Zvi bxwZi g~j e³e¨
wewb‡qvM civgk©`vZv n‡jvÑ
M. evRvi M‡elYv N. Avw_©K K. Dchy³ c‡` Dchy³ †jvK
e¨e¯’vcbv wb‡qvM †`qv
45. wb‡Pi †KvbwU A‡_©i mgqg~j¨ L. Dchy³ Drm †_‡K KvuPvgvj
we‡ePbv K‡i bv? msMÖn Kiv
K. m¤ú` me©vwaKiY L. M. ¯^í‡gqvw` Drm †_‡K PjwZ
e¨w³MZ A_©vqb g~jab msMÖn Kiv
M. e¨emvq A_©vqb N.
gybvdv me©vwaKxKiY
 A_©vq‡bi m~Pbv 101
N. ¯^í‡gqvw` Drm †_‡K PjwZ K. mvaviY †kqvi I AMÖvwaKvi
g~jab msMÖnb Kiv Ges †kqv‡ii gvwjKMY
`xN©‡gqvw` Drm †_‡K ¯’vqx L. FYc‡Îi gvwjKMb I
g~jab msMÖn Kiv cvIbv`vie„›`
51. GKgvwjKvbv e¨emv‡qi SzuwK M. cvIbv`vi, miKvi, gvwjK Ges
†K enb K‡i? RbMY
K. cvIbv`viMY L. gvwj‡Ki N. Kg©Pvix, †µZv, mieivnKvix,
cÖwZwbwa cvIbv`vi, gvwjK Ges e¨emv‡qi
M. gvwjK wb‡R N. e¨e¯’vcK mv‡_ RwoZ c¶mg~n
52. b¨vh¨ gRywi cÖ`vb, wbivc` 57. †Kv‡bv e¨w³i Avq-e¨q wb‡q †h
Kv‡Ri cwi‡ek Ges `~lYgy³ A_©vqb Kiv nq Zv‡K Kx e‡j?
cwi‡ek wbwðZKiY A_©vq‡bi K. e¨w³MZ A_©vqb L.
†Kvb ai‡bi `vwq‡Z¡i g‡a¨ c‡o? Ae¨emvq A_©vqb
K. SzuwK msµvšÍ `vwqZ¡ M. miKvwi A_©vqb N.
L. wewb‡qvM msµvšÍ `vwqZ¡ Avw_©K e¨e¯’vcbv
M. ˆbwZK `vwqZ¡ N. 58. gvK©yBR †cvU©‡dvwjI w_Iwi
mvgvwRK `vwqZ¡ KZ mv‡j Avwe®‹vi nq?
53. †Kv¤úvwbi cwiPvjbv cwil‡`i K. 1951 L. 1952
m`m¨MY mvaviYZ wbhy³ n‡q M. 1955 N. 1956
_v‡KbÑ 59. KZ mv‡j A_©‰bwZK gnvg›`v
K. mvaviY †kqvi‡nvìvi‡`i †fv‡U †`Lv †`q?
L. Pzw³wfwËK wb‡qv‡Mi K. 1929 L. 1930
gva¨‡g M. 1935 N. 1940
M. miKvi KZ…©K N. 60. e¨emv‡qi evwn¨K Dcv`vb
cvIbv`viMY KZ…©K †KvbwU ?
54. Askx`vwi cÖwZôv‡bi cÖviw¤ K. e¨emv‡qi AvKvi L.
¢K g~ja‡bi †hvMvb †`q Kviv? e¨emv‡qi cÖK…wZ
K. wewb‡qvMKvix L. M. g~jab KvVv‡gv N. Ki
Askx`viMY bxwZ
M. †kqvi‡nvìviMY N. 61. †KvbwU e¨emv‡qi ˆ`bw›`b
FY`vZvMY Kvh©vewj wn‡m‡e we‡ewPZ
55. jf¨vsk n‡jvÑ nq?
K. eo †Kv¤úvwbi wefvM KZ… K. gybvdv eÈbL. wewb‡qvM
©K AwR©Z gybvdv wm×všÍ
[Link] Kviev‡ii gvwjK M. Avw_©K wm×všÍ N. jf¨vsk
KZ…©K AwR©Z gybvdv wm×všÍ
M. †hŠ_g~jabx †Kv¤úvwb‡Z 62. Av‡qi †h Ask †kqvigvwjK‡`i
FYc‡Îi gvwjK‡`i cÖ`Ë my` g‡a¨ eÈb Kiv nq bv Zv‡K Kx
N. †hŠ_g~jabx †Kv¤úvwb‡Z e‡j?
†kqvi‡nvìvi‡`i g‡a¨ ew›UZ K. jf¨vsk L. wbU gybvdv
Av‡qi Ask M. †gvU gybvdv N. msiw¶Z
56. Stakeholder Kviv ? Znwej
102 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
63. Av‡qi †h Ask †kqvigvwjK‡`i K. cvURvZ `ªe¨ L. ˆZwi
g‡a¨ e›Ub Kiv nq Zv‡K Kx e‡j? †cvkvK
K. wbU gybvdv L. †gvU M. Lv`¨`ªe¨ N. PvgivRvZ cY¨
gybvdv 71. Avq wm×všÍej‡Z g~jZ Kx
M. jf¨vsk N. msiw¶Z eySvq ?
Znwej K. gybvdv eȇbi cÖwµqv
64. A_©vq‡bi KvR n‡jvÑ L. Znwej wewb‡qv‡Mi cÖwµqv
K. evRviRvZKiY L. Znwej M. Znwej msMÖ‡ni cÖwµqv
e¨e¯’vcbv N. me¸‡jv
M. †Kv¤úvwb MVb N. 72. GwZgLvbv Kx ai‡bi
me¸‡jv cÖwZôvb ?
65. mvaviY e¨emv‡qi ïiæ‡Z K. e¨emvq cÖwZôvb
cÖ‡qvRbxq hš¿cvwZ I L. gybvdv‡fvMx cÖwZôvb
DcKiYvw` µ‡qi Rb¨ e¨q M. Agybvdv‡fvMx cÖwZôvb
wbe©vn Kiv nqÑ N. Dc‡ii me¸‡jv
K. e¨vsK n‡Z L. FY K‡i 73. †hŠ_g~jabx †Kv¤úvwb g~jab
M. wbR¯^ Znwej n‡Z N. msMÖn K‡i †Kvb Drm n‡Z ?
Avw_©K cÖwZôvb n‡Z K. AvZ¥xq¯^Rb L. eÜz-evÜe
66. †KvbwU †_‡K g~jZ PjwZ e¨q M. †kqvi weµ‡qi gva¨‡g
wbe©vn Kiv nq? N. wbR¯^ Znwej
K. wbR¯^ Znwej L. eÜz-evÜe 74. †hŠ_g~jabx †Kv¤úvwb
M. AvZ¥xq¯^Rb N. Dc‡ii Kvw•LZ g~jab‡K †h †QvU
me¸‡jv †QvU As‡k wef³ K‡i Zv‡K Kx
67. wb‡Pi †KvbwU †Kv¤úvwb e‡j?
msMVb ? K. †kqvi L. eÛ
K. evUv †Kv¤úvwb M. wWwf‡WÛ N. evwYwR¨K
L. †ew·g‡Kv †Kv¤úvwb KvMR
M. ¯‹qvi dvg©vwmDwUK¨vjm 75. †KvbwUi Kvi‡Y e¨emvq
N. Dc‡ii me¸‡jv evwY‡R¨i Kvh© cwiwa e„w×
68. wb‡Pi †KvbwU miKvwi e¨‡qi †c‡q‡Q ?
LvZ ? K. mf¨Zvi µgweKvk L.
K. AeKvVv‡gv L. wk¶v cÖhyw³MZ Dbœqb
cÖwZôvb M. Rbm‡PZbZv N.
M. nvmcvZvj N. Dc‡ii me¸‡jv †Kv‡bvwUB bq
69. miKvwi A_©vq‡bi g~j j¶¨ Kx ? 76. A_©vqb ej‡Z Kx †evSvq ?
K. mvgvwRK Kj¨vY L. K. Znwej msMÖn L. Znwej
gybvdv AR©b cwiKíbv
M. e¨emv‡qi mvdj¨ N. M. Znwej e¨envi msµvšÍ
†Kv‡bvwUB bq cwiKíbv
70. eZ©gv‡b evsjv‡`‡ki N. wewb‡qvM wm×všÍ
me©vwaK ißvwbRvZ `ªe¨
†KvbwU?
 A_©vq‡bi m~Pbv 103
77. Znwej msµvšÍ †h welq¸‡jv L. e¨q n«vm
e¨emvq A_©vq‡b Av‡jvPbv M. gybvdv me©vwaKxKiY
Kiv nq, Zv n‡jvÑ N. m¤ú` me©vwaKxKiY
K. KLb Znwej cÖ‡qvRb 85. evsjv‡`‡ki evwYR¨ NvUwZ
L. Kx Kvi‡Y Znwej cÖ‡qvRb c~i‡Y mvnvh¨ K‡i †KvbwU ?
M. c‡ii evi Kx cwigvY cÖ‡qvRb K. K…wlLvZ L. wewb‡qvM
N. Dc‡ii me¸‡jv M. †iwg‡UÝ N. wkíLvZ
78. wb‡Pi †KvbwU gybvdv 86. ¯^í‡gqvw` Znwej w`‡q PjwZ
AR©bKvix cÖwZôvb ? g~jab mieivn Kiv A_©vq‡bi
K. GwZgLvbv L. Lvevi †`vKvb †Kvb bxwZ?
M. wk¶v cÖwZôvb N. K. Zvij¨ bxwZ L. A_©vqb
†Kv‡bvwUB bq bxwZ
79. wb‡Pi †KvbwU †kqvievRv‡i M. gybvdv bxwZ N. Dchy³Zvi
†kqv‡ii g~j¨ e„wׇZ mnvqZv bxwZ
K‡i? 87. e¨emv‡qi †Kvb wm×v‡šÍi
K. MÖvnK †mev L. mybvg gva¨‡g cÖZ¨vwkZ AvMgb
M. gybvdvi nvi N. me¸‡jv wbM©g‡bi GKwU cwiKíbv Ki‡Z
80. A_©vq‡bi Af¨šÍixY Znwej nq?
†KvbwU ? K. Avq wm×všÍ L. e¨q
K. †kqvi L. gvwj‡Ki wm×všÍ
g~jab M. wewb‡qvM wm×všÍ N. (L
M. Aew›UZ gybvdv N. I M)
me¸‡jv 88. Avw_©K e¨e¯’vcK Kq ai‡bi
81. †KvbwU A_©vq‡bi wm×všÍ wb‡q KvR K‡i?
gvwjKvbvwfwËK Af¨šÍixY Drm? K. 1 ai‡bi L. 2 ai‡bi
K. †kqvi L. gvwj‡Ki M. 3 ai‡bi N. 4 ai‡bi
g~jab 89. wb‡Pi †KvbwU A_©vq‡bi
M. K I L N. Mªvg¨ gnvRb bxwZ?
82. wb‡Pi †KvbwU ¯^í‡gqvw` K. SzuwK eÈb L. e¨emv‡qi
A_©vq‡bi Drm ? ˆewPÎvqb
K. †kqvi L. eÛ M. gybvdv e„w× N. m¤ú`
M. mwÂwZ Znwej N. cÖvc¨ e„w×
wej evÆvKiY 90. Rwg, `vjvb‡KvVv, †gwkbvwiR
83. miKvi ev ¯’vbxq miKvwi µq Ki‡Z cÖ‡qvRb nqÑ
A_©vqb‡K ejv nqÑ K. PjwZ g~jab L. ¯’vqx g~jab
K. e¨emvq A_©vqb L. M. PjwZ I ¯’vqx g~jab N.
Ae¨emvq A_©vqb me¸‡jvB
M. miKvwi A_©vqb N. 91. PUªMÖvg ÷K G·‡PÄ cÖwZwôZ
Avw_©K e¨e¯’vcbv nq †Kvb mv‡j ?
84. †Kvb D‡Ïk¨wU A‡_©i mgqg~j¨ K. 1971 L. 1980
we‡ePbv K‡i? M. 1990 N. 1995
K. Avq e„w×
104 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
92. e¨emv‡qi Af¨šÍixY Dcv`vb 96. iv‡óªi mvgwMÖK Pvwn`v
†KvbwU ? wK‡mi AšÍfz©³ ?
K. g~jab KvVv‡gv L. ivóªxq K. Pvwn`v L. †hvMvb
wbqš¿Y M. e¨wóK A_©bxwZ N.
M. ivR‰bwZK Ae¯’v N. Ki mvgwóK A_©bxwZ
bxwZ 97. KLbI jvf KLbI ¶wZ n‡j Zv‡K
93. e¨e¯’vcKxq Kvh©vewj †Kvb bxwZ e‡j?
†KvbwU? K. Dchy³Zvi bxwZ L. Zvij¨
K. Znwej msMÖn L. Avw_©K bxwZ
wm×všÍ M. eûweaKiY bxwZ N.
M. gybvdv eÈb N. g~jab e¨emvq Pµ
msi¶Y 98. A‡_©i Pvwn`vi Zzjbvq †hvMvb
94. `xN©‡gqvw` Avw_©K †ewk n‡j Zv‡K Kx ejv nq ?
wewb‡qvM Kiv n‡j Zv‡K ejv K. Avq L. e¨q
nqÑ M. gy`ªvùxwZ N.
K. g~jab ev‡RwUs L. gy`ªvms‡KvPb
Acv‡iwUs ev‡RwUs 99. gybvdvi Avkvq †ewk
M. Avw_©K e¨e¯’vcbv wewb‡qvM K‡i bM` UvKv Kg
N. Af¨šÍixY A_©bxwZ n‡j Zv‡K Kx ejv nq?
95. ¯^í‡gqvw` wewb‡qvM‡K Kx K. †cvU©‡dvwjI bxwZ
ejv nq ? L. Zvij¨ bxwZ
K. g~jab ev‡RwUs L. M. Dchy³Zvi bxwZ
Acv‡iwUs ev‡RwUs N. A‡_©i mgqg~j¨ bxwZ
M. wewb‡qvM bxwZ N. Zvij¨
e¨e¯’vcbv

eûwbe©vPwb cÖ‡kœi
DËigvjv

1 K 2 N 3 M 4 M 5 K 6
1 N 1 M 1 N 14 L 15 N 16 K 17 N 18 N 19 N 20 K
1 2 3
2 M 2 K 2 M 24 N 25 M 26 N 27 K 28 L 29 K 30 L
1 2 3
3 K 3 M 3 K 34 N 35 M 36 K 37 M 38 N 39 N 40 N
1 2 3
4 M 4 M 4 N 44 M 45 N 46 K 47 L 48 M 49 M 50 N
1 2 3
5 M 5 N 5 K 54 L 55 N 56 N 57 K 58 L 59 K 60 N
 A_©vq‡bi m~Pbv 105
1 2 3
6 K 6 N 6 M 64 L 65 M 66 N 67 N 68 N 69 K 70 K
1 2 3
7 K 7 M 7 M 74 K 75 L 76 K 77 N 78 L 79 N 80 N
1 2 3
8 K 8 N 8 M 84 N 85 N 86 N 87 N 88 L 89 L 90 L
1 2 3
9 N 9 K 9 L 94 K 95 L 96 N 97 N 98 K 99 L
1 2 3

eûcw` mgvwßm~PK
cÖkœ
Multiple Completion -MCQ

1. evwn¨K A_v©q‡bi Drm¸‡jv 4. m¤ú` me©vwaKxKiY D‡Ïk¨

n‡jv- we‡ePbv K‡iÑ
i. e¨vsK n‡Z FY ii. AvZœxq- i. A‡_©i mgqg~j¨ ii. mKj bM`
¯^Rb n‡Z FY cÖevn
iii. wegv cÖwZôvb n‡Z FY iii. †kqv‡ii g~j¨ e„w× K‡i
wb‡Pi †KvbwU mwVK? wb‡Pi †KvbwU mwVK ?
K. i I ii L. i I iii M. ii I iii N. i, ii K. i I ii L. i I iii M. ii I iii N. i, ii I iii
I iii 5. A_v©q‡bi KvR n‡jvÑ
2. Avw_©K e¨e¯’vcK Kx ai‡bi i. Znwe‡ji Drm wbav©iY Kiv
wm×všÍMÖnY K‡i _v‡KÑ
ii. cÖ‡qvRbxq Znwe‡ji cwigvY
i. Avw_©K wm×všÍ ii.
wbY©q Kiv
wewb‡qvM wm×všÍ
iii. Znwe‡ji e¨env‡ii †¶Î
iii. jf¨vsk wm×všÍ
wbav©iY Kiv
wb‡Pi †KvbwU mwVK ?
wb‡Pi †KvbwU mwVK?
K. i I ii L. i I iii M. ii I iii N. i, ii
K. i I ii L. i I iii M. ii I iii N. i,
I iii
ii I iii
3. gybvdv me©vwaKxKiY D‡Ïk¨Ñ
6. ˆe‡`wkK gy`ªv e¨envi Kiv nq-
i. aviYv A¯ú÷
i. ˆe‡`wkK Aby`v‡b ii.
ii. A‡_©i mgqg~j¨ we‡ePbv Avg`vwb-ißvwb evwY‡R¨
K‡i bv
iii. AvšÍR©vwZK A_©vq‡b
iii. mKj bM` cÖevn we‡ePbv wb‡Pi †KvbwU mwVK ?
K‡i bv K. i I ii L. i I iii M. ii I iii N. i, ii
wb‡Pi †KvbwU mwVK ? I iii
K. i I ii L. i I iii M. ii I iii N. i, 7. e¨emvq A_©vq‡bi g~j D‡Ïk¨
ii I iii n‡jvÑ
106 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
i. mvgvwRK Kj¨vY ii. gybvdv i. Znwej msMÖn ii. Znwej
AR©b eÈb
iii. m¤ú‡`i mwVK e¨envi iii. Znwej msi¶Y
wb‡Pi †KvbwU mwVK ? wb‡Pi †KvbwU mwVK ?
K. i L. ii M. iii N. i, ii I iii K. i I ii L. i I iii M. ii I iii N. i,
8. Avw©_©K Znwe‡ji e¨envi j¶¨ ii I iii
Kiv hvqÑ 13. A_©vqb n‡jvÑ
i. KvPvugvj µ‡q ii. kÖwgK‡`i i. Drcv`b I weµq msµvš—
gRywi cÖ`v‡b Kvh©µg
iii. hš¿cvwZ µ‡q ii. Znwej msMÖn I e¨envi
wb‡Pi †KvbwU mwVK? msµvšÍ Kvh©µg
K. i I ii L. i I iii M. ii I iii N. i, ii I iii iii. F‡Yi Av`vb I cÖ`vb msµvšÍ
9. m¤ú` mev©waKiY aviYvq Kvh©µg
we‡ewPZ nq-
i. gvwj‡Ki ¯^v_© ii. †`‡ki wb‡Pi †KvbwU mwVK ?
¯^v_© K. i L. ii M. i I ii N. i, ii I iii
iii. kÖwg‡K ¯^v_© 14. A_©vqb welqwUi m‡½
wb‡Pi †KvbwU mwVK? m¤úwK©Z welq n‡jvÑ
K. i L. ii M. iii N. i, ii I iii i. wnmveweÁvb ii. wecYb
10. e¨emvq mvgvwRK `vqe×Zv iii. A_©bxwZ
cvjb K‡iÑ wb‡Pi †KvbwU mwVK ?
i. †µZv‡`i cªwZ ii. miKv‡ii K. i L. i I ii M. i I iii N. i, ii I
cÖwZ iii
iii. wewb‡qvMKvixi cÖwZ 15. A_©vq‡bi Kvh©vewj n‡jvÑ
wb‡Pi †KvbwU mwVK? i. Avw_©K cwiKíbv ii.
K. i I ii L. i I iii M. ii I iii N. i, ii e¨emvq m¤úªmviY
I iii iii. gybvdv e›Ub
11. dv‡g©i j¶¨/D‡Ïk¨ wn‡m‡e wb‡Pi †KvbwU mwVK ?
gybvdv me©vwaKi‡Yi K. ii I iii L. i I ii M. i I iii N. i,
mxgve×Zv n‡jvÑ ii I iii
i. eZ©gvb gybvdv fwel¨‡Z 16. GKwU Avw_©K dv‡g©i g~j
cÖvß gybvdvi †P‡q Kg j¶¨ n‡jvÑ
¸iæZ¡c~Y© i. gybvdv m‡e©v”PKiY ii.
ii. gybvdv me©vwaKiY m¤ú` m‡e©v”PKiY
SzwK‡K we‡ePbv K‡i bv iii. †kqvi‡nvìvi‡`i m¤ú`
iii. gybvdv me©vwaKiY bM` m‡e©v”PKiY
cÖevn we‡ePbv K‡i bv wb‡Pi †KvbwU mwVK ?
wb‡Pi †KvbwU mwVK ? K. i I ii L. ii I iii M. ii N. iii
K. i I ii L. i I iii M. ii I iii N. i, ii I 17. m¤ú` me©vwaKiY n‡jvÑ
iii i. cÖwZôv‡bi `xN©‡gqvw`
12. A_©vq‡bi Kvh©vewj n‡”QÑ cÖe„w× we‡ePbv Kiv
 A_©vq‡bi m~Pbv 107
ii. c~Y© cÖwZ‡hvwMZvi Afve i. ˆe‡`wkK mvnvh¨ ii.
we`¨gvb _vKv ˆe‡`wkK FY
iii. †kqv‡ii g~j¨ e„wׇK ¸iæZ¡¡ iii. `vb-Aby`vb
†`Iqv wb‡Pi †KvbwU mwVK ?
wb‡Pi †KvbwU mwVK ? K. ii L. i I ii M. ii I iii N. i, ii I
K. i I ii L. i I iii M. ii I iii N. i, iii
ii I iii 23. miKvwi A_©vq‡bi g~j D‡Ïk¨
18. gybvdv me©vwaKxKiY D‡Ïk¨ n‡jvÑ
n‡jv- (i) mvgvwRK Kj¨vY
i. aviYv A¯úó ii) gybvdv AR©b bq iii)
ii. A‡_©i mgqg~j¨ we‡ePbv Kg©Pvixi ¯^v_© msi¶Y
K‡i bv wb‡Pi †KvbwU mwVK ?
iii. mKj bM` cÖevn we‡ePbv K. i I ii L. ii I iii M. i I iii N. i,
K‡i bv ii I iii
wb‡Pi †KvbwU mwVK ? 24. †Kvb A_©vq‡b ˆe‡`wkK gy`ªv
K. i I ii L. ii I iii M. i I iii N. i, e¨envi Kiv nq?
ii I iii i. AvšÍR©vwZK A_©vqb ii.
19. m¤ú` me©vwaKxKiY D‡Ïk¨ ˆe‡`wkK Aby`vb
we‡ePbv K‡iÑ iii. Avg`vwb-ißvwb evwYR¨
i. A‡_©i mgqg~j¨ ii. mKj wb‡Pi †KvbwU mwVK ?
bM` cÖevn K. i I ii L. i I iii M. i I iii N. i, ii I iii
iii. †kqvi g~j¨ e„w× K‡i 25. miKvwi A_©vq‡bi g~j D‡Ïk¨
wb‡Pi †KvbwU mwVK ? n‡jvÑ
K. i I ii L. ii I iii M. i I iii N. i, ii I iii i. `vwi`ª¨ we‡gvPb ii.
20. †Kv‡bv cÖwZôv‡bi †kqv‡ii mvgvwRK Kj¨vY
g~j¨ e„wׇZ mnvqZv K‡i H iii. m¤ú‡`i mwVK e¨envi
cÖwZôv‡biÑ wb‡Pi †KvbwU mwVK ?
i. mybvg ii. gybvdvi nvi K. i I ii L. ii I iii M. i I iii N. i, ii I iii
iii. cwiPvjbv c×wZ 26. e¨w³MZ e¨emvq ej‡Z †Kvb
wb‡Pi †KvbwU mwVK ? ai‡bi e¨emvq‡K †evSvq?
K. i I iii L. i I ii M. ii I iii N. i, i. GKgvwjKvbv ii. Askx`vwi
ii I iii iii. ivóªxq e¨emvq
21. †KvbwU evwn¨K A_©vq‡bi wb‡Pi †KvbwU mwVK ?
Drm? K. i L. ii M. i I ii N. i, ii
i. e¨vsK ii. cvIbv`vi I iii
iii. wbR¯^ g~jab 27. e¨emvq RM‡Z cÖwZôv‡bi †h
wb‡Pi †KvbwU mwVK ? j‡¶¨i K_v cÖPwjZ Av‡Q Zv
K. i L. ii M. i I ii N. i, ii I iii n‡jvÑ
22. miKvwi A_©ms¯’v‡bi i. gybvdv m‡e©v”PKiY ii)
AvšÍRvwZ©K Drm¸‡jvi g‡a¨ m¤ú` m‡e©v”PKiY
D‡jøL‡hvM¨ n‡jvÑ iii. mwVK e¨e¯’vcbv
wb‡Pi †KvbwU mwVK ?
108 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
K. i I ii L. ii I iii M. i I iii N. i, ii I iii K. i I ii L. i I iii M. ii I iii N. i,
28. †Kv‡bv cÖwZôv‡bi m¤ú` ii I iii
m‡e©v”PKi‡Yi D‡jøL‡hvM¨ 29. A_©vqb n‡jvÑ
w`K n‡jvÑ i. A_© msMÖn ii. A_©
i. SzuwK we‡ePbv ii. gybvdv e¨envi
¯úó aviYv iii. mgš^q mvab
iii. A‡_©i mgq g~j¨ we‡ePbv wb‡Pi †KvbwU mwVK ?
wb‡Pi †KvbwU mwVK ? K. i I ii L. i I iii M. ii I iii N. i,
ii I iii

eûwbe©vPwb cÖ‡kœi
DËigvjv

1 L 2 N 3 N 4 N 5 N 6 N 7 M 8 N 9 K 10 N
1 M 1 N 1 K 14 M 15 N 16 N 17 L 18 N 19 N 20 L
1 2 3
2 M 2 N 2 N 24 L 25 N 26 L 27 K 28 N 29 N
1 2 3

Awfbœ Z_¨wfwËK
cÖkœ Situtation Set– MCQ
DÏxcKwU co Ges 1, 2 I 3bs i. my` ii. Awanvi
cÖ‡kœi DËi `vI: iii. gybvdv
Rbve ZvmwKb ˆekvLx †Kv¤úvwb wb‡Pi †KvbwU mwVK?
bvgK GKwU e¨emvq cwiPvjbv K. i I ii L. i I iii M. ii I iii N. i, ii I iii
K‡i‡Qb| AwfÁZv Kg _vKvq wZwb
3. gybvdv I Zvi‡j¨i g‡a¨ Kx ai‡bi
AwaK SzuwK wb‡Z Pvb bv| ZvB
m¤úK© we`¨gvb?
e¨emv‡q wewb‡qvM bv evwo‡q 6
j¶ UvKvi †kqvi µq K‡ib| wZwb K. mggyLx L. wecixZgyLx
fwel¨‡Z SuywK AviI Kgv‡Z Pvb| M. w¯’wZkxj N. cwieZ©bkxj
1. SuywK n«v‡m ZvmwKb DÏxcKwU co Ges 4 I 5 bs
A_©vq‡bi wb‡gœi †Kvb cÖ‡kœi DËi `vI:
bxwZwU AbymiY Ki‡Z cv‡ib? †gN, e„wó I el©v wZbRb wg‡j
K. Zij¨ I gybvdv L. GKwU e¨emvq cÖwZôvb ïiæ
wewb‡qvM gybvdv K‡i‡Qb| e¨emv‡qi mKj Kvh© 3
M. †cvU©‡dvwjI ˆewPÎvqb R‡b wg‡j cwiPvjbv K‡ib| A_©vq‡bi
N. SuywK I gybvdv Rb¨ Zv‡`i eo PvPv Lvb mv‡ne Ges
2. †kqv‡ii g~j¨ e„w×i gva¨‡g †gS PvPv ingvb mv‡n‡ei
mvwKe Avj nvmvb †c‡Z ¯^iYvcbœ nb|
cv‡ibÑ
 A_©vq‡bi m~Pbv 109
4. †gN, e„wó I el©vi DÏxcKwU co Ges 9 I 10 bs
cÖwZôvbwU †Kvb ai‡bi? cÖ‡kœi DËi `vI:
K. e¨emvqx L. Aa¨emvqx ZzivM wj. cÖwZ eQi Mixe I †gavex
M. cvwievwiK N. e¨w³MZ wk¶v_x©‡`i Rb¨ wk¶ve„wË cª`vb
5. †gN, e„wó I el©vi cÖwZôvbwUi K‡i _v‡K| Gi d‡j `ªæZ
A_v©q‡bi D‡Ïk¨ Kx? cÖwZôvbwUi †`ke¨cx mybvg
K. gybvdv AR©b L. mvgvwRK e„w× cv‡”Q|
Kj¨vY 9. ZzivM wj. KZ…©K M„nxZ
M. GjvKvi Dbœqb D‡`¨vM †KvbwUi mv‡_
N. wb‡R‡`i‡K A_©‰bwZKfv‡e m¤úK©hy³?
cÖwZwôZ Kiv K. g~j¨‡ev‡ai L. ˆbwZKZvi
DÏxcKwU co Ges 6, 7 I 8bs M. mvgvwRK `vqe×Zvi
cÖ‡kœi DËi `vI: N. m¤ú` mev©waKi‡Yi
evsjv‡`k †WBwi wj. GKwU DbœZ 10. ZzivM wj. Kx
wkï Lv`¨ Drcv`bKvix cÖwZôvb| ai‡bi cÖwZôvb?
Zviv Zv‡`i Drcvw`Z `ªe¨ †`k- K. miKvwi L. Avav miKvwi
we‡`‡k ißvwb K‡i _v‡K| M. e¨w³ gvwjKvbvaxb N.
cÖwZôvbwU cÖ‡Z¨K eQi miKvi‡K mgevq
wecyj cwigvY A_© ivR¯^ wn‡m‡e Aby‡”Q`wU co Ges 11 I 12 bs
cÖ`vb K‡i _v‡K| cÖwZôvbwU cª‡kœi DËi `vI :
m¤cÖmvi‡Yi Rb¨ Av‡iv 100 †KvwU
UvKvi cÖ‡qvRb| hv Zviv FYcÎ weµ‡qi Rbve mv‡`K GKwU †emiKvwi
gva¨‡g msMÖn Ki‡Z Pvq| e¨vs‡K Awdmvi c‡` PvKwi K‡i|
6. evsjv‡`k †WBwi wj. Kx Drcv`b `xN©w`b hver wZwb †kqvi
K‡i _v‡K? evRv‡i wewb‡qvM Ki‡Z AvMÖnx|
†mB myev‡` wZwb Zvi Kv‡Q
K. wkï Lv`¨ L. n¨vPvix cY¨
Rgv‡bv 2 j¶ UvKv w`‡q myigv
M. †cvwëªi Lvevi N. JlaRvZ A‡qj wj. Gi †kqvi µq Ki‡jb| myigv
`ªe¨ A‡qj †h‡nZz A‡bK fv‡jv †Kv¤úvwb
7. evsjv‡`k †WBwi wj. cÖ`Ë ivR¯^ ZvB wZwb cÖZ¨vkv Ki‡Qb eQi
Øviv †K DcK…Z nq? †k‡l Zvi wewb‡qvM †_‡K GKUv
K. miKvi L. mvaviY gvbyl fv‡jv jvf Avm‡e|
M. cÖwZ‡hvMx cÖwZôvbN. 11. Rbve mv‡`K Zvi wewb‡qv‡Mi
GbweAvi †¶‡Î †Kvb bxwZwU AbymiY
8. evsjv‡`k †WBwi wj. Gi FYcÎ K‡ib wb ?
weZi‡Yi D‡Ïk¨ Kx? K. Zvij¨ I gybvdv bxwZ
i. gybvdv e„w× ii. e¨emv‡qi L. SzuwK I gybvdv bxwZ
m¤cÖmviY M. †cvU©‡dvwjI ˆewPΨvq‡bi
bxwZ
iii. g~jab msMÖn
N. †Kv‡bvwUB bq
wb‡Pi †KvbwU mwVK?
12. eQi †k‡l Rbve mv‡`K myigv
K. i I ii L. i I iii M. ii I iii N. i,
A‡qj †_‡K jf¨vsk wn‡m‡e Kx
ii I iii
†c‡Z cv‡ib?
110 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
(i) bM` (ii) my` L. gybvdv me©vwaKiY
(iii) †evbvm †kqvi M. wbR m¤ú` me©vwaKiY
wb‡Pi †KvbwU mwVK ? N. mvgvwRK Kj¨vY mvab
K. i I ii L. i I iii M. ii I iii N. i, ii I iii 16. Rbve myR‡bi gybvdv
Aby‡PQ`wU co Ges 13 I 14 bs e„w×Ki‡Yi mxgve×Zv
cÖ‡kœi DËi `vI: †KvbwU?
†PŠayix mv‡ne GKR †cvwëª Lvgvi K. GwU SuywK we‡ePbv K‡i
e¨emvqx| B`vwbs e¨emv fv‡jv bv
hv‡”Q bv| Rvgvb‡Zi †Zgb mgm¨ L. Avw_©K cÖevn we‡ePbv
bv _vK‡jI AwaK wewb‡qv‡Mi †¶‡Î K‡i bv
bM` A‡_©i Rb¨ wewfbœ Drm †_‡K M. A‡_©i mgqg~j¨ we‡ePbv
FY msMÖ‡ni K_v fve‡Qb Avevi Zv K‡i
cwi‡kva Ki‡Z cvi‡eb wK bv ZvI N. GwU wnmve bxwZ AbymiY
fve‡Qb| wZwb Zvi e¨emvi fwel¨r K‡i bv
wb‡q wPwšÍZ| Aby‡”Q`wU co Ges 17 I 18 bs
13. DÏxc‡K ewY©Z †PŠayix mv‡ne cÖ‡kœi DËi `vI:
A_©ms¯’v‡bi †¶‡Î †Kvb
Rvgvb GKRb Pv‡ji Avor`vi| Z‡e
bxwZwU AwaK we‡ePbv
wZwb GKB mv‡_ Wvj I †Z‡ji
Ki‡Qb?
e¨emvq ïiæ K‡i‡Qb| Avmbœ
K. AMÖvwaKviL. Rvgvb‡Zi
igRv‡bi Rb¨ wZwb AwaK cwigv‡Y
M. FY cwi‡kv‡ai N. A‡_©i
Pvj wK‡b gRy` K‡i iv‡Lb| G‡Z Zvi
mgq g~‡j¨i
e¨emv‡qi bM` A‡_©i NvUwZ †`Lv
14. DÏxc‡K ewY©Z †PŠayix
w`j|
mv‡n‡ei e¨emv‡qi mdjZvi Rb¨
KiYxq n‡jvÑ 17. Wvj I †Z‡ji e¨emvq ïiæ Kivq
i. e¨q ms‡KvPb Rvgvb A_©vq‡bi †Kvb
ii. GKvwaK cÖK‡í wewb‡qvM bxwZwU Abymib K‡i‡Qb?
iii. Af¨šÍixY Drm n‡Z A_© K. SzuwK-gybvdv bxwZ
msMÖn L. Dchy³Zvi bxwZ
wb‡Pi †KvbwU mwVK ? M. Zvij¨ I gybvdv bxwZ
K. i I ii L. i I iii M. ii I iii N. i, ii I iii N. †cvU©dwjI ˆewPΨvq‡bi
Aby‡”Q`wU co Ges 15 I 16 bs bxwZ
cÖ‡kœi DËi `vI: 18. Rvgvb Kxfv‡e m„ó mgm¨vwU
Rbve myRb Zvi e¨emv‡q gybvdvi Gov‡Z cvi‡Zb?
cÖZ¨vkvq g~jab wewb‡qvM K‡ib| K. cY¨mvgMªx gRy` bv K‡i
wnmveKvj †k‡l wZwb eo As‡Ki L. cY¨ Kg `v‡g µq K‡i
gybvdv cvb| wZwb cybivq AwaK
M. Zvij¨ I gybvdv bxwZ
gybvdv cÖZ¨vkvq GKvwaK cÖK‡í
AbymiY K‡i
wewb‡qvM K‡ib|
15. Rbve myR‡bi e¨emv‡qi g~j N. c‡Y¨i ˆewPΨvq‡bi gva¨‡g
j¶¨ Kx ? DÏxcKwU co Ges 19-21 bs
K. m¤ú` me©vwaKiY cÖ‡kœi DËi `vI :
 A_©vq‡bi m~Pbv 111
nhiZ Avjxi GKwU gyw` †`vKvb 23. Rbve ibK nvmvb hw` Zvi cÖvß
Av‡Q| wZwb cÖ_‡g wbR¯^ Znwej Av‡qi cy‡ivUvB e¨vs‡K Rgv
n‡Z †`vKv‡bi ˆ`bw›`b LiP iv‡L Zvn‡jÑ
cwiPvjbv Ki‡Zb| cieZ©x‡Z i. gybvdvjf¨Zv e„w× cv‡e ii.
†`vKv‡bi Avq n‡ZB wZwb Zvij¨Zv n«vm cv‡e
†`vKvbwU cwiPvjbv Ki‡Z m¶g nb| iii. cÖwZôv‡bi †`Dwjqv nIqvi m¤
19. Rbve nhiZ Avjx‡K †Kvb ai‡bi ¢vebv e„w× cv‡e
ˆ`bw›`b LiP enb Ki‡Z nq e‡j wb‡Pi †KvbwU mwVK ?
Zzwg g‡b Ki? K. i I ii L. i I iii M. ii I iii N. i, ii I iii
K. Kg©Pvix‡`i †eZb L.
DÏxcKwU co Ges 24 I 25 bs
we`y¨r wej
cÖ‡kœi DËi `vI:
M. †`vKvb fvov N. me¸‡jv
Rwmg mv‡ne GKwU e¨emvq
20. wZwb cieZ©x‡Z †Kgb K‡i
cÖwZôvb cwiPvjbv K‡i|
†`vKvb cwiPvjbv Ki‡Z m¶g
cÖv_wgKfv‡e Rwmg mv‡ne wb‡Ri
n‡jb?
e¨w³MZ Znwej n‡Z g~jab mieivn
K. gybvdv Øviv L. FY Øviv K‡i| cieZ©x‡Z †m †emiKvwifv‡e
M. Avq Øviv N. e¨q Øviv A_©ms¯’vb K‡i|
21. nhiZ Avjxi e¨emvq cÖwZôv‡b 24. cÖv_wgKfv‡e Rwmg †h Drm
A_©vq‡b wb‡Pi †Kvb welqwU n‡Z A_©ms¯’vb K‡iÑ
cÖva¨b¨ cv‡e?
i. Af¨š—ixY ii. e¨emvwqK
K. Kx Kvi‡Y Znwej msMÖn
Ki‡Z n‡e iii. e¨w³MZ
L. KZ Znwej msMÖn Ki‡Z n‡e wb‡Pi †KvbwU mwVK ?
M. †Kv_v n‡Z Znwej msMÖn K. i L. ii M. iii N. i I iii
Ki‡Z n‡e 25. Rwmg mv‡ne cieZ©x‡Z †h
N. me¸‡jv A_©ms¯’vb K‡i Zv KZ cÖKvi?
Aby‡”Q`wU co Ges 22 I 23 bs K. 1 L. 2
cÖ‡kœi DËi `vI: M. 3 N. 4
Rbve nvmvb GKwU Mvm d¨v±wii DÏxcKwU co Ges 26 I 27 bs
gvwjK| MZ eQi Zvi Av‡qi cwigvY cÖ‡kœi DËi `vI:
wQj 2 †KvwU UvKv| Zvij¨ wnmv‡e Rbve kwid weAviwe †Kv¤úvwbi
50 jvL UvKv †i‡L Aewkó 1 †KvwU Avw_©K e¨e¯’vcK wn‡m‡e
50 jvL UvKv e¨vs‡K Rgv iv‡Lb| ¸iæZ¡c~Y© `vwqZ¡ cvjb K‡ib|
22. ˆ`bw›`b Kvh© cwiPvjbvq bM` cÖwZôv‡bi cÖavb wbe©vnxi c‡iB
A_© nv‡Z ivLvi Rb¨ Rbve ib‡Ki Zvi Ae¯’vb| wZwb Avw_©K
†Kvb bxwZ †g‡b Pjv DwPZ? cwiKíbv †_‡K ïiæ K‡i wewfbœ
K. Zvij¨ I gybvdv jf¨Zvi bxwZ Avw_©K wm×všÍ MÖnY K‡ib|
L. SzuwK gybvdv bxwZ 26. kwid wb‡Pi †Kvb wm×vš—wU
cÖ_g MÖnY K‡ib?
L. †cvU†dvwjI ˆewPΨvq‡bi
bxwZ K. Zvij¨ L. Avw_©K
N. me¸‡jv M. wewb‡qvM N. jf¨vsk
112 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
27. Rbve kwi‡di Aš—©MZ 31. Rbve Kv‡`‡ii e¨emv‡qi
Kg©KZ©vÑ gybvdv me©vwaKi‡Yi †cQ‡b
i. Avw_©K cwiPvjK ii. cÖavb g~j mxgve×Zv †KvbwU ?
wnmvei¶K K. GwU SuywK we‡ePbv K‡i
iii. ev‡RU Awdmvi bv
L. GwU wnmve bxwZ AbymiY
wb‡Pi †KvbwU mwVK ?
K‡i bv
K. i I ii L. ii I iii M. i I iii N. i, ii I iii M. Avw_©K cÖevn we‡ePbv
DÏxcKwU co Ges 28 I 29 bs K‡i bv
cÖ‡kœi DËi `vI: N. A‡_©i mgqg~‡j¨‡K
Rbve Kwig GKRb dj e¨emvqx| we‡ePbv K‡i bv
e¨emv‡q wewb‡qv‡Mi DÏxcKwU co Ges 32 I 33 bs
wm×všÍwb‡q Zvi eÜzi wbKU n‡Z cÖ‡kœi DËi `vI :
Avw_©K mnvqZv †P‡q‡Qb| `xb †gvnv¤§` GKwU dv‡g©i
cÖvqB dj c‡uP hvIqvq wZwb ¶wZ gvwjK| MZ eQi Zvi Avq nq 1
n«v‡mi wPš—v Ki‡Qb| †KvwU UvKv| Zvij¨ wnmv‡e 20 j¶
28. Rbve Kwig eÜzi wbKU n‡Z UvKv †i‡L Aewkó 80 jvL UvKv
†Kvb †gqv‡` A_© msMÖn Ki‡Z †cv÷ Awd‡m Rgv iv‡Lb|
cv‡ib? wm‡jU †evW© 2016
K. ¯^í L. ga¨
32. ˆ`bw›`b Kvh©cwiPvjbvi bM`
M. `xN© N. ga¨ I `xN©
A_© nv‡Z ivLvi Rb¨ `xb
29. Rbve Kwig Kxfv‡e e¨emv‡qi
†gvnv¤§‡`i †Kvb bxwZ †g‡b
SzuwK Kgv‡Z cv‡ib?
Pjv DwPZ?
K. e¨vswKs L. wegv
K. SzuwK I gybvdvi bxwZ
M. cwienb N. ¸`vgRvZKiY
L. Zvij¨ I gybvdvi bxwZ
wb‡Pi DÏxcKwU c‡o 30 I 31 bs
M. †cvU©dwjI ˆewPΨvq‡bi
cÖ‡kœi DËi `vI :
bxwZ
Rbve Kv‡`i Zvi e¨emvq gybvdvi
N. Dc‡ii me¸‡jv
cÖZ¨vkvi g~jab wewb‡qvM K‡ib|
33. hw` Rbve `xb †gvnv¤§` Zvi
wnmveKvj †k‡l wZwb eM As‡Ki
Av‡qi cy‡ivUvB †cv÷ Awd‡m
gybvdv cvb| wZwb cybivq AwaK
Rgv iv‡Lb Zvn‡jÑ
gybvdvi cÖZ¨vkvq GKvwaK cÖK‡í
wewb‡qvM K‡ib| h‡kvi †evW© i. gybvdv jf¨Zv e„w× cv‡e ii.
2016 Zvij¨Zv n«vm cv‡e
30. Rbve Kv‡`‡ii e¨emvq g~j¨ j¶ iii. cÖwZôv‡bi †`Dwjqv nIqvi
Kx ? m¤¢vebv e„w× cv‡e
K. m¤ú` me©vwaKiY L. wb‡Pi †KvbwU mwVK?
gybvdv me©vwaKiY K. i I ii L. i I iii M. ii I iii N. i, ii I iii
M. mvgvwRK Kj¨vY mvab DÏxcKwU co Ges 34 I 35 bs
N. ¯’vqx m¤ú` me©vwaKiY cÖ‡kœi DËi `vI :
üw`Zv GKwU e„n`vqZb dv‡g©i
Avw_©K e¨e¯’vcK| †m me©`vB
 A_©vq‡bi m~Pbv 113
Ggb GKwU j¶¨ AR©‡bi †Póv Ki‡Q i. SuywK Kg n‡q‡Q ii. jvf
†hwU dv‡g©i Avq I e¨‡qi †ewk n‡q‡Q
e¨eavb‡K me©vwaK Kivi cÖwZ iii. Lvgvi cwiKíbv mnR n‡q‡Q
¸iæZ¡¡v‡ivc K‡i| PÆMÖvg wb‡Pi †KvbwU mwVK?
†evW© 2017 K. i I ii L. i I iii M. ii I iii N. i, ii
34. üw`Zvi AbymiY Kiv j¶¨‡K I iii
A_©vq‡bi fvlvq ejv nqÑ wb‡Pi DÏxcKwU co Ges 38 bs
K. `vq me©wbgœKiY L. e¨q cÖ‡kœi DËi `vI :
me©wbgœKiY
XYZ GKwU ¯^bvgab¨ cÖwZôvb| H
M. gybvdvi me©vwaKiY
cÖwZôv‡bi Drcv`b KviLvbvi
N. m¤ú`
mwVK eR©¨ e¨e¯’vcbvi Afv‡e
me©vwaKiY
GjvKvi K…wl cwi‡ek gvivZ¥Kfv‡e
35. üw`Zvi AbymiYK…Z j‡¶¨i ¶wZMÖ¯Í n‡”Q| PÆMÖvg †evW©
mxgve×Zv wb‡Pi †KvbwU 2019
we‡ePbv bv Kiv?
38. DÏxc‡Ki cÖwZôvbwU †Kvb
i. A‡_©i mgqg~j¨ ii. mKj bM`
e¨emvwqK g~j¨‡eva‡K e¨vnZ
cÖevn
Ki‡Q?
iii. SuywK
wb‡Pi †KvbwU mwVK? K. ˆbwZKZv L. mZZv
K. i I ii L. i I iii M. ii I iii N. i, ii I M. mvgvwRK `vqe×Zv
iii N. AvB‡bi kvmb
wb‡Pi DÏxcKwU c‡o 36 I 37 bs wb‡Pi DÏxcKwU c‡o 39 I 40 bs
cÖ‡kœi DËi `vI : cÖ‡kœi DËi `vI :
wg. kwdK GKRb Lvgvix| Lvgvi BD dzW wj. mgv‡Ri gvby‡li
e¨emvq SuywKc~Y© †R‡bI wZwb Pvwn`vi cÖwZ j¶¨ †i‡L ¯^í e¨‡q
`y» Lvgvi, gyiwMi Lvgvi I †Kv‡q‡ji gvbm¤úbœ LvevimvgMÖx evRv‡i
Lvgv‡i †ek wKQz A_© wewb‡qvM †cuŠ‡Q †`q| djkÖæwZ‡Z †m
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wewb‡qv‡Mi gva¨‡g A‡b‡K †m Zv‡Z mdjI nq|
¶wZMÖ¯— n‡jI wZwb gybvdv jv‡f 39. BD dzW wj. Gi gybvdv e„w×i
m¶g nb| h‡kvi †evW© †Póv‡K Kx e‡j?
2017 K. m¤úv` me©vwaKiY L.
36. wg. kwdK wewb‡qv‡Mi †Kvb gybvdv mgZvqb
bxwZ MÖnY K‡i‡Qb? M. gybvdv me©vwaKiY N.
K. SuywK I Av‡qi bxwZ Znwej e„w×KiY
L. Zvij¨ I gybvdvi bxwZ 40. BD dzW wj. Gi Kg©KvÛ¸wjÑ
M. e¨q wbqš¿Y bxwZ i. `¶Zvi gvb`Û wn‡m‡e
N. †cvU©‡dvwjI ˆewPΨvqb we‡ewPZ nq
bxwZ ii. m¤ú‡`i myôz e¨envi Kiv
37. kwd‡Ki GKvwaK Lvgv‡i iii. mvgvwRK Kj¨vY mvwaZ nq
wewb‡qv‡Mi d‡jÑ wb‡Pi †KvbwU mwVK?
K. i I ii L. i I iii M. ii I iii N. i, ii I iii
114 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
wb‡Pi DÏxcKwU co Ges 41 I 42 43. DÏxc‡Ki Rbve Avãyi ingvb
bs cÖ‡kœi DËi `vI : A_©vq‡bi †Kvb bxwZwU
ivRkvnx AbymiY K‡i‡Qb?
†evW© 2019 K. gybvdv I Zvij¨ bxwZ
gÛj G›UvicÖvBR AwaK gybvdvi L. †cvU©‡dvwjI I ˆewPÎvqb
cÖZ¨vkvq cÖwZôv‡bi AwaKvsk bxwZ
A_© GKwU cÖK‡í wewb‡qvM M. SuywK I gybvdvi mgš^q
Ki‡jb| wKQz w`b ci cvIbv`viM‡Yi bxwZ
cvIbv cwi‡kv‡a e¨_© n‡q N. Dchy³Zvi bxwZ
cÖwZôvbwU Av¯’v msK‡U c‡o
wb‡Pi DÏxcKwU co Ges 44 I 45
†Mj| cÖwZôvbwUi c‡¶ e¨mvwqK
bs cÖ‡kœi DËi `vI :
Kvh©µg cwiPvjbv Kiv `yiƒn n‡q
w`bvRcyi
DVj|
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bxwZ j•Nb K‡i‡Qb? cvbœv wj. Gi Avw_©K e¨e¯’vcK
Rbve iweb Ggb GKwU j¶¨ AR©‡bi
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m¤ú` m‡e©v”PKiY
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e¨q me©wbgœKiY
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cÖ‡kœi DËi `vI : 45. Rbve iwe‡bi Abym„Z j‡¶¨i
myweav n‡jvÑ
Rbve Avãyi ingvb GKwU
cÖwZôv‡b Kg©iZ Av‡Qb| Zvi i. A‡_©i mgqg~j¨ we‡ePbv Kiv
m‡qi A_© wZwb wewb‡qvM ii. bM` cÖevn we‡ePbv Kiv
Ki‡Z AvMÖnx| †m‡¶‡Î GKwU iii. SuywK we‡ePbv Kiv
†Kv¤úvwbi †kqvi µq bv K‡i wb‡Pi †KvbwU mwVK?
GKvwaK †Kv¤úvwbi †kqvi µq Ki‡Z K. i I ii L. i I iii M. ii I iii N. i, ii
Pvb| PÆMÖvg I iii
†evW© 2019
 A_©vq‡bi m~Pbv 115

eûwbe©vPwb cÖ‡kœi
DËigvjv

1 L 2 M 3 L 4 M 5 K 6 K 7 K 8 M 9 L 1 N
0
1 M 1 L 1 N 1 N 1 L 1 K 1 L 1 M 1 N 2 M
1 2 3 4 5 6 7 8 9 0
2 N 2 K 2 M 2 N 2 M 2 M 2 N 2 K 2 N 3 M
1 2 3 4 5 6 7 8 9 0
3 L 3 L 3 N 3 M 3 N 3 N 3 L 3 M 3 M 4 N
1 2 3 4 5 6 7 8 9 0
4 K 4 M 4 L 4 L 4 N
1 2 3 4 5
1.15 m„Rbkxj cÖ‡kœi Abykxjbx
Exercises of Creative Questions
m„Rbkxj cÖkœ 1 : Rbve kvgxg I Rbve ivgxg `yÕRb XvK wek¦we`¨vjq
†_‡K wdb¨vÝ I e¨vswKs wel‡q gv÷vm© cvm K‡i `yÕwU Avjv`v
cÖwZôv‡b eo c‡` PvKwi K‡ib| Rbve kvgx‡gi cÖwZôv‡b wewfbœ Ki I ïé
†_‡K A_© msM„nxZ nq| wewfbœ Dbœqb cÖK‡í Gi g~L¨ Ask e¨q Kiv
n‡q _v‡K| Rbve kvgxg †h cÖwZôv‡b PvKwi K‡ib †mLv‡b Znwej
msMÖ‡n bvbvb wePvi we‡ePbvi cÖ‡qvRb c‡o| SuwzK _vKvq Znwej
e¨e¯’vcbvq mZK© _vK‡Z nq| eo ai‡bi ¶wZ n‡j cÖwZôv‡bi †`Dwjqv n‡Z
cv‡i Ggb fqI Zv‡K ZvwoZ K‡i|
K) A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ1)
L) gybvdv me©vwaKiY †Kb dv‡g©i P~ovšÍ j¶¨ bq? e¨vL¨v Ki| (DËi
ms‡KZ: Aby. cÖkœ bsÑ 16)
M) Rbve kvgx‡gi cÖwZôv‡bi A_©vq‡bi ¯^iƒc e¨vL¨v Ki|
N) Rbve ivgxg‡i cÖwZôv‡bi A_©vq‡bi ¯^iƒc Zzjbvg~jK wePv‡i
SuzwKc~Y©Ñ e³‡e¨i h_v_Z©v we‡kølY Ki|
m„Rbkxj cÖkœ 2 : Rbve evkvi dzqvs dzW †Kv¤úvwbi Avw_©K
e¨e¯’vcK| Zvi wbKU wewb‡qv‡Mi Rb¨ 200,000 UvKv i‡q‡Q|
wZwb wb‡gœi `ywU cÖK‡íi †h †Kv‡bv GKwU‡Z wewb‡qv‡Mi
wPšÍvfvebv Ki‡Qb| cÖ‡Z¨K cÖK‡íi cÖv_wgK wewb‡qvM
1,00,000 UvKv| cÖKí `ywUi AvMvgx 5 eQ‡ii wbU gybvdv
wbgœiƒc :
†Kv¤ú cÖKí evwl©K gybvbv (UvKvq)
vwb 1g 2q 3q 4_ 5g †gvU
gybvdv
K 60,000 40,000 30,000 20,000 10,000 1,60,00
116 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
0
L 20,000 20,000 30,000 30,000 65,000 1,65,00
0
Rbve evkvi Zvi cÖwZôv‡bi †kqv‡ii evRvi g~j¨ e„w× Kivi j‡¶¨ KvR K‡i
hv‡”Qb| Ab¨w`‡K Rbve cvkv Zvi e¨emvq m¤úªmvi‡Yi j‡¶¨ GKwU bZzb
†gwkb µ‡qi wm×všÍ MÖnY K‡i‡Qb| †gwkbwUi Avqy®‹vj 20 eQi|
K) Avw_©K e¨e¯’vcK †K ? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ3 )
L) SuzwK I gybvdvi g‡a¨ m¤úK© e¨vL¨v Ki| (DËi ms‡KZ: Aby.
cÖkœ bsÑ7)
M) Rbve cvkv ‡h wm×všÍ MÖnY K‡i‡Q Zv A_©vq‡bi †Kvb
Kvh©vewji AšÍfy©³? e¨vL¨v Ki|
N) Rbve evkvi †h j¶¨ wb‡q KvR Ki‡Qb Zv AR©b Ki‡Z n‡j DÏxc‡Ki
D‡jøwLZ `ywU cÖK‡íi g‡a¨ †KvbwU MÖnY Kiv DwPZ? Dˇii
mc‡¶ hyw³ `vI|
m„Rbkxj cÖkœ 3 : Lvb †Kv¤úvwb ïiæ Kvco †avqvi ej mvevb wecYb
K‡i _v‡K Ges mybvg e„w× I e¨emvq m¤úªmvi‡Yi Rb¨ 25% jf¨vsk
wn‡m‡e †kqvi †nvìvi‡`i gv‡S e›Ub K‡i _v‡K| Aciw`‡K †PŠayix †Kv¤úvwb
ej mvev‡bi cvkvcvwk wWUvi‡R›U evRviRvZ K‡i _v‡K Ges Zv‡`I †gvU
jv‡fi 8% jf¨vsk †kqvi‡nvìvi‡`i gv‡S e›Ub K‡i _v‡K|
K) Zvij¨ I gybvdv bxwZ Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ15)
L) A_©vq‡bi mvgvwRK `vqe×Zv ej‡Z Kx †evSvq? (DËi ms‡KZ:
Abyavebg~jK cÖkœ bsÑ 24)
M) †PŠayix †Kv¤úvwb SzuwK n«v‡mi †¶‡Î A_v©q‡bi †Kvb bxwZ
AbymiY K‡i‡Q?
N) DÏxc‡Ki †Kvb †Kv¤úvwb A_©vq‡bi m¤ú` mev©waKiY K‡i‡Q?
AR©‡bi w`‡K GwM‡q hv‡”Q Zv we‡køYc~e©K Av‡jvPbv Ki|
m„Rbkxj cÖkœ 4 : Rbve mvwKe Avj nvmvb I Zvi Pvi eÜz GKwU
cvB‡fU †Kv¤úvwb MV‡bi wm×všÍwb‡q‡Qb| e¨emv‡qi wewfbœ †¶Î
m¤ú©‡K †LuvR Lei wb‡q Ae‡k‡l ˆZwi †cvkvK KviLvbv ¯’vc‡bi
wm×všÍn‡jv| 15 †KvwU UvKv wbR¯^ †kqvi g~jab Ges 10% my‡` 25
†KvwU UvKv e¨vsK FY wb‡q e¨emvq ïiæ n‡jv| 1g eQ‡i †k‡l cÖPzi
gybvdv AwR©Z nIqvi mvwK‡ei civg‡k© mevB gybvdvi 7% bM` jf¨vsk
wn‡m‡e MÖnY Ki‡jb| wKQz bM` UvKv nv‡Z †i‡L gybvdvmn mgy`q A_©
w`‡q Av‡iKwU KviLvbv ¯’vcb Kiv n‡jv| m¤cÖwZ kªwgK Kg©x‡`i †eZb
fvZv cwi‡kva Kivi ci †`Lv †Mj e¨vsK F‡Yi gvwmK my` cÖ`v‡bi ch©vß
A_© cÖwZôv‡b †bB| hw`I wZb gvm ci cÖPzi gybvdvi my‡hvM Av‡Q
wKš‘ e¨vsK GZw`b A‡c¶v Ki‡Z ivwR bq|
K) m¤ú` me©vwaKiY Kx ? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 18)
L) Ògybvdvi me©vwaKiY aviYvwU A¯úóÓ- e¨vL¨v Ki|
M) A_©vq‡bi †Kvb gyjbxwZ j½‡bi d‡j DÏxc‡Ki cÖwZôvbwU‡Z
mv¤cÖwZK mgm¨vi m„wó n‡q‡Q ?
 A_©vq‡bi m~Pbv 117
N) mvwKe I Zvi eÜz‡`i A_©vqb Kvh©vewj g~j¨vqb Ki|
m„Rbkxj cÖkœ 5 : Ô†cvU©‡dvwjI wjwg‡UW, GKwU mbvgab¨
Avw_©K cÖwZôvb wn‡m‡e wewfbœ ¯’v‡b ebvqb Kvh©µg cwiPvjbv I
`vwi`ª †gavex Qv·`i e„wË cÖ`vb BZ¨vw` Kvh©µ‡gi Rb¨ wewfbœ
RvZxq c`K †c‡q‡Q| evsKwU gvwjK‡`i cy‡ivcywi jf¨vsk cÖ`vb I kªwgK‡`i
gyRwi cÖ`v‡b A½xKvive×| m¤cÖwZ evsKwU Zvi cvq me g~jab GKwU
†Kv¤úvwbi †kqv‡i wewb‡qvM Ki‡Q| d‡j e¨vsKwU wewfbœ Drm‡ei mgq
RgvK…Z AwZwi³ †P‡Ki UvKv cwi‡kva Ki‡Z cv‡i bv| m¤cÖwZ †kqv‡ii
`vg K‡g hvIqvi e¨vsKwU Kj gvwbi Avkªq MÖnY K‡i|
K) Zvij¨ Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 21)
L) A_©vqb wm×všÍ ej‡Z Kx eySvq?
M) DÏxc‡Ki DwjøwLZ e¨vsKwU †Kvb ai‡bi `vwqZ¡ cvjb mdj? e¨vL¨v
Ki|
N) DÏxc‡Ki e¨vsKwU AbvKvw¶Z cwiw¯’wZ Gov‡bvi Rb¨ Kx
mZK©Zvg~jK e¨e¯’v wb‡Z cviZ? e¨vL¨v Ki|
m„Rbkxj cÖkœ 6 : evsjv‡`k miKvi cÙv †mZz wbgv‡Y©i Rb¨
wek¦e¨vs‡Ki mv‡_ FY Pzw³ m¤úv`‡bi D‡`¨vM MÖnY Kij| wKš‘
wek¦e¨vsK F‡Yi KwVb kZ© Ry‡o †`qvi evsjv‡`k miKvi weKí A_©vq‡bi
K_v fvej| miKvi wb‡R Ges †emiKvwi mnvqZvi A_©vq‡bi gva¨‡g
†mZzwU wbgv‡Y©i D‡`¨vM †bb|
K) Zvij¨ I gybvdv bxwZ Kx ? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 15)
L) A_©vqb‡K e¨emv‡qi g~j PvwjKv kw³ ejv nq †Kb? (DËi ms‡KZ:
Abyavebg~jK cÖkœ bsÑ 1)
M) cÙ †mZz wbg©v‡Yi Rb¨ cÖ_‡g evsjv‡`k miKvi †Kvb ai‡bi
A_©vq‡bi K_v †f‡ewQj? eY©bv K‡iv|
N) cÙv †mZz wbg©v‡Yi Rb¨ weKí A_©vq‡bi D‡`¨vM MÖnY hyw³
m½Z wKbv we‡kølY Ki|
m„Rbkxj cÖkœ 7 :
GKZv wj. weMZ K‡qK eQi hveZ Zv‡`i e¨emvq mybv‡gi mv‡_ cwiPvjbv
Ki‡Q| cÖwZôvbwU Zv‡`i ¯^v_© mswkó mKj c‡¶i mv‡_ †hvMv‡hvM i¶v
K‡i P‡j| MZ eQi cÖwZôvbwU †kªô Ki`vZv wbe©vwPZ nq| GQvovI GKZv
wj. Zv‡`i kªwgK‡`i webvg~‡j¨ wPwKrmvi Rb¨ GKwU nvmcvZvj cÖwZôv
K‡i‡Q| kªwgK mš‘wói gva¨‡g GKZv wj. Gi Drcv`b I gybvdv e„w× cvq|
hvi gva¨‡g †Kv¤úvwbwU †kqvi cÖwZ jf¨vs‡ki cwigvY e„w× K‡i| Gi d‡j
†Kv¤úvwbi †kqv‡ii g~j¨ c~‡e©i Zzjbvq e„w× †c‡q‡Q|
K) A_©vqb Kv‡K e‡j? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 1)
L) Zvij¨ I gybvdv bxwZ e¨vL¨v Ki| (DËi ms‡KZ: Abyavebg~jK
cÖkœ bsÑ 8)
M) GKZv wj. A_©vq‡bi †Kvb j¶¨ AR©b Ki‡Z †c‡i‡Q? e¨vL¨v Ki|
N) ÒGKZv wj. nvmcvZvj cÖwZôv K‡i mvgvwRK `vqe×Zv cvjb
K‡i‡QÓ|Ñ Zzwg wK GKgZ? hyw³mn gZvgZ `vI|
118 wdb¨vÝ, e¨vswKs I wegv  1g cÎ
m„Rbkxj cÖkœ 8 :
Rbve Avhg GKwU K‡c©v‡iU cÖwZôv‡bi A_© e¨e¯’vcK wZwb evwl©K
cwiKíbvq AvIZvq Zvi cÖwZôv‡bi cÖ‡qvRbxq A‡_©i ms¯’vbmn †Kvb
Drm †ewk myweavRbK n‡e Zv wbY©q K‡ib| AZtci h_vmg‡q A_©
cÖvwßi welqwU wbwðZ K‡ib| †h †Kv‡bv bZzb cÖKí MÖn‡Yi †ÿ‡Î wZwb
cÖ‡gB †mLv‡b Rwg µq, `vjvb wbg©vY, hš¿cvwZ µqmn `xN©‡gqvw`
LiP Kx cwigvY Ki‡Z n‡e Zv wnmv‡e Av‡bb| cÖZ¨vwkZ Avq Kx n‡e
†m¸‡jvI wnmv‡e wb‡q Av‡mb| Zvi Av‡jv‡K KZ„©cÿ wm×všÍ MÖnY K‡i|
K) e¨emvq A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 2)
L) A_©vq‡b †cvU©dwjI ˆewPΨvq‡bi bxwZ †Kb AbymiY Kiv nq?
(DËi ms‡KZ: Abyavebg~jK cÖkœ bsÑ 10)
M) DÏxc‡Ki eY©bv Abyhvqx Rbve Avhg cÖgZ A_©vq‡bi †Kvb KvR
K‡ib? Zv e¨vL¨v Ki|
N) Rbve Avhg †Kv‡bv bZzb cÖKí MÖn‡Y g~jab ev‡RwUs K‡ib
Zzwg Kx G e³‡e¨i mv‡_ GKgZ? hw` GKgZ nI Zvn‡j †Zvgvi g‡Zi
¯^c‡ÿ hyw³ `vI|
m„Rbkxj cÖkœ 9 :
Rbve nvmvb GKwU K‡c©v‡iU cÖwZôv‡bi wW‡i±i| Kg©Rxe‡b `xN©Kvj
Avw_©K e¨e¯’vcbv mswkøó Kv‡R hy³ wQ‡jb| †Kv¤úvwbi Ab¨
wW‡i±iMY cÖwZ eQi AwR©Z gybvdvi AwaKvsk jf¨vsk wn‡m‡e wb‡Z
PvB‡j wZwb G wel‡q wfbœgZ †cvlb K‡ib| wZwb Pvb gybvdvi
D‡jøL‡hvM¨ Ask mwÂwZ Znwe‡j Rgv _vKzK| mevB Zvi gZ MÖnY Kivq
GK ch©v‡q †Kv¤úvwbi cwiPvjK I †kqvi‡nvìviMY mevB Lywk nb|
K) e¨e¯’vc‡Ki mvgvwRK `vqe×Zv Kx? (DËi ms‡KZ: Ávbg~jK
cÖkœ bsÑ36)
L) A_v©qb m¤ú‡K© Rvbv †Kb ¸iæZ¡c~Y©? (DËi ms‡KZ:
Abyavebg~jK cÖkœ bsÑ 35)
M) Rbve nvmv‡bi cÖwZôv‡bii Ab¨ cwiPvjKMY A_©vq‡bi †Kvb jÿ¨
cQ›` K‡ib? e¨vL¨v Ki|
N) Rbve nvmvb A_©vq‡bi †h jÿ¨ AR©b Ki‡Z Pvb Zv KZUv h_v_©
g~j¨vqb Ki|
m„Rbkxj cÖkœ 10 :
Rbve bxjq GKRb `ÿ e¨vsKvi| MÖvnK‡`i DÌvwcZ †PK hv‡Z KLbI †diZ bv
hvq †m wel‡q wZwb AZ¨šÍ mZK©| †mB mv‡_ Ajm A_© †hb e¨vs‡K
†ewk R‡g bv _v‡K †m wel‡qI wZwb m‡Pó _v‡Kb| Ab¨w`‡K Zvi eÜz
Rbve Avkivd †kqvi e¨emvqx| `yÕwU fv‡jv †Kv¤úvwbi †kqvi g~j¨ nVvr
evRv‡i K‡g hvIqvq Av‡Mi A‡bK †kqvi weµq K‡i I e¨vsK †_‡K FY wb‡q
wZwb H `yÕwU †Kv¤úvwbi †kqvi wK‡b‡Qb| wKšÍ †Kv¤úvwb `Õy‡Uvi
†kqvi g~j¨ evo‡Q bv|
K) miKvwi A_©vqb Kx? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ4)
 A_©vq‡bi m~Pbv 119
L) m¤ú` m‡e©v”PKi‡Yi wb‡`©kK Kx? e¨vL¨v Ki| (DËi ms‡KZ:
Abyavebg~jK cÖkœ bsÑ 36)
M) Rbve bxjq A_©vq‡bi †Kvb bxwZ AbymiY K‡ib? e¨vL¨v Ki|
N) Rbve Avkivd A_©vq‡bi ˆewPΨvq‡bi bxwZ f½ Kivq ÿwZi
m¤§yLxb n‡q‡Qb Zzwg Kx G e³‡e¨i mv‡_ GKgZ? hw` GKgZ nI
Zvn‡j †Zvgvi g‡Zi ¯^c‡ÿ hyw³ `vI|
m„Rbkxj cÖkœ 11 :
m¨vgmvs †Kv¤úvwb AvšÍ©RvwZK †gvevBj †mU e¨emv‡qi mv‡_ RwoZ|
†Kv¤úvwbwU evsjv‡`‡ki evRv‡i cÖ‡e‡ki Rb¨ `xN‡©gqvw` cwiKíbv
MÖnY K‡i| h_vh_ wbq‡g †Kv¤úvwbwU Kvh©µg ïiæ K‡i| bZzb cwiKíbv
MÖnY Ki‡Z wM‡q †Kv¤úvwbwU Avw_©K msK‡U c‡o| ZvB Ziv †kqvi
weµq Kivi wm×všÍ †bq|
K. †emiKvwi A_©vqb Kx ? (DËi ms‡KZ: Ávbg~jK cÖkœ bsÑ 5)
L. mvgvwRK `vqe×Zv ej‡Z wK eySvq? (DËi ms‡KZ: Abyavebg~jK
cÖkœ bsÑ28)
M. m¨vgmvs †Kv¤úvwbi †kqvi weµq †Kvb ai‡bi wm×všÍ? e¨vL¨v
Ki|
N. m¨vgmvs †Kv¤úvwbi †kqvi weµ‡hi wm×všÍ h_v_© wKbv?
gZvgZ `vI|