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Islami BankingSeptember 2014A JournalPublished by Public Relations DivisionIslami Bank Bangladesh Limited
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Bmjvgx e¨vswKs| 7
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1 †`Lyb,†kL†gvnv¤§`Zv‡ni,LyZev-The Objectives of the Islamic Sacred Law, cvIqv hv‡e: http://www.leedsgrandmosque.com/khutbahs/khutba-20040319.asp (visited Sept 10, 2006).
8| Bmjvgx e¨vswKs
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†`qvnq|AvaywbKBmjvgxA_©e¨e¯’vqÔKvh©ZBKzBwUÕAskx`vwiZ¡evmn-gvwjKvbv‡KmyKzKGes
BmjvgxAw_©KBRvivÕigva¨wgKevRvim„wóiwfwËwn‡m‡eMÖnYKivn‡q‡Q|
Ab¨w`‡KÔPzw³wfwËKBKzBwU†kqvwisÕgybvdvAR©‡bij‡ÿ¨GKwUAskxgvwjKvbvm„wóK‡i|Gi
wm×všÍMÖnYcÖwµqvq¯úóZGKwUÔm¤§wZ-wfwËKcÖwµqvÕ(agreed upon process) cÖ‡qvRb nq|
d‡jÔPzw³wfwËKBKzBwU†kqvwisÕ-GcÖ‡Z¨KAskx`vi‡KGgbKZ©„Z¡†`qvn‡q‡Q†hG‡`ig‡a¨
†KvbGKRb,Ab¨Rbevmevic‡ÿAskx`vi‡`ijÿ¨-D‡Ïk¨nvwm‡jiRb¨Zv‡`im¤ú`wU
e¨envi Ki‡Z cv‡ib|
11GLv‡bD‡jøLKiv†h‡Zcv‡i†hkixÔAvn&cwðgvwe‡k¦iAvBbxwewaweav‡big‡Zvwewae׆KvbAvBbbq(coded as articles of law)|
KviYBmjvg†Kvbagx©qAbyµgbqhv‡KAvBbcÖ`v‡biKZ©„Z¡†`qvn‡q‡Q|Gie`‡jmg‡qim‡½m‡½kixÔAvn&m¤ú‡K©cwÐZI
we‡klÁ‡`iØvivkixÔAvn&-iwb‡`©kbv¸‡jvwjwce×IcÖwZwôZn‡q‡Q|ZvBhvivkixÔAvn&-iwb‡`©kbvevbwRi¸‡jvRvb‡ZPvbZv‡`i‡K
kixÔAvn&mvwn‡Z¨Ôg‡bvbxZPzw³Õej‡ZKxeySv‡bvn‡q‡Q†mwel‡qAbymÜvbPvjv‡Zn‡e|G¸‡jvn‡jv†mai‡biPzw³†h¸‡jvkixÔAvn&
we‡klÁivweMZevikÕeQievZviI†ewkmgqa‡iZv‡`icvwÐZ¨c~Y©†jLbx‡ZD‡jøLK‡i†M‡Qb|AviBmjvgxe¨vsKIAvw_©K
cÖwZôvb¸‡jv†KbZv‡`iwbR¯^kixÔAvn&-Dc‡`óvgÐjxevkixÔAvn&Dc‡`óv†evW©wb‡qvMK‡iGUvZviGKwUcÖavbKviY|
14| Bmjvgx e¨vswKs
BKzBwU†kqvwise¨e¯’vcbvcwiPvwjZnqÔIqvKvjvnÕ(G‡RwÝevwm×všÍMÖn‡YiKZ©„Z¡jvf)Pzw³i
wfwˇZ|GiGKwU¸iæZ¡c~Y©Zvrch© (implication) i‡q‡Q hv Pzw³wfwËK BKzBwU †kqvwis‡K
GKwUPzw³iiƒcw`‡q‡Q|B”QvgvwdKGBPzw³iAemvbNUv‡bvhvq|KviYAvcwbKvD‡KZvi
wb‡Ri e¨vcv‡i wm×všÍ MÖn‡YiÿgZvAb¨KvD‡K w`‡Z eva¨Ki‡Zcv‡ib bv|Ab¨K_vq,
Pzw³wfwËK BKzBwU †kqvwis †_‡K †Kvb Askx`vi †h‡Kvb mgq wb‡R‡K cÖZ¨vnvi K‡i wb‡Z cv‡i|
Z‡e GB cÖZ¨vnv‡ii d‡j Ab¨ Askx`vi‡`i †Kvb ÿwZ Kiv hv‡e bv A_ev Gi d‡j Kv‡iv Øviv
†Kvb ÿwZ n‡j †mRb¨ Zv‡K ÿwZc~iY w`‡Z ivwR _vK‡Z n‡e|
Pzw³wfwËKBKzBwU†kqvwis-Gi†ÿ‡ÎAskx`vi‡`iAe`vbmgvbevwewfbœn‡Zcv‡i|cÖ‡Z¨K
cÿhLbm¤úwËIe¨e¯’vcbvqAskwb‡q_v‡K12ZLbGai‡biPzw³‡KejvnqÔgykvivKvÕ|
wKš‘hLbAskx`vi‡`iAe`vbwewfbœai‡binq,†hgb,GKRb†Kejm¤úwËw`‡jb,Ab¨Rb
w`‡jbe¨e¯’vcbvmvgMÖx;A_evGKRbRwgw`‡jbAb¨Rb†mLv‡bPvlvev`Ki‡jb,ZLbAvgiv
G¸‡jv‡Kh_vµ‡gewjÔgy`vivevÕGesÔgyRvivn&Õ|Gigv‡bn‡jv,gykvivKv,gy`vivevIgyRvivn&
n‡jvPzw³wfwËKBKzBwU†kqvwis-Giwewfbœcš’v|
cyuwRn‡Zcv‡iA_©,cY¨evgvjvgvjA_evA¯’veim¤ú`|wKš‘,GUvKL‡bvBFYn‡Zcv‡i
bv|FY‡KGicÖK…wZiKvi‡YcyuwRwn‡m‡ee¨enviKivhvqbv|FYKL‡bvg~j¨ms‡hvRbNUvq
bv|FY†hgbDrcv`‡biDcv`vbbq,†ZgwbGUvgybvdvevevowZm¤ú`Drcv`‡bmÿgbq|
GKRbe¨e¯’vcKÔFYÕw`‡qKxKi‡eb?GiZvrÿwYKDËin‡Zcv‡i†h,wZwbFYwUAv`vq
K‡i †mB A_© e¨emvq LvUv‡eb| wKš‘, †h gyn~‡Z© FY †diZ cvIqv †M‡jv ZLb Avi Zv FY iB‡jv
bv|ÔBKzBwU†kqvwisÕPzw³‡ZAek¨BGKRbe¨e¯’vcK‡KIBFYAv`v‡qiRb¨Aby‡ivaKiv
ˆea n‡e| wZwb hLbB A_© nv‡Z †c‡jb ZLb Zv‡K g~j wn‡m‡e a‡i †bqv †h‡Z cv‡i| Ab¨K_vq,
FY†h‡nZze„w×cvIqvwKsevGi†KvbiKgcwieZ©bn‡Zcv‡ibv,ZvBBKzBwU†kqvwisPzw³‡Z
FYKL‡bvg~jwn‡m‡eKvh©Kin‡Zcv‡ibv|FYGKiKgm¤ú`,Zv‡Z†Kvbm‡›`n†bB|wKš‘,
GiciIGUvA-ea©bkxjm¤ú`|
AwaKš‘kixÔAvn&AbyhvqxPzw³iAskx`viiv †h‡Kvbm¤¢vebvgq†ÿ‡Î (potentialities) memgq
gybvdviIAskx`vin‡eb|Askx`vi‡`im¤§wZi wfwˇZ†h †KvbAbycv‡ZgybvdvewÈZn‡Z
cv‡i|†KDAv‡iKR‡bi†P‡q†ewkKvRKi‡Zcv‡ib|AveviÿwZej‡Z†h‡nZzGKvšÍfv‡eB
wnmv‡eigvcKvwV‡Zg~jm¤ú`K‡ghvIqveySvq,ZvBcyuwR‡ZAs‡kiwfwˇZÿwZImvgvbfv‡e
ewÈZn‡Zn‡e|GievB‡iAb¨‡KvbkZ©evwZje‡jMY¨n‡e|†ewkifvMcwðgvAvB‡bGgbUv
cvIqvhv‡ebv|†mLv‡bcyuwR‡ZAs‡ki†P‡qwfbœnv‡iÿwZewÈZn‡Zcv‡i|
12gy`vivevGesmvaviYfv‡eAskx`vwiZ¡eySv‡ZK¬vwmK¨vjmvwn‡Z¨AvBbÁivÔAvgjÕ(Kg©)cwifvlvwUe¨enviK‡i‡Qb;GUvw`‡q
g~jZwm×všÍMÖn‡Yi†ÿ‡Îe¨e¯’vcbvwelqKGKwUkãeySv‡bvn‡q‡Q|Z‡eG‡ZKvwqKkÖg,n¯Íwk‡íi(craftsmanship) g‡ZvKvR‡KIeySvq†hLv‡be¨e¯’vcKIkÖwgKGKBe¨w³|
Bmjvgx e¨vswKs| 15
ÔgykvivKvÕ n‡jvGgbGK ÔBKzBwU †kqvwisÕ Pzw³ †hLv‡bcÖ‡Z¨KAskx`vicyuwRIe¨e¯’vcbv
†hvMvb†`b|gykvivKv-i†ÿ‡Îe¨e¯’vcbviIqvKvjvn-qAb¨Askx`vi‡`ie¨e¯’vcbvqAe`vb‡K
evwZjK‡i†`qbv|AwaKš‘,gykvivKvÕqAskx`viivPzw³AbyhvqxwbUgybvdvfvMK‡i†b‡eb|
wKš‘cyuwRiAskAbyhvqxÿwZiAskenbKi‡Zn‡e|
gy`vivevn‡jvgykvivKvÕiGKwUwe‡kl†ÿÎ|GLv‡bGKRbwbw®ŒqAskx`vicyuwRmieivnK‡ib
wKš‘wZwbe¨e¯’vcbvqAskx`vinbbv|Ab¨w`‡KmwµqAskx`vi†KvbcyuwRmieivnK‡ibbv,
wKš‘Pzw³Abyhvqxmeai‡bie¨e¯’vcbvKg©m¤úv`bK‡ib|gykvivKvÕig‡ZvGLv‡bIwbUgybvdv
Pzw³ikZ©AbyhvqxewÈZn‡e|wKš‘wbw®ŒqAskx`vi‡KÿwZenbKi‡Zn‡eZvimieivnKiv
cyuwRiAvbycvwZKnv‡i|Ab¨K_vq,gy`vivevÕqwbw¯ŒqAskx`vi‡KmKjÿwZenbKi‡Znq|
gyRvivn&n‡jvf~wgigvwjKIGKRbK…l‡Kig‡a¨dm‡jiAskx`vwiZ¡|GLv‡b wbUgybvdvi
cwie‡Z©†gvUivR¯^ewÈZnqPzw³Abyhvqx|Pzw³i†gqv`†k‡lf~wgGigvwj‡KiKv‡Q†diZ
hvq|gyRvivn&ÕiAwbevh©`ywU †ewkó¨n‡jv:1) †gvUgybvdvieÈb;Ges2)¯’veim¤ú`Gi
gvwjK‡K †diZ `vb| GB `yB ˆewkó¨ K…wl Lv‡Zi evB‡iI mgmvgwqK Bmjvgx A_©vqb e¨e¯’v
m„wóiGKwUwfwËwn‡m‡eKvRK‡i‡Q|Gai‡bi†gvUivR‡¯^Askx`vwiZ¡Pzw³iGKwUD`vniY
n‡jv †Kvb AeKvVv‡gv gvwjKvbvq A_©vqb| †hgb †Kvb †Uvj Av`vq‡hvM¨ †mZz, wegvbe›`i ev †ij
moKcÖK‡íi†gvUivR¯^-AvqkZKivnv‡iiwfwˇZeÈb|
2. wewµwfwËK A_©vqb Pzw³
kixÔAvn&-iK¬vwmK¨vjmvwn‡Z¨cÖavbZwZbai‡biwewµwfwËKA_©vqbPzw³wb‡qAv‡jvPbvKiv
n‡q‡Q| wejw¤^Zev wKw¯Í‡Zcwi‡kvwaZg~j¨,ZvrÿwYKcwi‡kv‡aigva¨‡gAvMvg wewµGes
Drcv`b (manufacturing) mvgMÖxwewµ|
wejw¤^Z ev wKw¯Í‡Z g~j¨ cwi‡kva- Ggb wewµÕi g‡Zv A_©vqb Avgiv cÖwZw`bB we‡k¦i me©Î
ˆ`bw›`be¨emvwqK†jb‡`‡b†`L‡ZcvB|GLv‡bwejw¤^ZevA½xKviK…Zcwi‡kv‡aiRb¨wewµZ
†mevevm¤ú‡`iZvrÿwYKmieivncÖ‡qvRbnq|hLb†KvbKg©PvixcÖwZ`yBmßvncigRywi
wb‡ZivwRnq†mwejw¤^Zcwi‡kv‡aiRb¨wb‡RikÖg†mevcÖ`v‡bigva¨‡gZviwb‡qvMKZ©v‡K
A_©vqbKi‡Q|GKBKvRKi‡QGKRbcvBKvwiwe‡µZv|†mwZbgv‡mievwK‡ZGKRbLyPiv
we‡µZv‡KZvicY¨mieivnKi‡Q|
wej‡¤^g~j¨cwi‡kv‡aiwfwˇZwewµiAbygwZ(permissibility)Avj-†KviAv‡bI†`qvn‡q‡Q|AvqvZ2:275-Gejvn‡q‡Q,ÒZviv(my`MÖnYKvixiv)e‡j: Ôwewµn‡jvmy‡`ig‡Zv,Õ wKš‘,
Avjøvnwewµ‡KˆeaK‡i‡Qb,Avimy`‡KK‡i‡Qbwbwl×|ÓGBAvqv‡Zwewµej‡ZA_©cÖ`v‡bi
gva¨‡gwewµ‡KeySv‡bvn‡q‡Q|KviY,A_©cÖ`v‡bigva¨‡gwewµ,my`wfwËKav‡iim‡½wg‡j
wM‡q weåvwšÍ m„wó Ki‡Zcv‡iGesGid‡j `vwe DV‡Zcv‡i †hG¸‡jv GKB|Ab¨w`‡K,
16| Bmjvgx e¨vswKs
A_©-cwi‡kv‡aigva¨‡gwewµim‡½my‡`iwfwˇZFY†`qvig‡a¨cv_©K¨A‡bKGesG`ywUi
g‡a¨†KvbwgjB†bB|my‡`FY†`qvim‡½†hUvwg‡jZvn‡jvwbw`©óg~‡j¨wejw¤^Zcwi‡kv‡ai
wfwˇZwewµ,hvbM‡`†Kbvig~j¨†_‡K†ewknq|gRviwelqn‡jv,Avj-†KviAvbGB`vwe
AeÁv (degrade) A_ev G‡K A‡hŠw³K wn‡m‡e AvL¨vwqZ K‡iwb|13GiAšÍwb©wnZZvrch©n‡jv,
G¸‡jvig‡a¨wKQzmvgÄm¨Zv¯^xKviKivn‡q‡Q|hw`I†KviAvbGiciciBGai‡biwewµi
AbygwZi (permissibility)cÖwZgb‡hvMw`‡q‡Q|Z‡emy`‡K†hwbwl×Kivn‡q‡QAvev‡ivZvRvwb‡q †`qv n‡q‡Q|
wKQzmvgÄm¨ZviK_v¯^xKviK‡i†bqvn‡jIG¸‡jvig‡a¨GgbA‡bKcv_©K¨Av‡Qhvid‡j
wejw¤^Zcwi‡kv‡ai wewµwfwËKA_©vq‡biAbygwZ †`qv n‡q‡Q|GLv‡bImy`GesFYwfwËK
A_©vqb wbwl×Kiv n‡q‡Q|ZvBGBAvqv‡Z wejw¤^Zcwi‡kva‡hvM¨A_©vq‡b wewµiAbygwZ
`v‡biwel‡qej‡Z†M‡jmKjgymwjgAvBb‡eËvGKgZ|AvqvZ2:275-GiciAv‡ivwKQz
Avqv‡Z Gi mg_©b cvIqv hvq| K‡qK AvqvZ ci 2:282 Avqv‡Z wbðqZvi Rb¨ Pzw³ Ges Zv
wj‡LivLvi wb‡`©k †`qv n‡q‡Q|KviY wejw¤^Zcwi‡kva‡hvM¨ wewµid‡jFY ˆZwinq, hv
my`wfwËK F‡Yi g‡ZvB| Gi Rb¨ Pzw³bvgv cÖ‡qvRb|
2:275bsAvqv‡ZiAv‡iKwUcÖ‡qvMn‡jv (gybvdvmn)A_©vqbkixÔAvn&-GAby‡gvw`ZGes
¯^xK…Z|GAvqv‡Zmy`wfwËKF‡Yiwb›`vRvbv‡bvn‡jIG‡Zmeai‡biwewµiAbygwZ†`qv
n‡q‡QhvGKBai‡biD‡Ïk¨c~iYKi‡e|G‡ZwewµZc‡Y¨img‡qiRb¨GKwUcÖwZ`vbI
(reward) †`qv n‡q‡Q| Ab¨ K_vq, †KviAvb GKwU LyeB ¸iæZ¡c~Y© wewa cÖwZwôZ K‡i‡Q:wewµwfwËK A_©vq‡bi Av‡qvRb (arrangements) n‡jv GKwU MÖnY‡hvM¨ I cÖwZ`vbg~jK
¯^vfvweKe¨emvKvh©µg|Ab¨w`‡Kmy`(wiev)wbwl×|
GiG‡Kev‡i†mvRvmvÞvgv‡bn‡jv,FYm„wóGgb†KvbwRwbmbqhvwKbvkixÔAvn&-qwbiærmvwnZ
evAcQ›`Kivn‡q‡QGesFYm„wóGwo‡qPjvwievwbwl‡×i(prohibition) †KvbD‡Ïk¨bq|weåvwšÍ †`Lv w`‡Zcv‡i weavqGBDcmsnviLyeB¸iæZ¡c~Y©|AviBmjvgxA_©vqb wb‡qhZ
m‡¤§jb,mfv-†mwgbvinq†mLv‡bGBweåvwšÍBNy‡i†eivq|ZLbejvnqÒFYwfwËKA_©vq‡bi
wecix‡ZBmjvgxA_©vqbn‡jvGKwUm¤ú`wfwËKPzw³|ÓAvmjK_v n‡jv, eZ©gvbBmjvgx
Avw_©K cÖwZôvb I DcKiY¸‡jvi PP©v ev Abykxj‡b Bmjvgx A_©vqb n‡jv †fÂvi K¨vwcU¨vj
(venture capital) (gykvivKv)A_©vqb|GUvFYwfwËKwewµA_©vqbbqGesGBe¨e¯’viDrm†KviAv‡bi2:275bsAvqvZ|Gai‡biAbykxj‡bmy‡`iwewbg‡qavi†`qvid‡j†hFYm„wó
nqZviwecix‡Zwewµigva¨‡gFYm„wónq|ZvBAvgv‡`i‡KIBai‡biweåvwšÍ†_‡Kgy³n‡Z
13Awek¦vmx‡`i`ye©jhyw³IA‡hŠw³KZ‡K©iRev‡eAvj-†KviAv‡bieûRvqMvqGiKgAeÁvm~PKf½x (degrading style) e¨envi
Kivn‡q‡Q|GgbA‡bKAvqv‡ZcÖwZc‡ÿiRevew`‡ZwM‡q†KviAv‡b†hai‡bikãmgwó(phrases)e¨enviKivn‡q‡Q:Ò...ZvivwKeyS‡Zcv‡ibv?ÓÒ...†ZvgiveyS‡Zcvi‡e,ÓÒ...†ZvgivwKeyS‡Zcv‡ivbv?ÓÒ...GRb¨†h†Zvgivnq‡Zv
†hŠw³Kn‡Zcvi‡eÓÒ...†ZvgivwK†hŠw³Kn‡ebv?ÓÒ...†Kej†Zvgv‡`ihw`†KvbKviY_v‡K,ÓÒ...†Zvgv‡`i†Kvbhyw³
†bB,ÓBZ¨vw`|
Bmjvgx e¨vswKs| 17
n‡e|GBwbe‡ÜZvGfv‡eZz‡jaivn‡q‡Q:BmjvgxA_©vqbn‡jvm¤ú`wfwËK|GUvmwZ¨Kv‡ii
cY¨I†mevwb‡qKvRK‡i|GLv‡bPzw³igva¨‡gFYevm¤ú‡`igvwjKvbvm„wónq|
†Kvbm¤ú`bM‡`wewµKvh©KiKi‡ZA_©vq‡biRb¨FYwUe¨enviKivn‡jbM`g~‡j¨i†P‡q
wejw¤^Zcwi‡kv‡aiRb¨†ewk`v‡gwewµKivGesmy‡`iwewbg‡qavi†`qvig‡a¨wKQz¯úóZ
Geseû-gvwÎK(multi-facet) mvgÄm¨i‡q‡Q|cÖ_gZDfq†ÿ‡Î†µZvPzw³img‡qBm¤ú`evcY¨wUjvfK‡ibGescwi‡kvaK‡ibc‡i|wØZxqZme©‡k‡l†µZv†hg~j¨cwi‡kvaKi‡eb
ZvDfq†ÿ‡Îmgvbn‡Zcv‡i|†hgbwej‡¤^g~j¨cwi‡kv‡aiRb¨†hevowZg~j¨w`‡Zn‡e
Zv F‡Yi Dci my‡`i mgvb n‡Z cv‡i| Z…ZxqZ Pzw³ I g~j¨ cwi‡kv‡ai g‡a¨ mg‡qi e¨eav‡bi
Rb¨we‡µZvÿwZc~iYjvfK‡iGesFY`vZvIGKBai‡biÿwZc~iYcvqmg‡qie¨eav‡bi
Rb¨|me©‡k‡lwejw¤^Zg~‡j¨iDciKR©(debt) m„wó nq| hv bM` g~‡j¨i †P‡q †ewk A_ev F‡Yi
cwigv‡Yi m‡½ hy³ nIqv my`|
Ab¨w`‡Kmy`wfwËKA_©vqbIwewµwfwËKA_©vq‡big‡a¨eoiK‡gicv_©K¨¸‡jvn‡jv,FYPzw³i
gva¨‡gmy`wfwËKA_©vqbKivnq,†hLv‡bFY†`qvn‡q‡Qe„w×cvIqviRb¨-Ggbwe‡ePbv
(stipulates) Kivnq|Ab¨w`‡KwewµwfwËKA_©vqbg~j¨cwi‡kv‡aiZvwiLIcY¨mieiv‡niDciwfwËK‡i†KejcY¨I†meviwewfbœai‡big~j¨n‡Zcv‡i|cÖK…wZMZKvi‡YBF‡Yi
ev¯ÍeZvn‡jvGUvevowZwKQz(increment) Drcv`bKi‡Zcv‡ibv|GUvn‡jvwbwl×Ki‡YiAv`wk©K wfwË|
GB cv_©‡K¨i Zvrch© A‡bK|
cÖ_gZF‡Yie„w× (increment) NU‡Zcv‡iGgbAev¯ÍecÖwZÁv(premise) †g‡b †bqv| G‡Z
IBe„w×ig~j¨wba©viYevmy‡`inv‡iie¨vcv‡iAv‡iKwUAev¯ÍeDcjwä(assumption) m„wó nq|
wØZxqZGKeviF‡Yie„w×NU‡j †m¸‡jve„w×mncybtZdwmjxKiYwUIMÖnY‡hvM¨n‡Zn‡e|
GmeZrciZvg~j¨m„wóK‡ibv;G¸‡jv†KejGKR‡biKvQ†_‡Km¤ú`Av‡iKR‡biKv‡Q
¯’vbvšÍiNUvq|
Z…ZxqZ FY wb‡q e¨emv mgv‡R wekvj Kg©KvÐ m„wó Ki‡Z cv‡i| cwðgv †`k¸‡jv‡Z eZ©gv‡b
†hgbUvn‡q‡Q| wKš‘GUvcy‡ivcywiGKwU Ôïb¨ †hvMdjÕ-GidUKve¨emv|KviY,GUv †Kej
m¤ú`GKRb†_‡KAv‡iKR‡biKv‡Qwb‡qhvq|GUvg~j¨ms‡hvRbNUvqbvGesGUvDrcv`b
evev¯ÍecY¨I†mev†_‡Kmwi‡qwb‡qwecyjcwigvYgvbeIe¯‘MZm¤ú`wbt‡klK‡i†d‡j|
†jb‡`‡biGBc×wZcY¨I†mevicwigvYe„w×GesA_©bxwZiKj¨vYe‡qAv‡bbve‡jkixÔAvn&
g‡b K‡i| GB dUKvevwRi Avw_©K †jb‡`b Drcv`b †ÿ‡Î Drcvw`Z e¯‘i msL¨v ev kÖwg‡Ki
Drcv`bkxjZve„w×NUvqbv|G‡Z¸`v‡gcY¨-mvgMÖxicwigvYIev‡obv, †fv³v‡`iKv‡Q†h
cY¨I†mev†cŠ‡QZv‡ZIe„w×N‡Ubv|G¸‡jv†KejwKQzgvbyl‡KabxKivicvkvcvwkAb¨‡`i
`vwi‡`ªi gy‡L †V‡j †`q|
18| Bmjvgx e¨vswKs
PZz_©ZFYwfwËKA_©vq‡bevowZe¨qIAvBb-Kvbyb (FYMÖnYKvixiZnweje¨env‡ii †ÿ‡Î
kZ©v‡ivcKivGes†m¸‡jvcÖ‡qv‡MiRb¨bRi`vwicÖwµqvm„wóiRb¨)QvovˆbwZKImvgvwRK
evQ-wePvi(screen) Avg‡j†bqvnqbv|hw`I bwZKImvgvwRKevQ-wePvin‡jvwewµA_©vq‡biGKwU ¯^Kxq ˆewkó¨|
me©‡k‡lFYwfwËKA_©vq‡bi†ÿ‡ÎA_©bxwZ‡ZIBcwigvYA_©cÖK…ZevRvi†_‡Kwew”Qbœn‡q
hvq|†mBm‡½GUvcÖK…ZDrcv`bIwewbgq†_‡Kwew”QbœAe ’vqwbR¯^Dcv‡qwb‡Rwb‡RB
m¤úªmvwiZn‡Z_v‡K|
ÔmvjvgÕn‡jvAv‡iKwUwewµg~jKA_©vqbPzw³|G‡ZeZ©gv‡bg~j¨cwi‡kv‡aiRb¨fwel¨‡ZcY¨
mieivnKivnq|Pzw³m¤úv`‡bimgqweeiY†`qvc‡Y¨iAw¯ÍZ¡bvI_vK‡Zcv‡i|weeiY
w`‡qBcY¨wewµKivnq|GiD‡Ïk¨n‡jvDrcv`bKvix‡KA_©†RvMvb†`qv,†hbwZwbgvjvgvj
msMÖn Ki‡Z cv‡ib Ges PjwZ e¨q wbe©vn Ki‡Z cv‡ib| G ai‡bi wewµA_©vq‡b Aek¨B
GgbGKwUmy®úóme©m¤§ZPzw³_vK‡Zn‡e†hLv‡bwewµZc‡Y¨ic~Y©weeiY,wba©vwiZw`bI
mieiv‡ni¯’vbGes†gvUg~‡j¨iK_vD‡jøL_vK‡e|ÔmvjvgÕGKai‡biAšÍtFYe×Zvm„wói
gva¨‡g†KejAvw_©KSzuwKBm„wóK‡ibv,G‡Zg~‡j¨iwewfbœZvm„wóievwYwR¨KSzuwKI†_‡Khvq|
g~‡j¨ie¨vcv‡iAvMvgaviYvGov‡bviRb¨kixÔAvn&†Kvbe¯‘icy‡ivcywiAwaKvixnIqviAv‡M
gvwjKvbvicY¨wUwewµAby‡gv`bK‡ibv|
AšÍtFYe×ZvcÖK…wZiKvi‡YmdjcÖ‡qv‡Mi†ÿ‡ÎÔmvjvgA_©vqbPzw³ÕiRb¨mywbw`©óevRvi
cwiw¯’wZcÖ‡qvRb|†hgb w¯’wZkxjZvevAvMvgejvhvqGgbcY¨g~j¨,SzuwKcÖkg‡bich©vß
DcvqGesGKwU ÿImwµqcY¨evRvi,hv‡ZmieivncÖvwßiciciBFY`vZvZvig~j¨DwV‡q
wb‡Z cv‡ib|
me©‡kl iæZ¡c~Y©wewµwfwËKA_©vqbPzw³iAv‡iKwUn‡jvÔBmwZmbvÕ|GUvGgbGKwewµA_©vqb
hv cy‡ivcywi ewY©Z, mywbw`©ó, wbwg©Z ev cÖ¯‘ZK…Z c‡Y¨i wewbg‡q GKwU g~j¨, hv †h‡Kvb mgq cwi‡kva
Kivn‡Zcv‡i|GUvGgbGKPzw³hvg~j¨cwi‡kv‡aime©m¤§ZZvwi‡LiwfwˇZDrcv`bKvixev
†fv³v‡KA_©vq‡biRb¨e¨eüZn‡Zcv‡iGeswe‡µZv‡KcÖK…ZDrcv`KnIqviIcÖ‡qvRb†bB|
ÔBmwZmbvÕ (g¨vbyd¨vKPvwis wewµ) mvjv‡gi g‡ZvB| Dfq †ÿ‡Î Ggbme mvgMÖx wewµi Rb¨
Pzw³Kivnq, †h¸‡jv Pzw³m¤úv`bKv‡jnvwRi_v‡Kbv|G¸‡jvfwel¨‡ZmieivnKivnq|
ÔBmwZmbvÕi†ÿ‡Îme‡P‡q¸iæZ¡c~Y©cv_©K¨wUn‡jvGLv‡bAvMvgg~j¨cwi‡kv‡aicÖ‡qvRbnqbv|
3. BRviv Pzw³
BRviv ev wjR A_©vqb gv‡b n‡jv wba©vwiZ g~‡j¨ †Kvb DRydiv³ (usufruct) wewµ, hvi g~j¨m¤§Z†h‡Kvbw`bcwi‡kvaKivnq|BRviv†`qve¯‘wUn‡jv†Kvb`xN©¯’vqxm¤ú‡`iDRydiv³
(†Kvbm¤ú`e¨enviIGimydj†fv‡MiAwaKviGesPzw³img‡qiciZvGigvwjK‡K†diZ
Bmjvgx e¨vswKs| 19
`vb)hvPzw³i†gqv`Kv‡j Ôwbt‡klK‡i†fvMÕ(consumable)-Gig‡Zvbq|BmjvgxBRvivA_©vq‡b BRviv`vZv (lessor)m¤ú`wU‡Ke¨envi‡hvM¨Ae¯’vqmieivnGesBRviv†gqv‡`Gie¨envi‡hvM¨Zv eRvqivLvi e¨vcv‡i`vqe×|BRvivZ`vi (leesee)fvovcÖ`vbGesBRvivi†gqv`†k‡lm¤ú`wUBRviv`vZv‡K†diZ`v‡bie¨vcv‡i`vqe×|m¤ú`wU†h‡nZzBRviv`vi‡K
Ac©b Kiv n‡”Q wZwb †Kej Ace¨envi ev Ae‡njvi Kvi‡Y ÿwZi Rb¨ `vqx n‡eb| ¯^vfvweK
e¨enviRwbZweb‡óiRb¨`vqxn‡ebbv|GLv‡bg‡bivL‡Zn‡e†h,BRvivA_©vq‡bm¤ú‡`i
gvwjKvbv BRviv`vZvi bv‡g _vK‡jI BRviv GKwU FY-m„wóKvix Pzw³| KviY †gqvw` fvov
BRviv`v‡ii Rb¨ GKwU FY m„wó K‡i Ges GB FY †h‡Kvb ai‡bi RvgvbZ I wbðqZvi gva¨‡g
cwi‡kva Kiv hvq|
A‡bK†`‡kKie¨e¯’vIwnmv‡eigvbmwµq(operational) Ges Avw_©K (financial) BRvivi
g‡a¨ cv_©K¨ m„wó K‡i| GB cv_©K¨ g~jZ BRviv †gqv`Kv‡j †K deducting amortization allowances †_‡K jvfevb n‡”Q Zvi wnmv‡ei wfwˇZ Kiv nq|
kixÔAvn&GB`yÕai‡biBRvivPzw³ig‡a¨cv_©K¨wb‡qZZÿYch©šÍ†Zgbgv_vNvgvqbvhZÿY
ch©šÍDfqcÖKv‡iiBRvivPzw³AvBbMZfv‡eBRviv`vZviKv‡QBRvivm¤úwËwn‡m‡ewe‡ewPZ
nq| Gi gv‡b n‡jv Avw_©K I e¨e¯’vcbvMZ BRviv Dfq †ÿ‡Î GKB ai‡bi kZ© I AvBbMZ
wewaweavb cÖhy³ n‡e|
AwaKš‘, †Kvb BRviv Pzw³‡ZGgb †Kvb cÖ¯ÍveIAšÍfz©³ _vK‡Zcv‡i †h m¤úwËwUµgvMZ
cÖwµqvq BRviv`v‡ii Kv‡Q wewµ K‡i †`qv n‡e| µgvMZ wewµ cÖwµqvq gvwjKvbvi Ask
cwieZ©‡bim‡½m½wZ†i‡LfvovicwigvYKg‡Z_vKviweavbIcÖ‡hvR¨|kixÔAvn&GesAwWwUs
GÛGKvDw›UsAM©vbvB‡RkbAdBmjvwgKwdbvwÝqvjBÝwUwUDkÝ(GGIAvBGdAvB)14 Avw_©K
BRviviwewfbœaib¯^xKviK‡iGescÖwZevicwi‡kv‡aim‡½m‡½Gi¯^‡Z¡icwieZ©bbvNU‡jI
BRvivm¤úwËwUwK‡b†bqvn‡eGgbk‡Z©iAvIZvq†gqvw`cwi‡kv‡aim‡½m‡½µgvMZfv‡e
gvwjKvbv¯’vbvšÍ‡iiaviYvwU†g‡b†bq|15Ab¨vb¨we‡ePbv,we‡klK‡iKim¤úwK©Zwe‡ePbvq
kixÔAvn&Õi†Kvbwb‡lavÁv†bB|
BRvivPzw³AÿzbœGesBRviv`v‡ii¯^v_©Aÿzbœ†i‡LBRviv†`qvm¤úwËwewµ,RvgvbZwn‡m‡e
e¨enviGesevRv‡i†jb‡`bKiv†h‡Zcv‡i|bZzbgvwjKgvwjKvbvn¯ÍvšÍ‡iiw`b†_‡Kfvov
cÖvwßinK`viwn‡m‡eMY¨n‡e|eZ©gv‡bbv_vK‡jIcy‡ivcywieY©bv†`qvAv‡QGiKgm¤úwËi
Rb¨I BRviv A_©vqb Pzw³ Kiv †h‡Z cv‡i|
14GBwkím¤úwK©ZGKwU¯^vaxb†ckv`vims¯’v|Gim`i`dZievnivB‡b|Bmjvgxe¨vsKIAvw_©KcÖwZôvb¸‡jv‡Kw`Kwb‡`©kbv
cÖ`v‡bi †ÿ‡Î GB ms¯’v e¨vcK mybvg AR©b K‡i‡Q|
15GKvDw›UsGÛAwWwUsAM©vbvB‡RkbdiBmjvwgKwdbvwÝqvjBÝwUwUDkÝ,kixÔAvn&÷vÛvW©m,2003,÷vÛvW©bs-9|
20| Bmjvgx e¨vswKs
AwaKš‘,RwoZcÿ¸‡jviA_©vq‡biD‡Ïk¨c~iYK‡iGgb†h‡Kvbci¯úim¤§ZDcv‡qfvovi
nvicyb:wba©viYKiv†h‡Z|BRviv`vZviAvw_©KcÖ‡qvR‡bBRvivm¤úwËifvovGKKvjxbAvMvg
A_ev BRviv †gqv‡`i †k‡l cwi‡kva Kiv †h‡Z cv‡i| GUv eQ‡ii ci eQi Pj‡Z cv‡i Ges
Zv BRviv †gqv‡`i m‡½ wgj _vK‡Z n‡e Ggb †Kvb K_v †bB| †Kvb wba©vwiZ ev Pjgvb nv‡i
fvovicwigv‡Yn«vm-e„w×NU‡Zcv‡i|hv†Kvbevwn¨KKvh©Kvi‡Yim‡½hy³n‡eGescÖwZwU
fvov†gqv‡`iïiæ‡ZBhvRvbvhv‡e|BRviv`vZvIBRviv`v‡iiwewfbœAvw_©KD‡Ïk¨c~i‡Yi
Rb¨BRvivPzw³i ewk󨸇jv†ekAbyK~j|GBbgbxqZvBmjvgxcyuwRevRvim„wóiKv‡RBRvivi
aviYve¨env‡iich©vßmy‡hvMm„wóK‡i‡Q|GRb¨B weMZeQi¸‡jv‡Z wewfbœai‡bi ÔmyKzKÕ
evRv‡iQvovimy‡hvMn‡q‡Q|
me©‡k‡l,kixÔAvn&g‡ZGKwUgvwjKvbvaxbDRydiv³n‡jvGKwU¯^vaxbm¤úwËhvZviwb‡Ri
DciBwbf©ikxjGesZv†h‡Kvbm¤úwˇZ†Kvbevmeai‡bi†jb‡`‡biKv‡Re¨eüZn‡Z
cv‡i| Gi Zvrch© n‡jv, DRydiv³ wmwKDwiwU (security)-icÖwZiƒcn‡Zcv‡iGes†kqvievRv‡iQvov†h‡Zcv‡i|ZvBZvGKwUbZzbai‡biwewb‡qvMc×wZm„wóKi‡Zmÿg|AviGUvBwewfbœ
ai‡bimyKzK(BmjvgxeÛ)-GikixÔAvn&MZwfwË|GBmyKzK†KejDRydiv³-GicÖwZiƒc|
4. K¬vwmK¨vj Avw_©K Pzw³¸‡jvi ˆewkó¨
K¬vwmK¨vj Bmjvgx A_©vq‡bi 6wU cÖavb ˆewkó¨ cvIqv cvIqv hvq| G¸‡jv ms‡ÿ‡c wb‡P Zz‡j
aiv n‡jv:
cÖ_gZ,BmjvgxA_©vqb‡Kg~jZm¤ú`wfwËKA_©vqb wn‡m‡eeY©bvKiv n‡q‡Q|KviY,GUv
cY¨Im¤ú‡`igvwjKvbvAR©‡biwfwˇZcÖwZwôZ|AskwfwËKA_©vq‡bi†ÿ‡ÎIGUv¯úó|
G‡Z †Kvb Znwej‡hvMvb`vZvi Znwej w`‡q bZzb †Kvb m¤úwË †Kbv n‡j Zvi gvwjKvbv
Znwej‡hvMvb`vZviAwaKv‡i hvq|BRvivA_©vq‡bIGUv¯úó|BRviv`vZvfvovicÖZ¨vkx|
KviY,BRviv†`qvm¤úwËigvwjK†m|GBˆewk󨸇jvwKQzUvwfbœiƒ‡cwewµwfwËKPzw³¸‡jv‡Z
i‡q‡Q|wewµA_©vqbg‡bK‡iwe‡µZv†KvbcY¨,m¤ú`evm¤úwËigvwjKGesGUvZvic~Y©
AwaKv‡ii‡q‡QGeswZwbGwUevowZg~‡j¨wewµK‡ib|ZvBwewµA_©vqbIcY¨m¤ú`wfwËK|
KviYGUvm¤ú`w`‡qïiæ|hw`I†klch©v‡qGUvFYm„wóKi‡Zcv‡i|
wØZxqZ,wewb‡qvMm¤ú`‡KGgbn‡Zn‡e†hwbR¯^cÖK…wZevev ÍeevRvikw³¸‡jvi(market forces)cÖfv‡eGie„w×NU‡eevGwUgybvdvm„wóKi‡e|A_©vqbKvix‡KjvfG‡bw`‡Zcv‡iGgbmKjm¤ú`Bm¤úwËn‡Zcv‡i|Gig‡a¨wewµ‡hvM¨cY¨ev†mev,cY¨ev†mevDrcv`‡bi
Rb¨we‡klfv‡ee¨eüZn‡Zcv‡iGgbe¯‘MZm¤úwËGesDrcv`bIwecYbcÖwµqvqcÖhy³
n‡Zcv‡iGgb †c‡U›U ev †UªWgv‡K©i g‡ZvA¯ú„k¨ (intangible)m¤ú`|Ab¨w`‡K,FYevAvgvbZ Pvwn`v (demand deposit)†Kvbm¤ú`bqKviY,Dc‡iv³†KvbcÖwµqv‡ZBZve¨eüZn‡Z cv‡i bv|
Bmjvgx e¨vswKs| 21
Z…ZxqZ,Drcv`bkxjm¤ú`evcY¨Ges†mevigvwjKnIqvBmjvgxA_©vq‡biGKwUcÖ‡qvRbxq
kZ© n‡jI †Kej GUvB h‡_ó bq| Bmjvgx kZ©vw` c~i‡Yi Rb¨ A_©vqb‡K Av‡iv wKQz kZ©
c~iYKi‡Zn‡e|GBkZ©¸‡jvn‡jvcÖK…Zc‡ÿAvgivhv†`wL,ev¯ÍeRxeb,cÖK…Zgybvdv|
Ab¨K_vq, A_©vqbKvixi gybvdv wba©vwiZ nq cÖK…Z evRv‡i| GKBfv‡e AskwfwËK A_©vq‡bi
gybvdvI wba©vwiZnqcY¨I†mevDrcv`bI wewµievRv‡iGes†hevRvi†_‡KcÖwZôv‡bi
†hvMvbAv‡m†mLv‡b|BRvivA_©vq‡bigybvdvwba©vwiZnqDRydiv³evRv‡iGeswewµA_©vq‡bi
gybvdv wba©vwiZ nq cY¨ I †mevi fwel¨r g~‡j¨i evRv‡i|
PZz_©Z, Pzw³i b¨vh¨Zv, mZZv I fvimvg¨ K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jv‡K ˆewkó¨gwÐZ
K‡i‡Q|Gmeˆewkó¨cÖKvk†c‡q‡Qwewfbœfv‡e:gy³Av‡jvPbv,mg‡SvZviwfwˇZPzw³,Pzw³
AbyhvqxgybvdveÈbIcyuwRiAskAbyhvqxÿwZenbGes wg_¨veY©bv,A¯úóZv(Nvivi)I
AwZgvÎvqg~j¨wba©vi‡Yi(Nveb)Dciwb‡lavÁv|
cÂgZ,BmjvgxA_©vq‡bimnRvZˆbwZKImvgvwRKA½xKviGesevQ-wePvii‡q‡Q|Bmjvgx
A_©vq‡b †Kv_vq A_©vqb Ki‡Z n‡e Zv wba©viY GKwU ¸iæZ¡c~Y© welq| KviY GUv Drcv`b,
gvwjKvbv, wewµ ev BRvivi gva¨‡g n‡Z cv‡i| Gi me¸‡jvB A_©‡hvMvb`vZv‡K - wZwb
†hLv‡bBA_©vqbKiæbbv†Kb-ZviDrcv`bIwewµcÖwµqvim‡½mivmwiRwoZK‡i|ZvB,
kixÔAvn&m¤§ZA_©vqbcÖwµqvqˆbwZKImvgvwRKevQ-wePvihy³Kivn‡q‡Q|GUvPvwc‡q†`qv
evowZ†Kvbwelqbq|mvgvwRKIcwi‡ekMZfv‡eÿwZKiGgb†KvbcY¨ev†mevqA_©vqb
wbwl×K‡i‡QkixÔAvn&|Avcwb †mLv‡bA_©vqbKi‡Zcv‡ib bvAvcwb †h¸‡jv Drcv`b ev
gvwjKn‡Zcv‡ibbv!
me©‡k‡l, Bmjvgx Avw_©K Pzw³¸‡jv nvBweªW ev m¼i ˆZwii Rb¨ †ek bgbxq Ges AbyK~j| wb‡P
Zv wb‡q Av‡jvPbv Kiv n‡jv|
GKwU jÿYxq gRvi welq n‡jv, K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jv bZzb K‡i ch©v‡jvPbv
Kivn‡j †`Lv hv‡e †m¸‡jvmywbw`©ófv‡eBmjvwgKbq|G¸‡jvmKj wek¦vm, eY©,m¤úª`vq,
¯’vb, Kvj I hy‡Mi mvaviY gvby‡li ¯^vfvweK Abykxjb| Gme Pzw³i †gŠwjK ˆewk󨸇jvi g‡a¨
GgbwKQz†bBhvGKvšÍfv‡eBBmjvwgK|G¸‡jvGgbmeAvw_©KPzw³hvBmjvgAvwef©v‡ei
A‡bKAvM†_‡KweivRgvbwQjGesmevBG¸‡jve¨enviIPP©vKi‡Zv|GmePzw³m¤ú‡K©
cÖvP¨evmxi †hgb Rvbv wQj, †Zgwb cÖwZP¨evmxI wQj AeMZ| G¸‡jvi e¨vcv‡i eZ©gvb hy‡Mi
gvbyl †hgb Rv‡b, †Zgwb Rvbv wQj AZx‡Zi gvby‡li| G¸‡jv G‡Kev‡iB MZvbyMwZK ai‡bi
e¨emv|eZ©gv‡bcwðgvRM‡ZAvwacZ¨we¯ÍviKvixFYwfwËKA_©vq‡bim‡½BmjvgxA_©vq‡bi
me‡P‡q¸iæZ¡c~Y© cv_©K¨wU n‡jv BmjvgxA_©vqbKL‡bvBAev Íe aviYv evKíbvwfwËK wKQz
MÖnYK‡ibv:†hgbFY wn‡m‡e†`qvA_©Av‡iKR‡bim¤úwË wn‡m‡ee„w׆c‡Z_vKv,hw`I
ev¯Í‡eZve„w×cvqbv;AveviFY†jb‡`‡biRb¨evRv‡iiAw ÍZ¡KíbvKiv,hw`Iev¯Í‡eG
ai‡bievRviGKai‡bicÖZviYvQvovwKQzBbq;GesF‡YiGKwUe„w×invi(evmg‡qig~j¨)
22| Bmjvgx e¨vswKs
_vK‡Zcv‡ie‡jg‡bKivn‡jIAvm‡jZvGKwUwb‡f©RvjåggvÎ|BmjvgxAvw_©KPzw³¸‡jv‡K
AKcUmijwn‡m‡ewe‡ePbvKiv†h‡Zcv‡i,wKš‘G¸‡jv`y`©všÍiKgev¯Íe|
L. Bmjvgx Avw_©K Pzw³i m¼i
kZ kZ eQi a‡i Bmjvgx AvBbÁ‡`i wewfbœ iPbvq K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jvi
eY©bvcvIqvhvq|G¸‡jvmvaviYZwØcÿxqm¤úK©†_‡KD™¢~Z|eZ©gv‡bA_©vqb†hvMvbw`‡”Q
ga¨¯’ZvKvixwewfbœcÖwZôvb|GmecÖwZôvbhv‡`iKv‡QAwZwi³m¤ú`i‡q‡QZv‡`iKvQ†_‡K
Zv msMÖn K‡i †m¸‡jv e¨emv I wkí cÖwZôv‡b wewb‡qvM K‡i| myZivs K¬vwmK¨vj Bmjvgx A_©vqb
Pzw³¸‡jvi ˆewkó¨ ev jÿYxq wel‡qi wfwˇZ eZ©gvb Bmjvgx e¨vsK¸‡jv kixÔAvn& we‡klÁ‡`i
mnvqZvq Ggb †ek wKQz m¼i (hybrid) A_©vqbPzw³iD™¢eNwU‡q‡Q†h¸‡jvGKRbga¨¯’ZvKvixGes Avw_©K ga¨¯’ZvKvix wk‡íi f~wgKvi m‡½ Lvc Lvq|
Avw_©K ga¨¯’Zv Zzjbvg~jK GKwU bZzb wkí| weMZ wZb kZK a‡i cwðgv we‡k¦ GB wk‡íi
D™¢eIweKvkN‡U‡Q|hLb†KvbewYKwejw¤^Zg~‡j¨wKQzwewµK‡ibevGKRbBRviv`vZv
†Kvbm¤ú`BRviv†`bZLbwZwb†µZvevBRviv`vi‡KA_©vqbK‡ib|Giwecix‡ZAvw_©K
ga¨¯’ZvKvix n‡jv Ggb GK K‡c©v‡ikb hv AvgvbZKvixi KvQ †_‡K AvgvbZ msMÖn K‡i Zv
IBme e¨emvq †hvMvb †`q †h¸‡jvi wewb‡qvM cÖ‡qvRb| Ab¨K_vq hviv AvgvbZ msMÖn K‡i Ges
Znwej†hvMvb†`qZv‡`iwe‡klZ¡n‡jvAvw_©Kga¨¯’Zv|Ab¨w`‡KewYKIDrcv`KivcY¨I
†meviDrcv`bI†Kbv‡ePvm¤úwK©Zˆ`bw›`bwm×všÍ¸‡jvwb‡qKvRK‡ib|
eZ©gvb hy‡Mi BmjvwgK e¨vswKs Ggb Avw_©K ga¨¯’Zvq we‡klvwqZ †h¸‡jvi Ggbme hyZmB I
Dchy³Avw_©KÔUzjÕi‡q‡Qhvw`‡qkixÔAvn&-imxgv‡iLvj•NbbvK‡iwb‡Riˆewkó¨iÿvKiv
hvq| Bmjvgx Avw_©K cÖ‡KŠk‡ji f~wgKv GUvB| Gi ˆZwi Kiv cY¨ (product) ¸‡jv‡K ejv nq
Bmjvgx m¼i Avw_©K Pzw³| Ab¨K_vq ejv hvq, m¼i Bmjvgx Avw_©K Pzw³¸‡jv eZ©gvb we‡k¦i
Bmjvgxe¨vswKsIA_©vqbwk‡íicÖv‡qvwMKIe¨envwiK†giæ`ЈZwiK‡i‡Q|1970-Gi`k‡K
Rb¥†bqvGBwkíMZwZb`kKa‡icÖwZeQiM‡o14kZvsknv‡i†e‡oDV‡Q|
eZ©gvb Bmjvgx e¨vsK¸‡jv mvaviYZ 8 ai‡bi m¼i Bmjvgx A_©vqb Pzw³i PP©v K‡i _v‡K:
gyivevnv,wKw¯Í‡Zwewµ,gy`vivevwewb‡qvMAvgvbZ,wÎcÿxqBmwZmbv,BRviv,wgkÖmvjvg,evB
e¨vK Ges ZvIqviiæK|
gyivevnvn‡jv†KbviB”Qve¨³KvixiKv‡QGgbwewµKvh©µg†hLv‡bg~j¨n‡jvÁvZ`v‡gi
m‡½GKwUÁvZjvfevevowZA_©|†KDcY¨wU†KbviB”Qve¨³Ki‡jZvimvg‡bc‡Y¨ig~j¨
IGiRb¨evowZ†hjvfw`‡Zn‡eZv¯úófv‡eZz‡jaivnq|gyivevnvn‡jvµ‡qiAby‡iva
Rvbv‡bvicvkvcvwkcybtµ‡qiA½xKvi|GUvn‡jve¨vsKKZ…©KA_© w`‡q†KbvGesL‡Ï‡ii
Kv‡Q wejw¤^Zcwi‡kv‡a wewµ|GKRb†fv³ve¨vs‡KiKv‡Qµqv‡`k`vwLjKiviga¨ w`‡q
Bmjvgx e¨vswKs| 23
GUvïiænq|GBµqv‡`‡kA½xKviKivnq†hwZwbGKBwRwbme¨vs‡KiKvQ†_‡KwK‡b
†b‡eb|µqv‡`‡kcY¨,GicwigvY,`vgImieivnKvixwbw`©óK‡i†`qvnq|DfqcÿhLb
e¨vs‡Ki jv‡fi e¨vcv‡i g‰Z‡K¨ †cŠ‡Q ZLb e¨vsK A_©vq‡bi welqwU Aby‡gv`b K‡i| Gici
e¨vsK†µZv‡KGKwUcvIqviAeGUwb©cÖ`vbK‡i|hvigva¨‡ge¨vs‡KiG‡R›Uwn‡m‡e†µZv
mieivnKvixim‡½bM`A‡_©†Kbvie¨vcv‡iGKwUPzw³K‡iGesev¯ÍweKfv‡ecY¨wUimieivn
MÖnYK‡i|mieivn†bqvicie¨vsKI†µZvig‡a¨wØZxqGKwUµqPzw³m¤úvw`Znq|G‡Z
†KbvcY¨¸‡jv†µZviKv‡QwewµKivn‡jve‡jGesDfqcÿKxcwigvYgybvdvqm¤§Zn‡jv
ZvD‡jøL_v‡K|GLv‡bg~j¨cwi‡kvaKivnqwej‡¤^Gescwi‡kv‡aiZvwiLwUwba©vwiZ_v‡K|
GUvA‡bKj¤^vGKwUwelqg‡bn‡jIAvm‡jme¸‡jvavcBcÖ¯‘ZAe¯’vq_v‡KGesGKBm‡½
¯^vÿiKivnq|Z‡ekZ©_v‡K†hwØZxqµqPzw³wUcY¨mieiv‡nic‡iB†KejKvh©Kin‡e|
gyivevnvwewµA_©vqbPzw³iGKwUm¼i|Giˆewk󨸇jvn‡jv:
1. ¯^í mg‡qi Rb¨ n‡jI e¨vsK cY¨wUi gvwjK nq| ZvB kixÔAvn&Õi `„wó‡KvY †_‡K
e¨vs‡Ki gybvdv cvIqvi AwaKvi ˆeaZv cvq|
2. wbw`©ómgqwU‡ZgvwjKvbviRb¨e¨vsK`vqenbK‡i;G‡Z†jb‡`‡bimZ¨Zvm¤ú‡K©
cÖwZôvbwU‡Km‡PZb n‡Z nq;G‡Z e¨vsK †KejA_©vqbKvix bv n‡q ev¯Íe †µZv/
gvwj‡K cwiYZ nq|
3. GB†jb‡`‡b†KbviRb¨GKwUAv‡`k,wewµiGKwUA½xKvi,GKwUG‡RwÝPzw³Ges
`ywUwewµPzw³_v‡K|
4. GKwUev¯Íee¯‘GKnvZ†_‡KAb¨nv‡Zhv‡”Q,GwelqwUwbwðZKivRiæwi|
5. cY¨g~j¨Igybvdvimw¤§wjZ`v‡gi†P‡qA_©vq‡biAvKvi†ewkn‡Zcvi‡ebv|
6. evowZg~‡j¨iwewbg‡q`vgcwi‡kv‡aicybtZdwkjxKiYGesg~j¨QvoAby‡gvw`Zbq|
d‡jGLv‡bF‡YimÂqev¯Íim„wón‡ebv|
7. e¨vs‡Ki A_© †ewi‡q hvIqvi ga¨ w`‡q †jb‡`b ïiæ nq Ges A_© †diZ Avmvi ga¨ w`‡q
Zv †kl nq|
8. gyivevnv†µZviRb¨cÖPwjZe¨vsK¸‡jvi†`qvF‡Yig‡ZvBGKwUFYm„wóK‡i|
9. RvgvbZ,M¨vivw›U,eÜKmnAb¨vb¨†LjvcxSzuwKcÖkgbe¨e¯’vMÖnYmv‡c‡ÿGBgyivevnv
FY †`qv nq|
10.GUvmij,mnR‡eva¨Gescwi”Qbœ|
GwU eZ©gvb Bmjvgx e¨vswKs RM‡Z me‡P‡q RbwcÖq GKwU ixwZ| wKQz wKQz Bmjvgx e¨vsK Zv‡`i
mvwe©KA_©vq‡bi80-90ch©šÍGai‡biA_©vqbK‡i_v‡K|
24| Bmjvgx e¨vswKs
wKw¯Í‡Z wewµgyivevnvÕi g‡ZvB|GLv‡b wKw¯Í‡Zg~j¨cwi‡kvaKiv nq| †ewkifvMBmjvgx
e¨vsK gyivevnv I wKw¯Í‡Z wewµi g‡a¨ †Kvb Zdvr K‡i bv| Gi g‡a¨ gvj‡qwkqv I eªæbvB
e¨wZµg|gvj‡qwkqvi†K›`ªxqe¨vsKG‡KGKwU¯^vaxbBmjvgxA_©vqbPzw³wn‡m‡emsÁvwqZ
K‡i‡QGesGicwifvlvwUAviexbv‡gimswÿßiƒ‡cweweG(evqwe_vgvbAvwRj)e¨eüZnq|
e¨w³MZA_©†hvMvb†`qviRb¨ÔevB-e¨vKÕe¨e¯’vim‡½wgwj‡qcÖvqBGUve¨enviKivnq|
gy`vivev wewb‡qvM AvgvbZ n‡jv GKwU Bmjvgx e¨vsK I GKRb AvgvbZKvixi g‡a¨ GK ai‡bi
gy`vivev A_©vqb Pzw³| IB AvgvbZ wb‡q e¨vsK Zvi A_©vqb e¨emvq wewb‡qvM Ki‡e Ges Gi
gybvdv Znwe‡ji gvwjK I Znwej e¨e¯’vcK wn‡m‡e e¨vs‡Ki g‡a¨ fvMvfvwM n‡e| GB fvMvfvwM
n‡eDfqcÿ†hAbycv‡ZfvMK‡iwb‡Zm¤§Zn‡q‡QZviwfwˇZ|K¬vwmK¨vjmvwn‡Z¨†h
ai‡bi mij gy`vivev †`Lv hvq Zvi m‡½ wZbwU ˆewkó¨ hy³ K‡i‡Q eZ©gvb gy`vivev AvgvbZ
Pzw³| GUv mKj AvgvbZKvixi Znwej GKm‡½ wgwk‡q †d‡j, GUv AvgvbZKvixi Znwe‡ji m‡½
e¨e¯’vc‡Ki Znwej‡K wgwk‡q †d‡j Ges wbw`©ó mg‡qi Av‡M Znwej cÖZ¨vnvi Kiv n‡j GUv wKQz
wbqg-KvbybAv‡ivcK‡i|
gy`vivev wewb‡qvM AvgvbZ n‡jv cÖPwjZ e¨vsK¸‡jvi †gqv`x Avgvb‡Zi Bmjvgx weKí| GLv‡b
AvMvg-wba©vwiZnv‡igybvdv†`qvnqbv|ZvBAvgvbZKvixivAZxZKvh©`ÿZviDciwfwËK‡i
wewfbœBmjvgxe¨vsK†e‡Q†bb|GUvDb¥y³wgDPzqvjdvÛ-Gwewb‡qv‡MiKvQvKvwQ|Z‡e`yÕ‡qi
g‡a¨¸iæZ¡c~Y©cv_©K¨wUn‡jv,gy`vivevAvgvbZ¸‡jvmvaviYZGKwUAby‡gvw`Zmg‡qiRb¨n‡q
_v‡K|
Bmjvgxe¨vsK¸‡jvwewfbœ†gqv`†hgbwZbgvm,6gvm,GKeQiIwZbeQ‡iiRb¨gy`vivev
AvgvbZ MÖn‡Yi cÖ¯Íve w`‡q _v‡K| wewfbœ †gqv‡`i Rb¨ jv‡fi nviI wewfbœ n‡q _v‡K|
cÖwZôvb¸‡jvcvmeBevÿz`ªmÂqxwnmv‡eig‡ZvcÖZ¨vnv‡iiRb¨IwewfbœmyweavicÖ¯Ívew`‡q
_v‡K|e„nrcwim‡imvaviYZ`yÕai‡bigy`vivevAvgvb‡ZicÖ¯Íve†`qvnq:mvaviYgy`vivevI
mxgve×gy`vivev|e¨vsKZvimywe‡ePbvigva¨‡gmeai‡biA_©vqbe¨emv‡ZBmvaviYgy`vivev
AvgvbZe¨enviK‡i_v‡K|mxgve×gy`vivev†µZvicQ›`Iwba©vwiZwe‡klcÖK‡íwewb‡qvM
Kivhvq|Gai‡biwewb‡qvMmvaviYZeoAvKv‡iinqGes†KvbcÖvB‡fUe¨vswKswWcvU©‡g›U-
Gigva¨‡gZvwewb‡qv‡MicÖ¯Íve†`qvnq|
wÎcÿxqBmwZmbv‡KKL‡bvKL‡bvBmwZmbvA_©vqbIejvnq|e¨vsKGes†µZvevL‡Ï‡ii
g‡a¨GBBmwZmbvPzw³‡Z†µZvicQ›`g‡ZvwVKv`vievcY¨cÖ¯‘ZKvixGese¨vs‡Kig‡a¨wØZxq
Av‡iKwUBmwZmbvPzw³_v‡K|GUvwbZvšÍBGKwUcÖKíA_©vqbcÖwµqv†hLv‡b†KvbK‡c©v‡ikb
GKwUcÖKíˆZwiev†gwkbvwiIhš¿cvwZwKb‡ZPvq|K‡c©v‡ikbZvicÖK‡íiGKwUwe¯ÍvwiZ
eøywcÖ›U ˆZwi K‡i| Gici Zv‡Z A_©vq‡bi Rb¨ cwiKíbvwU Bmjvgx e¨vs‡K Rgv †`q| GLv‡b
wZbc‡ÿi(e¨vsK,wVKv`viI†µZv)g‡a¨m¤úvw`Z`ywUBmwZmbvPzw³GKwU`wj‡jGK‡Î
Kivnq|GLv‡be¨vsKI†µZvig‡a¨m¤úvw`ZPzw³†gvZv‡eK†µZv‡KGKwUcÖwZwbwaZ¡g~jK
Bmjvgx e¨vswKs| 25
KZ©„Z¡†`qvnq|GBPzw³‡ZcÖK‡íiwe¯ÍvwiZ,cÖwZwUBmwZmbvPzw³iA_©g~j¨(hv‡Ze¨vsKI
wVKv`v‡iig‡a¨bM`g~j¨Ges†µZvIe¨vs‡Kig‡a¨ wejw¤^Zev wKw¯Íg~j¨AšÍfz©³_v‡K),
cÖwZwUPzw³ig~j¨cwi‡kv‡aiZvwiL,cÖwZwUch©v‡qmieiv‡niZvwiLGesg~j¨e„w×iwelq¸‡jv
D‡jøL _v‡K|
Avw_©K BmwZmbv Pzw³ mvaviYZ GKvwaK Bmjvgx e¨vsK ev Bmjvgx I cÖPwjZ e¨vs‡Ki g‡a¨
wmwÛ‡Kk‡bigva¨‡geoai‡bicÖKí wN‡in‡q_v‡K|miKvi‡KFY†`qvi weKíwn‡m‡eI
ÔAvw_©KBmwZmbvÕe¨enviKivnq|16BmjvgxDbœqbe¨vsKZviDbœqbcÖKí¸‡jv‡ZA_©vq‡bi
Rb¨GBm¼iA_©vqbc×wZAbymiYK‡i|
mvaviYBmwZmbvqe¯‘MZFYMÖ ÍZvm„wónq†hgbDrcvw`Zc‡Y¨iAvKv‡ihvwbwg©Ze¨cÖK‡í
e¨envi ev mieivn Kiv n‡e| Ab¨w`‡K Avw_©K BmwZmbvq m„wó nq Avw_©K FY| KviY GKwU
Pzw³i e¯‘MZ FY GKB ai‡bi Av‡iKwU Pzw³i gva¨‡g †kva n‡q hvq| Gi d‡j Avw_©K BmwZmbv
KgSzuwKc~Y©GesmvaviYBmwZmbvevmvjvgPzw³i†P‡qG¸‡jvcwiPvjbvKivmnR|
cvi‡PR AW©vivi (purchase orderer)-Gi Kv‡Q BRviv †`qv n‡jv Ggb GK A_©vqb Pzw³ hv‡Z
cvi‡PRAW©vivi-Gigva¨‡gZvic‡ÿbM`A‡_©hš¿cvwZwK‡bAveviZviKv‡QB†m¸‡jvBRviv
†`qv nq|GUvcvi‡PRAW©vivi-GiRb¨GKwU gyivevnv wn‡m‡eïiæ nq wKš‘ †kl nqGKwU
cÖv‡qvwMKevAvw_©KBRvivwn‡m‡e|AwaKš‘Pzw³e×mvgMÖxevcY¨hw`cÖ¯‘Zevwbg©vYKivnq
Zvn‡jGUvmieivnKvixevwVKv`v‡iim‡½GKwUBmwZmbvPzw³m¤úv`‡biwb‡`©kwn‡m‡eïiæ
n‡Z cv‡i Ges †kl n‡Z cv‡i gvwjKvbv jv‡fi Rb¨ BRviv (lease-to-own) Pzw³ wn‡m‡e|
cvi‡PRAW©vivi-†KBRviv†`qvÒˆZwiI¯’vbvšÍiÓ-Gig‡ZvBGKai‡biA_©vqb|G`yÕ‡qi
g‡a¨cv_©K¨AwZmvgvb¨|Pzw³m¤úv`‡bicÖwZwUch©v‡qcÖK…ZgvwjKvbvm„wóigva¨‡gkixÔAvn&-i
wb‡`©kbv c~i‡Yi Rb¨ GB cv_©K¨¸‡jv m„ó|
BRvivm¤úwËiAw¯ÍZ¡_vKzKevbv_vKzKA_evGUvBRviv`vZviAwaKv‡i_vKzKevbv_vKzK
BRviv Pzw³ †h‡Kvb mgq ¯^vÿi Kiv †h‡Z cv‡i| Z‡e G‡Z D‡jøL _vK‡Z n‡e †h hZw`b
ch©šÍbvBRviv`vim¤ú`wUbvcv‡ebZZw`bZv†_‡KBRviv`vZv†KvbfvovcÖvc¨n‡ebbv|
AwaKš‘ BRviv`vZv‡KAek¨B †KvbAvq-Drcv`Km¤ú‡`icy‡ivcywi evAvswkKgvwjKn‡Z
n‡e|Ab¨K_vqGKBm‡½†Kvbm¤úwËwewµIfvov†`qvhvqbv|
cvi‡PR AW©vivi-†K †`qv BRvivi mgvwß NU‡Z cv‡i BRviv`vi‡K m¤úwËwU Dcnvi wn‡m‡e
w`‡q†`qvigva¨‡g(hLbGig~‡j¨im‡½fvov †hvMK‡i wKw Í wba©viYKivnq),BRviv`vi
hLbc~e©wba©vwiZg~‡j¨m¤ú`wU†KbviB”QvcÖKvkK‡ib,BRvivi†gqv`evwo‡qA_evm¤úwËwU
BRviv`vZvi Kv‡Q wdwi‡q w`‡q|
161990-i`k‡Ki†Mvoviw`‡K†mŠw`miKviZviev‡RUmnvqZviRb¨†emiKvwie¨vsK¸‡jv†_‡KFYMÖn‡Yiwm×všÍ†bq|ZLb
Avj-ivwRe¨vswKsK‡c©v‡ikbdiBb‡f÷‡g›U(†mŠw`Avi‡eiGKwUBmjvgxe¨vsK) wÎcÿxqBmwZmbvi wfwˇZmiKvwi¯‹zj
wbg©v‡Y A_©vqb K‡i| GUv wQj †UªRvwi eÛ †Kbvi GKwU weKí|
26| Bmjvgx e¨vswKs
Bmjvgx e¨vsK¸‡jv M„nvqb ev Mvwo †Kbvq cÖPwjZ eÜwK ev BRvivi weKí wn‡m‡e cvi‡PR
AW©vivi-†KBRviv`vbcÖwµqvAbymiYK‡i|GLv‡bBRviv`vZvDb¥y³cÖ¯Ív‡eigva¨‡gwKw¯Íi
A‡_©icwigvYevwo‡qZvim¤úwËiAskBRviv`v‡iiKv‡QwewµK‡iw`‡Zcv‡i|
wgkª mvjvg (compound salam)-Gi †ÿ‡Î Bmjvgx e¨vsK¸‡jv K¬vwmK¨vj mvjvg A_©vq‡bi
g‡Zv e¯‘MZFY Gwo‡q Pj‡Z Pvq| GLv‡b Av‡iKRb L‡Ï‡ii m‡½ GKwU wecixZ mvjvg
(reversed salam) Pzw³m¤úv`bKivnq|G‡ZBmjvgxe¨vsKAv‡Mimvjvg-G†KbvcY¨wUiwe‡µZvqcwiYZn‡e|†h‡nZzD‡ëvmvjvgA_©vqbK…ZZnwejwdwi‡qAv‡b(mvjvg-G†h‡nZz
Pzw³m¤úv`bKv‡jg~j¨cwi‡kvaKi‡Znq),ZvBe¨vsKGKwUmvjvg-Gigva¨‡gAv‡iKwUmvjvg
mvgvj w`‡Z Pvq bv| Gi e`‡j Bmjvgx e¨vsK¸‡jv GKwU mvjv‡gi †gvKv‡ejv K‡i GKB cwigvY
cY¨Ab¨Av‡iKRb L‡Ïi‡KmvjvgA_©vqb Pzw³i g‡Zv gyivevnvA_©vq‡bi gva¨‡g|Gfv‡e
fwel¨‡ZmieivnKivn‡eGgbwRwb‡mie¯‘MZF‡Yiwecix‡ZZvivZv‡`im¤ú`Drcv`K‡`i
A_©vq‡bi Rb¨ e¨envi Ki‡Z cv‡i| cY¨wU fwel¨‡Z mieivn Ges g~j¨ cwi‡kv‡ai Rb¨ mvjvg
Ges †fv³v‡K gyivevnv A_©vq‡bi gva¨‡g GUv Kiv nq|
GKwUwgkÖmvjvg-GiDcv`vb¸‡jvn‡jv:1)GKRbDrcv`‡KiRb¨(†hgbK…lK)mvjvgn‡jv
†mfwel¨‡ZmieivnKi‡eGesZviRb¨GLbBg~j¨cwi‡kvaKi‡Zn‡e;2)†KvbcvBKvix
km¨we‡µZvim‡½gyivevnvwewµPzw³‡ZcY¨,cwigvY,mywbw`©óaibIfwel¨‡Zg~j¨cwi‡kv‡ai
Rb¨mieivnZvwiLD‡jøL(h_vcvBKvixwe‡µZv‡KA_©vqb)17;Ges3)cvBKvixwe‡µZvhv‡Z
mivmwi K…l‡Ki KvQ †_‡K mieivn MÖnY Ki‡Z cv‡i ZvB Zv‡K ÿgZv cÖ`v‡bi Rb¨ GKwU
G‡RwÝPzw³|
cwi‡k‡l, hw`I GKwU Pzw³i e¯‘MZ FY Av‡iKwU Pzw³i gva¨‡g evwZj n‡q hvq, Gi cÖwZwU Pzw³B
†h‡Kvbevmeai‡biRvgvbZev wbðqZvMÖnYKi‡Zcv‡i|Bmjvgxe¨vsKIme©‡kl†µZvi
P~ovšÍAvw_©KF‡YiRb¨RvgvbZwb‡Zcv‡i|
gvj‡qwkqv I eªæbvB-Gi Bmjvgx e¨vsK¸‡jv g~jZ e¨w³MZ A_©vq‡bi Rb¨ evB-e¨vK c×wZ
Aej¤^bK‡i|GUvn‡jvGKRbL‡Ï‡iigvwjKvbvaxbcY¨bM`A‡_©wK‡b†bqvGesGBcY¨
evowZg~‡j¨GKBL‡Ï‡iiKv‡Q wej‡¤^ g~j¨cwi‡kv‡aiRb¨ wewµ|Gai‡bi Pzw³iGKwU
ms¯‹iYn‡jvÔevBwjR-Uz-Ibe¨vKÕ(buy lease-to-own back)|
hw`I †ewkifvM Bmjvgx e¨vs‡Ki kixÔAvn& civgk©KMY G ai‡bi m¼i A_©vqb Pzw³ Aby‡gv`b
K‡ibbv|Zv‡`ig‡ZGUv†Kejmy`jyKv‡bviRb¨wfbœbv‡gGKai‡biavigvÎ|my`wfwËK
17†hmekixÔAvn&we‡klÁg~j¨cwi‡kvaImieivnDfq‡ÿ‡Îwejw¤^ZKi‡Yiweiæ‡×hyw³†`LvbZv‡`iRb¨GBPzw³‡Zfwel¨‡Z
Av‡iKwUPzw³m¤úv`‡biRb¨GKwUeva¨Zvg~jKA½xKviMÖnYKivnq|
Bmjvgx e¨vswKs| 27
F‡Yi m‡½ Zzjbv K‡i wKQz we‡klÁ G‡K ¯^í ÿwZKi e‡j D‡jøL K‡ib| Z‡e my`wfwËK FY
cwi‡kv‡ai Rb¨ bM` A‡_©i cÖ‡qvR‡b Zviv GUv Aby‡gv`b K‡ib|18
GKRbL‡Ïi‡KbM`eve¨w³MZA_©†hvMvb†`qviR‡b¨ÔZvIqvi&iæKÕAv‡iKai‡biA_©vqb
m¼i|ÔevB-e¨vKÕ-Gig‡ZvGLv‡bIL‡Ïi‡KbM`A_©cÖ`v‡bigv‡SwKQzcY¨evm¤ú`hy³Kiv
nqGesZviRb¨L‡Ïifwel¨‡ZevowZA_©cwi‡kvaK‡i|ÔZvIqvi&iæKÕ-Gcvi‡PRAW©viv‡ii
m‡½GKwUgyivevnv Pzw³icvkvcvwkAv‡iKwUG‡RwÝ Pzw³_v‡K| wØZxqwU‡ZL‡Ïigyivevnv
Pzw³iAvIZvq †Kbv cY¨¸‡jv bM`A‡_©i wewbg‡q wewµK‡i †mBA_© L‡Ï‡ii nv‡ZZz‡j
†`qviRb¨e¨vsK‡KKZ…©Z¡cÖ`vbK‡i|¯’vbxqcY¨†hgbMvwoevmvaviY÷KA_evAvšÍR©vwZK
gy`ªvevRv‡iAvšÍR©vwZKcY¨†KbviRb¨ ÔZvIqvi&iæKÕc×wZAej¤^bKivnq|wØZxq†ÿ‡Î
A_©vq‡bicwigv‡YiDciwfwËK‡iGKvwaKÔ¯úUK‡gvwWwUÕPzw³m¤úv`bKivnq|
†Kbv‡ePvq`vjv‡jiKwgkbhy³n‡qÔZvIqvi&iæKÕA_©vq‡bie¨q†e‡ohvq|cY¨†Kbv‡ePvKiv
n‡jIGUvev¯ÍewewbgqIDrcv`bevRvi†_‡KBmjvgxA_©vqb‡KAvjv`vK‡i†d‡j|KviY
wewbg‡qiD‡Ïk¨†m¸‡jvbqGesDrcv`K‡K†KvbiKgRvbvbbvw`‡qBcY¨¸‡jvevRv‡iwd‡i
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gvj‡qwkqvqÔZvIqvi&iæKÕ-GiPP©vKivnqbv|GUvg~jZDcmvMixqA‡jiwKQzBmjvgxI
cÖPwjZ e¨vs‡K, we‡kl K‡i †mŠw` Avi‡e cÖPwjZ avivi e¨vsK¸‡jvi Bmjvgx †jb‡`b wefv‡M GB
c×wZPvjyi‡q‡Q|Z‡e†ewkifvMBmjvgxe¨vsKIZv‡`ikixÔAvn&Dc‡`óvivÔZvIqvi&iæKÕ-†K
wfbœbv‡giAvov‡jjyKv‡bvLvuwUmy`wfwËKFYwn‡m‡ewe‡ePbvK‡ib|ZvivG‡KBmjvgxm¼i
A_©vqbPzw³iAšÍfz©³K‡ibbv|hw`Iwe‡klK‡i†mŠw`Avi‡eiwKQzkixÔAvn&we‡klÁGhyw³‡Z
Aby‡gv`bK‡ib†h,GLv‡beûmsL¨KwewµiNUbvNU‡QGescÖwZwUAvjv`vfv‡eAby‡gvw`Z|
1999 mvj †_‡K †mŠw` Avi‡ei Bmjvgx e¨vsK Ges cÖPwjZ avivi e¨vsK¸‡jvi Bmjvgx †jb‡`b
wefvMÔZvIqvi&iæKÕc×wZiPP©vK‡iAvm‡Q|†mŠw`Avi‡eiÔgymwjgIqvì©jxMÕ-GikixÔAvn&
Dc‡`óvcwil`2003mv‡ji†klw`‡KÔZvIqvi&iæKÕm¤ú‡K©GKwUgZvgZ†`q|Zv‡Zejv
nqwewfbœe¨vsK†hÔZvIqvi&iæKÕ-GiPP©vKi‡QZvwbZvšÍBmy`wfwËK†jb‡`bQvovAviwKQzbq
Ges GUv kixÔAvn& Aby‡gv`b K‡i bv| GKB m‡½ Dc‡`óv cwil` Av‡Mi GKwU gZ mg_©b K‡i
Rvbvq,GUvhw`e¨w³MZfv‡ePP©vKivnqGesG‡Zwej‡¤^†KbvIwewµiRb¨bM`A_©cÖ`vb
wb‡q `ywU Avjv`v Pzw³ Kiv nq, Z‡e Zv Aby‡gv`b‡hvM¨| Z‡e kZ© _v‡K †h G‡Z e¨vsKv‡ii g‡Zv
Z…Zxq†KvbcÿRwoZ_vK‡Zcvi‡ebv|
18 DcmvMixq A‡ji GKwU Bmjvgx e¨vsK 1999 mvj †_‡K ‘buy and lease-to-own back’ c×wZiPP©vK‡iAvm‡Q|GKvDw›UsGÛAwWwUsAM©vbvB‡RkbdiBmjvwgKwdbvwÝqvjBÝwUwUDkb(GGIAvBGdAvB)Gai‡bim¼iA_©vqbAby‡gv`bK‡i‡Q|
Z‡ekZ©_v‡K†hBRvivPzw³wUµqPzw³†_‡KAvjv`vI¯^Zš¿n‡eGesGiGKwUAb¨wUiDciwbf©ikxjn‡ebv|GKvDw›UsGÛ
AwWwUsAM©vbvB‡RkbdiBmjvwgKwdbvwÝqvjBÝwUwUDkb,kixÔAvn&÷vÛvW©m,2003|÷vÛvW©9-3/2,c„:140|
192005mv‡j†mŠw`Avi‡eGgbNUbvN‡U|ZLbGKwUe¨vsKÔZvIqvi&iæKÕ†jb‡`‡bGKwUwe`y¨r†Kv¤úvwbi†kqvie¨vcKfv‡e
e¨enviïiæK‡i|Gid‡j†kqv‡iig~‡j¨eoai‡biDØvwqZv†`Lv†`q|hv‡Z†klch©šÍe¨vsKwU‡KÔZvIqvi&iæKÕ-Gi†ÿ‡Î÷K
e¨envie‡Üeva¨KiviRb¨†K›`ªxqe¨vsK‡Kn¯Í‡ÿcKi‡Znq|
28| Bmjvgx e¨vswKs
M. Bmjvgx Avw_©K Pzw³i †kÖYxwefvM
Avw_©K Pzw³¸‡jv‡K wZbfv‡M fvM Kiv hvq: c~Y© weeiY m¤^wjZ (full-disclosure) Pzw³,
G¸‡jv‡KAvgvbvnPzw³ejvnq;Av¯’vwfwËKPzw³,G¸‡jv‡KejvnqAvgvbvn-nv›`Pzw³;Ges
Av‡jvPbvwfwËK Pzw³, G¸‡jv‡K ejv nq gymvIqvgvn& Pzw³|
Avgvbvn&Pzw³‡Zg~j¨Gesjvfm¤ú‡K©cy‡ivcywimZZvim‡½mewKQz†LvjvmvKivicÖ‡qvRbnq|
Gi me‡P‡q cÖPwjZ D`vniY n‡jv gyivevnv A_©vqb| KviY GUv v‡gi m‡½ jvfhy³ GKwU A_©vqb
wewµ|GLv‡bjv‡ficwigvY†_vKevGKKvjxbA_ev`v‡giAvbycvwZKnv‡in‡Zcv‡i|G‡Z
Pzw³i Dci Kwgk‡bi g‡Zv hv wKQz wewb‡qvMKvixi e¨q Kwg‡q †`q Zv DcKvi‡fvMxi Dci avh©
Kiv A‡_©i cwigvYI GKB nv‡i Kwg‡q †`‡e|
Kvh©m¤úv`‡biRb¨G‡RwÝevKZ©„‡Z¡im~PbvNUvqGgbmeai‡biAvw_©K†jb‡`bAvgvbvn&-
nv›` Pzw³¸‡jviAšÍfz©³|Znwej e¨e¯’vcbv Pzw³‡ZGUv fv‡jvfv‡e jÿ¨ Kiv hvq|Znwej
gvwjK‡`i ¯^v_© hv‡Z fv‡jvfv‡e iwÿZ nq ZvB e¨e¯’vcK‡`i IB Znwej e¨envi I wewb‡qv‡M
wm×všÍMÖn‡YicÖ‡qvRbnq|Gid‡jZvivcÖZviYv,Ae‡njvevZnwe‡jiAce¨enviBZ¨vw`i
Rb¨ Awfhy³ n‡Z cv‡ib, wKš‘ evRvi cwiw¯’wZ e`‡j hvIqvi Kvi‡Y †Kvb ai‡bi †jvKmvb n‡j
†mRb¨ Zv‡`i‡K Awfhy³ Kiv hv‡e bv|
gymvIqvgvn& Pzw³ †m¸‡jv hvi kZ©vewj Av‡jvPbv, ch©v‡jvPbvi gva¨‡g mswkøó cÿ¸‡jv Pzw³
¯^vÿ‡ii e¨vcv‡i GKgZ nq| G‡Z gyivevnv-i gybvdv e„w×i nvi Kx n‡e A_ev gykvivKv I
gy`vivevq†Kvbnv‡igybvdveÈbKivn‡e-GmewelqAšÍfz©³_vK‡Zcv‡i|
cvi¯úwiKAv‡jvPbvIm¤§wZiwfwˇZGesGKBm‡½cy‡ivcywiGesmrcÖKv‡kiga¨ w`‡q
†h‡KvbPzw³m¤úvw`Zn‡Zcv‡iweavqDc‡iv³†kÖYxwefvM†klK_vbq|AwaKš‘Pzw³wUGKB
m‡½gymvIqvgvn&Pzw³IAvgvbvn&-nv›`Pzw³n‡Zcv‡i|
4. myKzK I Bmjvgx †kqvi evRvi
wmwKDwiUvB‡Rkbev †kqv‡icwiYZKivigv‡bn‡jv †kqvievRv‡imve¯ŒvBeKiviDchy³
Ki‡Z†Kvbm¤ú`‡KAvw_©Km¤ú‡`iƒcvšÍi|m¤ú`‡K†jb‡`b‡hvM¨`wj‡jcwiYZKiviga¨
w`‡qGUvïiænq|K¬vwmK¨vjkixÔAvn&mvwn‡Z¨GgbeûNUbviD‡jøLi‡q‡Q†hLv‡bm¤ú`‡K
Gai‡bi`wj‡jcwiYZKivGes wewbg‡qiNUbvN‡U‡Q|Avj-†KviAv‡bBFY †jb‡`b‡K
wjwce×K‡iivLviZvwM`†`qvn‡q‡Q|gvwjKvbvev¯^‡Z¡icÖwZwbwaZ¡K‡iGB`wjj|20
†mAbyhvqx,†hmem¤ú`†kqv‡icwiYZKivhvqZvig‡a¨i‡q‡Qe¯‘MZm¤úwË(GUv¯’vei
evA¯’veim¤úwËn‡Zcv‡i),A¯ú„k©¨¯^Z¡ (†hgbcÖKvkbv ev †c‡U›U¯^Z¡),DRydiv³Ges
20Avj-†KviAvb:2:282
Bmjvgx e¨vswKs| 29
FY (Avw_©K ev e¯‘MZ)|Aek¨A_©IGiAšÍfz©³|kixÔAvn& `„wó‡KvY †_‡K wewµ (ev‡qÕ),
gy`ªvwewbgq(mvid)I¯’vbvšÍi(nvIqvjvn)mswkøóbxwZ¸‡jvg~jab(principle) I†kqvi-Gi†b‡Mvwk‡qwewjwU‡K wbqš¿Y K‡i|21
Ab¨vb¨AvBbxe¨e¯’vig‡Zv¯’vqxm¤ú`,Bb‡fbUwicY¨,¯^Z¡,DRydiv³GesG¸‡jviev‡Ûj
evc¨v‡KRwewµiAbygwZ†`qkixÔAvn&|my‡`iwel‡qc~e©mZK©Zvwn‡m‡ekixÔAvn&e‡jGKB
gy`ªvqhLbA‡_©iwewbgqNU‡eZLbAek¨BZvAwfwnZg~‡j¨(face value) n‡Z n‡e| †Kvb
ai‡bigvwR©bevfwel¨rmvdiGLv‡bwbwl×|Ab¨K_vqgy`ªvwewbgq‡KAek¨B`ywUkZ©c~iY
Ki‡Z n‡e: wewbgqK…Z Dfq gy`ªv cy‡ivcywi cwi‡kvwaZ n‡Z n‡e Ges Pzw³i mg‡qB Zvi mieivn
m¤úbœn‡Zn‡e|my`Gov‡bviRb¨cwic°Zvi(maturity)cÖkœQvovBFY¯’vbvšÍim¤úbœn‡Zn‡e|Gigv‡bn‡jvÔAwfwnZg~‡j¨ÕBFYwewbgqKi‡Zn‡e|GUvF‡Yi†h‡Kvbai‡biÔmgq
gvbÕ(time value)my®úófv‡eA¯^xKviK‡i|Gigv‡bn‡jvmg‡qim‡½m‡½F‡YicwieZ©b,n«vm-e„w×NU‡Zcv‡ibv|
GQvov,ev¯ÍeRxeb†h‡nZzA‡bKKwVbZvBÒmsL¨vMwi‡ôiAvBbÓkixÔAvn&GesAb¨vb¨AvBbx
e¨e¯’v‡ZIAby‡gvw`Z|msL¨vMwi‡ôiAvBbe‡j†h,ÒhLbe¯‘¸‡jvwgwkÖZnq,GKBc¨v‡K‡Ri
AšÍfz©³nqevGKBm‡½evavnqZLbmsL¨vMwi‡ôiDcicÖ‡hvR¨AvBbBcÖ‡Z¨KwUiDci
cÖ‡hvR¨| †m †gvZv‡eK A_© Ges FY hLb Ab¨ m¤ú‡`i m‡½ wg‡k hvq ZLb †mLv‡b hw`
†ewkifvM Ôe¯‘MZ m¤ú`-Z_v-¯^Z¡-Z_v-DRydiv³Õ nq Zvn‡j weµqwewa¸‡jv cÖ‡hvR¨ n‡e|
weµqwewaÕigv‡bn‡jvg~j¨Av‡jvPbvmv‡cÿ,evRvikw³i wfwˇZm¤§wZµ‡g wba©vwiZGes
ZvrÿwYKev wej‡¤^cwi‡kvwaZn‡Zcv‡i|wewµZcY¨ZvrÿwYKevfwel¨‡Zwba©vwiZ†Kvb
mg‡qmieivnKiv †h‡Zcv‡i| wecixZµ‡gA_©IFYhw`msL¨vMwiônqZLb ÔAwfwnZ
g~‡j¨ÕiAvBbcÖ‡hvR¨n‡e|
cwi‡k‡l †kqvi (security)†h‡nZzAvw_©Km¤ú‡`iwbQKDc¯’vcbvgvÎZvBGLv‡bkixÔAvn&-i†mmewewaBcÖ‡hvR¨n‡e†h¸‡jvm¤ú‡`iDcicÖ‡hvR¨|ZvQvovm¤ú‡`iBcÖwZwbwaZ¡K‡i
†kqvi|Z‡emeai‡bim¤úwË`wj‡jcwiYZKiv†M‡jIkixÔAvn& †Keje¯‘MZm¤úwË,
A¯ú„k©¨¯^Z¡,DRydiv³GesGmem¤ú‡`i†h‡Kvbcwigv‡Yimgš^‡qMwVZ†Kvbev‡Ûjev
c¨v‡KR †kqv‡i cwiYZKiY‡K Aby‡gv`b K‡i| wKš‘ †Kvb wmwKDwiwU hw` wKQz A_©, †Kvb FY
ev A_© I F‡Yi Ggb †Kvb ev‡Ûj nq †hLv‡b †gvU A_© I FY wg‡j cwigv‡Y †ewk nq Zvn‡j
†mLv‡bÔAwfwnZg~j¨ÕAvBbcÖ‡hvR¨n‡e|Gai‡biwmwKDwiwU†kqvievRv‡i†jb‡`bKiv
hvq bv|
21ev‡qÕPzw³e¯‘MZIAe¯‘MZm¤ú`,¯^Z¡GesDRydiv³(DRydiv³-Gi†ÿ‡Îmywbw`©ócwifvlvn‡jvBRviv|Z‡eGUvDRydiv³
wewµwn‡m‡emsÁvwqZKivn‡q‡Q),GKai‡bigy`ªvim‡½Av‡iKai‡bigy`ªvwewbg‡qiRb¨mvidPzw³AbymiYKivnqGes
nvIqvjvnPzw³AbymiYKivnqGKRb†_‡KAv‡iKR‡biKv‡QFY¯’vbvšÍ‡iiRb¨|
30| Bmjvgx e¨vswKs
K. kixÔAvn& `„wó‡KvY †_‡K †Kvb ai‡bi wRwbm †kqv‡i cwiYZ Kiv hvq?
¯úóZe¯‘MZcY¨evBb‡fbUwi†Kvb†Kv¤úvwbi `v‡g_vK‡jI†m¸‡jv†kqvievwmwKDwiwU‡Z
cwiYZ Kiv hvq| cvkvcvwk, A_©‰bwZK AwaKvi †hgb †c‡U›U, †UªWgvK©, d«vÝvBR ivBU,
G·‡cøv‡ikbivBUGese¯‘ifwel¨rcÖev‡niDciAwaKviI(†hgb,†Kvb†ZjK~‡cDrcvw`Z
†Z‡ji5kZvskA_ev†Kvb†Rbv‡iUievwe`y¨r†K‡›`ªDrcvw`Zwe`y¨‡Zi15kZvs‡kiDci
AwaKvi)†kqvicwiYZKivhvq|DRydiv³A_©vr†Kvbwbw`©ómg‡qiRb¨†Kvb¯’veim¤úwË
e¨env‡iiAwaKviI†kqv‡icwiYZKivhvq|AvBIBDBmy¨K‡i†mev†kqv‡icwiYZKivhvq;
†hgb B‡jw±ªwmwUi wK‡jvIqvU, †dv‡bi wgwbU ev B›Uvi‡bU ms‡hv‡Mi N›Uv|cwi‡k‡l, Dc‡i
D‡jøwLZm¤ú`¸‡jvi†h‡KvbAbycv‡ZiwgkÖY‡KAvgiv†kqv‡icwiYZKi‡Zcvwi|GgbwK
†m¸‡jvim‡½†h‡KvbcwigvYFYIA_©_vK‡jI|Z‡eK_v_v‡K†h†k‡lv³`yBm¤ú‡`i
†gvU cwigvY c¨v‡K‡R msL¨vMwiô n‡Z cvi‡e bv| G ai‡bi c¨v‡K‡Ri me‡P‡q fv‡jv D`vniY
n‡jv ÷K|22
Gid‡jevRv‡i †kqvi †h‡Kvbg~‡j¨ wewµ, evÆv †`qv ev mviPvh©Av‡ivcKiv hvq;G¸‡jv
cy‡iv`¯‘i wewbgq‡hvM¨ Ges evwY‡R¨i Dc‡hvMx|
Aciw`‡K,A_©wfwËKFY(†hgb,wmwW,†UªRvwiIK‡c©v‡iUeÛGesgyivevnvZnwe‡jiBDwbU),23
bM`A_©m¤ú`,¯^Y©,†iŠc¨24Gesfwel¨rA_©cÖev‡niDciAwaKvi-Gime¸‡jvn‡jvGgb
m¤ú`kixÔAvn&g‡Z†h¸‡jvmvidevnvIqvjvn&Pzw³AbyhvqxÔAwfwnZg~‡j¨ÕevwYR¨evwewbgq
n‡Zn‡e|G¸‡jvevRvi`‡i†jb‡`bKivhv‡ebvGesÔwievÕGov‡bviRb¨G¸‡jvwb‡q†Kvb
Av‡jvPbvIKivhv‡ebv|ZvQvov,kixÔAvn&-iev¯ÍeZv, eaZvGes bwZKgvbm¤úwK©ZkixÔAvn
bxwZgvjvAbyhvqx†jb‡`‡bievB‡i_v‡KGgbm¤ú‡`imsL¨vKg|Gig‡a¨i‡q‡Qm~PK|GUv
†Kvbev¯ÍewRwbmIweK‡íigvwjKvbvicÖwZwbwaZ¡K‡ibv|25
L. Bmjvgx wmwKDwiwU-i aib
BmjvgxUzjIwmwKDwiwU¸‡jvDrcv`evMÖm-†iwfwbD†kqvwiswmwKDwiwU,A¨v‡mUBKzBwU¸‡jvi
†bUcÖwdUev‡ÛjwmwKDwiwU,†bUcÖwdU†kqvwisgy`vivev wmwKDwiwU, w¯’iAvqwfwËKBRviv-
22 A_©bxwZ‡Z mvaviY ÷K‡K Av‡qi fwel¨r cÖev‡ni Dci AwaKvi e‡j msÁvwqZ Kiv n‡q‡Q| cwðgv AvBbx msÁvq †hfv‡e mvaviY
÷K‡K†Kvb†Kv¤úvwbiAvswkKgvwjKvbvwn‡m‡e†`Lvn‡q‡QZvim‡½kixÔAvn&-imsÁvwg‡j†M‡Q|GBgvwjKvbv†MvUv†Kv¤úvwb
GesGim¤ú`I`v‡qiDcieZ©vq|
23gyivevnvZnwe‡jiBDwbU¸‡jvZnwe‡jim¤ú‡`icÖwZiƒc|G‡Z†Kejgyivevnvm„óFYIbM`_v‡K|
24Avj-†KviAvbbvwR‡jimgq¯^Y©I†iŠc¨gy`ªvwn‡m‡ee¨eüZn‡ZvGesbexwR(m:)-GiK_vqGiD‡jøLi‡q‡Q|ZvBG¸‡jv‡K
A_© wn‡m‡e we‡ePbv Ki‡Z n‡e|
25 IAvBwm wdKvn& GKv‡Wwg weKí¸‡jv‡K Avw_©K AwaKvi wn‡m‡e ¯^xK…wZ w`‡q‡Q| Z‡e GB hyw³‡Z †Kbv‡ePvi Aby‡gv`b‡hvM¨ bq †h,
†m¸‡jv†Kbv‡ePviD‡Ï‡k¨Bm„wóKivn‡q‡QGesG¸‡jvevRv‡iwbR¯^ZveRvq†i‡LweivRKi‡Zcv‡ibv|GUvev¯ÍeZvbxwZi
Av‡iKwU cÖ‡qvM|
Bmjvgx e¨vswKs| 31
m¤úwËi Pzw³, fvmgvb g~‡j¨i DRydiv³ A_ev †mev wmwKDwiwU wn‡m‡e MVb Kiv hvq|26
gvj‡qwkqv, B‡›`v‡bwkqv, †mŠw` Avie, evnivBb, Kz‡qZ, mshy³ Avie AvwgivZ I KvZv‡ii g‡Zv
A‡bKgymwjg†`‡kicyuwRevRv‡iDc‡iv³ai‡biwmwKDwiwU¸‡jvwe`¨gvb|
AviexkãmyKzK(GKeP‡bmvK)-GiA_© wjj|eZ©gv‡bBmjvgxA_©vqbwelqKmvwnZ¨¸‡jv‡Z
†h‡Kvb ai‡bi Bmjvgx wmwKDwiwU eySv‡Z kãwU e¨envi Kiv nq| GUv w`‡q mywbw`©ófv‡e
BRvivwfwËKwmwKDwiwU‡KIeySvq|27
wZb ai‡bi BRviv myKzK i‡q‡Q:
cÖ_gZ,`xN©‡gqvw`(5-20eQi)BRvivm¤ú‡`icÖwZiƒcn‡jvmyKzK|GLvb†_‡K¯’vqxAvq
cvIqvhvq|wØZxqZ,Av‡iKai‡bimyKzKi‡q‡Qhvwi‡qj-G‡÷Uai‡bim¤úwˆhgb†nv‡U‡ji
KÿGesmy¨UGig‡ZvDRydiv³GK‡KicÖwZiƒc|GmeDRydiv³†mmem¤ú‡`icÖwZiƒc
†m¸‡jve¨env‡iimyweavQvovIjvf/†jvKmvbw`‡q_v‡K|Z…ZxqZ,BRvivm¤úwËIgyivevnv
FY-GiewÛj-GicÖwZiƒcwn‡m‡ei‡q‡Qm¼imymyK|GLvb†_‡KIw¯’iAvqcvIqvhvq|
gy`vivev mvwU©wd‡KU n‡jv Av‡iK ai‡bi Bmjvgx wmwKDwiwU| G¸‡jv gy`vivev Pzw³wfwËK Ges
1980Õi`kK†_‡KcvwK¯Ív‡bmxwgZAvKv‡iGi†jb‡`bPj‡Q|gy`vivevmvwU©wd‡KUÔKgb
÷KÕ-Gi g‡ZvB| Z‡e G¸‡jv Zvi gvwjK‡`i †fv‡Ui AwaKvi †`q bv| GKBm‡½ G¸‡jv
ÔwcÖdvW©÷KÕ†_‡Kwfbœ,KviYGLv‡bb~¨bZgjvf†hgbwbwðZbq,†ZgwbZijxKi‡Yi†ÿ‡ÎI
AMÖvwaKvi †`qv nq bv|
GKweskkZvãxiïiæ†_‡KBmjvgxA_©vq‡biGKwUbZzbch©vq,myKzKexgviDÌvbjÿ¨Kiv
hvq|2000mv‡jiMÖx‡®§IAvBwmwdKvn&GKv‡Wwgim‡¤§j‡bBRvivwmwKDwiwUwb‡qch©v‡jvPbv
GesBRvivm¤úwËwmwKDwiwU‡ZcwiYZKivibxwZgvjvAby‡gv`bK‡iGKwUhyMvšÍKvixcÖ¯Íve
cvm Kiv nq| †m¸‡jvi bvg ÔmyKzKÕ ivLvi cÖ¯Íve Kiv nq| ZLb †_‡K ga¨cÖvP¨ I `wÿY
Gwkqvi†`k¸‡jv‡ZwewfbœK‡c©v‡ikbImiKviGBmyKzKmieivn(issue) K‡i Avm‡Q| gRvi
welqn‡jv2002†_‡K2005mvjch©šÍ†RÏviBmjvgxe¨vsK,wek¦e¨vsKGesRvg©vwbiwKQz
AvÂwjKmiKv‡iig‡ZvAvšÍR©vwZKKZ©„cÿgymwjg wewb‡qvMKvix‡`iAvK…óKi‡ZBmjvgx
myKzKmieivncÖeYZvqhy³nq|weMZeQi¸‡jv‡ZmyKzKmieiv‡nievwl©KcÖe„w×20kZvsk
Qvwo‡q†M‡Q|
26 The example of these bonds is a bond that gives a time-sharing right of one week a year in a vacation apartment or hotel room for twenty years that begins, say, on January 1, 2010. This kind of bond presently exists in Saudi Arabia for hotels and suites around the Grand Mosque in Makkah and the Prophet’s Mosque in Madinah.
27myKzKkãwUmvKk‡ãieûePb|GBk‡ãig~jG‡m‡Qdvwm©kãÔmvKÕ†_‡K|Bs‡iwSÔ†PKÕk‡ãiDrcwËIÔmvKÕ|GiA_© wjj,
¯^Z¡evPzw³|
32| Bmjvgx e¨vswKs
Dcmsnvi
weskkZvãxic~e©eZx©`yBkÕeQievZviI†P‡q†ewkmgq†ewkifvMgymwjgivóªwewfbœ†gqv‡`
BD‡ivcxq Jcwb‡ewkK kvm‡bi hvZvK‡j wcó n‡q‡Q| d‡j Gme †`‡ki cÖkvmb, e¨emv Ges
†`IqvbxI †dŠR`vixAvBbKvbyb BD‡ivcxq wewae×AvBb †_‡KM„nxZ n‡q‡Q|GmeAvBb
¯’vbxqAv_©-mvgvwRKcwi‡ekcwiw¯’wZwePvibvK‡iBgymwjg†`k¸‡jv‡ZcÖ‡qvMKivn‡q‡Q|
weMZAa©kZvãx‡ZGmeAvB‡biwKQzwKQzms‡kvabKiviciIAv‡ivA‡bKAvBbms‡kvab
evwK i‡q †M‡Q| d‡j, Gme mgv‡R ¯’vbxq AvBb Ges Bmjvgx AvBb Dfq `„wó‡KvY †_‡K e¨emv
cwiPvwjZ n‡q Avm‡Q|
GL‡bvBmjvgxe¨vsKIAvw_©KcÖwZôvb¸‡jvim‡½e¨emvKivi†ÿ‡ÎwewfbœAvBbxRwUjZv,
we‡klK‡iwe‡ivawb®úwËi†ÿ‡ÎRwUjZv†`Lv†`q|Bmjvgxe¨vsK¸‡jvmvaviYZmeai‡bi
Pzw³‡Z†Rvi†`q†hwe‡ivawb®úwËKi‡Zn‡ekixÔAvn&AvB‡biwfwˇZ|wKš‘,†ewkifvM†ÿ‡Î
kixÔAvn&AvBb†h‡nZz wewae×KivnqwbZvBAvBbx`wj‡jGai‡biGKwUavivD‡jøLKiv
cÖ‡qvRbn‡qc‡o|GLv‡bmZK©Zvim‡½mvwj‡kiRb¨mywbw`©óAvBbGesGKwUmvwjkKZ…©cÿ
evQvB Kivi †ÿ‡Î mZK©Zvi m‡½ gb‡hvM w`‡Z n‡e| †mŠfv‡M¨i welq n‡jv, Bmjvgx e¨vsK¸‡jv
GcÖ‡qvRbxqZvAbyfeKi‡Z†c‡iwQj|hvicwi‡cÖwÿ‡Z2005mv‡jiGwcÖ‡jÔB›Uvib¨vkbvj
BmjvwgK†evW©AdAvwe©‡UªkbdiwdbvwÝqvjwWmwcDUÕcÖwZwôZnq|Gim`i`dZimshy³
AvieAvwgiv‡Zi yevB‡q|Z‡eAw¯ÍZ¡Gesev¯ÍecÖ‡qvMDfqw`Kw`‡qBbZzbBmjvgxA_©vqb-
MZvbyMwZKe¨emvQvovAviwKQzbq|
Abyev`: gvmyg wejøvn
Bmjvgx e¨vswKs| 33
kixÔAvn& e¨vswKs: †cÖÿvcU evsjv‡`k
Gg. Avhxhyj nK
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34| Bmjvgx e¨vswKs
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Bmjvgx e¨vswKs| 35
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2 (2) †K›`ªxq e¨vs‡Ki D‡`¨vM
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mnvqK D‡`¨vM MÖnY K‡i| †K›`ªxq e¨vs‡Ki D‡`¨vM¸‡jvi g‡a¨ wQj:
• wewfbœ †`‡ki K‡qKwU Bmjvgx e¨vsK-Gi Kvh©µg I cwiPvjbv c×wZ ch©‡eÿY I
ch©v‡jvPbviRb¨GKwUM‡elYvcÖwZwbwa`j†cÖiY(b‡f¤^i,1980)|
• evsjv‡`ke¨vs‡KiMfb©iKZ…©KXvKvqBmjvgxe¨vswKswel‡qGKwUAvšÍR©vwZK†mwgbvi
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Kv‡QAby‡iva(15I17wW‡m¤^i,1980)|
• †`‡k Bmjvgx e¨vsK cÖwZôvi mycvwikmn M‡elK cÖwZwbwa `‡ji cÖwZ‡e`b †ck|
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36| Bmjvgx e¨vswKs
Bmjvgx e¨vswKs m¤úwK©Z cÖwZ‡e`b LwZ‡q †`‡L Zv wb‡q Avjvc-Av‡jvPbv Ges m`m¨
†`k¸‡jv‡Z Zv‡`i Z`viwKi e¨vcv‡iI Av‡jvPbv nq|
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• †K›`ªxqe¨vsKMfb©i-GimfvcwZ‡Z¡AbywôZe¨vsKgvwjK‡`i17Zgmfvq (13GwcÖj,
1981) A_© gš¿Yvj‡qi civgk© Abymv‡i ivóªqË mKj kvLvi cwie‡Z© †g‡UªvcwjUb I †Rjv
ch©v‡qimKjkvLvqBmjvgxe¨vswKsïiæKiviwm×všÍ†bqvnq|
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cÖwkÿY†Kv‡m©†hvM`vb(†R‡bfv,9-11Ryb,1981,Kvq‡iv,29AvM÷-17†m‡Þ¤^i,
1981)|
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1982)†g‡UªvcwjUbI†Rjvkn‡iivóªvqZ¡e¨vsK-GimKjkvLvqwkMwMiBBmjvgxe¨vswKs
Pvjyiwm×všÍ†bqvnq|
2 (3) AvBwWwe (Bmjvgx Dbœqb e¨vsK)-Gi f~wgKv
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†mwjgRvdiKvivZvk-Gi †bZ…‡Z¡GKwUAvBwWwe wgk‡bimdi (b‡f¤^i 1982)|cÖwZwbwa
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evsjv‡`‡k Bmjvgx e¨vsK¸‡jvi Rb¨ †ckv`vi I †bZ…‡Z¡i ¸Yvewj m¤úbœ e¨vsK Kg©KZ©v I
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cÖwkÿY `v‡b GwM‡q Av‡m|
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djkÖæwZ‡Zevsjv‡`‡kBmjvgxe¨vswKs-GiD‡b¥lN‡UGes1983mv‡ji30gvP©`wÿY-c~e©
GwkqvicÖ_gBmjvgxe¨vsKwn‡m‡eÔBmjvgxe¨vsKevsjv‡`kwjwg‡UWÕAvZœcÖKvkK‡i|
Bmjvgx e¨vswKs| 37
3. evsjv‡`‡k Bmjvgx e¨vsK-Gi eZ©gvb Ae¯’vb
3 (1) cwic~Y© Bmjvgx e¨vsK
eZ©gv‡bevsjv‡`‡k8wUcwic~Y©Bmjvgxe¨vsKKvh©µgPvwj‡qhv‡”Q:
K) Bmjvgxe¨vsKevsjv‡`kwjwg‡UW(1983)
L) AvBwmweBmjvgxe¨vsKwjwg‡UW,(2008)(1987mv‡jAvj-evivKve¨vsKbv‡gGes
2002mv‡jIwi‡q›Uvje¨vsKbv‡gwbewÜZ)
M) Avj-AvivdvnBmjvgxe¨vsKwjwg‡UW(1995)
N) †mvkvjBmjvgxe¨vsKwjwg‡UW(1995)
O) kvnRvjvjBmjvgxe¨vsKwjwg‡UW(2001)
P) dv÷©wmwKDwiwUBmjvgxe¨vsKwjwg‡UW(1999,Bmjvgxe¨vsK-GiƒcvšÍi2009)
Q) Gw·ge¨vsKwjwg‡UW(Bmjvgxe¨vsK-GiƒcvšÍi2004)
R) BDwbqbe¨vsKwjwg‡UW(2013)
3 (2) cÖPwjZ e¨vsK¸‡jvi Bmjvgx e¨vswKs kvLv/evZvqb
K) cÖvBge¨vsKwjwg‡UW(1995)
L) mvD_-B÷e¨vsKwjwg‡UW(2003)
M) wcÖwgqvie¨vsKwjwg‡UW(2003)
N) w`wmwUe¨vsKwjwg‡UW(2003)
O) XvKve¨vsKwjwg‡UW(2003)
P) Gwee¨vsKwjwg‡UW(2004)
Q) hgybve¨vsKwjwg‡UW(2004)
R)e¨vsKGwkqvwjwg‡UW(2008)
S) Uªv÷e¨vsKwjwg‡UW(2008)
T)÷¨vÛvW©e¨vsKwjwg‡UW(2009)
U) †mvbvjxe¨vsKwjwg‡UW(2010)
W) AMÖYxe¨vsKwjwg‡UW(2010)
X) c~evjxe¨vsKwjwg‡UW(2013)
38| Bmjvgx e¨vswKs
3 (3) ˆe‡`wkK e¨vsK¸‡jv‡Z Bmjvgx e¨vswKs kvLv/DB‡Ûv
K) ÷vÛvW©PvUvW©e¨vsK(mvw`K;2004)
L) GBPGmwewm(Avgvbvn;2004,eZ©gv‡beÜ)
M) e¨vsKAvj-Avivdvn(2005,GKwUkvLv)
3 (4) e¨vswKs ewnf~©Z Bmjvgx A_©vqbKvix cÖwZôvb
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L) nR¡dvBb¨v݆Kv¤úvwbwjwg‡UW(2006)
4| Bmjvgx e¨vswKs-Gi Askx`vwiZ¡ I Ae`vb
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(AwMÖg)cÖe„w×N‡U‡Q20%GesBmjvgxe¨vsK¸‡jvicÖe„w×wQj24.60%|
Bmjvgx e¨vswKs| 39
4 (2) Bmjvgx e¨vsK¸‡jvi Ae`vb
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40| Bmjvgx e¨vswKs
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Bmjvgx e¨vswKs| 41
5 (2) evsjv‡`‡k Bmjvgx e¨vswKs cÖmv‡ii KviY
• miKvwi ch©v‡q
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42| Bmjvgx e¨vswKs
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Bmjvgx e¨vswKs| 43
5 (3) †emiKvwi ch©v‡qi msMVb
• Bmjvgx e¨vs‡Ki civgk©K †dvivg (1995)
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6| m¤¢vebv I mycvwik
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6 (2) mycvwikgvjv
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44| Bmjvgx e¨vswKs
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Bmjvgx e¨vswKs| 45
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I`vwi`ª¨gy³KiviD‡Ï‡k¨mswkøómevB‡KGKm‡½ÔHK¨e×wfkbÕmvg‡b†i‡L`„pc`‡ÿ‡c
GwM‡q †h‡Z n‡e| mvwe©K A_©‰bwZK cÖ‡Póvi m‡½ m‡e©vËg MÖvnK †mev I cwiPvjbvMZ `ÿZv
AR©‡biØvivBkixÔAvn&e¨vswKs-†K†mch©v‡qwb‡qhvIqvm¤¢e|
Abyev`: gvnveye-Dj-Avjg
46| Bmjvgx e¨vswKs
†h mg¯Í cÖeÜ/wbeÜ cvV Kiv †h‡Z cv‡i:
1| Avng`,AvDmvd,Bmjvgxe¨vsK¸‡jviDbœqbImgm¨v,BmjvgxM‡elYvIcÖwkÿYBÝwUwUDU,BmjvgxDbœqbe¨vsK,
†RÏv,†mŠw`Avie,1407wnRix1987
2| nvbœvb,kvnAvãyj,Òevsjv‡`‡kBmjvgxe¨vswKsGiBwZnvm,c×wZ,mgm¨vIm¤¢vebvÓ(2004)
3| nvgy`,mvgxnvmvb,Bmjvgxe¨vswKs‡qiAMÖMwZ:cÖZ¨vkvIev¯ÍeZv,BmjvwgKBKbwgK÷vwWm,LÐ2,msL¨v-1iRe
1415wnt(wW‡m¤^i1994)BmjvgxM‡elYvIcÖwkÿYBbw÷wUDU,BmjvgxDbœqbe¨vsK,†RÏv,†KGmG
4| LvbGAvi,kixÔAvn&wfwËKevwYwR¨Ke¨vswKs-Gimgm¨v wPwýZKi‡YicÖ‡Póv,XvKv wek¦we`¨vjq,evwYR¨M‡elYv
mvgwqKxmsL¨v1,LÐ12,wW‡m¤^i1991
5| Bmjvgxe¨vswKsGcvV,evsjv‡`kBmjvgxe¨vsKvm©G¨v‡mvwm‡qkb,1984
6| evsjv‡`ke¨vsKA_©‰bwZK¯’vwqZ¡cÖwZ‡e`b:2013
7| Zdwmjxe¨vsKmg~‡nicwimsL¨vb:evsjv‡`ke¨vsK,†m‡Þ¤^i2013
8| evsjv‡`‡k cwiPvwjZ Bmjvgx e¨vsK¸‡jvi evwl©K cÖwZ‡e`b
9| e¨vsK†Kv¤úvwbRG¨v±-1991
10|Kz‡qZdvBb¨vÝnvDRwimvP©wjwg‡UW,b‡f¤^i2013
Bmjvgx e¨vswKs| 47
Bmjvgx e¨vswKs: Kj¨vYgyLx Avw_©K aviv
†gvnv¤§`Ave`yjgvbœvb
1. Bmjvgx e¨vswKs-Gi µgweKvk
BD‡ivcxq†i‡bmuvIwkí-wecø‡eimgmvgwqKKv‡jweKwkZnqAvaywbKe¨vsKe¨e¯’v|BD‡iv‡ci
ivR‰bwZKweR‡qimv‡_mv‡_GBe¨e¯’vgymwjg ywbqvmnmgMÖwe‡k¦we¯ÍvijvfK‡i|gymjgvbiv
nvRvi eQi a‡i wek¦e¨vcx †hA_©‰bwZK ms¯‹…wZi weKvk NwU‡qwQj, Kj¨vY I Dbœqbag©x †m
e¨e¯’vi avivevwnKZv iÿv Ki‡Z Zviv G mgq e¨_© nq|
Bmjvgxe¨vswKscÖ_‡gwQjwPšÍvIZ‡Ë¡ig‡a¨mxwgZ|weMZkZvãxiPwjøkIcÂvk`k‡K
m`¨¯^vaxbgymwjg†`k¸‡jv‡ZBmjvgxA_©e¨e¯’vIe¨vsKe¨e¯’vM‡o†ZvjvicÖZ¨vkvGesG
e¨vcv‡iwPšÍvIM‡elYv†Rvi`vinq|lv‡Ui`k‡Kwgm‡iAvaywbKhy‡MicÖ_gBmjvgxe¨vsK
cÖwZwôZ nq|
Bmjvgx Dbœqb e¨vsK (AvBwWwe) cÖwZôvi gvÎ cuvP eQ‡ii g‡a¨ mˇii `k‡Ki †kl bvMv`
`ywbqviwewfbœ†`‡kKzwowUiI†ewkBmjvgxe¨vsKcÖwZôvjvfK‡i|†kLmvC`Avng`jyZvn
1975mv‡j`yevBBmjvwgKe¨vsKcÖwZôvK‡ib|1977mv‡jdqmvjBmjvwgKe¨vsKbv‡g
wgmiImy`v‡b`yÕwUBmjvgxe¨vsKcÖwZwôZnq|GKBeQiKz‡q‡Z†kLAvng`evÕwRAvj
BqvwmbcÖwZôvK‡ibKz‡qZdvBb¨vÝ nvDm|cÖv‡P¨icvkvcvwkGmgqcvðv‡Z¨i †WbgvK©,
jy‡·gevM©, myBRvij¨vÛ I hy³iv‡R¨ Bmjvgx e¨vsK cÖwZwôZ nq| Avwki `k‡Ki †kl bvMv`
`ywbqviwewfbœ†`‡k100wUi†ewkBmjvgxe¨vsKcÖwZôvjvfK‡iGesG¸‡jvikvLvimsL¨v`k
nvRviQvwo‡qhvq|
beŸB-Gi`k‡KBmjvgxe¨vsK¸‡jvwek¦e¨vcxe¨vsKviIA_©bxwZwe`‡`ig‡a¨BwZevPKmvov
RvMvq|KzwokZ‡Ki†klbvMv`wZbkÕi†ekxBmjvgxe¨vsKIAb¨vb¨Avw_©KcÖwZôv‡biRb¥
nq|ÔB›Uvib¨vkbvjG‡mvwm‡qkbAeBmjvwgKe¨vsKmÕ-GiD‡`¨v‡MBmjvgxe¨vsK¸‡jvig‡a¨
Gmgqcvi¯úwiKm¤úK©Imn‡hvwMZv†Rvi`vinq|1994mv‡ji6AvM÷ÔBK‡bvwg÷ÕZvi
Ômv‡f©AeBmjvgÕbvgKcÖwZ‡e`‡bgšÍe¨K‡i:ÔMZK‡qKkZ‡Kigv‡SBmjv‡gieomvdj¨
n‡jvBmjvgxe¨vswKse¨e¯’vcÖeZ©b,hvcvðvZ¨IMÖnYKi‡Zcv‡iÕ|
GKzk kZ‡Ki cÖ_g `k‡K Bmjvgx e¨vswKs PgrKvi mvdj¨ AR©b K‡i| cuPvËiwUi †ewk
†`‡kBmjvgxe¨vsKIAvw_©KcÖwZôv‡bimsL¨vB‡Zvg‡a¨500Qvwo‡q†M‡Q|eûRvwZKeo
e¨vsK¸‡jvIGLbïaygymwjgAay¨wlZ†`‡kbq,cÖvP¨IcvðvZ¨wbwe©‡k‡lDbœZIDbœqbMvgx
†gvnv¤§`Avãyjgvbœvb,e¨e¯’vcbvcwiPvjKBmjvgxe¨vsKevsjv‡`kwjwg‡UW
48| Bmjvgx e¨vswKs
wewfbœ†`‡kBmjvgx†cÖvWv±PvjyK‡i‡Q|2013mv‡jBmjvgxe¨vsK¸‡jvim¤ú‡`icwigvY1.7
wUªwjqbgvwK©bWjviAwZµgK‡i‡Q|GcwigvYkxNª5wUªwjq‡bDbœxZn‡ee‡jg‡bKivn‡”Q|
RbM‡YiwecyjmvovImg_©‡bid‡jwe‡k¦iAb¨vb¨¯’v‡big‡Zvevsjv‡`‡kIAímg‡qig‡a¨
Bmjvgxe¨vswKs-GiKvh©µgAvkvZxZ we¯Í…wZjvfImdjZvAR©bK‡i‡Q|gvÎ wZbhy‡Mi
g‡a¨Bmjvgxe¨vswKs‡qi`ªæZcÖmviGesAv_©-mvgvwRK†¶‡ÎGe¨vsKe¨e¯’viewjôAe`vbG
†`‡kiA_©bxwZiavivqGKbZzb w`MšÍD‡b¥vPbK‡i‡Q|Bmjvgxe¨vsKe¨e¯’v‡Kevsjv‡`‡ki
RbMY LyeB mgv`‡ii mv‡_ MÖnY Kivq Bmjvgx e¨vswKs GLb GKwU `ªæZ weKvkgvb e¨e¯’v wn‡m‡e
we‡ewPZ n‡”Q|
evsjv‡`‡k Bmjvgx e¨vswKs ïiæ nq 1983 mv‡j| eZ©gv‡b †`‡k 8wU c~Y©v½ Bmjvgx e¨vsK,
mvZwU cÖPwjZ avivi e¨vs‡Ki 19wU Bmjvgx e¨vswKs kvLv Ges Av‡iv mvZwU miKvwi I †emiKvwi
e¨vs‡Ki25wUkvLvqBmjvgxe¨vswKsDB‡ÛvPvjyi‡q‡Q|2013mv‡j†`‡kimv‡oAvUkZvwaK
Bmjvgx e¨vswKs kvLvq †gvU AvgvbZ wQj cÖvq 1 jÿ 20 nvRvi †KvwU UvKv Ges †gvU wewb‡qvM
1jÿ4nvRvi†KvwUUvKv|2013mv‡jiwW‡m¤^ibvMv`†`‡kiBmjvgxe¨vsK¸‡jviAvgvbZ
Geswewb‡qv‡MievRvi†kqvi†e‡o`uvovqh_vµ‡gcÖvq18I21fvM|
2. Bmjvgx e¨vsK e¨e¯’vi ¯^vZš¿¨
2012mv‡ji25†m‡Þ¤^iÔ÷¨vÛvW©GÛcyIimÕ-GiGK†mwgbv‡iejvnq:ÔBmjvgxe¨vswKs
B‡Zvg‡a¨ cÖPwjZ e¨vsK e¨e¯’vi cÖK…Z weKí wnmv‡e Avwef~©Z n‡q‡Q| g~jZ Pjgvb ˆewk¦K
Avw_©KmsK‡Uwech©¯ÍcÖPwjZA_©vqbc×wZi†hvM¨ZiweKíwn‡m‡eAvwef©~Zn‡q‡QBmjvgx
A_©vqbwkí|Õ
e¨vswKs †ÿ‡ÎBmjv‡giA_©‰bwZKIAvw_©KbxwZgvjv ev¯ÍevqbKivBmjvgx e¨vsKe¨e¯’vi
D‡Ïk¨|Bmjvgxe¨vswKsAvw_©Kga¨¯’ZviGgbGKc×wZhvZvi†jb‡`‡bmy`MÖnYIcÖ`vb
K‡ibvGesGiKvh©vewjGgbfv‡ecwiPvjbvK‡ihv‡ZBmjvgxA_©bxwZiD‡Ïk¨AR©bZ_v
A_©bxwZ‡Zb¨vqwePvi wbwðZnq|Bmjvgxe¨vsKA_©bxwZ,Avw_©K †jb‡`bIe¨emv-evwY‡R¨
ˆelg¨`~ixKiY,b¨vqbxwZcÖwZôvGesAv_©-mvgvwRKAeKvVv‡gv ˆZwiIKg©ms¯’v‡bimy‡hvM
m„wói Rb¨ KvR K‡i|
Bmjvgx e¨vswKscwiPvwjZnqgvby‡li¯^vfvweKAvw_©K †jb‡`‡bimnRvZcÖwµqvAbymv‡i|
cÖPwjZavivie¨vsK-e¨e¯’vimv‡_Bmjvgxe¨vs‡Ki¯^vZš¿¨ïayc×wZMZ †ÿ‡Îbq|my`gy³
†jb‡`bGe¨e¯’viGKgvί^vZš¿¨bq|Ge¨vswKs-Gijÿ¨,D‡Ïk¨,bxwZIKg©avive¨vcK
RbM‡Yi Kj¨v‡Y wb‡ew`Z| G e¨e¯’v ¸wUKZK gvby‡li †jv‡fi (GREED) Pvwn`v c~i‡Yi Rb¨
ïay jvf‡K me wKQzi Ici cÖvavb¨ bv w`‡q mgv‡Ri mKj gvby‡li †gŠwjK Pvwn`v (NEED) c~iY‡KAMÖvwaKvi†`q|Gfv‡eAv_©-mvgvwRKmywePviKv‡q‡gBmjvgxe¨vsKKvRK‡i|
Bmjvgx e¨vswKs| 49
Bmjvgx e¨vsK e¨e¯’vq e¨w³¯^v_© bq, mvgvwRK Kj¨v‡Yi Av`k© g~j PvwjKv kw³| ˆbwZK k„sLjvi
weavbAbymiYK‡imvgvwRKDbœq‡bimv‡_A_©‰bwZKDbœq‡bimgš^qmvabKivGe¨e¯’vi
Ab¨Zg Kg©‡KŠkj| Avw_©K †jb‡`‡b UvKvi †ePv‡Kbvi cwie‡Z© cÖK…Z c‡Y¨i (real asset) KvieviGesAskx`vwiZ¡g~jKcvi¯úwiKmn‡hvwMZvI`i`wfwËKgvbem¤§ZKvh©µgcwiPvjbv
Bmjvgxe¨vswKs-Giˆewkó¨|ewÂZIAfvexgvby‡licÖwZ`vwqZ¡cvjb,gy`ªvùxwZI†eKvi‡Z¡i
KviY ~ixKiY,Kg©ms¯’v‡bimy‡hvMm„wóBmjvgxe¨vs‡KiKg©‡KŠk‡jiAšÍf©y³|†KejgvÎm¤ú`
Drcv`bbq,Drcvw`Zc‡Y¨ieȇbmve©RbxbKj¨v‡YiAv`k©AbymiYIMÖvnK‡`imv‡_`vZv-
MÖnxZvie`‡jAskx`vwi‡Z¡im¤úK©¯’vcbBmjvgxe¨vswKs-GcÖvYkw³iƒ‡cKvRK‡i|
cÖPwjZe¨vs‡Kimv‡_MÖvn‡Kim¤úK©FY`vZvIFYMÖnxZvi|Aciw`‡KBmjvgxe¨vsKUvKv‡K
†Kbv-†ePvicY¨wn‡m‡eMY¨K‡ibv|e¯‘ZUvKvwb‡R†KvbcY¨bq|UvKvn‡jvn‡jvwgwWqvg
ev wewbg‡qi gva¨g| UvKvi f~wgKv Ô†gRviÕ ev cwigvc, Ô÷¨vÛvW©Õ ev gvb Ges Ô†÷viÕ ev
fvÐviiƒ‡c| G‡nb UvKv‡K K…wÎgfv‡e c‡Y¨i g‡Zv †ePv‡Kbv K‡i gybvdv AR©b hyw³hy³ n‡Z
cv‡ibv|gybvdvn‡jvGKBmv‡_D‡`¨v³vicyuwR,kªgImgqwewb‡qv‡Midj|Avi†mBgybvdv
c~e© wba©vwiZ ev wbwðZ bq| gybvdv Awba©vwiZ, Awbw`©ó I AwbwðZ| Ab¨w`‡K UvKv †ePv‡Kbvi
gva¨‡gcÖvßmy`c~e©wba©vwiZ,wbw`©óIwbwðZ|G‡ZGKc‡¶ijvfwbwðZ,Ab¨c‡¶ijv‡fi
†KvbwbðqZv_v‡Kbv|e¨emv‡q†jvKmv‡biSzuwKenbKi‡Znq,wKš‘my‡`†KvbSzuwK†bB|
UvKv†ePv‡KbviA¯^vfvweKKvievic„w_eximKjag©I`k©‡bwbwl×|wek¦weL¨vZ`vk©wbKMYmy‡`i
ÿwZKiw`K¸‡jvwe‡ePbvK‡i‡Qb|cÖvPxbMÖxK`vk©wbKcø¨v‡UvZuviÔjRÕbvgKMÖ‡š’my`‡KgvbeZv
we‡ivax, Ab¨vq I Ryjyg Ges K…wÎg e¨emv e‡j Gi wb›`v K‡i‡Qb| Gwi‡÷vU‡ji g‡Z, A‡_©i GKgvÎ
¯^vfvweKKvRn‡”Qwewbg‡qigva¨gwn‡m‡egvby‡licvi¯úwiKAfvec~i‡Ymvnvh¨Kiv|
my‡`i Kvievi mgv‡Ri ¯^í-weË wecyj msL¨K gvby‡li m¤ú` gywó‡gq †jv‡Ki nv‡Z cyÄxf~Z
K‡i|Gici†mBm¤ú‡`imydjAv‡ivKgmsL¨Kgvby‡liKv‡Q†K›`ªxf~Znq|wKš‘Bmjvgx
e¨vswKsm¤ú`AveZ©‡bibxwZiIcicÖwZwôZ|Ge¨vcv‡iAvjKziAv‡bimyivnvk‡iejvn‡q‡Q,
Ôm¤ú`†hbïay†Zvgv‡`iabx‡`igv‡SAvewZ©ZbvnqÕ|GbxwZ†g‡bBmjvgxe¨vsKDrcv`b
e„wׇKDrmvwnZKivimv‡_mv‡_Drcvw`Zc‡Y¨imvgvwRKeȇbibxwZ‡K¸iæZ¡†`q|A_©vr
m¤ú` Drcv`bB jÿ¨ ev †klK_v bq|Kx ai‡bi m¤ú`KviRb¨ Drcv`bKiv n‡eGes
†mDrcvw`Zm¤ú` wKfv‡e †ewkDcKvi‡fvMxiKv‡Q †cuŠQv‡bv n‡eGwUBmjvgx e¨vswKs-Gi
¸iæZ¡c~Y©AMÖvwaKvi|
3. Bmjvgx e¨vs‡Ki AvgvbZ I wewb‡qvM bxwZ
AvgvbZMÖnYIwewb‡qvMcÖ`v‡bBmjvgxe¨vsK¯^Zš¿bxwZIc×wZAbymiYK‡i|
Bmjvgx e¨vsK mvaviY gvby‡li mvg‡b m‡qi GB wPÎ Zz‡j a‡i †h, m‡qi gva¨‡g wZwb ïay
wb‡RBjvfevbn‡”Qbbv;eismvgvwRK`vwqZ¡IcvjbKi‡Qb|GBjÿ¨mvg‡b†i‡LBmjvgx
50| Bmjvgx e¨vswKs
e¨vsKm‡qiAf¨vmM‡oZzj‡ZDrmvn †hvMvq|ïay eom‡qicÖwZAvMÖnxbvn‡q †QvU
RgvKvix‡`im¤ú`‡KIRvZxqAvw_©KcÖev‡nwb‡qAvm‡ZBmjvgxe¨vsKKvRK‡i|
mÂqxMÖvnK‡`imv‡_Bmjvgxe¨vs‡Kim¤úK©gy`vivevbxwZiIcicÖwZwôZ|G‡¶‡ÎMÖvnK
Ômv‡n‡egvjÕevA‡_©igvwjKGese¨vsKÔgy`vwieÕevAvw_©KKviev‡iie¨e¯’vcKwnmv‡e`vwqZ¡
cvjb K‡i| G bxwZ Abyhvqx Bmjvgx e¨vsK¸‡jv ïaygvÎ Aby‡gvw`Z I Kj¨vYKi Lv‡Z ˆea
c×wZ‡Zwewb‡qvMK‡i|AwR©ZgybvdvmÂqxwnmveavixevmvwn‡egvjIgy`vwieeve¨vs‡Kigv‡S
Pzw³ikZ©AbyhvqxeÈbK‡i|†jvKmvbn‡jA‡_©i†hvMvb`vZvmvwn‡egvjAvw_©K†jvKmvbI
enb K‡ib| Avi gy`vwie ev e¨vsK G e¨emv‡q †h mgq, kÖg, †gav I †hvM¨Zv wewb‡qvM K‡i‡Q,
†mwUZvi†jvKmvbiƒ‡cwe‡ewPZnq|Bmjvgxe¨vsKe¨e¯’vqe¨emv‡qiSuywKe¨vsKGKvenb
K‡ibv|RgvKvixMYIGSuywKiAskx`vi|
Bmjvgxe¨vsKBmjvgxkixÔAvn&ÕiÔAvjIqvw`qvÕbxwZiwfwˇZPjwZRgvMÖnYK‡i|G†¶‡Î
MÖvnK Zvi A_© e¨vs‡Ki Kv‡Q webv jv‡f wbivc‡` Mw”QZ iv‡Lb| e¨vsK MÖvnK‡K PvwnevgvÎ †m
A_© †diZ †`qvi A½xKvi K‡i| G wnmv‡e Mw”QZ A_© MÖvn‡Ki AbygwZi wfwˇZ e¨vsK e¨envi
Ki‡Z cv‡i|
Bmjvgx e¨vsK¸‡jv wewb‡qv‡Mi †ÿ‡Î cÖavbZ wZbwU c×wZ AbymiY K‡i| K. ÔwkiKvZÕ ev
Askx`vixc×wZ,L.ÔevCÕevc‡Y¨i†ePv-‡Kbvc×wZGesM.ÔBRvivÕevfvovc×wZ|BRvivi
†ÿ‡ÎBmjvgxe¨vsKMÖvn‡Kimv‡_gvwjKvbvqAskx`vwi‡Z¡iwfwˇZMvwo,evwo,†gwkb,RvnvR
BZ¨vw`µqK‡i|e¨vsKZviAskMÖvn‡KiKv‡Qfvov†`q|fvovcwi‡kv‡aimv‡_mv‡_wKw¯Í‡Z
g~j¨ cwi‡kva K‡i MÖvnK †m `ª‡e¨i gvwjKvbv AR©b K‡ib|
wewb‡qvMKvh©µ‡gBmjvgx e¨vs‡Kig~jbxwZ n‡jv wewb‡qv‡MiLvZIc×wZ ˆea n‡Zn‡e|
GQvovwewb‡qv‡MiLvZGgbfv‡ewbe©vPbn‡ehv‡Zmgv‡Ri†gŠwjKPvwn`v¸‡jvµg-AMÖvwaKv‡ii
wfwˇZ c~iY n‡Z cv‡i| G‡ÿ‡Î cÖ_g ¸iæZ¡ cv‡e ÔRiæwiqvZÕ ev Riæwi cÖ‡qvRb| Gici
ÔnvwRqvZÕevAv‡qke„w×KvixmvgMÖx|GmePvwn`vµgAbymv‡ic~iYneviciÔZvnmvwbqvZÕ
ev wejvm`ª‡e¨ wewb‡qvMKivhv‡e|m¤ú`eȇbiGBBmjvgx`„wófw½ wewb‡qvMKvh©µg‡K
we‡klfv‡ecÖfvweZK‡i|wewb‡qv‡Mi†¶‡ÎBmjvgxe¨vsK‡KgvKvwm‡`kixÔAvn&evkixÔAvn&i
j¶¨A_©vrgvbweKImve©RbxbKj¨vY wbwðZKi‡Zn‡e|GRb¨Bmjvgxe¨vsK wewb‡qv‡Mi
AvKvi,LvZ,A_©‰bwZKD‡Ïk¨,†fŠMwjKGjvKvcÖf…wZ‡Kwe‡kl¸iæZ¡†`q|
mxwgZm¤ú`KZ†ewkgvby‡liKj¨v‡Ywb‡qvwRZn‡jv,ZviwfwˇZBmjvgxe¨vs‡Ki`ÿZv
wbiƒwcZ nq| ïay jvf we‡ePbv K‡i wejvm mvgMÖx‡Z Bmjvgx e¨vsK wewb‡qvM Ki‡Z cv‡i bv|
eismvaviYgvby‡liAcwinvh©cÖ‡qvRbc~iYwewb‡qvMwe‡ePbvqcÖvavb¨cv‡e|AbybœZGjvKvq
Avg`vwb weKí, AwaK Kg©ms¯’vbg~jK Kg©Kv‡Ð wewb‡qvM Bmjvgx e¨vs‡Ki Ab¨Zg AMÖvwaKvi|
mKj Rbc‡`i gvbyl hv‡Z mgfv‡e GwM‡q †h‡Z cv‡i, Zv‡`i ga¨Kvi e¨eavb hv‡Z n«vm cvq †m
w`‡KI bhi iv‡L Bmjvgx e¨vsK|
Bmjvgx e¨vswKs| 51
4. Av_©-mvgvwRK Kj¨v‡Y Bmjvgx e¨vswKs
GKmgqmy‡`icÖejwe‡ivaxivIg‡bKi‡Zb†hmy`Qvove¨vswKsm¤¢ebq|†mmskqB‡Zvg‡a¨
AmvicÖgvwYZn‡q‡Q|my`†_‡Kgy³n‡qjvf-†jvKmv‡biAskx`vwiZ¡g~jKKvieviwKsevc‡Y¨i
†ePv‡KbvevBRvivc×wZ‡Ze¨vswKse¨emvm¤¢e,ZvBmjvgxe¨vsKIAvw_©KcÖwZôvb¸‡jvcÖgvY
Ki‡Zm¶gn‡q‡Q|my‡`iKvi‡Yhvive¨vsKe¨e¯’v †_‡K`~‡i wQ‡jb,Bmjvgxe¨vsKe¨e¯’v
Zv‡`i Rb¨I Av¯’vi GKwU wVKvbv ˆZwi K‡i‡Q|
Avw_©KAšÍf©yw³igva¨‡gewÂZI`wi‡`ªi¶gZvqbBmjvgxe¨vswKs-Gi¸iæZ¡c~Y©Kg©‡KŠkj|
Gj‡¶¨Bmjvgxe¨vsKˆewPΨgqmee¨vswKs†mevPvjyK‡i‡Qhvigva¨‡ge¨vsKe¨e¯’vievB‡i
_vKvwecyjRb‡Mvôx‡Ke¨vswKs-GiAvIZvqwb‡qAvmvm¤¢en‡q‡Q|
wewb‡qv‡Mi †¶‡Î Bmjvgx e¨vswKs RbKj¨vY I †`‡ki Ae‡nwjZ A‡ji Dbœqbmn †`‡ki
mvwe©KAv_©-mvgvwRKDbœq‡bKvRK‡i|d‡j†`‡kwkívqbIKg©ms¯’vbe„w×cvq|GmGgB
Lv‡Zwewb‡qv‡Migva¨‡gAvZ¥Kg©ms¯’vbGes¶z`ªIgvSvwiwkívq‡bBmjvgxe¨vsK¸‡jv iæZ¡c~Y©
f~wgKvcvjbKi‡Q|GQvovIBmjvgxe¨vsK¸‡jvii‡q‡QRbKj¨vYgyLxwewfbœwe‡klwewb‡qvM
cÖKí|†`‡kiwbgœweËIga¨we‡ËiRxebgvbDbœq‡bGmecÖKíf~wgKvivL‡Q|
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myBmAviBwmMgv,2011;Iqvì©BÝy‡iÝBb2010,bs:2|
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`¨vwmwUBD‡K,2012;BmjvwgKdvBb¨vÝ;dvBb¨vwÝqvjgv‡K©UmwmwiR,gvP©|
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e¨vsKdiB›Uvib¨vkbvj†m‡Uj‡g›U(weAvBGm),e¨vswKsGÛ†Wwi‡fwUfm÷¨vwUw÷KAbjvBb|cvIqvhv‡e:http://www.bis.org/statistics/.
AvBGgGd 2011; Iqvì© BKbwgK AvDUjyK (WweøDBI) AbjvBb WvUv‡eR| cvIqv hv‡e: http://www.imf.org/external/data.htm.
Iqvì©e¨vsK,2011;Iqv쩆W‡fjc‡g›UBwÛ‡KUimAbjvBbWvUv‡eR|cvIqvhv‡e: http://data.worldbank.org/.
RvIBqvmyKzKgwbUi;cvIqvhv‡e: http://www.zawya.com/sukuk/.
Bmjvgx e¨vswKs| 71
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72| Bmjvgx e¨vswKs
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82| Bmjvgx e¨vswKs
e„wUk Av`vjZ Øviv wbqwš¿Z| Pzw³i mgq cÿ¸‡jv GKgZ nq †h Zv‡`i Pzw³ n‡e gyivevnv A_©vqb
c×wZAbymv‡i|myZivs,Pyw³Abymv‡iBmjvgxAvB‡b†hfv‡ewb‡`©kKivn‡q‡QZviAv‡jv‡K
gyivevnv c×wZ‡Z we‡iva wb®úwË Kiv n‡e| †mAbyhvqx Av`vjZ `yÕRb we‡klÁ‡K gyivevnv
c×wZm¤ú‡K©RvbvGesAwaKZiZ_¨†bqviRb¨AvnŸvbRvbvq|Z‡eGBwe‡klÁmvÿx‡`i
†`qvgZvgZAv`vjZwe‡ePbvq†bqwb|Ugwjbmbch©‡eÿ‡Ye‡jb,ÒAvm‡jWtmvgvbe‡j‡Qb
GeswZwbhve‡j‡QbZvåvšÍg‡bKivi†KvbKviY†bB|GBPzw³ig‡a¨gyivevnvPzw³i†hme
Acwinvh© ˆewkó _vKv cÖ‡qvRb Zvi wKQyB †bB| Dciš‘ GB Pzw³wU e„wUk AvBb Øviv wbqwš¿Z|
GwU‡KAvgviGKvšÍfv‡ee„wUkAvB‡biGKwUPzw³wnmv‡ewe‡ePbvKivDwPr|Ó
weªwUkAv`vjZwe‡eP¨gvgjviiv‡qh_v_©fv‡eBDc‡iigšÍe¨wUK‡i‡QAviwKQzwKQygymwjg
¯‹jviGimgv‡jvPbvIK‡i‡Qb|†hgb,b~invwkgvn†gvnv¤§`Bqvwmb(2007,c„ôv104)cÖkœ
K‡i‡Qb,†KbAv`vjZ`yÕRbwe‡klÁmvÿx‡KWvK‡jbhw`Zv‡`igZvgZMÖnYBbvKi‡eb|
ivweqvn Av`vDBqvn wewU G‡¼vAvjxi(2008)g‡Z,GwUn‡jvGgbGKgvgjviD`vniYhvi
ev¯ÍeZvn‡jv,GLv‡b †jb‡`bkixÔAvn&-AbyeZx©bq,e„wUkAv`vjZe„wUkAvBbAbyhvqx ˆea
e‡jGUv‡KAby‡gv`bw`‡q‡Qb|G‡Zwe‡eP¨†ÿ‡ÎAek¨BkixÔAvn&Õi†gŠwjKIm‡e©v”Pj¶¨
bó n‡q‡Q| Dciš‘ wePviK Av‡iv e¨vL¨v K‡i‡Qb †h, GLv‡b †h Awbqg cvIqv †M‡Q Zv Zviv †h
AvBb I Av`vjZ evQvB K‡i‡Q Zvi PvB‡ZI Lvivc| Avm‡j,cÿ¸‡jvA-BmjvgxAv`vjZGes
GKwUA-BmjvgxAwa‡¶‡Îig‡a¨weev‡`igxgvsmvKivie¨vcv‡im¤§Zn‡qwQj|
GB gvgjv n‡jv Ggb GK D`vniY †hLv‡b †`Lv hvq †h Pzw³i cÿ¸‡jv Bmjvgx AvBb‡K h‡_ó
g‡b K‡iwb| Pzw³i c‡i cÿ¸‡jvi g‡a¨ Pzw³i cÖ‡qvM A_ev gvgjvq we‡iva wb®úwËi Rb¨
Bmjvgx †jb‡`‡bi fv‡jvfv‡e KvR Kiv Acwinvh©| †hme †`‡k Bmjvgx AvB‡bi Kvh©KvwiZv
†bBGesA-BmjvgxAv`vjZKvRK‡i†mme†`‡kiRb¨GwUevowZP¨v‡jÄ|AZGe,Ggb
Kvh©KicÖwµqv_vKvcÖ‡qvRb†hLv‡bPyw³iBmjvgxcÖK…wZAbymi‡YAv`vjZmwµqn‡Zcvi‡e|
A-Bmjvgx†`‡k†hLv‡bBmjvgxe¨vswKsIA_©vqbïiæGesAe¨vnZPP©vKi‡ZPvq†mLv‡b
AvB‡bicÖ‡qvRbxqms‡kvabxAvbvcÖ‡qvRb,hv‡ZAv`vjZh_vh_fv‡ePyw³m¤úwK©ZBmjvgx
AvB‡big~jbxwZDcjwäKi‡Zcv‡i|
2. evnivBb Bwm ebvg †ew·g‡Kv dvg©vwmDwUK¨vjm wjwg‡UW I Ab¨iv| [2004] 4 Aj BAvi 1072
GwUAv‡iKwUgvgjv†hLv‡bPyw³icÿ¸‡jvgy`vivevPzw³m¤úv`bK‡i|GKwUcÿhLb†Ljvwc
nq ZLb gvgjvwU wbqš¿K AvB‡bi m~Î a‡i e„wUk †KvU© Ae Avwc‡j DÌvwcZ nq| GB gvgjvi
GKwUAbb¨ˆewkón‡jv,BmjvgxAvB‡bimv‡_mvgÄm¨c~Y©e„wUkAvBbBwe‡ivawb®úwËi†ÿ‡Î
gvgjviwbqš¿KAvBbn‡ee‡jcÿ¸‡jvGKgZnq|gy`vivevPzw³iwbqš¿KK¬R-Gejvnq,
kixÔAvn&-i†MŠiegqbxwZgvjvimv‡_mvgÄm¨c~Y©e„wUkAvBbØvivPzw³wbqwš¿Zn‡e|gvgjvq
†ew·g‡KvZv‡`iAv‡e`‡bD‡jøLK‡igy`vivevPzw³wUkixÔAvn&-AbyeZx©©bq|ZvBG‡KA‰eaI
AcÖ‡qvM‡hvM¨†NvlYvKivDwPZ|
Bmjvgx e¨vswKs| 83
†KvU© Ae Avwc‡ji wePviK cUvi Gj‡R GB hyw³ cÖZ¨vL¨vb K‡ib Ges e‡jb Pyw³wU kixÔAvn&
AvBb bq, e„wUk AvBb Øviv cwiPvwjZ| Dciš‘ wZwb e¨vL¨v †`b †h, Pyw³ GKB mg‡q `yB †mU
AvBb ev AvBbMZ e¨e¯’v Øviv cwiPvwjZ n‡Z cv‡i bv| Z‡e weÁ wePviK ¯^xKvi K‡i‡Qb †h,
WKwUªbAeBbK‡c©v‡ikbevAšÍM©ZgZev`Abyhvqxcÿ¸‡jvGKgZn‡qZv‡`iPzw³‡Zwe‡`wk
AvBbKvh©KiKi‡Zm¤§Zn‡Zcv‡iGesPzw³ikZ©Abymv‡i†mmeweavbKvh©KvwiZv†c‡Z
cv‡i|GwUKi‡Zn‡jPzw³e×cÿ¸‡jv‡Kcwi¯‹vifv‡ewPwýZKi‡Zn‡ewe‡`wkAvB‡bi†Kvb
†Kvb weavb Kvh©Ki n‡e Ges †Kvbfv‡eB cy‡iv we‡`kx AvBb bq|
3. Bb‡f÷‡g›U `vi †Kv¤úvwb †KGmwmwm ebvg †eøvg †W‡fjc‡g›U e¨vsK GmGGj [2009]
BWeøyGBPwm3545(wmGBP)
cÖkœmv‡cÿGBgv÷viPyw³n‡jvIqvKvjvnPyw³GesGBPyw³wUe„wUkAvBbØvivcwiPvwjZ
n‡ee‡ja‡i†bqvnq|GBgvgjvimsw¶ßiv‡qAv`vjZGLv‡b†eøvgwnmv‡eDwjøwLZ`vwe`vi
e¨vs‡Ki c‡ÿ †`qv cÖv_wgK ivq‡K Aby‡gv`b K‡ib| Zv‡`i Aby‡gv`b Kiv `vweK…Z A‡_©i
cwigvYwQj107†KvwU33jvL29nvRvi255gvwK©bWjvi|GLv‡bwUAvBwWwnmv‡eDwjøwLZ
weevw` nvB‡Kv‡U©i †PÂvwi wWwfk‡b Avwcj K‡i|
Gici,wUAvBwWAvw_©Km¼‡Uig‡a¨c‡oGes†eøv‡gimv‡_m¤§Zgybvdvmng~jcyuwRcwi‡kv‡a
†Ljvwcn‡qc‡o|weevw`D‡jøLK‡i†h,wUAvBwWÕimy`mng~jabMÖnYm¤^wjZIqvKvjvnmyweav
kixÔAvn&Aby‡gv`bK‡ibv,hw`IAf¨šÍixYkixÔAvn&KwgwUGwUAby‡gv`bK‡i‡Q|GievB‡i
wUAvBwW `vweK‡i †h‡nZz IqvKvjvn myweav kixÔAvn&-AbyewZ© bq †m‡nZz GiAvIZvaxbGB
†jb‡`b†eAvBwb,AKvh©KiIAmvsweavwbK†NvlYvKiv†nvK|Gai‡bi†jb‡`bAby‡gv`‡bi
GLwZqvimswkøó†Kv¤úvwbÕiwQjbv|
nvB‡Kv‡U©i †PÂvwi wefv‡Mi weÁ wePviK Zvi ch©‡eÿ‡Y e‡jb, mswkøó †ÿ‡Î Kvh©Ki AvBb n‡jv
e„wUkAvBbGescÖ‡`qmyweavkixÔAvn&-AbyeZx© wKbvZv we‡ePbvqAvb‡ZAv`vjZA¯^xK…wZ
Rvbvq|wUAvBwWkixÔAvn&-AbyeZx©bvneviwelqwUZv‡`iAv‡e`‡bDÌvcbK‡iwQj|Giv‡qi
ci IqvKvjvn Pzw³wU ˆea I Kvh©Ki †_‡K hvq|
GBgvgjvA‡bKmgv‡jvPbvim„wóK‡i|gvgjvq †hfv‡e wm×všÍ †`qvn‡qwQjZvicÖwµqvi
Kvi‡Y G mgv‡jvPbv bq eis Gi KviY n‡jv Bmjvgx Avw_©K myweavi m‡½ †jb‡`‡b cÿ¸‡jv
wb‡R‡`i¯^v_©iÿviwelqwU‡Z†ewk¸iæZ¡w`‡q‡Q(nvwKgvBqvKze,2011)|†mLv‡bGgbwKQy
c‡q›U wQj †h¸‡jv DÌvcb Kiv †hZ| cÖ_gZ: Bmjvgx Avw_©K myweavi mv‡_ hviv KvR K‡ib
†mmecÿ¸‡jvims¯‹…wZig‡a¨e¨emviˆbwZKwelq¸‡jvAšÍf©y³KivcÖ‡qvRbwQj|
Av‡M †_‡K wba©vwiZBmjvgxmyweavig‡a¨ BmjvgxAvw_©K e¨emvcwiPvjbvKvixc‡¶iDci
GKwUwekvj`vwqZ¡Awc©Znq|†Kv¤úvwb†hBmjvwgKAvw_©Kc‡Y¨icÖ¯Íve†`‡e†mcY¨†hb
84| Bmjvgx e¨vswKs
mwZ¨Kvifv‡eBmjvgxnqZvwbwðZKi‡Zn‡e|GKvi‡Ywewfbœ†`‡kKvh©iZBmjvgxAvw_©K
cÖwZôvb¸‡jvi ¯^Zš¿ kixÔAvn& KwgwU KvR K‡i, hv‡Z c‡Y¨i kixÔAvn&-AbyeZx© nevi welqwU
wbwðZnq|HmeBmjvgxAvw_©KcÖwZôv‡biGgb†Kvbc‡Y¨ic‡ÿhyw³-ZK©wb‡qG¸‡bvDwPZ
bq†hcY¨wUkixÔAvn&-AbyeZx©nevie¨vcv‡icÖkœi‡q‡QGes†hKvi‡YZv†eAvBwbIAKvh©Ki
n‡Zcv‡i|†KvbBmjvgxcY¨evRv‡iQvoviAv‡MkixÔAvn&-AbyeZx©neviwelqwUwbwðZKiv
HmeBmjvgxAvw_©KcÖwZôv‡bi`vwqZ¡|
wØZxqZ, wKQy Avw_©K cÖwZôvb †jb‡`‡bi cÖK…wZMZ Kvi‡Y †jb‡`b A‰ea, †eAvBwb I AKvh©Ki
nevihyw³ †`wL‡qZv‡`imyweavkixÔAvn&-AbyeZx© bqe‡j †NvlYvK‡i|Ab¨K_vqBmjvgx
Avw_©K cÖwZôv‡bi †m ai‡bi †jb‡`b Aby‡gv`‡bi †Kvb GLwZqvi †bB| cyi‡Yv mvaviY AvBb
AbyhvqxGme†jb‡`b†h‡nZz†eAvBwbImsweavbcwicš’xZvB†Kv¤úvwbGme†jb‡`bAby‡gv`b
Ki‡Z cv‡i bv|25 weª‡Ub I gvj‡qwkqvmn †ek wKQy †`‡k G ai‡bi AvB‡b cwieZ©b Avbv
n‡q‡Q|26†hgb,†Kv¤úvwbAvBb1968-Gi20Aby‡”Q`Abymv‡igvj‡qwkqvqmsweavbwe‡ivax
†NvwlZneviwelqwUicÖ‡qvMi‡q‡QGes†Kv¤úvwbim`m¨iv,†Kv¤úvwbevGi†Kvbm`m¨A_ev
†Kv¤úvwbieZ©gvbevmv‡eK†KvbKg©Pvwiiweiæ‡×ïiæKivgvgjvKvh©µ‡giweiæ‡×GwUe¨envi
Ki‡Z cv‡i|27
me‡k‡l, Bmjvgx Avw_©K cÖwZôv‡bi †Kvb †Kvb Ask Zv‡`i e¨_©Zv ^xKvi Ki‡Z Pvq bv Ges hyw³
†`Lvq†hAvm‡jZv‡`icY¨kixÔAvn&-AbyeZx©bq,hviKvi‡YZvAKvh©KiMY¨n‡Zcv‡i|Avi
G‡ZRbM‡YiGesm¤¢ve¨MÖvnK‡`i†Pv‡LZv‡`imybvg¶zYœnq|GKBmv‡_GwUmvaviYfv‡e
Bmjvgx Avw_©K wk‡íi Dci †bwZevPK cÖfve †d‡j| Bmjvgx Avw_©K cÖwZôv‡bi †`qv cY¨
mwZ¨Kvifv‡e†hBmjvgxZvwbwðZKi‡Zn‡e|Zvbvn‡jZv‡`iMÖvnKnviv‡bviSyuwK_vK‡e|
MÖvnKiv hw` †`‡Lb, Bmjvgx Avw_©K cÖwZôv‡bi †`qv myweav Ges cÖPwjZ cÖwZôv‡bi †`qv myweavi
g‡a¨ D‡jø L‡hvM¨ †Kvb cv_©K¨ †bB Zvn‡j Zviv cÖPwjZ cÖwZôvb‡K †e‡Q wb‡Z cv‡ib| Bmjvgx
Avw_©KcÖwZôvb¸‡jviDwPrZv‡`ic‡Y¨ikixÔAvn&-AbyeZx©neviwelqwUMÖvnK‡`iwbwðZKiv|
Zv bvn‡j Bmjvgx nevi `vwe bv Kiv|
4. Rvg©vwb Ges d«v‡Ý Bmjvgx e¨vswKs I A_©vq‡bi GKwU msw¶ß wPÎ
cÖvq35jvLgymwjgRbmsL¨v_vKviciIRvg©vwbBmjvgxe¨vswKsIA_©vq‡biev¯ÍevqbGes
cÖmv‡i weª‡Ub †_‡K A‡bK wcwQ‡q| Rvg©vwb‡Z Bmjvgx e¨vswKs I A_©vq‡bi axi MwZ‡Z cÖmv‡ii
wewfbœKviYi‡q‡Q|Z‡eevj&‡Ri(2007)g‡ZGicÖavbKviY`ywU|cÖ_gZ:Rvg©vbmgv‡R
Ômvs¯‹…wZKAvZ¥xKiYÕGiAw¯ÍZ¡|AviwØZxqwUn‡jvwKQzgymwjgwe‡kl‡ÁiRvwiKivÔd‡ZvqvÕ|
25†`Lyb,Avmeywi†ijI‡qK¨v‡iRGÛ†Kv¤úvwbwj:ebvgwi‡P(1875)GjAvi7GBPGj653
26e„‡U‡bi`„wófw½iRb¨†`Lyb,†Kv¤úvwbAvBb2006Gi31I39cwi‡”Q`
27†`Lyb,†Kv¤úvwbAvBb1968Gi20(1)(2)(3)cwi‡”Q`.
Bmjvgx e¨vswKs| 85
Gmed‡ZvqvÕqmvaviYfv‡egymjgvb‡`iDciAek¨BcÖ‡hvR¨n‡eGgbwbw`©ókixÔAvn&bxwZ
Abymi‡Yieva¨evaKZv†_‡KBD‡iv‡cigymjgvb‡`iQvo†`qv|
Rvg©vwb‡ZBmjvgxe¨vswKsIA_©vq‡biwe¯ÍviIDbœqbNUv‡bviAbygwZ†`IqvDwPZbqe‡j
†hweZK©Pj‡QZvimv‡_evj&R(2007)wØgZ†cvlYK‡ib|wZwbBmjvgxe¨vswKsIAvw_©K
e¨e¯’v‡K Rvg©vwb‡Z wK Kvi‡Y weKvk NU‡Z †`qv DwPZ Zvi GKwU ZvwjKv K‡ib| cÖ_gZ,
BD‡iv‡cgymwjgm¤cÖ`v‡qiRb¨wbw`©ócwiw¯’wZ‡Zmy`GesGie¨envim¤ú‡K©†h†iqvZi‡q‡Q
†mm¤ú‡K© wm×všÍ†bqviGLwZqviAvw_©Kwbqš¿K‡`inv‡Z_vKvDwPZbq,hvi†`vnvBw`‡q
ZvivBmjvgxe¨vswKsIA_©vqbGicÖPjbIDbœq‡bAwb”QvcÖKvkK‡i|wØZxqZ,e¨emvwqK
w`K†_‡KRvg©vwbiLyPivevRv‡iBmjvgxe¨vswKsIA_©vqbweKv‡kiAwgZm¤¢vebvi‡q‡Q|Gi
g~j KviY †mLv‡b i‡q‡Q wekvj gymwjg Rb‡Mvôx| Avi Zv‡`i Rb¨B G‡K weKwkZ Kiv DwPZ|
Z…ZxqZ,Bmjvgxe¨vswKsIA_©vqbh_vh_evRvicÖwZwbwaZ¡K‡i,†µZv‡`iPvwn`viKvi‡YGi
cÖmviNUv‡bvDwPZ|PZy_©Z,BD‡iv‡cˆbwZKZvwfwËKA_©vq‡biGLbwe‡klcÖ‡qvRb,hvwewfbœ
Bmjvgx kixÔAvn&wfwËK e¨emvwqK Pyw³i gva¨‡g cvIqv †h‡Z cv‡i| cwi‡k‡l, bxwZMZ `„wó‡KvY
†_‡K, Rvg©vb miKv‡ii DwPZ Zvi gymwjg bvMwiK‡`i Bmjvgx A_©vq‡bi my‡hvM jvf Ki‡Z
†`qv|GwUïayZv‡`iwek¦vme‡jZv†_‡KewÂZKivDwPZbq(evjR,2007)|
Dciš‘,d«vsKdz‡U©iBmjvgxe¨vswKsGÛdvBb¨vÝBÝwUwUD‡UimfvcwZhv‡q`Avj†gvKv‡Ïw`
(2008)-ig‡Z,Rvg©vwb‡ZBmjvgxe¨vswKsIA_©vqbcÖmv‡iiAmvaviYm¤¢vebvi‡q‡Q wKš‘
G‡ÿ‡Îmy¯úóevavnj†mLvbKvieZ©gvbAvBwbIAvw_©Ke¨e¯’v,hvGL‡bvBmjvgxAvw_©K
e¨e¯’vi Rb¨ cÖ¯‘Z bq| wZwb AviI e‡jb, Rvg©vwbi A‡bK e¨vsK Bmjvgx e¨vswKs I A_©vq‡bi
mv‡_RwoZ,wKš‘Zvg~jZRvg©vwbievB‡i|me‡P‡qfv‡jvD`vniYn‡jvW‡q‡Pe¨vsK|GwU
2005mvj†_‡K†mŠw`Aviee¨vs‡Kim‡½GK‡ÎÒmyKzKÓBmyyK‡iAvm‡Q|A_ev,†Wªm&Wbvi
e¨vs‡Ki mvewmwWqvwi cÖwZôvb †Wªm&Wbvi †K¬BbIqvU© Gi K_v ejv hvq| GwU 2007 mvj †_‡K
evnivB‡b KvR Ki‡Q|
d«v‡ÝgymjgvbmsL¨vcÖvq50jvLhvBD‡iv‡ci†h†Kvb†`‡kig‡a¨e„nËggymwjgRb‡Mvôx|
`yf©vM¨ekZ,Bmjvgxe¨vswKsIA_©vqb †`kwUiG‡RÛvev wPšÍvievB‡ii‡q †M‡Q|Bmjvgx
e¨vsKvi‡`iaviYvn‡jv,†`kwU‡ZBmjvgxe¨vswKscY¨cÖmvibvNUviKviY†mLvbKvigymwjg
RbmsL¨viAwaKvskkÖwgK‡kÖYxicÖwZwbwaZ¡K‡i|Zv‡`iRb¨†gŠwjKe¨vswKs-GicÖ‡qvRbUzKz
cÖPwjZ divwm e¨vsK w`‡q wg‡U hvq| Ab¨w`‡K, wKQy cwÐZ g‡b K‡ib, BD‡iv‡c Bmjvgx Avw_©K
cÖwZôvbDbœq‡bic‡_cÖavbAšÍivqBmjvgxe¨vs‡KijvB‡mÝcÖ`v‡bi †¶‡Îd«v‡Ýi †K›`ªxq
e¨vsK Òe¨vsK `¨ d«vÝÓ-Gi Awb”Qv| KviY, Bmjvgx e¨vs‡Ki e¨emvi wfwË Zv‡`i cÖwZcÿ
cÖPwjZe¨vs‡Ki†P‡qAvjv`v(KvIqvb,1996)|
Z‡em¤cÖwZdivwmmiKviBmjvgxe¨vswKsIA_©vqbm¤ú‡K©g‡bvfvecwieZ©bK‡i‡Q|Gi
KviYnjwek¦e¨vcxAvw_©Km¼UKv‡j†KejBmjvgxe¨vsKcÖvqA¶ZwQj|Av‡iKwUKviYn‡jv
86| Bmjvgx e¨vswKs
Bmjvgxe¨vswKsIA_©vqbd«v‡ÝiRb¨we‡`kxwewb‡qvMAvK…óKi‡Zcv‡i|Ab¨K_vq,d«vÝ
Bmjvgxe¨vswKsIA_©vq‡biRb¨ÔBD‡ivwcqvbnveÕn‡ZPvq`ywUKvi‡Y,¯’vbxqe¨vcKmsL¨K
gymwjgRbmsL¨vicÖ‡qvRbwgUv‡bviRb¨;Avi,DcmvMixq†`k†_‡Keowewb‡qvMKvix‡`iAvK…ó
Ki‡Z|mv‡eKdivwmA_©gš¿xwµw÷bvjvMvi‡`(B›Uvib¨vkbvjgwbUwidvÛevAvBGgGdGi
cÖavb)†NvlYvK‡i‡Qb†h,ïaygvÎjÛbbqc¨vwi‡miIBmjvgxe¨vswKsIA_©vq‡big~j†K›`ª
nIqviwecyjm¤¢vebvi‡q‡Q|GaviveRvq†i‡Ldivwmmsm`BwZg‡a¨e¨vswKsAvB‡bim‡½
mgš^qK‡iBmjvgxe¨vswKsIA_©vq‡bicÖwZ‡hvwMZvg~jKDbœqb-GiAby‡gv`bw`‡q‡Q|Gme
D‡`¨v‡Mi G‡Kev‡iB mgv‡jvPbv n‡”Q bv ZvI bq| wKQy wKQy ivRbxwZwe` mgv‡jvPbv Ki‡Qb
†h,d«vÝGigva¨‡gBmjvgxwewa-weavb‡KZviwbR¯^AvBwbKvVv‡gvig‡a¨wb‡qAvm‡Q|Z‡e
AvkviK_vn‡jvGivmsL¨vqbMY¨Gesd«v‡ÝBmjvgxe¨vswKsIA_©vq‡bi ªæZDbœqbNU‡Zïiæ
K‡i‡Q|GicÖ_gc`‡¶cn‡jv†mLv‡bBmjvgxe¨vswKsKivijvB‡m݆c‡ZÔKvZviBmjvgx
e¨vsKÕ-GiAv‡e`b|
5. Dcmsnvi
BD‡iv‡c Bmjvgx e¨vswKs wkí cwiPvjbvi †ÿ‡Î mvaviYfv‡e †h †`‡k GwU cwiPvwjZ n‡e †m
†`‡kiAvBwbe¨e¯’vigva¨‡gAvBbMZmyi¶vcÖ‡qvRbnq|cÖ‡qvRbxqAvBwbmyi¶vQvovGi
AwaKZiDbœqbm¤¢vebvG‡Kev‡iBmvgvb¨|GwU†ekM‡e©imv‡_D‡jøLKivhvq†h,weª‡U‡b
Bmjvgxe¨vswKswk‡íiDbœqbAe¨vnZfv‡eBn‡q‡QGesfwel¨‡ZGiAviIm¤§„w×AvkvKiv
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wkÿv_x©BGm¤ú‡K©covïbvKi‡Q|Bmjvgxe¨vswKs‡qiinm¨GL‡bvD‡¤§vP‡biA‡c¶vq|we‡k¦
Bmjvgxe¨vs‡KimsL¨v250Gi†ewk|GmsL¨vwek¦A_©bxwZiZzjbvqLye†QvUn‡jIGievwl©K
cÖe„w×15%-20%,hvwe®§qKi|
Bmjvgxe¨vswKskixÔAvn&AvBbØvivcwiPvwjZ|GwUwdKvn&Avj-gyqvgvjvZ(†jb‡`‡biBmjvgx
AvBb)bv‡gcwiwPZ|Bmjvgxe¨vswKs-Gi†gŠwjKbxwZgvjvn‡jvjvf-¶wZÕieÈbGeswievev
92| Bmjvgx e¨vswKs
my‡`i Dci wb‡lavÁv| cÖPwjZ †h Bmjvgx aviYvq GB e¨vsK e¨e¯’v cwiPvwjZ, Zv n‡jv: gybvdv
fvM,wR¤§v`vix,†hŠ_D‡`¨vM,g~j¨†hvM(cost plus) Ges BRviv|
Bmjvgx A_©vqb e¨e¯’v †h bxwZgvjvi AvIZvq cwiPvwjZ, Zv Avw_©K Lv‡Zi w¯’wZkxjZv, mgv‡Ri
cÖwZÔKi‡cv‡iUÕ vqe×ZvGes ewk¦K†cÖ¶vc‡Uim‡½m¤úwK©Z|Bmjvgxe¨e¯’vq†jb‡`bn‡Z
n‡eAK…wÎg|Gi†cQ‡b_vK‡Zn‡e†`qv-†bqvicÖK…ZAwfcÖvqGesFYwewµKivhv‡ebv|
GB†jb‡`‡b†hSzuwK_v‡KZvAb¨Kv‡ivKv‡Qn¯ÍvšÍiIKivhvqbv|
Gme kZ© †ewkifvM Abygvb wbf©i †jb‡`b‡K evwZj K‡i †`q| KviY, Bmjvgx e¨e¯’vq A_©vqb
e„w×im‡½cÖK…ZA_©bxwZiMwZ-cÖK…wZiGKwUm¤úK©i‡q‡Q|GUvAwZwi³A_©vq‡bijvMvg†U‡b
a‡i|GBe¨e¯’vA_©bxwZicÖK…ZLvZ¸‡jv‡Zm¤ú‡`icÖevne„w×iGKwUeomy‡hvMm„wóKi‡e|
hvw`‡bi†k‡lKg©ms¯’vbGesAvZ¥Kg©ms¯’vbIwbZ¨cÖ‡qvRbxqc‡Y¨iDrcv`‡bmvnvh¨K‡i|
mvgvwRKfv‡e`vqe×wewb‡qvMwKfv‡eKvRK‡iZvgymwjg-Agymwjgwbwe©‡klmevB†ev‡Sb|
A_PZv‡`iA‡b‡KBmvgvwRKfv‡e`vqe×wewb‡qvMGeskixÔAvn&-wfwËKwewb‡qv‡Mig‡a¨wgj
m¤ú‡K©m‡PZbbb|mevBG‡¶‡ÎbxwZˆbwZKZviaviav‡ibvGgbe¨emv‡KGievB‡iiv‡L|
mevBe„nËiA‡_©GKBai‡bie¨emvm¤ú‡K©†bwZevPKaviYv†cvlYK‡ib†hgb,A¨vj‡Kvnj,
ZvgvK,A¯¿,gvsmcÖwµqvKiYIdUKvevwR|GQvov†hme†Kv¤úvwbkÖwgK‡`iKggRywi†`q
Geshv‡`iAf¨šÍixYcwi‡ekAbybœZ†mme†Kv¤úvwb‡KIBmjvgxc×wZAby‡gv`bK‡ibv|
BmjvgxGesmvgvwRKfv‡e`vqe×cÖwZôvb¸‡jvig‡a¨ †ek wgj|Df‡qB`yÕwUD‡Ïk¨ wb‡q
KvRK‡i:mgv‡Ri¶wZbvKivGesgybvdvKiv|e¨emvqˆbwZKZviw`KwUj¶¨iv‡LbGgb
Agymwjg‡`ig‡a¨IBmjvgxe¨e¯’vRbwcÖqnIqvim¤¢vebvi‡q‡Q|hv wb‡RibqZv wewµ‡Z
evav †`q G e¨e¯’v|
ev¯Í‡eGiwKQye¨envwiKmxgve×ZvIAv‡Q|mvaviYfv‡eÔ†WwiwfwUfmÕIÔkU©†mwjsÕMÖnY‡hvM¨
bq|Pjgvbm¼‡UG`yÕwUevRv‡iiRb¨ wec¾bKwn‡m‡ecÖgvwbZn‡q‡Q|cy‡ivcwiAbygvb
wbf©iGesdUKvevwRBmjvgxA_©bxwZ‡Zwbwl×|BmjvgxA_©e¨e¯’vq†jb‡`bn‡Zn‡e¯^”Q|
GLv‡bgybvdvwewµKivhv‡ebv|Ab¨Kv‡ivm‡½e`jIKivhv‡ebv|BmjvgxA_©‰bwZKg‡Wj
Ae‡nwjZ FYMÖnxZvi mgm¨v Kgv‡Z cv‡i| Zv‡`i mnR k‡Z© FY w`‡q mvnvh¨ Ki‡Z cv‡i| d‡j
wewjqb wewjqb Wjvi A_© mvkÖq n‡e| A_P, Ggb wecyj cwigvY A_© †ejAvDU cwiKíbvq abx
e¨vsKvi‡`i †cQ‡b Xvjv n‡q‡Q|
2. Bmjvgx A_© e¨e¯’v Kx?
2.1 m~Pbv
1970-Gi k‡KAvie†`k¸‡jv‡ZA‡bKUvKzwUiwk‡íig‡ZvBmjvgxA_©e¨e¯’vihvÎvïiænq|
BmjvgxAvBbevkixÔAvn&(GjMvgvj-2006)†gvZv‡eKcwiPvwjZGBA_©e¨e¯’vMZvbyMwZK
Bmjvgx e¨vswKs| 93
e¨e¯’v†_‡KAvjv`v|wewfbœ†`‡kGBe¨e¯’vPvjyicibvbvSzuwKc~Y©D‡`¨v‡Mig‡a¨IZv`ªæZ
DbœwZjvfK‡i‡Q|†Kv‡bv†`k,AÂjGesmvwe©Kfv‡ewe‡k¦iBmjvgxA_©e¨e¯’vm¤ú‡K©GL‡bv
†Zgbwbf©i‡hvM¨Z_¨cvIqvhvqbv|Z‡e,mv¤cÖwZKeQi¸‡jv‡ZGBe¨e¯’vcwðgveûRvwZK
Avw_©KcÖwZôvb¸‡jvibRi†K‡o‡Q|wmwUMÖæcGesGBPGmwewmÕig‡Zve¨vsKIAviewe‡k¦i
evnivBbGesmshy³Avwgiv‡ZGBe¨e¯’vPvjyK‡i‡Q|GQvovhy³ivóªGesweª‡U‡bGBPGmwewm
wewfbœBmjvgxÔAvw_©KcY¨Õ†jb‡`bK‡i_v‡K|cwðgvwek¦,we‡klK‡ihy³iv‡óªwKQzBmjvgx
ÔAvw_©KcY¨Õm¤úwËAwaMÖnY †hgb, wi‡qjG‡÷U, †QvU †QvUKi‡cv‡ikbAwaMÖn‡YiKv‡R
e¨eüZnq|cy‡ivcywiBmjvgxbxwZ†g‡bGKvRKivnq|
Bmjvgx e¨vswKs g‡Wj wKfv‡e MZvbyMwZK g‡Wj †_‡K wfbœ, Zv cix¶v K‡ib `vmywK Ges
Ave`yjøvn (2007)| GKwU my›`i Ges fvimvg¨ mgvR cÖwZôvq KvR K‡i Bmjvgx e¨vswKs|
weskkZvãx‡ZBmjvgxe¨vswKse¨e¯’viD™¢eN‡U(†PŠayixIûmvBb,2005)|GLv‡be¨vswKs
e¨e¯’v‡Km¤ú`-wfwËKKivicÖ¯Íve†`qvnq|GLv‡bmg¯ÍAvw_©KmiÄvgBmjvgxkixÔAvn&Õi
wfwˇZ e¨envi Kiv nq| Bmjvgx e¨vswKs e¨e¯’vi g~j K_v n‡”Q, G e¨e¯’vq †Kv‡bv my` †jb‡`b I
gybvdveÈbn‡ebv|Nvbœvw`qvbI†Mv¯^vgx(2004)g‡bK‡ib,g~jBmjvgxe¨vswKse¨e¯’vqcyuwR
SzuwKc~Y©GesGigybvdveÈbwfwËK|Z‡e,†cvjvW©Im¨vgvi‡mi(2007)g‡ZvA_©bxwZwe`iv
GBe¨e¯’vimKj†jb‡`‡bmy‡`iAbycw¯’wZevmy`wbwl‡×iK_ve‡j‡Qb|
BmjvgxA_©e¨e¯’vwZbcÖK…wZie¨w³‡`icwic~iK†hvM¨ZviDciAZ¨šÍwbf©ikxj:
1) Avw_©Kwel‡q`¶†ckvRxex:hvivMZvbyMwZKA_©e¨e¯’vm¤ú‡K©IqvwKenvjGesgymwjg
we‡k¦Bmjvgxc‡Y¨iPvwn`vm¤ú‡K©AeMZ|ZvivGgbGKUvcY¨evRv‡iQvo‡ebhv‡Z
gvbyl g‡b K‡ib †mUv GKUv Bmjvgx cY¨|
2) Bmjvgx we‡klÁ: hviv Bmjvgx A_©bxwZ cwiPvjbv Ki‡Qb Zv‡`i‡K mvnvh¨ Ki‡eb Giv|
GKwU Bmjvgx cY¨ †hb evRv‡i cÖwZôv jvf Ki‡Z cv‡i, †mRb¨ Zviv mvnvh¨ Ki‡eb|
3) AvBbRxex:ZvivBmjvgxA_©bxwZcwiPvjbvKvix‡`imvnvh¨Ki‡eb,hv‡Zc~‡e©v³‡`im¤ú`
mevi Kv‡Q MÖnY‡hvM¨Zv I ˆeaZv cvq|
2.2 Bmjvgx A_© e¨e¯’vi HwZnvwmK wfwË
Ebwesk kZ‡Ki †kl w`‡K A‡Uvgvb mvgªvR¨ Zv‡`i e¨q e¨e¯’vcbvi Rb¨ gymwjg we‡k¦ cwðgv
avivie¨vswKsc×wZPvjyK‡i|ZLbwKQzBmjvgxAvBbÁIBe¨e¯’vPvjyic‡¶gZ†`b|wKš‘,
†ewkifvMBmjvgxwe‡klÁ†`L‡jb,GUvBmjvgxwewa-weav‡bicwicš’x|Povmy‡`KvieviKiv
n‡”Q|GAe¯’vBD‡ivcxqJcwb‡ewkKAvgjRy‡oPj‡Z_v‡KGesweskkZvãxiga¨fv‡MG‡m
†klnq|GmgqBmjvgxcybR©vMi‡Yeyw×e„wËKImvgvwRK¯^vaxbZvAv‡›`vjb¸iæZ¡c~Y©f~wgKv
cvjbK‡i|GBAv‡›`vj‡bi†bZ…Z¡`vbKvixA‡bKeyw×Rxexg‡bK‡ibivR‰bwZK¯^vaxbZvi
Rb¨A_©‰bwZK¯^vaxbZvImgvbRiæix(Kvndv2002)|
94| Bmjvgx e¨vswKs
ÔBmjvwgKB‡KvbwgKmÕbv‡gB‡Zvc~‡e©me†jLvqmgw÷KA_©bxwZ‡KcÖvavb¨†`qvnq|1970
Gi k‡KBmjvgxA_©bxwZwb‡qZvwË¡KAv‡jvPbve¨envwiKw`‡KNy‡ihvq|Av‡jvPbvn‡Z_v‡K
gymjgvbiv wKfv‡e weKíBmjvgxe¨e¯’v w`‡qMZvbyMwZKPovmy`-wfwËKe¨e¯’vi †gvKv‡ejv
Ki‡Z cv‡i| wesk kZ‡Ki gvSvgvwS mg‡qi iPbv¸‡jv‡Z jvf-¶wZ wbf©i †jb‡`b‡K my`-
wfwËKe¨e¯’viGKwUweKíwnmv‡ecÖ¯ÍveKivnq|AviwefvlvqG‡Kgy`vivevejvnq|GUv
ga¨hy‡MBD‡ivcxqK‡gÛvPzw³IBûw`‡`i†nUviBmKvig‡ZvB|cÖ_gw`‡KiK¨v_wjKAvB‡b
my`wfwËK†jb‡`bcwinv‡iiRb¨Gai‡bie¨e¯’vwQj|Bûw`ivI†mmgqGKBai‡biAvBb
AbymiYKiZ(GjMvgvj2006)|GBAswk`vixwfwËKe¨e¯’vwKQzBmjvgxKvh©µ‡gig‡a¨
KvRK‡i (my`wfwËKRgv e¨e¯’vicwic~iK wn‡m‡e)|BmjvgxAvBbwe`GesAvBbRxex‡`i
mnvqZvqBmjvgxA_©e¨e¯’vwb‡qKvRKive¨emvqxivwewfbœcY¨aviwn‡m‡e†`qvGescwienb
Lv‡Zi g‡Zv wbw`©ó Av‡qi Lv‡Z wewb‡qvM ïiæ K‡ib|
2.3 Bmjvgx A_©vqb e¨e¯’v †hfv‡e KvR K‡i
Bmjvgx e¨e¯’v Avw_©K KvVv‡gvi m‡½ g~j¨‡ev‡ai GKwU fvimvg¨ eRvq ivL‡Z mdj n‡q‡Q| Z‡e,
G‡K Av‡iv D”P ch©v‡q wb‡Z GKwU mgwš^Z g‡Wj cÖ‡qvRb| Bmjvgx A_©e¨e¯’vi †K‡›`ª i‡q‡Q
ˆbwZKg~j¨‡eva|GBg~j¨‡ev‡aiQvqvc‡oA_©‰bwZKKvh©µ‡gi†mevIc‡Y¨iDci|ˆ`bw›`b
Kvh©µ‡giRb¨GwUwZbwUwelq‡K¸iæZ¡†`q:KvVv‡gv,cÖwµqvIDc¯’vcb(documentation)|
2.3.1 †fv³v I e¨emvwqK FY weKí
BmjvgxAvBbwe`ivmy`-wfwËK†jb‡`bwbwl×K‡i‡Qb|Zv‡`ig‡Z,BmjvgxA_©e¨e¯’vn‡e
m¤ú`-wfwËK|MZvbyMwZKe¨vswKs‡qig‡Zv†KDmy`†bqvevw`‡Zcvi‡ebv|Bmjvgxe¨vswKs‡q
†jb‡`‡bime‡P‡qmnRc×wZn‡”Qwi‡qjG‡÷U,Z_vRwg†Kbv‡ePv,cwienbe¨emvGes
e¨emvwqKmiÄvg†Kbv‡ePv|Gai‡biLyPivA_©vq‡bcÖavbwZbai‡biÔUyjÕe¨enviKivnq|
2.3.1.1 †ePv-†Kbv-†diZ (buy-sell-back) e¨e¯’v
K¬vwmK¨vjAviwemvwn‡Z¨Ge¨e¯’vibvg†`qvn‡q‡QÔgyivevnvÕ|Gai‡bi†jb‡`‡be¨vsK†µZvi
KvQ†_‡KGgbA½xKvijvfK‡i†h,e¨vsKIB†µZviPvwn`vg‡ZvGKwUm¤ú`wKb‡eGes
Df‡qim¤§wZ‡Zµqg~‡j¨iIcijvfmn(my‡`iweKí)GKB†µZviKv‡QZvwewµKivn‡e|
GUvA‡bKUv†dWv‡ijwiRvf©-Gi‘Matched Sale-Purchase Agreement (MSPA)’ Gi g‡Zv|
G‡ZAwZwi³Ki,jvB‡mÝ wd,BZ¨vw`Av‡ivcKivn‡e wKbvZv wbf©iK‡i wba©vwiZAvBb
I wewb‡qv‡MiD‡Ï‡k¨iDci|hy³iv‡R¨m¤cÖwZ ˆØZKiv‡ivcQvovBGBPGmwewme¨vsK‡K
ÔWvej-†mjdvBwÝsÕKvh©µgcwiPvjbviAby‡gv`b†`qvn‡q‡Q|1999mv‡jBDbvB‡UWe¨vsK
AeKz‡qZ(BDwe‡K)hy³iv‡óªBmjvgxe¨vswKse¨e¯’viAvIZvqevwowbg©v‡YiRb¨wewb‡qv‡Mi
cÖ¯Íve†`q|Ge¨e¯’vibvg†`qvnqÔgvbwRjBDGmGÕ|wKš‘wKQzw`bGe¨e¯’vPj‡jIc‡iZv
Bmjvgx e¨vswKs| 95
eÜn‡qhvq|hy³iv‡óªigy`ªvwbqš¿YKvixKZ©„c¶ÔgyivevnvÕA_©vqbe¨e¯’v‡K†mLvbKviwi‡qj
G‡÷Ue¨emvqAb¨vb¨ wbivc`A_©vq‡big‡Zvn‡Zn‡ee‡jkZ©Ry‡o †`q|ejvnq,GUv
Bb‡fbUwi,hš¿cvwZ‡Zwewb‡qvMKg©Kv‡Ðig‡ZvBe¨vswKse¨emviAsk|ZvB,MZvbyMwZKmy`-
wfwËKAb¨vb¨e¨e¯’vig‡ZvBÔgyivevnvÕ-†Kg~j¨vqbKivnq|
2.3.1.2 †Kbvi Rb¨ BRviv (lease-to-purchase) ev µgn«vmgvb Askx`vwiZ¡ e¨e¯’v
GBe¨e¯’v‡KAviwe‡Z ÔBRvivÕev ÔgykvivKvgyZvbvwKmvÕejvnq|m¤úwˆKbvI¯^Ë¡eRvq
ivL‡Z†¯úkvjcvicvR†fwnKj(Gmwcwf)`iKvinq|Gici†fv³viKv‡QIBm¤úwËBRviv
†`qvnq|†fv³v†gqv`-wfwËK`vqcwi‡kvaK‡ib|Gig‡a¨_vK‡Zcv‡ifvovGesg~ja‡bi
Ask|fvovwba©vwiZnqevRvi`‡i,hvwba©viYK‡i†`bGKRbweP¶YAvBbÁ|Avi†fv³vi
Aswk`vwiZ¡e„w׆c‡Z_v‡K†gqv‡`i-wfwˇZg~ja‡biAskcwi‡kv‡aigva¨‡g|d‡j,†µZvi
Dciax‡iax‡iZvi†gqv‡`iwKw¯ÍKg‡Z_v‡K|
BDwe‡K (UBK)-iAby‡iv‡ahy³iv‡R¨Õigy`ªvAwWUwefvMBmjvgxBRviv†j`‡`‡biwelqwUcix¶vGesGiKviYAbymÜvbK‡i|GAbymÜv‡bidjn‡jv:ÔÔe¨vsKGgbfv‡eBRvivKvVv‡gvˆZwi
Ki‡ehv‡ZZvF‡YimgZzj¨nqGesm¤úwËØvivmyiw¶Z_v‡K|BRviviA_©‰bwZKKvh©KvwiZv
F‡Yig‡ZvB|GUve¨vs‡KiGKai‡bie¨emv|GLv‡bGUv úó†h,BDwe‡KÕiBRviv(LiPev‡`)
A_©vq‡bimgvb|†hkvLvGai‡bi†jb‡`bKi‡e†mUvwbivc`FYcÖ`vbKvixkvLv|ÕÕ
GB e¨e¯’vq BRviv‡K wbivc` Ki‡Z GKwU mvwU©wd‡KU Bmy¨ Kivi Aby‡gv`b †`qv nq| Gi
gva¨‡gm¤úwËigvwjKvbvwba©vwiZnqGeshvgvwjK‡Kfvov†ZvjviˆeaZv†`q|mv¤cÖwZK
eQi¸‡jv‡ZGBc×wZBmjvgxA_©e¨e¯’vqwmwKDwiUvB‡Rkb‡KA‡bKGwM‡qw`‡q‡Q|G‡K
Avgiv ÔeÛÕ-Gi Av‡jv‡KI Av‡jvPbv Ki‡Z cvwi| hy³iv‡óªi †dwbB †gB Ges †d«wW g¨vK
BRvivwfwËKeÜwKcÖ_v‡Kmg_©bK‡ib|Zvive‡jb,GUvwK‡b†bqGesM¨vivw›U†`q|G‡¶‡Î
Zviv†KejˆeaZvw`‡ZGeswewfbœAvBbMZevav`~iKi‡ZwKQzKvMRc‡ÎiK_ve‡jb(Gj
Mvgvj-2006)|gymjgvb‡`iRb¨wbw`©óAvq-wfwËKwewb‡qv‡MiweKíwn‡m‡eIBmeBmjvgx
eÜK-wfwËKwmwKDwiwURevRv‡iPvjyn‡q‡Q|
2.3.1.3 mv¤úªwZK K_v
m¤cÖwZDcmvMixqmn‡hvwMZvKvDwÝjfz³(wRwmwm)†`‡kie¨vsK¸‡jv†fv³v‡`iRb¨wÎc¶xq
Pzw³iwfwˇZÔ†fv³vA_©vq‡bÕiGKwUc×wZPvjyK‡i‡Q|hviAviwebvgÔZvIqviiæKÕ|Bmjvgx
e¨vsK¸‡jv†ekK‡qKeQia‡ieoMÖvnK‡`iwb‡qe¨emvKi‡jIm¤cÖwZÔ†fv³vA_©vqbÕïiæ
K‡i‡Q| D`vniY wn‡m‡e ejv hvq, GKRb †fv³v Bmjvgx AvBb †gvZv‡eK GK nvRvi Wjvi FY
wb‡ZPvb|wRwmwmÕiBmjvgxAvBbwe`ivG‡¶‡ÎÔnv¤^wjÕgvRnv‡eidwKn‡`igZvg‡ZiDci
wbf©i K‡ib|
96| Bmjvgx e¨vswKs
e¨vsK‡KGKnvRvicvD‡ÛicY¨ (†hgb,Mg) †KbvGes †fv³viKv‡QZv wewµi (gybvdvi
wfwˇZ)AbygwZ†`Iqvnq|G‡¶‡Îgybvdvmy‡`inv‡iimgvbn‡Zcv‡i|†Kbv‡ePvie¨qUvI
GBwnmv‡eaivnq|Gici†fv³vbM`A_©†c‡Z†mUvZ…Zxq†Kv‡bvc‡¶iKv‡QwewµK‡ib|
A‡bKmgqe¨vs‡KiKv‡QBcY¨wUwewµK‡ibM`A_©msMÖnKivnq|
2004mv‡jwRwmwmfz³GKwU†`‡kiAšÍZGKwUe¨vsKGBbZzbÔZvIqviiæKÕc×wZPvjyi
†NvlYv†`q|Gici†_‡KGBc×wZmnRfv‡eBFYcÖ`v‡be¨eüZn‡Z_v‡K(†fv³vFY,
Awbivc`FYcÖf…wZ)|GBc×wZcÖPwjZaviviwKQze¨vsK‡KBmjvgxc×wZiw`‡Kwb‡qAv‡m|
G‡¶‡Îme‡P‡q†ewkZvrch©c~Y©wQj,†mŠw`Avi‡eiÔb¨vkbvjKgvwm©qvje¨vs‡Ki†NvlYv|G
e¨vsKImKjF‡Yi†¶‡ÎBmjvgxc×wZAbymi‡YiK_vRvbvq|
2.3.2 K‡c©v‡iU I miKvwi e‡Ûi weKí
K‡c©v‡iU Ges miKvwi e‡Ûi weKí¸‡jv wb‡q 1980 I 1990 Gi `k‡K KvR ïiæ nq|
cÖ_gw`‡K Aí msL¨K eÛ weKí wb‡q †Póv Kiv n‡qwQj| mvd‡j¨i nvi wQj mxwgZ| Gi g‡a¨
wKQz wQjjvf-¶wZfvMK‡i†bqviwfwˇZ(†hgb:my`vbGescvwK¯Ívb)|AveviwKQy†¶‡Î
g~j-GiwbðqZv_vK‡jIwbw`©ónv‡ijvfcÖvwßi†KvbIwbðqZvwQjbv(†hgb:gvj‡qwkqv)|
BRviviÔwmwKDwiUvB‡RkÕwelqwUcy‡ivcywi†evaMg¨nIqviciD‡jøL‡hvM¨msL¨K†emiKvwi
GesmiKvwieÛBRvivmgw_©ZwmwKDwiwUwn‡m‡eMVbKivn‡qwQj(myKzKAvjBRviv)|
Gm¤úwK©Zme‡P‡qeo†jb‡`‡biNUbvN‡Umshy³AvieAvwgiv‡Z,2004mv‡j|†m‡`‡ki
†emvgwiK wegvbAwa`ßi750 wgwjqbWjv‡ii eÛ Bmy¨ K‡i| †m mg‡qB evnivBb †kqvi
evRv‡i250wgwjqbWjv‡iieÛQvovnq|wØZxqwUi†bZ„Z¡w`‡qwQjwmwUMÖæc|†hLv‡bÔbiUb
†ivRjdvg©Õ-Gi¸iæZ¡c~Y©AskMÖnYwQj|Gic‡iiwUwQjmiKvwicÖwZôvbRvg©vb†dWv‡ij
†÷Um¨v‡·vwb-G¨vbnë-Gi100wgwjqbBD‡iviBmy¨|GwUwQjcwðgv†KvbmiKv‡iiBmy¨
Kiv cÖ_g Bmjvgx eÛ| wRwmwmf~³ Avie †`k¸‡jv‡Z GwU e¨vcK cÖPviYv †c‡qwQj| 2004
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Wjvi|2006mv‡jmf‡iBbe‡ÛicwigvYwQj†gvU2.7wewjqbWjvi|2005mv‡jGcwigvY
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cvwU©GwUwK‡bwb‡Zcv‡i|†h‡nZzGBc×wZ‡ZAewkóe‡Kqv,cY¨GesmieivnSzuwKi‡q‡Q
ZvBBmy¨Kvixive‡ÛiRb¨eÛ†µZv‡`i wbðqZv †`b|Gai‡bie‡Ûi †gŠwjKm¤ú`FY
nIqvqBmjvgxAvw_©Ke¨e¯’vi wbqgAbyhvqxGwUgva¨wgKevRv‡i wewµ‡hvM¨bq(e¨wZµg:
gybvdvi†Kvbwelq_v‡KbvGgb†dmf¨vjy‡Zwewµ)|Ge¨e¯’veÛ¸‡jv‡K†gqv`c~Y©nIqv
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2.3.4 exgvi weKí
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Bmjvgx e¨vswKs| 99
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wØZxqZ, †h welqwU Bmjvgx AvBbwe`‡`i exgvi Dci wb‡lavÁv Av‡iv‡c DrmvwnZ K‡i‡Q, Zv
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100| Bmjvgx e¨vswKs
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cweÎKziAvbImybœvn†_‡KcvIqvGesD™¢yZ|
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m„ó| hvi wKQz ˆewk¦K iƒc‡iLv bx‡P Zz‡j aiv n‡jv (Ainley et al., 2007):
• BmjvwgKA_©‰bwZKg‡WjmZZviDci¸iæZ¡v‡ivcK‡i|G‡¶‡Î†jb‡`‡bimv‡_
m¤ú„³cÖ‡Z¨‡Kme©Rbwew`Zwm×všÍMÖnYK‡ibGesKvD‡KweåvšÍevVKv‡bvnqbv|
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AvaywbKBmjvgxe¨vswKs-GGgbAvq‡KMÖnY‡hvM¨Kivij‡¶¨GKwUc×wZD™¢veb
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3.1 m¼‡Ui g~j KviY
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Bmjvgx e¨vswKs| 101
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3.2 mvecÖvBg gU©‡MR m¼U
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MÖš’cwÄ:1. Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A. and Ravalia, A. (2007), “Islamic finance in
the UK: regulation and challenges”, Financial Services Authority, London.
2. Bahrain Monetary Agency (2002), Islamic Banking and Finance in the Kingdom of Bahrain (now the Central Bank of Bahrain), Bahrain Monetary Agency, Manama.
3. Choudhury, M.A. and Hussain, M.M. (2005), “A paradigm of Islamic money and banking”, International Journal of Social Economics, Vol. 32 No. 3, pp. 203-17.
4. Dusuki, A.W. and Abdullah, N.I. (2007), “Why do Malaysian customers patronise Islamic banks?, International Journal of Bank Marketing, Vol. 25 No. 3, pp. 142-60,
106| Bmjvgx e¨vswKs
5. El-Gamal, M. (2004), “Interest and the paradox of contemporary Islamic law and finance”, IMEFM Fordham International Law Review, December, pp. 108-49.
6. El-Gamal, M. (2006), “Overview of Islamic finance”, Occasional Paper No. 4, Office of International Affairs.
7. Ghafour, A. (2008), “Islamic finance panacea for global crisis”, Arab News, The Middle East’s Leading English Language Daily, 23 October, available at: www.arabnews.com/
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9. Kahf, M. (2002), “Waqf and its socio political aspects”, available at: www.awqafsa.org.za/
10. Pollard, J. and Samers, M. (2007), “Islamic banking and finance: postcolonial political economy and the decentring of economic geography”, Transactions of the Institute of British Geographers, Vol. 32 No. 3, pp. 313-30.
11. Stern, J. (1982), “Ribit: a halachic anthology”, Journal of Halacha and Contemporary Society,p. 46.
12. Udovitch, A.L. (1970), Partnership and Profit in Medieval Islam, Princeton University Press, Princeton, NJ.
Av‡iv covi Rb¨:
Ghannadian, F.F. and Gautam, G. (2004), “Developing economy banking: the case of Islamic banks”, International Journal of Social Economics, Vol. 31 No. 8, pp. 740-52.
Khan, M. (1992), A Simple Model of Income Determination: Growth and Economic Development in the Perspective of Interest-free Economy, Islamic Research & Training Institute of IDB, Jeddah.
Quran, 57:25
What is Islamic Banking? Institute of Islamic Banking and Insurance, available at: www.islamicbanking.com/ibanking/whatib.php
Wall Street Journal, available at: www.newhorizon-islamicbanking.com/index.cfm? section
academic articles & action
view&id
10733 www.hm-treasury.gov.uk./newsroom_and_speeches/
speeches/econsecspeeches/speech_est est_ 290307.cfm
www.imf.org/external/pubs/ft/survey/so/2007/RES0919A.htm
www.guardian.co.uk/business/2008/oct/08/creditcrunch.marketturmoil
www.foxbusiness.com/story/markets/economy/timeline-financial-crisis/
www.iht.com/articles/ap/2008/09/19/america/Financial-Meltdown-Timeline.php
http://news.bbc.co.uk/2/hi/in_depth/business/2008/downturn/default.stm
http://news.bbc.co.uk/2/hi/business/7521250.stm www.tourismeconomics.com/docs/financial_crisis_update ( jan09).pdf
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GLv‡bfwel¨rm¤^‡ÜAbygv‡bi†PóvKivn‡e|GRb¨cÖ‡qvRb wb‡R‡`ig‡a¨msjvc|Gi
gva¨‡gAvgivwKQycÖ‡kœiDËiLyuR‡Z†PóvKi‡ev|GBcÖkœ¸‡jvn‡jv:
1| Bmjvgx e¨vswKs wK wU‡K _vK‡Z cvi‡e, bvwK cvi‡e bv?
2| Bmjvgx e¨vswKs A`~i fwel¨‡Z wK AvKvi aviY Ki‡Z cv‡i?
3| AvMvgxeQi¸‡jv‡ZBmjvgxe¨vswKsg~jZ wKA_ev†Kgbai‡biP¨v‡j‡Äim¤§yLxbn‡Z
cv‡i?
4| e¨emv cwiPvjbv, miKvwi Kvh©Kjvc Ges mvaviY RbM‡Yi Rxeb avi‡Y Bmjvgx e¨vswKs wK
ai‡bi cwieZ©b Avb‡Z cv‡i?
5| Bmjvgxe¨vswKsGiDbœwZwKfv‡ewdKvn&,wnmveweÁvb,e¨emvqcÖkvmb(we‡klK‡iwdb¨vÝ
I gv‡K©wUs Ges weR‡bm g¨v‡bR‡g›U), A_©bxwZ I miKvwi bxwZi Dci cÖfve †dj‡Z cv‡i?
AvgivGLv‡bAviIwe¯ÍvwiZAv‡jvPbviRb¨GBwelq¸‡jviDciwKQyUvAv‡jvKcvZKi‡ev|
D‡jøLKivcÖ‡qvRb†h,GBcÖm½GesÒBmjvgxe¨vswKs-GiPjgvbBmy¨Ókxl©KAv‡jvPbvig‡a¨
†ekwKQy†ÿ‡Îwgj_vK‡Zcv‡i|KviYeZ©gvbAe¯’viDci`uvwo‡qBfwel¨rwba©vwiZn‡e|
Avi,fwel¨rm¤¢vebvcÖfvweZK‡ieZ©gvb‡K|GiciIfwel¨rD‡ØMwb‡qAvjv`vAv‡jvPbvi
`vwe iv‡L|
mvwq¨` Zvwni, Aa¨vcK, A_©bxwZ wefvM, B›Uvib¨vkbvj Bbw÷wUDU Ae BmjvwgK BKbwg·, B›Uvib¨vkbvj BmjvwgK BDwbfvwm©wU,
Bmjvgvev`|Biv‡biivRavbx†Zniv‡b†`kwUi†K›`ªxqe¨vsKGesAvBwWweÕiBmjvgxM‡elYvIcÖwk¶YBbw÷wUDUGi†hŠ_D‡`¨v‡M
2003mv‡ji2-6gvP©Av‡qvwRZÔBmjvwgKe¨vswKsIA_©e¨e¯’vÕkxl©K†Kv‡m©iRb¨GBwbeÜcÖ¯ÍyZKivnq|
108| Bmjvgx e¨vswKs
1. Bmjvgx e¨vswKs I A_©vq‡bi wU‡K _vKv
Bmjvgxe¨vswKs-GiwU‡K_vKv4wUwel‡qiDciwbf©iK‡i|G¸‡jvn‡jv:
1| Gi A_©‰bwZK Kvh©KiZv (viability)
2| Gi w¯’wZkxjZv
3|GicwiP‡qicÖwZP¨v‡jÄG‡jZv†gvKv‡ejvKiv
4| AvgvbZKvix I mÂqx‡`i Av¯’v|
GLv‡b GB 4wU wel‡qi Dci Avgiv Av‡jvKcvZ Ki‡ev|
1.1 A_©‰bwZK Kvh©KiZv
Bmjvgxe¨vswKs/A_©vq‡biA_©‰bwZKKvh©KiZv`ywUKvi‡YGLbAvi†Zgb†KvbBmy¨bq|
1| Bmjvgxe¨vswKsn‡jv†Keje¨vswKs-GiAv‡iKwUc×wZ|
2| A_©‰bwZK we‡ePbvq Bmjvgx e¨vswKs MZvbyMwZK e¨vswKs Gi †P‡q fv‡jv Avw_©K †mŠa
cÖ¯ÍveK‡i|
aivhvKe¨vs‡KiMÖvnK(wm)wKQy wKb‡ZPv‡”QbwKš‘Giwe‡µZvi(Gm)Pvwn`vc~i‡YigZ
ZnwejZviKv‡Q†bB|G‡¶‡ÎmvaviYe¨vsK(we)wb‡PiQwewUigZKvRKi‡e|
my‡`i wewa-wb‡laBmjvgxe¨vs‡KiRb¨GFY†`qvA_©‰bwZKfv‡eAjvfRbKK‡i†Zv‡j|
Z‡e, BmjvwgK e¨vswKs GLv‡b A_©c~Y© f~wgKv ivL‡Z cv‡i Ges GwU MÖvn‡Ki Zvij¨ m¼‡U
wb‡gœv³fv‡emvnvh¨Ki‡Zcv‡i:
Bmjvgx e¨vswKs| 109
MÖvn‡Ki hw` BRvivwfwˇZ wKQy cÖ‡qvRb nq Zvn‡j Dc‡iv³ Qwe †gvUvgywUfv‡e GKB iKg
†_‡K hv‡e|1 Z‡e MÖvnK hw` K‡qK ai‡bi †jb‡`‡b Znwe‡ji e¨envi K‡ib Z‡e Bmjvgx
e¨vsKAskx`vwi‡Z¡iAvIZvqMÖvn‡Kim‡½Zvim¤ú`fvMKi‡Zcv‡i|G‡¶‡Îgy`vivevA_ev
gykvivKv †hwU myweavRbK g‡b Kiv nq †mwU AbymiY Kiv †h‡Z cv‡i|
Dc‡iv³we‡køl‡YiAšÍwb©wnZZvrch©n‡jv:Bmjvgxe¨vsKZviMÖvn‡KiD‡ØMwbim‡bmemgq
A_©vqbKi‡Zm¶g|AviGwUKiviRb¨GKvwaKweKíe¨enviKivimy‡hvM_v‡K|2 D‡jøL¨,
BmjvgxAvw_©KDcKi‡YiRb¨Avw_©K ÔU¨vMÕ-GicÖ‡qvRb †Zgb †KvbBmy¨ n‡q`vuovq bv|
KviY, GLv‡b msL¨v wnmve K‡i †`Lv‡bv hvq †h Bmjvgx A_©vq‡bi e¨q my`wfwËK A_©vq‡b hy³
e¨‡qi g‡Zv GKB i‡q †M‡Q|
GLv‡bj¶Yxq welqn‡jv,BmjvgxA_©vq‡bA_©bxwZiAvw_©KcÖevnGesev¯ÍecÖev‡nig‡a¨
AšÍwb©wnZcÖZ¨ÿms‡hvM_v‡K|GRb¨Bmjvgxe¨vsK†_‡KZnwejcÖevwnZn‡e†KejcÖK…Z
A_©‰bwZK Kg©Kv‡Ð| myZivs, wewb‡qvMKvixiv hLb Zv‡`i cÖ‡qvRb n‡e ZLbB †Kej Bmjvgx
e¨vs‡Kimv‡_†hvMv‡hvMKi‡eb|Ge¨e¯’vqA_©vqbGesZnweje¨env‡iig‡a¨ˆecixZ¨NywP‡q
w`‡qA_©bxwZicÖK…ZIAvw_©KLv‡Zimgš^qNU‡e|GBwn‡m‡eBmjvgxAvw_©K†mŠawe`¨gvb
my`wfwËK e¨vswKs I A_©bxwZi †P‡q †kÖô n‡e|
1.2 w¯’wZ
1985mv‡jGKAvBGgGdIqvwK©s†ccv‡iW.gnwmbLvbe‡j‡Qb,GKwUmy`wfwËKA_©bxwZ
hLbwbgœgyLxnqZLbAvgvbZKvix‡`iwe`¨gvb vwemy`wfwËKe¨vswKse¨ve¯’vq vqwn‡m‡e†_‡K
hvq| GwU e¨vsK‡K FY e¨e¯’vcbvq †h‡Z eva¨ K‡i| AvgvbZKvix‡`i we`¨gvb `v‡qi ¯’‡j GwU
bZzbAvgvbZGesAb¨m~‡ÎiF‡YiAvKv‡ie¨vs‡KiRb¨bZzbIe¨qeûjF‡Yi vq ZwiK‡i|
GBcÖwµqvwUwbgœgywLZviMwZ‡KAv‡ivevwo‡q†`qGesA_©bxwZicybiæ×vi‡Ke¨vnZK‡i|
1 Aek¨B,G†ÿ‡Îe¨vsKGesMÖvnKBRvivPzw³weµqPzw³‡ZcÖwZ¯’vcbKi‡e|Avi,G‡Zmve-wjwRsmswkøó_vK‡j†m†¶‡Îe¨vsK
ImieivnKvixiµqPzw³GKwUwjRPzw³w`‡qcÖwZ¯’vwcZn‡e|
2 my`wfwËKe¨vsKFY†jb‡`‡bwewfbœaibe¨envinq|G¸‡jvZv‡`iA_©vqbAby‡ivacÖK…wZ†_‡Km„óRwUjZvigvÎviwfwˇZ
Avjv`v nq|
110| Bmjvgx e¨vswKs
Aciw`‡K,AvgvbZKvix‡`iKv‡QBmjvgxe¨vswKsGieva¨evaKZv¯^qswµqfv‡emgš^qnq|
KviYGLv‡be¨vsKIAvgvbZKvix‡`im¤ú‡K©iwfwËnjjvf-¶wZfvMKivibxwZ|A_©‰bwZK
cybiæ×viGeswbgœgywLZvcÖwZ‡iv‡aGwUKvh©Kif~wgKviv‡L|
mv¤cÖwZKKv‡j, GKwU I‡qe wbe‡Ü AvBwWweÕi W: ZvwiKzjøvn Lvb GKB wel‡q Av‡jvKcvZ
K‡i‡Qb|wZwbe‡j‡Qb,ÒGKwUe¨vswKse¨e¯’vqAw¯’iZv†`Lvw`‡ehw`Zvig~jabm¤úwËi
SyuwKiDciLye†ekxg‡bv‡hvMxnq|†h‡nZyBmjvgxe¨vswKsbxwZSyuwKfvMK‡i†`qviwfwˇZ
ˆZwiGesGwUe¨vs‡KiAvgvbZKvixIe¨vsKcyuwRig‡a¨SyuwKQwo‡q†`qZvBAšÍwb©wnZfv‡e
GUvAwaKw¯’wZkxj|cwiYvg`kx©cÖweavbIZË¡veav‡bim‡½GesAvšÍR©vwZKfv‡eMÖnY‡hvM¨
SyuwKe¨e¯’vcbv,¯^”QZvIK‡c©v‡iUkvmbev¯ÍevqbwgwjZn‡j†hmnRvZgvbˆZwinqZv‡Z
Bmjvgxe¨vswKsmylgZv, w¯’wZkxjZvGes`¶ZvAR©‡bcÖ_vMZe¨vswKse¨e¯’viGKwUAv`k©
weKín‡Zcv‡i|Ó
cÖPwjZA_©vqbwb‡q†jLv‡jwLi†ÿ‡ÎGwUAZ¨šÍmycwiwPZwelqn‡jv,BKzBwUevmylgZvwfwËK
A_©vq‡bi mv‡_ my`wfwËK FY A_©vqb‡K Zzjbv Ki‡j †`Lv hv‡e my`wfwËK FY A_©‰bwZK
Aw¯’iZviGKwU¸iæZ¡c~Y©Drm|Avgv‡`iD‡Ï‡k¨iRb¨Gwel‡qevowZgšÍe¨KivicÖ‡qvRb
n‡e bv|
cwi‡k‡l iæZ¡c~Y©welqwUn‡jv,Bmjvgxe¨vswKs‡qA_©vqbGesZnweje¨env‡iicÖZ¨ÿms‡hvM
gv‡b n‡e my`wfwËK A_©bxwZ‡Z †h FY A_ev wkw_j bM` †`Lv hvq Zvi cwimgvwß|3 myZivs,
A_©bxwZ‡ZmgwóMZPvwn`vGesmgwóMZmieiv‡nig‡a¨AmvgÄm¨ZviGKwU¸iæZ¡c~Y©KviY
G‡Z`~in‡e|GiA_©n‡ePvwn`vRwbZgy`ªvùxwZKg_vK‡e|Ab¨w`‡K,A_©‰bwZKKg©Kv‡Ði
mv‡_A_©vq‡bims‡hvMA_©bxwZ‡Z†hvMv‡bimxgve×ZvKgv‡Zmvnvh¨Ki‡e|Gid‡jAb¨vb¨
†ÿ‡Î Kg©ms¯’vb m„wó n‡e| G‡Z GB Abywm×v‡šÍ DcbxZ nIqv hvq †h, Bmjvgx e¨vswKs‡q
wd«‡Kv‡qwÝev†cŠb‡cŠwbKZv,ZxeªZvGese¨emv-P‡µimgqKvjKgn‡e|
1.3 cwiP‡qi cÖwZ P¨v‡jÄ
Avgiv gyivevnv A_©vq‡bi cÖwZ `„wó †`B| GB wewµ‡Z A_©vqb Kiv nq wejw¤^Z cwi‡kv‡ai
wfwˇZ|ÔBmjvgxmgvavb:e¨emvqxwnmv‡ee¨vsKÕkxl©K1.2bswP‡ÎZv†`Lv‡bvn‡q‡Q|G‡Z
e¨vL¨vKivn‡q‡Q,e¨emvqxwnmv‡ewKfv‡ee¨vsK†Kbv‡ePvicÖwµqvqcÖ‡ekKi‡Q|G‡Z†µZv
Gese¨vs‡Kiga¨Kvim¤ú‡K©iQweG‡m‡Q|e¨vsKcÖ_g wRwbmwU wKb‡eGesZviciGKB
wRwbmMÖvn‡KiKv‡QwewµKi‡e|GBmnRwRwbmwUKivn‡ewb‡gœv³fv‡e:
3 BmjvgxA_©bxwZ‡Zwejw¤^Z†jb‡`‡bimv‡_hy³cwiewZ©ZFYm„wón‡Zcv‡i|Z‡emvaviYfv‡eFYej‡ZhveySvqZvn‡ebv|
Bmjvgx e¨vswKs| 111
wP‡ÎmsL¨vµ‡g†jb‡`bcÖwµqv†`Lvhvq|G‡KGKwUAvw_©KDcKiYwnmv‡ee¨vL¨vKivm¤¢e|
GLv‡b(K)mieivnKvixicÖwZe¨vs‡Kieva¨evaKZvGesMÖvn‡Kiwecix‡Z vwem„wóig‡a¨†Kvb
mgqe¨eavb_v‡KbvA_ev_vK‡jIZvG‡Kev‡imvgvb¨Ges(L)e¨vs‡Kie¯‘MZA½xKvinq
Aby‡jøL‡hvM¨|
Dc‡iiGBAv‡jvPbviwecix‡ZeZ©gv‡bgyivevnvA_©vqbAwaKvsk†ÿ‡Îwb‡gœv³fv‡eKvRK‡i:
1. e¨vsKGesZviMÖvn‡Kig‡a¨GKwUA½xKvibvgv/Pyw³cÎ_v‡K|GBeva¨evaKZviKvi‡Y
MÖvnKe¨vsK†_‡KcÖkœmv‡cÿwRwbm¸‡jv†K‡bhvMÖvn‡Kibv‡gA_©vqbmyweavm„wóK‡iGes
mieivnKvixiKvQ†_‡Kmivmwi†KbviAby‡gv`b†`q(hw`Ie¨vs‡KiAv‡`‡k)|2.MÖvnK
cÖ‡qvRbxq wRwbm wK‡b Ges e¨vs‡K †c‡g›U GWfvBm ev cwi‡kva wb‡`©kbv cvVvq, hv e¨vsK
Kvh©Ki K‡i|
2. MÖvnK mivmwi mieivnKvixi KvQ †_‡K cY¨ mieivn †bq|
3. hw`cY¨wU†µZviKv‡Q_v‡KZvn‡je¨vsKIMÖvn‡Kig‡a¨GKwUµq-weµqPyw³n‡e|
hv‡ZMÖvnKcY¨ (Zvimv‡_Av‡M †_‡KBi‡q‡Q) wKb‡ZcÖ¯ÍveKi‡eGese¨vsKGKB
wRwbmwewµKi‡Zm¤§Zn‡e|
4. weµqKvixe¨vs‡KZvicwi‡kv‡ai†heva¨evaKZvZvMÖvnKcvjbKi‡e|
Dc‡iv³cÖwµqvimv‡_eZ©gv‡bmy`wfwËKe¨vswKs‡qcÖPwjZmieivnKvixiF‡Yimv‡_Av`‡Z
†Kvb cv_©K¨ †bB| hZw`b gyivevnv A_©vqb Dc‡iv³fv‡e KvR Ki‡e ZZw`b Av‡M ev c‡i Gi
¯^vZš¿wb‡qcÖkœDV‡e|†gvoKevk‡Z©icwieZ©bhyw³wnmv‡ewUK‡ebv|
AvgivhZ`~ieyS‡ZcvwiZv‡ZBmjvgxe¨vsK †hfv‡envqvicvi‡PRevfvov-µqc×wZ‡Z
A_©vqbK‡iZvimv‡_cÖPwjZAvw_©KBRvivc×wZicv_©K¨KgB|G‡Kmyw`†jb‡`bwn‡m‡e
mgv‡jvPbvK‡ibwdKvnwe`iv|Bmjvgxe¨vs‡KiM„nxZwKQyAvw_©KDcKiYm¤ú‡K©GiKgcÖkœ
112| Bmjvgx e¨vswKs
DÌvwcZ n‡Z cv‡i| Bmjvgx e¨vs‡Ki Avjv`v cwiPq wb‡q m¼U `~i Ki‡Z Bmjvgx A_©vqb I
my`wfwËKA_©vq‡big‡a¨Dc‡iiµwUevmskq`~iK‡imy¯úócv_©K¨ˆZwiKivcÖ‡qvRb|
1.4 AvgvbZKvix I mÂqx‡`i Av¯’v
W.ZvwiKzjøvnLvbm¤cÖwZGBwelqwUDÌvcbK‡ie‡j‡Qb,Bmjvgxe¨vsKwnmv‡ejvB‡mÝcÖvß
GKwU e¨vsK Lye fv‡jv Avw_©K wfwË wb‡q Pj‡Z cv‡i| Z‡e AvgvbZKvixiv hw` Rvb‡Z cv‡ib †h
e¨vsKwUkixÔAvn&ÕiûKzgj•NbK‡i‡QZvn‡jZv‡`iAv¯’vbón‡qhv‡e|ZvivAvgvbZcÖZ¨vnvi
Ki‡Zcv‡ibGesG‡Ze¨vs‡KicZbïiæn‡Zcv‡i|GimsµgYcÖfv‡eAvw_©KAw¯’iZv†`Lv
w`‡Zcv‡ihvA_©‰bwZKDbœqb‡KûgwKim¤§ywLbKi‡e|Ó
†h †KD Gi mv‡_ †hvM Ki‡Z cv‡ib mvdj¨‡K bó Kiv mywe‡ePbvi KvR n‡e bv| AZGe A_©vqb
†ÿ‡Î Bmjvgx e¨vs‡Ki †jb‡`‡b kixÔAvn& Abymi‡Yi wel‡q †Kvb iKg m‡›`n m„wói wel‡q
mveavbZvAej¤^bKi‡Zn‡e|
2. Bmjvgx e¨vswKs I A_©vq‡bi m¤¢ve¨ fwel¨r iƒc
2.1 weï× Avw_©K cÖwZôvb wn‡m‡e Bmjvgx e¨vsK
Bmjvgxe¨vsKGgbGKweï×Avw_©KcÖwZôvbn‡ehvcÖK…ZA_©‰bwZK†jb‡`‡bigva¨‡gZ…Yg~j
ch©v‡qAvw_©Kk~b¨Zvc~iYKi‡e|wbgœwjwLZA_©‰bwZKKviYGBDbœqbNUv‡e:
Bmjvgx e¨vswKs-GiAbykxjbKvixiv `ÿZvI we‡klvwqZ nevi¯^xK…wZAR©bKi‡Zcv‡ib|
GiciZvivgvVch©v‡qKvh©µ‡gi`vwqZ¡A‡_©iwewbg‡qZ…Zxqcÿ‡K†`‡eb|†Kvb†Kvb†ÿ‡Î
wRwb‡mi e¯‘MZ wbqš¿Y, e¨emv ev BRvivwfwËK A_©vq‡b e¨vs‡Ki MÖvnK wb‡RB Z…Zxq cÿ wn‡m‡e
Zv wb‡Zcv‡i|GwUNU‡Zcv‡iGBRb¨†hA_©‰bwZK†¯‹‡jiKvi‡Ywe‡klvwqZcÖwZôv‡bi
Z…Zxq cÿ e¨vs‡Ki cwiPvjb LiP Kgv‡Z cv‡i| cwi‡k‡l GK ch©v‡q Bmjvgx e¨vs‡Ki Kv‡Q
A_©‰bwZK A½‡b †KejgvÎ Avw_©K cwiKíbvi cÖZ¨vkv Kiv n‡e †hfv‡e A_©‰bwZK G‡R›U KvR
K‡i†miKgLuvwUAvw_©KcÖwZôv‡big‡Zv|
Dc‡iv³welqm‡Ë¡I,wbqš¿K‡`iwec‡`ie¨vcviwU¯^xKviKi‡Zn‡e|Av‡M†hfv‡e†`‡LwQ
Bmjvgx e¨vsK, e¨emvqx, BRviv`vZv ev Askx`vi wnmv‡e `„k¨c‡U G‡m A_©vqb Ki‡e| GB
d¨v±iwUZv‡`ieoai‡biZnwejRgvKivi¶gZvq†bwZevPKcÖfve†dj‡Zcv‡i|†hgb,
Bmjvgx e¨vs‡Ki e¨emv cwiPvjb AvIZvi Dci †Kvb hvPvB‡qi e¨e¯’v bv _vK‡j Ges †U«wWs
Acv‡ikbwbqš¿YKivbvn‡j¶y`ªe¨emvqx‡`imy‡hvMbóK‡ieoe¨emvqxivGK‡PwUqv`Lj
cÖwZôv Ki‡e| Bmjvgx e¨vs‡Ki f~wgKv ïaygvÎ A_©vq‡bi g‡a¨ mxwgZ ivLvi mgm¨v wbim‡bi
gva¨‡g GB GKvwacZ¨ mgm¨vi myivnv Kiv †h‡Z cv‡i|
Bmjvgx e¨vswKs| 113
D`vniY¯^iƒc,Z…Yg~jch©v‡qGKwUµqIweµ‡qi†jb‡`bmnRZiKiviRb¨e¨emvqxwn‡m‡e
GKwU †jb‡`‡b cÖ‡ek Kivi AbygwZ w`‡Z cv‡i e¨vsK| Zv‡`i wb‡R‡`i Rb¨ wRwbm †Kbv‡ePvi
AbygwZ †`Iqv DwPZ bq|
2.2 Bmjvgx e¨vsK‡K cÖv_wgKfv‡e n‡Z n‡e ˆbwZK cÖwZôvb
Bmjvgxe¨vswKs‡KA‡bK¸‡jvig‡a¨wb‡gœv³Kvi‡YIˆbwZKe¨vswKsKi‡Zn‡e:
(1)e¨vsK‡KBmjvgxe¨vsK†hgb,g`Drcv`b,Avw_©KA_evdUKvevwRKvh©µ‡gAvw_©K
mnvqZvig‡ZvkixÔAvn&-wbwl×Kvh©µ‡gA_©vqb†_‡K`~‡i_vK‡e|
(2)Mvivi(RyqvigZAwbðqZv)e¨vcv‡ikixÔAvn&wb‡`©kbviKvi‡YMÖvnK,AvgvbZKvix‡`i
cvkvcvwk Znwej cÖZ¨vkx‡`i m‡½ †jb‡`‡b ¯^”QZv eRvq ivL‡Z n‡e|
Bmjvgxe¨vsKGQvovIhvKvZ-Gigva¨‡gA_©bxwZimvgvwRKDbœq‡bAe`vbivL‡e|Z‡eGi
evB‡ie¨vsKmvaviYfv‡egybvdviRb¨Zv‡`igvwjKØvivcÖwZwôZweï×A_©‰bwZKcÖwZôvb|
Aek¨, Avjv`vfv‡e e¨vs‡Ki gvwjK‡`i ag©xq A½xKv‡ii Kvi‡Y wKQy Bmjvgx e¨vsK AskMÖnYg~jK
c×wZ‡Zwe‡klvwqZn‡Zcv‡i|wKš‘GRb¨kixÔAvn&Õi†Kvbeva¨evaKZv†bB|nvjvjDcv‡q
hZmy‡hvMi‡q‡QZvMÖn‡YiAbygwZw`‡q‡QBmjvg|Aek¨GB†jb‡`‡bimv‡_m¤ú„³mevi
m¤§wZmv‡c¶GBAby‡gv`b|
Bmjvgxe¨vs‡Ki`vZe¨Kv‡Rie¨vcviUv¯úóKivcÖ‡qvRb|GKwUe¨vs‡KiUvKv(AvgvbZI
e¨vs‡Kig~jab)ZviAvgvbZKvixI†kqvi‡nvìvi‡`iR‡b¨|†h†Kv‡bv`vZe¨Kv‡RiAv‡M
gvwjK‡`i AbygwZ †bqv Avek¨K|4GKBbxwZA_©vqbKvh©µ‡gigva¨‡gAwR©Zjv‡fi†¶‡ÎI
cÖ‡hvR¨|†KŠkjMZfv‡eej‡Z†M‡jmKjwel‡qBe¨vsKcwiPvjbvic~‡e©†kqvi‡nvìvi‡`iGes
AvgvbZKvix‡`ic~e©m¤§wZwb‡qe¨vsKe¨e¯’vcbvZv‡`iGLwZqvicÖ‡qvMKi‡Zcv‡ib|wKš‘G
ai‡bim¤§wZmKj†¶‡Î†bqvKvh©Zm¤¢ebq|KviYe¨vs‡Ki†kqvi‡nvìvi‡`iMÖæcIe¨vsK
AvgvbZKvixDf‡qig‡a¨BµgvMZcwieZ©bnq|
2.3 Bmjvgx Avw_©K c‡Y¨i gvb wba©viY
c‡Y¨i gvb wba©viY Aek¨ cÖ‡qvRb Ges GwU n‡ZB n‡e| Zv G Kvi‡Y n‡e †h, c„w_ex n‡jv GLb
ˆewk¦KMÖvg|†µZvm‡PZbZvGesBmjvgxe¨vs‡Kig‡a¨cÖwZ‡hvwMZvBmjvgxAvw_©Kc‡Y¨i
cÖwgZKiYKi‡Zmvnvh¨K‡i|†klch©šÍeoGes`xN©†gqvw`ZnwejA½xKv‡iigZe¨wZµgx
cwiw¯’wZ QvovGes/A_evA‡bK ai‡biAvw_©K cÖ‡KŠkj hy³ n‡jB †Kej g~j¨ cÖwZ‡hvwMZv
Bmjvgx e¨vswKs wkí‡K kvmb Ki‡e|
4†KDZvie¨w³MZm¤ú‡`ievB‡i`vbKi‡j¯^vfvweKfv‡eGwUNU‡e
114| Bmjvgx e¨vswKs
†h†KDD‡jøLKi‡Zcv‡i†h,Avw_©KDcKi‡Yi xN©†gqvw`cÖwgZKiYKi‡Zn‡jAvw_©KPzw³i
bKkvi e¨vcv‡i †gŠwjK kixÔAvn& bxwZgvjvi †ÿ‡Î HKgZ¨ cÖwZôvi cÖ‡qvRb n‡e| GwU bv n‡j
Bmjvgxe¨vswKs-Gg‡ZimsNvZ†`Lvw`‡Zcv‡i|
2.4 BmjvwgK Avw_©K wkí MVb
BmjvgxAvw_©K wkí‡K (1)¯^vfvweKe¨vswKscÖwZôvb, (2)DbœqbA_©vqbcÖwZôvb, (3)¶z`ª
A_©vqbcÖwZôvb,(4)wgDPyqvjdvÛ,Ges(5)Rxebexgv†Kv¤úvwbGesZv‡`iAb¨vb¨mgK¶
fv‡M fvM Kiv †h‡Z cv‡i|
DbœqbA_©vqbcÖwZôvb`xN©†gqvw`eoAvKv‡iiA_©vqbPvwn`v†gvKv‡ejviRb¨wefvR¨Ges
evwYR¨‡hvM¨ Avw_©K DcKi‡Yi Dci A_©vq‡b we‡klÁ n‡e|
ïaygvÎA_©‰bwZK we‡ePbvqbqeis`vwi`ª¨ we‡gvP‡b¶y`ªA_©vq‡bim¤¢vebvKv‡RjvMv‡bvi
miKvwi†KŠk‡jiKvi‡YI¶z`ªA_©vqbcÖwZôv‡biDÌvbn‡Zcv‡i|
jvf m‡PZb AvgvbZKvix me mgqB _vK‡e| Zviv wewb‡qvM I Znwej cÖZ¨vnv‡ii †ÿ‡Î me©vwaK
bgbxqZv Kvgbv Ki‡e| wnmve wbKvk Ges G iKg Ab¨vb¨ LiP we‡ePbvq Ab¨ ¯^vfvweK e¨vs‡Ki
gZÔwgDPyqvjdvÛÕevÔBDwbUU«v÷ÕigZcÖwZôv‡biDÌvbn‡Zcv‡i|Zv‡`iMÖvnK‡`icÖwZ
m‡e©v”Pmvovw`‡ZwM‡qïaygvÎBmjvgx÷Kgv‡K©‡UigZ†m‡KÛvwigv‡K©‡U(Bmjvgx†kqv‡ii
Rb¨),Bmjvgxgvwbgv‡K©‡U(wefvR¨IevwYR¨‡hvM¨kixÔAvn&-AbyeZx©Avw_©KDcKi‡YiRb¨)
KvR Ki‡Z GBme cÖwZôvb‡K eva¨ Ki‡e|
BmjvgxAvw_©K`„k¨c‡URxebexgv†Kv¤úvwbGesGgcøwqRcÖwf‡W›UdvÛI†emiKvwi†cbkb
cwiKíbvBZ¨vw`igZAb¨vb¨mgK¶cÖwZôv‡biD`qNU‡e,†h¸‡jvig~jj¶¨n‡eRbM‡Yi
Rb¨`xN©‡gqv`xg~jabAvniYGes`xN©‡gqv`xcÖ‡qvR‡b†mevcÖ`vb|we`¨gvbBmjvgxZvKvdzj
g‡Wj G ai‡bi Avw_©K cÖwZôv‡bi Rb¨ bgybv wnmv‡e KvR Ki‡e e‡j cÖZ¨vkv Kiv n‡”Q| kixÔAvn&
AbymiYwe‡ePbvAb¨vb¨exgviAvjv`vcÖwZôvbDbœq‡beva¨Ki‡ee‡jIAvkvKivhvq|†hgb,
AwMœexgv†Kv¤úvwbiRb¨Av¸‡biNUbvGov‡Z wbivgqe¨e¯’vMÖnYKivcÖ‡qvRbn‡Zcv‡i|
`yN©Ubvexgvi†ÿ‡ÎKvi,evmIU«vKexgviRb¨Avjv`-AvwK¡jvˆewkó¨ØvivwbiƒwcZKivn‡Z
cv‡i| Gfv‡e Ab¨vb¨ †ÿ‡ÎI cwieZ©b Avm‡e|
Bmjvgx e¨vswKs| 115
3. Bmjvgx e¨vswKs I A_©vq‡bi Rb¨ fwel¨r P¨v‡jÄ
GBai‡biwKQyP¨v‡j‡Äibgybvbx‡PD‡jøLKivn‡jv:
3.1 RwUj †¶Î¸‡jv‡Z Avw_©K D™¢veb
Bmjvgxe¨vswKsGiAMÖMwZwb‡gœv³†ÿ‡ÎD™¢veb¶gZviDciwbf©iKi‡e:
• Abv_, weaev, †cbkb‡fvMx Ges mgv‡RiAb¨vb¨ `ye©jAs‡kiRb¨ w¯’wZkxjAvq-
cÖevng~jK Avw_©K DcKiY|
• miKv‡ii Avw_©K Pvwn`v c~i‡Yi Rb¨ Avw_©K DcKiY|
• A_©vq‡bi wbivcËvi Rb¨ RvgvbZ, we‡klZ `vq cwi‡kv‡a †Ljvwc nevi Rb¨
kixÔAvn&m¤§ZweKíRwigvbv|
• Bmjvgx Avw_©K c‡Y¨i g~j¨ wba©vi‡Yi Rb¨ m~Î|
3.2 cÖwZ‡hvwMZv
Bmjvgx e¨vsK¸‡jv‡K ïay wb‡R‡`i g‡a¨ cÖwZ‡hvwMZvq wjß bv †_‡K my`wfwËK e¨vsK¸‡jvi
m‡½IAvšÍ:wkícÖwZ‡hvwMZviRb¨cÖ¯ÍyZ_vKvDwPZ|ZvivB‡Zvg‡a¨BmjvgxAvw_©Kc‡Y¨i
cÖ¯ÍveKi‡ZïiæK‡i‡Q|G‡ZcÖwZ‡hvwMZvAviIevo‡ee‡javiYvKivhvq|
3.3 Bmjvgx e¨vswKs-Gi Ace¨envi
Kvh©KihvPvBGesch©‡e¶Ybv_vK‡jKv‡qgx¯^v_©ev`xivmy‡`iwewawb‡laD‡c¶vK‡iBmjvgx
e¨vswKs‡K e¨envi Ki‡Z cv‡i| †hgb, we`¨gvb gyivevnv A_©vq‡b e¨vsK¸‡jv †µZv wn‡m‡e
mivmwi`„k¨c‡UAv‡mbv|KviY,GLv‡b†µZvBfwel¨rmieivnKvix|G‡ZKwíZµq†`wL‡q
AmvayZnwejcÖv_©x‡`ie¨vsK †_‡KFYcvIqvimy‡hvMm„wónq|ZvQvov,Kvh©KihvPvBGes
ch©‡e¶Ybv_vK‡je¨vsKviiv Pv‡cc‡oK…wÎg †jb‡`‡bigva¨‡gZnwejcÖ`v‡bcÖjyän‡Z
cv‡ib| †hgb, GKRb e¨w³ GKwU e¨vsK †_‡K 1000 Wjvi †c‡Z cv‡i Ggb wKQy †Kbvi Rb¨
wewb‡qvM wb‡q MÖvn‡Ki cwiwPZ †Kvb e¨w³i KvQ †_‡K 1000 Wjv‡ii A‡bK Kg g~‡j¨i wRwbm
wK‡bZvMÖvn‡KiKv‡QAwaK`v‡gwewµKi‡Zcv‡i|
4. A_©bxwZ I A_©‰bwZK Rxe‡b Bmjvgx e¨vswKs Gi cÖfve
G‡ÿ‡Îwb‡gœv³cÖfvecÖZ¨vkvKivhvq:
• my` wfwËK A_©bxwZi Zyjbvq Bmjvgx A_©bxwZ‡Z cÖK…Z LvZ I Avw_©K LvZ fv‡jvfv‡e
mgwš^Z n‡e|
116| Bmjvgx e¨vswKs
• miKvi hv K‡i Ges †h Dcv‡q G KvR m¤úv`b K‡iÑ GB Dfq †ÿ‡ÎB cwieZ©b
Avm‡e|GBcwieZ©‡big~jKviYn‡e,Zviv†e‡a†`qvKiivR¯^QvovPj‡Zcvi‡e
bve‡jmiKviGcÖ‡qvRbweï×FY†jb‡`bQvovïaygvÎA_©‰bwZK†jb‡`‡bigva¨‡g
c~iYKi‡Zcv‡i|hvmiKviGesA_©vqbKvixim¤úK©wba©viYKi‡e|`xN©†gqv‡`GB
A_©‰bwZKwe‡ePbvqax‡iax‡iÒmiKv‡iiRb¨wdKvn&Ó-GiDbœqbn‡e,hvmiKv‡ii
A_©‰bwZK Kvh©Kjvc wbqš¿Y Ki‡e|5
• AvšÍ:e¨vsKgvwbgv‡K©UGes†K›`ªxqe¨vs‡Kie¨vswKsbZybiƒc†b‡e|kixÔAvn&m¤§Z
wefvR¨ I evwYR¨ Dc‡hvMx Avw_©K DcKiY Ges Pyw³i kixÔAvn&wfwËK gvb`Ð GB bZyb
iƒc cwiMV‡b mvnvh¨ Ki‡e|6
GmehLbNU‡eZLb wbqš¿Kiv Bmjvgx e¨vswKs-GiAvšÍR©vwZKMÖnY‡hvM¨ZviRb¨ e¨v‡mj
AbyewZ©Zvi cÖ‡qvRbxq kZ© cwicvjbI wbwðZ Ki‡Z PvB‡e| kixÔAvn& Ges e¨v‡mj kZ© cwicvj‡b
†hLv‡b†Kvbwe‡iva†bB†mLv‡b†Kvbmgm¨vn‡ebv|wKš‘†hLv‡bG‡ÿ‡ÎmsNvZ†`Lvw`‡e
†mLv‡b:
(1)e¨v‡mjGicÖ‡qvRbxqk‡Z©icwicvjbhv‡ZkixÔAvn&m¤§ZnqZvibKkvˆZwiKi‡Zn‡e|
Ges
(2)AvšÍR©vwZKwbqš¿K‡`iG‡ZivwRKiv‡bv†PóvPvjv‡Zn‡e|
• wnmveGesAvw_©Ke¨e¯’vcbvq iæZ¡c~Y©cwieZ©bAvm‡Zcv‡i|GiKviYnjgvwjKvbv,
†jb‡`‡biwbqgGesAvw_©KDcKiYe¨enviwb‡qBmjv‡giwfbœAe¯’vbi‡q‡Q|
• Bmjvgx e¨vswKs e¨emvi ˆbwZKZv‡K DrmvwnZ Ki‡e| KviY cÖPwjZ e¨vsK¸‡jv ïaygvÎ
A_©‰bwZKfv‡e †UKmB A_©vqb Aby‡iva MÖnY K‡i| D‡jøL Kiv †h‡Z cv‡i †h, Bmjvgx
e¨vswKsGiRb¨mgv‡Ric~e©vci bwZKDbœqbQvovIGBiƒcvšÍiNU‡Zcv‡i|Bmjvgx
Avw_©K DcKi‡Yi mZK©fv‡e Kiv bKkv Amvay Znwej cÖZ¨vkx‡`i ¯^v_©v‡š^lx AvPiY
wbiærmvwnZ Ki‡e|
5. wewfbœ wWwmwcø‡b Bmjvgx e¨vswKs-Gi cÖfve
wdKvn:G‡ÿ‡ÎGKwUcwieZ©bBwZg‡a¨ïiæn‡qwM‡q‡Q|nvbvdx,gvwjwK,nv¤^wj,kvdxGes
RvdwiwdKvn&wPšÍvavivig‡a¨msKxY©bv†_‡KmgKvjxbwdKvn&we‡klÁivGKwÎZn‡qeZ©gv‡bi
5 †KviAvbGesmybœvnÕiAvnKvgev wb‡`©kbvcÖv_wgKfv‡ee¨w³ch©v‡q|AZx‡Z, wdKvn&we`ivkvm‡biRb¨ wbqg-Kvby‡biLmov
K‡iwQ‡jb|wKš‘†m¸‡jviaib wQjeva¨Zvg~jKbvn‡qmycvwikg~jK|BmjvgxAvw_©Ke¨e¯’viDciAvBAvBBÕieøywcÖ‡›Ui5g
Aa¨v‡q miKv‡iiRb¨ wdKvn& Dbœq‡bi GKwU MÖnYxq cÖqvm †bqv nq| (Bmjvgvev`: B›Uvib¨vkbvj Bbw÷wUDUAe BmjvwgK
BKbwg·, 1999)
6 D`vniY†`Lyb,AvBAvBBÕieøywcÖ‡›Ui7gAa¨v‡q|GLv‡bBivb,my`vbIgvjqwkqvqDbœq‡biZyjbvg~jKAa¨qbcÖ‡qvRb
Bmjvgx e¨vswKs| 117
Pvwn`v¸‡jvc~i‡Yi†PóvKi‡Qb|IAvBwmÕiwdKvn&GKv‡WgxGesGGIAvBGdAvBG†ÿ‡Î
AvšÍR©vwZKcøvUdg©wn‡m‡ef~wgKvivL‡Q|
cÖwZwUBmjvgxe¨vs‡KikixÔAvn&†ev‡W©nqAvšÍR©vwZKcÖwZwbwa_v‡KA_evZvivAvšÍR©vwZK
cÖfv‡eiRb¨wb‡R‡`iDb¥y³iv‡Lb|
wnmve weÁvb, Avw_©K e¨e¯’vcbv, gv‡K©wUs I e¨vsK e¨e¯’vcbv:kixÔAvn&Õic~Y©v½¸iæZ¡¯^xK…Zn‡j
Gme†ÿÎe`‡jhv‡e|Ab¨vb¨d¨v±iQvovIDÏxcbvAvm‡eBmjv‡giÔAwaKviÕ(Bmjv‡gi
†Pv‡LgvwjKvbvev¯^Z¡vwaKvi)GiaviYvGes†jb‡`‡biBmjvgAby‡gvw`ZAeqe†_‡K|
A_©bxwZ: bZyb A_©‰bwZK ¯’vcbvi Rb¨ bZyb A_©bxwZi DÌvb n‡e| mgwóK I gy`ªv A_©bxwZi
†ÿ‡ÎAwaKj¶YxqcwieZ©b†`Lvhv‡e|
miKvwi bxwZ:miKvihvKi‡Zcv‡iGeswKfv‡eZv‡`iKvRKivDwPr-Gme†ÿ‡ÎMZvbyMwZKZv
cwieZ©‡bid‡jGK†civWvBgwkdUevAvg~jcwieZ©bNU‡Zcv‡i|
6. wKQz ¸iæZ¡c~Y© Bmy¨
6.1 Bmjvgxe¨vswKs-GbvbvAR©‡bimv‡_mv‡_kixÔAvn&m¤§ZAvšÍR©vwZKA_©vqb‡KAšÍf©y³
K‡i†bqvGesAvšÍR©vwZKevwY‡R¨iwbqgbZzbK‡i†jLviP¨v‡jÄmvg‡bAvm‡Zïiæ
K‡i‡Q|G‡¶‡Î†ekwKQyKvRn‡jIAv‡ivA‡bKwKQyKivcÖ‡qvRb|
ivó«xqch©v‡qBmjvgxA_©vqbM„nxZn‡jAvšÍ:miKviAvw_©KcÖev‡niaibGesAvKvi
Dfq †ÿ‡ÎB cwieZ©b Avm‡e|
6.2 w¯’Zve¯’veRvqivLvikw³¸‡jvmemgqGBcwieZ©‡bi weiæ‡×_vK‡e|GLbKvicÖwZ
gyn~‡Z© Ges Gici my` wK Ges wK bqÑ G wb‡q bvbv Bmy¨ DÌvwcZ n‡e|
6.3 hZ¶Ybvch©vßA_©vqbDcKiYD™¢vweZnqGesmiKv‡iiA_©‰bwZKImvgvwRKf~wgKv
wb‡q HKgZ¨ ˆZwi bv nq ZZÿY Bmjvgx e¨vswKs‡q miKvwi A_©vqb GKwU mgm¨v n‡q
_vK‡e|
6.4 Bmjvgx e¨vswKs-Ghw`IA_©vq‡bicÖwZ †ekx¸iæZ¡ †`qv n‡”Q, Bmjvgx e¨vs‡Ki`vq
msµvšÍwelqfwel¨‡ZBmy¨n‡Zcv‡i|wewfbœAvgvbZKvixMÖæ‡ci¯^v_©†hfv‡eBmjvgx
e¨vsK †`L‡Q Ges Avm‡jB Zviv hv Ki‡Z cv‡i Gme welq GK mgq Bmy¨ n‡q †`Lv w`‡Z
cv‡i|7
7 AvBAvBBÕiPZy_©Aa¨v‡qGmswkøóBmy¨‡ZwKQyaviYv†`qvn‡q‡Q
118| Bmjvgx e¨vswKs
Dcmsnvi
D”Pch©v‡qiˆbwZK,mywbqwš¿ZGesKj¨vYg~jKBmjvgxAvw_©K†mŠaM‡o†ZvjvLyeBm¤¢e|
cÖK…Zc‡¶,Kvh©KiK‡c©v‡iUe¨e¯’vcbvimv‡_AwaKZi¯^”QZvim‡½GB †¶‡ÎKvRKi‡j
GesmswkøóAvšÍR©vwZK,AvÂwjKIRvZxqcÖwZôv‡bimv‡_fv‡jv†hvMv‡hvMImsjvc_vK‡j,
hviv ¯^ ¯^ Kgy¨wbwU Z_v mviv we‡k¦i Kj¨v‡Y Ae`vb ivL‡Z Pvb wbtm‡›`‡n Zv‡`i mevB‡K mvnvh¨
Ki‡e|8
Abyev`: kv`gvb mvwKe
8 †RÏvqAvBwWweÕiÔW.Zvwni†gw¤§ÕiKv‡Q†jLKGBch©‡eÿY†i‡L‡Qb