Punjabi

qqkrw1. jwx pCwx2. syvw-inivRqI dI Xojnw3. iv`qI XojnwvW4. smwrt lkS5. bcq Aqy invyS6. irx bnwm invyS7. ivAkqIgq bjt kYlkulytr8. Asl injI kImq dw kYlkulytr9. joKm bnwm munwPw10. ivAwj-dr-ivAwj11. mudrw siPRqI dw invyS qy pRBwv12. syvw inivRqI Xojnw13. invyS iek pRkwr dw r`bI hukm14. invyS dy swDn15. invyS Gotwly qoN bcwE16. AYstyt Xojnw17. Swr18. zrUrI vY~bswiets3

1.jwx pCwxqusIN jIvn dy keI pVHwA sPlqw pUrvk pwr kIqy hn, Awpxy pySy nwl juVIAW keI muSklW ivcoNbwhr Awey, keI auqwr cVHwA vyKy Awid[ hux, quhwfw nvIN AvsQw ivc pRvyS krn dw smW hYsyvwinivRqI[ ies qoN Bwv jIvn mukqI nhIN blik kwrj mukqI hY[ ijvyN ik qyz r&qwr qoN DImIcwl ivc bdlxw ijs nwl frwiev skUn BrI, rmxIk Aqy KuSI BrpUr huMdI hY[ ieh izMdgI dy horpVHwvW vWg hI iek hor pVHwA hY[ syvw inivRqI mn dI AvsQw hox dy nwl-nwl iek AwriQk mslwvI hY[izAwdwqr lokW dI inrMqr kmweI dw jrIAw qnKwh hI huMdI hY jo hr mhIny imldI hY[ swfI kMmkwjIizMdgI dy dOrwn kmweI dI inZimqqw dy kwrn AsIN AwmqOr qy Awpxy Krc ƒ AwpxI kmweIAnuswr Fwl lYNdy hW[ jdoN syvw inivRqI dw smW nyVy AwauNdw hY qW aus vyly q`k AsIN Awmdn AqyKrcy ivc iek qwl-myl ibTw cu`ky huMdy hW, hwlwik syvw inivRqI vyly ies ivc kuJ bdlwv Aw skdwhY[ syvw inivRqI jW aus qoN kuJ smW pihlW swƒ ieh Xojnw bxwauxI cwhIdI hY ik AwpxI bcq dwkI krnw hY[ Awm qOr au~qy AsIN ieh socx ivc ruJy huMdy hW ik AsIN pYnSn dw pYsw Aqy sMg rihqbcq dw kI krnw hY? auprokq q`QW ƒ vyKdy hoey ieh sMbMiDq mnu`K qy inrBr krdw hY ik auh nwisrP AwpxI jIvn SYlI ƒ bxweI r`Ky blik AwriQk suqMqrqw ƒ kwiem r`Ky[2. syvw-inivRqI dI Xojnwsyvw-inivRqI dI Xojnw nwl sMbMiDq keI kwrn huMdy hn ijnHW ƒ kdy vI SurU krnw jldI nhIN huMdw[quhwƒ AwpxI syvw-inivRqI nwl juVI XojnwvW ƒ pirBwiSq krn dI loV pY skdI hY Aqy vwsqivkrUp ivc syvw inivRq hox qoN pihlW AwpxI bcq XojnwvW ƒ SurU krnw peygw[iek AwdrSk syvw-inivRqI Xojnw au~qy pujx leI hyT ilKy cwr crxw dw pwlx kro[crx 1: ieh qYA kr lau ik syvw-inivRqI qoN bwAd dy swlW ivc Awrwm nwl rihx leI iknHINAwmdn dI loV hY[ v`DdI hoeI icikqsw lwgq, Krc Aqy pirvwr leI auphwr Awid vrgy KricAWƒ iDAwn ivc zrUr r`Kxw[crx 2: syvw-inivRqI dy smyN iek muSq (AMiqm lwB) dy rUp ivc imlx vwlI rwSI dw ihswb pihlWhI kr ky r`Ko[crx 3: syvw inivRqI qoN bwAd dIAW loVW ƒ pUrw krn leI syvw-inivRqI nwl juVI iksy Xojnw dIcox kro[ aus pirsMpqI dI cox kro jo quhwƒ Awaux vwly smyN ivc aucw munwPw pRdwn kry[crx 4: jldI qoN jldI invyS krnw SurU kr idau qW jo ivAwj-dr-ivAwj dy lwB ƒ mwnx leIquhwfy kol smW hovy[4

1. ikMnI AwmdndI loV hY,inrDwirq kro[2. kul ikMnwimlygw aus dwihswb r`Ko[3. syvw-inivRqInwl juVI koeIXojnw dw coxkro[4. jldI hI SurUkr lau[iDAwn ivc r`Ko• icikqsw dIlwgq qy Krcy ƒvDwau[• pirvwr leIauphwrquhwƒ ihswb krnwpeygw• syvw-inivRqI qyimlx vwlw iekmuSq (AMiqmlwB) pYswmksd hY syvw-inivRqIqoN bwAd dIAW loVWdI pUrqI• pirsMpqI ivc invySkro jo quhwƒ Awauxvwly smyN ivc au~cwmunw&w pRdwn kry[smyN dw quhwfy v`lhox dw lwB• ivAwj-drivAwjdw pUrlwB cuk skogy[syvw-inivRqI vyly mYƒ ikMnI Awmdn dI loV hY?is`Dw ihswb ieh hY ik syvw-inivRqI qoN pihlW dI kmweI dw 70 qoN 90 pRqISq qW quhwƒ kmwauxw hIpeygw[ jykr qusIN 20,000 rupey mhInw (kr Bugqwn qoN pihlW) kmw rhy ho qW syvw-inivRqI qoNpihlW vwlI jIvn SYlI ƒ mwnx leI quhwƒ 15,000 qoN 18,000 rupey mhIny, Awmdn dI loV pYskdI hY[hyTW id`qw audwhrx syvw inivRqI nwl juVy swry ihswb dI jwxkwrI idMdw hY qW jo quhwfy hr mhIny dIAwmdn ivc siQrqw Aw sky[syvw-inivRqI nwl juVy ihswb dw mulWkxsyvw-inivRqI dI aumr 60vrqmwn aumr 58jIvn aumIdvwrI 83syvw-inivRqI qoN bwAd dy swl 23vrqmwn smyN ivc swlwnw Krc1.80 l`K rupeyinvyS au~qy AOsq Awmdn 12%mudrw sPIqI 5%mudrw sPIqI dw smwXojn krn qoN bwAd Awmdn 7%syvw-inivRqI dy ihswb qoN bwAd kul Awmdn dI loV 15 l`K rupey*ikRAwSIl ibMdU : syvw-inivRqI dI iqAwrI ikvyN krIey1. SurU krn leI kdy dyrI nhIN huMdI[ hW, jykr qusIN SurU hI nhIN krogy qW zrUr dyrI ho jwvygI[2. syvw-inivRqI Xojnw Aqy Awpxy bcq Kwqy ivc ijMnw qusIN kr sko aunHW jmW kro[3. Krcy Gtwau Aqy bcq ƒ Awpxy kol sWB ky r`Ko[4. v`D qoN v`D Awmdn Aqy tYks ƒ bcwaux dw audyS r`Ko[iksy AijhI QW invyS nw kro ij`Qy quhwƒivSvws nw hovy[5. Awpxy audySW dI JwV-puMj kro[ kI pqw, syvw-inivRqI qoN bwAd quhwƒ G`t KRcIlI jIvn SYlIjIxI pey[5

6. AijhI sMpqI ƒ r`Kx ivc koeI AklmMdI nhIN jo v`D nhIN rih jW Awmdn nhIN pRdwn krrhI[ aus ƒ vyc ky iksy AijhI QW lwau jo quhwƒ Awmdn dyvy[* hwlwik 15 l`K rupey dw ihswb syvw inivRqI hox qoN bwAd SurU ivc BwvyN kwPI jwpy pr bwAd ivcmudrw sPIqI kwrn auhI cIzW, vsqUAW Aqy syvwvW aupr vwDU Krcw hox qy iehI pYsw kwPI nw hovy[3. iv`qI XojnwvW“pyV lwaux dw sB qoN v`DIAw smW k`lH sI[ pyV lwaux leI aus qoN G`t vDIAw smW A`j hY[”iv`qI Xojnw iv`q dy auicq pRbMDn dy mwiDAm nwl Awpxy jIvn dy lkSw ƒ pUrw krn dI pRikRAw hY[iv`qI Xojnw B`ivK ivc pYdw hox vwlIAW AwriQk zrUrqW dw pRbMD vrqmwn ivc hI krn ivc mddkrdI hY[ iv`qI Xojnw ip`Cy ijhVw audyS kMm kr irhw huMdw hY auh ieh hY ik ivAkqI dy izMdgI dylkSw dI pUrqI leI B`ivK ivc aus ƒ shI smyN qy shI mwqrw ivc pYsw iml sky[invyS XojnwAwriQk Aqy invyS iv`qI Kyqr dy do Aijhy Sbd hn ijnHW dI vrqoN iek dUjy dy bdl dy rUp ivckIqI jWdI hY[ ienHW dovyN DwrnwvW dy AMqr ƒ smJx leI swƒ pihlW ienHW dohW ƒ v`K-v`K krkysmJxw peygw[ invyS Xojnw dw mUl kwrn ivAwj dr hY[ invyS Xojnw pRxwlI Asl ivc keIcrxW dI pRikRAw hY[ ijs dw dwierw invyS dy lkS inrDwirq krn Aqy aus nwl juVy joKmW ƒsmJx qoN lY ky bwzwr Aqy invyS dy auqwr-cVHwA ƒ jwcx prKx qoN bwAd invyS lkSw ƒ sQwpqkrn q`k huMdw hY[ invyS Xojnw pUMjI dy iek jW iek qoN v`D QwvW qy invyS dI aus vcn b`Dqw ƒdrswauNdI hY ijs ƒ inrDwirq imAwd leI kIqw jWdw hY[ jo kuJ vI A`j nw vrq ky B`ivK lebcwieAw jwvy, aus ƒ invyS ikhw jw skdw hY[Xojnw bxwaux dI pRikRAwiv`qI Xojnw dI pRikRAw dy pMj crx ies pRkwr hn :• Awpxw iv`qI lyKw joKw, ijs ivc quhwfI Awmdn, krijAW dw ihswb hor izMmydwrIAW Awidbwry jwxkwrI iek`TI kro[• Awpxy lkSw ƒ jwxo[• iv`qI msly ijvyN ik AwriQk qOr ’qy A`j qusIN ik`Qy ho Aqy ik`Qy phuMcxw cwhuMdy ho dy K`py ƒsmJo[• AwpxI iv`qI Xojnw bxwau jo ik quhwfy muqwbk invyS krn dI QW Aqy joKm pRqI quhwfynzrIey ƒ sw& krygw[• AwpxI iv`qI Xojnw ƒ lwgU kro- smyN smyN qy aus dI jWc pVqwl Aqy loV muqwbk bdlwvkrdy rho- qW jo qusIN bdldI ArQ ivvsQw Aqy inq bdldI izMdgI qoN ip`Cy nw rih ky sgoNkdm imlw ky cl sko[6

Awpxwiv`qI lyKwjoKwiek`Twkro[AwpxylkSwƒ jwxoiv`qIK`py ƒjwxoiv`qIXojnwbxwauiv`qIXojnw ƒlwgU kroienHW bwrypUrI jwxkwrI• Awmdn• Krjy• horizMmydwrIAWAwpxysupinAW ƒijau[• bytI dwivAwh• dunIAw dIsYr• kwrKrIdxwAwpxI iv`qImzbUqI ƒprKo• A`j qusINik`Qy ho[• qusIN ik`QyphuMcxwcwhuMdy ho[pyS kIqy geyinvySw dwjweyzw lau[• joKm pRqIAwpxynzrIey ƒjWco[AwpxI Xojnw dIjWc pVqwl Aqybdlwv kro• smyN dy nwlnwlclo[• ArQivvsQwAqy bdldIizMdgI muqwbkqrksMgq hovo[iv`qI XojnwvW dI pRikRAw4. smwrt lkSAwriQk Xojnw iksy iek inrDwirq lkS ƒ pRwpq krn leI AwriQk &Ysly lYx ivc mddkrdI hY[ ieh B`ivK dIAW XojnwvW leI A`j kIqI jwx vwlI bcq, AwpxI bcq au~pr ikMnIAwmdn dI aumId r`KI jwvy Aqy AwpxI bcq ƒ ik`Qy invyS kIqw jwvy qW jo v`D qoN v`D lwB imlsky, bwry inrxy lYx ivc mdd krdI hY[ies leI, Awpxy pYsy ƒ lY ky bxweI Xojnw iek pRkwr dw pRbMDn hY ijs ivc lkS dIsQwpqI Aqy B`ivK au~qy nzr r`Kxw Swml hY[ Xojnw bxwauNx dI pRikRAw dI bhuq Aihm BUimkw huMdIhY[ ikauNik ieh lkSW ƒ inrDwirq smyN sImW AMdr hwsl krn dI Xojnw leI quhwfw rwh bxwauNxAqy aus au~qy c`lx ivc quhwfI mdd krdw hY[pYsy dy pRbMDn leI pihlw kdm hY smwrt AwrQk audyS bxwauxw[ quhwfy lkSW dw s(inSicq ivSyS), m(Anumwn Xog, pRyirq), A(pRwpq krn Xog), r(XQwrQvwdI, sMswDn AwDwirq)Aqy t(smyN sImW AMdr krn Xog)[ keI lok Awpxy lkSW ƒ sDwrnikRq krn dI ZlqI krdy hn,ijs kwrn Aksr lkS pUry nhIN ho pwauNdy[s (inSicq, ivSyS)m (Anumwn XOg, pRyirq)Aw (pRwpq krn Xog)r (XQwrQvwdI, sMswDn AwDwirq)t (smyN sImW AMdr, krn Xog)smwrt lkS7

inSicqAnumwn XogpRwpq krn XogXQwrQvwdIsmyN sImw AMdrquhwƒ ieh shI-shI jwnx dIloV hY ik qusIN kI hwslkrnw cwhuMdy ho Aqy kdo hwslkrnw cwhuMdy ho[quhwfw lkS Anumwinq hoxwcwhIdw hY qW jo quhwƒ iehpqw hovy ik qusIN aus ƒ kdohwsl krogy[quhwfy lkS quhwfI phuMc dyivc hoxy cwhIdy hn[quhwfy lkS Aijhy sMswDnwauqy AwDwirq hoxy cwhIdy hnqW jo qusIN Awpxy kMm Awrwmnwl pUry kr sko[lkS ƒ smyN sImW AMdr bnxnwl qusIN Awpxy ivkws ƒ qolvI skdy ho Aqy nwl hI iehquhwƒ Awpxy lkS dI pRwpqIleI pRyrdw vI rhygw[Zlq phuMcmYN AwpxI poqI dy Agqyjnmidn leIkuJ pYsy A`fr`Kxw cwhuMdw hW[mYN Awpxy krYift kwrf dykrjy dw Bugqwn CyqI hI krdvWgw[mYN pYsy dI bcq krWgw[Lgwqwr bcq kr ky mYNkroVpqI bx jwauNgw[mYN AwpxI DI dy ivAwh leIbcq krWgw[shI phuMcmYN AwpxI poqI dy Aglyjnmidn leI 10,000 rupeyA`f r`Kxw cwhuMdw hW[Agly Cy mhIinAW ivc, mYNiqMnW ivcoN do krYift kwrf dyiblW dw pUrw Bugqwn krdvWgw[mYN hr mhINy 4000 rupey v`Kr`Kdy hoey, hr swl 48000 dIbcq krWgw[Lgwqwr bcq krky, mYNAglI idsMbr qk myry kolAwpxy Cy mhIny dy Krcybrwbr bcq hovygI[mYN AwpxI DI dy ivAwh leIAgly 10 swlW leI hr swl50,000 rupey dI bcqkrWgw[kwrj(Q`ly id`qw kwrj quhwƒ Awpxw iv`qI lkS Aqy aus leI dUr idRStI r`Kx ivc mdd krn leIbxwieAw igAw hY[)kwrj : pRSn ƒ iDAwn nwl pVHo Aqy pUrI s`cweI nwl aus dw jvwb idau[quhwfw A`j : A`j quhwfI AwrQk siQqI iks pRkwr dI hY? A`j qusIN ik`Qy KVy ho?quhwfw B`ivK : B`ivK leI quhwfI iv`qI XojnwvW kI hn? kih lau A`j qoN d`s swl bwAd[quhwfw s`c : kI quhwfy kol ienHI Smqw hY ik qusIN au~Qy q`k phuMc pwau? au~Qy q`k phuMcx leIquhwfI kI Xojnw hY?8

B`ivK leI bxweI Xojnw ivc inrDwirq lkS Aqy audyS Swml huMdy hn[hryk lkS leI, do bhuq hI mh`qvpUrn pihlUAW ƒ iDAwn ivc zrUr r`Ko, pihlw joKm sihx dISkqI Aqy dUjw iks smyN sImw AMDr qusIN Awpxy lkSw ƒ pRwpq krnw cwhuMdy ho[ joKm ƒ sihx dwquhwfw ivAkqIgq p`Dr quhwƒ ihswb lwaux ivc mdd krdw hY ik qusIN iks isikaurtI ivc AqykdoN q`k invyS krnw cwhuMdy ho qW jo qusIN Awpxy audySw ƒ pUrw kr sko[ iv`qI XojnwvW dI imAwdhwsl krn vwly lkSw au~qy inrBr krdI hY[ ieh CotI AvDI, m`Dm Aqy lMmI AvDI dy audySw dyihswb nwl huMdy hn[ CotI AvDI dy lkSw dw dwierw iek qoN iqMn swldy drimAwn dw huMdw hY ijvyNivdyyS Cu`tIAW mnwaux dI Xojnw, m`Dm AvDI dy lkSW dw dwierw iqMn qoN pMj swl dy drimAwn dwhuMdw hY ijvyN nvIN g`fI KrIdx dI Xojnw Aqy lMmI AvDI dy lkSW dw dwierw pMj jW aus qoN v`DswlW dw huMdw hY ijvyN nvW Gr KrIdx jW syvw inivRqI dI Xojnw[quhwƒ AwpxI swlwnw Awmdn Aqy bcq dy sqr ƒ iDAwn ivc r`Kxw bhuq zrUrI hY[ ijvyN ik qusIN1,80,000 rupey swlwnw kmwauNdy ho Aqy aus dw 20% (36,000 rupey) bcq krdy ho[ qusIN Awpxyb`cy ƒ pVHweI pUrI krn leI muMbeI Byjxw cwhuMdyho ijs dw AMdwzn Krcw 2,00,000 rupey bYTygw[quhwfw b`cw cwr swlW ivc AwpxI hwier skYNfrI dI pVHweI pUrI krygw[ ies dw Bwv ik qusIN jo^mauTwaux dI AwpxI Smqw muqwbk hI ies kMm leI pYsw lwaugy[ jy qusIN joKm auTwaux qoN frdy ho qWquhwfI Awpxy byty ƒ pVHweI pUrI krn leI muMbeI Byjx dy Awpxy supny ƒ pUrw krn ivc prySwnIhovygI[ pr jy qusIN joKm lYx qoN frdy nhIN ho qW ieh mumikn hY ik qusIN Aijhy PMfW jW iSArW ivcpYsw invyS kro ijs ivc joKm Aqy Awmdn dovyN ijAwdw hovy[ iksy ƒ vI invyS krn qoN pihlW ausPMf nwl juVy joKm Aqy Awmdn bwry pUrI jwxkwrI lY lYxI cwhIdI hY[ mn lau ik qusIN 36,000rupey pihly swl ivc invyS krdy ho, 25,000 rupey dUsry swl, 30,000 rupey qIsry Aqy cOQy swlqW cwr swlW bwAd quhwfw kul invyS 1,21,000 ho jWdw hY[ ies dw mqlb ieh hoieAw ik isrPAijhy isikaurtI invyS krn dw lwB hY ijs ivc AOsqn 22% dI Awmdn hovy, qW hI qusIN Awpxyb`cy ƒ muMbeI Byj ky pVHwaux dy supny ƒ pUrw kr skogy[AsIN ies jvwb qy ikvyN phuMcy?B`ivK mwn dy sU`qr dw pRXog kr ky AsIN vwpsI dI loVINdI dr dw ihswb lw skdy hW, qusIN ies ƒAwp vI kr skdy ho ikauNik ies ivc K`bY h`Q vwlw ih`sw = s`jy h`Q vwly ih`swFV=Σ[PV(1+r)n] = PV(1+r) 4 + PV(1+r) 3 + PV(1+r) 2 + PV(1+r) 1ij`Qy FV = B`ivK mwn, PV = vrqmwn mwn, R = vwpsI dI dr, N = swlW dI igxqI2,00,000 = 36,000 (1.22) 4 + 25,000 (1.22) 3 + 30,000 (1.22) 2 + 30,000 (1.22) 12,00,000 = 79752.044 + 45396.2 + 44652 + 366002,00,000 = 206,400.244ies dw mqlb ik AMdwzn 22% ivAwj dr dy cwr swlW leI kIqw igAw 1,21,000 dw invyS2,06,400.244 bx jweygw[ iv`qI XojnwvW leI ivhwrk hoxw bhuq zrUrI hY; Awpxy Awp kolo pu`Co ikkI qusIN Aijhw jo^m cuk skdy ho ijs nwl quhwƒ 22% dI Amdn hovy[ ies leI bjwey iesdy ikAwpxw pYsw AijhI QW lwauxw ij`Qy jo^m bhuq izAwdw hovy, rwey ieh id`qI jWdI hY ik suriKAq QWpYsw lwieAw jwvy jW AwpxI bcq dI rwSI ƒ vDwieAw jwvy jW bcq krn CyqI SurU kr id`qw jwvy[9

qwilkw 1 : SRI prswnw leI lMmy smyN dy audySaumr: 50 swlpySw: kMpnI pRbMDklkS nW A`j qoN socI im`qI q`k dw smW rwSI (l`K rupey ivc)pVHweI-fwktr rwjw (muMfw) 6 swl 20,000ivAwh rMBw (DI) 10 swl 35,000Gr Awpxy leI 12 swl 60,000qwilkw 2: SRI prswnw leI Coty smyNdy audySaumr: 50 swlpySw kMpnI pRbMDklkS nW A`j qoN socI im`qI qk dw smW rwSI (rupey)iksy Dwrmk sQwn dI Xwqrw Awpxy leI 6 mhIny 20,000eysI KrIdxw Awpxy leI 2 mhIny 28,000kwrjaudyS Swlwnw Awmdn Swlwnw bcq smyN sImw audyS dI pRwpqIleI Anumwnq bjtjo^m sihnSIlqwpVHweIivAwhGr KrIdxwg`fI KrIdxwb`icAW dI pVHweIpUrI duinAw GUMmxwSyvw inivRqIb`icAW dw ivAwhienHW pihlUAW dy AwDwr qy Awpxy audySW dI pRwpqI leI AijhI AwrQk/iv`qI Xojnw iqAwr kro ijsdy AwDwr qy qusIN ieh inSicq kr skoik qusIN ikQy invyS krnw hY Aqy iknHy smyN vwsqy krnw hY[5. bcq Aqy invySbcq Aqy invyS ivc shI sMquln ƒ l`Bxwbcq Aqy invyS iek dUjy nwl sMbMiDq huMdy hoey vI Awpxy Awpx qoN iek ivl`Kx pRikRAwvW hn[bcq nkdI ƒ iek pwsy r`Kx Aqy aus ƒ AiqAMq sur`iKAq Aqy qrl KwiqAW ijvyN bcq Kwqy ivcr`Kx dI pRikRAw hY[ invyS iek AijhI pRikRAw hY ijs ivc qusIN pYsw (pUMjI) Krc ky AijhI pirsMpqI KrIddy ho jo quhwfy muqwbk, smyN nwl sur`iKAq Awmdn dyvygI Aqy hr cVdy swl nwl quhwƒhor AmIr bxwvygI[ jdo qusIN bcq krdy ho qW qusIN Awaux vwly smyN leI pYsw bcw rhy huMdy ho[ jdoN10

qusIN invyS krdy ho qW qusIN jo^m lY rhy huMdy ho jo ik quhwfy ivSvws muqwbk Awaux vwly smyN ivchor vDygw[ invyS quhwƒ lMmy smyN dy Awpxy audySw dI pRwpqI ivc mdd kr skdw hY jd ik bcqquhwfI Alpkwilk zrUrqW ƒ pUrw krn leI pYsy dw pRbMD krn dw Aqy Apwqkwilk KricAW ƒpUrw krn dw swrQk qrIkw hY[ jdoN koeI bcq krdw hY qW aus dw mnorQ Awmdn nhIN sgoN mUl ƒsQwieqv pRdwn krn huMdw hY[ jdoN ik dUsry pwsy invyS qoN Bwv izAwdw Awmdn leI joKm lY ky pYsyƒ kIqy lwauxw huMdw hY[6. irx bnwm invySAksr lokW ivc iek Awm hI aulJx huMdI hY ik Awpxy AwrQk audyS (ijvyN Gr KrIdxw) ƒ pRwpqkrn leI irx lYx jW invyS krn[ koeI inXm Aijhw nhIN hY jo d`sy ik ikhVw ivklp cMgw hYikauNik ieh hr ivAkqI dI smr`Qw Aqy irx dw invyS dy svrUp aupr inrBr krdw hY[ hyTilKIAW g`lW Xwd r`Kx Xog hn:• ieh pUrI qrHW quhwfI AwrQk mzbUqI/smr`Qw Aqy hor ivklpw auqy inrBr hY[• krYift kwrf irx qy injI irx bVy mihMgy pYNdy hn[• jy quhwƒ koeI Aijhw irx iml irhw hY ijs ivc ivAwj dr vI G`t hY Aqy nwl hI kr auqylwB vI iml irhw hY ijvyN ik Gr sMbMDI irx ivc, qW irx lYxw hI lwhyvMd swbq hovygw[ jyquhwfy kol invyS sMbMDI koeI AijhI Xojnw hY ijs ivc cMgI Awmdn lY skdy ho qW invySvl jw skdy ho[• quhwƒ ieh p`kw krnw peygw ik invyS joKm BirAw nhIN hY Aqy jy qusIN swrw pYsw guAw idMdyho qW aus dw pRBwv quhwfy pirvwr aupr nhIN peygw[ ijvyN ik jy qusIN irx ley hoey pYsy ƒv`fy pYmwny qy iSAr bwzwr ivc lw rhy ho qW ieh jo^m BirAw ho skdw hY[7. ivAkqIgq bjt kYlkulytriek bjt bxwau[ ihswb lwau ik qusIN hr mhIny Asl ivc ikMnw Krcw krdy ho[ kuJ b`JvyN KrcyhuMdy hn ijvyN ikrwieAw, irx dw Bugqwn Awid jo hr mhIny huMdy hn Aqy ijnHW leI AsIN kuJ krnhIN skdy[ kuJ AsiQr Krcy ijvyN Kwx-pIx, kpVy aqy mnorMjn aupr huMdy hn ijs auqy AksrAsIN PzUl Krcw krdy hW[ bcq krn leI ienHW AsiQr KricAW aupr ivvyk pUrn qrIky nwlrok lwau[injI bjt iqAwr krn bhuq hI sOKw hY[Awmdn: AwpxI mhIny dI Awmdn ƒ joVo: qn^wh Aqy invyS dI AwmdnKrcy: Awpxy mhIny dy Krcy joVo: ikrwieAw, irx dy Bugqwn dI ikSq, AOsqn Kwx-pIx auprKrcw, dvweIAW dw Krcw, mnorMjn Awid[ aunHW KricAW dy vI AOsq nw inrDwrx kro jo mhInymhInybdldy hn ijvyN kpiVAW aupr Krcw jW jo hr mhIny nhIN huMdy ijvyN kwr dI ienSorYNs[ quhwƒiek do mhIny ihswb r`Kxw peygw ik qusIN pYsw ikvyN Krcdy ho[ swfy ivcoN izAwdw qr lok ieh jwxky hYrwn huMdy hn ik pYsw ik`Qy Aqy ikMnw hr mhIny ‘gwieb’ ho jWdw hY[11

Awmdn ivcoN Krcy ƒ Gtwau: kI hovygw jy quhwfy Krcy quhwfI Awmdn qoN v`D hox? koeI AnoKI g`lnhIN hY[ quhwfy kol iqMn ivklp hn: Krcy Gtwau, Awmdn vDwau jW dovy[Krcy Gtwau: KricAW ƒ Gtwaux dy keI qrIky hn ijvyN Awpxy kirAwny dy Krcy ƒ Gtwaux qoN lYky guxv`qw nwl smJOqw kIqy ibnHw G`t lwgq vwlI cIzW KrIdxw[ mhIny dy Asl Krc ƒ AwpxyduAwrw iqAwr kIqy bjt ivc drj KricAW nwl qulnw kro[Awmdn vDwau: Awpxy kMm ivc kuSlqw vDwau jW AijhI QW nOkrI kro jo izAwdw pYsw dy rhI hovyjW Awpxy SOk nwl krn vwly kMmW qoN pYsw bxwau[ bcq au~qy koeI ieko inXm lwgU krnw AOKw huMdwhY ikauNik ieh aumr Aqy Awmdn dy muqwbk bdldw hY[ 10% iek cMgI SurUAwq rhygI[ jy quhwƒieh bhuq izAwdw lgy qW prySwn hox dI loV nhIN hY, qusIN hr mhIny QoVI-QoVI rwSI AwpxIAwmdn ivcoN bcq kr ky SurU kr skdy ho ijs ƒ bwAd ivc vDw skdy ho[kwrjAwpxy leI mhIny dw iek bjt iqAwr kro ijs ivc iksy vI pRkwr dI Awmdn jo quhwƒ mhIny ivcho skdI hY ƒ joVo Aqy aus ivcoN hr mumikn Krcy ƒ jo quhwƒ lgdw hY ik ho skdw hY ƒ Gtw idau[ies kwrj ƒ mhINy dy SurU ivc krn zrUrI hY qW jo quhwƒ ieh AMdwzw ho skdy ik invyS leI quhwfykol ikMnHI rwSI bcygI[ inXm qW kihMdy hn ik quhwƒ AwpxI Awmdn dw 20% bcwauxw cwhIdw hY[ies kwrj ƒ pUrw kro Aqy dyKo ik kI qusIN ies siQqI ivc ho[a: Awmdnqn^whikrwieAwhr mhIny dw ivAwjpUMjI lwBvpwrhor sroqkul AwmdnA: KrcysPr Aqy XwqwXwqKwxw Aqy hor aupXogI vsqWikrwieAwPursq vwly smyN ivc KrcwbImy dI ikSqb`icAW dI pVHweICu`tIAWhor Krcykul Krcye: bcq = Awmdn – Krcyquhwfw mhIny dw bjtieh dyKx leI ik kI qusIN 20% bcq kr rhy jW nhIN, quhwƒ isrP AwpxI bcq ƒ 100 nwl guxwkr ky kul Awmdn qoN aus ƒ Bwg krnw hY[ jy nqIjw 20 qoN G`t hY, qW ies dw mqlb hY ik qusIN&zUl Krcw bhuq kr rhy ho qy quhwƒ bcq krnI SurU kr dyxI cwhIdI hY… kdy vI bhuqI dyr nhINhoeI huMdI[12

mhIny dw ivl`Kx bjtjnvrInW: ikRSnn, aumr: 59 swl, pySw: kMpnI pRbMDkAwmdn rwSI (rupey) Krcy rwSI (rupey)qn^wh 75,500 zrUrI (eI.AYm.AweI) 32,500invyS qoN Awmdn 6,000 rihx dw Krcw 28,700pYnSnhor Krcyhor sroq pI.AYP/AYl.AweI.sI 10,500Awmdn 81,500 Kul Krcw 71,7008. Asl injI kImq dw kYlkulytrquhwfI Asl kImq sOKy qrIky nwl pqw cl skdI hY, bs AwpxI dyxdwrIAW ƒ jo kuJ quhwfy kol hYaus dI kImq ivco Gtw idau qW quhwfI Asl kImq/mul pqw cl jweygI[ iv`q sMbMDI Xojnw bxwauxleI pihlw kMm ieh hY ik qusIN pihlW ieh jwxo ik AwriQk qOr ’qy A`j quhwfI siQqI kI hY, Bwv,Awpxw Asl mul jwxo[ quhwfw Asl mul, jo quhwfy kol hY Aqy jo qusIN dyxw hY, dw &rk hY:quhwfIsMp`qIquhwfIdyxdwrIAWquhwfwAsl mu`lSwml hY injI AiDkwrvwlIAW cIzW, g`fIAW,Gr, bcq, Kwqy Aqy bImwpwlsIAW dI nkd kImq[invyS dI kImq- iSAr,rIAl AYstyt, jmw kIqIrwSI, pI.AYP Kwqw[Gr leI ilqy irx dIbkwieAw rwSI, krYiftkwrf nwl sMbMiDq irx,kwr dw irx, injI irx,dyx vwlw Aweykr Aqy horbcy hoey ibl[Awpxw sl mul smyN-smyN aupr, ijvyN hr iqMn mhIny qy dyKdy rho Aqy aus ivc Aw rhy bdlwvW dwiDAwn rKo[ jy quhwfw Asl mul v`D irhw hY qW ies qoN Bwv hY ik qusIN AwriQk qOr ’qy cMgIsiQqI ivc Aw rhy hY[Asl mu`l dw ihswb krn vyly QlHy id`qIAW cIzW dw iDAwn rKo :1. bwzwr ivc cl rhI kImq/imlx vwlI kImq dw iesqmwl kro[2. jy iblkul shI nw kr pwau qW AMdwzw hI kr lau[3. QoVw purwqn pMQI rho[4. &zUl dy ibaury ivc nw pau[13

Asl kImq dw mwfl ibaurwnW: rwjwaumr: 58 swlkMpnI ivc ivvswey 31 jnvrI ƒ Asl kImqkMpnI ivc ivvswey rwSI (l`K ivc) dyxdwrI rwSI (l`K ivc)Gr 56.00 Gr leI il`qw irx 17.50bcq Kwqw 00.32 kwr leI il`qw irx 05.20eIkivtI iSAr 3.50 krYift kwrf 02.4AY&.fI 05.00 injI irx 06.10kwr 06.20 kul 31.20AYn.AYs.sI 04.30kul 75.32 Asl mu`l 44.129. jo^m bnwm munwPwjoKm Aqy invyS iek dUjy dy nwl nwl cldy hn[ joKm ƒ ies pRkwr pirBwSq kIqw jw skdw hY ikieh iek Aijhy mOky dw pRXog krnw hY ijs ivc qusIN Awpxy pUry pYsy ƒ jW aus dy kuJ ih`sy ƒAijhI QW invyS kr idMdy ho ijs ivc aus dy fu`bx dI vI sMBwvnw huMdI hY[ cMgI g`l ieh hY ikinvyS nwl juVy jo^m dy nwl aus invyS nwl ienwm dy rUp ivc juVI cMgI Awmdn pRdwn krn dIXogqw vI huMdI hY jo ies pUrI pRikRAw ƒ aupXogI bxw idMdI hY[jo^m nwl juVI Xwd r`Kx Xog mUl g`l ieh hY ik ijnHW Awmdn dw Xog v`Ddw jweygw aunHW hI ausnwl juiVAw jo^m vI v`Ddw jweygw[ ieh qW p`kw hY ik ijnHw ijAwdw jo^m aunHW hI v`D Awmdn dyrUp ivc munw& dI Xogqw[ (do SbdW ƒ nhIN Bulxw cwhIdw : ‘Xog munwPw’ Sbd ƒ nw Bulxw[ iesdI koeI gRMtI nhIN huMdI[)auNJ vyiKAw jwvy qW AijhIAW cIzW ijnHW ivc koeI jo^m nhIN huMdw ijvyN ik bcq ^wqy jW srkwrIbWf vI mudrw siPqI dr qoN G`t kmwaux dw joKm r`Kdy hI hn[ jy Awmdn mudrw siPRqI qoN G`t hYqW invyS dw koeI lwB nhIN ikauNik quhwfI Awmd aunHI nhIN v`D rhI ijnHIN auh iksy hor QW invySkrn nwl v`D skdI sI[iek vwrI invyS kr lYx qoN bwAd joKm dw iDAwn r`Kx leI kuJ zrUrI nukiqAw dw iDAwn r`KxwAqy aus aupr iDAwn dyxw zrUrI hY[ iek vwrI iksy vI SyRxI ivc invyS krn qoN bwAd prySwnI qoNbcx leI quhwƒ Awpxy invyS au~qy Kws A`K r`Kx Aqy bwzwr dIAW gIivDIAW bwry pUrI jwxkwrIr`Kx dI Kws loV hY[ jdo koeI Xog Awmdn qoN izAwdw Awmdn dw vwiedw kry qW aus invyS nwljuVy Xog jo^m dI pUrqI jwxkwrI r`KxI zrUrI huMdI hY[ieQy iek audwhrx rwhIN quhwfI invyS dI v`K-v`K aumr qy v`K-v`K SRyxIAW ivc vMfx dy mwfl bwryjwxkwrI hY[ ieh invyS dy qrIky ivc smyN dy nwl AwauNdy audm SIlqw qoN rUVHIvwdI SYlI q`k dybdlwv ƒ drswauNdw hY[sMp`qI dw imSrnSyvw inivRqI ivc swl iSAr bWf nkd20 80% 10% 10%15 60% 30% 10%10 40% 50% 10%5 30% 60% 10%14

Xwd rKo ik ieho ijhy mwfl iksy Kws p`Dr dI Awmdn leI B`ivK bwxI leI iqAwr nhIN kIqygey[ sMp`qI dw AwvMtn jo^m ƒ kuJ Gtw skdw hY, pr ieh quhwfI soc qoN G`t Awmdn/munwPw/lwBimlx dI sMBwvnw ƒ pUrI qrHW Kqm nhIN krdw[ ieh vI iDAwn rKo ik sMp`qI dw AwvMtn sQweInhIN huMdw ikauNik smyN dy bIqn nwl ijauN-ijauN qusIN AwpxI syvw inivRqI dI aumr dy nyVy AwauNdy ho,ho skdw hY ik qusIN iSAr ivc lwey Awpxy pYsy ƒ iksy rUVHIvwdI ivklp ivc lwaux bwry ivcwr kroqW jo qusIN bwzwr ivc CotI AvDI dy nukswnw qoN Awpxy invyS ƒ bcw sko[ invyS krn qoN pihlWvsqU dI pUrI jwxkwrI hoxw zrUrI hY[10. ivAwj dr ivAwjiksy vI hor qwkq jW Skqi nwloN smyN dw quhwfy invyS aupr sB qoN v`D pRBwv pYNdw hY[ivAwj dr ivAwj dI SkqI nwl, pYsy dI CotI ijhI rwSI kuJ smyN ivc iek TIk-Twk rkm bxskdI hY[ ivAwj-dr-ivAwj invySk dw sB qoN cMgw dosq huMdw hY[ invyS smyN nwl v`D jWdw hYAqy smW ijMnw izAwdw hovy rkm aunHI izAwdw v`D skdI hY[ ieh aus Awmdn nwl mumikn hY jokmweI qW jWdI hY pr KrcI nhIN jWdI[ jdoN Awmdn ƒ dubwrw invyS kIqw jWdw hY qW qusIN Awmdnqy Awmdn Aqy iesy prkwr kwmauNdy ho[ ies leI, ieh zrUrI hY ik qusIN jldI bcq krnI SurUkr idau qW jo qusIN ivAwj-dr-ivAwj dw lwB lY sko[pYsy dI smyN muqwbk kImq pYsy dI auh kImq hY jo iksy inSicq smyN ivc inSicq rwSI auprivAwj dy rUp ivc kmweI jWdI hY[ ijvyN ik 5% dI ivAwj dr aupr iek swl leI A`j invySkIqw 100 rupey swl bwAd 105 ho jweygw[ Bwv invySk duAwrw A`j id`qw igAw 100 rupey iekswl bwAd id`qy 105 qoN &rk nhIN hY[B`ivK ivc imlx vwlI kul rwSI dw mulWkx krn leI hr swl hox vwlI Awmdn ƒ v`Krw-v`KrwkF ky Awps ivc joV ilAw jWdw hY ijs nwl B`ivK ivc imlx vwlI kul rwSI dI A`j kI kImq hYpqw cl jWdI hY[ ies le pI.vI dw Bwv hY B`ivK dy pYsy dI A`j ivc kImq[ ijvyN ik iksy iekswl ivc B`ivK ivc imlx vwlI rwSI dw mulWkx id`qI jwx vwlI ivAwj dr qy krn nwl A`j dIkImq dI rwSI kfI jw skdI hY[PV= FV/(1+r)B`ivK ivc AwauNx vwly pYsy dw mulWkx Cut dr qy kqw jWdw hY, Cut dr ijnHI izAwdw hovygI, B`ivKivc imlx vwly pYsy dI A`j ivc kImq aunHIN G`t hovygI[ invyS ivc pYsy dI smyN Anuswr kImq dwmh`qv Aqy pYsy dI kImq jW mul ƒ bcweI jW bxweI r`Kxw mh`qvpUrn huMdw hY[ quhwƒ Awpxy pYsy dymUl ƒ bxweI r`Kx leI invyS krnw cwhIdw hY[kwrj: aunHW cIzw dI sUcI iqAwr kro ijnHW ƒ qusIN Aksr iesqmwl krdy ho Aqy aunHW dI A`j ivckImq Aqy 10 swl pihlW dI kImq ilKo[ donW kImqW dI qulnw kro Aqy dyKo ik ikvyN smyN nwl pYsydI kImq ivc bdlwv AwauNdw hY[15

Tybl : pYsy dI smyN Anuswr kImqsMp`qI 10 swl pihlW kImq (-10) hux dI kImq (0) hux qoN 10 swl bwAddI kImq (+10)1. jweydwd/Gr2. sonw (19 gRwm)3. invyS• sYnsYks/inPtI• bWf• AYP.fI. aupr ivAwj dr4. cOl5. Kwlj dI pVHweI6.7.clo hux do dosqW rmn Aqy pRswd dI qulnw krdy hW[ rmn 19 swl dI aumr qoN 2000 rupey dIbcq krnw surU krdw hY[ A`T swl bwAd, auh invyS krnw bMd kr idMdw hY[ dUsry pwsy, pRswd 27swl dI aumr qoN 2000 rupey invyS krnw SurU krdw hY jo auh 65 swl dI aumr qk jwrI r`Kdw hY[rmn ny 16,000 rupey invyS kIqy Aqy pRswd ny 74,000 rupey[jy dovyN hr swl Awpxy invyS aupr tYks dyx qoN bwAd 10% kmwauNdy hn, qW 65 swl dI aumr ivcsyvw inivRq hox vyly kOx ijAwdw AmIr hovygw?rmn dI 19 qoN 27 swl dI aumr q`k kIqI 2000 rupey dI bcq kul 10,35,160 ruepy bx jweygI,jd ik pRswd dI 27 qoN 65 swl dI aumr q`k kIqI 2000 rupey dI bcq bxygI 8,00,896 rupey[rmn dy invyS ivc 64 guxW vwDw hoieAw jd ik pRswd dy invyS ivc isr& 10 guxw[is`tw ieh inkilAw ik ivAwj-dr ivAwj hI iek ieklOqw kwrn hY ijs leI quhwƒ huxy invySkrnw SurU kr dyxw cwhIdw hY[ Xwd r`Ko, pYsy ƒ invyS krn qoN bwAd, hr idn quhwfw pYsw quhwfyleI kMm kr irhw hY[ieQy ieh idKwieAw jw irhw hY ik quhwfw pYsw iknHW vDygw jy qusIN iek muSq pYsw invyS krn qoNbwAd aus ƒ nhIN CyVdy[ ivAwj dr 10% mn leI geI hY[iek muSq id`qy pYsy dI rwSI (rupey)swl 100,000 200,000 300,000 400,000 500,0005 161,051 322,102 483,153 644,204 805,25510 259,374 518,748 778,123 1,037,497 1,296,87115 417,725 835,450 1,253,174 1,670,899 2,088,62420 672,750 1,345,500 2,018,250 2,691,000 3,363,75025 1,083,471 2,166,941 3,250,412 4,333,882 5,417,35330 1,744,940 3,489,880 5,234,821 6,979,761 8,724,701tybl pVHn qoN bwAd : jy qusIN 1l`K rupey ƒ ivAwj-dr-ivAwj dy ihswb nwl 30 swlW leI invySkrdy ho qW quhwƒ 17,44,940 rupey imlxgy[kwrj:jy rwm, ijs dI aumr 60 swl hY, 20 swl bwAd Awpxy byty ƒ 20 l`K auphwr dy rUp ivc dyxw cwhyqW auhƒ A`j ikMnw invyS krnw peygw? Aupr id`qy tybl dw pRXog kro[16

11. mudrw siPRqI dw invyS qy pRBwvjy quhwfy invyS dw v`fw ih`sw bJI Awmdn dyx vwlIAW isikaurtIAW dw hY, qW quhwƒ mudrw siPRqIdr aupr iDAwn dyxw cwhIdw hY[v`DdI hoeI mudrw siPRqI dw sB qoN v`D pRBwv syvw inivRq lokW aupr pYNdw hY ijnHW kol isrP sQweIAwmdn hI huMdI hY[ ieh ies kwrn huMdw hY ikauNik mudrw siPRqI v`Dx nwl pYsy dI KrIdx SkqIG`t jWdI hY ijs kwrn syvw inivRq lok Awpxy pYsy nwl pihlW nwloN G`t KrId skdy hn[mudrw siPRqI quhwfI KrIdx dI SkqI Kw jWdI hY[ ijvyN ik, jy mdrw siPRqI dI AOsq dr 8% hY,qW quhwƒ ieh p`kw krnw peygw ik quhwfw invyS tYks dyx qoN bwAd 8% jW aus qoN v`D Awmdnkmw irhw hovy[ Prz kr lYNdy hW ik quhwfw invyS 100,000 rupey dw hY ijs aupr qusIN 10%Awmdn kmw rhy ho Aqy mudrw siPRqI dr 8% hY[ ies siQqI ivc qusIN swlwnw 10,000 rupeykmwaugy jo ik Aweykr dyx qoN bwAd 7,000 rupey bxygw (ieh mMndy hoey ik qusIN kr dI sB qoN aucIdr mqlb 30% dy rhy ho)[ hux jd qusIN id`qI geI 8% mudrw siPRqI dyKogy (8,000 jW 100,000rupey dw 8%) qW ies dw mqlb hovygw ik qusIN 1000 rupey Gwty ivc ho (7000 rupey Awmdn Gtwmudrw siPRqI 8000)[ ies dw Bwv hoieAw ik qusIN Awpxy invyS aupr Asl ivc kuJ nhIN kmw rhyho[12. syvw inivRqI XojnwienHy swl kM krn qoN bwAd syvw inivRq hoxw Awpxy Awp ivc iek bhuq hI AnoKw Aqy nwtkI pVHwAhY[ iPr vI syvw inivRqI v`l v`Ddy kdmW leI loVINdI Xojnw jW aus aupr ivcwr nhIN kIqw jWdwijs dI auh h`kdwr hY[ hor koeI syvw inivRq hox qoN bwAd iek sOKw jIvn bIqwauxw cwhuMdy hn[hwlwik aus leI loVINdI Xojnw kIqy ibnHW ieh mumikn nhIN hY[ mnu`K pihlW nwloN vDyry lMmI aumrBog irhw hY, jo cMgI ^br hY pr ies dw ieh mqlb vI hY ik syvw inivRqI hor mihMgI huMdI jw rhIhY[ ies leI zrUrI hY ik pihlW hI Xojnw bxw leI jwvy Aqy syvw inivRqI dI aumr dy nyVy phuMcx qyqusIN AwrQk qOr ’qy iqAwr rho[syvw inivRqI Xojnw qoN Bwv hY ik buFwpy vyly Awmdn lYx leI kuJ pYsw jW sMp`qI v`KrI r`K id`qIjwvy[ ieh syvw inivRqI dI aumr qy phuMcx qoN pihlW krn huMdw hY[Xwd r`Ko, ik quhwfw mksd Aijhy inrxy lYxw hY ijs nwl quhwfy A`j dI injI AwrQk siQqI dyAwDwr qy B`ivK dy Awpxy AwrQk mskd ƒ bhuq swrQk rUp ivc pUrw kr sko[1) CyqI SurU kro Aqy SWqI nwl syvw inivRq hovo: ijvyN ik mMn lau jy qusIN 25swl dI aumr qoNsyvw inivRqI jo qusIN 60 swl dI aumr q`k cwh rhy ho leI bcq krnw SurU krdy ho qW ies dwmqlb hovygw ik qusIN 35 swl q`k bcq kr skdy ho[ jy 25 swl dI aumr qy quhsIN hr mhIny6% ivAwj-dr-ivAwj dy ihswb nwl 1000 rupey invyS krnw SurU krdy ho qW smW pUrw hox qyquhwƒ 13,80,290 rupey imlxgy[ pr jy qusIN iehI invyS 35 swl dI aumr qoN SurU krogy qW 60swl dI aumr qy quhwƒ 6,79,580 rupey imlxgy[17

2) smJdwrI nwl Xojnw bxwau: syvw inivRqI qoN bwAd kuJ pYsw fwktrI KricAW Aqy AOKy smyNleI Alg r`K idau[ b`icAW dI pVHweI Aqy aunHW dy ivAwh leI iesy dOrwn pYsw jmW kr lau[3) AwpxI Xojnw ƒ iDAwn ivc r`Kdy hoey smyN-smyN aus ivc loVINdy bdlwv krdy rho:AwpxIAW AwrQk XojnwvW ivc smyN-smyN qy loVINdy bdlwv krnw zrUrI huMdw hY qW jo ieh pkw krsko ik audySW ƒ smyN isr pUrw kr sko[ nwl hI, Awpxy invyS nwl juVy joKm, aus dI kImq Aqyqrlqw ƒ smJo Aqy pUrI qrHW jwnx dI koiSS kro[4) syvw inivRqI nwl juVI bcq ivc kuJ nw kfo: syvw inivRqI qoN pihlW AwpxI bcq ƒ nw CyVo[jy qusIN syvw inivRqI leI joVy pYsy ƒ A`j Krcogy qW Awaux vwly smyN ivc v`fw nukswn Jlxwpeygw[ syvw inivRqI leI jo rwSI qusIN socI hovygI aus ivc kmI ho skdI hY[30 swl pihlW syvw inivRqI dI Xojnw iks pRkwr kIqI jWdI sI aus dy pMj qrIky d`so[1.2.3.4.5.syvw inivRqI dI Xojnw sMbMDI ikhVIAW pMj cIzW quhwƒ krn dI loV hY[1.2.3.4.5.AwpxI syvw inivRqI leI quhwƒ ikMnw invyS krnw cwhIdw hY?mMn lYNdy hW ik rwm dI aumr 30 swl hY, aus dw mhIny dw Krcw 10,000 rupey hY qy auh 60 swl dIaumr qy syvw inivRq hoxw cwhuMdw hY (lweIP AYkspYntYNsI 75 swl)[ ieh mMndy hoey ik aus dw KrxwA`j dy Krcy dw 80% hovygw, aus ƒ syvw inivRqI leI ikMnw pYsw cwhIdw hovygw Aqy Awpxy syvwinivRqI leI pUMjI eIkqr krn leI aus ƒ hr mhIny ikMnw pYsw bcwauxw cwhIdw hY?iek jut rkm Aqy mwsk invyS jwnx leI, swƒ sB qoN pihlW ieh jwnx dI loV hY ik syvw inivRqIqoN bwAd auh hr mhIny ikMnw Krcw krygw ikauNik mudrw siPRqI kwrn aus dw hr mhIny dw KrcwA`j nwloN v`D hovygw[crx 1: syvw inivRqI dy vyly 5% mudrw siPRqI nwl aus dy KricAW dw mul kI hovygw?ikMny swlW bwAd qusIN syvw 5 10 15 20 25 30inivRq hox vwly hosyvw inivRqI dy smyN KricAW leI (12,762.82) (16,288.95) (20,789.28) (26,532.98) (33,863.55) (43,219.42)hr mhIny quhwƒ ikMnI rwSI dIloV hY[syvw inivRqI dy smyN KricAW leI (10,210.82) (13,031.16) (16,631.43) (21,226.38) (27,090.84) (34,575.54)hr mhIny quhwƒ ikMnI rwSI dIloV hY[(loV dw 80%)* 30 swl bwAd mudrw siPRqI kwrn vrqmwn KricAW ivc ikMnw vwDw hovygw[18

syvw inivRqI vyly Krcy ikauN G`t ho jWdy hn? (aupr id`qy audwhrx ivc 80% hY)1.2.3.jvwb: rwm A`j qoN 30 swl bwAd syvw inivRq hovygw,aus ihswb nwl ausdy mhIny dw Krcw 43219rupey hovygw Aqy 80% dy ihswb nwl auh bxygw 34575 rupey[crx 2: syvw inivRqI vyly aus ƒ ikMnHy koS dI loV peygI qW jo auh Awpxy mhIny dy Krcy dI loV ƒlgwqwr AwauNdy pYsy dy pRvwh nwl pUrw kr sky[Dwrnw: koS jW invyS aupr Awmdn dI dr 7%[syvw inivRq hovivc swl10,210.25rupey dy KrcleI13,031.16 rupeydy Krc leI16,631.43 rupeydy Krc leI21,226.38rupey dy KrcleI27,090.84rupey dy KrcleI34,575.54rupey dy KrcleI5 585,130.95 746,791.84 953,116.66 1,216,445.22 1,552,526.61 1,981,461.0810 1,117,707.64 1,426,509.65 1,820,627.96 2,323,633.90 2,965,611.10 3,784,954.7715 1,602,450.28 2,045,177.75 2,610,222.66 3,331,379.05 4,251,777.66 5,426,465.4320 2,043,655.17 2,608,279.41 3,328,898.92 4,428,612.31 5,422,425.66 6,920,541.7725 2,445,232.68 3,120,805.39 3,983,026.38 5,083,463.13 6,487,930.27 8,280,428.7830 2,810,742.02 3,587,298.21 4,578,402.57 5,843,330.78 7,457,735.34 9,518,170.11rwm 60 swl dI aumr ivc syvw inivRq hovygw Aqy aus dy 75 swl dI aumr q`k jIaux dI aumId hY,ies dw Bwv ik aus ƒ 15 swl KricAW leI pYsy dI loV peygI (75 swl-60 swl)aupr id`qy tybl qoN AsIN ieh Awrwm nwl smJ skdy hW ik 15 swl dy KricAW leI aus ƒ54,26,465 rupey Awpxy koS ivc r`Kx dI loV hY[crx 3: rwm AwpxI syvw inivRqI leI koS iek`Tw krn leI hr mhIny dI AwpxI bcq ƒ hr swl10% v`Dx leI jo ik 30 swl clygw, ivvsiQq invyS Xojnw (sI.AweI.pI) ƒ Kol ky aus ivc pYsypweygw[ koS leI pYsw iek`Tw krn leI rwm ƒ hr mhIny ikMnw pYsw invyS krnw peygw?ihswb:ihswb leI AsIN sB qoN pihlW 10 l`K rupey leI koS lBWgy Aqy aus ƒ pRwpq krn qoN bwAd auskoS ƒ inrDwirq rkm nwl guxW krWgy[ivAwj /swlW dI10 l`K rupey dy ko SleI mwisk invySigxqI5 10 15 20 25 306% (14,321.72) (6,125.04) (3,468.51) (2,194.69) (1,471.50) (1,021.18)8% (13,621.38) (5,516.23) (2,943.09) (1,746.24) (1,093.09) (705.41)10% (12,958.11) (4,963.82) (2,489.91) (1,381.24) (804.40) (480.93)12% (12,329.91) (4,463.57) (2,101.14) (1,087.13) (587.47) (324.57)15% (11,449.24) (3,802.02) (1,622.41) (753.54) (362.77) (177.56)aupr id`qy tybl dy ihswb nwl AsIN ieh pqw kr skdy hW ik 10 l`K rupey leI aus ƒ 480 rupeyinvyS krny pYxgy[ ies leI 54 l`K rupey leI, aus ƒ hr mhIny 2592 rupey invyS krny pYxgy[(54/10) x 480 = 2592 rupey19

kwrj: AwpxI syvw inivRqI leI quhwƒ ikMny koS dI loV hY aus dw ihswb kro Aqy nwl aus leIikMny mwisk invyS dI loV hY, aupr id`qy tyblW dy AwDwr qy ihswb kro[1. quhwfy mwisk Krcy ( )(ihswb krn dy audyS qihq mwisk Krcy 10,000 rupey id`qy gey hn[ jy quhwfy Krcy 20,000rupey hn qW Awpxy koS ƒ 2 swl nwl guxW kr idau[2. syvw inivRqI dy smyN 5% mudrw siPRqI dI dr qoN quhwfy Krcy _____________________ikMny swl bwAd qusIN syvw inivRqhovogy[syvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[syvw inivRqI dy smyN KricAW leIhr mhIny quhwƒ ikMnI rwSI dIloV hY[ (loV dw 80%)5 10 15 20 25 30(12,762.82) (16,288.95) (20,789.28) (26,532.98) (33,863.55) (43,219.42)(10,210.82) (13,031.16) (16,631.43) (21,226.38) (27,090.84) (34,575.54)syvwinivRqIhox ivcswl3. ngdI pRvwh dw nym bxweI r`Kx leI ikMny syvw inivRqI koS dI loV hY[10,210,25rupey dy KrcyleI1,031.16 rupey dyKrcy leI16,631.43 rupeydy Krcy leI21.226.38 rupeydy Krcy leI27,090.84 rupeydy Krcy leI34,575.54 rupeydy Krcy leI5 585,130.95 746,791.84 953,116.66 1,216,445.22 1,552,526.61 1,981,461.0810 1,117,707.64 1,426,509.65 1,820,627.96 2,323,633.90 2,965,611.10 3,784,954.7715 1,602,450.28 2,045,177.75 2,610,222.66 3,331,379.05 4,251,777.66 5,426,465.4320 2,043,655.17 2,608,279.41 3,328,898.92 4,428,612.31 5,422,425.66 6,920,541.7725 2,445,232.68 3,120,805.39 3,983,026.38 5,083,463.13 6,487,930.27 8,280,425.7830 2,810,742.02 3,587,298.21 4,578,402.57 5,843,330.78 7,457,735.34 9,518,170.114. Awpxy koS ƒ iqAwr krn leI quhwƒ ikMny mwisk invyS dI loV peygI[Dwrnw: qusIN joKm cu`kx dI AwpxI Smqw Anuswr ivAwj dr lY skdy ho[ihswb dy sMdrB ivc quhwƒ 10 l`K rupey dw koS iqAwr krn leI inXimq rUp ivc invyS krnwpeygw[ jy quhwfI zrUrq 20 l`K rupey dI hY qW Awpxy mwisk invyS ƒ 2 nwl guxW kr idau[ivAwj/ikMny swl10 l`K rupey dy koS leI mwisk invyS5 10 15 20 25 306% (14,321.72) (6,125.04) (3,468.51) (2,194.69) (1,471.50) (1,021.18)8% (13,621.38) (5,516.23) (2,943.09) (1,746.24) (1,093.09) (705.41)10% (12,958.11) (4,963.82) (2,489.91) (1,381.24) (804.40) (480.93)12% (12,329.91) (4,463.57) (2,101.14) (1,087.13) (587.47) (324.57)16% (11,449.24) (3,802.02) (1,622.41) (753.54) (362.77) (177.56)20

13. invyS iek pRkwr dw r`bI hukmhyT quhwfy leI kuJ idSwinrdyS id`qy gey hn pwlnw krn leI:• invyS krn qoN pihlW sp`St Aqy auicq invyS lkSw dI sQwpnq kro[• Xwd r`Koi k hr invyS ivc joKm huMdw hY[ ijvyN ijvyN sMBwivq munwPw v`Ddw hY, joKm vI v`DdwhY[• Awpxy joKm ƒ Gtwaux leI invyS ivc ivv`Dqw zrUr ilAwau[• iekvItI, irx-p`qr Aqy nkd dw shI imSrx r`Ko[• Awpxy igAwn dI sImw ƒ pihcwxo[ ijs icz bwry smJ nw Awvy aus ivc invyS nw kro[• Awpxy ih`sy dI pUrI iqAwrI kro[ ieh p`kw kr lau ik quhwƒ pqw hovy ik qusIN ik`Qy invyS krhry ho Aqy ies dw joKm, sMBwivq Awmdn Aqy quhwfy invyS dI bwzwr ivc kImq qy kI pRBwvpeygw[• Awpxy idmwg ivc invyS sMbMDI Xojnw bxwaux vyly ieh zrUr r`Kxw ik quhwfy invyS auqy AweykrvI lgxw hY[• A&vwvW jW bwzwr dIAW grm g`lW auqy AwDwirq hoky invyS nw krnw[ ieh kdy-kdwr hI TIkhuMdIAw hn[• invyS sMbMDI iksy dI rwey ijs dI quhwƒ smJ nw lgy, aus aupr A`KW bMd kr ky ivSvws nwkrnw[• AwriQk slwhkwr dy suJwA jo quhwfy muqwbk nw hox, aunHW leI ‘nhIN’ kihx qoN nw frnw[• Aijhy joKm nw lYxw ijs ƒ J`lx dI quhwfI hYsIAq nhIN hY[ joKm sihx dI AwpxI Smqw ƒsmJo[joKmAinXimq zoKminXimq zoKmiSAr dI igxqIinvyS dI rxnIqIAWivivDqw dw mnorQ v`K-v`K cIzW jW kMpnIAW ivc pYsw invyS kr ky zoKm ƒ G`twauxw huMdw hY Aqynwl hY ieh p`kw krnw ik smyN-smyN pYsw muheIAw ho sky; Bwv swry AMifAW ƒ ieko QYly ivc nwriKAw jwey[ ho skdw hY ik qusIN cwho ik quhwfw pYsw v`K-v`K sMsQwvW, v`Kry bwzwrW ivc invyS dy21

v`Kry swDnw ijvyN ik nkdI, b`JI Awmdn dyx vwlIAW isikaurtIAW, kMpnIAW dy iSAr jwimaucUAl PMfW Awid ivc invyS hovy[jy qusIN koeI b`JI Awmdn dyx vwly iksy swDn ivc invyS kr rhy ho qW AklmMdI iehI hovygI ikqusIN Awpxy pYsy ivc ivivDqw ilAwaux qW jo aus dy pu`gx dI imqI v`KrI v`KrI hovy[ ies nwlivAwj dr dy G`tx dw Kqrw G`t jWdw hY[ ies nwl quhwƒ inXimq Awey hI ho jWdI hY[ auNJ qWquhwƒ Awpxw zoKm v`K-v`K QwvW qy invyS kr ky GtwauNxw cwhIdw hY pr ies nwl quhwƒ ingrwnIbhuq krnI peygI[ aupr idqw icqr ieh swP drsw irhw hY ik iSAr ivc ivvsqw nwl quhwfwAinXimq zoKm (jo iksy iek invyS nwl sMbMiDq huMdw hY) G`t ky sWB s`kx vwlI sImw aupr AwjWdw hY[ iek sImW qoN bwAd ivivsqw nwl vI zoKm nhIN GtwieAw jw skdw[ ivvsqw qoN bwAdvI jykr iksy zoKm dw swhmxw krnw pYNdw hY qW auh isrP bwzwr nwl sMbMiDq zoKm jw inXimqzoKm jw inXimq zoKm kwrn hI huMdw hY[sMp`qI AwvMtn:sMp`qI AwvMtn ieh inrDwirq krn dI pRikRAw hY ik invyS dw ikMnw ih`sw v`K-v`K invyS (iSAr,bWf, irAl AYstyt Awid) Aqy bwzwr (ijvyN irx-p`qr, eIkivtI jW cIzW) ivc hoxw cwhIdw hY[sMp`qI AwvMtn ivivDqw Aqy pRdrSn donW ƒ bihqr bxw skdw hY hwlwik kuJ h`d q`k ieh mnorQAwps ivc tkrwauNdy hn[ ieh ies g`l ƒ p`kw krn ivc mdd krdw hY ik invyS bwzwr AqyisikaurtIAW dy keI iksmW ivc vMfy gey hn Aqy ieh AwvMtn ies pRkwr hoieAw hY ik ieko ijhyinvyS pRkwrW ivc invyS nhIN kIqw igAw hY[ sMp`qI AwvMtn nwl Aijhy KyqrW dw pqw cl skdw hYijnHW dI bwzwr ivc kImq G`t lweI geI hY, ijs nwl pRdrSn hor bihqr hovygw[ shI pihcwxkwrn pRdrSn aupr cMgw Asr peygw[14. invyS dy swDnSyvw inivRqI qoN bwAd, lok mu`K qOr ’qy do kwrnw krky bcq krdy hn[ pihlw AwpxI ie`iCq jIvnSYlI ƒ Awmdn ivclI AxdyKI ktOqI qoN bcwaux leI jW KricAW ivc vwDy leI[ syvw inivRqI hrmnu`K AwpxI jIvn SYlI auhI r`Kxw locdw hY jo aus dI syvw inivRqI qoN pihlW sI[ ies leI aus ƒieh p`kw kr lYxw cwhIdw hY ik aus dI syvw inivRqI qoN pihlW Aqy bwAd dI Awmdn ivc bhuqwPrk nw hovy[ jdoN iksy dI aumr v`DdI hY qW aus dy nwl hI ishq sMbMDI sm`isAwvW dI icMqw vIv`D jWdI hY[ dvweIAW Awid dy Krcy vI dyKxy pYNdy hn[ syvw inivRqI qoN pihlW leI geI icikqswsMbMDI sur`iKAw ƒ bwAd ivc cwlU r`Kxw cwhIdw hY qW jo ishq sMbMDI sm`isAwvW qoN Awpxy Awp ƒsuriKAq riKAw jw sky[ ies smyN dI sB qoN v`fI loV ieh hY ik qn^wh dy ivklp dy qOr ’qy koeIsQweI Awmdn dw zrIAw bxwieAw jwvy qW jo roz-mrhw dy Krcy pUry ho skxw[ ieh qW hI kIqw jwskdw hY jy syvw inivRqI qy imlx vwly pI.AYP lwB, gRYcutI Awid ƒ swvDwnI nwl AijhI QwvW qylwieAw jwvy ijs nwl ivAwj dy rUp ivc inXimq AvDI qy Awmdn huMdI rhy[pYnSn plYn (Xojnw)jIvn dy mu`Fly dOr ivc pYnSn sMbMDI v`K-v`K XojnwvW d mdd nwl sQweI Awmdn hwsl kIqI jwskdI hY[ AijhIAW XojnwvW syvw inivRqI qoN bwAd dy smyN leI nymI pYnSn suinSicq krdI hY[ jyiksy bMdy ny AijhIAW XojnwvW ivc pihlW invyS nhIN kIqw hoieAw qW auh huxy hI bImw krn vwlyqoN AijhI iksy Xojnw dw lwB lY skdw hY[ iek pYnSn Xojnw ivc ieh lcIlwpn huMdw hY ik aus22

ivc iek muSq (iek`Tw) Bugqwn kr skdy ho jW iPr aunHW swlW ivc ijnHW ivc qusIN kmw rhy huMdy holgwqwr pYsy dw Bugqwn kr skdy ho[ quhwfy pYsy ƒ iPr quhwfI mrzI muqwbk PMfw ivc invyS kIqwjWdw hY[ iek Kws smyN (Xog aumr jdoN qusIN Xojnw dy SurU ivc ijs pRkwr dI pYnSn leI AwpxImrzI jwhr kIqI hovygI) dy pUry hox qy qusIN B`qw lY skdy ho[ izAwdw qr Xuinq ilMkf pYnSn plYnv`K-v`K pRkwr dy vwriSk Anudwn dI XojnwvW pyS krdy hn, jo quhwƒ syvw inivRqI qoN bwAd imlxvwlI rkm ƒ AwpxI shUlq muqwbk invyS krn dw mOkw idMdIAW hn[ nwl hI, pYsw imlx dIAvDI pUrI hox qy qusIN jmW kIqy pYsy dw 33% iek muSq lY skdy ho jo ik kr-mukq hovygw[kys stfI59 swl dw rmn, Cy mhIny bwAd 60 swl dw ho jwx qy syvw inivRqI hovygw[ ies vyly aus dI syvwinivRq leI juVI rwSI 7,50,000 rupey hY[ auh ies nwl iek vwriSkI KrIdx bwry soc irhw hY joaus ƒ Awmdn vI dyvy[ ikauNik auh Dumrpwn nhIN krdw aus ƒ ishq sMbMDI koeI gMBIr smisAwvI nhIN hY, aus ƒ 45,000 rupey dI swlwnw Awmdn jw 3750 rupey dI mwsk Awmdn aus dI bcIhoeI pUrI izMdgI huMdI rhygI (ieh mMndy hoey ik vwriSkI dr 6% hY)[mwisk kmweI Xojnwpost Awi&s jW bYNkW dI mwisk kmweI Xojnw vI leI jw skdI hY jo quhwƒ inXimq ivAwj dIkmweI dyvygw[ ies PMf ivc suriKAq vI hY qy ies ivc qrlqw vI hY[ post AwiPs ivc mwiskkmweI Xojnw dI vrqmwn vwpsI dr 8% hr swl dI hY[AiBAwsjwrj iek PYktRI krmcwrI hY jo 60 swl dI aumr ivc syvw inivRq hox vwlw hY[ ausdy trmInllwB (pRovIfYNt PMf, gRYcutI Awid) 300,000 rupey hY Aqy ausdI bcq Aqy invyS lgBg 90,000rupey hY[ jwrj ieh ivcwr bxdw hY ik auh Awpxy trmInl lwB dw jo ik kr mukq hY aus dw ikmuSq 25% AwpxI kuVI dy ivAwh leI lY irhw hY[ bcy hoey 225,000 rupey ƒ auh invyS krky Aqyaus ivcoN AwpxI Awmdn kFvwauNdw rhygw[iek ieho ijhI mwisk kmweI Xojnw d`so ijs ivc sur`iKAw, qrlqw Aqy vDIAw vwpsI hovy[imaucUAl PMf• iek imaucUAl PMf Awm qOr ’qy invySkW dy smUh duAwrw pRbMiDq pYisAW dw mUl hY[• iek imaucUAl PMf pRbMDk quhwfI invyS PMf ƒ pRqIBUqIAW stwk Aqy bWfW, mudrw bwzwr dyswDnW jW ienHW dy kuJ sMXojnW ƒ PMf dy invyS dy audySW dy AwDwr au~qy invyS krdw hY[• ivivD imaucUAl PMf ivc invyS kr ky zoKm ƒ qyzI nwl Gr kr skdy ho[ imaucUAl PMfW dIsMrcnw dy AwDwr au~qy vrgIikRq kIqw jw skdw hY[23

Epn AYNiff skImEpn AYNiff skIm ivc qusIN iekweI ƒ iksy vI smyN dubwrw KrId jw byc skdy ho[ jdoN PMf ƒbyicAw jWdw hY qy invySkqw PMfW ƒ mu`l dy ky vwps lYNdw hY jW KrId dw hY jW XUint dw pUnr KrIdkrdw hY[AMfr kloz AYNiff skImKloz AYNiff skIm dy qihq, jdoN PMfW dI pySkS bMd kr id`qI jWdY qy invySkqw nw qy PMfW ƒ KrIdskdw hY qy nw hI vyc skdw hY[ invyS krqw kloz AYNiff PMfW ƒ audoN hI KrIdn ivc smrQ huMdwhY jdoN auh stwk AYkscyNj ivc sUcIb`D huMdy hn[Xojnwb`D invyS Xojnwieh imaucUAl PMf ivc Awpxw pYsw invyS krn dI srl AnuSwiSq rxnIqI hY[ ieh pUMjI dy smUhdI dIrG kwilk kwrjnIqI hY[ AYs.AweI.pI. invySk iek vwrI invySk dI qulnw ivc v`DsMskwrI/cMgI irtrn cwhuMdw hY[ AYs.AweI.pI. iek ivSyS imAwd dy leI nymI AMqrwl ’cimaucUAl PMf ivc iek ivSyS rwSI AYs.AweI.pI. ivc invyS krnI cwhIdI hY jo Awvrqk jmW dysmwn hY[ jy quhwfw PMf quhwƒ hr mhIny iekweI KrIdn dI iezwzd idMdw hY (bwzwr dI Afolqw dIAndyKI krdy hoey) jy qusIN aunHy hI pYsy lw ky igrwvwt dy bwzwr ivc invyS krdy ho qW v`D iekweIKrId skdy ho aunHy hI pYsy nwl vDI hoeI bwzwr dI kImq qy Gt iekweI KrIdygw[ jy qusINsI.AweI.pI. ivklp lYdy ho qW svYkr rUp ivc bwzwr dI lckqw dy ivc BwgIdwr hovogy[AYs.AweI.pI. rupey lwgq AOsq nym qy kMm krdw hY[ suinSicq krm dy rUp dy nwl-nwl lgwqwrinvyS ƒ suinSicq krdw hY jo AOsq bwzwr mu`l dI Gt ryj dI pRqI iekweI AOsq lwgq ivc iPtbYTdw hY[ AYs.AweI.pI. Aksr hr mhIny 500 rupey Gt pUMjI qoN SurU huMdw hY Aqy ielYktRwinksmwSoDn syvw dI vrqoN krn dI auprI sImw dI hdwieq 25,000 rupey hY[AYs.AweI.pI. dI kwrjpRxwlIAYs.AweI.pI dI iek hor shUlq hY jo quhwƒ cwlU bwzwr ivc invyS krn dw Avsr pRdwn krdIhY[ iPr aus dI gqIivDIAW dw Anumwn lgwaux dI koiSS krdI hY[ jdoN qusIN hr mhIny 500 rupeyjo ik iek inSicq rwSI hY ijs dw invyS qusIN bwzwr mu`l Aqy nwl hI AYn.ey.vI. PMf vI auc hovy[ies pRkwr jdoN bzwr mu`l Aqy AYn.ey.vI. PMf G`t hoxgy qW quhwƒ 500 rupey dy invyS qy iekweIAWvI Gt pRwpq hoxgIAW[mhInw AYn.ey.vI. iekweI dI gixqI (500/AYn.ey.vI)1 jnvrI 10 501 PrvrI 10.25 48.7801 mwrc 11 45.4541 ApRYl 12 41.6671 meI 9.95 50.2511 jUn 12 41.667277.820ies pRkwr isrP hr mhIny 500 rupey invyS krn nwl quhwƒ 277.82 rupey iekwieAW pRwpqhoxgIAw[ ies pRkwr AOsqn AYn.ey.vI. (10.85) dy auqy iek AYn.ey.vI. 6 mhIny dI imAwd dydOrwn iekweI vyc ky munwPw km ho skdw hY[hyT bxI qwilkw dy Anuswr 3000 rupey dy invyS qy qusIN lwB pRwpq kr skdy ho jykr qusIN iekweIƒ AOsqn qoN v`D vycdy ho:24

AYn.ey.vI. (a) iekweI (jykr qusIN swrI vyc idMdy ho) [(AYn.ey.vI. x 277.81)] (e) munwPw =[(e)-3000]10.86 (AOsqn) 277.81 3017.017 17.0211 277.81 3055.91 55.9112 277.81 3333.72 333.7213 277.81 3611.53 611.5314 277.81 3889.34 889.34AYnXUtIzbImw kMpnI duAwrw bImw Dwrk ƒ ijhVI vwriSk sMDI bycI jWdI hY aus ƒ AYnXUtIz kihMdy hn[ijhVI ik aus ƒ syvw inivRqI qoN bwAd inSicq AMqrwl qy pRwpq huMdI hY[qusIN AwpxI kmweI ƒ inrDwrq aumr qoN pihlW vwps nhIN lY skdy nhIN qW quhwƒ jurmwnw BugqwnpY skdw hY[sur`iKAq AYnXUtIz G`t aupj invyS nwl sMbMDq hn[ AYnXUtIz ivc mOq qoN bwAd dw munwPwbrwbr hY AYnXUtIz dy v`D hoxy vrqmwn dy brwbr jW KrIddwr dI Bugqwn rwSI dy brwbr hY[bImw pwilsIAwpxy jIvn Aqy jwiedwd leI sB qoN izAwdw joKm bImw Xojnw dy Anuswr kvr kIqw jw skdw hY;kuJ Awm bImw XojnwvW ies prkwr hn:• XUint ilMkf bImw Xojnw• pRIimAm XojnwvW dI vwpsI dI dIrGkwilk imAwd• ishq bImw• ivAkqIgq durGtnw bImw• quhwfy Gr jW kwr leI bImw kvr• bImw kMpnI duAwrw auqrdwieqv qoN pirvwr suriKAw dw kvr• Xwqrw dw bImwkvr dw mul quhwfI ihPwzq dI zrUrq auqy inrBr krdw hY[ jy qusIN jwiedwd bImy Awvydn kr rhyho qW jwiedwd dy mu`l dI nwgrq ƒ punr sQwipq krnw cwhuMdw hY[ ies qrHW iksy Awpxy dy inDnqoN bwAd iek imAwd Xojnw dy qihq quhwfy pirvwr AwriQk nukswn dI purqI leI muAwvzw id`qwjweygw[ jykr qusI XUilp, ienfomYNt Aqy pYsy vwps nIqIAW vl jWdy ho ieh quhwfI swrI AwriQkXojnw dy nwl AwauNdy hn qusIN ies PMf ƒ vrqn leI smrQ ho jWdy ho[AiBAwssRI mhyS kOiSk ijnHW dI aumr 58 swl hY[ Awpxy primnl munwPy dw 10 l`K rupey invys krnwcwhuMdy hn[ invyS auqpwdn qy ijs ivc aunHW ƒ bImw kvr vI imly qy swlwnw vwpsI vI imly[ dsoaunHW leI ikhVw invyS auqpwd AwkrSk hY?25

ishq bImwBwrq dIAW ishq bImw pOilsIz: Bwrq ivc keI pRkwr dy ishq bImw Aqy fwktrI bImy hn[ ienHWkvryj dy AwDwr qy hyT iliKAw SRyxIAW ivc vMifAw igAw hY:ivsiqRq ishq bImw kvryj: ieh Xojnw quhwƒ hspqwl dy KricAW dw kvr pRdwn krdI hY[ jdoNik ieko hI smyN ishq dI dyKBwl leI suriKAw pRdwn krdw hY[hspqwlI XojnwvW: jy qusIN hspqwl ivc BrqI ho qW ieh ishq Xojnw bImw quhwfy KricAw ƒkvr pRdwn krdw hY[ ies SRyxI Anuswr v`K-v`K Krcy Aqy v`D qoN v`D sImw qk auqpwdn dy BugqwnvI pRdwn krdI hY[ hspqwlI kvr dI AdwiegI Xojnw qy ADwirq hY jW siQr lwB Xojnw qy[gMBIr rog Xojnw: ieh XojnwvW quhwƒ gMBIr rogW leI kvr pRdwn krdIAW hn ijvyN ik idn dwdOrw, AMg pRiqAwropx, stRok jw gurdy dI AsPlqw Aqy hor vI[ ienHW XojnwvW dw lkS ivrly AqymihMgy icikqsw KricAw ƒ kvr krnw hY[ivSySgqw qy kvryj: ieh Xojnw ivSyS rUp ivc mDumyh Aqy kYNsr dI jitlqwvW dy iKlwP ishqbImw pRdwn krn leI bxweI geI hY[ ies Xojnw ivc B`ivK dy rog pRbMDn ƒ kvr pRdwn krdyhn[irvrs bMDk (mOrtgyj):irvrs bMDk dw pRXog bzurg nwgirk dy nkdI pRvwh rwhIN ausdIAW AwriQk zrUrqW ƒ pUrw krnnwl sMboiDq huMdw hY[ iek bzurg nwgirk ƒ id`qw igAw krzw ausdI jwiedwd qoN hox vwlI kmweIdy mukwbly ivc id`qw jWdw hY[ ies XojnW ivc (bzurgw nwgirk) jo bYNk ivc AwpxI jwiedwdigrvI r`K ky krjy dI rwSI eykSSq jw AwriQk rUp ivc jIvn kwl qk lYNdw rihMdw hY[ Gr dwmwilk Awpxy jIvn kwl ivc krjw cukx ivc bwDX nhIN huMdw[ aus dI mOq jW Gr sQweI rUp qoNC`fx qoN bwAd Gr dI ibkrI dy mwiDAm qoN bcy hoey ivAwj ƒ lY ky Awpxy krjy dI BrpweIkrygw[ bcI hoeI rwSI ƒ auh auDwr krqw jW aunHW dy au~qrwiDkwrIAW ƒ Byj idMdy hn[ iekmuSq jWAwviDk Bugqwn ƒ auDwrkrqw AwpxI vrqoN jW AwpxI zrUrq ƒ pUrw krn leI vrq skdw hY[irvrs bMDk bzurg nwgirk leI inSicq rUp qoN AwriQk hylQ lwien hY jo aunHW ƒ iksy qy vIinrBr kry ibnw aunHW jIvn SYlI dI AgvweI krdI hY qy aunHW dI zrUrqW ƒ pUrw krn ivcsmr`Qwvwn bxwauNdI hY[ ies krzy dI imAwd 15 swl hY[AiBAwssRImqI fweyNfrw Awaux vwly pMj swlW ivc syvwinivRq ho jweygI[ auh 15,000 rupey hr mhIny iekauqpwd qy invyS krnw cwhuMdI hY jo aus ƒ hyTlIAW cIzw pRdwn kry:1) kr lwB2) ivAwj qoN kmweI3) iksy vI AwpwqkwlIn hwlwq ivc pYsy lYx dI shUlqienHW invyS auqpwd auhdy leI lwBdwiek hY Aqy ikauN?26

invyS mOikAW dw qulnwqmk ivSlySxvwpsI dr vwpsI dr zoKm qrlqw kr dy Pwiedy shUilAqswlwnw AwmdnI kYpItl AYprIiseySnPwienYNiSAl iskaurItIziekvItIz G`t izAwdw izAwdw izAwdw hW izAwdwZYr pirvrqnIey ifbYNcr drimAwnw G`t drimAwnw AOsqn koeI nhIN izAwdwPwienYNiSAl iskaurItIz(nOn-iskaurItwiezf)bYNk ifpOizt G`t koeI nhIN G`t izAwdw hW izAwdwpRoivfYNt PMf koeI nhIN drimAwnw koeI nhIN G`t hW izAwdwjIvn bImw koeI nhIN AOsqn koeI nhIN G`t hW izAwdwimaucUAl PMfgRoQ/iekvItI G`t izAwdw izAwdw izAwdw hW izAwdwAwmdnI/irx drimAwnw AOsqn G`t izAwdw hW izAwdwrIAl AYsytrIAl AYstyt G`t drimAwnw G`t G`t koeI nhIN AOsqnsonw/cWdI koeI nhIN G`t AOsqn AOsqn koeI nhIN AOsqn15. invyS Gotwly qoN bcwE/prhyzbhuq swry invyS Gotwly ieho ijhy hn jo quhwƒ AwkrSk Aqy jwl ivc PswauNdy hn aunHW qoN bco[aunHW ivcoN kuJ ku hyT sUcI b`D kIqy gey hn:pMp AYNf fMpiek TyT pMp Aqy fMp jo eI.myl Aqy AYs.AYm.AYs. dy zrIey iek AivSvsnIX sOdy ƒ bVwvw idMdyhoey jIvn ivc iek vwr invyS krn leI pRyirq krdy hn[ kI qusIN ieh nhIN jwxdy ik aunivAkqI jW kMpnI dy SyAr krky auh vfI rwSI dw mwlk hY[ stwkryNkts dw mul vyKdy hoey v`D qoNv`D invySk SyAr KrIddy hn[ iek vwr jdoN SyAr dI kImq isKr qy huMdIhY qW Gotwlw klwkwrausdy SyAr Aqy stwk dy mu`l ivc igrwvt dsdw hY qy aunHW ƒ bykwr SyAr bycn leI kihMdw hY[bwielr rUmies pRkwr dy Gotwly iek AncwhI Pon kwl jW AYs.AYm.AYs dy zrIey ieh dsdy hn ik injI kMpnIdy stwk eykscyNj ivc sUcIb`D hox bwry ivc huMdI hY auh kihMdy hn jy iek vwr kMpnI Swrvjink hojwvygI qW SyArW dw mu`l vDnw SurU ho jweygw[ AwmqOr qy AijhIAW kMpnIAW aunHW KyqrW nwl hIsMbMiDq huMdIAW hn ijhVIAW ^brW ivc huMdy hn[pONzI jW iprwimf XojnwvWAwm qOr ’qy invySk ieSiqhwr Aqy eI.myl jW AYs.AYm.AYs dy mwiDAm qoN AkrSq kr rhy hnaunHW ƒ ieh bcn id`qw jWdw hY ik auh Gr bYTy hI 1000 rupey Cy hPiqAW ivc 20,000 kmw skdyhn[invySkW ƒ pYsy Agirm dyx leI ikhw jWdw hY qW ik auh auc irtrn ivAwj qyjI nwl pRwpq krsky[ auh Aksr Awpxy invySkW dy dosq jW pirvwr ƒ BrqI hox leI v`D qoN v`D invyS krn leIkihMdy hn[ prMqU Asl’c huMdw ieh hY ik ieQy koeI vI invySk mOjUd hI nhIN huMdw[ ‘ivAwj cY~k’nvyN invySkW dy Xogdwn Aqy invySkW dy pYsy qoN kIqw jWdwhY[ jykr nvyN invySkW dI igxqI G`t hojwvy qW XojnwvW AMq ivc qbwh ho jWdI hY[ A^Ir ivc smrQk quhwfy pYsy lY ky Zwieb ho jWdyhn[27

AiBAwssRI AwnMd Srmw ijnHW dI aumr 58 swl hY, iek nvIN SurU hoeI kMpnI qoN ic`TI pRwpq krdy hn,ijhVI aunHW ƒ Awpxy AweI.pI.E. ivc invyS krn dw s`dw idMdI hY[ auh aus ƒ vwiedw krdy hnik pihly swl ivc quhwƒ 56% lwB pRwpq hovygw[ auh ieh vI inSicq krdy hn ik Awaux vwlyiqMn swlW q`k swfy SyAr dw mu`l vDdw rhygw ikauNik kMpnI jYivk qknIkI Kyqr ivc iek nvWplWt lgwaux jw rhI hY[ ieh kMpnI Xog pySyvr duAwrw pRbMiDq kIqI jwvygI[ hux sRI AwnMd Srmwƒ slwh dvo ik aunHW ƒ kMpnI ivc invyS krn qoN pihlW ikhVIAW swvDwnIAW vrqnIAWcwhIdIAW hn[ jy qusIN aus dI QW huMdy qW ik qusIN ienHw kMpnIAW ivc invyS krdy[16. AYstyt XojnwAYstyt Xojnw auh pRikirAw hY ijs jwiedwd ƒ pRbMD Aqy ivsiqRq kIqw jWdw hY[ Bwv quhwfy mrnqoN bwAd quhwfI pirsMpqI dI vsIAq quhwfy auqrwiDkwrIdy nW kIqI jwvygI[ syvw inivRqI Xojnw dwlwzmI ih`sw vsIAq krnw hY[ vsIAq iek kwƒnI GoSnw hY jo vsIAq krn vwly ieCwvW AnuswriqAwr kIqI jWdI hY ausdI mOq qoN bwAd aus dI jwiedwd ausdI vsIAq Anuswr r`KI jwvy[ jdoNqusIN vsIAq dI sQwpnw krdy ho qW qusIN aus dy pRbMDk jW pRbMDkW ƒ inXukq krdy ho[ auhivAkqI jw AwdmI ijnHW qy qusIN Brosw krky Awpxy nwimq lwBwrQIAW ivc jwiedwd vMfn qoNpihlW aus dI dyKBwl dw kMm sOpdy ho[ auh AwdmI quhwfy pirvwr dw sj`s jW quhwfw dosq Aqyaudwhrn dy qOr ’qy vkIl jW munIm Awid[muKqwrnwmwmuKqwrnwmw kwƒnI dsqwvyz jo dUjy ivAkqI ƒ quwhfy vloN kwrvweI krn dw h`k idMdw hY[ iehsuinSicq krnw hY ik ijnHW mh`qvpUrx mwmilAW ƒ aunHW rwhIN in`byiVAw jweygw ijnHW qy qusIN Broswkrdy ho jw jo smrQwvwn hn[nwmWknAwpxIAW jIvn bImw pwilsIAW, bYNk Kwqy, SyAr, imaucUAl PMf iekweIAW Aqy hor pRqIBUqIAW(iskaurtIz) leI koeI nwmWkn krnw bhuq zrUrI hY qW jo mOq mgroN ienHW swrIAw cIzw dw q`qprBugqwn kIqw jw sky[28

AiBAwssRI rwjyS iek in`jI kMpnI qoN huxy hI syvw inivRq hoey hn jo Awpxy trimnl lwB ivcoN bYNk dy trm(swviD) jmw Kwqy ivc 5 l`K rupey dI rwSI jmw krnw cwhuMdy hn[ aunHW dw iek muMfw qy do kuVIAWhn[ bYNk bynqI krdw hY ik auh ienHW ivc jmW ikqy gey 5 l`K leI iksy iek ƒ kwƒnI vwrsbxwvy Aqy iek qoN vD nwmWkn kbUl nhIN kIqy jwxgy[ sRI rwjyS ieh cwhuMdy hn ik aunHW dI mOq dysmyN aunHW dy iqMno b`icAW ƒ brwbr kmweI pRwpq hovy[ ikhVw kwƒnI shwrw aus leI auplb`D hY?Awpxy syvw inivRq jIvn ƒ smr`Q bxwauieQy quhwfy sunhry swl ijaux Aqy AwpxI imhnq dI kmweI dy Pl dw AwnMd mwnx dy kuJ su`Jw idqygey hn[ih`q leI A`gy vDnw: jo qusIN inSicq rUp ivc krnw cwhuMdy sI pr qusIN auh nhIN kIqw[ AwpxIpRqIBw dw lwhw lYdy hoey hux kuJ BwSwvW is`Ko, bwgvwnI kro, koeI Kyf Kyfo, Awpxy leI koeI nymIksrq kro, jW AwpxI idlcspI leI A`gy v`Do[sMprk ivc rho: ijnHW lokW ƒ qusIN imlnw cwhuMdy sI qy sMprk ivc rihxw cwhuMdy sI pr smyN dIGwt krky qusIN nhIN iml sky[ hux ieho ijhw koeI vI bhwnw nhIN hY[Xwqrw: ieh syvw inivRqI dw sB qoN au~qm ih`sw hY[ quhwfI ZYr hwzrI ivc kwirAwsQl qy kI hoirhw hY ies dI icMqw kIqy ibnW qusIN Xwqrw dy KubsUrq plW ƒ mwx skdy ho[ syvw inivRq lokW leImwrg inrdyiSkw iqAwr kIqI jWdI hY ikauNik auh iek vwr aus smyN vwsqv ivc aunHW XwqrwvW dwAwnMd lY skx[svY syvk (vOlYNtIAr): quhwfy kol Axigxq mOky hn Awpxw smW dyx leI[ hspqwl, kudrqpirsr, skUlW, pusqkwlW, smudwiek kyNdrW, kilAwn pirXojnwvW Awid ivc svY syvw kr skdyho[ Awpxy jIvn ƒ sPl bxwauNdy hoey dusirAw leI vI ieh hI Bwvnw rKdy hW[ Awpxy cMgy jIvndy swrQk AnuBvW ivc suDwr ilAwaudy hoey dusirAw dy jIvn nwl joVnw[iek AMSkwlI kMm kro: jy qusIN kwrporyt jgq ivc pySyvr iKfwrI rih cuky ho qW qusIN iekslwhkwr jW prmwrS krqw bx skdy ho[ jy qusIN iKfwrI ho qW qusIN koc bx skdy ho; jy icikqskho qW qusIN AMSkwlI prwmrS krqw bx skdy ho, is`Kw skdy ho jW vyKx ivc mwhr; iek is`iKAkkdy vI syvw inivRq nhIN huMdw[kwrobwr SurU kro: jy qusIN Awpxy mwilk Awp bxnw cwhuMdy ho qW ieh hI Awpxw vpwr SurU krn dwshI smW hY[ bhuq kuJ hY jo qusIN AwpxI Xogqw Aqy ivSySqw dy AwDwr qy kr skdy ho[ qusIN Coty qoNlY ky AOsqn pYmwny qk dw kwrobwr SurU kr skdy ho[ ienHW swlW ivc bxwey gey sMprk dw pRXogkro Aqy Awpxy kwrobwr ƒ vDdw vyKo[29

17. swr• AwriQk lkSw ƒ inrDwirq krdy hoey huxy hI SurUAwq kro[• Awpxy AMiqm lwB dy bwry pqw lwgE (pROivfYNt PMf, gRYcutI, bImw pwilsI dI kmweI (jykr koeIhY), audwhrx dy qOr ’qy gRYtIAw pymYNt, Awid)• invyS Xojnw bxwau Aqy AwpxI qr`kI dI ingrwnI r`Ko[• kmweI leI invyS kro Aqy mudrw siPRqI dy nwl AwpxI kmweI ivc vwDw krn dI koiSS kro[• Awpxy iblW dy Bugqwn leI auicq vwriKk kmweI pRdwn kro Aqy ZYr-mwmUlI jW ApRiqAwiSqcIzW ƒ sMBwl sky[• Awpxy jIvn p`Dr ƒ smwXoijq kro jykr quhwfI kr dyx qy bwAd dI kwmeI quhwfy KricAw ƒpUrw krn ivc Asmr`Q hY[• Awpxy swry AwriQk sMswDnW ƒ iek`Ty pRbMiDq krn dI Xojnw bxwau[• Awpxy rihx-sihx dIAW zrUqW ƒ pUrw krn leI kmweI dy sMBwivk sroqw dy nwl Awpxy GrAqy hor Acl sMp`qIAW au~qy ivcwr kro[• syvw inivRqI ƒ pRBwivq krn vwly kr mu`dIAW bwry ^br r`Ko[• aup l`bD bImw Aqy invyS auqpwdW dw pRXog krdy hoey qusIN icrMjIvqw, mudrw siPRqI Aqy jIvnSYlI ivc qbdIlI vrgy jKmW qoN inbVn leI ivcwr kro[• hmySw tRyk r`Koi k qusIN ikvyN invyS kr rhy ho, kmweI leI bdlx dw zrUrq; AwriQk bwzwrAqy auqpwd ikvyN bdl rhy hn Aqy kmweI ikvyN quhwfy lkSW ƒ pRwpq krn ivc shwiek huMdIhY[18. zrUrI vY~bswiets1. www.sebi.gov.in2. www.rbi.org.in3. www.amfiindia.com4. www.investor.sebi.gov.in5. www.nseindia.com6. www.bseindia.com30