5th Term - Financial Services & Markets

8/8/2019 5th Term - Financial Services & Markets

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KBHBUM@ ]RBQ\DIH DH FDHMHDAM@ NMUJB\Q

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emqbl |umldhk fmad`d|t wuivdlbl et |cb |umldhk nbnebuq if HQB(


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[cm| dq dhqdlbu |umldhk9(

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aihvbu|de`b lbebh|rubq eihlq {muumh|q mhl bsd| qaumwq(



ACWM\BU = FDHMHADM@ QTQ\BN DH DHLDM

\cb baihinda lbvbìwnbh| if mht airh|ut lbwbhlq rwih |cb bsdq|bhab if m {b`` iukmhdqbl

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dh|bunbldm|dih eb|{bbh qmvbuq mhl dhvbq|iuq mhl wuini|bq fmq|bu baihinda lbvbìwnbh|(

FRHA\DIHQ IF \CB FDHMHADM@ QTQ\BN

=( Wuivdqdih if @d}rdld|t

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mhl et wuini|dhk qmvdhkq mhl dhvbq|nbh| dh |cb airh|ut(

5( Nied`dqm|dih if Qmvdhkq

Mhi|cbu dnwiu|mh| ma|dvd|t if |cb fdhmhadm` qtq|bn dq |i nied`dqb qmvdhkq mhl acmhhb`dqb |cbndh|i wuilra|dvb ma|dvd|dbq( \cb fdhmhadm` qtq|bn qcir`l iffbu mwwuiwudm|b dhabh|dvbq |i m||uma| qmvdhkq

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|umhqfiunm|dih if qmvdhkq dh|i dhvbq|nbh| mhl aihqrnw|dih( \cb fdhmhadm` dh|bunbldmudbq cmvb |i w`mt

m lindhmh| ui`b dh |cdq ma|dvd|t(



FDHMHADM@ AIHABW\Q

Mh rhlbuq|mhldhk if |cb fdhmhadm` qtq|bn ub}rdubq mh rhlbuq|mhldhk if |cb fi``i{dhk dnwiu|mh|

aihabw|q?

#d$ Fdhmhadm` mqqb|q

#dd$ Fdhmhadm` dh|bunbldmudbq

#ddd$ Fdhmhadm` nmujb|q#dv$ Fdhmhadm` um|bq if ub|ruh

#v$ Fdhmhadm` dhq|urnbh|q

=(FDHMHADM@ MQQB\Q

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wuilra|dih iu aihqrnw|dih iu fiu fru|cbu aubm|dih if mqqb|q( Fiu dhq|mhab M ertq b}rd|t qcmubq mhl

|cbqb qcmubq mub fdhmhadm` mqqb|q qdhab |cbt bmuh dhainb dh fr|rub(

Fiu bsmnw`b S wruacmqbq `mhl mhl erd`ldhkq iu ki`l mhl qd`vbu( \cbqb mub wctqdam` mqqb|q qdhab |cbt

amhhi| eb rqbl fiu fru|cbu wuilra|dih( Nmht wctqdam` mqqb|q mub rqbfr` fiu aihqrnw|dih ih`t(

D| `m dh|bubq|dhk |i hi|b |cm| |cb ieoba|dvb if dhvbq|nbh| lbadlbq |cb hm|rub if |cb mqqb|( Fiu

dhq|mhab df m erd`ldhk dq eirkc| fiu ubqdlbhab wruwiqbq d| ebainbq m wctqdam` mqqb|( Df |cb qmnb dq

eirkc| fiu cdudhk d| ebainbq m fdhmhadm` mqqb|(

A`mqqdfdam|dih if Fdhmhadm` Mqqb|q

Fdhmhadm` mqqb|q amh eb a`mqqdfdbl ldffbubh|`t rhlbu ldffbubh| aduarnq|mhabq( Ihb

qrac a`mqqdfdam|dih dq?

#d$ Nmujb|me`b mqqb|q

#dd$ Hih.nmujb|me`b mqqb|q

Nmujb|me`b Mqqb|q

Nmujb|me`b mqqb|q mub |ciqb {cdac amh eb bmqd`t |umhqfbuubl fuin ihb wbuqih |i mhi|cbu {d|cir|

nrac cdhlumhab( Bsmnw`bq: Qcmubq if @dq|bl Ainwmhdbq Kivbuhnbh| Qbarud|dbq Eihlq if Wre`daQba|iu Rhlbu|mjdhkq b|a(

Hih.Nmujb|me`b Mqqb|q

Ih |cb i|cbu cmhl df |cb mqqb|q amhhi| eb |umhqfbuubl bmqd`t |cbt ainb rhlbu |cdq am|bkiut(

Bsmnw`bq? Emhj Lbwiqd|q Wuivdlbh| Frhlq Wbhqdih Frhlq Hm|dihm` Qmvdhkq Abu|dfdam|bq mhl

Dhqrumhab Wi`dadbq b|a |cdq a`mqqdfdam|dih dq qci{h dh |cb fi``i{dhk acmu|(


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ACMU\ D FDHMHADM@

MQQB\Q

Nmujb|me`b Mqqb|q Hih.Nmujb|dhk Mqqb|q

Qcmu

bq

Kiv|

Qbarud|

dbq

Eihlq N(F–q R\D

rhd|q

Lbebh|rub

q

Emhj

Lbwiqd|

q

W(F @DA Lbwiqd|qW(I(Abu|d

am|bq

5(FDHMHADM@ DH\BUNBLDMUDBQ

\cb |bun fdhmhadm` dh|bunbldmut dha`rlbq m`` jdhlq if iukmhdqm|dihq {cdac dh|bunbldm|b mhl

fmad`d|m|b fdhmhadm` |umhqma|dihq if ei|c dhldvdlrm`q mhl aiuwium|b arq|inbuq( \crq d| ubfbuq |i m`` jdhlq

if fdhmhadm` dhq|d|r|dihq mhl dhvbq|dhk dhq|d|r|dihq {cdac fmad`d|m|b fdhmhadm` |umhqma|dihq dh fdhmhadm

nmujb|q( \cbt nmt eb dh |cb iukmhdqbl qba|iu iu dh |cb rhiukmhdqbl qba|iu mq qci{h dh acmu| DD( \cbt

nmt m`qi eb a`mqqdfdbl dh|i |{i?

#d$ Amwd|m` nmujb| dh|bunbldmudbq

#dd$ Nihbt nmujb| dh|bunbldmudbq

Amwd|m` Nmujb| Dh|bunbldmudbq

\cbqb dh|bunbldmudbq nmdh`t wuivdlb ìhk |bun frhlq |i dhldvdlrm`q mhl aiuwium|b arq|inbuq

\cbt aihqdq| if |bun `bhldhk dhq|d|r|dihq `djb fdhmhadm` aiuwium|dihq mhl dhvbq|dhk dhq|d|r|dihq `djb @@A(

Nihbt Nmujb| Dh|bunbldmudbq

Nihbt nmujb| dh|bunbldmudbq qrww`t ih`t qciu| |bun frhlq |i dhldvdlrm`q mhl aiuwium|b

arq|inbuq( \cbt aihqdq| if ainnbuadm` emhjq ai.iwbum|dvb emhjq b|a(

1(FDHMHADM@ NMUJB\Q

Kbhbum``t qwbmjdhk|cbub dq hi qwbadfda w`mab iu ìam|dih |i dhldam|b m fdhmhadm` nmujb|({cbubvbu m

fdhmhadm` |umhqam|dih |mjbq w`mabd| dq lbbnbl |i cmvb |mjbh w`mab dh |cb fdhmhadm` nmujb|( Cbhab

fdhmhadm` nmujb|q mub wbuvmqdvb Dh hm|rub qdhab fdhmhadm` |umhqma|dihq mub |cbnqb`vbq vbut

wbuvmqdvb |cuirkcir| |cb baihinda qtq|bn( Fiu dhq|mhab dqqrb if b}rd|t qcmubq, kumh|dhk if ìmh

et |bun `bhldhk dhq|d|r|dihq lbwiqd| if nihbt Dh|i m emhj wruacmqb if lbebh|rubq qm`b if qcmubq

mhl qi ih(

A`mqqdfdam|dih if Fdhmhadm` Nmujb|q

\cb a`mqqdfdam|dih if fdhmhadm` nmujb|q dh Dhldm dq qci{h

Rhiukmhdqbl Nmujb|q

Dh |cbqb nmujb|q |cbub mub m hrnebu if nihbt `bhlbuq dhldkbhirq emhjbuq/ |umlbuq b|a( {ci `bhl

nihbt |i |cb wre`da( Dhldkbhirq emhjbuq m`qi ai``ba| lbwiqd|q fuin |cb wre`da( \cbub mub m`qi wudvm|b



fdhmhab ainwmhdbq acd| frhlq b|a( {ciqb ma|dvd|dbq mub hi| aih|ui``bl et |cb UED( Ubabh|`t |cb UE

cmq |mjbh q|bwq |i eudhk wudvm|b fdhmhab ainwmhdbq mhl acd| frhlq rhlbu d|q q|uda| aih|ui` et dqqrdhk

hih.emhjdhk fdhmhadm` ainwmhdbq #Ubqbuvb Emhj$ Lduba|dihq =443( \cb UED cmq mùbmlt |mjbh qinb

q|bwq |i eudhk |cb rhiukmhdqbl qba|iu rhlbu |cb iukmhdqbl fi`l( \cbt cmvb hi| ebbh qraabqqfr`( \cb

ubkr`m|dihq aihabuhdhk |cbdu fdhmhadm` lbm`dhkq mub q|d`` dhmlb}rm|b mhl |cbdu fdhmhadm` dhq|urnbh|q cmvb

hi| ebbh q|mhlmuldzbl(

Iukmhdqbl Nmujb|q

Dh |cb iukmhdqbl nmujb|q |cbub mub q|mhlmuldzbl ur`bq mhl ubkr`m|dihq kivbuhdhk |cbdu fdhmhadm

lbm`dhkq( \cbub dq m`qi m cdkc lbkubb if dhqr|r|dihm`dqm|dih mhl dhq|urnbh|m`dqm|dih( \cbqb nmujb|q

mub qreoba| |i q|uda| qrwbuvdqdih mhl aih|ui` et |cb UED iu i|cbu ubkr`m|iut eildbq(

\cbqb iukmhdqbl nmujb|q amh eb fru|cbu a`mqqdfdbl dh|i |{i( \cbt mub?

#d$ Amwd|m` nmujb|

#dd$ Nihbt nmujb|

Amwd|m` Nmujb|

\cb amwd|m` nmujb| dq m nmujb| fiu fdhmhadm` mqqb|q {cdac cmvb m ìhk iu dhlbfdhd|b nm|rud|t(Kbhbum``t d| lbm`q {d|c ìhk |bun qbarud|dbq {cdac cmvb m nm|rud|t wbudil if meivb ihb tbmu( Amwd|m

nmujb| nmt eb fru|cbu ldvdlbl dh|i |cubb hmnb`t?

#d$ Dhlrq|udm` qbarud|dbq nmujb|

#dd$ Kivbuhnbh| qbarud|dbq nmujb| mhl

#ddd$ @ihk |bun ìmhq nmujb|

#d$ Dhlrq|udm` Qbarud|dbq Nmujb|

Mq |cb vbut hmnb dnw`dbq d| dq m nmujb| fiu dhlrq|udm` qbarud|dbq hmnb`t? #d$ B}rd|t qcmubq iu

iuldhmut qcmubq #dd$ Wubfbubhab qcmubq mhl #ddd$ Lbebh|rubq iu eihlq( D| dq m nmujb| {cbub dhlrq|udm`

aihabuhq umdqb |cbdu amwd|m` iu lbe| et dqqrdhk mwwuiwudm|b dhq|urnbh|q( D| amh eb fru|cbu qreldvdlbl

dh|i |{i( \cbt mub?

#d$ Wudnmut nmujb| iu Hb{ dqqrb nmujb|

#dd$ Qbaihlmut nmujb| iu Q|iaj bsacmhkb

Wudnmut Nmujb|

Wudnmut nmujb| dq m nmujb| fiu hb{ dqqrbq iu hb{( fdhmhadm` a`mdnq Cbhab d| dq m`qi am``bl Hb{Dqqrb nmujb|( \cb wudnmut nmujb| lbm`q {d|c |ciqb qbarud|dbq {cdac mub dqqrbl |i |cb wre`da fiu |cb

fduq| |dnb( Dh |cb wudnmut nmujb| eiuui{buq bsacmhkb hb{ fdhmhadm` qbarud|dbq fiu ìhk |bun frhlq(

\crq wudnmut nmujb| fmad`d|m|bq amwd|m` fiunm|dih(

\cbub mub |cubb {mtq et {cdac m ainwmht nmt umdqb amwd|m` dh m wudnmut nmujb|( \cbt mub ?

#d$ Wre`da dqqrb

#dd$ Udkc|q dqqrb

#ddd$ Wudvm|b w`mabnbh|



\cb niq| ainnih nb|cil if umdqdhk amwd|m` et hb{ ainwmhdbq dq |cuirkc qm`b if qbarud|dbq |i |cb

wre`da( D| dq am``bl wre`da dqqrb( [cbh mh bsdq|dhk ainwmht {mh|q |i umdqb mlld|dihm` amwd|m` qbarud|dbq

mub fduq| iffbubl |i |cb bsdq|dhk qcmubci`lbuq ih m wub.bnw|dvb emqdq( D| dq am``bl udkc|q dqqrb( Wudvm|b

w`mabnbh| dq m {mt if qb``dhk qbarud|dbq wudvm|b`t |i m qnm`` kuirw if dhvbq|iuq(

Qbaihlmut( Nmujb|

Qbaihlmut nmujb| dq m nmujb| fiu qbaihlmut qm`b if qbarud|dbq( Dh i|cbu {iulq qbarud|dbq {cdac

cmvb mùbmlt wmqqbl |cuirkc |cb hb{ dqqrb nmujb| mub |umlbl dh |cdq nmujb|( Kbhbum``t qracqbarud|dbq mub }ri|bl dh |cb Q|iaj Bsacmhkb mhl d| wuivdlbq m aih|dhrirq mhl ubkr`mu nmujb| fiu

ertdhk mhl qb``dhk if qbarud|dbq( \cdq nmujb| aihqdq|q if m`` q|iaj bsacmhkbq ubaikhdqbl et |cb

Kivbuhnbh| if Dhldm( \cb q|iaj bsacmhkbq dh Dhldm mub ubkr`m|bl rhlbu |cb Qbarud|dbq Aih|uma|q

#Ubkr`m|dih$ Ma| =426( \cb Einemt Q|iaj Bsacmhkb dq |cb wudhadwm` q|iaj bsacmhkb dh Dhldm {cdac

qb|q |cb |ihb if |cb i|cbu q|iaj nmujb|q(

# dd$ Kivbuhnbh| Qbarud|dbq Nmujb|

D| Dq i|cbu{dqb am``bl Kd`|.Blkbl qbarud|dbq nmujb|( D| dq m nmujb| {cbub Kivbuhnbh| qbarud|dbq mub

|umlbl( Dh Dhldm |cbub mub nmht jdhlq if Kivbuhnbh| Qbarud|dbq “ qciu|.|bun mhl ìhk.|bun( @ihk

|bun qbarud|dbq mub |umlbl dh |cdq nmujb| {cd`b qciu| |bun qbarud|dbq mub |umlbl dh |cb nihbt nmujb|(

Qbarud|dbq Dqqrbl et |cb Abh|um` Kivbuhnbh| Q|m|b Kivbuhnbh|q Qbnd.Kivbuhnbh| mr|ciud|dbq `djb

Ad|t Aiuwium|dihq Wiu| \urq|q b|a( Dnwuivbnbh| \urq|q Q|m|b B`ba|udad|t Eimulq M`` Dhldm mhl Q|m|b

`bvb` fdhmhadm` dhq|d|r|dihq mhl wre`da qba|iu bh|buwudqbq mub lbm`| dh |cdq nmujb|(

Kivbuhnbh| qbarud|dbq mub dqqrbl dh lbhindhm|dihq if Uq(=77( Dh|bubq| dq wmtme`b cm`f.tbmu`t mhl

|cbt amuut |ms bsbnw|dihq m`qi( \cb ui`b if euijbuq dh nmujb|dhk |cbqb qbarud|dbq dq wuma|dam``t vbut

`dnd|bl mhl |cb nmoiu wmu|dadwmh| dh |cdq nmujb| dq |cb %ainnbuadm` emhjq% ebamrqb |cbt ci`l m vbut

qreq|mh|dm` wiu|dih if |cbqb qbarud|dbq |i qm|dqft |cbdu Q(@(U( ub}rdubnbh|q(

\cb qbaihlmut nmujb| fiu |cbqb qbarud|dbq dq vbut hmuui{ qdhab niq| if |cb dhq|d|r|dihm` dhvbq|iuq

|bhl |i ub|mdh |cbqb qbarud|dbq rh|d` nm|rud|t(

\cb Kivbuhnbh| qbarud|dbq mub dh nmht fiunq( \cbqb mub kbhbum``t?

#d$ Q|iaj abu|dfdam|bq iu dhqaudebl q|iaj

#dd$ Wuindqqiut Hi|bq

#ddd$ Ebmubu Eihlq {cdac amh eb ldqairh|bl(

#ddd$ @ihk.\bun @imhq Nmujb|

Lbvbìwnbh| emhjq mhl ainnbuadm` emhjq w`mt m qdkhdfdamh| ui`b dh |cdq nmujb| et qrww`tdhk ìhk

|bun ìmhq |i aiuwium|b arq|inbuq( @ihk.|bun ìmhq nmujb| nmt fru|cbu eb a`mqqdfdbl dh|i?

#d$ \bun ìmhq nmujb|

#dd$ Niu|kmkbq nmujb|

#ddd$ Fdhmhadm` krmumh|bbq nmujb|(


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\bun @imhq Nmujb|

Dh Dhldm, nmht dhlrq|udm` fdhmhadhk dhq|d|r|dihq cmvb ebbh aubm|bl et |cb Kivbuhnbh| ei|c m|

|cb hm|dihm` mhl ubkdihm` `bvb`q |i qrww`t ìhk.|bun mhl nbldrn |bun ìmhq |i aiuwium|b arq|inbuq

lduba|`t mq {b`` mq dhlduba|`t( \cbqb lbvbìwnbh| emhjq lindhm|b |cb dhlrq|udm` fdhmhab dh Dhldm

Dhq|d|r|dihq `djb DLED DFAD DADAD mhl i|cbu q|m|b fdhmhadm` aiuwium|dihq ainb rhlbu |cdq am|bkiut(

\cbqb dhq|d|r|dihq nbb| |cb kui{dhk mhl vmudbl ìhk.|bun fdhmhadm` ub}rdubnbh|q if dhlrq|udbq et

qrww`tdhk ìhk.|bun ìmhq( \cbt m`qi cb`w dh dlbh|dftdhk dhvbq|nbh| iwwiu|rhd|dbq bhairumkb hb{

bh|ubwubhbruq mhl qrwwiu| nilbuhdzm|dih bffiu|q(

Niu|kmkbq Nmujb|

\cb niu|kmkbq nmujb| ubfbuq |i |ciqb abh|ubq {cdac qrww`t niu|kmkb ìmh nmdh`t |i dhldvdlrm

arq|inbuq( M niu|kmkb ìmh dq m ìmh mkmdhq| |cb qbarud|t if dnnivme`b wuiwbu|t `djb ubm` bq|m|b( \cb

|umhqfbu if dh|bubq| dh m qwbadfda dnnivme`b wuiwbu|t |i qbarub m ìmh dq am``bl niu|kmkb( \cdq

niu|kmkb nmt eb b}rd|me`b niu|kmkb iu `bkm` ihb( Mkmdh d| nmt eb m fduq| acmukb iu qbaihl% acmukb

B}rd|me`b niu|kmkb dq aubm|bl et m nbub lbwiqd| if |d|`b lbblq |i wuiwbu|dbq mq qbarud|t {cbubmq dh

|cb amqb if m `bkm` niu|kmkb |cb |d|`b dh |cb wuiwbu|t dq `bkm``t |umhqfbuubl |i |cb `bhlbu et |cb

eiuui{bu( @bkm` niu|kmkb dq `bqq udqjt(Qdnd`mu`t dh |cb fduq| acmukb |cb niu|kmkbu |umhqfbuq cdq dh|bubq| dh |cb qwbadfda wuiwbu|t |i |cb

niu|kmkbb mq qbarud|t( [cbh |cb wuiwbu|t dh }rbq|dih dq mùbmlt niu|kmkbl ihab |i mhi|cbu aubld|iu

d| ebainbq m qbaihl acmukb {cbh d| dq qreqb}rbh|`t niu|kmkbl |i qinbeilt b`qb( \cb niu|kmkbb

amh m`qi fru|cbu |umhqfbu cdq dh|bubq| dh |cb niu|kmkbl wuiwbu|t |i mhi|cbu( Dh qrac m amqb d| dq am``bl

m qre.niu|kmkb(

Fdhmhadm` Krmumh|bbq Nmujb|

M Krmumh|bb nmujb| dq m abh|ub {cbub fdhmhab dq wuivdlbl mkmdhq| |cb krmumh|bb if m ubwr|bl wbuqih

dh |cb fdhmhadm` adua`b( Krmumh|bb dq m aih|uma| |i ldqacmukb |cb `dmed`d|t if m |cdul wmu|t dh amqb if cdq

lbfmr`|( Krmumh|bb ma|q mq m qbarud|t fuin |cb aubld|iu+q widh| if vdb{( Dh amqb |cb eiuui{bu fmd`q |i

ubwmt |cb ìmh, |cb `dmed`d|t fm``q ih |cb qcir`lbuq if |cb krmumh|iu(

Cbhab |cb krmumh|iu nrq| eb jhi{h |i ei|c |cb eiuui{bu mhl |cb `bhlbu mhl cb nrq| cmvb |cb

nbmhq |i ldqacmukb cdq `dmed`d|t(

\cirkc |cbub mub nmht |twbq if krmumh|bbq, |cb ainnih fiunq m|b? #d$ Wbufiunmhab Krmumh|bb,

mhl #dd$ Fdhmhadm` Krmumh|bb( Wbufiunmhab krmumh|bbq aivbu |cb wmtnbh| if bmuhbq| nihbt, ub|bh|dih

nihbt, mlvmhab wmtnbh|q, hih.ainw`b|dih if aih|uma|q b|a( Ih |cb i|cbu cmhl fdhmhadm` krmumh|bbq

aivbu ih`t fdhmhadm` aih|uma|q(Dh Dhldm, |cb nmujb| fiu fdhmhadm` krmumh|bbq dq {b`` iukmhdqbl( \cb fdhmhadm` krmumh|bbq dh Dhldm

ub`m|b |i?

#d$ Lbfbuubl wmtnbh|q fiu dnwiu|q mhl bswiu|q(

w C&$ Nbldrn mhl ìhk.|bun ìmhq umdqbl meuiml(

#ddd$ @imhq mlvmhabl et emhjq mhl i|cbu fdhmhadm` dhq|d|r|dihq(


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DNWIU\MHAB IF AMWD\M@ NMUJB\

Meqbhab if amwd|m` nmujb| ma|q mq m lb|buubh| fma|iu |i amwd|m` fiunm|dih mhl baihinda kui{|c(

Ubqiruabq {ir`l ubnmdh dl`b df fdhmhabq mub hi| frhhb`bl |cuirkc |cb amwd|m` nmujb|( \cb dnwiu|mhab

if amwd|m` nmujb| amh eb eudbf`t qrnnmudqbl mq fi`ì{q?

=( \cb amwd|m` nmujb| qbuvbq mq mh dnwiu|mh| qiruab fiu |cb wuilra|dvb rqb if |cb baihint+qqmvdhkq( D| nied`dqbq |cb qmvdhkq if |cb wbiw`b fiu fru|cbu dhvbq|nbh| mhl |crq mvidlq |cbdu{mq|mkb dh rhwuilra|dvb rqbq(

5( D| wuivdlbq dhabh|dvbq |i qmvdhk mhl fmad`d|m|bq amwd|m` fiunm|dih et iffbudhk qrd|me`b um|bq idh|bubq| mq |cb wudab if amwd|m`(

1( D| wuivdlbq mh mvbhrb fiu dhvbq|iuq wmu|dar`mu`t |cb cirqbci`l qba|iu |i dhvbq| dh fdhmhadmmqqb|q {cdac mub niub wuilra|dvb |cmh wctqdam` mqqb|q(

<( D| fmad`d|m|bq dhaubmqb dh wuilra|dih mhl wuilra|dvd|t dh |cb baihint mhl |crq bhcmhabq |cbbaihinda {b`fmub if |cb qiadb|t( \crq d| fmad`d|m|bq %|cb nivbnbh| if q|ubmn if ainnmhl ivbuamwd|m` |i |cb widh| if cdkcbq| tdb`l% |i{mulq |ciqb {ci amh mww`t |cbn

m( wuilra|dvb`t mhl wuifd|me`t |i bhcmhab |cb hm|dihm` dhainb dh |cb mkkubkm|b(

2( \cb iwbum|dihq if ldffbubh| dhq|d|r|dihq dh |cb amwd|m` nmujb| dhlrab baihinda kui{|c( \cbt kdvb}rmh|d|m|dvb mhl }rm`d|m|dvb lduba|dihq DL |cb fì{ if frhlq mhl eudhk meir| um|dihm` m`ìam|dih ifqamuab ubqiruabq(

6( M cbm`|ct amwd|m` nmujb| aihqdq|dhk if bswbu| dh|bunbldmudbq wuini|bq q|med`d|t dh vm`rbq ifqbarud|dbq ubwubqbh|dhk amwd|m` frhlq(

;( Niubivbu d| qbuvbq mq mh dnwiu|mh| qiruab fiu |bachiìkdam` rw kumlm|dih dh |cb dhlrq|udmqba|iu et r|d`dzdhk |cb frhlq 8 dhvbq|bl et |cb wre`da(

\crq m amwd|m` nmujb| qbuvbq mq mh dnwiu|mh| `dhj eb|{bbh |ciqb {ci qmvb mhl |ciqb {ci mqwdub

|i dhvbq| |cbdu qmvdhkq(

NIHBT NMUJB\

Nihbt nmujb| dq m nmujb| fiu lbm`dhk {d|c fdhmhadm` mqqb|q mhl qbarud|dbq {cdac cmvb m nm|rud|t

wbudil if rw|i ihb tbmu( Dh i|cbu {iulq d| dq m nmujb| fiu wrub`t qciu| |bun frhlq( \cb nihbt nmujb|

nmt eb qreldvdlbl dh|i firu( \cbt mub?

#d$ Am`` nihbt nmujb|

#dd$ Ainnbuadm` ed``q nmujb|

#ddd$ \ubmqrut ed``q nmujb|

#dv$ Qciu|.|bun ìmh nmujb|(

Am`` Nihbt Nmujb|

+\cb am`` nihbt nmujb| dq m nmujb| fiu bs|ubnb`t qciu| wbudil ìmhq qmt( Ihb lmt |i firu|bbh

lmtq( Qi d| dq cdkc`t `d}rdl( \cb ìmhq mub ubwmtme`b ih lbnmhl m| |cb iw|dih if bd|cbu |cb `bhlbu iu

|cb eiuui{bu( Dh Dhldm am`` nihbt nmujb|q mub mqqiadm|bl {d|c |cb wubqbhab if q|iaj bsacmhkbq mhl

cbhab |cbt mub ìam|bl dh nmoiu dhlrq|udm` |i{hq `djb Nrnemd Ji`jm|m Acbhhmd Lb`cd Mcnmlmeml



b|a( \cb qwbadm` fbm|rub if |cdq nmujb| dq |cm| |cb dh|bubq| um|b vmudbq fuin lmt.|i.lmt mhl bvbh fuin

ciru.|i.ciru mhl abh|ub.|i.abh|ub( D| dq vbut qbhqd|dvb |i acmhkbq dh lbnmhl mhl qrww`t if am`` ìmhq(

Ainnbuadm` Ed``q Nmujb|

D| dq m nmujb| fiu Ed``q if Bsacmhkb mudqdhk ir| if kbhrdhb |umlb |umhqma|dihq( Dh |cb amqb if aubld|

qm`b |cb qb``bu nmt lum{ m ed`` if bsacmhkb ih |cb ertbu( \cb ertbu maabw|q qrac m ed`` wuindqdhk |i

wmt m| m `m|bu lm|b |cb mnirh| qwbadfdbl dh |cb ed``( \cb qb``bu hbbl hi| {md| rh|d` |cb lrb Fdhmhadm

Qtq|bn dh Dhldm lm|b if |cb ed``( Dhq|bml cb amh kb| dnnbldm|b wmtnbh| et ldqairh|dhk |cb ed``(\ubmqrut Ed``q Nmujb|

D| dq m nmujb| fiu |ubmqrut ed``q {cdac cmvb +qciu|.|bun+ nm|rud|t( M |ubmqrut ed`` dq m wuindqqiut hi|b

iu m fdhmhab ed`` dqqrbl et |cb Kivbuhnbh|( D| dq cdkc`t `d}rdl ebamrqb d|q ubwmtnbh| dq krmumh|bbl et

|cb Kivbuhnbh|( D| dq mh dnwiu|mh| dhq|urnbh| fiu qciu|.|bun eiuui{dhk if |cb Kivbuhnbh|( \cbub mub

|{i |twbq if |ubmqrut ed``q hmnb`t #d$ iuldhmut iu ubkr`mu mhl #dd$ ml cia |ubmqrut ed``q wiwr`mu`t jhi{h

mq +ml cibq+(

Iuldhmut |ubmqrut ed``q mub dqqrbl |i |cb wre`da emhjq mhl i|cbu fdhmhadm` dhq|d|r|dihq {d|c m vdb{ |i

umdqdhk ubqiruabq fiu |cb Abh|um` Kivbuhnbh| |i nbb| d|q qciu|.|bun fdhmhadm` hbblq( Ml cia |ubmqrut

ed``q mub dqqrbl dh fmviru if |cb UED ih`t( \cbt mub hi| qi`l |cuirkc |bhlbu iu mra|dih( \cbt amh eb

wruacmqbl et |cb UED ih`t( Ml cibq mub hi| nmujb|me`b dh Dhldm er| ci`lbuq if |cbqb ed``q amh qb`

|cbn emaj |i UED( \ubmqrut ed``q cmvb m nm|rud|t wbudil if 4= lmtq iu =35 lmtq iu 16< lmtq ih`t(

Fdhmhadm` dh|bunbldmudbq amh wmuj |cbdu |bnwiumut qruw`rqbq dh |cbqb dhq|urnbh|q mhl bmuh dhainb(

Qciu|.\bun @imh Nmujb|

D| dq m nmujb| {cbub qciu|.|bun ìmhq mub kdvbh |i aiuwium|b arq|inbuq fiu nbb|dhk |cbdu {iujdhk

amwd|m` ub}rdubnbh|q( Ainnbuadm` emhjq w`mt m qdkhdfdamh| ui`b dh |cdq nmujb|( Ainnbuadm` emhjq

wuivdlb qciu| |bun ìmhq dh |cb fiun if amqc aubld| mhl ivbulumf|( Ivbulumf| fmad`d|t dq nmdh`t kdvbh |i

erqdhbqq wbiw`b {cbubmq amqc aubld| dq kdvbh |i dhlrq|udm`dq|q( Ivbulumf| dq wrub`t m |bnwiumut

maainnilm|dih mhl d| dq kdvbh dh |cb aruubh| maairh| d|qb`f( Er| amqc aubld| dq fiu m wbudil if ihb tbmu

mhl d| dq qmha|dihbl dh m qbwmum|b maairh|(

<(FDHMHADM@ UM\BQ IF UB\RUH

Niq| cirqbci`lq dh Dhldm q|d`` wubfbu |i dhvbq| ih wctqdam` mqqb|q `djb `mhl erd`ldhkq ki`l qd`vbu

b|a( Er| q|rldbq cmvb qci{h |cm| dhvbq|nbh| dh fdhmhadm` mqqb|q `djb b}rd|dbq dh amwd|m` nmujb| fb|acbq

niub ub|ruh |cmh dhvbq|nbh|q ih ki`l( D| dq dnwbum|dvb |cm| ihb qcir`l cmvb qinb emqda jhi{`blkb

meir| |cb um|b if ub|ruh ih fdhmhadm` mqqb|q m`qi(

\cb ub|ruh ih Kivbuhnbh| qbarud|dbq mhl Eihlq mub ainwmum|dvb`t `bqq |cmh ih aiuwium|b

qbarud|dbq lrb |i ì{bu udqj Dhvi`vbl |cbubdh( \cb

Kivbuhnbh| mhl |cb UED lb|bundhb |cb dh|bubq| um|bq ih Kivbuhnbh| qbarud|dbq( \crq, |cb dh|bubq|

um|bq mub mlndhdq|bubl mhl aih|ui``bl( \cb wbar`dmu fbm|rub if |cb dh|bubq| um|b q|ura|rub dq |cm| |cb

dh|bubq| um|bq li hi| ubf`ba| |cb fubb nmujb| fiuabq( \cbt li hi| ubf`ba| |cb qamuad|t vm`rb if amwd|m` dh

|cb airh|ut m`qi( Niq| if |cbqb um|bq mub fdsbl ih mh ml cia emqdq lbwbhldhk rwih |cb aubld| mhl

nihb|mut wi`dat if |cb Kivbuhnbh|(

Kbhbum``t, |cb dh|bubq| um|b wi`dat if |cb Kivbuhnbh| dq lbqdkhbl |i macdbvb |cb fi`ì{dhk?



\i bhme`b |cb Kivbuhnbh| |i eiuui{ ainwmum|dvb`t acbmw`t(

#dd$ \i bhqrub q|med`d|t dh |cb nmaui.baihinda qtq|bn(

#Rd$ \i qrwwiu| abu|mdh qba|iuq |cuirkc wubfbubh|dm` `bhldhk um|bq(

#dv$ \i nied`dqb qreq|mh|dm` qmvdhkq dh |cb baihint(

\cb dh|bubq| um|b q|ura|rub fiu emhj lbwiqd|q mhl emhj aubld|q dq m`qi dhf`rbhabl et |cb UED(

Hiunm``t dh|bubq| dq m ub{mul fiu udqj rhlbu|mjbh |cuirkc dhvbq|nbh| mhl m| |cb qmnb |dnb d| dq mub|ruh fiu meq|mdhdhk fuin .aihqrnw|dih( \cb dh|bubq| um|b q|ura|rub qcir`l m`ìam|b qamuab amwd|m

eb|{bbh m`|buhm|dvb rqbq( Rhfiu|rhm|b`t dh Dhldm |cb mlndhdq|bubl dh|bubq| um|b wi`dat if |cb

Kivbuhnbh| fmd`q |i wbufiun |cb.ui`b if m`ìam|dhk qamuab ubqiruabq eb|{bbh m`|buhm|dvb rqbq(

2(FDHMHADM@ DHQ\URNBH\Q

Fdhmhadm` dhq|urnbh|q ubfbu |i |ciqb liarnbh|q {cdac ubwubqbh| fdhmhadm` a`mdnq ih mqqb|q( Mq

ldqarqqbl bmu`dbu fdhmhadm` mqqb| ubfbuq |i m A`mdn |i |cb ubwmtnbh| if m abu|mdh qrn if nihbt m|

|cb bhl if m qwbadfdbl wbudil |ikb|cbu {d|c dh|bubq| iu ldvdlbhl( Bsmnw`bq? Ed`` if Bsacmhkb

Wuindqqiut Hi|b \ubmqrut Ed`` Kivbuhnbh| Eihl Lbwiqd| Ubabdw| Qcmub Lbebh|rub b|a \cb

dhhivm|dvb dhq|urnbh|q dh|uilrabl dh Dhldm cmvb ebbh ldqarqqbl `m|bu dh |cb acmw|bu +Fdhmhadm

Qbuvdabq+(

Fdhmhadm` dhq|urnbh|q amh m`qi eb am``bl fdhmhadm` qbarud|dbq( Fdhmhadm` qbarud|dbq amh eb a`mqqdfdbl

dh|i?

#d$ Wudnmut iu lduba| qbarud|dbq(

#dd$ Qbaihlmut iu dhlduba| qbarud|dbq(

Wudnmut Qbarud|dbq

\cbqb mub qbarud|dbq lduba|`t dqqrbl et |cb r`|dnm|b dhvbq|iuq |i |ut r`|dnm|b qmvbuq b(k( qcmubq

mhl lbebh|rubq dqqrbl lduba|`t |i |cb wre`da(

Qbaihlmut Qbarud|dbq

\cbqb mub qbarud|dbq dqqrbl et qinb dh|bunbldmudbq am``bl fdhmhadm` dh|bunbldmudbq |i |cb r`|dnm|b

qmvbuq b(k( Rhd| \urq| if Dhldm mhl nr|rm`^ frhlq dqqrb qbarud|dbq dh |cb fiun if rhd|q |i |cb wre`da

mhl |cb nihbt wii`bl dq dhvbq|bl dh ainwmhdbq(

Mkmdh |cbqb qbarud|dbq nmt eb a`mqqdfdbl ih |cb emqdq if lrum|dih mq fi`ì{q?

#d$ Qciu|.|bun qbarud|dbq#dd$ Nbldrn |bun qbarud|dbq

#ddd$ @ihk.|bun qbarud|dbq(

Qciu|.|bun qbarud|dbq mub |ciqb {cdac nm|rub {d|cdh m wbudil if ihb tbmu( B(k( ed`` if bsacmhkb

\ubmqrut ed`` b|a( Nbldrn |bun qbarud|dbq mub |ciqb {cdac cmvb m nm|rud|t wbudil umhkdhk eb|{bbh

ihb mhl fdvb tbmuq( Bk( Lbebh|rubq nm|rudhk {d|cdh m wbudil if 2 tbmuq( @ihk.|bun qbarud|dbq mub

|ciqb {cdac cmvb m nm|rud|t wbudil if niub |cmh fdvb tbmuq b(k( Kivbuhnbh| Eihlq nm|rudhk mf|bu

=7 tbmuq(


http://slidepdf.com/reader/full/5th-term-financial-services-markets 14/77Q(U(W// 2\C \BUN.FDHMHDAM@ NMUJB\ & DHQ\D\R\DIHQ Wmkb =<

ACMW\BU 5 ? NIHBT NMUJB\

Nihbt nmujb| dq m nmujb| fiu qciu|.|bun ìmhq iu fdhmhadm` mqqb|q( D| dq m nmujb| fiu |cb `bhldhk

mhl eiuui{dhk if qciu| |bun frhlq( Mq |cb hmnb dnw`dbq d| libq hi| ma|rm``t lbm` dh amqc iu nihbt(

Er| d| ma|rm``t lbm`q {d|c hbmu qreq|d|r|bq fiu nihbt iu hbmu nihbt `djb |umlb ed``q wuindqqiut hi|bq

mhl Kivbuhnbh| wmwbuq lum{h fiu m qciu| wbudil hi| bsabbldhk ihb tbmu( \cbqb qciu| |bun

dhq|urnbh|q amh eb aihvbu|bl dh|i amqc ubmld`t {d|cir| mht ìqq mhl m| ì{ |umhqma|dih aiq|( 9

Nihbt nmujb| dq |cb abh|ub fiu lbm`dhk nmdh`t dh qciu|.|bun nihbt mqqb|q( D| nbb|q |cb qciu||bun ub}rdubnbh|q if eiuui{buq mhl wuivdlbq `d}rdld|t iu amqc |i `bhlbuq( D| dq |cb w`mab {cbb` qciu|.

|bun qruw`rq frhlq m| |cb ldqwiqm` if fdhmhadm` dhq|d|r|dihq mhl dhldvdlrm`q mub eiuui{bl et dhldvdlrm`q

dhq|d|r|dihq mhl m`qi |cdqp Kivbuhnbh|(

\cb nihbt nmujb| libq hi| ubfbu |i m wmu|dar`mu w`mab {cbub qciu|.|bun frhlq mub lbm`| {d|c( D|

dha`rlbq m`` dhldvdlrm` dhq|d|r|dihq mhl dh|bunbldmudbq lbm`dhk {d|c qciu|.|bun frhlq( \cb |umhqma|dihq

eb|{bbh eiuui{buq `bhlbuq mhl ndll`bnbh |mjb w`mab |cuirkc |b`bwcihb |b`bkumwc nmd` mhl

mkbh|q( Hi wbuqihm` aih|ma| iu wubqbhab if |cb |{i wmu|dbq dq bqqbh|dm` fiu hbki|dm|dihq dh m nihbt

nmujb|( Ci{bvbu m kbikumwcdam` hmnb nmt eb kdvbh |i m nihbt nmujb| maaiuldhk |i d|q ìam|dih(

Fiu bsmnw`b #cb @ihlih nihbt nmujb| iwbum|bq fuin @inemul Q|ubb| mhl |cb Hb{ Tiuj nihbtnmujb| iwbum|bq fuin [m`` Q|ubb|( Er| |cbt m||uma| frhlq fuin m`` ivbu |cb {iu`l |i eb `bh| |i

eiuui{buq fuin m`` ivbu |cb kìeb( Qdnd`mu`t |cb Nrnemd nihbt nmujb| dq |cb abh|ub fiu qciu|.|bun

ìmh me`b frhlq if hi| ih`t Nrnemd er| m`qi |cb {ci`b if Dhldm(

LBFDHD\DIH

Maaiuldhk |i Kbi||but Aui{|cbu %\cb nihbt nmujb| dq |cb ai``ba|dvb hmnb kdvbh |i |cb vmudirq

fdunq mhl dhq|d|r|dihq |cm| lbm` dh |cb vmudirq kumlbq if hbmu nihbt%(

FBM\RUBQ IF M NIHBT NMUJB\

\cb fi`ì{dhk mub |cb kbhbum` fbm|rubq if m nihbt nmujb|?

m$ D| dq m nmujb| wrub`t fiu qciu|.|bun frhlq iu fdhmhadm` mqqb|q am``bl hbmu nihbt(e$ D| lbm`q {d|c fdhmhadm` mqqb|q cmvdhk m nm|rud|t wbudil rw|i ihb tbmu ih`t(a$ D| lbm`q {d|c ih`t |ciqb mqqb|q {cdac amh eb aihvbu|bl dh|i amqc ubmld`t {d|cir| ìqq mhl {d|c

ndhdnrn |umhqma|dih aiq|(l$ Kbhbum``t |umhqma|dihq |mjb w`mab |cuirkc wcihb d(b(, ium` ainnrhdam|dih( Ub`bvmh|

liarnbh|q mhl {ud||bh ainnrhdam|dihqamh eb bsacmhkbl qreqb}rbh|`t( \cbub dq hi fiunm` w`mab `djb q|iaj bsacmhkb mq dh |cb amqbif m amwd|m` nmujb|(

b$ \umhqma|dihq cmvb |i eb aihlra|bl {d|cir| |cb cb`w if euijbuq(f$ D| dq hi| m qdhk`b cinikbhbirq nmujb|( D| ainwudqbq if qbvbum` qrenmujb|q bmac qwbadm`dqdhk

dh m wmu|dar`mu |twb if fdhmhadhk b(k( Am`` nihbt nmujb| Maabw|mhab nmujb| Ed`` nmujb| mhlqi ih(

k$ \cb ainwihbh|q if m nihbt nmujb| mub |cb Abh|um` Emhj Ainnbuadm` Emhjq Hih.emhjdhkfdhmhadm` ainwmhdbq ldqairh| cirqbq mhl maabw|mhab cirqbq( Ainnbuadm` emhjq kbhbum``tw`mt m lindhmh| ui`b dh |cdq nmujb|(



Nihbt Nmujb| Vq Amwd|m` Nmujb| ///

Dh |cdq aih|bs| d| dq dnwbum|dvb |cm| ihb qcir`l jhi{ |cb ldq|dha|dih eb|{bbh m nihbt nmujb| mhl

m amwd|m` nmujb|( \cb ldq|dha|dih dq eudbf`t qci{h dh |cb fi`ì{dhk |me`b?

Fbm|rubq Nihbt Nmujb| Amwd|m` Nmujb|

\dnb wbudil

D| dq m nmujb| fiu qciu|.|bun ìmh

me`b frhlq fiu m wbudil if hi|

bsabbldhk ihb tbmu

D| dq nmujb| fiu ìhk.|bun frhlq bsabbldhk m

wbudil ihb tbmu

Frha|dihq

\cdq nmujb| qrww`dbq frhlq fiu

fdhmhadhk aruubh| erqdhbqq

iwbum|dihq {iujdhk amwd|m`

ub}rdubnbh|q if dhlrq|udbq mhl

qciu| wbudil ub}rdubnbh|q if |cb

Kivbuhnbh|

\cdq nmujb| qrww`dbq frhlq fiu fdhmhadhk |cb

fdsbl amwd|m

ub}rdubnbh|q if |umlb mhl ainnbuab mq {b`

mq |cb ìhk.|bun ub}rdubnbh|q if |cb

Kivbuhnbh|

Qbarud|dbq

\cb dhq|urnbh|q |cm| mub lbm`| dh mnihbt nmujb| mub ed``q if

bsacmhkb |ubmqrut ed``q ain.

nbuadm` wmwbuq abu|dfdam|b if

lbwiqd| b|a(

\cdq nmujb| lbm`q dh dhq|urnbh|q `djb qcmubq

lbebh|rubq Kivbuhnbh| eihlq b|a(

Lbhindhm|dih

Bmac qdhk`b nihbt nmujb|

dhq|urnbh| dq if `mukb mnirh|(( M \E

dq if ndhdnrn fiu ihb `mjcq Bmac

AL iu AW dq fiu m ndhdnrn if Uq(52 `mjcq(

Bmac qdhk`b amwd|m` nmujb| dhq|urnbh| Dq if

qnm`` mnirh|( Bmac qcmub vm`rb dq Uq(=7

Bmac lbebh|rub vm`rb dq Uq(=77(

Dqqrbuq

\cb Abh|um` emhj mhl Ainnbuadm`

emhjq mub |cb nmoiu dhq|d|r|dihq dh

|cb nihbt nmujb|( ;& UED

Lbvbìwnbh| emhjq mhl Dhqrumhab

ainwmhdbq w`mt lindhmh| ui|q dh |cb amwd|m

nmujb|(

Nmujb|q

Nihbt nmujb| dhq|urnbh|q kbhbum``t

li hi| cmvb qbaihlmut

nmujb|q(

Amwd|m` nmujb| dhq|urnbh|q kbhbum``t cmvb

qbaihlmut nmujb|q

Dh|bunbldmudbq \umhqma|dihq niq|`t |mjb w`mabivbu.|cb.wcihb mhl |cbub dq hi

fiunm` w`mab

\umhqma|dihq |mjb w`mab m| m fiunm` w`mabvdz( q|iaj bsacmhkb(

Euijbu\umhqma|dihq cmvb |i eb aihlra|bl

{d|cir| |cb cb`w if euijbuq(

\umhqma|dihq cmvb |i eb aihlra|bl ih`t

|cuirkc mr|ciudqbl lbm`buq(



Ieoba|dvbq

\cb fi`ì{dhk mub |cb dnwiu|mh| ieoba|dvbq if m nihbt nmujb|

M( \i wuivdlb m wmujdhk w`mab |i bnwìt qciu|.|bun qruw`rq frhlq(

E( \i wuivdlb uiin fiu ivbuaindhk qciu|.|bun lbfdad|q(

A( \i bhme`b |cb Abh|um` Emhj |i dhf`rbhab mhl ubkr`m|b `d}rdlm|dhk baihint |cuirkc d|qdh|buvbh|dih dh |cdq nmujb|(

L( \i wuivdlb m ubmqihme`b maabqq |i rqbuq if qciu|.|bun frhlq |i nbb| |cbdu ub}rdubnbh|q }rdaj`tmlb}rm|b`t mhl m| ubmqihme`b aiq|q(

\UBMQRUT ED@@ NMUJB\

Orq| `djb ainnbuadm` ed``q {cdac ubwubqbh| ainnbuadm` lbe| |ubmqrut ed``q ubwubqbh| qciu|.|bun

eiuui{dhkq if |cb Kivbuhnbh|( \ubmqrut ed`` nmujb| ubfbuq |i |cb nmujb| {cbub |ubmqrut ed``q mub

eirkc| mhl qi`l( \ubmqrut ed``q mub vbut wiwr`mu mhl bhoit m cdkcbu lbkubb if `d}rdld|t qdhab |cbt mub

dqqrbl et |cb Kivbuhnbh|(

Nbmhdhk mhl Fbm|rubq

M |ubmqrut ed`` dq hi|cdhk er| m wuindqqiut hi|b dqqrbl et |cb Kivbuhnbh| rhlbu ldqairh| fiu m

qwbadfdbl wbudil q|m|bl |cbubdh( \cb Kivbuhnbh| wuindqbq |i wmt |cb qwbadfdbl mnirh| nbh|dihbl

|cbubdh |i |cb ebmubu if |cb dhq|urnbh| ih |cb lrb lm|b( \cb wbudil libq hi| bsabbl m wbudil if ihb

tbmu( D| dq wrub`t m fdhmhab ed`` qdhab d| libq hi| mudqb ir| if mht |umlb |umhqma|dih( D| libq hi| ub}rdub

mht +kumldhk+ iu +bhliuqbnbh|+ iu +maabw|mhab+ qdhab d| dq m a`mdn mkmdhq| |cb Kivbuhnbh|(

\ubmqrut ed``q mub dqqrbl ih`t et |cb UED ih ebcm`f if |cb Kivbuhnbh|( \ubmqrut ed``q mub dqqrbl

fiu nbb|dhk |bnwiumut Kivbuhnbh| lbfdad|q( \cb \ubmqrut ed`` um|b iu |cb um|b if ldqairh| dq fdsbl et

|cb UED fuin |dnb.|i.|dnb( D| dq |cb ì{bq| ihb dh |cb bh|dub q|ura|rub if dh|bubq| um|bq dh |cb airh|ut

ebamrqb if qciu|.|bun nm|rud|t mhl cdkc lbkubb if `d}rdld|t mhl qbarud|t(

\twbq if \ubmqrut Ed``q

Dh Dhldm |cbub mub |{i |twbq if |ubmqrut ed``q vdz( #d$ iuldhmut iu ubkr`mu mhl #dd$ +ml cia+ jhi{h mq

+ml cibq+( Iuldhmut |ubmqrut ed``q mub dqqrbl |i |cb wre`da mhl i|cbu fdhmhadm` dhq|d|r|dihq fiu nbb|dhk

|cb qciu|.|bun fdhmhadm` ub}rdubnbh|q if |cb Abh|um` Kivbuhnbh|( \cbqb ed``q mub fubb`t nmujb|me`b

mhl |cbt amh eb eirkc| mhl qi`l m| mht |dnb mhl |cbt cmvb qbaihlmut nmujb| m`qi(

Ih |cb i|cbu cmhl +ml cibq+ mub m`{mtq dqqrbl dh fmviru if |cb UED ih`t( \cbt mub hi| qi`l

|cuirkc |bhlbu iu mra|dih( \cbt mub wruacmqbl et |cb UED ih |mw mhl |cb UED dq mr|ciudqbl |i

dqqrb aruubhat hi|bq mkmdhq| |cbn( \cbt mub hi| nmujb|me`b dh Dhldm( Ci{bvbu |cb ci`lbuq if|cbqb ed``q amh m`{mtq qb`` |cbn emaj |i |cb UED( Ml cibq qbuvb |cb Kivbuhnbh| dh |cb

fi`ì{dhk {mtq?

#D$ |cbt ubw`bhdqc amqc em`mhabq if |cb Abh|um` Kivbuhnbh|( Orq| `djb Q|m|b Kivbuhnbh|q

kb| mlvmhab #{mtq mhl nbmhq mlvmhabq$ fuin |cb U%ED |cb Abh|um` Kivbuhnbh| amh

umdqb fdhmhab |cuirkc |cbqb ml cibq(

#dd$ \cbt m`qi wuivdlb mh dhvbq|nbh| nbldrn fiu dhvbq|dhk |cb |bnwiumut qruw`rqbq if Q|m|b

Kivbuhnbh|q Qbnd.Kivbuhnbh| lbwmu|nbh|q mhl fiubdkh abh|um` emhjq(


http://slidepdf.com/reader/full/5th-term-financial-services-markets 17/77



Mlvmh|mkbq

#d$ Qmfb|t

Dhvbq|nbh|q dh \Eq mub cdkc`t qmfb qdhab |cb wmtnbh| if dh|bubq| mhl ubwmtnbh| if wudhadwm` mub

mqqrubl et |cb Kivbuhnbh|( \cbt amuut zbui lbfmr`| udqj qdhab |cbt mub dqqrbl et |cb UED fiu mhl ih

ebcm`f if |cb Abh|um` Kivbuhnbh|(

#dd$ @d}rdld|t

Dhvbq|nbh|q dh \Eq mub m`qi cdkc`t `d}rdl ebamrqb |cbt amh eb aihvbu|bl dh|i amqc m| mht |dnb m|

|cb iw|dih if |cb dhvbq|iuq( \cb LFCD mhhirhabq lmd`t ertdhk mhl qb``dhk um|bq fiu \Eq( \cbt amh eb

ldqairh|bl {d|c |cb UED mhl fru|cbu ubfdhmhab fmad`d|t dq mvmd`me`b fuin |cb UED mkmdhq| \Eq( Cbhab

|cbub dq m ubmlt nmujb| fiu \Eq(

#ddd$ dlbm` Qciu|.\bun Dhvbq|nbh|

Dl`b amqc amh eb wuifd|me`t dhvbq|bl fiu m vbut qciu| wbudil dh \E \Eq dq mvmd`me`b ih |mw

|cuirkcir| |cb {bbj m| qwbadfdbl um|bq( Fdhmhab dhq|d|r|dihq amh bnw`it |cbdu qruw`rq frhlq ih mht

lmt( \cb tdb`l ih \Eq dq m`qi mqqrubl(

#dv$ Dlbm` Frhl Nmhmkbnbh|

\Eq mub mvmd`me`b ih |mw mq {b`` mq |cuirkc wbudildam` m``b`da \cbt mub m`qi mvmd`me`b dh |cb qbaihlmut

nmujb|( Frhl nmhmkbuq if fdhmhadm` dhq|d|r|dihq erd`l rw m wiu|fi`di if \Eq dh qrac m {mt |cm| |cb lm|bq

if nm|rud|dbq if \Eq nmt eb nm|acbl {d|c |cb lm|bq if wmtnbh| if |cbdu `dmed`d|dbq `djb lbwiqd|q if qciu|

|bun nm|rud|dbq( \crq \Eq cb`w fdhmhadm` nmhmkbuq |i nmhmkb |cb frhlq bffba|dvb`t mhl wuifd|me`t(

#v$ Q|m|r|iut @d}rdld|t Ub}rdubnbh|

Mq wbu |cb UED lduba|dvbq ainnbuadm` emhjq cmvb |i nmdh|mdh Q@U #Q|m|r|iut @d}rdld|t Um|di$ mhl

fiu nbmqrudhk |cdq um|di dhvbq|nbh|q dh \Eq mub |mjbh dh|i maairh|( \Eq mub b`dkde`b qbarud|dbq fiu Q@Uwruwiqbq( Niubivbu |i nmdh|mdh AUU #Amqc Ubqbuvb Um|di$( \Eq mub vbut cb`wfr`( \cbt amh eb

ubmld`t aihvbu|bl dh|i amqc mhl |cbubet AUU amh eb nmdh|mdhbl(

#vd$ Qiruab if Qciu|.\bun Frhlq

\cb Kivbuhnbh| amh umdqb qciu|.|bun frhlq fiu nbb|dhk d|q |bnwiumut erlkb| lbfdad|q

|cuirkc |cb dqqrb if \Eq( D| dq m qiruab if acbmw fdhmhab |i |cb Kivbuhnbh| qdhab |cb ldqairh| um|bq

mub vbut `i{(

#vdd$Hih.Dhf`m|dihmut Nihb|mut \ii`

\Eq bhme`b |cb Abh|um` Kivbuhnbh| |i qrwwiu| d|q nihb|mut wi`dat Dh |cb baihint( Fiu dhq|mhabbsabqq `d}rdld|t df mht dh |cb baihint amh eb meqiuebl |cuirkc |cb dqqrb if \Eq( Niubivbu \Eq mub

qreqaudebl et dhvbq|iuq i|cbu |cmh |cb UED( Cbhab |cbt amhhi| eb nihb|dzbl mhl |cbdu dqqrb libq hi|

`bml |i mht dhf`m|dihmut wubqqrub m| m``(



Ldqmlvmh|mkbq

d $ Wiiu Tdb`l

\cb tdb`l fuin \Eq dq |cb ì{bq|( @ihk |bun Kivbuhnbh| qbarud|dbq fb|ac niub dh|bubq| mhl cbhab

qreqaudw|dihq fiu \Eq mub ih |cb lba`dhb dh ubabh| |dnbq(

#dd$Meqbhab if Ainwb|d|dvb Edlq

\cirkc \Eq mub qi`l |cuirkc mra|dih dh iulbu |i bhqrub nmujb| um|bq fiu |cb dhvbq|iuq dh ma|rmwuma|dab ainwb|d|dvb edlq mub aihqwdarirq`t meqbh|( \cb UED dq ainwb``bl |i maabw| |cbqb hih.

ainwb|d|dvb edlq( Cbhab mlb}rm|b ub|ruh dq hi| mvmd`me`b( D| nmjbq \Eq rhwiwr`mu(

# d d d $ Meqbhab if Ma|dvb \umldhk

Kbhbum``t |cb dhvbq|iuq ci`l \Eq |d`` nm|rud|t mhl |cbt li hi| ainb fiu aduar`m|dih( Cbhab ma|dvb

|umldhk Dh \Eq dq mlvbuqb`t mffba|bl(

NIHBT NMUJB\ DHQ\URNBH\

M vmudb|t if dhq|urnbh|q mub mvmd`me`b dh m lbvbìwbl nihbt nmujb|( Dh Dhldm |d`` =436 ih`t m fb{

dhq|urnbh|q {bub mvmd`me`b( \cbt {bub?

#d$ \ubmqrut ed``q dh |cb |ubmqrut nmujb|(

#dd$ Nihbt m| am`` mhl qciu| hi|dab dh |cb am`` imh nmujb|

#ddd$ Ainnbuadm` ed``q Wuindqqiut hi|bq dh |cb ed`` nmujb|(

Hi{ dh mlld|dih |i |cb meivb |cb fi`ì{dhk hb{ dhq|urnbh|q mub mvmd`me`b?

#d$ Ainnbuadm` wmwbuq

#dd$ Abu|dfdam|b if Lbwiqd|

#ddd$ Dh|bu.emhj wmu|dadwm|dih abu|dfdam|bq(

#dv$ Ubwi Dhq|urnbh|q

\cb hb{ dhq|urnbh|q mub ldqarqqbl ebì{?

AINNBUADM@ WMWBUQ

[cm| dq m Ainnbuadm` Wmwbu9

M ainnbuadm` wmwbu dq mh rhqbarubl wuindqqiut hi|b dqqrbl {d|c m fdsbl nm|rud|t et m ainwmht

mwwuivbl et UED hbki|dme`b et bhliuqbnbh| mhl lb`dvbut dqqrbl dh ebmubu fiun mhl dqqrbl m| qrac

ldqairh| ih |cb fmab vm`rb mq nmt eb lb|bundhbl et |cb dqqrdhk ainwmht(



Fbm|rubq if Ainnbuadm` Wmwbu%

=( Ainnbuadm` wmwbu dq m qciu|.|bun nihbt nmujb| dhq|urnbh| ainwudqdhk rqmhab wuindqqiut

hi|b {d|c m fdsbl nm|rud|t(

5( D| dq m abu|dfdam|b bvdlbhadhk mh rhqbarubl aiuwium|b lbe| if qciu| |bun nm|rud|t(

1( Ainnbuadm` wmwbu dq dqqrbl m| m ldqairh| |i fmab vm`rb emqdq er| d| amh m`qi eb dqqrbl dh

dh|bubq| ebmudhk fiun(

<( \cb dqqrbu wuindqbq |i wmt |cb ertbu qinb fdsbl mnirh| ih qinb fr|rub wbudil er| w`blkbq hi

mqqb|q ih`t cdq d}rdld|t mhl bq|me`dqcbl bmuhdhk wi{bu |i krmumh|bb |cm| wuindqb(

2( Ainnbuadm` wmwbu amh eb dqqrbl lduba|`t et m ainwmht |i dhvbq|iuq iu |cuirkc emhjq)nbuacmh|

emhjbuq(

Mlvmh|mkbq if Ainnbuadm` Wmwbu

#d$ Qdnw`dad|t

\cb mlvmh|mkb if ainnbuadm` wmwbu `dbq dh d|q qdnw`dad|t( D| dhvi`vbq cmul`t mht liarnbh|m|dih

eb|{bbh |cb dqqrbu mhl dhvbq|iu(

#dd$ F`bsded`d|t

\cb dqqrbu amh dqqrb ainnbuadm` wmwbu {d|c |cb nm|rud|dbq |mdìubl |i nm|ac |cb amqc fì{ if

|cb ainwmht(

#ddd$ Ldvbuqdfdam|dih

M {b`` um|bl ainwmht amh ldvbuqdft d|q qiruab if fdhmhab fuin emhjq |i qciu| |bun nihbt

nmujb|q m| qinb{cm| acbmwbu aiq|(

#dv$ Bmqt |i Umdqb @ihk \bun Amwd|m` \cb ainwmhdbq {cdac mub me`b |i umdqb frhlq |cuirkc ainnbuadm` wmwbu ebainb eb||bu jhi{h dh

|cb fdhmhadm` {iu`l mhl mub |cbubet w`mabl dh m niub fmvirume`b wiqd|dih fiu umdqdhk qrac ìhk |bun

amwd|m` mq |cbt nmt fuin |dnb |i |dnb, ub}rdub( \crq |cbub dq mh dherd`| dhabh|dvb fiu ainwmhdbq |i

ubnmdh fdhmhadm``t q|uihk(

#v$ Cdkc Ub|ruhq

\cb ainnbuadm` wmwbu wuivdlbq dhvbq|iuq {d|c cdkcbu ub|ruhq |cmh |cbt air`l kb| fuin |cb

emhjdhk qtq|bn(

#vd$ Nivbnbh| if Frhlq

Ainnbuadm` wmwbu fmad`d|m|bq qbarud|dqm|dih if ìmhq ubqr`|dhk dh aubm|dih if m qbaihlmut nmujb|

fiu |cb wmwbu mhl bffdadbh| nivbnbh| if frhlq wuivdldhk amqc qruw`rq |i amqc lbfdad| bh|d|dbq(


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UED Krdlb`dhbq ih Ainnbuadm` Wmwbu Dqqrb

\cb dnwiu|mh| krdlb`dhbq mub?=( M ainwmht amh dqqrb ainnbuadm` wmwbu ih`t df d| cmq

d( m |mhkde`b hb| {iu|c if hi| `bqq |cmh Uq( =7 auiubq mq wbu |cb `m|bq| em`mhabqcbb|:

#dd$ ndhdnrn aruubh| um|di if =11 ?=:#ddd$ m frhl emqbl {iujdhk amwd|m` `dnd| if Uq( 52 auiubq iu niub:

#dv$ m lbe| qbuvdadhk um|di a`iqbu |i 5:#v$ |cb ainwmht dq `dq|bl ih m q|iaj bsacmhkb:#vd$ qreoba| |i AMQ ldqadw`dhb:#vdd$ d| dq a`mqqdfdbl rhlbu Cbm`|c Ailb Hi( = et |cb fdhmhadhk emhjq

#vd`d$ |cb dqqrdhk ainwmht {ir`l hbbl |i ie|mdh WD fuin AUDQD@(5(Ainnbuadm` wmwbu qcm`` eb dqqrbl dh nr`|dw`bq if Uq( 52 `mjcq er| |cb ndhdnrn mnirh| |i eb

dhvbq|bl et m qdhk`b dhvbq|iu qcm`` eb Uq( = auiub(

1(\cb ainnbuadm` wmwbu qcm`` eb dqqrbl fiu m ndhdnrn nm|rud|t wbudil if ; lmtq mhl |cb

nmsdnrn wbudil if 6 nih|cq fuin |cb lm|b if dqqrb( \cbub {d`` eb hi kumab wbudil ih nm|rud|t(

<( \cb mkkubkm|b mnirh| qcm`` hi| bsabbl 57" if |cb dqqrbu+q frhl emqbl {iujdhk amwd|m`(

2(\cb ainnbuadm` wmwbu dq dqqrbl dh |cb fiun if rqmhab wuindqqiut hi|bq hbki|dme`b et

bhliuqbnbh| mhl lb`dvbut( \cb um|b if ldqairh| air`l eb fubb`t lb|bundhbl et |cb dqqrdhk

ainwmht( \cb dqqrdhk ainwmht cmq |i ebmu m`` f`i|m|dih aiq|, dha`rldhk q|mnw lr|t lbm`buq+ fbb

mhl aubld| um|dhk mkbhat fbb(

6(\cb dqqrb if ainnbuadm` wmwbu amhhi| eb rhlbu{ud||bh iu ai.iw|bl dh mht nmhhbu( Ci{bvbu

ainnbuadm` emhjq amh wuivdlb q|mhlet fmad`d|t fiu ublbnw|dih if |cb wmwbu ih |cb nm|rud|t lm|b(

;( Dhvbq|nbh| dh ainnbuadm` wmwbu amh eb nmlb et mht wbuqih iu emhjq iu aiuwium|b eildbq

ubkdq|bubl iu dhaiuwium|bl Dh Dhldm mhl rhdhaiuwium|bl eildbq |ii( Hih.ubqdlbh| Dhldmhq amh

dhvbq| dh ainnbuadm` wmwbu ih hih.ubwm|udm|dih emqdq(

3(\cb ainwmhdbq dqqrdhk ainnbuadm` wmwbu {ir`l eb ub}rdubl |i bhqrub |cm| |cb ub`bvmh|

wuivdqdihq if |cb vmudirq q|m|r|bq qrac mq Ainwmhdbq Ma| =426 |cb D\ Ma| =46= mhl |cbHbki|dme`b Dhq|urnbh|q Ma| =43= mub ainw`dbl {d|c(

ABU\DFDAM\B IF LBWIQD\ #AL$

Abu|dfdam|b if Lbwiqd|q mub qciu| |bun lbwiqd| dhq|urnbh|q dqqrbl et emhjq mhl fdhmhadm

dhq|d|r|dihq |i umdqb `mukb qrnq if nihbt(

Fbm|rubq if Abu|dfdam|b if Lbwiqd|

\cb nm||bu {mq mkmdh q|rldbl dh =43; et |cb Vmkcr` [iujdhk Kuirw ih |cb Nihbt Nmujb|( \cbVmkcr` Kuirw ubaikhdqbl |cm| AW {ir`l eb m||uma|dvb ei|c |i |cb emhjbu mhl dhvbq|iu dh |cm| |cb emhj

dq hi| ub}rdubl |i bhamqc |cb lbwiqd| wubnm|rub`t {cd`b |cb dhvbq|iu amh `d}rdft |cb dhq|urnbh| ebfiub

d|q nm|rud|t dh |cb qbaihlmut nmujb|(

=(Liarnbh| if |d|`b |i |dnb lbwiqd|(

5(Rhqbarubl hbki|dme`b wuihi|bq(

1(Fubb`t |umhqfbume`b et bhliuqbnbh| mhl lb`dvbut(

<( Dqqrbl m| ldqairh| |i fmab vm`rb(



2(Ubwmtme`b ih m fdsbl lm|b {d|cir| kumab lmtq(

6(Qreoba| |i q|mnw lr|t `djb |cb rqmhab wuindqqiut hi|bq(

\cb emhjq dh |cb RQM dh =467q dh|uilrabl ALq {cdac mub fubb`t hbki|dme`b mhl nmujb|me`b mht

|dnb ebfiub nm|rud|t( \cb ALq {bub dqqrbl et edk emhjq dh |cb RQM dh rhd|q if ,= nd``dih m| fmab vm`rb

ebmudhk fdsbl dh|bubq| {d|c m nm|rud|t kbhbum``t umhkdhk fuin = |i 6 nih|cq( Emhjq qi`l ALq lduba| |i

dhvbq|iuq iu |cuirkc lbm`buq {ci qreqb}rbh|`t |umlbl |cdq dhq|urnbh| dh qbaihlmut nmujb|( \cb

Mnbudamh emhjq dqqrbl fiu |cb fduq| |dnb li``mu ALq dh @ihlih dh =466( \cb Emhj if Bhk`mhl kmvbwbundqqdih |i muirhl <7 emhjq |i nmjb AL dqqrb(

UED Krdlb`dhbq

=( \cb lbhindhm|dih if ALq air`l eb dh nr`|dw`bq if Uq( 2 `mjc qreoba| |i m ndhdnrn qdzb if mh dqqrb

|i m qdhk`b dhvbq|iu ebdhk Uq( 52 `mjc( \cb ALq meivb Uq( 52 `mjc {d`` eb dh nr`|dw`bq if Uq( 2 `mjc(

\cb mnirh| ub`m|bq |i fmab vm`rb #hi| nm|rud|t vm`rb$ if ALq dqqrbl(

5( \cb ALq mub qciu|.|bun lbwiqd| dhq|urnbh|q {d|c nm|rud|t wbudil umhkdhk fuin 1 nih|cq |i ihb

tbmu( \cb emhjq amh dqqrb m| |cbdu ldqaub|dih |cb ALq fiu mht hrnebu if nih|cq )lmtq ebtihl |cbndhdnrn rqmhab wbudil if |cubb nih|cq mhl {d|cdh |cb nmsdnrn rqmhab if ihb tbmu(+

1( ALq amh eb dqqrbl |i dhldvdlrm`q aiuwium|dihq ainwmhdbq |urq| frhlq mqqiadm|dihq b|a( Hih.

ubqdlbh| Dhldmhq #HUDq$ amh m`qi qreqaudeb |i ALq er| ih`t ih m hih.ubwmu|d|dih emqdq(

<( ALq mub fubb`t |umhqfbume`b et bhliuqbnbh| mhl lb`dvbut er| ih`t mf|bu + <2 lmtq if |cb lm|b if

dqqrb |i |cb wudnmut dhvbq|iu( Mq qrac |cb nm|rud|t wbudil if ALq mvmd`me`b dh |cb nmujb| amh eb

mht{cbub eb|{bbh = lmt mhl 157 lmtq(

2( \cbt mub dqqrbl dh |cb fiun if rqmhab wuindqqiut hi|bq wmtme`b ih m fdsbl lm|b {d|cir| lmtq if

kumab( ALq mub qreoba| |i wmtnbh| if q|mnw lr|t `djb |cb rqmhab wuindqqiut hi|bq(

6( Emhjq cmvb |i nmdh|mdh AUU mhl Q@U ih |cb dqqrb wudab if ALq mhl ubwiu| |cbn mq lbwiqd|q |i |cb

UED( Emhjq mub hbd|cbu wbund||bl |i kumh| `imhq mkmdhq| ALq hiu |i ert |cbn emaj wubnm|rub`t(

;( Fuin Ia|iebu =; =445 |cb `dnd| fiu dqqrb if ALq et qacblr`bl ainnbuadm` emhjq #bsa`rldhk

Ubkdihm` Urum` Emhjq$ cmq ebbh umdqbl fuin ; wbu abh| |i =7 wbu abh| if |cb fiu|hdkc|`t mkkubkm|b

lbwiqd|q dh =434.47( \cb abd`dhkq ih ir|q|mhldhk if ALq m| mht widh| if |dnb mub wubqaudebl et |cb

Ubqbuvb Emhj if Dhldm fiu bmac emhj( Emhjq mub mlvdqbl et |cb UED |i bhqrub |cm| |cb dhldvdlrm

emhj {dqb `dnd|q wubqaudebl fiu dqqrb if ALq mub hi| bsabblbl m| mht |dnb(

Mlvmh|mkbq

=(Abu|dfdam|b if Lbwiqd|q mub |cb niq| aihvbhdbh| dhq|urnbh|q |i lbwiqd|iuq mq |cbt bhme`b |cbduqciu| |bun qruw`rqbq |i bmuh cdkcbu ub|ruh(

5(ALq m`qi iffbu nmsdnrn `d}rdld|t mq |cbt mub |umhqfbume`b et bhliuqbnbh| mhl lb`dvbut( \cb

ci`lbu amh ubqb`` cdq abu|dfdam|b |i mhi|cbu(

1(Fuin |cb widh| if vdb{ if dqqrdhk emhj d| dq m vbcda`b |i umdqb ubqiruabq dh |dnbq if hbbl mhl

dnwuivb |cbdu `bhldhk amwmad|t( \cb ALq mub fdsbl |bun lbwiqd|q {cdac amhhi| eb {d|clum{h

rh|d` |cb ublbnw|dih lm|b(

<(\cdq dq mh dlbm` dhq|urnbh| fiu emhjq {d|c qciu| |bun qruw`rq frhlq |i dhvbq| m| m||uma|dvb um|bq(



DH\BU.EMHJ WMU\DADWM\DIH ABU\DFDAM\B

\cb Kivbuhiu if |cb Ubqbuvb Emhj if Dhldm {cd`b lbm`dhk {d|c aubld| wi`dat nbmqrubq dh Ia|iebu

=433 cml dhfiunbl |cb emhj Acdbfq meir| m d wuiwiqm` |i mr|ciudqb emhjq |i frhl |cbdu qciu|.|bun

hbblq fuin {d|cdh |cb qtq|bn |cuirkc dqqrmhab if Dh|bu.Emhj Wmu|dadwm|dihq( \cdq mhhirhabnbh| et

|cb UED {mq dh `dhb {d|c |cb ubainnbhlm|dihq nmlb et |cb [iujdhk Kuirw ih |cb Nihbt Nmujb|(

Dh|bu.Emhj Wmu|dadwm|dih Abu|dfdam|b wuivdlbq |cbn mh mlld|dihm` dhq|urnbh| fiu bvbh ir| qciu|.|bun

`d}rdld|t {d|cdh |cb wbudnb|bu if |cb emhjdhk qtq|bn wmu|dar`mu`t m| |dnbq {cbh |cbub mub dnem`mhabqmffba|dhk |cb nm|rud|t nds if mqqb|q dh emhjbuq+ eiijq(

Qdhab |cbh |cb ubkr`mu krdlb`dhbq mww`dame`b |i Dh|bu.Emhj Wmu|dadwm|dihq cmvb ebbh euirkc| ir| et |cb

UED |cb qm`dbh| fbm|rubq |cbub if nmt eb eudbf`t qb| ir| mq kdvbh cbubmf|bu?

#d$ \cb ieoba|dvb dq |i wuivdlb m abu|mdh b`bnbh| if `d}rdld|t |i |cb wiu|fi`di if emhjq wmd|dar`mu`t dh

|cb aubld| qbknbh| mq |cb emhjq cmvdhk ìhk eiijq nmt eb wr| |i |cb hbabqqd|t if fdhldhk

|bnwiumut qrwwiu| if frhlq |i |dlb ivbu qd|rm|dihq mudqdhk fuin `mkq dh |cb frhlq fì{ if |cb

eiuui{buq(

#dd$ \cb qacbnb dq aihfdhbl |i qacblr`bl ainnbuadm` emhjq ih`t mhl |cb wbudil if wmu|dadwm|dih

dq ubq|uda|bl |i ndhdnrn 4= lmtq mhl nmsdnrn =37 lmtq(#ddd$ Wmu|dadwm|dihq wbund||bl mub if |{i |twbq hmnb`t {d|c mhl {d|cir| udqj |i |cb `bhlbu( \cb

{d|cir| udqj |twb if wmu|dadwm|dih dq aihfdhbl |i m |bhrub if 47 lmtq ih`t(

#dv$ Iudkdhm``t m abd`dhk dh|bubq| um|b if =5(2 wbu abh| wbu mhhrn {mq wubqaudebl fiu |cb `bh| frhlq

rhlbu %{d|cir| udqj% wmu|dadwm|dih mhl |cdq {mq ubnivbl `m|bu ih mìhk {d|c ubnivm` if abd`dhkq

if dh|buemhj am`` um|b mhl |cb dh|bubq| um|b fiu ubldqairh|dhk if ed``q(

#v$ Emhjq mub wbund||bl |i dqqrb wmu|dadwm|dihq rhlbu |cb %{d|c udqj% hinbha`m|rub fiu |cb

mlvmhab a`mqqdfdbl rhlbu Cbm`|c Ailb.= q|m|rq mhl |cb mkkubkm|b mnirh| if qrac

wmu|dadwm|dihq dh mht maairh| qcir`l hi| bsabbl <7 wbu abh| if |cb ir|q|mhldhkq dh |cb

maairh| m| |cb |dnb if dqqrb(

Mlvmh|mkbq if |cb Qacbnb

=( \cb qacbnb ebhbfd|q |cb dqqrdhk mhl wmu|dadwm|dhk emhjq |i |cb bs|bh| |cm| d| wuivdlbq maabqq |i

frhlq mkmdhq| mlvmhabq ainwmum|dvb`t {d|c `bqq arnebuqinb wuiablrub |cmh |cuirkc ubkr`mu

aihqiu|drn |db.rw(

5( D| m`qi fmad`d|m|bq emhjq cmvdhk qruw`rq frhlq ih |cbdu cmhlq |i erd`l rw mhl bmuh niub ih |cbdu

mqqb|q ivbu m abu|mdh wbudil |cmh {d|c |cb bmu`dbu |dnb aihqrndhk mhl wuiablrum``t ainw`dam|bl

|db.rwq {d|c i|cbu emhjq( M| |cb qmnb |dnb |ciqb emhjq {ci mub dh hbbl if frhlq amh |mjb

mlvmh|mkb if |cb nmujb| df |cbt cmvb mh ivbu `bh| wiqd|dih fiu m qciu| {cd`b(


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Ubwi Dhq|urnbh|q

Ubwi q|mhlq fiu Ubwruacmqb( Rhlbu Ubwi |umhqma|dih |cb eiuui{bu wmu|q {d|c qbarud|dbq |i |cb `bhlbu

{d|c mh mkubbnbh| |i ubwruacmqb |cbn m| |cb bhl if |cb fdsbl wbudil m| m qwbadfdbl wudab( M| |cb bhl if

|cb wbudil |cb eiuui{bu {d`` ubwruacmqb |cb qbarud|dbq m| |cb wublb|bundhbl wudab( \cb ldffbubhab

eb|{bbh |cb wruacmqb wudab mhl |cb iudkdhm` wudab dq |cb aiq| fiu |cb eiuui{bu( \cdq aiq| if eiuui{dhk

dq am``bl %Ubwi Um|b+ {cdac dq `d||`b acbmwbu |cmh wrub eiuui{dhk(

M |umhqma|dih dq am``bl m Ubwi {cbh vdb{bl fuin |cb wbuqwba|dvb if |cb qb``bu if |cb qbarud|dbq mhl

Ubvbuqb Ubwi {cbh lbqaudebl fuin |cb widh| if vdb{ if |cb qrww`dbuq if frhlq( \crq {cb|cbu m kdvbh

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http://slidepdf.com/reader/full/5th-term-financial-services-markets 27/77Q(U(W// 2\C \BUN.FDHMHDAM@ NMUJB\ & DHQ\D\R\DIHQ Wmkb 5;

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http://en.wikipedia.org/wiki/Term



http://en.wikipedia.org/wiki/Consideration



http://en.wikipedia.org/wiki/Renting


http://en.wikipedia.org/wiki/Gross_lease



http://en.wikipedia.org/wiki/Leasing#cite_note-0











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http://en.wikipedia.org/wiki/Lease


http://en.wikipedia.org/wiki/Asset


http://en.wikipedia.org/wiki/Airliner



http://en.wikipedia.org/wiki/Ship



http://en.wikipedia.org/wiki/Operating_lease



http://en.wikipedia.org/wiki/Peppercorn



http://en.wikipedia.org/wiki/Residual_value


http://en.wikipedia.org/wiki/Capital_allowance


http://en.wikipedia.org/wiki/Depreciation






http://en.wikipedia.org/wiki/Lessor





http://en.wikipedia.org/wiki/Lender






















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http://en.wikipedia.org/wiki/Financial_transaction


http://en.wikipedia.org/wiki/Real_estate



http://en.wikipedia.org/wiki/Leasing



http://en.wikipedia.org/wiki/Tax_avoidance



http://en.wikipedia.org/wiki/Tax_shelter











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iu Iaaruubhab {cdac AMRQBQ |cb @iqq(

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=( Udqj Mvidlmhab

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<( Udqj Ndhdndqm|dih

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A`mqqdfdam|dih if Dhqrumhab Erqdhbqq

‥ @dfb Dhqrumhab

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‑ Rhd| @dhjbl W`mhq

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‥ Kbhbum` Dhqrumhab

‑ Fdub

‑ Nmudhb

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i|cbuq

Ubdhqrumhab

‥ @dfb Dhqrumhab ? m`` dhqrumhabq aivbudhk crnmh `dvbq

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if |cb `dfb if crnmh ebdhk(

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fir` w`mt fumrl b|a(




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=( Wudhadw`b if Dhlbnhd|t

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‥ @dfb dhqrumhab dq mh bsabw|dih

5(Wudhadw`b if Dhqrume`b Dh|bubq|

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mkmdhq|

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‥ Bsabw|dih dh amqb if `dfb dhqrumhab

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‥ Bvbut wbuqih cmq rh`dnd|bl dhqrume`b dh|bubq| ih cdq i{h `dfb

‥ M nmh cmq dhqrume`b dh|bubq| ih |cb `dfb if cdq {dfb mhl vdab.vbuqm

‥ Aubld|iuq cmvb d| ih |cb `dvbq if lbe|iuq

‥ Wmu|hbuq ih bmac i|cbuq– `dvbq

‥ Bnwìtbu ih |cb `dvbq if cdq jbt bnwìtbbq

1(Wudhadw`b if Qreuikm|dih

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‥ M aiui``mut fuin |cb wudhadw`b if dhlbnhd|t

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ìqq, |cb dhqrubl–q udkc|q if ubaivbut mub |umhqfbuubl iu qreuikm|bl |i |cb dhqru buq {cbh |cb

dhlbnhdft |cb ìqq(

‥ Hi| mww`dame`b dh amqb if `dfb Dhqrumhab

Aih|uder|dih AIUI@@MUT

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df |cb qmnb wuiwbu|t dq dhqrubl rhlbu niub |cmh ihb wi`dat dhqrubl amh hi| ubaivbu niub |cm

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<(Lia|udhb if Mlcbqdih

‥ Dhqrumhab aih|uma|q mub a`mqqdfdbl mq Aih|uma|q if Mlcbqdih |i wui|ba| |cb dh|bubq| if |cb dhqrubl

‑ Ldffbubhab dh |cb `bvb` if jhi{`blkb

‥ Dh amqb mht wuivdqdih if |cb aih|uma| ebdhk firhl mnedkrirq #`bmldhk |i niub |cmh ih

dh|buwub|m|dih$ |cbh d| {d`` eb aihq|urbl mkmdhq| |cb wbuqih {ci lumf|bl d|




2(Lia|udhb if R|niq| Kiil Fmd|c

‥ Wbuqih ertdhk Dhqrumhab dq cb`l |i |cb cdkcbq| q|mhlmul if cihbq|t

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‑ Ndqubwubqbh|m|dihq

‥ Iuldhmut aih|uma|q ‑ |b`` hi|cdhk er| |cb |ur|c

‥ Dhqrumhab aih|uma|q ‑ |b`` |cb {ci`b |ur|c

‑ Hih.ldqaìqrub iu Aihabm`nbh|

‥ Nm|budm` fma|q ‑ hi| ih`t {cm| cb aihqdlbuq |i eb er| mub ma|rm``t mub ‑ Dhldqwr|med`d|t a`mrqb ‑ Qba( <2 if Dhqrumhab Ma|

Emqda W`mhq if @dfb Dhqrumhab

‥ < Emqda a`mqqbq if @dfb Dhqrumhab Aih|uma|q ?

i \bun Dhqrumhab

i [ci`b @dfb Dhqrumhab

i Wrub Bhli{nbh|

i Mhhrd|dbq

[cm| mub Lbudvm|dvb Dhq|urnbh|q9

Fdhmhadm` Lbudvm|dvbq

‥ M lbudvm|dvb dq mh dhq|urnbh| {ciqb vm`rb dq lbudvbl fuin |cb vm`rb if ihb iu niub rhlbu`tdh

mqqb|q {cdac amh eb ainnild|dbq `djb Or|b Ai||ih Wbwwbu \runbuda [cbm| blde`b id`(

‥ Wubadirq nb|m`q `djb ki`l qd`vbu aiwwbu & ndhbum`q

‥ Aruubhat Eihlq Q|iajq Q|iajq dhldabq Dh|bubq| Um|b b|a(

Amqc iu Qwi|

‥ Wmt hi{ lb`dvbu hi{(‥ B(k( Wruacmqbq dh kuiabu–q qciw

‥ Vbkb|me`b vbhliu |i wruacmqb vbkb|me`bq

‥ Qinb|dnbq {b wmt mlvmhab mhl eiij iru iulbu iu qinb|dnbq {b wruacmqb ih aubld|

‥ Bsmnw`bq If Lbudvm|dvb Dhq|urnbh|q

Firu niq| ainnih bsmnw`bq if lbudvm|dvb dhq|urnbh|q mub

» Fiu{mulq

» Fr|rubq

» Iw|dihq

[ct Lbudvm|dvbq9

‥ \cbub mub qbvbum` udqjq dhcbubh| dh fdhmhadm` |umhqma|dihq( Lbudvm|dvbq m`ì{ tir |i nmhmk

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ihb #iu niub df lbqdubl$ udqj m| m |dnb

‥ Fiu dhq|mhab df {b ert m qcmub if \DQAI fuin iru euijbu {b |mjb fi`ì{dhk udqjq

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udqj$(

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wmu|dm` iu fr`` ainwbhqm|dih fuin |cb bsacmhkb(

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1( Iwbum|dhk udqjq `djb buuiuq indqqdihq ìqq if dnwiu|mh| liarnbh|q fumrlq fiukbudbq lb`mt

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Fiu{mul Aih|uma|q

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{d`` eb wmdl m| `m|bu lm|b

‥ B(k( \bs|d`b Nd`` i{hbu ? `djb |i li fiu{mul aih|uma| {d|c fmunbu fiu wruacmqdhk ai||ih m| `m|

lm|b(

‥ Fmunbu {mh|q |i qb`` ai||ih qmt Uq( 2777). wbu em`b mhl \bs|d`b nd`` i{hbu mkubbq |i ert d| i

qwbadfdbl lm|b

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lbwbhl rwih lbnmhl mhl qrww`t qd|rm|dih dh |cb nmujb|(

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fuin nmujb|

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‥ Udqj if wudab f`ra|rm|dih air`l eb cblkbl er| `bmlq |i udqj if lbfmr`| iu ldqcihiudhk if aih|uma|

‥ M fiu{mul aih|uma| dq m arq|indzbl aih|uma| eb|{bbh |{i wmu|dbq {cbub qb||`bnbh| |mjbq w`maih m qwbadfda lm|b dh fr|rub m| m wudab mkubbl |ilmt(

\cb nmdh fbm|rubq if fiu{mul aih|uma|q mub

‥ Bmac aih|uma| dq arq|in lbqdkhbl mhl cbhab dq rhd}rb dh |bunq if aih|uma| qdzb bswdum|dih lm|

mhl |cb mqqb| |twb mhl }rm`d|t(

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‥ D| nd|dkm|bq b`dndhm|bq ublrabq udqj if mlvbuqb wudab f`ra|rm|dihq

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‥ Fiu{mul aih|uma|q mub f`bsde`b

‥ \cbt mub d``d}rdl & ed`m|bum` aih|uma|q(

‥ Dh amqb ihb wmu|t {dqcbq |i ainb ir| if |cb aih|uma| {d|cir| aihqbh| if airh|bu wmu|t ih

amhhi| ainb ir| ? bswiqbl |i airh|bu.wmu|t udqj

‥ \i ivbuainb |cbqb |{i ldffdar`|dbq d(b( udqj if lbfmr`| mhl d``d}rdld|t fr|rub aih|uma|q cmvb ebb

dh|uilrabl




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‥ Fr|rub bsacmhkb dq `bkm` bh|d|t ebainbq fiunm` airh|buwmu|t fiu m`` |umhqma|dihq nmlb m| |c

bsacmhkb(

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ertbu mhl ertbu |i bvbut qb``bu(

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‥ Fr|rub bsacmhkb urhq ih nbnebu–q amwd|m` mhl fbb ih bvbut |umhqma|dih lbwbhldhk ih |ruhiv

if |cm| ainnild|t mhl acmhabq if lbfmr`| mub hd`

Fr|rubq

‥ Fr|rubq mub bsacmhkb |umlbl aih|uma|q |i qb`` iu ert fdhmhadm` dhq|urnbh|q iu wctqda

ainnild|dbq fiu Fr|rub lb`dvbut m| mh mkubbl wudab(

‥ \cbub dq mh mkubbnbh| |i ert iu qb`` m qwbadfdbl }rmh|d|t if fdhmhadm` dhq|urnbh|) ainnild|t dh

lbqdkhm|bl Fr|rub nih|c m| m wudab mkubbl rwih et |cb ertbu mhl qb``bu(

‥ \cb aih|uma|q cmvb abu|mdh q|mhlmuldzbl qwbadfdam|dihq(

‥ Nm|rud|dbq fiu bvbut aih|uma| mhl uirhl `i| {d`` eb fdsbl et bsacmhkb(

‥ Wudab }ri|m|dih d(b( |daj qdzb dq lbadlbl et bsacmhkb(

‥ Bsacmhkb libq hi| |mjb udqj if lbfmr`| if bvbuteilt( \cbubfiub bsacmhkb cmq qinb ur`bq

‥ Ih`t nbnebuq amh |umlb( \cbub mub ur`bq fiu b`dkde`b |umlbuq ih qbvbum` hiunq ? Amwd|

mlb}rmat blram|dihm` }rm`dfdam|dih bswbudbhab dh |cb nmujb| ubwr|m|dih

‥ Dh Dhldm kbhbum``t Fr|rub wudab 0 Qwi| wudab

[ct Fr|rub bsacmhkb dq m||uma|dvb9

‥ Nmukdh nihbt dq m`{mtq m fuma|dih if aih|uma|

‥ B(k( fiu Uq( 2777). aih|uma| nmukdh nihbt dq Uq( =777

‥ Qrwwiqb tir wruacmqb m q|iaj m| wudab Uq( 2777 mhl d| dhaubmqbq |i Uq( 2277(

‥ Tir bmuh wuifd| if Uq( 277‥ Df d| dq fr|rub aih|uma| tir dhvbq| Uq( =777 mhl tir bmuh Uq( 277 D kb| 2 |dnbq wuifd| hm|rum`

qwbar`m|iuq mub niub(

Iw|dihq

‥ Iw|dihq mub udkc|q {d|cir| ie`dkm|dihq

‥ Iw|dihq mub if |{i |twbq ? Am`` mhl Wr|

‥ Am`` iw|dihq mub udkc| |i ert

‥ Bvbut iw|dih cmq ertbu mhl qb``bu(

‥ Dh iw|dih |umhqma|dih ertbu libq hi| cmvb |i wmt nmukdh( Nmukdh dq wmdl et |cb qb``bu

‥ [cbh ertbu fbb`q |cm| wudab {d`` ki rw cb {d`` wruacmqb am`` iw|dih

‥ Df D kdvb tir udkc| |i ert Ub`dmhab mht|dnb fuin nb m| q|udjb wudab Uq( 277). wbu qcmub mht|dn

lrudhk 1 nih|cq( Fiu |cdq D {d`` acmukb tir wubndrn Uq( 27

‥ Udkc| |i ert ‑ hi| ie`dkm|dih

‥ Q|udjb wudab ‑ Uq( 277: Wbudil ‑ 1 nih|cq

‥ Rhlbu`tdhk qbarud|t . Ub`dmhab




Wr| Iw|dih

‥ D| dq udkc| |i qb``(

‥ Wruacmqb udkc| |i qb`` ub`dmhab mht|dnb lrudhk hbs| 1 nih|cq m| q|djb wudab Uq( 277 mhl w

iw|dih wubndrn dq Uq( 17

‥ [cbh ertbu fbb`q |cm| |cb wudab {d`` ki ebì{ |cb q|udjb wudab cb {d`` wruacmqb wr|(

‥ Dh wuma|dab mq qcmub wudab udqbq dh |cb qbaihlmut nmujb| am`` iw|dih wudabq {d`` dhaubmqb mhl w

iw|dih wudabq {d`` lbaubmqb(

‥ Mq qcmub wudab lba`dhbq wr| iw|dih wudabq dhaubmqb mhl am`` iw|dih wudabq {d`` lbaubmqb(

Mlvmh|mkbq

‥ Lire`b Ldvbuqdfdam|dih .M nr|rm` frhl ldvbuqdfdbq mauiqq nmht ldffbubh| q|iajq( M frhl

frhlq ldvbuqdfdbq mnihkq| nmht ldffbubh| frhlq(

‥ Qdnw`dad|t .Dhq|bml if dhvbq|dhk dh nmht ldffbubh| frhlq |i macdbvb |cb qmnb ubqr`| tir amh or

dhvbq| dh ihb frhl(

‥ \cdq m`ì{q fiu nrac `bqq wmwbu{iuj(

‥ Acbmw fiu Ebkdhhdhk Dhvbq|iuq .D| dq |irkc |i ldvbuqdft {cbh q|mu|dhk ir| ebamrqb if ndhdnr

dhvbq|de`b qruw`rq( D| m`ì{q mh dhvbq|iu |i ldvbuqdft mnihkq| crhlublq iu |cirqmhlq if q|iajq

ihb qnm`` maairh|(

‥ Dhq|d|r|dihm` Mlvmh|mkbq .Frhlq if frhlq amh if|bh dhvbq| dh lbqdume`b dhq|d|r|dihm` frhlq |c

mub iff.`dnd|q fiu ub|md` dhvbq|iuq(

‥ \cbt m`qi cmvb |cb med`d|t |i dhvbq| dh qinb ìml frhlq {d|cir| wmtdhk |cb ìml(

Ldqmlvmh|mkbq

‥ Bs|um Fbbq .Qinb frhlq if frhlq {d`` acmukb fbbq m| |cb wmubh| `bvb` |cm| qcir`l bh|da

dhvbq|iuq |i aubm|b |cb qmnb wiu|fi`di ertdhk |cb ldffbubh| nr|rm` frhl qacbnbq |cbnqb`vbq(

‥ Bswbhqb Um|diq .Niq| frhlq if frhlq amuut cdkc bswbhqb um|diq {cdac {d`` lumk li{h tir

ub|ruhq ivbu |dnb(

[cm| mub cblkb frhlq9

‥ \cbqb frhlq `djb nr|rm` frhlq ai``ba| nihbt fuin dhvbq|iuq mhl rqb |cb wuiabblq |i er

q|iajq mhl eihlq(

‥ Rh`djb nr|rm` frhlq ci{bvbu cblkb frhlq |twdam``t |mjb ìhk mhl qciu| wiqd|dihq dh mqqb|q |

ì{bu wiu|fi`di udqj mudqdhk fuin euiml nmujb| nivbnbh|q(

Ci{9

‥ M cblkb frhl nmt |mjb ìhk wiqd|dihq dh abu|mdh q|iajq mhl qciu| wiqd|dihq dh abu|mdh i|cb

q|iajq qrac |cm| |cbdu wiu|fi`di eb|m dq aìqb |i zbui(

‥ M eb|m aìqb |i zbui nbmhq |cm| |cb wiu|fi`di {d`` ubnmdh ub`m|dvb`t rhacmhkbl lrb |i |cb euim

nmujb| nivbnbh|(

‥ Qrac m wiu|fi`di {d`` wudnmud`t acmhkb df |cb q|iajq nivb niub |cmh |cb euiml nmujb|(




Acmw|bu 3? Aubld| Um|dhk

Aihabw| Aubld| um|dhk dq m |bachd}rb if aubld| udqj vm`rm|dih fiu |cb aiuwium|b lbe| dhq|urnbh|q ubf`ba|dh

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if |cb lbe|q mhl ie`dkm|dihq(

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rwkumlbl iu li{hkumlbl(

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{b``.jhi{h um|dhk mkbhadbq(

Niiltq+? %Um|dhkq mub lbqdkhbl bsa`rqdvb`t fiu |cb wruwiqb if kumldhk eihlq maaiuldhk

|cbdu dhvbq|nbh| }rm`d|dbq%(

Mrq|um`dmh Um|dhkq? %M Aiuwium|b Aubld| um|dhk wuivdlbq `bhlbuq {d|c m ▧qdnw`b qtq|bn kumlm|dih et {cdac |cb ub`m|dvb amwmad|dbq if ainwmhdbq |i nmjb |dnb`t ubwmtnbh| if dh|bub

mhl wudhadwm` ih m wmu|dar`mu |twb if lbe| amh eb hi|bl%(

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m ubainnbhlm|dih |i ert)qb`` iu ci`l m wmu|dar`mu qbarud|t(%

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maarumat hiu |cb ainw`b|bhbqq if |cb dhfiunm|dih dq krmumh|bbl(%

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ubkmuldhk udqj.ub|ruh |umlb iff er| d| m`qi cb`wq |i nmujb| wmu|dadwmh|q dh |cb fi`ì{dhk {mtq:

‥ Dnwuivbq m cbm`|ct ldqadw`dhb ih eiuui{buq

‥ @bhlq kubm|bu aublbhab |i fdhmhadm` mhl i|cbu ubwubqbh|m|dihq

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‥ Cb`wq nbuacmh| emhjbuq euijbuq ubkr`m|iut mr|ciud|dbq b|a( dh ldqacmukdhk |cbdu frha|dih

ub`m|bl |i lbe| dqqrbq

‥ Bhairumkbq kubm|bu dhfiunm|dih ldqaìqrub eb||bu maairh|dhk q|mhlmulq mhl dnwuivbl fdhmhad

dhfiunm|dih #cb`wq dh dhvbq|iuq wui|ba|dih$‥ Nmt ublrab dh|bubq| aiq|q fiu cdkc`t um|bl ainwmhdbq

‥ Ma|q mq m nmujb|dhk |ii`




FRHA\DIHQ IF AUBLD\ UM\DHKQ

\cb aubld| um|dhk fdunq mub qrwwiqbl |i li |cb fi`ì{dhk frha|dihq?

=(Qrwbudiu Dhfiunm|dih

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dhfiunm|dih ih aubld| udqj fiu |cubb dh|bu ub`m|bl udqjq?

#m$D| wuivdlbq rhedmqbl iwdhdih(

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5(@i{ Aiq| Dhfiunm|dih

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1( Emqdq fiu m Wuiwbu Udqj.Ub|ruh \umlb Iff

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mhl aihfdlbhab m niub um|dihm` udqj “ ub|ruh |umlb iff {ir`l eb bq|me`dqcbl dh |cb amwd|m` nmujb|(

<(Cbm`|ct Ldqadw`dhb ih Aiuwium|b Eiuui{buq

Wre`da bswiqrub cmq cbm`|ct dhf`rbhab ivbu |cb nmhmkbnbh| if dqqrbu ebamrqb if d|q lbqdub |

cmvb m a`bmu dnmkb(

2(Fiunr`m|dih if Wre`da Wi`dat Krdlb`dhbq ih Dhq|d|r|dihm` Dhvbq|nbh|

\cb wre`da wi`dat ih |cb jdhlq if qbarud|dbq |cm| mub b`dkde`b fiu dha`rqdih dh ldffbubh| jdhlq

dhq|d|r|dihm` wiu|fi`diq amh eb lbvbìwbl {d|c kubm| aihfdlbhab df qbarud|dbq mub um|bl wuifbqqdihm``t e

dhlbwbhlbh| mkbhadbq(

Ebhbfd|q if AU

=( Ebhbfd|q |i Dhvbq|iuq

i Qmfbkrmul mkmdhq| emhjurw|at

i Ubaikhd|dih if udqj

i Aublded`d|t if dqqrbu

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i Qmvdhk if ubqiruab

i Dhlbwbhlbh| if dhvbq|nbh| lbadqdih

i Acidab if dhvbq|nbh|q

i Ebhbfd|q if um|dhk qruvbd``mhab

5( Ebhbfd|q if Um|dhk |i Ainwmht

@i{bu aiq| if eiuui{dhk

[dlbu mrldbhab fiu eiuui{dhk

Um|dhk mq nmujb|dhk |ii`

Ublra|dih if aiq| dh wre`da dqqrbq

Ni|dvm|dih fiu kui{|c

Rhjhi{h dqqrbu ubaikhd|dih

Ebhbfd|q |i euijbuq mhl fdhmhad

dh|bunbldmudbq




1( Fiu Euijbuq mhl fdhmhadm` dh|bunbldmudbq

Qmvbq |dnb nihbt bhbukt mhl nmhwi{bu dh aihvdhadhk |cbdu a`dbh|q meir| dhvbq|nbh|q(

@bqq bffiu| dh q|rltdhk ainwmht–q aubld| wiqd|dih |i aihvdhab |cbdu a`dbh|q(

Bmqt |i qb`ba| wuifd|me`b dhvbq|nbh| qbarud|t

Cb`wq |i dnwuivb erqdhbqq

Ldqmlvmh|mkbq if AU

=( Edmqbl um|dhk mhl ndqubwubqbh|m|dihq5( Q|m|da q|rlt

1( Aihabm`nbh| if nm|budm` dhfiunm|dih

<( Um|dhk dq hi krmumh|bb fiu qirhlhbqq if ainwmht

2( Crnmh edmq

6( Ubf`ba|dih if |bnwiumut mlvbuqb aihld|dih

;( Li{h kumlb

3( Ldffbubhab dh um|dhk if |{i mkbhadbq

Emajkuirhl

Aubld| Um|dhk #AU$ mq fdhmhadm` qbuvdab cmq ainb m ìhk {mt qdhab Oich Niilt fduq| dh|uilrab

|cb aihabw| =474( Dh Dhldm d| q|mu|bl dh =433(

Udqjq mub hi| krmumh|bb mkmdhq| ìqq: d|–q ih |cb udqj if lbfmr`|(

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Nb|ciliìkt

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|cb ainwmht–q ainwb|d|dvb wiqd|dih, iwbum|dhk bffdadbhat, nmhmkbnbh| bvm`rm|dih, maairh|dh

}rm`d|t `bkm` wiqd|dih bmuhdhkq amqc fì{ mlb}rmat fdhmhadm` f`bsded`d|t |cb }rm`d|t if |cwuilra| b|a(

Vmudirq Aubld| Um|dhk Mkbhadbq rqb vmudirq nb|cilq( \cb kbhbum` nb|cilq mub ‑

\cb fduq| nb|cil ?

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wiqd|dih(

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f`bsded`d|t(

Nmhmkbnbh| Bvm`rm|dih ‑ Kim`q wcdìqiwct q|um|bkdbq med`d|t |i ivbuainb mlvbuqb qd|rm|dih

nmhmkbudm` |m`bh|q mhl qraabqqdih w`mhq ainnd|nbh| aihqdq|bhat mhl aublded`d|t(

Ubkr`m|iut mhl Ainwb|d|dvb Bhvduihnbh| .

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dh|bubq| mhl |ms qbhqd|dvd|t(

Dh |cdq nb|cil m`` |cbqb fma|iuq mub mhm`tzbl mhl

Dh|buwub|bl mhl mf|bu |cm| |cb um|dhk dq lihb(




Ebhbfd|q

Um|dhk qtq|bn {iujq dh |cb dh|bubq| if |cb dqqrdhk ainwmht mq {b`` mq |cb dhvbq|iuq(

Um|dhk lduba|`t dhf`rbhab |cb aiq| mhl mvmd`med`d|t if frhlq |i |cb dqqrbuq #rw{mul um|dhk > frhl

m| ì{bu aiq|$(

Um|dhkq cb`w acmhhb` frhlq maaiuldhk |i |cb dhcbubh| {iu|c if |cb wuioba|q um|cbu |cmh maaiuldh

|i nbub hmnbq(

\twbq if Um|dhk=( Eihl ) Lbebh|rub Um|dhk

5( B}rd|t Um|dhk

1( Wubfbubhab qcmub um|dhk

<( Ainnbuadm` Wmwbu um|dhk

2( Fdsbl lbwiqd| um|dhk

6( Eiuui{bu um|dhk ‑Um|dhk if eiuui{bu

;( Dhldvdlrm`q Um|dhk ‑Dhldvdlrm`q aubl

um|dhk

3( Q|ura|rubl Ie`dkm|dih ‑Mqqb| emajb

qbarud|t

4( Qivbubdkh Um|dhk ‑Um|dhk if m airh|u

Bnbukdhk mubmq if AU

=( B}rd|t Ubqbmuac

5( Emhjdhk Qba|iu

1( Dhqrumhab Qba|iu

<( Hb{ Dhq|urnbh|q vdz( Fìm|dhk Um|b Hi|bq #FUH$

2( Dh|bunbldmut dh Fdhmhadm` Qba|iu

6( Dhldmh Aiuwium|bq umdqdhk frhlq ivbuqbmq

AUBLD\ UM\DHK MKBHADBQ DH DHLDM

=( Aubld| Um|dhk Dhfiunm|dih Qbuvdabq @dnd|bl #AUDQD@$

5( Dhvbq|nbh| Dhfiunm|dih mhl Aubld| Um|dhk Mkbhat if Dhldm #DAUM$

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mhl qaiudhk qbuvdabq qwmab dh |cb Dhldmh nmujb|(

[ci rqbq AUBLD\ UM\DHK9

Dhvbq|iuq

=( Bmqbq udqj dlbh|dfdam|dih mhl ldvbuqdfdam|dih

5( Udqj emqbl wudadhk if Dhvbq|nbh|q

1( Kubm|bu lbw|c if ubqbmuac ebdhk ìam``t emqbl

Dqqrbuq

=( M wuima|dvb q|bw |i{mulq |umhqwmubhat

5( Mh dhlbwbhlbh| rhedmqbl mqqbqqnbh|

1( Bhcmhabq aublded`d|t & maabw|med`d|t

<( Dhaubmqbq maabqq |i frhldhk

2( Bhairumkbq fdhmhadm` ldqadw`dhb

Ubkr`m|iut mr|ciud|dbq

=( Dhvbq|iu wui|ba|dih

5( Nmujb| ldqadw`dhb

Dh|bunbldmudbq

=( Fdsdhk airwih um|bq

5( M qbaihl iwdhdih




Acmw|bu 4? Niu|kmkbq mhl Niu|kmkb Emajbl Qbarud|dbq

‥ Niu|kmkbq ‑ @imhq |i dhldvdlrm` iu erqdhbqq |i wruacmqb m cinb `mhl iu i|cbu ubm` wuiwbu|t(

‥ Niu|kmkbq mub emajbl et qwbadfda if ubm` wuiwbu|t: df |cb eiuui{bu lbfmr`|q ih niu|kmkb |c

fdhmhadm` dhq|d|r|dih amh |mjb i{hbuqcdw if |cb wuiwbu|t(

‥ Firu emqda am|bkiudbq if niu|kmkbq mub dqqrbl et fdhmhadm` dhq|d|r|dihq?

=( Cinb Niu|kmkbq

5( Nr`|dfmnd`t L{b``dhk Niu|kmkbq

1( Ainnbuadm` Niu|kmkbq

<( Fmun Niu|kmkbq

\cbqb niu|kmkbq mub rqbl |i wruacmqb |cb ubqwba|dvb rhd| if cirqdhk(

Niu|kmkb Acmuma|budq|daq

Ai``m|bum` ‑ Dh niu|kmkb mkubbnbh| |cb fdhmhadm` dhq|d|r|dih {d`` w`mab m `dbh mkmdhq| m wuiwbu|t |c

ubnmdhq dh w`mab rh|d` |cb ìmh dq fr``t wmdl iff(

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niu|kmkb eiuui{bu |i wmt rw fuih|(

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wudab if |cb wuiwbu|t #m li{h wmtnbh|$ m| |cb aìqdhk #|cb lmt |cb niu|kmkb dq dqqrbl$( \cb em`mhab i

|cb wruacmqb wudab dq |cb fmab vm`rb if |cb niu|kmkb #iu |cb ìmh wuiabblq$(

Acmw|bu =7? VBH\RUB AMWD\M@

Aihabw| if Vbh|rub Amwd|m`

\cb \bun ‒vbh|rub Amwd|m`‖ dq rhlbuq|iil dh nmht {mtq( Dh m hmuui{ qbhqb df ubfbuq |i dhvbq|nbh| hb{ mhl |udbl bh|buwudqbq |cm| mub `majdhk m q|me`b ubaiul if kui{|c(

Nbmhdhk if Vbh|rub Amwd|m`

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|cb qmnb |rhb cmq q|uihk kui{|c( Vbh|rub amwd|m`dq| wii` |cbdu ubqiruab/ dha`rldhk nmhmkbuq- Med`d|db

|i mqqdq| hb{ bh|ubwubhbruq dh |cb bmu`t ubmuq if |cb wuioba|( Ihab |cb wuioba| ubmacbq |cb q|mkb i

wuifd|med`d|t |cbt qb`` |cbdu b}rm`d|t ci`ldhkq m| cdkc wubndrn(




Lbfdhd|dih if m Vbh|rub Amwd|m` Ainwmht

M vbh|rub amwd|m` ainwmht dq lbfdhbl mq %m fdhmhadhk dhq|d|r|dih {cdac oidhq mh bh|ubwubhbru mq

ai.wuini|bu dh m wuioba| mhl qcmubq |cb udqjq

mhl ub{mulq if |cb bh|buwudqb/

Fbm|rubq if Vbh|rub Amwd|m`

Qinb if |cb fbm|rubq if vbh|rub amwd|m` fdhmhadhk mub m| rhlbu

=( Vbh|rub amwd|m` dq rqrm``t dh |cb fiun if b}rd|t wmu|dadwm|dih( D| nmt m`qi |mjb |cb fiun

aihvbu|de`b lbe| iu ìhk |bun ìmh(

5( Dhvbq|nbh| dq nmlb ih`t dh cdkc udqj er| cdkc kui{|c wi|bh|dm` wuioba|q(

1(Vbh|rub amwd|m` dq mvmd`me`b ih`t fiu ainnbuadm`dzm|dih if hb{ dlbmq iu hb{ |bachiìkdbq mhl hi

fiu bh|buwudqbq {cdac mub bhkmkbl dh |umldhk eiijdhk fdhmhadm` qbuvdabq mkbhat `dmdqih {iuj i

ubqbmuac mhl lbvbìwnbh|

<( Vbh|rub amwd|m`dq| oidhq |cb bh|ubwubhbru mq m ai.wuini|bu dh w mhl qcmub |cb udqjq mhl ub{mulq

|cb bh|buwudqb

2( \cbub dq aih|dhrirq dhvi`vbnbh| dh erqdhbqq mf|bu nmjdhk mh dhvbq|nbh| et |cb dhvbq|iu(

6(Ihab |cb vbh|rub cmq ubmacbl |cb fr`` wi|bh|dm` |cb vbh|rub amwd|m` dq ldqdhvbq|q cdq ci`ldhk

bd|cbu |i |cb wuini|buq iu dh |cb nmujb|( \cb emqda ieoba|dvb if dhvbq|nbh| dq hi| wuifd| er| amwd|

mwwubadm|dih m| |cb |dnb if ldqdhvbq|nbh|(

Qaiwb if Vbh|rub Amwd|m`

Vbh|rub amwd|m` nmt |mjb vmudirq fiunq m| ldffbubh| q|mkbq if |cb wuioba| |cbub mub firu qraabqqdv

q|mkbq if lbvbìwnbh| if m wuioba| vdz( lbvbìwnbh| if m wuioba| Dlbm dnw`bnbh|m|dih if |cb dlb

ainnbuadm` wuilra|dih mhl nmujb|dhk mhl fdhm``t `mukb qam`b dhvbq|nbh| |i bswìd| |cb baihindaq i

qam`b mhl macdbvb q|med`d|t( Fdhmhadm` dhq|d|r|dihq mhl emhjq rqrm``t q|mu| fdhmhadhk |cb wuiwbu ih`t m

|cb qbaihl if |cdul q|mkb er| umub`t fuin |cb fduq| q|mkb Er| vbh|rub amwd|m`dq|q wuivdlb fdhmhab bvb

fuin |cb fduq| q|mkb if dlbm fiunm|dih( |cb vmudirq q|mkbq dh fdhmhadhk m| vbh|rub a qwdum` qbb lbqaudeb

ebì{

=( Lbvbìwnbh| if mh Dlbm “ Qbbl Fdhmhab dh |cb Dhd|dm` q|m|b vbh| rqb amwd|m`dq|/ wuivdlb qbb

amwd|m` fiu |umhq`m|dhk mh dlbm dh|i erqdhbqq wuiwiqd|dih m| |cdq q|mkb dhvbq|dkm|dih dq nmlb

lbw|c {cdac hiunm``t |mjbq m tbmu iu niub(

5( Dnw`bnbh|m|dih Q|mkb “ Q|mu| rw Fdhmhab? [cbh |cb fdun dq qb| rw |i nmhrfma|rub m wuilr

iu wuivdlb m qbuvdab q|mu| rw fdhmhab dq wuivdlbl et |cb vbh|rub amwd|m`dq|q( \cb fduq| mhl qbaih

q|mkb amwd|m` dq rqbl fiu fr`` qam`b nmhrfma|rudhk mhl fru|cbu erqdhbqq kui{|c(

1( F`blkdhk Q|mkb “ Mlld|dihm` Fdhmhab? Dh |cb |cdul q|mkb |cb fdun cmq nmlb qinb cbml{m

mhl bh|bubl |cb q|mkb if nmhrfma|rudhk m wuilra| er| fmabq |bb|cdhk wuie`bnq( D| nmt hi| e

me`b |i kbhbum|b mlb}rm|b frhlq mhl qi mlld|dihm` uirhl if fdhmhadhk dq wuivdlbl |i lbvbìw |c

nmujb|dhk Dhfumq|ura|rub(




<( Bq|me`dqcnbh| Q|mkb “ Bq|me`dqcnbh| Fdhmhab? M| |cdq q|mkb |cb fdun dq bq|me`dqcbl dh |c

nmujb| mhl bswba|bl |i bswmhl m| m umwdl wmab( D| hbblq fru|cbu fdhmhadhk fiu bswmhqdih mh

ldvbuqdfdam|dih qi |cm| d| amh ubmw baihindbq if qam`b mhl m||mdh q|med`d|t( M| |cb bhl if |c

bq|me`dqcnbh| q|mkb |cb fdun dq `dq|bl ih |cb q|iaj bsacmhkb mhl m| |cdq widh| |cb vbh|ru

amwd|m`dq| ldqdhvbq|q |cbdu qcmubci`ldhkq |cuirkc mvmd`me`b bsd| uir|bq(

Ebfiub dhvbq|dhk dh qnm`` hb{ iu tirhk cd.|bac bh|buwudqbq |cb vbh|rub amwd|m`dq|q ìij fi

wbuabh|mkb if jbt qraabqq fma|iuq if m vbh|rub amwd|m` wuioba|( \cbt wubfbu wuioba|q |cm| mllubqq |cbq

wuie`bnq( Mh dlbm lbvbìwbl fiu |cbqb qraabqq fma|iuq cmq ebbh wubqbh|bl dh \me`b =(

Mf|bu mqqbqqdhk |cb vdmed`d|t if wuioba|q |cb dhvbq|iuq lbadlb fiu {cm| q|mkb |cbt qcir`l wuivdl

vbh|rub amwd|m` qi nm| d| `bmlq |i kubm|bu amwd|m` Mwwubadm|dih(

M`` |cb meivb q|mkbq if fdhmhab dhvi`vb vmutdhk lbkubbq if udqjq mhl vbh|rub amwd|m` dhlrq|ut ih

mf|bu mhm`tzdhk qrac udqjq/ dhvbq| dh ihb iu niub( Cbhab |cbt qwbadm`dzb dh ihb iu niub er| umub`t m``(

DNWIU\MHAB IF VBH\RUB AMWD\M@

Vbh|rub amwd|m` dq if kubm| wuma|dam` vm`rb |i bvbut aiuwium|b bh|buwudqb dh nilbuh |dnbq(

=( Mlvmh|mkbq |i Dhvbq|dhk Wre`da? \cb dhvbq|dhk wre`da {d`` eb me`b |i ublrab udqj qdkhdfdamh|

mkmdhq| rhqaurwrìrq nmhmkbnbh| df |cb wre`da dhvbq| dh vbh|rub frhl {ci dh |ruh {d`` dhvbq| dh b}rd

if hb{ erqdhbqq( [d|c |cbdu bswbu|dqb dh |cb fdb`l mhl aih|dhrirq Dhvi`vbnbh| dh |cb erqdhbqq |cb

{ir`l eb me`b |i q|iw(

5( Mlvmh|mkbq |i wuini|buq ? \cb bh|ubwubhbru fiu |cb qraabqq if wre`da dqqrb dq ub}rdubl |

aihvdhab |bhq if rhlbu{ud|buq euijbuq mhl |cirqmhlq if dhvbq|iuq er| |i ie|mdh vbh|rub amwd|

mqqdq|mhab cb {d`` eb ub}rdubl |i qb`` cdq dlbm |i orq|dft |cb iffdadm`q if |cb vbh|rub frhlq

Krdlb`dhbq

\cb fi`ì{dhk mub krdlb`dhbq dqqrbl et Kivbuhnbh| if Dhldm(

=( \cb Vbh|rub Amwd|m` ainwmhdbq mhl vbh|rub amwd|m` frhlq amh eb qb| rw mq oidh| vbh|rub eb|{bb

q|dwr`m|bl mkbhadbq mhl hih.dhq|d|r|dihm` wuini|buq er| |cb b}rd|t ci`ldhk if qrac wuini|b

qcir`l hi| bsabbl 57 wbuabh| mhl qcir`l hi| eb `mukbq| qdhk`b ci`lbu(

5( Vbh|rub amwd|m` mqqdq|mhab qcir`l ki |i bh|buwudqbq {d|c m |i|m` dhvbq|nbh| if hi| niub |cm

Uq(=7 auiub(

1( \cb vbh|rub amwd|m` ainwmht #VAA$)Vbh|rub Amwd|m` Frhl #VAF$ qcir`l eb nmhmkbl ewuifbqqdihm`q mhl qcir`l eb dhlbwbhlbh| if |cb wmubh| iukmhdqm|dih(

<( \cb VKA)VAF {d`` hi| eb m`ì{bl |i rhlbu|mjb ma|dvd|dbq qrac mq |umldhk euiijdhk nihb

nmujb| iwbum|dihq ed``q ldqairh|dhk dh|bu aiuwium|b `bhldhk( \cbt {d`` eb m`ì{bl |i dhvbq|

`bmqdhk |i |cb bs|bh| if =2 wbuabh| if |cb |i|m` frhlq lbvbìwbl( \cb dhvbq|nbh| ih ubvdvm` if udq

rhd|q {d`` eb |ubm|bl mq m wmu| if vbh|rub amwd|m` ma|dvd|t(

2( @dq|dhk if VAAq)VAF amh eb maaiuldhk |i |cb wubqaudebl hiunq mhl rhlbu{ud|dhk if dqqrbq m| |c

wuini|bu+q ldqaub|dih(




6( Qcmub wudadhk m| |cb |dnb if ldqdhvbq|nbh| et m wre`da dqqrb iu kbhbum` qm`b iffbu et |cb ainwmh

iu frhl nmt eb lihb qreoba| |i |cdq ebdhk amàr`m|bl mh ieoba|dvb aud|budm mhl |cb emqdq ldqaìqb

mlb}rm|b`t |i |cb wre`da(

\CB DHLDMH QABHMUDI

Nb|cilq if Vbh|rub Fdhmhadhk

Vbh|rub amwd|m` dq mvmd`me`b dh firu fiunq dh Dhldm?

=( B}rd|t Wmu|dadwm|dih

5( Aihvbh|dihm` @imh

1( Aihld|dihm` @imh

<( Dhainb Hi|bq

=( B}rd|t Wmu|dadwm|dih? Vbh|rub Amwd|m` Fdunq wmu|dadwm|b dh b}rd|t |cuirkc lduba| wruacmqb i

qcmubq er| |cbdu q|mjb libq hi| bsabbl <4"( \cbqb qcmubq mub ub|mdhbl et |cbn |d`` |cb mqqdq|b

wuioba|q nmjdhk wuifd| \cbqb qcmubq mub qi`l bd|cbu |i |cb wuini|bu m| hbki|dm|bl wudab rhlbu er

emaj mkubbnbh| iu |i |cb wre`da dh |cb qbaihlmut nmujb| m| m wuifd|(

5( Aihvbh|dihm` @imh? Rhlbu |cdq fiun if mqqdq|mhab m ì{bu fdsbl um|b if dh|bubq| dq acmukbl |d`` |cmqqdq|bl rhd|q ebainb ainnbuadm``t iwbum|dihm` mf|bu {cdac |cb ìmh amuudbq hiunm` iu cdkcbu um

if dh|bubq|( \cb ìmh cmq |i eb ubwmdl maaiuldhk |i m wublb|bundhbl qacblr`b if ubwmtnbh| mq wb

|bunq if ìmh mkubbnbh|(

1( Aihld|dihm` @imh? Rhlbu |cdq fiun if fdhmhab mh dh|bubq| fubb ìmh dq wuivdlbl lrudhk |c

dnw`bnbh|m|dih wbudil er| d| cmq |i wmt uitm`|t ih qm`bq( \cb ìmh cmq |i eb ubwmdl maaiuldhk |i

wub lb|bundhbl qacblr`b mq qiih mq |cb ainwmht dq me`b |i kbhbum|b qm`bq mhl dhainb(

<( Dhainb Hi|bq? D| dq m ainedhm|dih if aihvbh|dihm` mhl aihld|dihm` ìmhq( Ei|c dh|bubq| mhl uitm`|

mub wmtme`b m| nrac ì{bu um|bq |cmh dh amqb if aihld|dihm` ìmhq(

Acmw|bu ==? QBARUD\DQM\DIH IF LBE\

[CM\ dq QBARUD\DQM\DIH

Qbarud|dqm|dih if lbe| iu mqqb| ubfbuq |i |cb wuiabqq if `d}rdlm|dhk |cb d``d}rdl mhl ìhk |bun mqqb|

`djb ìmhq mhl ubabdvme`bq if fdhmhadm` dhq|d|r|dihq `djb emhjq et dqqrdhk nmujb|me`b qbarud|dbq mkmdhq

|cbn( Dh i|cbu {iulq d| dq m |bachd}rb et {cdac m ìhk |bun hih.hbki|dme`b mhl cdkc vm`rbl fdhmhadmqqb| `djb cdub wruacmqb dq aihvbu|bl dh|i qbarud|dbq if qnm`` vm`rbq {cdac amh eb |umlme`b dh |cb nmujb

orq| `djb qcmubq(

\crq d| dq hi|cdhk er| m wuiabqq if ubnivdhk ìhk |bun mqqb|q fuin |cb em`mhab qcbb| if

`bhldhk fdhmhadm` dhq|d|r|dih mhl ubw`madhk |cbn {d|c `d}rdl amqc |cuirkc |cb dqqrb if qbarud|dbq mkmdhq

|cbn( Rhlbu qbarud|dqm|dih m fdhmhadm` dhq|d|r|dih wii`q d|q d``d}rdl) hih.hbki|dme`b mhl ìhk |bun mqqb|q

aubm|bq qbarud|dbq mkmdhq| |cbn kb|q |cbn um|bl mhl qb``q |cbn |i dhvbq|iuq( D| dq mh ihkidhk wuiabqq

|cb qbhqb |cm| mqqb|q mub aihvbu|bl dh|i qbarud|dbq qbarud|dbq dh|i amqc amqc dh|i mqqb|q mhl mqqb

dh|i qbarud|dbq mhl qi ih




Lbfdhd|dih

Mq q|m|bl bmu`dbu qbarud|dqm|dih cb`wq |i `d}rbft mqqb|q nmdh`t if nbldrn mhl ìhk |bun ìmhq mh

ubabdvme`bq if fdhmhadm` dhq|d|r|dihq( \cb aihabw| if qbarud|dqm|dih amh eb lbfdhbl mq fi`ì{q?

%M amubfr``t q|ura|rubl wuiabqq {cbubet ìmhq mhl i|cbu ubabdvme`bq mub wmajmkbl rhlbu{ud||b

mhl qi`l dh |cb fiun if mqqb| emajbl qbarud|dbq%(

Tb| mhi|cbu qdnw`b lbfdhd|dih dq mq fi`ì{q?%Qbarud|dqm|dih dq hi|cdhk er| `d}rbftdhk mqqb|q ainwudqdhk ìmhq mhl ubabdvme`bq if mh dhq|d|r|di

|cuirkc qtq|bnm|da dqqrmhab if fdhmhadm` dhq|urnbh|q%(

Q|ura|rubl Qbarud|dbq Vq Aihvbh|dihm` Qbarud|dbq

Qbarud|dqm|dih dq emqdam``t m q|ura|rubl fdhmhadm` |umhqma|dih( D| bhvdqmkbq |cb dqqrb if qbarud|db

mkmdhq| d``.`d}rdl mqqb|q mhl qrac qbarud|dbq mub ubm``t q|ura|rubl qbarud|dbq( D| dq qi ebamrqb: |cbt m

emajbl et |cb vm`rb if |cb rhlbu`tdhk fdhmhadm` mqqb| mhl |cb aubld| qrwwiu| if m |cdul wmu|t m`qi( M| |cd

q|mkb ihb qcir`l hi| aihfrqb qrac q|ura|rubl qbarud|dbq {d|c aihvbh|dihm` qbarud|dbq `djb eihl

lbebh|rubq b|a |cbt ldffbu fuin bmac i|cbu dh |cb fi`ì{dhk ubqwba|q(

m( Qiruab if ubwmtnbh|? Dh |cb amqb if aihvbh|dihm` qbarud|dbq |cb wudnmut qiruab if ubwmtnbh|

dq |cb bmuhdhk wi{bu mhl amqc fi{ if |cb dqqrdhk ainwmht( Er| rhlbu qbarud|dqm|dih |cb dqqrdhk

ainwmht dq ainw`b|b`t fubb fuin |cdq ei|cbum|dih qdhab |cb erulbh if ubwmtnbh| dq qcdf|bl |i m

wii` if mqqb|q iu |i m |cdul wmu|t(

e( Q|ura|rub? Rhlbu qbarud|dqm|dih |cb qbarud|dbq nmt eb q|ura|rubl dh qrac m {mt qi mq |i macdbvb m

lbqdubl `bvb` if udqj mhl m lbqdubl `bvb` if um|dhk lbwbhldhk rwih |cb |twb mhl mnirh| if mqqb|

wii`bl( Qrac m acidab dq hi| mvmd`me`b dh |cb amqb if aihvbh|dihm` qbarud|dbq(

a( Hm|rub? Dh fma| |cbqb q|ura|rubl qbarud|dbq mub emqdam``t lbudvm|dvbq if |cb |umld|dihm` lbe|

dhq|urnbh|q( If airuqb, |cb aubld| q|mhldhk if |cbqb qbarud|dbq dq {b`` qrwwiu|bl et m wii` if

mqqb|q iu et m krmumh|bb iu et ei|c(

Qbarud|dqm|dih Vq Fma|iudhk

M| |cdq q|mkb ihb qcir`l hi| aihfrqb |cb |bun +qbarud|dqm|dih+ {d|c |cm| if +fma|iudhk+( Qdhab ei|c lbm

{d|c |cb mqqb|q vdz( eiij lbe|q mhl ubabdvme`bq d| dq vbut bqqbh|dm` |cm| |cb ldffbubhabq eb|{bbh |cb

nrq| eb a`bmu`t rhlbuq|iil( \cb nmdh ldffbubhabq mub?

m( Fma|iudhk dq nmdh`t mqqiadm|bl {d|c |cb mqqb|q #eiij lbe|q mhl ubabdvme`bq$ if nmhrfma|rudh

mhl |umldhk ainwmhdbq {cbubmq qbarud|dqm|dih dq nmdh`t mqqiadm|bl {d|c |cb mqqb|q if fdhmhadainwmhdbq(

e( Fma|iudhk nmdh`t lbm`q {d|c |umlb lbe|q mhl |umlb ubabdvme`bq if a`dbh|q( Ih |cb i|cbu cmh

qbarud|dqm|dih lbm`q {d|c ìmhq mhl ubabdvme`bq mudqdhk ir| if ìmhq `djb Cdub wruacmqb fdhmha

ubabdvme`bq ubabdvme`bq fuin Kivbuhnbh| lbwmu|nbh|q b|a(

a( Dh |cb amqb if fma|iudhk |cb |umlb lbe|q mhl ubabdvme`bq dh }rbq|dihq mub qciu|.|bun dh hm|rub

{cbubmq |cbt mub nbldrn |bun iu ìhk. |bun dh hm|rub dh |cb amqb if qbarud|dqm|dih(

l( \cb }rbq|dih if dqqrdhk qbarud|dbq mkmdhq| eiij lbe|q libq hi| mudqb m| m`` dh |cb amqb if

fma|iudhk {cbubmq d| fiunq |cb vbut emqdq if qbarud|dqm|dih(




b( \cb fma|iu cdnqb`f |mjbq rw |cb +ai``ba|dih {iuj+ {cbubmq d| amh eb lihb bd|cbu et |cb iudkdhm|iu i

et m qbwmum|b qbuvdadhk mkbhat rhlbu qbarud|dqm|dih(

f( Rhlbu fma|iudhk |cb bh|dub aubld| udqj dq wmqqbl ih |i |cb fma|iu( Er| rhlbu qbarud|dqm|dih m wmu|

if |cb aubld| udqj amh eb meqiuebl et |cb iudkdhm|iu et |umhqfbuudhk |cb mqqb|q m| m ldqairh|(

NILRQ IWBUMHLD

Fiu |cb iwbum|dihm` nbacmhdaq if qbarud|dqm|dih |cb fi`ì{dhk wmu|dbq mub ub}rdubl?

#d$ \cb iudkdhm|iu

#dd$ M Qwbadm` Wruwiqb Vbcda`b #QWV$ iu m |urq|

#ddd$ M nbuacmh| iu dhvbq|nbh| emhjbu

#dv$ M aubld| um|dhk mkbhat

#v$ M qbuvdadhk mkbh|.Ubabdvdhk mhl Wmtdhk mkbh| #UWM$

#vd$ \cb iudkdhm` eiuui{buq iu ie`dkiuq

#vdd$ \cb wuiqwba|dvb dhvbq|iuq d(b( |cb ertbuq if qbarud|dbq(

\cb vmudirq q|mkbq dhvi`vbl dh |cb {iujdhk if qbarud|dqm|dih mub mq fi`ì{q?

#=$Dlbh|dfdam|dih q|mkb)wuiabqq

#5$\umhqfbu q|mkb)wuiabqq

#1$Dqqrb q|mkb)wuiabqq

#<$Ublbnw|dih q|mkb)wuiabqq

#2$Aubld| Um|dhk q|mkb)wuiabqq

Dlbh|dfdam|dih Wuiabqq

\cb `bhldhk fdhmhadm` dhq|d|r|dih bd|cbu m emhj iu mht i|cbu dhq|d|r|dih fiu |cm| nm||bu {cdac lbadlbq |i k

dh fiu qbarud|dqm|dih if d|q mqqb|q dq am``bl |cb +iudkdhm|iu+( \cb iudkdhm|iu ndkc| cmvb ki| mqqb

ainwudqdhk if m vmudb|t if ubabdvme`bq `djb ainnbuadm` niu|kmkbq `bmqb ubabdvme`bq cdub wruacmq

ubabdvme`bq b|a( \cb iudkdhm|iu cmq |i wdaj rw m wii` if mqqb|q if cinikbhbirq hm|rub aihqdlbudhk |c

nm|rud|dbq dh|bubq| um|bq dhvi`vbl fub}rbhat if ubwmtnbh|q mhl nmujb|med`d|t( \cdq wuiabqq if qb`ba|dh

m wii` if ìmhq mhl ubabdvme`bq fuin |cb mqqb| wiu|fi`diq fiu qbarud|dqm|dihdq am``bl +dlbh|dfdam|dih wuiabqq+(

\umhqfbu Wuiabqq

Mf|bu |cb dlbh|dfdam|dih wuiabqq dq ivbu |cb qb`ba|bl wii` if mqqb|q mub |cbh %wmqqbl |cuirkc% |

mhi|cbu dhq|d|r|dih {cdac dq ubmlt |i cb`w |cb iudkdhm|iu |i aihvbu| |ciqb wii`q if mqqb|q dh|i qbarud|dbq

\cdq dhq|d|r|dih dq am``bl |cb qwbadm` wruwiqb vbcda`b #QWV$ iu |cb |urq| \cb wmqq |cuirkc |umhqma|di

eb|{bbh |cb iudkdhm|iu mhl |cb QWV dq bd|cbu et {mt if ir|udkc| qm`b d(b( fr`` |umhqfbu if mqqb|q

}rbq|dih fiu vm`rme`b aihqdlbum|dih iu et wmqqdhk |cbn fiu m ai``m|bumCqbl ìmh( Kbhbum``t d| Dq lihb i

mh ir|udkc| qm`b emqdq( \cdq wuiabqq if wmqqdhk |cuirkc |cb qb`ba|bl wii` if mqqb|q et |cb iudkdhm|iu |




m QWV dq am``bl |umhqfbu wuiabqq mhl ihab |cdq |umhqfbu wuiabqq dq ivbu |cb mqqb|q mub ubnivbl fuin

|cb em`mhab qcbb| if |cb iudkdhm|iu(

Dqqrb Wuiabqq

Mf|bu |cdq |umhqfbu wuiabqq dq ivbu |cb QWV |mjbq rw |cb ihbuirq |mqj if aihvbu|dhk |cbqb mqqb|q

vmudirq |twbq if ldffbubh| nm|rud|dbq( D| dq ih |cdq emqdq |cb QWV dqqrbq qbarud|dbq |i dhvbq|iuq( \cb QW

ma|rm``t qw`d|q |cb wmajmkb dh|i dhldvdlrm` qbarud|dbq if qnm``bu vm`rbq mhl |cbt mub qi`l |i |cb dhvbq|dh

wre`da( \cb QWV kb|q d|qb`f ubdneruqbl ir| if |cb qm`b wuiabblq( \cb qbarud|dbq dqqrbl et |cb QWV d

am``bl et ldffbubh| hmnbq `djb +Wmt |cuirkc Abu|dfdam|bq+ +Wmqq |cuirkc Abu|dfdam|bq+( Dh|bubq| ihAbu|dfdam|bq Wudhadwm` ih`t Abu|dfdam|bq b|a( \cb qbarud|dbq mub q|ura|rubl dh qrac m {mt |cm| |cb nm|rud

if |cbqb qbarud|dbq nmt qthacuihdqb {d|c |cb nm|rud|dbq if |cb qbarud|dqbl `imhq iu ubabdvme`bq(

Ublbnw|dih Wuiabqq

\cb ublbnw|dih mhl wmtnbh|q if dh|bubq| ih |cbqb qbarud|dbq mub fmad`d|m|bl et |cb ai``ba|dihq ubabdvb

et |cb QWV fuin |cb qbarud|dqbl mqqb|q( \cb |mqj if ai``ba|dih if lrbq dq kbhbum``t bh|urq|bl |i |c

iudkdhm|iu iu m qwbadm` qbuvdadhk mkbh| amh eb mwwidh|bl fiu |cdq wruwiqb( \cdq mkbhat dq wmdl m abu|md

wbuabh|mkb if ainndqqdih fiu |cb ai``ba|dih qbuvdabq ubhlbubl( \cb qbuvdadhk mkbh| dq ubqwihqde`b fi

ai``ba|dhk |cb wudhadwm` mhl dh|bubq| wmtnbh|q ih mqqb|q wii`bl {cbh lrb mhl cb nrq| wmt m qwbadm

m||bh|dih |i lb`dh}rbh| maairh|q( Rqrm``t |cb iudkdhm|iu dq mwwidh|bl mq |cb qbuvdabu( \crq rhlqbarud|dqm|dih |cb ui`b if |cb iudkdhm|iu kb|q ublrabl |i |cm| if m ai``ba|dih mkbh| ih ebcm`f if |cb QWV

dh amqb cb dq mwwidh|bl mq m ai``ba|dih mkbh|( M wmqq |cuirkc abu|dfdam|b nmt eb bd|cbu +{d|c ubairuqb+ |

|cb iudkdhm|iu iu +{d|cir| ubairuqb+( \cb rqrm` wuma|dab dq |i nmjb d| +{d|cir| ubairuqb+( Cbhab |c

ci`lbu if m wmqq |cuirkc abu|dfdam|b cmq |i `iij |i |cb QWV fiu wmtnbh| if |cb wudhadwm` mhl dh|bubq| i

|cb abu|dfdam|bq cb`l et cdn( \crq |cb nmdh |mqj if |cb QWV dq |i q|ura|rub |cb lbm` umdqb wuiabblq e

dqqrdhk wmqq |cuirkc abu|dfdam|bq mhl muumhkb fiu wmtnbh| if dh|bubq| mhl wudhadwm` |i |cb dhvbq|iuq(

Aubld| Um|dhk Wuiabqq

Qdhab |cb wmqq |cuirkc abu|dfdam|bq cmvb |i eb wre`da`t dqqrbl |cbt ub}rdub aubld| um|dhk et m kii

aubld| um|dhk mkbhat qi |cm| |cbt ebainb niub m||uma|dvb mhl bmqd`t maabw|me`b( Cbhab |cbq

abu|dfdam|bq mub um|bl m| `bmq| et ihb aubld| um|dhk mkbhat ih |cb bvb if |cb qbarud|dqm|dih( \cb dqqrb

air`l m`qi eb krmumh|bbl et bs|buhm` krmumh|iu dhq|d|r|dihq `djb nbuacmh| emhjbuq {cdac {ir

bhcmhab |cb aubld| {iu|cdhbqq if |cb abu|dfdam|bq mhl {ir`l eb ubmld`t maabw|me`b |i dhvbq|iuq( I

airuqb |cdq um|dhk krmumh|bb wuivdlbq m qbhqb if aihfdlbhab |i |cb dhvbq|iu {d|c ubkmul |i |cb |dnb

wmtnbh| if wudhadwm` mhl dh|bubq| et |cb QWV(

Wmqq |cuirkc abu|dfdam|bq `djb lbebh|rubq lduba|`t ubf`ba| |cb i{hbuqcdw udkc|q dh |cb mqqb

qbarud|dqbl |cbdu ubwmtnbh| qacblr`b dh|bubq| um|b b|a( \cbqb abu|dfdam|bq ebfiub nm|rud|t mub |umlme

dh m qbaihlmut nmujb| |i bhqrub `d}rdld|t fiu |cb dhvbq|iuq( \cbt mub hbki|dme`b qbarud|dbq mhl cbha

|cbt amh eb bmqd`t |umlme`b dh |cb nmujb|(

Q\URA\RUB FIU QBARUD|QM\DIH \TWBQ IF QBARUD\DBQ

Qbarud|dqm|dih dq m q|ura|rubl |umhqma|dih {cbubet |cb iudkdhm|iu |umhqfbuq iu qb``q qinb if d

mqqb|q |i m QWV {cdac eubmjq |cbqb mqqb|q dh|i |umlme`b qbarud|dbq if qnm``bu vm`rbq {cdac air`l e

qi`l |i |cb dhvbq|dhk wre`da( \cb mwwuiwudm|b q|ura|rub fiu qbarud|dqm|dih lbwbhlq ih m vmudb|t if fma|iu

`djb }rm`d|t if mqqb|q qbarud|dqbl lbfmr`| bswbudbhab if iudkdhm` eiuui{buq mnirh| if mniu|dqm|dih

nm|rud|t fdhmhadm` ubwr|m|dih mhl qirhlhbqq if |cb iudkdhm|iu b|a( \cb kbhbum` wudhadw`b dq |cm| |c




qbarud|dbq nrq| eb q|ura|rubl dh qrac m {mt |cm| |cb nm|rud|t if |cbqb qbarud|dbq nmt aidhadlb {d|c |c

nm|rud|t if |cb qbarud|dqbl ìmhq( Ci{bvbu |cbub mub |cubb dnwiu|mh| |twbq if qbarud|dbq mq `dq|bl ebì{

#d$ Wmqq |cuirkc mhl wmt |cuirkc abu|dfdam|bq

#dd$ Wubfbuubl q|iaj abu|dfdam|bq mhl

#ddd$ Mqqb| emqbl ainnbuadm` wmwbuq(

Wmqq |cuirkc mhl Wmt |cuirkc Abu|dfdam|bq

Dh |cb amqb if wmqq |cuirkc abu|dfdam|bq wmtnbh|q |i dhvbq|iuq lbwbhl rwih |cb amqc fì{ ciuh |c

mqqb|q emajdhk qrac abu|dfdam|bq( Dh i|cbu {iulq mq mhl {cbh amqc #wudhadwm` mhl dh|bubq|$ dq ubabdvbfuin |cb iudkdhm` eiuui{bu et |cb QWV d| dq wmqqbl ih |i |cb ci`lbuq if abu|dfdam|bq m| ubkr`mu dh|buvm

mhl |cb bh|dub wudhadwm` dq ub|ruhbl {d|c |cb ub|dubnbh| if |cb mqqb|q wmajbl dh |cb wii`( \crq wmq

|cuirkc abu|dfdam|bq cmvb m qdhk`b nm|rud|t q|ura|rub mhl |cb |bhrub if |cbqb abu|dfdam|bq dq nm|acbl {d|

|cb `dfb if |cb qbarud|dqbl mqqb|q(

Ih |cb i|cbu cmhl wmt |cuirkc abu|dfdam|bq cmvb m nr`|dw`b nm|rud|t Q|ura|rub lbwbhldhk rwih |c

nm|rud|t wm||buh if rhlbu`tdhk mqqb|q( \crq |{i iu |cubb |twbq if qbarud|dbq {d|c ldffbubh| nm|rud|

wm||buhq `djb qciu|.|bun nbldrn |bun mhl ìhk |bun nmt eb dqqrbl( \cb kubm|bq| mlvmh|mkb dq |cm

|cbt amh eb dqqrbl lbwbhldhk rwih |cb dhvbq|iu+q lbnmhl fiu vmutdhk nm|rud|t wm||buhq( \cdq |twb

niub m||uma|dvb fuin |cb dhvbq|iu+q widh| if vdb{ ebamrqb |cb tdb`l dq if|bh dherd`| dh |cb wudab if |cqbarud|dbq |cbnqb`vbq d(b( |cbt mub iffbubl m| m ldqairh| |i fmab vm`rb mq dh |cb amqb if lbbw.ldqair

eihlq(

Wubfbuubl Q|iaj Abu|dfdam|bq

Wubfbuubl q|iajq mub dhq|urnbh|q dqqrbl et m qreqdldmut ainwmht mkmdhq| |cb |umlb lbe|q mh

aihqrnbu ubabdvme`bq if d|q wmubh| ainwmht n+ i|cbu {iulq qreqdldmut ainwmhdbq ert |cb |uml

lbe|q mhl ubabdvme`bq if wmubh| ainwmhdbq aihvbu| |cbn dh|i qciu| |bun qbarud|dbq mhl cb`w |c

wmubh| ainwmhdbq |i bhoit `d}rdld|t( \crq |umlb lbe|q amh m`qi eb qbarud|dqbl |cuirkc |cb dqqrb i

wubfbuubl q|iajq( Kbhbum``t |cbqb q|iajq mub emajbl et krmumh|bbq kdvbh et cdkc`t um|bl nbuacm

emhjq mhl cbhab |cbt mub m`qi m||uma|dvb fuin |cb dhvbq|iu+q widh| if vdb{( \cbqb dhq|urnbh|q muniq|`t qciu|.|bun dh hm|rub(

Mqqb|.emqbl Ainnbuadm` Wmwbuq

\cdq |twb if q|ura|rub dq niq|`t wubvm`bh| dh niu|kmkb emajbl qbarud|dbq( Rhlbu |cdq |twb |cb QW

wruacmqbq wiu|fi`di if niu|kmkbq fuin ldffbubh| qiruabq #vmudirq `bhldhk dhq|d|r|dihq$ mhl |cbt m

ainedhbl dh|i m qdhk`b kuirw ih |cb emqdq if dh|bubq| um|bq nm|rud|t lm|bq mhl rhlbu`tdhk ai``m|bum`

\cbt mub |cbh |umhqfbuubl |i m \urq| {cdac dh |ruh dqqrbq niu|kmkb emajbl abu|dfdam|bq |i |c

dhvbq|iuq( \cbqb abu|dfdam|bq mub dqqrbl mkmdhq| |cb ainedhbl wudhadwm` vm`rb if |cb niu|kmkbq mh

|cbt mub m`qi qciu| |bun dhq|urnbh|q( Bmac abu|dfdam|b ci`lbu dq bh|d|`bl |i wmu|dadwm|b dh |cb amqc fìfuin rhlbu`tdhk niu|kmkbq |i |cb bs|bh| if cdq dhvbq|nbh|q dh |cb abu|dfdam|bq(

QBARUD\DQME@B MQQB\Q

Mq q|m|bl bmu`dbu m`` mqqb|q mub hi| qrd|me`b fiu qbarud|dqm|dih( Fiu dhq|mhab |umlb lbe|q mh

ubabdvme`bq mub hi| kbhbum``t qrd|me`b fiu qbarud|dqm|dih {cbubmq |cbt mub ubmld`t maabw|me`b |i m fma|i

Ih`t dh umub amqbq |cbt mub qbarud|dqbl( Bsmnw`b? Wubfbuubl Q|iaj Abu|dfdam|bq( \cb fi`ì{dhk mqqb

mub kbhbum``t qbarud|dqbl et fdhmhadm` dhq|d|r|dihq:




#=$ \bun ìmhq |i fdhmhadm``t ubwr|bl ainwmhdbq

#5$ Ubabdvme`bq fuin Kivbuhnbh| Lbwmu|nbh|q mhl Ainwmhdbq

#1$ Aubld| amul ubabdvme`bq

#<$ Cdub wruacmqb ìmhq `djb vbcda`b ìmhq

#2$ @bmqb Fdhmhab

#6$ Niu|kmkb @imhq b|a(

EBHBFD\Q IF QBARUD\DQM\DIHLbe| qbarud|dqm|dih wuivdlbq nmht ebhbfd|q |i m`` |cb wmu|dbq qrac mq |cb iudkdhm|iu dhvbq|iuq mhl |c

ubkr`m|iut mr|ciud|dbq( Qinb if |cb dnwiu|mh| ebhbfd|q mub |cb fi`ì{dhk?

=( Mlld|dihm` Qiruab if Frhl

\cb iudkdhm|iu #d(b( |cb `bhldhk dhq|d|r|dih$ dq nrac ebhbfd||bl ebamrqb qbarud|dqm|dih wuivdlbq m

mlld|dihm` qiruab if frhlq et aihvbu|dhk mh i|cbu{dqb d``d}rdl mqqb| dh|i ubmlt `d}rdld|t( Mq

ubqr`| |cbub dq mh dnnbldm|b dnwuivbnbh| dh |cb amqc fì{ if |cb iudkdhm|iu( \crq d| ma|q mq

qiruab if `d}rdld|t(

5( Kubm|bu Wuifd|med`d|t

Qbarud|dqm|dih cb`wq fdhmhadm` dhq|d|r|dihq |i kb| `d}rdl amqc fuin nbldrn |bun mhl ìhk |bu

mqqb|q dnnbldm|b`t um|cbu |cmh ivbu m ìhkbu wbudil( D| `bmlq |i kubm|bu ubata`dhk if frhlq {cda

dh |ruh `bmlq |i cdkcbu erqdhbqq |ruhivbu mhl wuifd|med`d|t( Mkmdh |cb amqc fì{ air`l e

ubata`bl fiu dhvbq|nbh| dh cdkcbu tdb`ldhk mqqb|q( \cdq nbmhq kubm|bu wuifd|med`d|t( Niubivb

baihindbq if qam`b amh eb macdbvbl qdhab qbarud|dqm|dih iffbuq qaiwb fiu |cb fr``bu r|d`dqm|dih

|cb bsdq|dhk amwmed`d|dbq et wuivdldhk `d}rdl amqc dnnbldm|b`t( D| ubqr`|q dh mlld|dihm` erqdhbq

|ruhivbu(

Mkmdh |cb iudkdhm|iu amh m`qi ma| mq |cb Ubabdvdhk mhl wmtdhk mkbh|( Df qi d| kb|q mlld|dih

dhainb dh |cb fiun if qbuvdadhk fbb(

1( Bhcmhabnbh| if Amwd|m` Mlb}rmat Um|di

Qbarud|dqm|dih bhme`bq fdhmhadm` dhq|d|r|dihq |i bhcmhab |cbdu amwd|m` mlb}rmat um|di et ublradh

|cbdu mqqb|q vi`rnb( \cb wuiabqq if qbarud|dqm|dih hbabqqd|m|bq |cb qb`ba|dih if m wii` if mqqb

et |cb fdhmhadm` dhq|d|r|dihq |i eb qi`l iu |umhqfbuubl |i mhi|cbu dhq|d|r|dih am``bl QWV( Ihab |c

mqqb|q mub |umhqfbuubl |cbt mub ubnivbl fuin |cb em`mhab qcbb| if |cb iudkdhm|iu( D| ubqr`|q d

|cb ublra|dih if mqqb|q vi`rnb |cbubet dhaubmqdhk |cb amwd|m` mlb}rmat um|di( Amwd|

mlb}rmat um|di amh m`qi eb dnwuivbl et ubw`madhk |cb ìmh mqqb|q {d|c |cb `bqqbu udq

{bdkc|bl mqqb|q( \crq |cb ubnivm` if mqqb|q fuin |cb Em`mhab Qcbb| rhlbu m |urb qmdnwuivbq |cb amwd|m` mlb}rmat hiunq(

<( Qwubmldhk if Aubld| Udqj

Qbarud|dqm|dih fmad`d|dbq |cb qwubmldhk if aubld| udqj |i ldffbubh| wmu|dbq dhvi`vbl dh |cb wuiabqq i

qbarud|dqm|dih( Dh |cb meqbhab if qbarud|dqm|dih |cb bh|dub aubld| udqj mqqiadm|bl {d|c m wmu|dar`m

fdhmhadm` |umhqma|dih cmq |i eb eiuhb et |cb iudkdhm|iu cdnqb`f( Hi{ |cb iudkdhm|iu dq me`b

ldvbuqdft |cb udqj fma|iuq mnihk |cb vmudirq wmu|dbq dhvi`vbl dh qbarud|dqm|dih( \crq qbarud|dqm|di




cb`wq |i macdbvb ldvbuqdfdam|dih if aubld| udqjq {cdac mub kubm|bu dh |cb amqb if nbldrn |bun mh

ìhk |bun ìmhq( \crq d| dq rqbl mq |ii` fiu udqj nmhmkbnbh|

2( @i{bu Aiq| if Frhldhk

Dh vdb{ if bhcmhabnbh| if amqc fì{q mhl ldvbuqdfdam|dih if udqj fma|iuq qbarud|dqm|dih bhme`b

|cb iudkdhm|iu |i cmvb mh bmqt maabqq |i |cb qbarud|dbq nmujb| m| lbe| um|dhkq cdkcbu |cmh d|

ivbum`` aiuwium|b um|dhk( D| nbmhq |cm| ainwmhdbq {d|c ì{ aubld| um|dhk amh dqqrb mqqb| emajb

qbarud|dbq m| ì{bu dh|bubq| aiq| lrb |i cdkc aubld| um|dhk ih qrac qbarud|dbq( \cdq cb`wq d| |

qbarub frhlq m| ì{bu aiq|( Niubivbu |cb aud|budm fiu aciiqdhk |cb wii` if mqqb|q bhqrub mbffdadbh| aiq| if frhlq( Dh |cb wubqbh| aih|bs| if qamuad|t if frhlq mhl cdkcbu dh|bubq| um|b

qbarud|dqm|dih wuivdlbq m kiil qaiwb fiu acbmw frhldhk(

6( Wuivdqdih if Nr`|dw`b Dhq|urnbh|q? Fuin |cb dhvbq|iu+q widh| if vdb{ qbarud|dqm|dih wuivdlb

nr`|dw`b hb{ dhvbq|nbh| dhq|urnbh|q qi mq |i nbb| |cb vmutdhk ub}rdubnbh|q if |cb dhvbq|dh

wre`da( D| m`qi iffbuq vmudb|dbq if dhq|urnbh|q fiu i|cbu fdhmhadm` dh|bunbldmudbq `djb nr|rm` frhl

dhqrumhab ainwmhdbq wbhqdih frhlq b|a( kdvdhk |cbn nmht acidabq(

;( Cdkcbu Um|b if Ub|ruh? [cbh ainwmubl |i |umld|dihm` lbe| qbarud|dbq `djb eihlq mhlbebh|rubq qbarud|dqbl qbarud|dbq iffbu eb||bu um|b if ub|ruh mìhk {d|c eb||bu `d}rdld|t( \cbq

dhq|urnbh|q mub um|bl et kiil aubld| um|dhk mkbhadbq mhl cbhab niub m||uma|dvb( Ebdh

q|ura|rubl mqqb|q emqbl qbarud|dbq: |cbt iffbu niub wui|ba|dih mhl tdb`l m kiil ub|ruh( \c

emhjurw|at){dhldhk rw if |cb iudkdhm|iu libq hi| mffba| |cb dhvbq|iuq qdhab |cb wmtnbh|

krmumh|bbl et |cb QWV(

AIHLD\DIHQ FIU QRAABQQFR@ QBARUD\DQM\DIH

Df qbarud|dqm|dih if lbe| cmq |i eb qraabqqfr` |cb fi`ì{dhk aihld|dihq nrq| cmvb ebbh fr`fd``bl(

d( R`|dnm|b`t |cb qraabqq if qbarud|dqm|dih lbwbhlq rwih |cb med`d|t if |cb iudkdhm` eiuui{bu |i

ubwmt cdq ìmh( \cbubfiub qb`ba|dih if mqqb|q |i eb qbarud|dqbl ub}rdubq r|niq| amub( \cb mqqb|

qcir`l eb umhjbl mhl qb`ba|bl ih |cb emqdq if `bmq| ìqqbq mhl |i wuivdlb fiu nmsdnrn

wui|ba|dih |i |cb dhvbq|iu(

dd( #R$ \cb aubld| um|dhk dq mh dh|bkum` wmu| if qbarud|dqm|dih( Cbhab aubld| um|dhk nrq| eb lihb et

aubld| um|dhk mkbhadbq ih m qadbh|dfda emqdq mhl |cb um|dhkq qcir`l eb rh}rbq|dihme`b( \cbh ih`t

|cb wuiqwba|dvb dhvbq|iu+q aihfdlbhab amh eb erd`| \cb aubld| um|dhk mkbhadbq qcir`l |mjb dh|i

maairh| |cb vmudirq |twbq if udqjq qrac mq aubld| udqj dh|bubq| udqj `d}rdld|t udqj b|a( mìhk {d|c

i|cbu rqrm` fma|iuq(ddd( \cb QWV qcir`l eb m qbwmum|b iukmhdqm|dih fuin |cm| if |cb iudkdhm|iu d| qcir`l eb ainw`b|b`t

dhqr`m|bl fuin |cb wmubh| aiuwium|b bh|d|t

qi |cm| QWV air`l eb wui|ba|bl fuin |cb lmhkbu if emhjurw|at(

dv( \cb wmqq |cuirkc abu|dfdam|bq iu mht i|cbu qdnd`mu dhq|urnbh|q mudqdhk ir| if qbarud|dqm|dih nrq|

eb `dq|bl dh q|iaj bsacmhkbq qi |cm| |cbt

nmt eb ubmld`t maabw|me`b |i dhvbq|iuq f| {ir`l wuivdlb dhq|mh| `d}rdld|t mhl niubivbu d|q wudab

air`l m`qi eb bmqd`t mqabu|mdhbl(




v( M`|buhm|dvb`t d| dq m`qi mlvdqme`b |i wuivdlb |{i.{mt }ri|m|dihq fiu fmad`d|m|dhk |cb ertdhk mhl

qb``dhk if |cb wmqq |cuirkc abu|dfdam|bq dh |cb nmujb| mq dh |cb amqb if nr|rm` frhl rhd|q(

vd( \cbub nrq| eb q|mhlmuldzbl ìmh liarnbh|m|dih fiu qdnd`mu ìmhq qi |cm| |cbub nmt eb

rhdfiund|t eb|{bbh ldffbubh| fdhmhadm`

dhq|d|r|dihq( D| nrq| amuut m udkc| |i mqqdkh lbe|q |i |cdul wmu|dbq qi |cm| d| air`l eb qi`l iu

|umhqfbuubl |i |cb QWV(

vdd( \cbub qcir`l eb m wuiwbu maairh|dhk |ubm|nbh| fiu |cb vmudirq |umhqma|dihq dhvi`vbl dh mqqb|

qbarud|dqm|dih( Qrd|me`b maairh|dhk hiunq fiu |cb ubaikhdqm|dih if |cb |urq| aubm|bl fiuqbarud|dqbl lbe| qcir`l eb bvi`vbl( \cb maairh|dhk qtq|bn qcir`l wuivdlb fiu |cb

ubnivm` if |cb qbarud|dqbl mqqb|q fuin |cb em`mhab qcbb| if |cb iudkdhm|iu( Ih`t nbh |cb ubm`

ebhbfd| {d`` ki |i |cb iudkdhm|iu(

vddd( Meivb m`` |cbub qcir`l eb wuiwbu mhl mlb}rm|b krdlb`dhbq kdvbh et |cb ubkr`m|iut mr|ciud|dbq

lbm`dhk {d|c |cb vmudirq mqwba|q if |cb wuiabqq if qbarud|dqm|dih(

HB[ KRDLB@DHBQ IH QBARUD\DQM\DIH

Ubabh|`t |cb UED cmq dqqrbl krdlb`dhbq m`ì{dhk ainnbuadm` emhjq |i fdhmhab Qwbadm` Wruwiq

Vbcda`bq #QWVq$ {cdac cmvb ebbh fiunbl |i |umhqfbu qbarud|dqbl mqqb|q qbwmum|bl fuin |cbn qinb i|cb dnwiu|mh| krdlb`dhbq mub ?

#d$ M`` emhjq( \bun `bhldhk dhq|d|r|dihq mhl HEFAq cmvb |i qbarud|dqb ih`t q|mhlmul mqqb|q(

#dd$ Emhjq amh fdhmhab QWVq {cdac mub bhkmkbl dh |umhqfbuudhk qbarud|dzbl mqqb|q(

#ddd$ [cd`b fdhmhadhk QWVq mh dhlbwbhlbh| |cdul wmu|t i|cbu |cmh |cb iudkdhm|iu–q #emhjq$ kuirw

bh|d|dbq qcir`l wuivdlb m| `bmq| 52 wbu abh| if |cb `d}rdldhk fmad`d|t( D| nbmhq |cm| bvbut emhj

qcir`l ìam|b m |cdul wmu|t fiu fdhmhadhk QWVq(

#dv$ \cb `d}rdld|t fmad`d|t wuivdlbl et emhjq qcir`l hi| eb mvmd`me`b fiu?

#m$Nbb|dhk ubaruudhk `mnbhbqq if qbarud|dqm|dih

#e$Frhldhk ma}rdqd|dih if mlld|dihm` mqqb|q et QWVq

#a$Frhldhk |cb fdhmhadm` qacblr`bl ubwmtnbh| if dhvbq|iuq mhl Frhldhk eubmac if {muumh|dbq(

\cbub dq m eudkc| fr|rub fiu qbarud|dqm|dih dh Dhldm lrb |i |cb fi`ì{dhk fma|iuq?

=( [d|c |cb `debum`dzm|dih if |cb fdhmhadm` nmujb|q |cbub dq eirhl |i eb niub lbnmhl fiu amwd|m`(

5( \cbub cmq ebbh mh bswìqdvb kui{|c if amwd|m` nmujb| mhl m vmq| dhaubmqb dh |cb dhvbq|iu emq

dh ubabh| |dnbq(

1( \cb bh|ut if hb{bu fdhmhadm` dh|bunbldmudbq `djb nr|rm` frhlq nihbt nmujb| wbhqdih frhlq b|

cmq wmvbl |cb {mt fiu fìm|dhk lbe| dhq|urnbh|q bmqd`t dh |cb nmujb|<( Lbe| dhq|urnbh|q cmvb ebainb wiwr`mu dh ubabh| |dnbq qdhab aiuwium|b arq|inbuq mub h

{d``dhk |i |mjb ubairuqb |i |cb b}rd|t uir|b mq m nmoiu qiruab if fdhmhadhk |cbdu wuioba|q(

2( \cbub dq m wuiwiqm` |i bq|me`dqc Mqqb| Ubaihq|ura|dih Frhl mq wbu |cb Hmumqdncmh Ainnd||b

ubainnbhlm|dihq fiu |cb wruwiqb if qbarud|dqm|dih if hih.wbufiundhk mqqb|q(

6( Qdhab |cb fdhmhadm` dhq|d|r|dihq mhl emhjq cmvb |i fi`ì{ |cb amwd|m` mlb}rmat hiunq m

ubainnbhlbl et |cb Hmumqdncmh Ainnd||bb |cbt cmvb |i hbabqqmud`t ki fiu qbarud|dqm|dih(




Acmw|bu =7? NR\RM@ FRHLQ

DH\UILRA\DIH

If `m|b, nr|rm` frhlq cmvb ebainb m ci| fmviud|b if nd``dihq if wbiw`b m`` ivbu |cb {iu`l( \cb ludvdh

fiuab if nr|rm` frhlq dq |cb +qmfb|t if |cb wudhadwm`+ krmumh|bbl, w`rq |cb mllbl mlvmh|mkb if amwd|

mwwubadm|dih |ikb|cbu {d|c |cb dhainb bmuhbl dh |cb fiun if dh|bubq| iu ldvdlbhl( Wbiw`b wubfbu Nr|r

Frhlq |i emhj lbwiqd|q, `dfb dhqrumhab mhl bvbh eihlq ebamrqb {d|c m `d||`b nihbt, |cbt amh kb| dh

|cb dhvbq|nbh| kmnb( Ihb amh i{h m q|udhk if e`rb acdwq `djb D\A, \DQAI, Ub`dmhab b|a(, |cuirknr|rm` frhlq( \crq, nr|rm` frhlq ma| mq m km|b{mt |i bh|bu dh|i edk ainwmhdbq cd|cbu|i dhmaabqqde`b

mh iuldhmut dhvbq|iu {d|c cdq qnm`` dhvbq|nbh|(

[cm| dq m Nr|rm` Frhl9

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[cm| dq |cb Ubkr`m|iut Eilt fiu Nr|rm` Frhlq9

Qbarud|dbq Bsacmhkb Eimul if Dhldm #QBED$ dq |cb ubkr`m|iut eilt fiu m`` |cb nr|rm` frhlq( M`` |c

nr|rm` frhlq nrq| kb| ubkdq|bubl {d|c QBED(

[cm| dq HMV9

HMV iu Hb| Mqqb| Vm`rb if |cb frhl dq |cb arnr`m|dvb nmujb| vm`rb if |cb mqqb|q if |cb frhl hb| if d

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Ertdhk mhl qb``dhk dh|i frhlq dq lihb ih |cb emqdq if HMV.ub`m|bl wudabq(

\cb HMV if m nr|rm` frhl mub ub}rdubl |i eb wre`dqcbl dh hb{qwmwbuq( \cb HMV if mh iwbh bhqacbnb qcir`l eb ldqaìqbl ih m lmd`t emqdq mhl |cb HMV if m aìqb bhl qacbnb qcir`l eb ldqaìqb

m| `bmq| ih m {bbj`t emqdq(

[cm| mub |cb ldffbubh| |twbq if Nr|rm` frhlq9

Nr|rm` frhlq mub a`mqqdfdbl dh |cb fi`ì{dhk nmhhbu?

#m$ Ih |cb emqdq if Ieoba|dvb #Dhvbq|nbh| wm||buh$

=( B}rd|t Frhlq) Kui{|c Frhlq

Frhlq |cm| dhvbq| dh b}rd|t qcmubq mub am``bl b}rd|t frhlq( \cbt amuut |cb wudhadwm` ieoba|dvb

amwd|m` mwwubadm|dih if |cb dhvbq|nbh| ivbu |cb nbldrn |i ìhk.|bun( \cbt mub ebq| qrd|bl f

dhvbq|iuq {ci mub qbbjdhk amwd|m` mwwubadm|dih( \cbub mub ldffbubh| |twbq if b}rd|t frhlq qrac m

Ldvbuqdfdbl frhlq Qba|iu qwbadfda frhlq mhl Dhlbs emqbl frhlq(




5( \ms Qmvdhk Frhlq

\cbqb frhlq iffbu |ms ebhbfd|q |i dhvbq|iuq rhlbu |cb Dhainb \ms Ma|( Iwwiu|rhd|dbq wuivdlb

rhlbu |cdq qacbnb mub dh |cb fiun if |ms ubem|bq rhlbu |cb Dhainb \ms ma|(

1( Lbe|)Dhainb Frhlq

\cbqb frhlq dhvbq| wublindhmh|`t dh cdkc.um|bl fdsbl.dhainb.ebmudhk dhq|urnbh|q `djb eihl

lbebh|rubq kivbuhnbh| qbarud|dbq ainnbuadm` wmwbu mhl i|cbu nihbt nmujb| dhq|urnbh|

\cbt mub ebq| qrd|bl fiu |cb nbldrn |i ìhk.|bun dhvbq|iuq {ci mub mvbuqb |i udqj mhl qbb

amwd|m` ubqbuvm|dih( \cbt wuivdlb m ubkr`mu dhainb |i |cb dhvbq|iu(

<( @d}rdl Frhlq)Nihbt Nmujb| Frhlq

\cbqb frhlq dhvbq| dh cdkc`t `d}rdl nihbt nmujb| dhq|urnbh|q( \cb wbudil if dhvbq|nbh| air

eb mq qciu| mq m lmt( \cbt wuivdlb bmqt `d}rdld|t( \cbt cmvb bnbukbl mq mh m`|buhm|dvb fi

qmvdhkq mhl qciu|.|bun fdsbl lbwiqd| maairh|q {d|c ainwmum|dvb`t cdkcbu ub|ruhq( \cbqb frhl

mub dlbm` fiu aiuwium|b dhq|d|r|dihm` dhvbq|iuq mhl erqdhbqq cirqbq |cm| dhvbq| |cbdu frhlq fi

vbut qciu| wbudilq(

2( Kd`| Frhlq

\cbqb frhlq dhvbq| dh Abh|um` mhl Q|m|b Kivbuhnbh| qbarud|dbq( Qdhab |cbt mub Kivbuhnbh

emajbl eihlq |cbt kdvb m qbarubl ub|ruh mhl m`qi bhqrub qmfb|t if |cb wudhadwm` mnirh|( \cb

mub ebq| qrd|bl fiu |cb nbldrn |i ìhk.|bun dhvbq|iuq {ci mub mvbuqb |i udqj(

6( Em`mhabl Frhlq

\cbqb frhlq dhvbq| ei|c dh b}rd|t qcmubq mhl fdsbl.dhainb.ebmudhk dhq|urnbh|q #lbe|$ dh qin

wuiwiu|dih( \cbt wuivdlb m q|bmlt ub|ruh mhl ublrab |cb vi`m|d`d|t if |cb frhl {cd`b wuivdldh

qinb rwqdlb fiu amwd|m` mwwubadm|dih( \cbt mub dlbm` fiu nbldrn |i ìhk.|bun dhvbq|iuq {ci mu

{d``dhk |i |mjb nilbum|b udqjq(

e$ Ih |cb emqdq if F`bsded`d|t #bsbar|dih mhl iwbum|dih$

=( Iwbh.bhlbl Frhlq

\cbqb frhlq li hi| cmvb m fdsbl lm|b if ublbnw|dih( Kbhbum``t |cbt mub iwbh fiu qreqaudw|di

mhl ublbnw|dih |cuirkcir| |cb tbmu( \cbdu wudabq mub `dhjbl |i |cb lmd`t hb| mqqb| vm`rb #HMV

Fuin |cb dhvbq|iuq+ wbuqwba|dvb |cbt mub nrac niub `d}rdl |cmh aìqbl.bhlbl frhlq(

5( Aìqb.bhlbl Frhlq

\cbqb frhlq mub iwbh dhd|dm``t fiu bh|ut lrudhk |cb Dhd|dm` Wre`da Iffbudhk #DWI$ mhl |cbubmf|bu aìqbl fi

bh|ut mq {b`` mq bsd|( \cbqb frhlq cmvb m fdsbl lm|b if ublbnw|dih( Ihb if |cb acmuma|budq|daq if |c

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mq nm|rud|t hbmuq( \cbqb frhlq mub iwbh fiu qreqaudw|dih ih`t ihab mhl amh eb ublbbnbl ih`t ih |c

fdsbl lm|b if ublbnw|dih( \cb rhd|q if |cbqb frhlq mub `dq|bl ih q|iaj bsacmhkbq #{d|c abu|m

bsabw|dihq$ mub |umlme`b mhl |cb qreqaudebuq |i |cb frhl {ir`l eb me`b |i bsd| fuin |cb frhl m| mh

|dnb |cuirkc |cb qbaihlmut nmujb|(




[cm| mub |cb ldffbubh| dhvbq|nbh| w`mhq |cm| Nr|rm` Frhlq iffbu9

\cb |bun –dhvbq|nbh| w`mhq– kbhbum``t ubfbuq |i |cb qbuvdabq |cm| |cb frhlq wuivdlb |i dhvbq|iuq iffbudh

ldffbubh| {mtq |i dhvbq| iu ubdhvbq|( \cb ldffbubh| dhvbq|nbh| w`mhq mub mh dnwiu|mh| aihqdlbum|dih dh |c

dhvbq|nbh| lbadqdih ebamrqb |cbt lb|bundhb |cb f`bsded`d|t mvmd`me`b |i |cb dhvbq|iu(

Qinb if |cb dhvbq|nbh| w`mhq iffbubl et nr|rm` frhlq dh Dhldm mub?

=( Kui{|c W`mh mhl Ldvdlbhl W`mh

M kui{|c w`mh dq m w`mh rhlbu m qacbnb {cbubdh |cb ub|ruhq fuin dhvbq|nbh|q mub ubdhvbq|bl mh

vbut fb{ dhainb ldq|uder|dihq df mht mub nmlb( \cb dhvbq|iu |crq ih`t ubm`dzbq amwd|m` mwwubadm|diih |cb dhvbq|nbh|( Rhlbu |cb ldvdlbhl w`mh dhainb dq ldq|uder|bl fuin |dnb |i |dnb( \cdq w`mh

dlbm` |i |ciqb dhvbq|iuq ub}rdudhk ubkr`mu dhainb(

5( Ldvdlbhl Ubdhvbq|nbh| W`mh

Ldvdlbhl w`mhq if qacbnbq amuut mh mlld|dihm` iw|dih fiu ubdhvbq|nbh| if dhainb ldq|uder|dih( \cdq

ubfbuubl |i mq |cb ldvdlbhl ubdhvbq|nbh| w`mh( Rhlbu |cdq w`mh ldvdlbhlq lba`mubl et m frhl mu

ubdhvbq|bl dh |cb qacbnb ih ebcm`f if |cb dhvbq|iu |crq dhaubmqdhk |cb hrnebu if rhd|q cb`l et |c

dhvbq|iuq(

[cm| mub |cb udkc|q |cm| mub mvmd`me`b |i m Nr|rm` Frhl ci`lbu dh Dhldm9

Mq wbu QBED Ubkr`m|dihq ih Nr|rm` Frhlq mh dhvbq|iu dq bh|d|`bl |i?

=( Ubabdvb Rhd| abu|dfdam|bq iu q|m|bnbh|q if maairh|q aihfdundhk tiru |d|`b {d|cdh 6 {bbjq fuin |c

lm|b tiru ub}rbq| fiu m rhd| abu|dfdam|b dq ubabdvbl et |cb Nr|rm` Frhl(

5( Ubabdvb dhfiunm|dih meir| |cb dhvbq|nbh| wi`dadbq dhvbq|nbh| ieoba|dvbq fdhmhadm` wiqd|dih mh

kbhbum` mffmduq if |cb qacbnb(

1( Ubabdvb ldvdlbhl {d|cdh 17 lmtq if |cbdu lba`mum|dih mhl ubabdvb |cb ublbnw|dih iu ubwruacmq

wuiabblq {d|cdh =7 lmtq fuin |cb lm|b if ublbnw|dih iu ubwruacmqb(

<( \cb |urq|bbq qcm`` eb eirhl |i nmjb qrac ldqaìqrubq |i |cb rhd| ci`lbuq mq mub bqqbh|dm` iulbu |i jbbw |cbn dhfiunbl meir| mht dhfiunm|dih {cdac nmt cmvb mh mlvbuqb ebmudhk i

|cbdu dhvbq|nbh|q(

2( ;2" if |cb rhd| ci`lbuq {d|c |cb wudiu mwwuivm` if QBED amh |bundhm|b |cb MNA if |cb frhl(

6( ;2" if |cb rhd| ci`lbuq amh wmqq m ubqi`r|dih |i {dhl.rw |cb qacbnb(

;( Mh dhvbq|iu amh qbhl ainw`mdh|q |i QBED {ci {d`` |mjb rw |cb nm||bu {d|c |cb aihabuhbl Nr|r

Frhlq mhl fi`ì{ rw {d|c |cbn |d`` |cbt mub ubqi`vbl(

[cm| dq m Frhl Iffbu liarnbh|9

M Frhl Iffbu liarnbh| dq m liarnbh| |cm| iffbuq tir m`` |cb dhfiunm|dih tir air`l wiqqde`t hbb

meir| m wmu|dar`mu qacbnb mhl |cb frhl `mrhacdhk |cm| qacbnb( \cm| {mt ebfiub tir wr| dh tir

nihbt tir+ub {b`` m{mub if |cb udqjq b|a dhvi`vbl( \cdq cmq |i eb lbqdkhbl dh maaiulmhab {d|c |c

krdlb`dhbq q|dwr`m|bl et QBED mhl |cb wuiqwba|rq nrq| ldqaìqb lb|md`q meir|?

Dhvbq|nbh| ieoba|dvbq

Udqj fma|iuq mhl qwbadm` aihqdlbum|dihq

Qrnnmut if bswbhqbq

Aihq|d|r|dih if |cb frhl

Krdlb`dhbq ih ci{ |i dhvbq|

Iukmhdzm|dih mhl amwd|m` q|ura|rub




\ms wuivdqdihq ub`m|bl |i |umhqma|dihq

Fdhmhadm` dhfiunm|dih

[cm| mub |cb ebhbfd|q if dhvbq|dhk dh Nr|rm` Frhlq9

\cbub mub qbvbum` ebhbfd|q fuin dhvbq|dhk dh m Nr|rm` Frhl?

=( Qnm`` dhvbq|nbh|q? Nr|rm` frhlq cb`w tir |i ubmw |cb ebhbfd| if ub|ruhq et m wiu|fi`di qwubm

mauiqq m {dlb qwba|urn if ainwmhdbq {d|c qnm`` dhvbq|nbh|q(

5( Wuifbqqdihm` Frhl Nmhmkbnbh|? Wuifbqqdihm`q cmvdhk aihqdlbume`b bswbu|dqb bswbudbhab mhubqiruabq nmhmkb |cb wii` if nihbt ai``ba|bl et m nr|rm` frhl( \cbt |ciuirkc`t mhm`tzb |c

nmujb|q mhl baihint |i wdaj kiil dhvbq|nbh| iwwiu|rhd|dbq(

1( Qwubmldhk Udqj? Mh dhvbq|iu {d|c `dnd|bl frhlq ndkc| eb me`b |i dhvbq| dh ih`t ihb iu |{

q|iajq)eihlq |crq dhaubmqdhk cdq iu cbu udqj( Ci{bvbu m nr|rm` frhl {d`` qwubml d|q udqj e

dhvbq|dhk m hrnebu if qirhl q|iajq iu eihlq( M frhl hiunm``t dhvbq|q dh ainwmhdbq mauiqq m {dl

umhkb if dhlrq|udbq qi |cb udqj dq ldvbuqdfdbl(

<( \umhqwmubhat? Nr|rm` Frhlq ubkr`mu`t wuivdlb dhvbq|iuq {d|c dhfiunm|dih ih |cb vm`rb if |cb

dhvbq|nbh|q( Nr|rm` Frhlq m`qi wuivdlb ainw`b|b wiu|fi`di ldqa`iqrub if |cb dhvbq|nbh|q nmlb e

vmudirq qacbnbq mhl m`qi |cb wuiwiu|dih dhvbq|bl dh bmac mqqb| |twb(

2( Acidab? \cb `mukb mnirh| if Nr|rm` Frhlq iffbu |cb dhvbq|iu m {dlb vmudb|t |i aciiqb fuin( M

dhvbq|iu amh wdaj rw m qacbnb lbwbhldhk rwih cdq udqj) ub|ruh wuifd`b(

6( Ubkr`m|dihq? M`` |cb nr|rm` frhlq mub ubkdq|bubl {d|c QBED mhl |cbt frha|dih {d|cdh |c

wuivdqdihq if q|uda| ubkr`m|dih lbqdkhbl |i wui|ba| |cb dh|bubq|q if |cb dhvbq|iu(

Mub |cbub mht udqjq dhvi`vbl dh dhvbq|dhk dh Nr|rm` Frhlq9

Nr|rm` Frhlq li hi| wuivdlb mqqrubl ub|ruhq( \cbdu ub|ruhq mub `dhjbl |i |cbdu wbufiunmhab( \cb

dhvbq| dh qcmubq lbebh|rubq eihlq b|a( M`` |cbqb dhvbq|nbh|q dhvi`vb mh b`bnbh| if udqj( \cb rh

vm`rb nmt vmut lbwbhldhk rwih |cb wbufiunmhab if |cb ainwmht mhl df m ainwmht lbfmr`|q

wmtnbh| if dh|bubq|)wudhadwm` ih |cbdu lbebh|rubq)eihlq |cb wbufiunmhab if |cb frhl nmt kb| mffba|bl

Ebqdlbq dhamqb |cbub dq m qrllbh li{h|ruh dh mh dhlrq|ut iu |cb kivbuhnbh| ainbq rw {d|c hb{

ubkr`m|dih {cdac mffba|q m wmu|dar`mu dhlrq|ut iu ainwmht |cb frhl amh mkmdh eb mlvbuqb`t mffba|bl( M

|cbqb fma|iuq dhf`rbhab |cb wbufiunmhab if Nr|rm` Frhlq(

Qinb if |cb Udqj |i {cdac Nr|rm` Frhlq mub bswiqbl |i dq kdvbh eb`i{?

=( Nmujb| udqj

Df |cb ivbum`` q|iaj iu eihl nmujb|q fm`` ih maairh| if ivbum`` baihinda fma|iuq |cb vm`rb i

q|iaj iu eihl ci`ldhkq dh |cb frhl+q wiu|fi`di amh luiw |cbubet dnwma|dhk |cb frhl wbufiunmhab

5( Hih.nmujb| udqjEml hb{q meir| mh dhldvdlrm` ainwmht amh wr`` li{h d|q q|iaj wudab {cdac amh hbkm|dvb`t mffb

frhl ci`ldhkq( \cdq udqj amh eb ublrabl et cmvdhk m ldvbuqdfdbl wiu|fi`di |cm| aihqdq|q if m {dl

vmudb|t if q|iajq lum{h fuin ldffbubh| dhlrq|udbq(

1( Dh|bubq| um|b udqj

Eihl wudabq mhl dh|bubq| um|bq nivb dh iwwiqd|b lduba|dihq( [cbh dh|bubq| um|bq udqb eihl wudab

fm`` mhl |cdq lba`dhb dh rhlbu`tdhk qbarud|dbq mffba|q |cb frhl hbkm|dvb`t(

<( Aubld| udqj

Eihlq mub lbe| ie`dkm|dihq( Qi {cbh |cb frhlq dhvbq| dh aiuwium|b eihlq |cbt urh |cb udqj if |c

aiuwium|b lbfmr`|dhk ih |cbdu dh|bubq| mhl wudhadwm` wmtnbh| ie`dkm|dihq mhl {cbh |cm| udq




autq|m``dzbq d| `bmlq |i m fm`` dh |cb vm`rb if |cb eihl amrqdhk |cb HMV if |cb frhl |i |mjb

ebm|dhk(

IUKMHDQM\DIH IF \CB FRHL

\cb q|ura|rub if nr|rm` frhl iwbum|dihq dh Dhldm bhvdqmkbq m |cubb |dbu bq|me`dqcnbh| hmnb`t?

=( M qwihqiu dhq|d|r|dih |i wuini|b |cb Frhl

5( M |bmn if |urq|bbq |i ivbuqbb |cb iwbum|dihq mhl |i wuivdlb acbajq fiu |cb bffdadbh| wuifd|me`b mh|umhqwmubh| iwbum|dihq if |cb frhl mhl

1( Mh Mqqb| Nmhmkbnbh| Ainwmht #MNA$ |i ma|rm``t lbm` {d|c |cb frhlq(

Qwihqiudhk Dhq|d|r|dih

\cb ainwmht {cdac qb|q rw |cb Nr|rm` Frhl dq am``bl |cb qwihqiu( \cb QBE` cmq `mdl li{h abu|m

aud|budm |i eb nb| et |cb qwihqiu( \cbqb aud|budm nmdh`t lbm` {d|c mlb}rm|b bswbudbhab kiil wmq| |uma

ubaiul hb| {iu|c b|a(

\urq|bbq\urq|bbq mub wbiw`b {d|c ìhk bswbudbhab mhl kiil dh|bkud|t dh |cbdu ubqwba|dvb fdb`lq( \cbt amuut |c

auradm` ubqwihqded`d|t if qmfbkrmuldhk |cb dh|bubq| if dhvbq|iuq( Fiu |cdq wruwiqb |cbt nihd|iu |c

iwbum|dihq if |cb ldffbubh| qacbnbq( \cbt cmvb {dlb umhkdhk wi{buq mhl |cbt amh bvbh ldqndqq Mqqb

Nmhmkbnbh| Ainwmhdbq {d|c |cb mwwuivm` if |cb QBED(

Mqqb| Nmhmkbnbh| Ainwmht #MNA$

\cb MNA ma|rm``t nmhmkbq |cb frhlq if |cb vmudirq qacbnbq( \cb MNA bnwìtq m `mukb hrnebu i

wuifbqqdihm`q |i nmjb dhvbq|nbh|q amuut ir| ubqbmuac mhl |i li mkbh| mhl dhvbq|iu qbuvdadhk( Dhfma

|cb qraabqq if mht Nr|rm` Frhl lbwbhlq rwih |cb bffdadbhat if |cdq MNA( \cb MNA qrend|q

}rmu|bu`t ubwiu| ih |cb frha|dihdhk if |cb nr|rm` frhl |i |cb |urq|bbq {ci {d`` krdlb mhl aih|ui` |cMNA(

IWBUM\DIH IF \CB FRHL

M nr|rm` frhl dhvd|bq |cb wuiqwba|dvb dhvbq|iuq |i oidh |cb frhl et iffdadm` vmudirq qacbnbq qi mq |qrd| |i |cb ub}rdubnbh|q if ldffbubh| am|bkiudbq if dhvbq|iuq( \cb ubqiruabq if dhldvdlrm` dhvbq|iumub wii`bl |ikb|cbu mhl |cb dhvbq|iuq mub dqqrbl rhd|q)qcmubq fiu |cb nihbt dhvbq|bl( \cb mnirhqi ai``ba|bl dq dhvbq|bl dh amwd|m` nmujb| dhq|urnbh| `djb qcmubq mhl lbebh|rubq mhl nihbt nmujdhq|urnbh| `djb |ubmqrut ed``q ainnbuadm` ed``q(

QB@BA\DIH IF M FRHL

Nr|rm` frhlq mub hi| nmkda dhq|d|r|dihq {cdac amh eudhk |ubmqrub |i |cb nd``dihq if |cbdu dhvbq|i

{d|cdh m qciu| qwmh if |dnb( M`` frhlq mub b}rm` |i q|mu| {d|c( Er| dh lrb airuqb if |dnb qinb bsab` |c

i|cbu( D| m`` lbwbhlq rwih |cb bffdadbhat {d|c {cdac |cb frhl dq ebdhk nmhmkbl et |cb wuifbqqdihm`q i

|cb frhl( Cbhab |cb dhvbq|iu cmq |i eb vbut amubfr` dh qb`ba|dhk m Frhl( Cb nrq| |mjb dh|i maairh| |c

fi`ì{dhk fma|iuq fiu bvm`rm|dhk |cb wbufiunmhab if mht frhl mhl |cbh fdhm``t lbadlb |cb ihb cb cmq |

aciiqb?




=( Ieoba|dvb if |cb Frhl? fduq| if m`` cb nrq| qbb |cb ieoba|dvb if |cb frhl“{cb|cbu dhain

iudbh|bl iu kui{|c iudbh|bl( Dhainbq iudbh|bl mub emajbl nmdh`t et fdsbl dh|bubq| tdb`ldh

qbarud|dbq `djb lbebh|rubq mhl eihlq {cbubmq kui{|c iudbh|bl mub emajbl et b}rd|dbq( D|

ievdirq |cm| kui{|c iudbh|bl qacbnbq mub niub udqjt |cmh dhainb iudbh|bl qacbnbq mhl cbhab

|cb ub|ruhq fuin qrac qacbnbq mub hi| ainwmume`b {d|c bmac i|cbu( \cb dhvbq|iu qcir`l ainwmu

|cb wmu|dar`mu qacbnb if ihb frhl {d|c |cb qmnb qacbnb if mhi|cbu frhl mhl nmjb m ainwmum|dv

mhm`tqdq( Cdq ieoba|dvb qcir`l m`qi aidhadlb {d|c |cb ieoba|dvb if |cb qacbnb {cdac cb wuiwiqb

|i aciiqb

5( Aihqdq|bhat if Wbufiunmhab M nr|rm` frhl dq m`{mtq dh|bhlbl |i kdvb q|bmlt ìhk.|bu

ub|ruhq mhl cbhab |cb dhvbq|iu qcir`l nbmqrub |cb wbufiunmhab if m frhl ivbu m wbudil if m

`bmq| |cubb tbmuq( Dhvbq|iuq mub qm|dqfdbl {d|c m frhl |cm| qci{q m q|bmlt mhl aihqdq|bh

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@bkm` Fumnb{iuj

Rneub``m Ma|q

Ubqbuvb Emhj if Dhldm Ma| =41<? kivbuhq |cb Ubqbuvb Emhj frha|dihq Emhjdhk Ubkr`m|dih Ma| =4<4? kivbuhq |cb fdhmhadm` qba|iu

Ma|q kivbuhdhk qwbadfda frha|dihq

Wre`da Lbe| Ma| =4<<)Kivbuhnbh| Qbarud|dbq Ma| #Wuiwiqbl$? Kivbuhq kivbuhnbh| lbe| nmujb Qbarud|dbq Aih|uma| #Ubkr`m|dih$ Ma| =426? Ubkr`m|bq kivbuhnbh| qbarud|dbq nmujb| Dhldmh Aidhmkb Ma| =476?Kivbuhq aruubhat mhl aidhq

Fiubdkh Bsacmhkb Ubkr`m|dih Ma| =4;1 )Fiubdkh Bsacmhkb Nmhmkbnbh| Ma| =444? Kivbuh|umlb mhl fiubdkh bsacmhkb nmujb|

%Wmtnbh| mhl Qb||`bnbh| Qtq|bnq Ma| 577;? Wuivdlbq fiu ubkr`m|dih mhl qrwbuvdqdih wmtnbh| qtq|bnq dh Dhldm%

Ma|q kivbuhdhk Emhjdhk Iwbum|dihq

Ainwmhdbq Ma| =426?Kivbuhq emhjq mq ainwmhdbq Emhjdhk Ainwmhdbq #Ma}rdqd|dih mhl \umhqfbu if Rhlbu|mjdhkq$ Ma| =4;7)=437? Ub`m|bq

hm|dihm`dzm|dih if emhjq Emhjbuq+ Eiijq Bvdlbhab Ma|

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Emhjdhk Qbaubat Ma| Hbki|dme`b Dhq|urnbh|q Ma| =33=

Ma|q kivbuhdhk Dhldvdlrm` Dhq|d|r|dihq

Q|m|b Emhj if Dhldm Ma| =42< \cb Dhlrq|udm` Lbvbìwnbh| Emhj #\umhqfbu if Rhlbu|mjdhk mhl Ubwbm`$ Ma| 5771 \cb Dhlrq|udm` Fdhmhab Aiuwium|dih #\umhqfbu if Rhlbu|mjdhk mhl Ubwbm`$ Ma| =441 Hm|dihm` Emhj fiu Mkudar`|rub mhl Urum` Lbvbìwnbh| Ma| Hm|dihm` Cirqdhk Emhj Ma| Lbwiqd| Dhqrumhab mhl Aubld| Krmumh|bb Aiuwium|dih Ma|

Qreqdldmudbq

Fr``t i{hbl? Hm|dihm` Cirqdhk Emhj#HCE$ Lbwiqd| Dhqrumhab mhl Aubld| Krmumh|bAiuwium|dih if Dhldm#LDAKA$ Ecmum|dtm Ubqbuvb Emhj Hi|b Nrlumh Wudvm|b @dnd|bl#EUEHNW@

Nmdh Frha|dihq

Nihb|mut Mr|ciud|t?

Fiunr`m|bq dnw`bnbh|q mhl nihd|iuq |cb nihb|mut wi`dat( Ieoba|dvb? nmdh|mdhdhk wudab q|med`d|t mhl bhqrudhk mlb}rm|b fì{ if aubld| |i wuilra|dvb qba|iuq

Ubkr`m|iu mhl qrwbuvdqiu if |cb fdhmhadm` qtq|bn?

Wubqaudebq euiml wmumnb|buq if emhjdhk iwbum|dihq {d|cdh {cdac |cb airh|ut+q emhjdhk mhfdhmhadm` qtq|bn frha|dihq(

Ieoba|dvb? nmdh|mdh wre`da aihfdlbhab dh |cb qtq|bn wui|ba| lbwiqd|iuq+ dh|bubq| mhl wuivdlaiq|.bffba|dvb emhjdhk qbuvdabq |i |cb wre`da(

Nmhmkbu if Fiubdkh Bsacmhkb

Nmhmkbq |cb Fiubdkh Bsacmhkb Nmhmkbnbh| Ma| =444( Ieoba|dvb? |i fmad`d|m|b bs|buhm` |umlb mhl wmtnbh| mhl wuini|b iulbu`t lbvbìwnbh| mh

nmdh|bhmhab if fiubdkh bsacmhkb nmujb| dh Dhldm(

Dqqrbu if aruubhat?

Dqqrbq mhl bsacmhkbq iu lbq|uitq aruubhat mhl aidhq hi| fd| fiu aduar`m|dih( Ieoba|dvb? |i kdvb |cb wre`da mlb}rm|b }rmh|d|t if qrww`dbq if aruubhat hi|bq mhl aidhq mhl d

kiil }rm`d|t(

Lbvbìwnbh|m` ui`b

Wbufiunq m {dlb umhkb if wuini|dihm` frha|dihq |i qrwwiu| hm|dihm` ieoba|dvbq(

Ub`m|bl Frha|dihq

Emhjbu |i |cb Kivbuhnbh|? wbufiunq nbuacmh| emhjdhk frha|dih fiu |cb abh|um` mhl |cb q|m|kivbuhnbh|q: m`qi ma|q mq |cbdu emhjbu(

Emhjbu |i emhjq? nmdh|mdhq emhjdhk maairh|q if m`` qacblr`bl emhjq(

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\iw Iffdabq

Cmvb 55 ubkdihm` iffdabq niq| if |cbn dh q|m|b amwd|m`q(

\umdhdhk Bq|me`dqcnbh|q

Cmvb qds |umdhdhk bq|me`dqcnbh|q

\cubb hmnb`t Ai``bkb if Mkudar`|rum` Emhjdhk Emhjbuq \umdhdhk Ai``bkb mhl Ubqbuvb Emhj i

Dhldm Q|mff Ai``bkb mub wmu| if |cb Ubqbuvb Emhj I|cbuq mub mr|ihinirq qrac mq Hm|dihm` Dhq|d|r|b fiu Emhj Nmhmkbnbh| Dhldum Kmhl

Dhq|d|r|b fiu Lbvbìwnbh| Ubqbmuac #DKDLU$ Dhq|d|r|b fiu Lbvbìwnbh| mhl Ubqbmuac dh Emhjdh\bachiìkt #DLUE\$

Fiu lb|md`q ih |umdhdhk bq|me`dqcnbh|q w`bmqb acbaj |cbdu {beqd|bq `dhjq fiu {cdac mub mvmd`me`b I|cbu @dhjq(

Dhqrumhab Ubkr`m|iut mhl Lbvbìwnbh| Mr|ciud|t #DULM$

[d|cir| wuborldab |i |cb kbhbum`d|t if |cb wuivdqdihq aih|mdhbl dh qre.qba|dih #=$, |cb wi{buq mhlfrha|dihq if |cb Mr|ciud|t qcm`` dha`rlb, .

Dqqrb |i |cb mww`damh| m abu|dfdam|b if ubkdq|um|dih ubhb{ nildft {d|clum{ qrqwbhl iu amhab` qra

ubkdq|um|dih:

Wui|ba|dih if |cb dh|bubq|q if |cb wi`dat ci`lbuq dh nm||buq aihabuhdhk mqqdkhdhk if wi`dahindhm|dih et wi`dat ci`lbuq dhqrume`b dh|bubq| qb||`bnbh| if dhqrumhab a`mdn qruubhlbu vm`rb wi`dat mhl i|cbu |bunq mhl aihld|dihq if aih|uma|q if dhqrumhab:

Qwbadftdhk ub}rdqd|b }rm`dfdam|dihq ailb if aihlra| mhl wuma|dam` |umdhdhk fiu dh|bunbldmut idhqrumhab dh|bunbldmudbq mhl mkbh|q

Qwbadftdhk |cb ailb if aihlra| fiu qruvbtiuq mhl ìqq mqqbqqiuq: Wuini|dhk bffdadbhat dh |cb aihlra| if dhqrumhab erqdhbqq: Wuini|dhk mhl ubkr`m|dhk wuifbqqdihm` iukmhdqm|dihq aihhba|bl {d|c |cb dhqrumhab mhl ub.dhqrumha

erqdhbqq: @bvtdhk fbbq mhl i|cbu acmukbq fiu amuutdhk ir| |cb wruwiqbq if |cdq ma|: Am``dhk fiu dhfiunm|dih fuin rhlbu|mjdhk dhqwba|dih if aihlra|dhk bh}rdudbq mhl dhvbq|dkm|dih

dha`rldhk mrld| if |cb dhqrubuq dh|bunbldmudbq dhqrumhab dh|bunbldmudbq mhl i|cbu iukmhdqm|dihaihhba|bl {d|c |cb dhqrumhab erqdhbqq:

Aih|ui` mhl ubkr`m|dih if |cb um|bq mlvmh|mkbq |bunq mhl aihld|dihq |cm| nmt eb iffbubl edhqrubuq dh ubqwba| if kbhbum` dhqrumhab erqdhbqq hi| qi aih|ui``bl mhl ubkr`m|bl et |cb |mumlvdqiut ainnd||bb rhlbu qba|dih 6<r if |cb dhqrumhab ma| =413 #< if =413$:

Qwbadftdhk |cb fiun mhl nmhhbu dh {cdac eiijq if maairh| qcm`` eb nmdh|mdhbl mhl q|m|bnbh| imaairh|q qcm`` eb ubhlbubl et dhqrubuq mhl i|cbu dhqrumhab dh|bunbldmudbq:

Ubkr`m|dhk dhvbq|nbh| if frhlq et dhqrumhab ainwmhdbq: Ubkr`m|dhk nmdh|bhmhab if nmukdh if qi`vbhat: Mlorldam|dih if ldqwr|bq eb|{bbh dhqrubuq mhl dh|bunbldmudbq iu dhqrumhab dh|bunbldmudbq: Qrwbuvdqdhk |cb frha|dihdhk if |cb |mudff mlvdqiut ainnd||bb: Qwbadftdhk |cb wbuabh|mkb if wubndrn dhainb if |cb dhqrubu |i fdhmhab qacbnbq fiu wuini|dhk mh

ubkr`m|dhk wuifbqqdihm` iukmhdqm|dihq ubfbuubl |i dh a`mrqb #f$: Qwbadftdhk |cb wbuabh|mkb if `dfb dhqrumhab erqdhbqq mhl kbhbum` dhqrumhab erqdhbqq |i e

rhlbu|mjbh et |cb dhqrubu dh |cb urum` iu qiadm` qba|iu: mhl Bsbuadqdhk qrac i|cbu wi{buq mq nmt eb wubqaudebl

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Ldqairh| & Fdhmhab Cirqb if Dhldm #LFCD$?

Ldqairh| mhl Fdhmhab Cirqb if Dhldm @|l( #LFCD$ m rhd}rb dhq|d|r|dih if d|q jdhl {mq qb| rw dh Mw

=433( \cb ldqairh| cmq ebbh bq|me`dqcbl |i lbm` dh nihbt nmujb| dhq|urnbh|q dh iulbu |i wuivdl

`d}rdld|t dh |cb nihbt nmujb|( \crq |cb |mqj mqqdkhbl |i LFCD dq |i lbvbìw m qbaihlmut nmujb| dh |c

bsdq|dhk nihbt nmujb| dhq|urnbh|q(

\cb bq|me`dqcnbh| if m ldqairh| Cirqb {mq ubainnbhlbl et m [iujdhk Kuirw ih Nihbt nmujb

\cb nmdh ieoba|dvb if LFCD dq |i fmad`d|m|b |cb qnii|cbhdhk if |cb qciu| |bun `d}rdld|t dnem`mhabq e

lbvbìwdhk mh ma|dvb nihbt nmujb| mhl dh|bkum|dhk |cb vmudirq qbknbh|q if |cb nihbt nmujb|(

\cb nmdh ieoba|dvbq if LFCD

‥ Wuivdlb `d}rdld|t |i nihbt nmujb| dhq|urnbh|q

‥ Wuivdlb qmfb mhl udqj fubb qciu| |bun dhvbq|nbh| mvbhrbq |i dhq|d|r|dihq

‥ Fmad`d|m|b nihbt nmujb| |umhqma|dihq if qnm`` mhl nbldrn qdzbl dhq|d|r|dihq |cm| mub hi|

Ubkr`mu wmu|dadwmh|q dh |cb nmujb|

\cb nmdh frha|dihq if LFCD

\i ldqairh| ubldqairh| wruacmqb mhl qb`` |ubmqrut ed``q |umlb ed``q if bsacmhkb

ainnbuadm` wmwbuq

\i w`mt mh dnwiu|mh| ui`b mq m `bhlbu eiuui{bu iu euijbu dh |cb dh|buemhj am`` nihbt

nmujb|

\i wuini|b mhl qrwwiu| ainwmht frhlq |urq|q mhl i|cbu iukmhdzm|dihq fiu |cb

lbvbìwnbh| if qciu| |bun nihbt nmujb|

\i mlvdqb kivbuhnbh| emhjq mhl fdhmhadm` dhq|d|r|dihq dh bvi`vdhk qacbnbq fiu kui{|c mhllbvbìwnbh| if nihbt nmujb|

\cb LFCD wmu|dadwm|bq dh |cb am`` hi|dab mhl |bun nmujb|q mq m eiuui{bu mhl mq m `bhlbu(

LFCD—q ma|dvd|dbq

‥ Lbm`dhk dh 4= lmtq mhl 16< lmtq \ubmqrut Ed``q

‥ Ub.ldqairh|dhk qciu| |bun ainnbuadm` ed``q

‥ Wmu|dadwm|dhk dh |cb dhbu| emhj am`` nihbt, hi|dab nihbt mhl |bun lbwiqd|q

‥ Lbm`dhk dh Ainnbuadm` Wmwbu mhl Abu|dfdam|b if lbwiqd|q

‥ Kivbuhnbh| lm|bl Qbarud|dbq

5th Term - Financial Services & Markets

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