suggested question answers of finance

8/8/2019 Suggested Question Answers of Finance

1/29

ONJKJMA B@HAC [QA]XN@J] KJH KJ]WA\]

Y|ayk|ah l~ Y|òa}}`| ]qe`~ Dqbk| Hfk|*

Okmqcx~ Babla|#NL] D`cdkxk*

;* Wfkx n} xfa hnooa|ajma laxwaaj Y|aoa|ajma }fk|a kjh A{qnx~ }fk|a0

Kj}* Y|aoa|ajma }fk|af`cha| aje`~} y|aoa|ajma nj mk}a ò hn}x|nlqxn`j ò hnvnhajh

kjh |ayk~bajx ò mkynxkc wfaj m`bykj~ gà} `j cn{qnhkxn`j* Kcc Y|aoa|ajma}fk|a} k|a |ahaabklca nj Njhnk* Y|aoa|ajma }fk|a f`cha| fk} j` v`xnjg |ngfx kjh nx

n} j`x bk|dax x|khah* Xfa|ao`|a y|aoa|ajma }fk|af`cha|} `jc~ mkj aje`~ hnvnhajh

gknj*

A{qnx~ }fk|a n} j`x |ahaabklca* A{qnx~ }fk|af`cha|} k|a `wja| ò xfa m`bykj~*A{qnx~ }fk|af`cha| fk} v`xnjg |ngfx nj }acamxn`j ò l`k|h ò hn|amx`|} ò m`bykj~*

A{qnx~ }fk|a} k|a bk|dax x|khah* A{qnx~ }fk|a f`cha|} wncc aje`~ l`xf hnvnhajh

kjh mkynxkc gknj*


2/29


3/29

6* Wfkx h` ~`q bakj l~ ]aj}av kjh Jnox~ 0

Kj}* ]aj}a n} xfa njha ò L`blk~ ]x`md Amfkjga* Nx n} xfa wangfxah kva|kga

ò xfa y|nma ò =9 }amq|nxna}*Jnox~ n} xfa njha ò Jkxn`jkc ]x`md amfkjga* Nx n} xfa wangfxah kva|kga ò

xfa y|nma ò 19 }amq|nxna}*

>* Wfkx h` ~`q bakj l~ laxk kcqa ò k }amq|nx~0 F`w nx n} mkcmqckxah0

Kj}* Laxk vkcqa n} xfa bk|dax }aj}nxnvnx~ ò k }x md* Nx bak}q|a} xfa mfkjga nj xfa

bk|dax y|nma ò xfa }amq|nx~ hqa x` mfkjga nj bk|dax njha* Laxk n} xfa bak}q|a ò

}~}xabkxnm |n}d*Laxk vkcqa ò xfa }x`md n} mkcmqckxah l~ xfa o`|bqck

2 M`vk|nkjma laxwaaj xfa |axq|j ò bk|dax njha kjh |axq|j ò xfa yk|xnmqck| }x`md

/vk|nkjma ò xfa bk|dax njha

;9* Wfkx n} x|khnjg `j A{qnx~0

Kj}* No |axq|j `j mkynxkc abyc`~ah ò xfa on|b n} g|akxa| xfkj m`}x ò halx mkynxkc#l~ |ac~njg b`|a kjh b`|a `j halx mkynxkc# on|b mkj |kn}a nx} ak|jnjg ya| }fk|a* Nx n}

mkccah x|khnjg `j a{qnx~*

;;* Nj oqxq|a x|khnjg# f`w bkj~ x~ya} ò bk|gnj kj nja}x`| n} |a{qn|ah x` daay0

Kj}* Xfa|a k|a xf|aa x~ya} ò bk|gnj" njnxnkc bk|gnj# vk|nkxn j bk|gnj#

bknjxajkjma bk|gnj# xfkx k oqxq|a x|kha| n} |a{qn|ah x` daay* L`xf xfa lq~a| kjh}acca| ò xfa m`jx|kmx fk} x` hay`}nx k ma|xknj ya|majxkga &q}qkcc~ ;9!. ò x`xkc

vkcqa ò xfa m`jx|kmx nj xfa mcak|njg f`q}a k} njnxnkc bk|gnj* No kj~ `ja ò xfa yk|x~

bkda} haokqcx# mcak|njg f`q}a wncc m`byaj}kxa xfa `xfa| yk|x~ wnxf xfa facy ò xfabk|gnj b`ja~*

Bknjxajkjma bk|gnj n} xfa bnjnbqb jama}}k|~ bk|gnj b`ja~ xfkx akmf yk|x~ x`

fk} x` daay nj xfan| kmm`qjx* ]njma oqxq|a n} lanjg x|khah hknc~# hayajhnjg `jkyy|amnkxn`j `| hay|amnkxn`j ò xfa bk|dax y|nma ò oqxq|a bk|gnj wncc njm|ak}a `|

ham|ak}a*

No Bk|gnj b`ja~ okcc} lac`w xfa bknjxajkjma bk|gnj# yk|x~ wncc gax k mkcc o|`b

xfa mcak|njg f`q}a x` hay`}nx xfa b`ja~ }` xfkx fn} bk|gnj lkckjma wncc njm|ak}a x`njnxnkc bk|gnj cavac* Xfn} n} dj`wj k} vk|nkxn`j bk|gnj*

;


4/29

yk|xnmqck| x|ajh* Xfa|ao`|a oqxq|a }x`md y|nma x|ajh mkj la haxa|bnjah o|`b xfa

yk}x b`vabajx ò }x md y|nma* ]x`md y|nma b`vabajx mkj la aycknjah wnxf xfa

facy ò g|kyf kjh mfk|x}*Oqjhkbajxkc kjkc~}n} n} q}ah x` haxa|bnja xfa njx|nj}nm vkcqa ò xfa }fk|a* Nx

njmcqha} am`j`bnm kjkc~}n}# njhq}x|~ kjkc~}n} kjh m`bykj~ kjkc~}n}* Am`j`bnm

kjkc~}n} xkda} njx` kmm`qjx hnooa|ajx okmx`|} }qmf k} GHY ò xfa jkxn`j# ]kvnjgkjh njva}xbajx ykxxa|j# B`ja~ }qyyc~# njockxn`j kjh njxa|a}x |kxa# Qjn`j Lqhgax#

lkckjma ò yk~bajx y`}nxn j axm* Njhq}x|~ kjkc~}n} njm`|y`|kxa} Y`|xa|} onva

okmx`| b`hac# Njhq}x|~ cnoa m~mca kjh jkxq|a ò njhq}x|~ &G|`wxf njhq}x|~# m~mcnmkcnjhq}x|~# haoaj}nva njhq}x|~.*

M`bykj~ kjkc~}n} njmcqha} kjkc~}n} ò cn{qnhnx~# }`cvajm~# y|ònxklncnx~ y`}nxn`j

ò xfa m`bykj~ wfnmf wncc la o cc wah l~ vkcqkxn`j ò xfa m`bykj~ l~

hn}m`qjxah mk}f oc`w baxf`h }qmf k} Hnvnhajh Hn}m`qjx B`hac# O|aa mk}f oc`wx` a{qnx~ B`hac# O|aa mk}f oc`w x` on|b b`hac axm* No xfa njx|nj}nm vkcqa ò xfa

}x`md n} ca}} xfkj xfa bk|dax y|nma# nx n} qjha|vkcqah `| vnma va|}k*

;=* Wfkx h` ~`q bakj l~ wakd# }abn }x|`jg kjh }x|`jg o`|b ò aoonmnajm~ nj xfabk|dax0

Kj}* Bk|dax aoonmnajm~ bakj} x` wfnmf axajx mq||ajx njo |bkxn`j k|anj}xkjxkja`q}c~ |aocamxah nj xfa bk|dax y|nma ò xfa }x md* Wakd o|`b ò

aoonmnajm~ nbycna} xfkx kcc xfa bk|dax yk|xnmnykjx} fkva xfa njo`|bkxn`j ò yk}x

ya|n`h }x`md y|nma* Xfa|ao`|a mq||ajx ya|n`h }x`md y|nma n} |aocamxnjg xfa yk}x

ya|n`h }x`md y|nma* @j xfa lk}n} `j yk}x ya|n`h }x`md y|nma njo`|bkxn`j# j` l`h~mkj ak|j ax|k`|hnjk|~ y|ònx nj wakd o`|b aoonmnajx bk|dax* Kqx`m`||ackxn`j xa}x

kjh |qj xa}x} k|a q}ah x` eqhga wfaxfa| xfa bk|dax n} o`cc`wnjg wakd o`|b

aoonmnajm~ `| j`x*]abn }x| jg o`|b ò aoonmnajm~ nbycna} bk|dax yk|xnmnykjx} fkva

njo`|bkxn`j kl`qx xfa yk}x ya|n`h }x`md y|nma b`vabajx k} wacc k} kcc yqlcn}fah

njo |bkxn j kl`qx xfa m`bykj~ }qmf k} {qk|xa|c~ onjkjmnkc |ay`|x# hnvnhajhhamck|kxn`j# l`jq} n}}qa# |ngfx n}}qa# }x`md }ycnx# ba|ga| km{qn}nxn`j jaw} axm* Xfq}

mq||ajx }x`md y|nma |aocamx} y|avn`q} ya|n`h }x`md y|nma k} wacc k} kcc yqlcnmc~

kvkncklca njo`|bkxn`j* @j xfa lk}n} ò njo`|bkxn`j ò yk}x ya|n`h }x`md y|nma kjhyqlcn}fah njo`|bkxn`j # j` l`h~ mkj ak|j ax|k`|hnjk|~ y|ònx no bk|dax n} }abn

}x|`jg aoonmnajx*

]x|`jg o`|b ò aoonmnajm~ nbycna} bk|dax yk|xnmnykjx} fkva xfa ak}~ kmma}}

x` l`xf njxa|jkc kjh yqlcn}fah njo`|bkxn`j kl`qx xfa m`bykj~* Xfq} }x`md y|nmawncc |aocamx yqlcnmc~ kvkncklca njo`|bkxn`j k} wacc k} njxa|jkc njo`|bkxn`j * Nj}nha|

x|khnjg kc}` j`x y`}}nlca no bk|dax n} }x|`jg o`|b aoonmnajx*

;8* Wfkx n} H`w xfa`|~ 0

Kj}* Kmm`|hnjg x` H`w xfa`|~ ò Xamfjnmkc Kjkc~}n}# }x`md y|nma n} b`vnjg kc`jg

k yk|xnmqck| m~mcnmkc x|ajh* Bk|dax n} g`va|jah l~ y|nbk|~ x|ajh# }am`jhk|~ x|ajhkjh hk~ x` hk~ ocqmxqkxn`j* Y|nbk|~ x|ajh }f`w} xfa xfa c`jg |kjga m~mca wfnmf

bkda} xfa ajxn|a bk|dax qy `| h`wj* ]am`jhk|~ x|ajh nbycna} bk|dax m`||amxn`j

xfkx |a}x|knjx} xfa b`vabajx ò y|nbk|~ x|ajh* ]am`jhk|~ x|ajh b`va} nj yy`}nxa

hn|amxn`j ò y|nbk|~ x|ajh* Hk~ x` Hk~ ocqmxqkxn`j ò }x`md y|nma hayajh} `j


5/29

}ajxnbajx} ò xfa ya`yca* _`cqba wncc kc}` b`va kc`jg xfa y|nbk|~ x|ajh* No

y|nbk|~ x|ajh n} lqccn}f# v`cqba wncc njm|ak}a wfaj }fk|a y|nma} k|a g`njg qy kjh

v`cqba wncc g` h`wj wfaj }fk|a y|nma ham|ak}a}* @j xfa m`jx|k|~# no y|nbk|~x|ajh n} lak|n}f# v`cqba wncc njm|ak}a wfaj }fk|a y|nma} k|a g`njg h`wj kjh

v`cqba wncc okcc wfaj }fk|a y|nma} k|a g`njg qy*

;1* Wfkx n} |ay` kjh |aa|}a |ay` 0

Kj}* @oxaj m`bba|mnkc lkjd} l`||`w o| b \LN l~ }accnjg xfan| }amq|nxna} wnxf kj

kg|aabajx x` |ayq|mfk}a nx koxa| k ma|xknj ya|n`h ò xnba kx k fngfa| y|nma * Xfa|kxa xfa m`bba|mnkc lkjd fk} x` yk~ x` \LN n} mkccah |ay` |kxa* Nj njockxn`jk|~

ya|n`h# \LN |kn}a} xfa |ay` |kxa* Hq|njg xfa |ama}}n`j xnba# |ay` |kxa n} |ahqmah*

Mq||ajx |ay` |kxa n} ?!*

Wfaj \LN n} l`|| wnjg o|`b \LN# xfa m`bba|mnkc lkjd wncc |amanva xfanjxa|a}x o|`b xfa l`||`wa|}* Xfa |kxa m`bba|mnkc lkjd} |amanva o|`b xfa \LN n}

dj`wj k} xfa |ava|}a |ay * Mq||ajx |ava|}a |ay` |kxa n} 1!* Hq|njg xfa

njockxn`jk|~ ya|n`h# |ava|}a |ay` |kxa n} kc}` njm|ak}ah kjh vnma va|}k*

;?* Wfkx n} mà|ah mkcc kjh jkdah mkcc 0

Kj}* K m`va|ah mkcc }x|kxag~ njv`cva} w|nxnjg k mkcc `yxn`j `j kj k}}ax kc`jg wnxflq~njg xfa k}}ax* Nx n} mkccah m`va|ah y`}nxn`j lamkq}a y`xajxnkc `lcngkxn`j x`

hacnva| xfa }x`md n} m`va|ah l~ xfa qjha|c~njg }x`md nj y`|xo`cn`*

K jkdah mkcc }x|kxag~ njv`cva} w|nxnjg k mkcc `yxn`j `j k}}ax wnxf`qx lq~njg

xfa k}}ax* Nx n} mkccah jkdah y`}nxn`j lamkq}a y`xajxnkc `lcngkxn`j x` hacnva| xfa}x`md n} j`x m`va|ah l~ xfa qjha|c~njg }x`md nj xfa y`|xo`cn`*

;7* Wfkx n} nj xfa b`ja~ kjh `qx ò xfa b`ja~ mkcc `yxn`j 0Kj}* No lq~a| ò xfa mkcc `yxn`j fk} k jax mk}f njoc`w k} lamkq}a bk|dax y|nma n}

g|akxa| xfkj xfa aa|mn}a y|nma# nx n} Nj xfa B`ja~ mkcc `yxn`j*

No lq~a| ò xfa mkcc `yxn`j fk} k jax mk}f njoc`w k} lamkq}a bk|dax y|nma n}ca}} xfkj xfa aa|mn}a y|nma# nx n} @j xfa B`ja~ Mkcc @yxn j*

;6* Wfkx h` ~`q bakj l~ y|`xamxna yqx }x|kxag~ 0Kj}* Wfaj kj njva}x`| yq|mfk}a} kj qjha| y|nmah }x`md wnxf xfa kjxnmnykxn`j xfkx

nx} y|nma wncc g` qy nj xfa jak| oqxq|a# xfa|a n} k |n}d xfkx hqa x` bk|dax |n}d y|nma

ò xfa }x`md bk~ okcc* X` fahga |n}d# xfa~ wncc yq|mfk}a yqx `yxn`j* Nx n} dj`wj k}

y|`xamxnva yqx*

;>* Wfkx n} xfa hnooa|ajma laxwaaj xfa mc`}a ajhah kjh `yaj ajhah bqxqkc oqjh

}mfaba0Kj}* Xfa }ql}m|nyxn`j x` k mc`}a ajhah }mfaba n} dayx `yaj `jc~ o`| k cnbnxah

ya|n`h* K mc`}a ajhah }mfaba hà} j`x kcc`w njva}x`|} x` wnxf h|kw oqjh} k} kjh

wfaj xfa~ cnda* K mc`}a ajhah oqjh fk} k onah bkxq|nx~ ya|n`h*Xfa `yaj ajhah }mfaba kmmayx} oqjh} o|`b njva}x`|} l~ òoa|njg nx} qjnx} `j

k m`jxnjq`q} lk}n}* @yaj ajhah }mfaba ya|bnx} njva}x`|} x` wnxfh|kw oqjh} `j k

m`jxnjqnjg lk}n} qjha| k |ayq|mfk}a kg|aabajx* Kj `yaj ajhah }mfaba fk} j`

bkxq|nx~ ya|n`h*


6/29


7/29

xfa m`byaxnxnva y`}nxn`j }ql}xkjxnkcc~* Nx n} y`}}nlca wfaj bkjqokmxq|njg xkda}

yckma nj `ja jkxn`j kjh }accnjg xkda} yckma nj kj`xfa| jkxn`j*


8/29

}x|khhca* ]x|khhca n} k }x|kxag~ x` yq|mfk}a/}acc k mkcc kjh k yqx `yxn`j }nbqcxkja`q}c~

wnxf }kba aa|mn}a y|nma kjh }kba ayn|kxn`j hkxa* C`jg }x|khhca n} q}ah wfaj nx n}

ayamxah xfkx }y`x y|nma wncc b`va x` xfa anxfa| hn|amxn`j o|`b xfa aa|mn}a y|nma* ]f`|x}x|khhca n} q}ah wfaj }x`md y|nma n} ayamxah x` la va|~ mc`}a wnxf aa|mn}a y|nma*

=9* Avycknj xfa m`jmayx ò Lqcc ]y|akh kjh Lak| ]y|akh }x|kxag~*Kj}* No njva}x`| ya|manva} xfkx xfa|a wncc la lqccn}f x|ajh nj xfa bk|dax lqx fa n} j`x

va|~ }q|a kl`qx nx# fa q}a} Lqcc }y|akh }x|kxag~* Fa|a njva}x`| lq~} `ja mkcc `yxn`j kjh

}acc} kj`xfa| mkcc `yxn`j wnxf }kba ayn|kxn`j hkxa lqx wnxf hnooa|ajx aa|mn}a y|nma*Njva}x`| yq|mfk}a} xfkx mkcc `yxn`j wf`}a aa|mn}a y|nma n} lac`w xfkj xfa }y`x y|nma kjh

}acc} xfkx mkcc `yxn`j wf`}a aa|mn}a y|nma n} g|akxa| xfkj xfa }y`x y|nma* Y|ònx wncc la

bknbnuah no xfa }y`x y|nma n} kl`va xfkj `qx xfa b`ja~ mkcc `yxn`j* C`}} wncc la

bknbqb no xfa }y`x y|nma n} lac`w xfa nj xfa b`ja~ mkcc `yxn`j* Lak| }y|akh }x|kxag~n} q}ah wfaj njva}x`| kjxnmnykxa} xfa|a wncc la lak|n}f x|ajh nj xfa bk|dax lqx fa n} j`x

ma|xknj kl`qx xfa njxaj}nx~ ò nx* Fa|a njva}x`| lq~} k mkcc `yxn`j wf`}a aa|mn}a y|nma n}

fngfa| xfkj }y`x y|nma kjh }acc} k mkcc `yxn`j wf`}a aa|mn}a y|nma n} ca}} xfkj }y`x y|nma*

Y|ònx wncc la bknbnuah no }y`x y|nma okcc} lac`w xfa aa|mn}a y|nma ò nj xfa b`ja~ òxfa mkcc `yxn`j kjh c`}} wncc la bknbnuah wfaj }y`x y|nma n} kl`va xfa aa|mn}a y|nma

ò `qx xfa b`ja~ mkcc `yxn`j*

=;* Wfkx n} Lqxxa|oc~ }x|kxag~0

Kj}* Kj`xfa| y`yqck| }x|kxag~ n} mkccah lqxxa|oc~ }x|kxag~ *Nj c`jg lqxxa|oc~# njva}x`|

yq|mfk}a} xw` ax|aba mkcc `yxn`j} kjh }acc < qjnx} ò njxa|bahnkxa mkcc `yxn`j}* O`|akbyca no xfa|a k|a = mkcc `yxn`j} K# L# M wf`}a aa|mn}a y|nma k|a \}*;99#;19#


9/29

}qjh|~ halx`|}# lncc} |amanvklca}# }x`md}# y|ayknh ayaj}a} axm* Mq||ajx

cnklncnx~ n} xfa ayaj}a} xf`}a k|a x` la njmq||ah wnxfnj `ja ~ak| }qmf k} lncc}

yk~klca# }qjh|~ m|ahnx`|}# `qx}xkjhnjg ayaj}a}# y|`vn}n`j o`| xkkxn`j#y|`vn}n`j o`| hay|amnkxn`j kjh y|`y`}ah hnvnhajh axm* Xfa nhakc mq||ajx |kxn`

n} < }` xfkx akmf |qyaa ò mq||ajx cnklncnx~ }f`qch la lkmdah l~ < |qyaa ò

mq||ajx k}}ax*l. [qnmd |kxn`2 [qnmd |kxn` n} xfa |kxn` ò {qnmd k}}ax x` {qnmd cnklncnx~* Nx n}

haonjah k} mq||ajx k}}ax" }x`md/ mq||ajx cnklncnx~" lkjd `va|h|kox*

]`baxnba} nx fkyyaj} xfkx mq||ajx |kxn` n} fngf lqx {qnmd |kxn` n} c`w* Nx}f`w} bke`|nx~ ò xfa mq||ajx k}}ax} k|a nj xfa o`|b ò }x`md} wfa|a xfa|a n}

j` gqk|kjxaa wfaxfa| m`bykj~ wncc la klca x` òoc`kh xfa }x`md wnxfnj `ja

~ak| `| j`x* Fngfa| {qnmd |kxn` }xkjh} o`| }`qjh cn{qnhnx~ y`}nxn`j ò xfa

m`bykj~* M`bykj~ fk} m`j}`cnhkxah nx} y`}nxn`j nj }qmf wk~# xfkx xfa|a n}j` mfkjma ò yk~bajx haokqcx x` xfa }qyycna|} kjh m|ahnx`|}*

=8* F`w }`cajm~ y`}nxn`j ò k m`bykj~ n} eqhgah 0

Kj}* Wfajava| kj njva}x`| n} wnccnjg x` njva}x nj k }x`md# kx on|}x xfa }`cvajm~k}yamx ò xfa m`bykj~ n} x` la eqhgah*

k. Halx A{qnx~ |kxn 2 Halx a{qnx~ |kxn n} kj njhnmkx`| ò c`jg xa|b }`cvajm~y`}nxn`j ò xfa on|b*

Halx A{qnx~ |kxn`2 C`jg xa|b halx/}fk|af`cha|} oqjh

C`jg xa|b halx njmcqha} c`jg xa|b c`kj o|`b lkjd `| onjkjmnkc nj}xnxqxn`j# l`jh

kjh halajxq|a* ]fk|af`cha|} oqjh2 a{qnx~ mkynxkc$ y|aoa|ajma }fk|a mkynxkc$|a}a|va kjh }q|ycq}"onmxnxn`q} k}}ax no kj~ *No on|b fk} c`wa| halx a{qnx~ |kxn`# nx

nbycna} xfkx on|b n} hayajhnjg b`|a kjh b`|a`j a{qnx~ mkynxkc nj}xakh ò halx

mkynxkc* ]` njva}x`|} oqjh n} kcb`}x }koa*@j xfa m`jx|k|~ no halx a{qnx~ |kxn`n}fngf# xfa|a n} k |n}d ò nj}`cvajm~ k} xfa on|b |ac~njg b`|a kjh b`|a `j halx

mkynxkc*

l. Y|`y|naxk|~ |kxn` 2 L~ haonjnxn`j# Y|`y|naxk|~ |kxn`2

]fk|af`cha|}/y|`y|nax`|} oqjh

X`xkc k}}ax

No y|`y|naxk|~ |kxn` ò xfa on|b n} fngf# nx njxa|y|ax} xfkx c`jg xa|b }`cvajm~

y`}nxn`j ò xfa on|b n} g``h* Bke`|nx~ ò xfa k}}ax} k|a onjkjmah l~}fk|af`cha|} oqjh* C`w y|`y|naxk|~ |kxn y|a}ajx} eq}x |ava|}a }majk|n`

xfkx on|b fk} k c`x ò halx lq|haj*

=1* Wfkx h` ~`q bakj l~ Aoonmnajm~ `| Xq|j @a| kjkc~}n} ò k on|b 0

Kj}* Xfn} ha}m|nla} xfa hag|aa ò aoonmnajm~ nj qxncnukxn`j ò vk|n`q} k}}ax} hayc`~ah njxfa

on|b*

k. Njvajx |~ xq|j `va| |kxn`2 Njvajx`|~ xq|j `va| |kxn n} haonjah m`}x ò g``h}}`ch/kva|kga njvajx`|~*

Kva|kga njvajx`|~ f`chnjg ya|n`h2 =?1/Njvajx`|~ xq|j `va|


10/29

Njvajx`|~ xq|j`va| xf| w} cngfx kx xfa hag|aa ò aoonmnajm~ nj njvajx`|~ bkjkgabajx* K

fngf njvajx`|~ xq|j`va| |kxn` n} xfa njhnmkx`| ò }`qjh njvajx`|~ bkjkgabajx* K c`wnjvajx`|~ xq|j`va| |kxn` nbycna} ama}}nva njvajx`|~ cavac} xfkj wk||kjxah l~ v`cqba ò

`ya|kxn`j* K fngf cavac ò nhca `| `l}`caxa njvajx`|~ bakj} lc`mdkga `| c`}} ò mkynxkc* K

va|~ fngf njvajx |~ xq|j `va| |kxn` }f`qch la akbnjah mkqxn`q}c~* Nx bk~ la hqa x`bknjxknjnjg kj njkha{qkxa cavac ò njvajx`|~ wfnmf bk~ mkq}a o|a{qajx }x`md `qx*

l. Halx`|} xq|j `va| |kxn` 2Nx n} haonjah k} M|ahnx }kca}/ kva|kga |amanvklca}*Kva|kga m`ccamxn`j ya|n`h2 =?1/halx`|} xq|j `va| |kxn`

Fngfa| halx`| xq|j `va| |kxn` bakj} }f |xa| kva|kga m`ccamxn`j ya|n`h* Nx

njhnmkxa} aoonmnajm~ nj m`ccamxn`j ò halx* Halx`|} k|a j`x kcc`wah x` cnjga| xfan|

yk~bajx*C`wa| halx xq|j `va| |kxn` bakj} c`jga| kva|kga m`ccamxn`j ya|n`h* Xfn} |aocamx}

njaoonmnajm~ nj m`ccamxn`j ò halx* Nx bk~ |a}qcx xfa lkh halx wfnmf bk~ a|`ha

y|ònxklncnx~*

m. M|ahnx`|} xq|j`va| |kxn` 2 Nx n} aycknjah k}Kjjqkc M|ahnx yq|mfk}a/Kva|kga yk~klca*

Kva|kga yk~bajx ya|n`h2=?1/m|ahnx`|} xq|j `va| |kxn`* K c`w m|ahnx xq|j `va| |kxn` n}

kyyk|ajxc~ okv`q|klca k} nj xfkx mk}a on|b aje`~} cajgxf~ m|ahnx ya|n`h* ]x|knj `j w`|dnjg

mkynxkc n} c`w* Fngf m|ahnx xq|j `va| |kxn njhnmkxa} on|b n} x` yk~ nx} }qyycna|}

nbbahnkxac~ koxa| yq|mfk}a*

=?* F`w y|ònxklncnx~ y`}nxn`j ò k on|b n} eqhgah 0

Kj}* _nxkc yk|kbaxa| x` bak}q|a xfa }qmma}} ò xfa

m`bykj~ n} nx} y|ònxklncnx~* Q}qkcc~ y|ònx n} haonjah k} xfa hnooa|ajma laxwaaj

x`xkc |avajqa kjh x`xkc m`}x* Xfa|a k|a }ava|kc bak}q|abajx} ò y|ònxklncnx~"k. G|`}} y| onx bk|gnj 2G|`}} y| onx n} j`xfnjg lqxama}} ò }kca} `va| kjh kl`va xfa m`}x ò g``h} }`ch* G|`}} y|ònx bk|gnj 2

g|`}} y|ònx/}kca} ;99*

No g|`}} y|ònx bk|gnj ò k on|b n} fngf nx njhnmkxa} xfkx on|b fk} kmfnavahamaccajma nj mq|xkncnjg xfa y|`hqmxn`j/bkjqokmxq|njg m`}x*

l. Jax y|ònx bk|gnj 2 Jax y|ònx n} j`xfnjg lqx y`}x xk

y|ònx ò xfa m`bykj~*Jax y|ònx2`ya|kxnjg njm`ba$ njm`ba o|`b `xfa| }`q|ma}"hay|amnkxn`j"njxa|a}x"xk*Jax y|ònx bk|gnj 2 jax y|ònx/}kca} ;99 *No jax y|ònx

bk|gnj ò k on|b n} fngf nx nbycna} xfkx xfa on|b n} klca x` m`ya wnxf kcc

qjokv`|klca mn|mqb}xkjma} wfkxava| bk~ xkda yckma nj jak| oqxq|a }qmf k} okcc

nj xfa y|nma ò xfa y|`hqmx# aba|gajma ò }ql}xnxqxa}# hnoonmqcx~ ò `lxknjnjg |kwbkxa|nkc} axm* No g|`}} y|ònx bk|gnj n} fngf lqx jax y|ònx bk|gnj n} c`w# nx

nbycna} xf`qgf on|b fk} kxxknjah aoonmnajm~ nj bkjqokmxq|njg lqx hqa x` fngfa|

òonma kjh khbnjn}x|kxnva ayaj}a# nx} jax y|ònx n} j`x qy x` xfa bk|d*

m. \axq|j `j a{qnx~ 2Xfa b`}x nby`|xkjx njhnmkx`| ò

onjkjmnkc ya|o`|bkjma # xfa \axq|j `j A{qnx~&\@A. n} haonjah k}

\@A2 YLNX/}kca} }kca}/k}}ax} YLX/YLNX YKX/YLX k}}ax/jax w`|xf\@A2YLNX aoonmnajm~ k}}ax xq|j`va| njxa|a}x lq|haj xk lq|haj cava|kga


11/29

Nj }nbyca va|}n`j \axq|j `j A{qnx~ n} njxa|y|axah k}

YKX/Jax w`|xf*

Jax w`|xf ò k m`bykj~ n} A{qnx~ mkynxkc $Y|aoa|ajma mkynxkc $ \a}a|va kjh}q|ycq}" onmxnxn`q} k}}ax} no kj~*

No |axq|j `j a{qnx~ n} fngf# nx }f`w} }x`md ya|o`|bkjma ò xfa m`bykj~ n} va|~

g``h*Ak|jnjg ya| }fk|a2Ak|jnjg ya| }fk|a n} xfa |kxn` ò on|b} x`xkc ak|jnjg}# jax xka}

bnjq} y|aoa|ajma hnvnhajh `va| xfa jqbla| ò a{qnx~ }fk|a}* Nx n} ha}n|klca xfkx k

m`bykj~ }f`qch fkva k fngfa| AY]* Xfaj xfa }x`md ò xfa m`bykj~ wncc la cqm|kxnva`yxn`j o`| xfa njva}x`|

=7* Wfkx h` ~`q bakj l~ @ya|kxnjg Caa|kga kjh Onjkjmnkc Caa|kga0

Kj}* Cava|kga kjkc~}n} ò on|b n} kc}` va|~ vnxkc x` gax kj nhak kl`qx xfa on|b*

k. @ya|kxnjg Cava|kga 2 @ya|kxnjg cava|kga bak}q|a}

hn}y|`y`|xn`jkxa mfkjga nj y|ònx hqa x` y|`y`|xn`jkxa mfkjga nj }kca}* Hag|aa ò

@ya|kxnjg Cava|kga&H@C. n} haonjah k} m`jx|nlqxn`j/ m`jx|nlqxn`j"onah m`}x* Noonah m`}x ò k on|b n} fngfa|# nx} H@C wncc la fngfa|* L|akd avaj y`njx ò `qxyqx

wncc la fngfa|* Xfa on|b wncc la nj k |n}d~ y`}nxn`j* Xfa|a n} k |n}d xfkx hqa x`|ahqmxn`j ò }bkcc kb`qjx ò }kca# y|ònx wncc la |ahqmah x` ck|ga axajx*

Fngfa| H@C n} y|aoa|klca wfaj habkjh o`| xfa y|`hqmx `| }a|vnma ò xfa on|b n}

b`|a `| ca}} }xklca*

l. Onjkjmnkc cava|kga 2 Onjkjmnkc cava|kga bak}q|a}hn}y|`y`|xn`jkxa mfkjga nj ak|jnjg ya| }fk|a hqa x` y|`y`|xn`jkxa mfkjga nj y|ònx*

Hag|aa ò Onjkjmnkc cava|kga&HOC. n} haonjah k} Y| onx Lao`|a Njxa|a}x kjh

Xk&YLNX./Y|ònx Lao`|a Xk&YLX.*HOC2YLNX/YLNX"N* No njxa|a}x lq|haj ò kon|b n} fngf# HOC wncc la fngfa|* Wfaj on|b hayajh} b |a kjh b`|a `j

l`||`wah mkynxkc# on|b wncc la nj |n}d~ y`}nxn`j lamkq}a hqa x` fngfa| HOC xfa|a n}

k |n}d xfkx ak|jnjg ya| }fk|a wncc okcc x` k ck|ga| axajx wfaj y|ònx okcc}*Fngfa| onjkjmnkc cava|kga n} okv`q|klca no xfa |axq|j `j mkynxkc abyc`~ah n} fngfa|

xfkj xfa m`}x ò |kn}njg mkynxkc* Nj xfn} mk}a# l~ |ac~njg b`|a kjh b`|a `j halx

mkynxkc# ak|jnjg ya| }fk|a mkj la ajfkjmah wfnmf n} dj`wj k} X|khnjg `j A{qnx~*

=6* Wfkx n} \kjh`b Wkcd Xfa`|~ 0

Kj}* \kjh`b Wkcd xfa`|~ nbycna} xfkx }x`md y|nma ò x`hk~ fk} j` njocqajma `j }x`md

y|nma ò x`b`||`w* Mfkjga nj }x`md y|nma `mmq|} no xfa|a n} k mfkjga nj am`j`b~#njhq}x|~ `| m`bykj~* Xfkx njo`|bkxn`j n} nbbahnkxac~ kjh nj}xkjxkja`q}c~ |aocamxah

nj xfa }x`md y|nma* Xfa|ao`|a b`vabajx ò }x`md y|nma n} kx |kjh`b |kxfa| xfkj nj k

y|ahnmxah ykxxa|j*

=>* Bajxn`j }`ba baxf`h} ò mkynxkc lqhgaxnjg wfa|a |n}d kjh qjma|xknjx~ n}njm`|y`|kxah*

Kj}* ]`ba baxf`h} ò mkynxkc lqhgaxnjg wnxf |n}d kjh qjma|xknjx~ n}

\n}d Kheq}xah Hn}m`qjx \kxa

Ma|xknjx~ A{qnvkcajx baxf`h

]aj}nxnvnx~ Kjkc~}n}


12/29

Hamn}n`j X|aa kyy|`kmf

89* Wfkx h` ~`q bakj l~ njxkjgnlca k}}ax} onmxnxn`q} k}}ax 0

Kj}* Njxkjgnlca k}}ax} k|a xf`}a k}}ax} wfnmf k|a m|akxah xf|`qgf xnba kjh aoo`|x lqx

xfa~ k|a j`x yf~}nmkcc~ bak}q|klca* Njxkjgnlca k}}ax} k|a ò xw` x~ya} }qmf k} òonmnkc

k}}ax kjh onmxnxn`q} k}}ax *Xfa akbyca ò òonmnkc k}}ax} k|a ykxajx# m`y~ |ngfx* Xfa}ak|a njxaccamxqkc y|`ya|x~ |ngfx xfkx xfa njj`vkx`| ò k jaw y|`hqmx# y|`ma}}# m`jmayx

aje`~}* Ykxaj kjh m`y~ |ngfx fk} onjnxa ya|n`h ò cnoa* @va| xfa cnoa m`bykj~ fk} x`

w|nxa òo xfab*Onmxnxn`q} k}}ax} k|a xf`}a wfnmf fkva b`jaxk|~ vkcqa wnxf`qx lkmdah l~ kj~ yf~}nmkc

k}}ax* O`| akbyca" axa|jkcc~ gaja|kxah g``hwncc* Wfaj `ja m`bykj~ km{qn|a}

kj`xfa| m`bykj~# xfa ama}} ò okma vkcqa km{qn|a| m`bykj~ yk~} x` xfa xk|gaxm`bykj~ o`| nx} akmf }fk|a bqcxnycnah l~ jqbla| ò `qx}xkjhnjg }fk|a} ò xfa xk|gax

m`bykj~ n} dj`wj k} axa|jkcc~ gaja|kxah g``h wncc o`| xfa km{qn|a| m`bykj~ kjh nx

wncc la }f`wj k} xfa k}}ax }nha ò xfa lkckjma }faax* Nj mk}a ò onmxnxn`q} k}}ax}# xfa~

fkva x` la w|nxxaj òo kx k fngfa| |kxa*

Xfa|a k|a }`ba nxab} wfnmf k|a yckmah nj xfa k}}ax }nha ò lkckjma }faax njkmm`qjxnjg }aj}a lqx xfa~ mkj j`x la m`j}nha|ah k} xfa k}}ax ò xfa m`bykj~ c`gnmkcc~*

No k m`bykj~ njmq|} c`}}# nx wncc la }f`wj nj xfa k}}ax }nha ò xfa lkckjma }faax xf`qgfc`}} n} j`x kj k}}ax o`| k m`bykj~* Y|acnbnjk|~ ayaj}a kjh hn}m`qjx `j n}}qa ò

}fk|a} k|a kc}` akbyca ò onmxnxn`q} k}}ax*

8;* Wfkx n} xfa hnooa|ajma laxwaaj O|aa Mk}f Oc`w x` A{qnx~ kjh O|aa Mk}f

Oc`w x` On|b m`jmayx0

Kj}* OMOA b`hac n} q}ah k} k b`ha|j a{qnx~ vkcqkxn`j kyy|`kmf* Nx }f`w} xfa o|aamk}f oc`w kvkncklca x` a{qnx~ }fk|af`cha| koxa| baaxnjg kcc ayaj}a}*

OMOA2 Jax Njm`ba" & Mkynxkc ayajhnxq|a" Hay|amnkxn`j" kb`|xnukxn`j ."Mfkjga nj

j`j mk}f w`|dnjg mkynxkc $Jax mk}f njoc`w o|`b halx n}}qa*Jax Njm`ba2 Y|ònx Koxa| xkMq||ajx Bk|dax y|nma ò xfa }fk|a2 OMOA;/&|"g.

OMOA;2 O|aa mk}f oc`w a{qnx~ }fk|af`cha| koxa| ; ~ak|*

|2 m`}x ò a{qnx~ &haxa|bnjah l~ MKYB b`hac.|2 |n}d o|aa |kxa ò |axq|j $ Laxk vkcqa |n}d y|abnqb

g2 ayamxah g|`wxf |kxa

\anjva}xbajx |kxa mkcmqckxn`j n} h`ja `j xfa lk}n} ò OMOA b`hac* Nj mk}a ò a{qnx~vkcqkxn`j# G|`wxf |kxa 2 \anjva}xbajx |kxa |axq|j `j A{qnx~

\anjva}xbajx |kxa2 &Mkynxkc ayajhnxq|a hay|amnkxn`j" kb`|xnukxn`j $ mfkjga nj

j`j mk}f WM halx n}}qa$ halx |ahabyxn`j./ Jax Njm`ba

\axq|j `j A{qnx~2 YKX/Jax w`|xfOMOO b`hac }f`w} mk}f oc`w kvkncklca x` xfa babla|} ò xfa on|b xfkx n} l`xf halx

kjh a{qnx~ f`cha|*

OMOO2 YLNX&;"x. $ \&;"x. $ Hay|amnkxn j$ Kb`|xnukxn`j" Mkynxkc ayajhnxq|a mfkjga nj j`j mk}f w`|dnjg mkynxkc

\ 2 Njxa|a}x yk~bajx l~ xfa m`bykj~ x` m|ahnx`|

g2 \@MA \anjva}xbajx |kxa\@MA2 YLNX &;"x./ & l``d vkcqa ò halx $ l``d vkcqa ò a{qnx~.


13/29

\anjva}xbajx |kxa2 Mkynxkc ayajhnxq|a hay|amnkxn`j" kb`|xnukxn`j $ Mfkjga nj

J`j mk}f w`|dnjg mkynxkc/ T YLNX &;"x. $ \&;"x.R

Mq||ajx y|nma ò xfa bk|dax }fk|a2 OMOO; /&d"g.D2 wangfxah kva|kga m`}x ò mkynxkc

2 &L``d vkcqa ò halx/ L``d vkcqa. m`}x ò halx $ &L``d vkcqa ò a{qnx~/ L``d

vkcqa . m`}x ò a{qnx~

8


14/29

fahga oqjh n} bknjc~ aje`~ah l~ fngf Jax w`|xf Njhnvnhqkc kjh fahga oqjh m`bykj~

mfk|ga l`xf bkjkgabajx oaa k} wacc k} ya|o`|bkjma oaa }nbqcxkja`q}c~* Xfa

amaccajma ò Fahga oqjh n} xfkx nx |ahqma} xfa }~}xabkxnm |n}d `| bk|dax |n}d ò xfanjva}xbajx* K} k |a}qcx l`xf |axq|j kjh |n}d wncc b`ha|kxa |kxfa| xfkj klj`|bkcc~

fngf* Gaja|kcc~ xfa }x|kxag~ kh`yxah l~ Fahga oqjh m`bykj~ xfkx xfa~

}nbqcxkja`q}c~ njva}x nj qjha| y|nmah }x`md k} wacc k} xfa~ k|a njv`cvah nj }f`|x}accnjg ò xfa k}}ax* Wfaj Bk|dax lam`ba} lqccn}f# y|ònx n} ha|nvah o|`b qjha|

y|nmah }x`md lqx c`}} wncc la njmq||ah o|`b }f`|x }accnjg* ]` c }} o|`b }f`|x }accnjg n}

m`qjxa| lkckjmah l~ gknj o|`b njva}xbajx nj qjha| y|nmah }x`md* @j xfa m`jx|k|~wfaj bk|dax lam`ba} lak|n}f # y|ònx n} ak|jah o|`b }f`|x }accnjg lqx xfa|a n} k c`}}

o|`b qjha| y|nmah }x`md njva}xbajx* C`}} o|`b njva}xbajx nj qjha| y|nmah }x`md n}

lkckjmah l~ y|ònx o|`b }f`|x }accnjg* Nj l`xf xfa mk}a} }~}xabkxnm |n}d fk} laaj

fahgah*

88* Wfkx h` ~`q bakj l~ }njdnjg oqjh okmx`| kjh mkynxkc |amà|~ okmx`|0Kj}* No k ma|xknj kb`qjx ò oqjh&^. n} x` la |akcnuah koxa| ma|xknj ya|n`h ò

xnba&j.# wfkx a{qkc kb`qjx&V. }f`qch la njva}xah kx xfa ajh ò ava|~ ~ak|" xfkx n}haxa|bnjah l~ }njdnjg oqjh okmx`|*

V O_NOK& |!# j ~ak|. 2 ^

@| V2 ^ ;/O_NOK&|!# j ~ak|.2^ }njdnjg oqjh okmx`|

]njdnjg oqjh okmx`| n} |amny|`mkc ò O_NOK*

No kj njva}x`| njva}x} k ma|xknj kb`qjx ò oqjh&^. nj k y|èamx nj xfa mq||ajx ya|n`h

kjh wnccnjg x` |akcnua xfa oqjh wnxfnj k ma|xknj ya|n`h ò xnba xfkx n} &j ~ak|}.# xfaa{qkc kb`qjx ò njoc`w &V.xfkx y|èamx n} ayamxah x` gaja|kxa" xfkx n} haxa|bnjah

l~ mkynxkc |am`va|~ okmx`|*

V Y_NOK&|!# j ~ak|.2 ^@| V 2 ^ ;/ Y_NOK&|!# j ~ak|. 2 ^ Mkynxkc |am`va|~ okmx`|

Mkynxkc |am`va|~ okmx`| n} xfa |amny|`mkc ò Y_NOK*

81* Wfkx n} LK]AC NN kjh f`w nx n} hnooa|ajx o|`b LK]AC N 0

Kj}* Kmm`|hnjg x` Lk}ac N# kcc xfa lkjd} k|a khvn}ah x` bknj mkynxkc kha{qkm~ |kxn` kx

cak}x 6!* Mkynxkc kha{qkm~ |kxn`2 &Xna| N mkynxkc $ Xna| NN mkynxkc./ |n}d wangfxah k}}ax*

Xna| N mkynxkc njmcqha} a{qnx~ mkynxkc kjh |a}a|va }q|ycq}* Xna| NN mkynxkc njmcqha} fnhhaj|a}a|va# |avkcqkxn`j |a}a|va# f~l|nh nj}x|qbajx}# }ql`|hnjkxah halx axm*

\LN fk} nj}x|qmxah kcc Njhnkj M`bba|mnkc lkjd} x` f`ch mkynxkc kha{qkm~ |kxn` kx cak}x

>!*

Lk}ac NN n} xfa }am`jh ò xfa Lk}ac Kmm`|h}# wfnmf k|a |am`bbajhkxn`j} `j lkjdnjgckw} kjh |agqckxn j} n}}qah l~ xfa Lk}ac M`bbnxxaa `j Lkjdnjg ]qya|vn}n j* Xfa
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15/29

yq|y`}a ò Lk}ac NN# wfnmf wk} njnxnkcc~ yqlcn}fah nj Eqja

wfnmf kha{qkxa cn{qnhnx~ mkj la y|`vnhah x` b`|xgkga bk|dax ò nccq{qnh k}}ax

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gà} qy# YC\$

Nj}xnxqxn`jkc njva}x`|} bkda cnaj `j xfa |akc a}xkxa y|`ya|x~ kjh x|~ x` }acc nx*K} k|a}qcx }accnjg y|a}}q|a nj bk|dax fk} g`ja qy# |akc a}xkxa y|nma }xk|xah x` okcc

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m|akxn`j y|`ma}} k} xfan| m|ahnx fn}x`|~ n} kcwk~} g``h k} xfa~ k|a yk~njg xnbac~ x` xfalkjd}*]`baxnba} xfa~ k|a njxajxn`jkcc~ njockxnjg xfa l`||`wa|} cavac ò njm`ba }`

xfkx Nj}xnxqxn`jkc Njva}x`|} wncc la b`xnvkxah x` yq|mfk}a xfa halx }amq|nx~* Xfn} wncc

oq|xfa| w`|}ajnjg xfa }nxqkxn`j*


16/29

87 Wfkx h` ~`q bakj l~ kcyfk kcqa ò kj k}}ax0

Kj}* Kcyfk vkcqa ò kj k}}ax nbycna} |n}d o|aa |kxa ò |axq|j o|`b |n}d~ }amq|nx~* Kcyfk

vkcqa mkj la haxa|bnjah wnxf xfa facy ò mfk|kmxa|n}xnm cnja* Mfk|kmxa|n}xnm cnja }f`w}xfa |ackxn`j}fny laxwaaj }x`md y|nma b`vabajx kjh xfa bk|dax njha b`vabajx*

Xfa a{qkxn`j ò xfa mfk|kmxa|n}xnm cnja mkj la ay|a}}ah k}

^2 kcyfk $ Laxk V^2 \axq|j o|`b xfa yk|xnmqck| }x`md

V2 \axq|j o`|b xfa bk|dax njha

No kcyfk vkcqa ò xfa }x`md n} y`}nxnva# nx n} qjha|y|nmah `| vnma va|}k*

86* Wfkx h` ~`q bakj l~ K]LK 0

Kj}* K]LK n} Kyycnmkxn j ]qyy`|xah l~ Lc`mdah Kb`qjx* Nx n} k laxxa| wk~ ò

kyyc~njg o`| kj NY@ `| OY@ l~ }nbyc~ lc`mdnjg xfa oqjh nj xfa lkjd kmm`qjx* Njxfn} mk}a# xfa ya|}`j wncc m`jxnjqa x` ak|j njxa|a}x `j xfa kb`qjx* Xfa `jc~

m`j}x|knjx n} xfkx# xfa~ mkj j`x wnxfh|kw xfa oqjh o|`b xfa kmm`qjx* Kb`qjx wncc

la halnxah `jc~ no }fk|a n} kcc`xxah x` xfa njhnvnhqkc* No xfa ya|}`j n} j`x kcc`xxah

xfa }fk|a# kqx`bkxnmkcc~ oqjh wncc la lc`md o|aa* K]LK n} ha}ngjah l~ ]ALN x`y|`xamx xfa Njva}x`|} njxa|a}x wf` k|a wnccnjg x` kyyc~ o`| NY@ lqx j`x kx xfa

ayaj}a ò njxa|a}x njm`ba c`}}*

8>* Wfkx h` ~`q bakj l~ njockxn`j kjh nx} bak}q|abajx0

Kj}* Njockxn`j n} xfa }q}xknjah |n}a nj y|nma* Nj `xfa| w`|h} njockxn`j

nbycna} ama}} ò b`ja~ }qyyc~ `va| kjh kl`va xfa kvkncklca g``h} kjh}a|vnma} nj xfa am`j`b~*

Njockxn`j mkj la bak}q|ah l~ WYN & Wf`ca}kca Y|nma Njha Jqbla|. `|

MYN & M`j}qba| Y|nma Njha Jqbla|.*Nj WYN# }ngjnonmkjx wangfx n} gnvaj x` bkjqokmxq|ah k|xnmca*

Nj MYN# nx njm`|y`|kxa} k lk}dax ò g``h} wfnmf m`j}qba|} k|a q}qkcc~ q}a

kjh }ngjnonmkjx wangfx n} gnvaj x` o``h k|xnmca}*Xfa G`va|jbajx `j ;8xf ]ayxabla|#8 k} xfa lk}a ~ak|

wfnmf `jc~ |aocamxah xfa y|nma |n}a nj 8=1 k|xnmca}*

Ahnlca kjh j`j ahnlca nxab} wnhac~ q}ah l~ bnhhca mck}} ya`yca cnda nmam|akb# bnja|kc wkxa|# bnm|`wkva `vaj}# wk}fnjg bkmfnja}# g`ch# }ncva|

k|a |aocamxah nj jaw WYN }a|na}*

19* Wfkx h` ~`q bakj l~ Lkckjma ò Yk~bajx o k jkxn`j0Kj}* L@Y n} haonjah k} }~}xabkxnm |am`|h ò onjkjmnkc x|kj}kmxn`j} wnxf xfa

|a}nhajx} ò xfa babla| m`qjx|~ kjh xfa |a}nhajx} ò |a}x ò w`|ch o`| k yk|xnmqck| ya|n h ò xnba* Lkckjma ò yk~bajx fk} xw` x~ya} ò

x|kj}kmxn`j}" Kqx`j`b`q} x|kj}kmxn`j kjh kmm`bb`hkxnjg x|kj}kmxn`j*

Kqx`j`b`q} x|kj}kmxn`j} njmcqha} kcc xfa x|kj}kmxn`j} wfnmf k|a xkdnjg

yckma o`| xfa }kda ò lq}nja}} o`| akbyca mq||ajx kmm`qjx kjh mkynxkc


17/29

kmm`qjx x|kj}kmxn j* L@Y n} m`byqxah k} k h`qlca ajx|~ kmm`qjxnjg

}~}xab* Kj~ x|kj}kmxn`j wfnmf m|akxa} habkjh o`| f`ba mq||ajm~ wncc la

yckmah nj m|ahnx }nha# kj~ x|kj}kmxn j wfnmf m|akxa} }qyyc~ ò f`bamq||ajm~ wncc la yckmah nj }qyyc~ }nha* Kj~ x|kj}kmxn`j wfnmf n} q}ah k} k

}`q|ma ò oqjh n} yckmah nj m|ahnx }nha kjh kj~ x|kj}kmxn`j wfnmf n} q}ah k}

kyycnmkxn`j ò oqjh n} yckmah nj halnx }nha* Mq||ajx kmm`qjx x|kj}kmxn`jnjmcqha} ay`|x kjh nby`|x ò g``h} kjh }a|vnma} kjh qjnckxa|kc yk~bajx*

Ay`|x ò g``h} kjh }a|vnma wncc la y`}nxah nj m|ahnx }nha kjh nby`|x ò

g``h} kjh }a|vnma} wncc la y`}nxah nj halnx }nha* No m|ahnx }nha ò mq||ajxkmm`qjx n} g|akxa| xfkx xfa halnx }nha ò mq||ajx kmm`qjx# jkxn`j fk} mq||ajx

kmm`qjx }q|ycq}*

Mkynxkc kmm`qjx x|kj}kmxn`j njmcqha} njoc`w kjh `qxoc w ò OHN kjh ONN*

Njoc`w ò OHN kjh ONN n} y`}nxah nj m|ahnx }nha ò L@Y kjh `qxoc`w ò OHNkjh ONN n} y`}nxah nj halnx }nha ò L@Y* No m|ahnx }nha nj mkynxkc kmm`qjx n}

g|akxa| xfkj halnx }nha ò xfa mkynxkc kmm`qjx# jkxn`j fk} mkynxkc kmm`qjx

}q|ycq}*

No xfa }qb x`xkc ò m|ahnx }nha ò mq||ajx kjh mkynxkc kmm`qjx n} g|akxa| xfkjxfa }qb x`xkc ò halnx }nha ò mq||ajx kjh mkynxkc kmm`qjx# jkxn`j n} }knh x

fkva k L@Y }q|ycq}*Kmm`bb`hkxnjg x|kj}kmxn j k|a xf`}a x|kj}kmxn`j} wfnmf k|a xkdnjg yckma

x` bkda xfa lkckjma ò yk~bajx kcwk~} lkckjmah* O`| akbyca mfkjga no

o`|angj amfkjga |a}a|va# mfkjga nj g`ch |a}a|va axm*

Njhnk n} kcwk~} k mq||ajx kmm`qjx haonmnx jkxn`j k} nx} vkcqa ò nby`|x n}kcwk~} fngfa| xfkj vkcqa ò ay`|x* Lqx hqa x` lanjg kj aba|gnjg

am`j`b~# Njhnk n} xfa y`yqck| ha}xnj~ ò OHN kjh ONN* Xfa|ao`|a Mkynxkc

kmm`qjx ò Njhnk |abknj} kcwk~} }q|ycq} x` k }qmf axajx xfkx nx b`|a xfkjòo}ax xfa mq||ajx kmm`qjx haonmnx ò xfa jkxn`j*& lk||njg xfa xnba ò gc`lkc

|ama}}n`j nj


18/29

c`wa| m`|y`|kxa y|ònx xk* Y|`vn}n`j mkj la bkha o | y|`y`}ah hnvnhajh

yk~bajx x` xfa }fk|af`cha| kc}`*

Wfaj m`bykj~ ak|j} y|ònx ma|xknj kb`qjx wncc la yknh x` xfa }fk|af`cha| k

hnvnhajh kjh |abknjnjg kb`qjx wncc la dayx k} |a}a|va kjh }q|ycq}* \a}a|va}

k|a ò xw` x~ya}" |avajqa |a}a|va kjh mkynxkc |a}a|va* \avajqa |a}a|vanjmcqha} |a}a|va o`| lkh halx kjh |a}a|va o`| hay|amnkxn`j* Mkynxkc |a}a|va

njmcqha} mkynxkc |ahabyxn j |a}a|va# }fk|a y|abnqb kmm`qjx# hnvnhajh

a{qkcnukxn`j |a}a|va*

1=* Hn}xnjgqn}f laxwaaj Njhnkj GKKY Q]K GKKY *

Njhnk Q]K

Njhnkj GKKY kcc`w} haoa||ah |avajqaayajhnxq|a*

Q]K GKKY hà} j`x kcc`w nx*

\ackxah yk|x~ x|kj}kmxn`j n} }x|nmxc~

y|`fnlnxah nj Njhnk*

Q]K GKKY n} cnla|kc nj |ackxah yk|x~

x|kj}kmxn`jAbyfk}n} n} gnvaj `j m`j}`cnhkxn`j j`|bwfa|a g``hwncc `| mkynxkc |a}a|va fk} x` la

}yamnonah*

Q]K GKKY n} b`|a o`mq}ah `j bnj`|nx~njxa|a}x*

18* Kb`jg njockxn`j kjh haockxn`j wfnmf h` ~`q y|aoa| wf~0

Kj}* Njockxn`j n} }q}xknjah |n}a nj y|nma wfnmf |ahqma} xfa yq|mfk}njg y`wa| ò

b`ja~* Lqx ha}ynxa ò nx} avnc}# k bnch hùa ò njockxn`j }f`qch la njeamxah njxfa l`h~ ò am`j`b~ lamkq}a nx }xnbqckxa} kgg|agkxa habkjh* No habkjh n}

fngfa|# y|nma wncc g` qy* Y|`hqma| wncc la wnccnjg x` }qyyc~ b`|a x` l`` fngfa|

y|ònx* K} k |a}qcx habkjh o`| okmx`|} wncc g` qy kjh abyc`~bajx gà} qy* Kcc

am`j`bnm vk|nklca }qmf k} qxyqx# abyc`~bajx# njm`ba wncc g` qy*

Haockxn`j bakj} }q}xknjah okcc nj y|nma* K} y|nma gà} h`wj# y|`hqma| |ahqma}

y|`hqmxn`j* Habkjh o`| okmx`|} wncc g` h`wj* Qjabyc`~bajx wncc g` qy*Habkjh gà} h`wj oq|xfa|* Kgknj y|nma b`va} nj xfa h`wjwk|h hn|amxn`j*

Xfa|ao |a kcc vk|nklca} }qmf k} `qxyqx# y|nma# abyc`~bajx wncc b`va nj

h`wjwk|h }yn|kc*

Xfa|ao`|a njockxn`j n} lkh lqx |ama}}n`j n} w`|}x*

11* Hn}xnjgqn}f laxwaaj onjkjmnkc cak}a @ya|kxnjg cak}a*

Kj}* K onjkjmnkc cak}a n} }x|qmxq|ah x` njmcqha xfa o`cc`wnjg mfk|kmxa|n}xnm}" Xfa ca}}aa }acamx} xfa a{qnybajx kmm`|hnjg x` fn} |a{qn|abajx o|`b

bkjqokmxq|a| `| hn}x|nlqx`|

Xfa ca}}aa jag`xnkxa} kjh }axxca} wnxf xfa bkjqokmxq|a| `| hn}x|nlqx`|

xfa y|nma# hacnva|~ }mfahqca# nj}xkcckxn`j# bknjxajkjma axm

Onjkjmnkc cak}a bk~ y|`vnha xfa |ngfx `| `yxn`j x` xfa ca}}aa x`

yq|mfk}a xfa a{qnybajx kx k oqxq|a hkxa*


19/29

Xfa cak}a ya|n`h }y|akh} `va| xfa ayamxah am`j`bnm cnoa ò xfa

k}}ax*

Xfa |a}y`j}nlncnx~ ò }qnxklncnx~ ò xfa a{qnybajx# xfa |n}d ò`l}`ca}ma} kjh cnklncnx~ o`| |aykn|# bknjxajkjma# nj}q|kjma ò xfa

a{qnybajx |a}x} wnxf ca}}aa*

K `ya|kxnjg cak}a n} }x|qmxq|ah k} @ya|kxnjg cak}a n} gaja|kcc~ o`| k ya|n`h }f`|xa| xfkj xfa

am`j`bnm cnoa ò xfa cak}ah k}}ax*

@ya|kxnjg cak}a j`|bkcc~ njmcqha} bknjxajkjma mckq}a |a{qn|njgxfa ca}}a| x` bknjxknj xfa cak}ah k}}ax*

1?* Hn}xnjgqn}f laxwaaj cak}a kjh fn|a yq|mfk}a*

Cak}a Fn|a yq|mfk}a

Xfa ca}} | n} xfa `wja| kjh ca}}aa n}ajxnxcah x` xfa am`j`bnm q}a ò xfa k}}ax*

@wja|}fny ò xfa k}}ax yk}}a} `j x` xfafn|a| nj mk}a ò fn|a yq|mfk}a `j yk~bajx

ò ck}x nj}xkccbajx*

Xfa hay|amnkxn`j ò xfa k}}ax n} mfk|gah `jxfa l``d ò ca}}`|*

Fn|a| n} ajxnxcah o`| hay|amnkxn`j }fnach*

M`}x ò bknjxajkjma n} l`|ja l~ ca}}aa nj

mk}a ò onjkjmnkc cak}a kjh m }x ò

bknjxajkjma n} l`|ja l~ ca}}a| nj mk}a ò`ya|kxnjg cak}a*

M`}x ò bknjxajkjma n} l`|ja l~ fn|a|*

Ca}}`| n} kcc`wah x` mcknb xk }fnach `j

hay|amnkxn`j kjh ca}}aa n} ajxnxcah x` mcknbxk lajaonx `j cak}a |ajxkc*

Fn|a| n} kcc`wah x` mcknb xk }fnach `j

hay|amnkxn`j ò xfa k}}ax

17* Hn}xnjgqn}f laxwaaj hakcqkxn`j kjh hay|amnkxn`j*

Kj}* Havkcqkxn`j n} |ahqmxn`j ò xfa vkcqa ò f`ba mq||ajm~ nj xa|b} òo`|angj mq||ajm~* Nx n} k y`cnm~ bak}q|a x` ajm`q|kga ay`|x kjh hn}m`q|kganby`|x* Xfa havkcqkxn`j m`jmayx n} kyycnmklca nj onah amfkjga |kxa |agnba*

Hay|amnkxn`j n} kc}` |ahqmxn`j ò f`ba mq||ajm~ nj xa|b} ò o`|angj mq||ajm~

lqx nx n} kyycnmklca nj mk}a ò ocanlca amfkjga |kxa* Nj ocanlca amfkjga|kxa# |kxa n} haxa|bnjah l~ habkjh kjh }qyyc~ o`|ma ò xfa bk|dax* Xfa|a n} j`

njxa|vajxn`j o|`b xfa G`va|jbajx* Mq||ajm~ wnxf fngfa| njockxn j |kxa wncc

hay|amnkxa* Nx n} dj`wj k} Yq|mfk}njg Y`wa| Yk|nx~&YYY. xfa`|~* Mq||ajm~wnxf fngfa| njxa|a}x |kxa wncc hay|amnkxa* Nx n} dj`wj k} Njxa|a}x \kxa Yk|nx~xfa`|~ &N\Y.*

16* Wfkx n} OBM 0

Kj}* Xfa Qjn j mklnjax `j ;7xf ]ayxabla|


20/29

k|a cndac~ x` gax yckma `j akmf `xfa|} l`k|h* Nx ykva} xfa wk~ o`| m`bb`hnx~

lk}ah amfkjga x|khah oqjh# x|khnjg `j njhnma} kjh wakxfa| lk}ah y|`hqmx*

Oqxq|a kjh `yxn`j x`gaxfa| wncc gnva laxxa| cn{qnhnx~ nj xfa bk|dax* Ok|ba|}yk|xnmnykxn`j wncc njm|ak}a xf|`qgf `yxn`j |`qxa lamkq}a xfa~ w`qch j`x `jc~

lam`ba nj}q|kjma nj mk}a bk|dax g`a} h`wj lqx nx wncc gnva xfa `yy`|xqjnx~ x`

xfa ok|ba|} x` mkyxq|a la}x y`}}nlca y|nma nj mk}a `o k bk|dax |kcc~*

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21/29


22/29

}a|vnma}*Wfnca xfa njxajxn`j ò xfa |agqckx`| wa|a wacc bakjnjg# xfa njhq}x|~ n} ~axx` |am`jmnca nx}aco x` xfa mfkjga} wfnmf fkva laaj mk||nah `qx*

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23/29

Hn}xnjgqn}f laxwaaj X\NY X\NB*

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wfnmf n} njm`j}n}xajx wnxf xfa WX@ k|xnmca} *Kj nccq}x|kxnva cn}x nhajxnona} xfkx o`cc`wnjgX\NB} k|a njm`j}n}xajx*

k. C`mkc M`jxajx \a{qn|abajx & ma|xknj kb`qjx o c`mkc njyqx} la q}ah nj y|`hqmx}.

l. X|kha lkckjmnjg |a{qn|abajx& nby`|x }f`qch j`x amaah k ma|xknj kb`qjx ò ay`|x.m. X|kha kjh O`|angj amfkjga lkckjmnjg |a{qn|abajx

h. H`ba}xnm }kca} |a{qn|abajx & k m`bykj~ }fkcc }acc k ma|xknj y`|xn`j ò nx} `qxyqx

c`mkcc~.*

Xfa kg|aabajx |a{qn|a} xfa j`xnonmkxn`j ò kcc WX@ njm`j}n}xajx X\NB] kjh xfan|yfk}njg `qx wnxfnj xw`# onva# }avaj ~ak|} l~ njhq}x|nkc# havac`ynjg kjh ca}} havac`yah

m`qjx|na}*

X|kha \ackxah K}yamx} ò Njxaccamxqkc Y|`ya|x~ \ngfx &X\NY. n} qjha| xfa Q|qgqk~

|`qjh k||kjgabajx ò GKXX& J`w [email protected]\NY m`va| }avaj Njxaccamxqkc y|`ya|xna}"

k. M`y~|ngfx |ackxah |ngfxl. X|khabk|d

m. Ga`g|kyfnmkc Njhnmkxn`j}

h. Njhq}x|nkc ha}ngj}

a. Ykxajx}o. Ck~ qx ha}ngj o njxag|kxah mn|mqnx}

g. Qjhn}mc`}ah njo`|bkxn`j njmcqhnjg x|kha }am|ax}

Wfkx n} GKXX WX@0

Kj}* Xfa Gaja|kc Kg|aabajx ò Xk|noo X|kha wk} l`|j nj ;>86 k} xfa |a}qcx ò

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k. \kn}njg }xkjhk|h o cnoa

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24/29

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25/29

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}f`qch j`x amaah


26/29

MK2 M/& ;$F.

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27/29

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28/29

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29/29

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