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Hydropower Share Booklet Final

This document provides an overview of key aspects of investing in hydropower company shares ("securities") for local communities. It explains what securities are, the types that exist, and how investing in them can provide benefits. It also discusses potential risks and clarifies the role of hydropower companies in offering shares to local residents affected by hydropower projects.

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Saurav Shrestha
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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0% found this document useful (0 votes)
99 views44 pages

Hydropower Share Booklet Final

This document provides an overview of key aspects of investing in hydropower company shares ("securities") for local communities. It explains what securities are, the types that exist, and how investing in them can provide benefits. It also discusses potential risks and clarifies the role of hydropower companies in offering shares to local residents affected by hydropower projects.

Uploaded by

Saurav Shrestha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ljB'tLo ?kdf ;]o /lbg]5g\  . xfn rngdf /x]sf sfuhL ;]o /k|df0fkq
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kfpF5g .

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;]o/ hf/L ug{;S5  .

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klxrfg agfPsf sDkgLn]lk|ldod ;]o /hf/L u5{g\ .

4 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


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;DklQnfO{ t/n elgG5 . ;]o/klg pRr t/ntf ePsf]ljQLo ;DklQ
xf]  . :6s PS;r]~h -;]o/ahf/_ df ;"lrs[t ;]o/x¿ k|foM t/n x'G5g .
To:tf ;]o/nfO{ ahf/n] lgwf{/0f u/]sf] d"Nodf laqmL u/]/ s]xL lbgd} gub
k|fKt ug{ ;lsG5 . t/:6s PS;r]Ghdf ;"rLs[t ;a};]o/plQs}t/n
x'b}gg\  . nufgLstf{n] s'g} ;]o/ :6s PS;r]G hdf af/Daf/ lsga]r x'G5
ls x'b}g eGg]kIfnfO{ klg ljrf/ug{'k5{ . af/Daf/vl/b laqmL x'g];]o/
a9L t/n x'G5g\ .

;]o/n] dxFuLaf6 hf]ufpF5  <

;]o/df ul/Psf]nufgLaf6 k|fKt x'g]k|ltkmn b/, d'b|f:kmLlt b/-dxFuL


j[l4 b/_ eGbf k|foMpRr x'g]x'gfn]o;n]dxFuLaf6 hf]ufpF5 eGg]ljZjf;
ul/G5  . ljZje/sf ;]o/ ahf/ / nfdf] Oltxf;n] dxFuLnfO{ ;]o/df
ul/Psf] nufgLn] lhTg] tYosf] k'i6L u/]sf] 5  . tfklg ;]o/ dxFuL
lj?4sf]cr's cf}ifwL eg]xf]Og\ .

;]o/ lwtf] /fv]/ C0f lng ;lsG5  <

a}+s tyf ljQLo ;+:yfx¿df ;]o/lwtf]/fv]/C0f lng ;lsG5 . a}+s tyf


ljQLo ;+:yfn];'g, 3/hUuf nufotsf cGo ;DklQx¿ h:t};]o/lwtf]
/fv]/plrt Aofh b/df C0f lbg ;S5g\ .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 5


;]o/ vl/b laqmL s;/L ug]{  <

;]o/k|fylds jf bf] ;|f]ahf/


df vl/
b ug{ ;lsG5 . sDkgLn]ljQLo
cj:yf, of]hgfnufotsf ;"rgf ;dfj]z  u/L ;fj{hlgs u/]sf] ljj/0fkqsf]
cfwf/df tf]lsPsf s]Gb|x¿df ;]o/vl/bsf nflu cfj]bg lbg ;lsG5 .
k|fylds ahf/df cGtu{t x'g]of]ultljlwdf sDkgLn]nufgLstf{nfO{ ;]o /
laqmL u/]sf] x'G5  .

bf]
;|f]ahf/
df nufgLstf{n]Ps cfk;df ;] o/lsga] r u5{g . olb
;]o/x¿ lwtf]kq ahf/ -g]kfn :6s PS;r]G h_ df ;"rLs[t ul/Psf] 5 eg]
;lhn};Fu nufgLstf{n] clwsf/Ls ;]o/ bnfnsf] ;xfotf lnO a]rlavg
ug{ ;S5g . cfkm"n]vl/b jf laqmL ug{ rfx]sf];]o/sf nflu tf]lsPsf]
9fFrfdf nufgLstf{n]bnfnnfO{ lnlvt cfb]z lbg'k5{  . nufgLstf{n];]o /
bnfnnfO{ sf/f]af//sd cg';f/tf]lsPsf]sld;g klg lbg'kg]{x'G5 .

;]o/s;n]hf/L ug{ ;S5 <

sDkgL P]g cg';f/klAns lnld6]8 sDkgLsf ?kdf :yflkt tyf ;~rflnt


;+ul7t ;+:yfn]dfq ;j{;fwf/0fdf ;]o /hf/L ug{ ;S5g\ . ;/sf/tyf
;/sf/L :jfldTjsf ;+:yfgx¿n] klg ;]o/ hf/L ug{ ;S5g\  . g]kfndf
klxnf]k6s lj=;+= !(($ df lj/f6gu/h'6 ldN; /g]kfn a}+s  n];]o/
hf/L u/]sf lyP . ;]o/hf/L ug{sf nflu k'FhL ahf/sf]lgodg lgsfo
g]kfn lwtf]kq af]8{sf]cg'dlt lng'k5{ .

6 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


:yfgLojf;LnfO{ ;]o/ eg]sf] s] xf]  <

lwtf]kq lgisf;g tyf btf{ lgodfjnLn]!) k|ltzt ;]o/pBf]u k|efljt


If]qsf afl;Gbfx¿nfO{ 5'6\ofpg'kg]{ Joj:yf u/]sf] 5  . o;}nfO{ af]lnrfnLsf]
efiffdf :yfgLojf;LnfO{ ;]o/ elgPsf] xf]  . o:tf] ;]o/ :yfgLojf;Ln]
k|fKt u/]sf]tLg jif{;Dd laqmL ug{ kfpFb}gg\ . ;Da4 sDkgLsf]sd{rf/L,
pBf] u k|efljt : yfgLo afl;Gbf nufot sf] 6f jf cf/ If0fdf ;]o/k|fKt
ug]{ nufgLstf{n] lglZrt cjlw;Dd ;]o/ cfkm\g} lgoGq0fdf /flv/x"g\ eGg]
p2]Zon] k|rlnt sfg'gdf o:tf] Joj:yf ul/Psf] xf]  .

hnljB't\ sDkgLn] :yfgLojf;LnfO{ ;]o/ lsg


lbG5g\ <

hnljB't\ sDkgLn]:yfgLo k|fs[lts ;|ft] ;fwgnfO{ sRrf kbfy{sf]?kdf


k|of]u ug]{ePsfn]lwtf]kq lgisf;g tyf btf{ lgodfjnLn]:yfgLojf;LnfO{
;]o/ laqmL ug{ clgjfo{ u/]sf] xf]  .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 7


hnljB't\ sDkgLn] :yfgLojf;LnfO{ ;]o/
slxn]lbG5g\ <

kl/of]hgf ;~rfngsf nflu cg'dlt k|fKt u/]sf], kl/of]hgf lgdf{0fsf


nflu cfjZos sfo{x¿ cufl8 a9fO{ Ps jif{sf]cjlw k"/ f ul/ ;s]
sf]
,
lgodfg';f/ n]vfk/LIf0f tyf ;fwf/0f ;ef ;DkGg u/]sf], cfjZos kg]{
hUuf vl/b jf cGo k|sf/n]Joj:yf ul/;s]sf], cfjZos kg]{oflGqs
pks/ 0f tyf To;sf kf6{k"hf{ cflb vl/ b ug'{kg]{ ePdf vl/ b u/sf]
] ,
kl/of]hgf lgdf{0fsf nflu kmfOgflG;on Snf]h/ e};s]sf], ljB't\ vl/b
;Demf}tf ul/;s]sf]/hnljB't\ u[x tyf cGo k"jf{wf/x¿ lgdf{0fsf nflu
6]G8/cfXjfg ul/;s]sf], ;+:yfksx¿n] cfkm"n] lng sa'n u/]sf] /sd zt
k|ltzt r'Qmf ul/;s]sf] hnljB't\ sDkgLn] :yfgLo afl;Gbfx¿nfO{ ;]o/
laqmL ug{ ;S5g\ .

;j{;fwf/0fnfO{ ;]o/ hf/L gug]{ hnljB't\


sDkgL klg x'G5g\ <

k|fOe]
6 lnld6]8 sDkgLsf ?kdf btf{ ePsf hnljB't\ sDkgLn]
;j{;fwf/0fdf ;]o/ hf/L ub}{gg\  . :yfgLojf;LnfO{ ;]o/ lbg] ;Gbe{df eg]
o:tf sDkgLn] ljz]if Joj:yf ug{ ;S5g\  . o:tf sDkgLsf] ;]o/ :6s
PS;r]G hdf ;"rLs[t x'g ;Sb}g  . :6s PS;r]G hdf ;"rLs[t / sf/f]af/
gx'g] ePsf]n] o:tf sDkgLsf] ;]o/ d"No ahf/n] lgwf{/0f ub}{g  .

8 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


hnljB't\ sDkgLsf ;]o/df hf]lvd x'G5 ls
x'Fb}g  <

cGo If]qsf sDkgLx¿df h:tf] hf]lvd x'G5 To:t} lsl;dsf] hf]lvd


hnljB't\ sDkgLsf ;]o/df klg x'G5  . cy{tGqsf ljleGg If]qdf ptf/r9fj
cfO g}/ xG5 . o: tf]ptf/
r9fjaf6 hnljB't\ If]
q klg k|efljt x'g
;S5 . o: tf]cj:
yfdf hnljB't\ sDkgLn]nufgLstf{nfO{ nfef+z lbg
g;Sg]jf p;sf];]o/d"Nodf j[l4 gx'g ;S5 . sDkgL 6f6 klN6P
;]o/sf]d"No z"Go x'g ;S5 .

hnljB't\ kl/of]h
 gf k|efljt /lhNnfjf;LnfO{
s'g cg'kftdf ;]o/5'6\ofOG5 <

k|rlnt P]glgodn]pBf]u k|efljt :yfgLojf;LnfO{ s'n hf/L k'FhLsf]!)


k|ltzt ;]o/ 5'6\ofpg] af/]df dfq} af]n]sf] 5  . hnljB't\ kl/of]hgfaf6 sf]
slt k|efljt xf]eg]/5'6\ofpg]tyf kl/of]hgf k|efljt /lhNnfjf;LnfO{
s]–slt ;]o/ lbg] eGg] ;DaGwdf ;/f]sf/jfnfaLrsf] 5nkmnaf6 to x'Fb}
cfPsf]5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 9


hnljB't\ sDkgLsf] ;]o/ hf/L ug]{ ;Gbe{df
;/f]sf/jfnf kIf eg]sf] sf] xf]  <

;]o/ hf/L ug]{ hnljB't\ sDkgL, ;]o/ hf/L k|lqmofsf] Joj:yfkg ug]{ laqmL
k|aGws, ;du| k'FhL ahf/sf]lgodg ug]{g]k fn lwtf]kq af]8 { /;j{;fwf/0f
nufgLstf{ hnljB't\ sDkgLsf] ;]o/ hf/L ug]{ ;Gbe{df ;/f]sf/jfnf kIf
x'g\ . sDkgLn];]o/hf/L ug]{lg0f{o u/]kl5 laqmL k|aGws lgo'Qm u5{,
laqmL k|aGws dfkm{t sDkgLn]g]kfn lwtf]kq af]8{af6 ;]o /lgisf;g ug]{
cg'dlt k|fKt u5{ . lwtf] kq af]
8{af6 cg'dlt kfPkl5 tf] lsPsf];+sng
s]Gb|af6 nufgLstf{n];]o /kmf/fd k|fKt ug]{/a'emfpg]ug{ ;S5g\ .

hnljB't\ sDkgLn] kl/of]hgf ;/sf/nfO{


lkmtf{ u/]kl5 ;]o/ nufgLstf{sf] cj:yf s]
x'G5 <

sDkgLn] kl/of]hgf ;/sf/nfO{ lkmtf{ u/] kl5 klg ;]o/wgLx¿sf] sDkgLdf


ePsf]gub ;lxtsf]cGo sDkgLsf];Dkltdf :jfldTf sfod}/xG5 t/
kl/of]hgfsf] cfDbfgL eg] x'Fb}g  . t/ sDkgLn] Ps eGbf a9L kl/of]hgfx¿
;+rfng ug]{cg'dlt k|fKt u/L nfdf];do;Dd klg cfDbfgL sfod /fVg
;S5 . ;fy}sDkgLn]cGo sDkgLx¿ h:t}sfo{ p2]Zox¿ Kl/dfh{g u/L
gfkmfd"ns cGo sfo{x¿ klg ug{ ;S5 . t/o;sf]nflu sDkgLsf]
Joj:yfksLo sfo{ Ifdtf pRr : t/sf]x'g'k5{ . o;sf/
0f hnljB't\
sDkgLdf nufgL ubf{ sDkgLsf]Joj: yfksLo Ifdtfsf]hfgsf/ L k|fKt
ug'{kg]{x'G5 .

10 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


;]o/ / lwtf]k qdf s] km/s 5  <

lwtf]kq zAbn] ljQ ahf/df sf/f]af/ x'g] ;a} lsl;dsf ;fwgnfO{ ;d]6\5  .
o;leq ;]o/klg k5{ . ;/sf/tyf sDkgLx¿n]cfkm"nfO{ cfjZos k'FhL
;+sngsf nflu hf/L ug]{ljQLo cf}hf/lwtf]kq xf]  . ;/sf/tyf ;+ul7t
;+:yf -sDkgL_ x¿åf/f lgisf;g tyf laqmL ul/g];]o/, l8a]Gr/, aG8,
;fd"lxs nufgL sf]ifsf Psf+s nufotsf ljQLo cf}hf/lwtf]k qsf pbfx/0f
x'g\ . lwtf]kq ;DaGwL P]g, @)^# n]lwtf]kq ahf/-:6s PS;r]~h_ df
vl/b laqmL sf/f]af/ x'g ;Sg] egL g]kfn lwtf]kq af]8{n] tf]lslbPsf] cGo
lwtf]kq jf To:tf]kqlwtf]vl/b, laqmL jf ljlgdo ug{ ;Sg]clwsf/kqsf
;fy} g]kfn ;/sf/åf/f jf g]kfn ;/sf/sf] hdfgtdf ;+ul7t ;+:yfn]
hf/L ug]{artkq tyf C0fkqnfO{ ;d]t lwtf]kq -;]So'l/l6h_ x'g\ egL
kl/eflift u/]sf] 5  .

lwtf]kq slt k|sf/sf x'G5g\ <

lwtf]kqnfO{ juL{s/0f ug]{ w]/} cfwf/x¿ 5g\  . k|ltkmn tyf hf]lvdsf


cfwf/ df lwtf]
kq ljz]if u/L tLg k|sf/ sf x'G5g\ .pRr nfe tyf pRr
hf]lvd x'g]lwtf]kq . of]ju{df ;]o //;fd"lxs of]hgfsf Psf+s k5{ .
dWod nfe tyf dWod hf] lvd x'g]ju{df cu|flwsf/;] o/
, ;+:yfut
C0fkq -l8a]~r/_ nfO{ /fVg ;lsG5 . Go"g hf]lvd tyf Go"g k|ltkmn
k|fKt x'g]ju{df ;/sf/L C0fkqnfO{ /fVg ;lsG5 .

;+ul7t ;+:yfsf]bfloTj tyf p;n]ljt/0f ug]{k|ltkmn dflysf]clwsf/sf


cfwf/df klg lwtf]kqx¿sf]juL{s/
0f ug{ ;lsG5 . bftfx¿nfO{ lglZrt
k|ltkmn -Aofh_ lbg]u/ L hf/
L ul/
Psf]lwtf]kq C0fkq x'g\ . sDkgL
lj36g x'g]cj:yfdf e'QmfgL lng]klxnf]kfnf]C0fkq wgLx¿sf]x'G5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 11


;fwf/0f ;]o/df ;]o/wgLx¿nfO{ afF8\g] k|ltkmn klxNo} lglZrt ul/Psf]
x'b}g\  . sDkgL lj36g x'g] cj:yfdf e'QmfgL lng] kfnf] ;]o/wgLx¿sf]
clGtddf cfpF5 . cu|flwsf/;] o/nfO{ ;fdfGotof C0fkq /;fwf/ 0f
;]
o/ sf]ldl>t u'0f ePsf]lwtf]
kqsf ?kdf lng ;lsG5 . sDkgLn]
ljt/0f ug]{ k|ltkmndf ;fwf/0f ;]o/wgL eGbf cu|flwsf/ ;]o/wgLsf]
clwsf/cufl8 cfpF5 .

C0fkq eg]sf] s] xf]  <

tf]
lsPsf]b//;dodf ;fFjf tyf Aofh e'QmfgL ug] { zt{df ;+ul7t
;+:yfn] hf/L u/]sf] ljQLo cf}hf/nfO{ C0fkq -l8a]Gr/_ elgG5  . o;sf]
c+lst d"No ;fwf/tof Ps xhf/?k}ofF x'G5 . l8a]~r/jfnfx¿n]cfkm"n]
u/]sf]nufgL /sddf tf]lsPsf]b/df jflif{s jf cw{jflif{s?kdf Aofh k|fKt
u5{g\ .

tf]lsPsf]b//;dodf ;fFjf tyf Jofh e'QmfgL ug]{zt{df s]Gb|Lo jf


:yfgLo ;/sf/n] hf/L u/]sf] ljQLo cf}hf/nfO{ C0fkq -aG8_ elgG5  .
aG8 jf l8a]~r/jfnfx¿nfO{ sDkgLsf]jflif{s ;fwf/0f;efdf ;xefuL x'g]
cj;//dtbfg ug]{clwsf/x+'b}g .

sd hf]lvd lng rfxg]nufgLstf{x¿sf]/ f]


hfOdf C0fkq k5{g . lwtf]
hdfgL ePsf] / gePsf], ljdf]Ro / cljdf]Ro, kl/jt{gLo / ckl/jt{gLo
u/L C0fkqnfO{ ljefhg ug{ ;lsG5 .

12 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


Do'r'cn kmG8 eg]sf]s]xf] <

;fd"lxs nufgL of]hgf -Do'r'cn kmG8_ eGgfn]of]hgf Joj:yfksn]Psf+s


hf/L u/L ljleGg JolQmjf ;+:y  fx¿af6 ;+slnt k'FhLnfO{ lwtf]kq nufotsf
ljleGg If]qdf nufgL u/L k|fKt k|ltkmn k'gM of]hgfdf ;xefuLnfO{ ljt/0f
ug]{;+oGq xf]  . o;df of]h
 gf Joj:yfksn]Psf+s dfkm{t ;+slnt /sdnfO{
cfkm\gf]lhDd]jf/Ldf lnO{ ;f]sf]bIf tyf ljz] if1 nufgL ;] jf k|bfg
u5{g\ . of]hgfdf ;xefuLx¿nfO{ ;dfg'kflts ?kn]ljt/ 0f ug{ of]hgf
Joj:yfksn] ;~rfng u/]sf] nufgL sf]if, Psf+s sf]if jf To:t} k|sf/sf]
cGo ;xeflutfd"ns sf]if Joj:yfkg u/]sf x'G5g\ .

Jofj;flos Joj: yfkssf]1fg tyf cg'ej -h'g JolQmut nufgLstf{df


gx'g ;S5_ sf]clwstd pkof]u ug]{dfWod Do'r'cn kmG8 xf] . Do'r'cn
kmG8n]cfsf/ sf]kmfObf klg p7fpFg ;S5 h'g JolQmut nufgLstf{df
x'g ;Sb}g  .

v'nfd'vL /aGbd'vL Do'r'cn kmG8 eg]s


 f]s]
xf]  <

Do'r'cn kmG8sf]v'nfd'vL of] hgfdf nufgLstf{ h'g;'s};dodf klg


;xefuL x'g;S5g\ . o:tf]of]hgf kl/kSj x'g]lglZrt cjlw tf]lsPsf]
x'b}g . nufgLstf{n]cfkm";Fu ePsf]Psf+s h'g;'s};dodf a]Rg ;S5g\
/lsGg klg ;S5g\ . k|rlnt v'b ;DklQd"Nosf cfwf/df o;sf]lsga]r
x'G5 . Do'r'cn kmG8sf]aGbd'vL of]h gf lglZrt kl/df0f /lglZrt
;dosf nflu ;~rflnt x'G5 . k"j{ lgwf{l/ t ;dofjlwdf nufgLstf{n]
of]
hgfsf]Psf+s lsGg kfpF5g\ . of] hgf kl/
kSj ePkl5 nufgLstf{n]
k|rlnt v'b ;DklQ d"Nodf Psf+s laqmL u5{g\ .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 13


clws[t k'FhL, Hff/L k'FhL tyf r'Qmf kF'hL
eg]sf] s] xf]  <

clws[t kF'hL eGgfn]sDkgLn]cfkm\gf]hf/L k'FhL j[l4 ug{ ;Sg]clwstd


;Ldf eGg]a'l´G5 . o:tf]clwstd ;Ldf sDkgLsf]k|aGwkq ;+zf]wg u/L
j[l4 ug{ ;lsg]sfg'gL Joj:yf 5 .

Hff/L kF'hL eGgfn] sDkgLn] ;]o/wgLx¿af6 ;+sng ug]{ nIo /fv]s  f]
k'FhLnfO{ a'lemG5 . ;]o/wgLx¿n];f]xL cg'?k k'FhL hDdf ug]{k|lta4tf
hfx]/ u/]sf x'G5g\  .

r'Qmf kF'hL eGgfn] sDkgLåf/f hf/L ul/Psf], ;]o/wgLx¿n] saf]n u/]sf]


kF'hL dWo];DalGwt ;]o /wgLx¿af6 r'Qmf ul/Psf]s'n kF'hL eGg]a'l´G5 .
pbfx/0fsf] nflu Ps ;o ?k}ofF k|lt ;]o/sf b/n] hf/L ul/Psf] ;]o/df
;]o/wgLn] k|lt;]oo/ %) ?k}ofFdfq lt/]sf] eP %) ?k}ofFk|lt ;]o/ r'Qmf
d"No x'G5 .

lwtf]kqsf] c+lst d"No eg]sf] s] xf]  <

;/sf/ jf ;+ul7t ;+:yfn] hf/L ug]{ lwtf]kqdf n]lvPsf] d"NonfO{ c+lst


d"No elgG5 . ;fdfGotof o;}s  f cfwf/df lwtf]kqjfnfx¿af6 /sd ;+sng
ul/G5 . xfn g]kfndf C0fkqdf k|lt C0fkq ?= !)))÷– jf ?= !))÷–,
;]o/df k|lt;]o/?= !))÷– tyf Do'r'cn kmG8sf]Psf+sdf ?= !)÷– c+lst
d"No /fVg] ul/Psf] 5  .

14 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


lwtf]kq lgisf;g eg]sf] s] xf]  <

;+ul7t ;+: yfx¿n]cfkm\gf]kF'hLsf]cfjZostf k"/


f ug{ ;j{;fwf/
0f;dIf
lwtf]kq lgisfzg tyf laqmL ub{5g\ . o;n]nufgLstf{x¿nfO{ nufgLsf]
cj;/k|bfg ug'{sf ;fy}pgLx¿nfO{ Joj;fo ;~rfngaf6 k|fKt d'gfkmfdf
;xefuL x'g ;Sg]cj;/k|fKt x'G5 . lwtf]kqsf]dfWodaf6 nufgLstf{;Fu
5l/P/ /x]sf] art /sd pBf]uwGbfdf kl/rflnt eO{ b]zsf] cfly{s
ljsf;df of]ubfg k'Ub5 .

k|yd ;fj{hlgs lgisf;g -cfOlkcf]_ eg]sf]


s] xf]  <

Psk6sdf krf;hgf eGbf a9L JolQmx¿nfO{ ljj/ 0fkq k|sfzg u/L


;fwf/0f ;]o /laqmL ul/g]ljlwnfO{ k|yd ;fj{hlgs lgisf;g -Olgl;on
klAns ckml/ª, cfOlkcf]_ eG5g . o;/L cu|flwsf/;]o/tyf C0fkq
klg lgisf;g ug{ ;lsG5 .

kl/kq ljlw eg]sf] s] xf]  <

Ps k6sdf a9Ldf krf; hgf;Dd nufgLstf{x¿nfO{ nlIft u/L lr7\7L,


kq jf s'g}klg ljB'tLo ;~rf/dfWodaf6 ul/ g]lwtf]kqsf]lgisf;g
kl/
kq ljlw xf] . o;df lgisf;gstf{n]k'FhL ;+sngsf nflu lglZrt
JolQm jf ;d"xnfO{ nIo u/]sf]x'G5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 15


gofF lgisf;g -Pkmlkcf]_ eg]s
 f]s]xf] <

Ps k6s cfOlkcf]ul/ ;s]sf sDkgLn]cfkm\gf]k'FhL j[l4 ug{]u/


L
nufgLstf{x¿ af6 /sd ;+sngug{ ckgfpg]ljlw gofF lgisf;g -kmb{/
klAns O:o', Pkmlkcf]_ xf] .

k|fylds ahf/df lwtf]kqsf] d"No s;/L


lgwf{/0f x'G5 <

;fdfGotof k|fylds ahf/df lwtf]kqx¿ c+lst d"Nodf vl/b laqmL x'G5 .


ljQLo cj: yf alnof]ePsf sDkgLn]c+lst d"Nodf yk / sd hf] 8]/
lk|ldoddf klg laqmL ug{ ;S5g\ . k|fylds ahf/df sDkgLx¿af6 vl/b
ul/Psf] lwtf]kq k/]sf] a]nf laqmL ug{ ;lsg] Joj:yf ul/Psf] x'G5  . o:tf]
Joj:yfnfO{ bf];|f] ahf/ eG5g\  . :6s PS;r]G hx¿n] bf];|f] ahf/sf] ?kdf
sfd u/]sf x'G5g\ .

cfj]bg lbPsf]slt ;dokl5 lwtf]kq k|fKt


ug{ ;lsG5 <

lwtf]kq vl/bsf nflu k/]sf] b/vf:tsf] ;+Vof cg';f/ lwtf]kq ljqmL


aGb ePsf]$) lbg b]lv &) lbgleq lwtf]kqx¿ afF8kmfF6 ug{'kg]{lgod
5  . afF8kmfF6 u/]kl5 nufgLstf{x¿nfO{ ;]o/ k/]sf nufgLstf{x¿nfO{ ;]o/
k|bfg ul/G5 eg]gk/ sf tyf dfu u/
] ]eGbf sd lwtf]kq k|fKt u/ sf
]
nufgLstf{x¿nfO{ /sd lkmtf{ e'QmfgL ul/G5 .

16 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


afF8kmfF8 ePsf] ;]o/ :6s PS;r]G hdf
slxn]b]lv sf/f]af/ x'G5  <

lgisf;gstf{ sDkgLn]lwtf]
kqx¿ ;"rLs/ 0fsf nflu afF8kmfF6 ePsf]
#) lbgleq : 6s PS;r]Ghdf lgj]
bg lbO;Sg' kg]{Joj: yf 5 . o;/ L
;"rLs/0f ePkl5 nufgLstf{n] cfkm"n] vl/b u/]sf] lwtf]kqx¿ lwtf]kq
bnfn Joj;foL dfkm{t :6s PS;r]~hdf laqmL ug{ ;Sb5g\ .

bf];|f] ahf/df lwtf]kqsf] d"No s;/L lgwf{/0f


x'G5 <

:6s PS;r]Ghdf ahf/ dfu / cfk"lt{n] lgwf{/0f u/]sf] d"Nodf lwtf]kqx¿sf]


sf/f]af/ x'G5  . :6s PS;r]G hn] lwtf]kqx¿sf] ahf/ d"No x'g ;Sg]
kl/jt{gsf];Ldfx¿ tf]s]sf]x'G5 . lwtf]kqsf]d"Nodf Ps lbgdf x'g ;Sg]
kl/jt{g, Ps sf/f]af/b]lv csf]{ sf/f]af/ ;Dd d"Nodf x'g;Sg] kl/jt{gsf]
;Ldf :6s PS;r]G hn] tf]s]sf] x'G5  . :6s PS;r]G hdf lwtf]kqsf] sf/f]af/
;b:o bnfn dfkm{t x'G5g\ . lwtf]kq lsga]r ug]{n]bnfnnfO{ sld;g
ltg{'k5{ .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 17


k|fylds ahf/df lwtf]kq vl/b ubf{ Wofg
lbg''kg]{s'/fx¿ s]x'g\ <

lwtf]kqsf];fj{hlgs lgisf;g x'Fbf lwtf]kq vl/b ug{ rfxg]nufgLstf{n]


;DalGwt ;+ul7t ;+:y fsf]ljj/0fkqsf ;fy}k|aGwkq /lgodfjnL
x]/L ;DalGwt sDkgLsf]Joj;fosf]k|s[lt, cfly{s ljj/0f, hf]lvd kIf,
;+:yfks ;~rfns ;DaGwL ljj/0f h:tf s'/fx¿sf]cWoog tyf ljZn]if0f
u/L nufgL ;DaGwL lg0f{o ug'{ pko'Qm x'G5 .

bf];|f] ahf/df lwtf]kq vl/b ubf{ Wofg


lbg''kg]{s'/fx¿ s]x'g\ <

bf];|f]ahf/df lwtf]kq lsga]r ubf{ hf]lvd, k|ltkmn, t/ntf tyf eljiosf]


;Defjgf nufotsf kIfdf Wofg lbg'k5{  . nufgLstf{n];DalGwt sDkgLsf]
sfo{ ;Dkfbg, cfly{s ljj/0f tyf jflif{s k|ltj]b g, ;+:yfks ;~rfnssf]
ljutsf]sfo{ ;Dkfbg, sDkgLåf/f ;do;dodf k|jfx ul/g];"rgf, :6s
PS;r]Ghdfkm{t ;fj{hlgs x'g]d"Nodf k|efj kfg{;Sg];+j] bgzLn ;"rgf
;d]t x]/L nufgL;DaGwL lg0f{o ug'{ k5{ .

18 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


;]o/ bnfnnfO{ lsga]r ug]{ cfb]z s;/L
lbg]  <

lwtf]kqx¿ vl/b jf laqmL ug]{lg0f{o u/]kl5 nufgLstf{n]lwtf]kq bnfnsf]


sfof{nodf uP/cfb]z–kq e/L lbg' kb{5 . o:tf cfb]zdf nufgLstf{n]
cfkm"n]vl/b jf laqmL ug rfx]sf]lwtf]kqsf]lsl;d, ;+Vof, d"No, cfb]z
axfn /xg]cjlw cflb :ki6 ?kdf pNn]v ug{' kb{5 .

cfb]z jxfn /xg] cjlw pNn]v gu/]sf] cj:yfdf To:tf] cfb]z kqsf]
axfnL !% lbg;Dd sfod / xG5 . vl/ b jf laqmL cfb]z  lbPkl5
nufgLstf{n]bnfnaf6 cfkm"n]lbPsf]cfb] zsf]btf{ gDa/ , btf{ ePsf]
ldlt /;do ;d]t v'n]sf]lg:;f k|df0f lng' kb{5 .

;b:o bnfnn] cfb]z sfof{Gjog s;/L


u5{g\ <

nufgLstf{x¿af6 k|fKt vl/ b laqmL cfb] z cg';f/lwtf] kq bnfnx¿n]


sf/f]af/ubf{ btf{ qmdcg';f/nufgLstf{sf]gfd, lwtf]kqsf]gfd, d"No
cflb :6s PS;r]G hsf] sDKo'6/s[t sf/f]af/ k|0ffnLdf k|lji6L ub{5g\  .
o;/ L k|lji6 ePsf]vl/ b tyf laqmL cfb] zd"No–;do k|fyldstfsf]
cfwf/df d]n vfPkl5 lwtf]kq sf/fa]f/;DkGg x'G5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 19


sf/f]af/ ;DaGwL hfgsf/L s;/L kfOG5  <

lwtf]kq bnfnn] nufgLstf{sf] cfb]z cg';f/ sf/f]af/ ;DkGg u/]kl5


;f];DaGwL hfgsf/L sf/f]af/ePs}lbg jf ef]lnkN6;Dd nufgLstf{nfO{
lbg'k5{  . nufgLstf{n] klg cfkm\gf] cfb]zcg';f/ sf/f]af/ eP gePsf]
af/]lwtf]kq bnfn;Fu ;Dks{ u/L a'´\g ;Sb5g\ . nufgLstf{n]cfkm\gf]
cfb]zcg';f/ lwtf]kq sf/f]af/ eP gePsf] ;DaGwdf :6s PS;r]~ hsf]
j]a;fO6af6 tyf l;w}:6s PS;r]~hdf ;Dks{ u/L hfgsf/L k|fKt ug{
;Sb5g\ .

lwtf]kq sf/f]af/ /fkm;fkm slt lbgdf x'G5  <

;]o/sf] sf/f]af/ ePsf] lbgkl5sf] # sfo{ lbgleq / C0fkqsf] sf/f]af/


ePs} lbg lwtf]kq bnfnn] sf/f]af/ /fkm;fkm ug{'k5{  . cfhsn sf/f]af/
/fkm;fkm ljB'tLo ?kdf :jrflnt k|0ffnLaf6 x'Fb}cfPsf]5 .

nufgLstf{n] sf/fa] f/ c:jLsf/ u/d] f s] x'G5  <

kF'hL ahf/ d]/f] jrg d]/f] bfloTj eGg] dfGotfaf6 ;~rflnt x'G5  . To;}n]
sf]xL klg cfkm\gf]jrgaf6 kl5 x6\g kfpFb}g\ . lwtf]kq bnfnaf6 cfkm\gf]
cfb]zcg';f/ sf/f]af/ ePsf] hfgsf/L k|fKt ePkl5 lwtf]kq laqmLstf{n]
lwtf]kq tyf ;DalGwt sfuhft a'emfpg'k5{ .

vl/ bstf{n]vl/b d"No klg ;dod}lbg'k5{ . vl/bstf{ jf laqm] tf


nufgLstf{n]lbg'kg]{sfuhft jf /sd glbPaf6 nufgLstf{ jf ;DalGwt
bnfnnfO{ xfgL gf]S;fgL x'g uPdf ;DalGwt nufgLstf{n]To:tf]gf]S;fgL
a]xf]g'{ kb{5  .

20 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


sf/f]af/ eO;s]kl5 gfd;f/L tyf /sd k|fKtL
s;/L x'G5 <

klxn] vl/b u/]sf] lwtf]kqsf] k|df0f–kq k|fKt ug{ nufgLstf{n] cfjZos


ljj/0fx¿ e/L bnfn dfkm{t ;DalGwt sDkgLdf gfd;f/L ug{ k7fpg'kYof]{  .
k|rlnt P]g cg';f/o;/L gfd;f/Lsf nflu k7fO{Psf]!% lbgleq sDkgLn]
nufgLstf{nfO{ gfd;f/Lsf ;DaGwdf hfgsf/L u/fpg'kg]{Joj:yf lyof] .

xfn ljB'tLo ?kdf lwtf] kqx¿ x:tfGt/


0f tyf gfd;f/ L x'Fb}cfPsf]
5 . lwtf]kq laqmL ug]{nufgLstf{sf]l8Dof6 PsfpG6 -;]o/vftf_ af6
lwtf]kq 8]la6 x'g] -36\g]_ / vl/bstf{sf] l8Dof6 PsfpG6df qm]l86
x'g] -ylkg]_ u/L Joj:yf ldnfOPsf] 5  . lwtf]kq laqmL u/]sf] v08df
lwtf]kqsf] sf/f]af/ /fkm;fkm ePkl5 lwtf]kq bnfnn] sf/f]jf/ sld;g
s6fO{ afFsL/sd laqmLstf{nfO{ t'?Gt e'QmfgL lbg' kb{5 .

lwtf]kq jf /sd ;dod}k|fKt gePdf s]ug]{  <

lwtf]kqsf]vl/b jf laqmL ePkl5 cfkm"n]k|fKt ug'{kg]{lwtf]kqsf]jf /sd


;do k|fKt gePdf nufgLstf{n]t'?Gt : 6s PS;r]~hdf ;Dks{ / fVg'
kb{5 . o; l:yltdf :6s PS;r]Ghn];DalGwt bnfnaf6 k|ltlbg )=)%
k|ltztsf b/n]ljnDa z'Ns ;d]t c;'n ul/lbg ;Sb5 .

o:t}lwtf]kqjf /sd ;dod}k|fKt gePaf6 nufgLstf{nfO{ xfgL gf]S;fgL


ePdf lwtf]kq bnfnn]:6s PS;r]G hdf /fv]sf] w/f}6L /sdn] EofP;Dd
:6s PS;r]Ghn] nufgLstf{nfO{ e'QmfgL lbg]5 w/f}6Laf6 xfgL gf]S;fgL
k"lt{x'g g;s] df k|rlnt P]gcg';f/;DalGwt bnfnaf6 c;'n pk/ug{
;lsg]5  .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 21


btf{ lstfa aGb eg]sf]s]xf] <
sDkgL P]gsf] Joj:yfcg';f/ lglZrt cjlwsf nflu ;]o/ bflvn vf/]h
tyf gfd;f/ L gx'g]u/ L ;]
o/wgL btf{ lstfa aGb -a's Snf]h _ ug{
;lsG5  . sDkgLx¿n]ljz]if u/L s'g ldlt;Dd sfod /x]sf ;]o/jfnfx¿nfO{
;fwf/0f ;efdf ;xefuL u/fpg] tyf nfef+z÷af]g; ;]o/÷xsk|b ;]o/
h: tf k|ltkmnx¿ k|bfg ug] { eGg];DaGwdf lgSof}{n
 ug{sf nflu o;/ L
btf{ lstfa aGb ub{5g\ . o;/ L btf{ lstfa aGb ePsf]cjlwdf klg
;]o/vl/b laqmL ug{ ;lsG5 . t/o; cjlwdf vl/b ug]{nufgLstf{n]
;DalGwt sDkgLn]btf{ lstfa aGb x'g' eGbf cl3 3f]if0ff ePsf nfex¿
eg]k|fKt ug{ ;Sb}gg\ .

lwtf]kq vl/b u/]kl5 sDkgLdf gfd btf{


u/fpg} k5{ <
;DalGwt sDkgLsf]btf{ lstfadf gfd gx'g]nufgLstf{x¿n]sDkgLn]3f]if0ff
u/
s nfef+z jf cGo nfex¿ k|fKt ug{ ;Sb}gg\ . To;}
] n]nufgLstf{n]
lwtf]kq vl/b u/]kl5 cfkm\gf]gfd sDkgLsf]btf{ lstfadf btf{ u/fpg}
k5{ .

An" lrk ;]o/ eg]sf] s] xf]  <


nfdf];dob]lv gfkmf sdfp+b}cfPsf]tyf nufgLstf{x¿nfO{ pRr nfef+z
k|bfg ub}{cfPsf]sDkgLsf];]o /nfO{ An' lrk ;]o/elgG5 . o:tf sDkgL
nufgLstf{ k|lt hjfkmb] xL eO{ pgLx¿sf]ljZjf; lhTg ;kmn x'G5g\ .
o:tf sDkgLsf] ;]o/x¿sf] ahf/ d"No k|foM al9/x]sf] x'G5  .

22 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


s:tf u'0f ePsf lwtf]kq nufgLsf nflu
pko'Qm x'G5g\ <

;'/lIft, /fd|f]k|ltkmn lbg]tyf t'?Gt gubdf kl/0ft ug{ ;lsg]t/ntf


cflb u'0f ePsf lwtf]kqx¿ nufgLsf nflu pko'Qm x'G5g\  . Pp6}lwtf]kqdf
;a}u'0f gx'g ;S5g\ . To;}n ]pNn]
lvt tLgj6f u'0fx¿df cfjZos
;Gt'ng sfod ug'{kb{5 .

lwtf]kqsf]ahf/d"NonfO{ s]n]c;/u5{ <

lwtf]
kqsf]ahf/d"No d'Votof dfu tyf cfk"lt{af6 lgwf{/ 0f x'G5 .
lwtf]
kq vl/ b ug{ rfxg]nufgLstf{x¿ a9L eP d"No a9\5 /laqmL
ug{ rfxg]nufgLstf{x¿sf]rfk a9L eP d"No 36\5 . lwtf] kqsf]dfu
tyf cfk"lt{nfO{ c;/ug]{sf/0fx¿ eg]w]/}x'G5g\ . ;DalGwt sDkgLsf]
gfkmf gf] S;fg, sfo{ ;Dkfbg /;~rfng glthf, nufgLstf{nfO{ k|bfg
ul/g] k|ltkmn, sDkgLsf] ljsf; / lj:tf/sf] ;Defjgf h:tf kIfx¿n]
d"Nodf k|efj kfb{5g\ . d'n'ssf];du| cfly{s tyf /fhgLlts jftfj/0f,
nufgLstf{sf] dgf]ann] klg d"NonfO{ c;/ ul//x]sf x'G5g\  .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 23


;fwf/0f ;]o/df nufgL ug]{n] s:tf
clwsf/x¿ kfpF5g\ <

;fwf/0f ;]o/wgLn] ;DalGwt sDkgLsf] d'gfkmfdf ;l/s x'g], jflif{s


;fwf/0f ;efdf ;xefuL x'g,] ;efsf ljifoj:t'x¿df dt hfx]/ug{], sDkgL
;DaGwL ;"rgf tyf jflif{s k|ltj]bg k|fKt ug] {, ;fwf/
0f ;]o/
wgLx¿sf]
tkm{af6 sDkgLsf];~rfns dgf]gogsf nflu dtbfg ug{]tyf ;fwf/0f
;]o/wgLx¿sf] tkm{af6 ;~rfns kbdf pDd]bjf/L lbg ;Sg] h:tf
clwsf/x¿ k|fKt ub{5g\ .

lwtf]kqdf ul/
g]nufgL hf]lvd d'Qm 5 <

;a} vfn] lwtf]kqdf ul/g] nufgL hf]lvdd'Qm x'Fbg}   . ;fwf/0f ;]o/df ul/g]
nufgLnfO{ cGo lwtf] kqdf ul/ g]nufgLeGbf a9L hf] lvdk"0f{ dflgG5 .
l8a]
Gr/sf]xsdf tf] lsPsf];do /b/ df Jofh tyf ;fFjf e'QmfgL ug] {
zt{ /xg]x'Fbf o;nfO{ ;]o /eGbf sd hf]lvdk"0f{ dflgG5 . o:t};/sf/L
lwtf]kqdf tf]lsPsf] ;do / tf]lsPsf] b/df Aofh k|bfg ul/g] / tf]lsPsf]
cjlwdf ;fjfF e'QmfgL ;d]t lglZrt x'g]x'Fbf o:tf lwtf]kqnfO{ hf]lvdd'Qm
dflgG5 . t/;/ sf/x¿n]klg C0fkqsf];fjfF Aofh ltg{ g;s]s f]
pbfx/0fx¿ 5g\ .

24 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


;fwf/0f ;]o/df ul/g] nufgLnfO{ lsg a9L
hf]lvdk"0f{ dflgG5 <

;]o/ vl/b ug{' eg]sf] sDkgLsf] lx:;]bf/ x'g' xf]  . sDkgL gf]S;fgdf
uPdf ;] o/wgLx¿n]nfe k|fKt ug{ ;Sb}gg\ . sDkgL 6f6 klN6Psf]
cj:yfdf cfkm\g}nufgL /sd ;d]t 8'Ag];Defjgf x'G5 . ;fwf/0f ;]o/df
hlt a9L nfesf];Defjgf /xG5 Tolt g}a9L hf]lvdsf];Defjgf ;d]t
/xgfn]o;nfO{ cGo lwtf]kq eGbf a9L hf]lvdk"0f{ dflgG5 .

hf]lvd a9L lng grfxg]nufgLstf{x¿sf


nflu c? ljsNk 5g\ <

lwtf]
kq ahf/;DaGwL kof{Kt hfgsf/ L gePsf /a9L hf] lvd lng
grfxg]nufgLstf{x¿n];fd"lxs nufgL sf]ifx¿ -Do'r'cn kmG8_ df nufgL
ug{ ;S5g\ . o: tf sf]
ifx¿n]nufgLstf{x¿nfO{ Psf+s lgisf;g u/ L
laqmL ub{5g\ /;+slnt / sd ljleGg lsl;dsf lwtf] kqx¿df bIf tyf
Jofj;flos ?kdf nufgL ug] { sf]
ifx¿sf]p2]Zo x'G5 . o;/
L ul/
Psf]
nufgLaf6 k|fKt k|ltkmndf sf]ifn]Aoj:yfkg z'Ns tyf cGo vr{x¿ s6fO{
afFsL /sd ;DalGwt nufgLstf{x¿nfO{ g}ljt/0f ub{5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 25


ahf/ kl/;"rs eg]sf] s] xf]  <

:6s PS;r]G hdf ;"rLs[t lwtf]kqx¿sf] d"No l:yltsf] hfgsf/L ahf/


kl/;"rsn] lbG5  . sf/f]jf/ ePsf] lbgsf] s'n ahf/ d"No / cfwf/
jif{sf]s'n ahf/d"No aLrsf]cg'kft g}ahf/kl/;"rs xf] . ;"rLs[t
lwtf]kqsf]d"No a9]df of]kl/;"rs a9\g]d"No 36]df 36\g]ub{5 . g]kfn
:6s PS;r]~ hn] k|To]s sf/f]jf/ ePsf] lbg o; k|sf/sf] kl/;"rs
u0fgf ub{5  . g]kfn :6s PS;r]G hsf] ;du| kl/;"rsnfO{ g]K;] kl/;"rs
elgG5 .

a'n dfs]{6 / lao/ dfs]{6 eg]sf] s] xf]  <

lwtf]kq ahf/ nuftf/ a9]sf] cj:yfnfO{ a'n dfs]{6 -t]hL_ eG5g\ eg]
nuftf/ 36L/xs
] f] cj:yfnfO{ lao/ dfs]{6 -dGbL_ eG5g\  .

d"No ;+jb]gzLn ;"rgf eg]sf]s]xf] <

gub nfef+z, af]g; ;]o/tyf xsk|b ;]o /lgisfzgsf]3f]if0ff, lwtf]kq


lgisfzg, Joj:yfkg kl/jt{g, lj:tf/of]hgf, ljQLo sfo{ ;Dkfbg, 7"nf]
kl/df0fdf ;DklQ vl/b jf laqmL, ljleGg ;D´f}tf tyf o:t}cGo ;"rgf
Pj+ hfgsf/ LnfO{ d"No ;+jb]gzLn ;"rgf dflgG5 . o: tf ;"rgf tyf
hfgsf/Lx¿sf]lwtf]kqsf]d"Nodf k|ToIf c;/x'g]ub{5 .

26 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


g]6jy{ -v'b d"No_ eg]s
 f]s]xf] <

sDkgLsf];DklQaf6 bfloTj 36fpFbf x'g cfpg]z] if g]


6jy{ xf] . s'n
g]6jy{ sDkgLsf] s'n ;]o/ ;+Vofn] efu u/]df sDkgLsf] k|lt ;]o/ g]6jy{
jf ;]o/sf]lstfaL d"No -a's Eofn'_ cfpF5 .

leqL sf/f]af/ eg]sf] s] xf]  <

sDkgLn];fj{hlgs ug{'kg]{hfgsf/ L Pj+ ;"rgf ;fj{hlgs gu/ L pQm


hfgsf/L Pj+ ;"rgfsf cfwf/df s]xL l;ldt JolQmn]dfq lwtf]kq sf/fa] f/
ug]{sfo{nfO{ leqL sf/f]af/elgG5 . o:tf]sfo{df k|fo sDkgL;Fu ;DalGwt
JolQm /lghsf]cfkmGt ;fyLefO ;+nUg x'G5g\ . o: tf]sf/
f]
af/ug{
lwtf]kq ;DaGwL P]glgodn]aGb]h  nufPsf]5 .

nufgL ljljwLs/0f eg]sf] s] xf]  <

ljleGg If]
q /;d"xsf sDkgLx¿sf]lwtf] kqdf nufgL ubf{ hf] lvd sd
x'G5 . s]xL lwtf]kqdf gf]S;fgL eP klg cGo lwtf]kqdf d'gfkmf x'Fbf v'b
gfkmf a9L x'g ;S5 . nufgLstf{n]s'g lwtf]kqx¿ a9L hf]lvdo'Qm tyf
k|ltkmnof]
Uo 5g\ eGg]5'6\ofpg' k5{ . ljleGg k|s[ltsf lwtf] kqx¿sf
ljleGg kl/ df0fdf nufgL u/ L hf]
lvdnfO{ Go"g ug]{tyf k|ltkmndf j[l4
Nofpg]ljlwnfO{ ljljwLs/0f elgG5 .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 27


s]Gb|Lo lgIf]k k|0ffnL eg]sf] xf] <

g]kfn :6s PS;r]Ghsf];xfos sDkgLsf]?kdf l;l8P; PG8 lSnol/ª


lnld6]8 :yfkgf ePsf]5 . of]g]kfndf s]Gb|Lo lgIf]k k|0ffnL ;~rfng
ug]{Ps dfq lgsfo xf] .

o;n]lwtf]kq ahf/df lgisf;g ePsf lwtf]kqx¿ ;DalGwt lwtf]kqwgLaf6


cfkm\gf] lhDdfdf lnO{ lwtf]kqsf] vftf /fVg], lwtf]kq sf/f]af/sf] /fkm;fkm,
km5\of{6} tyf gfdf;f/L k|lqmofnfO{ lz3| ?kdf ;DkGg ug]{, lwtf]kq ;'/lIft
/fVg], lwtf]kq jf :jfldTj clwsf/sf] ljB'tLo clen]v /fVg] h:tf
dxTjk"0f{ ;]jf k|bfg ug]{u5{ . lwtf]kqsf sfuhL k|df0fkqnfO{ lj:yfkg
u/L ljB'tLo ?kdf ;xh /:jrflnt /fkm;fkm km5\of}{6 u/fpg]o;sf]
k|d'v p2]Zo xf] .

l8Dof6 PsfpG6 eg]sf]s]xf] <

lwtf]kqx¿nfO{ cef} lts -l8Dofl6o/nfOh_ jf ljB'tLo ?kdf hDdf u/ L


/fVg]vftfnfO{ l8Dof6 PsfpG6 eG5g\  . xfn sf/fa] f/kl5 ljB'tLo ?kdf
lwtf]kqx¿sf] x:tfGt/0f tyf gfd;f/L x'Fb} cfPsf] 5  .

lwtf]kq laqmL ug] { nufgLstf{sf]l8Dof6 PsfpG6 -;]o/vftf_ af6


lwtf]kq 8]la6 x'g] -36\g]_ / vl/bstf{sf] l8Dof6 PsfpG6df qm]l 86 x'g]
-ylkg]_ u/L Joj:yf ldnfOPsf]5 .

28 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


sDkgL vf/]hLdf uP s]x'G5 <

sDkgL vf/]hL hfg] cj:yfdf lnSo'8]6/sf] lgo'lQm ul/G5  . lnSo'8]6/n]


sDkgLsf]afFsL ;DklQsf]d"Nof+sg u/L ;j{k|yd sDkgL vf/]h ubf{ nfUg]
vr{, sd{rf/ Lx¿sf]tnj tyf ;'ljwfx¿, ;/ sf/L s/tyf b: t'/x¿ /
;'/lIft C0f h:tf bfloTjx¿ e'QmfgL ul/G5  . afFsL /x]sf] /sd l8j]Gr/
wgLx¿nfO{ k|bfg ul/ G5 . o: tf]e'QmfgL kZrft klg / sd afFsL / x]
df
bfdf;fxLsf] lx;fan] klxn] cu|flwsf/ ;]o/wgLx¿nfO{ / To;kl5 dfq
;fwf/0f ;]o/wgLx¿nfO{ k|bfg ul/G5  .

;]o/wgLx¿sf] sDkgLk|ltsf] bfloTj s:tf] x'G5  <

sDkgLdf ;]o/wgLx¿sf] bfloTj ;Lldt x'G5  . ;]o/wgLx¿n] cfkm"n] lnPsf]


;]o/sf] clwst d"No afx]s sDkgLsf] s'g} klg k|sf/sf] bfloTj a]x] f]g{' kb}g{   .
To;}n] ;+oQ' m nufgL sDkgLnfO{ l;ldt bfloTj ePsf]sDkgL klg elgG5 .

lwtf]kqx¿sf] sf/f]af/ :6s PS;r]G heGbf


aflx/x'g ;S5 <

:6s PS;r]G hdf ;"rLs[t lwtf]kqsf] sf/f]af/ ;fdfGotof :6s PS;r]G h


eGbf aflx/ x'b}g  . g]kfndf :6s PS;r]Ghn] g} cf]e/ b sfpG6/sf] Joj:yf
u/s
] f]n] o:tf] ahf/df ;d]t lwtf]kqsf] sf/fa] f/ x'G5  . ;/sf/L C0fkqx¿sf]
sf/fj] f/ :6s PS;r]Gh eGbf aflx/ klg x'G5  . gful/s nufgL sf]ifn]
;~rfng u/s ] f]gful/s Psf+s of]hgf cGtu{t lgisfl;t Psf+sx¿sf]laqmL
tyf vl/b sfo{ gful/s nufgL sf]if :jo+n] ub{} cfPsf] 5  .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 29


lwtf]kq ;DaGwL u'gf;fx¿ sxfF /fVg
;lsG5 <

lwtf]kqsf];fj{hlgs lgisfzg x'Fbf lwtf] kq vl/ b ;DaGwL u'gf;f


;DalGwt lgisf;g tyf laqmL k|aGw ug] {;+:y
f, lgisf;gstf{ sDkgL
tyf g] kfn lwtf] kq af]
8{ ;dIf /
fVg ;lsG5 . o: t};"rLs[t lwtf]
kq
vl/
b laqmL ;DaGwL u'gf;faf/ ];j{k|yd lwtf]
kq bnfnnfO{ hfgsf/ L
u/
fpg'kb{5 . lwtf] kq bnfnaf6 ;Gt'i6 gePdf cfkm\gf]u'gf;f]lnlvt
?kdf : 6s PS;r]Ghdf / fVg ;lsG5 . u'gf;f];dfwfg gePdf g] kfn
lwtf]kqaf]8{ ;dIf /fVg ;lsG5 .

lwtf]kq ahf/lgodg s'g lgsfoaf6


x'G5 <

Gf]kfn lwtf]kq af]8{ lwtf]kq ahf/sf] ;jf]{Rr lgodg lgsfo xf]  . o;n]
lwtf]kq ahf/ ;DaGwL gLlt lgodx¿ th{'df ug{] , lwtf]
kqsf];fj{hlgs
lgisf;g ug]{ ;+ul7t ;+:yfsf] ljj/0fkq :jLs[t ug]{, :6s PS;r]G h
tyf lwtf]kq Joj;foLx¿nfO{ cg'dltkq k|bfg ug]{/ltgLx¿sf]cg'udg
ug{]h:tf sfo{x¿ ub{5  . af]8{n] ;/sf/nfO{ ahf/ ;'wf/ tyf ljsf;
;DaGwdf cfjZos /fo ;'´fj ;d]t lbg]ub{5 .

30 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


:6s PS;r]G hsf] lhDd]jf/L s] xf] <

:6s PS;r]G hsf] d'Vo sfo{ lwtf]kqx¿sf] bf];|f] ahf/ sf/f]af/sf nflu
ahf/:yn pknAw u/fpg] xf]  . o;sf nflu p;n] lwtf]k qx¿sf] ;"rLs/0f
ug]{, sf/f]af/k|0ffnL ljsf; tyf ;~rfng ug]{, /fkm;fkm tyf km5\of}{6sf]
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yfut tyf cGo ;"rgf k|jfxnfO{ ;an u/ fpg]lhDd] jf/L klg : 6s
PS;r]G hsf] xf]  .

;]o/ bnfn eg]sf] sf] xf]  <

sld;g lnP/nufgLstf{x¿sf nflu lwtf]kq lsga]r ul/lbg]sDkgL ;]o /


bnfn x'g\ . logLx¿ :6s PS;r]Ghsf ;b:o x'G5g\ . ;]o/bnfnnfO{
Joj;fo ug{ Ohfht lbg]sfo{ g]kfn lwtf]kq af]8{n]u5{  . :6s PS;r]Gh
/lwtf]kq af]8{ b'jn
} ]bnfnsf]cg'udg u5{g\ .

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lwtf]kq lgisf;gstf{ sDkgLx¿nfO{ k|fylds ahf/df lwtf]kq laqmL ug{


;xof]u ug]{sDkgL dr]{G6 a}+s  /x'g\ . logLx¿n]lwtf]kq lgisf;g sfo{
k|aGwsf]lhDdf lng], lwtf]kq laqmL geP cfkm}n  ]vl/b u5{' eg]/k|Tofe'lt
ug]{nufotsf sfo{ u5{g\ . logLx¿nfO{ Joj;fo ug{ Ohfht lbg]sfo{
g]kfn lwtf]kq af]8{n] u5{  . lwtf]kq af]8{n] dr]{G6 a}+s/sf] cg'udg u5{  .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 31


:6s PS;r]G hdf ;]o/ lsga]r eO;s]kl5
/fkm;fkm tyf km5\of}{6 s;/
L x'G5 <

:6s PS;r]Ghdf sf/f]af/ eO;s]kl5 ;]o/ lsGg] nufgLstf{n] ;]o/


/a]Rg]
n]/
sd k|fKt ug]{lglZrt Joj: yf ldnfO{Psf]5 . o;sf nflu
nufgLstf{sf tkm{af6 ;]o/ lsGg] bnfnn] sf/f]af/ ePsf] ef]lnkN6 :6s
PS;r]~ hdf /sd a'emfO;Sg'k5{ eg] a]Rg] bnfnn] kl;{kN6 ;]o/ nufot
cfjZos sfuhft a'emfpg'k5{ . cfhsn of]Joj:yf ljB'tLo dfWodaf6
:jrflnt ?kdf x'Fb}cfPsf]5 .

bf];|f]ahf/df sf/f]af/ubf{ vr{ slt x'G5 <

nufgLstf{n] %) xhf/ ¿k}ofF;Ddsf] ;]o/ sf/f]af/df ! k|ltzt, %)


xhf/b]lv % nfv ¿k}ofF;Ddsf]sf/f]af/df )=( k|ltzt, % nfvb]lv !)
nfv ¿k}o fF;Ddsf]sf/f]af/df )=* k|ltzt, !) nfv ¿k}ofFeGbf dfly – )=&
k|ltzt sld;g ;]o/ bnfnnfO{ lbg'k5{  . o;afx]s  k|To]s sf/f]af/df
lwtf]kq af]8{nfO{ )=)!% k|ltzt sf/f]af/ z'Ns ltg{'k5{  . sf/f]af/af6 gfkmf
ePsf]cj: yfdf JolQm eP % k|ltzt /;+: yf eP !) k|ltzt k'FhLut
nfes/ltg{'k5{ .

32 hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿


;]o/sf af/]df yk hfgsf/L
sxfF kfpg ;lsG5 <

g]kfndf k'FhL ahf/sf]d'Vo lgodg lgsfo g]k fn lwtf]kq af]8 { xf]  . p;sf]
j]e;fO6 www.sebon.gov.np af6 w]/}hfgsf/L kfpg ;lsG5 . csf]{
cflwsfl/s lgsfo ;/sf/L :jfldTjsf] ;]o/ ahf/ g]kfn :6s PS;r]G h
xf]  . :6s PS;r]Ghsf] j]e;fO6 www.nepalstock.com.np df klg
sf/f]af/ ;DaGwL ljj/0fx¿ x]g{ kfOG5  . ;]o/ ahf/nfO{ nIo u/L cfhsn
w]/} j]e;fO6x¿ cfPsf 5g\  . o;}u/L /]l8of], 6]lnlehg tyf kqklqsfx¿n]
klg ;]o/ahf/;DaGwL ;"rgf, ;dfrf/tyf n]v  /rgfx¿nfO{ k|d'vtfsf
;fy k|rf/k|;f/ub}{cfPsf 5g\ .

hnljB't\ ;]o/sf af/]df af/Daf/ ;f]lwg] k|Zgx¿ 33


NITIFOUNDATION FOUNDATIONNITI
www.nitifoundation.org
P.O.BOX: 8975 EPC 370, BAKHUNDOLE, LALITPUR, NEPAL

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