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Dhaka University Institutional Repository
XvKv wekwe`vjqi Gg.wdj. wWMxi Rb DcvwcZ Awfm`f

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- gynv` Avyjvn&
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cwZeYvqb
(Aviex eYmg~ni evsjv DPviY msKZ)
= A = M = D
= e = d = E
= Z = K = qx
= Q = K = D
= R = j = E
= n = g = Bqv
= L = b = Av
= ` = Iqv = E
= R = n = ~
= i = = ex/fx
= S = q = Bqy
= m = Av = v
= k = B = w
= m = D = y
= `/h = Bqv
= Z/ Z = wq
= h = x
= = C
we.`:
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(in.) /(i.) ingvZzjvn Avjvqwn
(iv.) ivw`qvjv Avb/ Avbg/Avbnv/Avbgv/Avbbv
(mv.)/ (m.) mvjvjv Avjvqwn Iqv mvjvg|
ed. Ediotor(s) /Edited
Ibid. ibidem
N.D No Date
Op.cit Opera citato
p. pp page/ pages.
Vol. Volume(s)
VIII
m~Pxc
cZqb c ..........................................................................................III
NvlYv c ..........................................................................................IV
KZZv ^xKvi ...........................................................................................V
cwZeYvqb ........................................................................................ VII
k msc wb`kbv ......................................................................................VIIII
m~Pxc ..........................................................................................IX
f~wgKv ............................................................................................ 1
c_g Aavq : eemv cwiwPwZ .............................................................6-32
eemv cwiwPwZ ........................................................................7
eemvi msv ..........................................................................9
cwZvwbK `wKvY weePbvq eemvi msv ....................................9
KvhMZ w`K weePbvq eemvi msv ........................................... 10
eemvqi ewk ................................................................... 10
eemvqi Drcw I gweKvk .................................................. 13
eemvqi gwjK Dcv`vbmg~n .................................................. 19
eemvqi Dk ................................................................... 18
A_bwZK Dk .................................................................. 18
gvbweK Dk ..................................................................... 19
ewK Dk .......................................................................20
mvgvwRK Dk ................................................................... 21
RvZxq Dk ......................................................................22
eemvqi Kvhvewj ................................................................. 22
eemvqi iZ I cqvRbxqZv ................................................24
A_bwZK iZ ...................................................................24
mvgvwRK iZ ......................................................................25
ckv wnme eemv ................................................................27
ckv wnme eemvi iZ ............................................28
RxweKv ARbi Dcvq wnme eemvq .........................................30
IX
wZxq Aavq : Bmjvg eemv-evwYR..................................................33-63

Avj KziAvb eemv ...............................................................34
Avj-nv`xm eemv .................................................................43
eemv-evwYRi Bmjvgx bxwZ ..................................................50
cviwiK mnhvwMZv ........................................................ 51
cviwiK mwZ ..............................................................53
Pzwe nIqvi hvMZv ......................................................56
bvqmZ Kvievi ............................................................58
Bmjvg eemv iZ ..............................................................60
ZZxq Aavq : kqvi eemv : cwiwPwZ I Kvhvejx...................... 64-88

kqvi cwiwPwZ ......................................................................65
kqvii ewk ....................................................................65
kqvi eemv ........................................................................ 66
kqvii kYxwefvM ..............................................................67
Dg kqvi ......................................................................... 69
kqvi eemvi Dk ............................................................. 71
kqvi gvwjKvbvi cvgvY `wjj ..................................................72
kqvi mvwUwdKU I kqvi IqviUi ga cv_K ........................73
K cwiwPwZ .......................................................................74
kqvi I Ki ga cv_K .....................................................75
kqvi q-weq cwZ ..........................................................76
g^vi kxc ...........................................................................77
K GKP `vjvjx ..............................................................77
kqvii g~j wbaviY ..............................................................77
kqvi Zvi cKvi f` .........................................................78
kqvi q weqi cwZ ........................................................78
DcwZ q weq .................................................................78
FYi Dci q weq .............................................................78
DcwZ I AbycwZ q weq .................................................79
cY mvgMxZ DcwZ AbycwZ ePv-Kbv ..................................80
AevaZvg~jK weq .............................................................. 81
cPwjZ kqvi eemvi wUmg~n ............................................... 82
cPwjZ kqvi eemv mK Bmjvgx `wfw .............................. 84
kqvi eemvi iZ I cqvRbxqZv ...........................................86
cyuwRev`x K GP ............................................................87
cyuwRev`x K GPi f~wgKv ev Kvhvewj ..................................88
X
PZz_ Aavq : Bmjvg kqvi eemv ............................................ 89-120

Bmjvgx kqvi evRvi ..............................................................90
Bmjvg kqvi eemvi eaZv .................................................. 91
dKxnMYi AwfgZ ................................................................93
Bmjvg kqvi eemvi mveZv ............................................. 101
Bmjvg kqvi eevmvi Dkvewj .......................................... 101
Bmjvgx A_bxwZZ K GPi KvVvgv ................................ 102
Bmjvgx K GP KvVvgvi myweavmg~n ................................ 103
K GPi A_bwZK Kgmv`b ..................................... 104
Bmjvgx A_bxwZZ K evRvii A_bwZK Kgmv`b ................ 104
Bmjvg kqvi eemvi nvwZqvimg~n I evevqb .......................... 110
kqvii AwbwnZ g~j ebvg evRvi g~j .................................... 112
kqvii Dci hvKvZ ............................................................ 113
kqvii ì evov-Kgv I KvimvwR : Bmjvgx `wfw ..................... 115
kqvi eemv I Ruyqv : Bmjvgx `wfw ...................................... 119
cg Aavq : cPwjZ kqvi eemv I Bmjvwg kqvi eemv :
GKwU Zzjbvg~jK weklY ................................................ 121-127
cPwjZ kqvi eemv I Bmjvgx kqvi eemvi cv_K .................. 122
kqvii AwbwnZ g~j ebvg evRvi g~j ................................... 126
Dcmsnvi ................................................................................. 128-131
Mcx .................................................................................132-140
XI
1
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1. mv`K: Wi gyn` Gbvgyj nK I Abvb, eenvwiK evsjv Awfavb, XvKv: evsjv

GKvWgx, gvP 2005, c. 909
2. W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, XvKv: g cKvkbx, 2003, c. 1
3. cv
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2004, c. 1
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c. 34
7. W: `yMv`vm fvPvh, cv, c. 33
8
eemv-evwYRi BsiwR cwZk wnme Awfavb, Commerce, Trade I

Business ki eenvi `Lv hvq|
eemvi msv
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BsiwR Business ki evsjv cwZk njv eemvq| BsiwRZ Gi
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eemvq wnme MY Kiv nq|
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wnme Ges KD KD GK KvR wnme Dcvcb Kivi cqvm cqQb| wb
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Bayar.O. Wheeler (Bjvi) Gi gZ, Business is an institution

organised and operated to provide goods and services to the
society under the incentive of gain.8 (mgvR cY I mevmvgMx mieivn
Ki gybvdv ARbi j msMwVZ I cwiPvwjZ cwZvbKB eemvq ej|)
AavcK Norman Richard Owens (Iqb&m) Gi gZ, Business means

an enterprise engaged in the production and distribution of goods
for sale in a market or the rendering of services for a price.9eemvq
njv Ggb GKwU cwZvb hv evRvi weqi Dk cYèi Drcv`b I eUb
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gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, XvKv : w` hgybv
cvewjkvm, 2009, c. 3
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gv: gvkviid nvmb Payix, cv
9
KvhMZ w`K weePbvq eemvi msv
Dr. Gloss Dr. Baker Gi gZ, Business is dasically an activity of

people working alone or with others for the purpose of producing
and selling the goods and services that pur country requires.10
(`ki cqvRb cYè Drcv`b I eUb A_ev mevKg c`vbi Dk gvbyl
GKKfve A_ev Abvb ewi mv_ h_fve h cqvm Pvjvq ZvKB g~jZ
eemvq ej|)
AavcK Y.K. Bushan (flY) ejb, Business may be defined as the

organized production or sale of goods undertaken with the object
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njv cYèi msMwVZ Drcv`b ev weqi Kvh wekl hv gvbyli Afve c~iYi
wbwg gybvdv ARbi Dk MnxZ ev mvw`Z nq|)11
we, we, Nvl eemvq mK ejb, Business denotes human activities

which produce or acquire wealth through buying or sellin of
goods. (cYmvgMx Drcv`b A_ev q-weqi gvag ab-m` ARb
wbqvwRZ gvbyli mKj KgcPvK eemv ej|)12
cwikl ejv hvq, gvbyli eMZ I AeMZ Afve c~iYi j, gybvdv ARbi
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ev eUb Ges Drcv`b I eUb KvR cZ civfve mnvqK DchvM mwKvix
mKj ea A_bwZK KvR eemvq wnme MY| Aek AvaywbK `wfwZ cYè
I mevmvgMx Drcv`b I weqi mv_ m mevB Kvbv bv Kvbvfve q-
weq KvR RwoZ _vK| ZvB gybvdv ARbi Dk mKj aibi q-weq
KvhKB eemvq ejv hvq|
10. Dr. Gloss and Dr. Baker, Introduction to Business,W. ejvqZ nvmb I
mgxi Kzgvi kxj, eemvq cwiwPwZ, XvKv : g cKvkbx, 2003, c. 2
11. DZ- gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, XvKv : w`
hgybv cvewjkvm, 2009, c. 3
12. cv
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c_K KiQ| wb eemvqi cKwZ ev ewkmg~n AvjvPbv Kiv njv13-
gybvdv ARbi Dk : eemvqi c_g I cavb ewk njv- Gi MVb I

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LiP Drcv`b Ki AwaK g~j weq c~eK gybvdv ARbi cPvq eemvq wnme
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bv|
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ejv nq| evRvi cYi `vg Kg hZ cvi Ges cvKwZK I AcvKwZK bvbvb
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eemvqxK memgq c_ PjZ nq|
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DcwwZ _vKvi ciI hw` Kvb cwZvb Aea KvR ev Dk RwoZ _vK Ze Zv
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Kvbv ea KvR KviI wbqY gvbZ eemvqx eva bq| Gic ^vaxbZvi KviYB
AbK eemvq MVb I cwiPvjbv Ki|
13. W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 5-6; gvnv`
LvjKzvgvb I gv: gvkviid nvmb Payix, cv, c. 4-6
11
DchvM I D mw: eemvq Zvi cZ I civ wewfb KvRi gvag bvbvb

aiYi; hgb-icMZ, ^ZMZ, KvjMZ, vbMZ, A_MZ, SzuwKMZ BZvw` DchvM
mw Ki| Gi gvag RbMYi wewfbgyLx Afve c~iY nq| GQvov eemvq D
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eemvqx wbR^ Drm QvovI cqvRb wewfb Drm nZ cuywR msvb Ki|
eZgvbKvj en`vqZb eemvq cwZvb MVb I cwiPvjbvi Rb cPzi A_ msMni
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Avw_K g~j jb`b : eemvqx weqi DkB cY I mev Drcv`b ev msMn

Ki| ZvB weqi Awfcvq eemvqi GKwU ewk| KD wbRi fvMi Rb
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c Zv eemvq wnme MY bq|
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wbaviY Kiv nq| cYi wewbgq cY q-weq eZgvbKvj APj| Aek Avw_K
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gvbe mfZvi weKvk I Dbqbi mv_ eemvqi Drcw I gweKvk Avwfve

RwoZ| Avw`g i gvbyl wbRi cqvRb wbRB c~iY KiZv| ZLb gvbyli
cqvRb g~jZ Dì c~wZi gaB mxgve wQj| Gici gvbyli Afvei Pnw w`b
w`b evoZ _vK| GB Afve ewMZfve c~iYi Rb gvbyl Pv KiQ
AbKw`b| wK Zv me nqwb| kg wefvRbi KviY GKw`K D Drcv`b
njI Abw`K Afve Ac~Y _KQ| dj cqvRb c~iYi Rb i nqQ wbR
Di mv_ Abi cY wewbgqi|
cieZxKvj bvbv KviY wewbgq eev Lye myweavRbK nqwb| dj wewbgqi gvag
wnme axi axi ^Y, ic BZvw` g~jevb avZe gy`vi cPjb nq| GZ wewbgq
eev mnR nq I eemvqi De NU| gybvdv ARbi Rb GK`j eemvqx kYxi
De nq| G mgq Drcv`b g~jZ KwlKvR, wkKvi, ccvjb I nRvZ mvgMx
cZi gaB mxgve wQj| KvwqK kgwbfi GB Drcv`b eev `xN c_
cwigvq wewfb mgvR-mfZvZ bvbvfve weKwkZ nqQ eU, wK mxgveZvi
Mw ciZ cviwb| cieZxZ hvwK mfZvi Dbl en`vqZb Drcv`bi myhvM
13
mw nq| Avi GfveB eZgvb Avgiv wekRvov evRvii AwZ j KiwQ|

eemvqi GB `xN gweeZbi wewfb i wb AvjvwPZ njv14-
cv_wgK hyM
Avw`g i : cw_exZ gvbyli AvMgbi ci nZ cieZx GKwU `xNmgq ch gvbyl

wQj g~jZ AiYPvix hvhvei| wbRi zav wbewi Rb wkKvi I djg~j AvniYB
wQj gvbyli DcRxweKv| g gvbyl Mvxe nq evm Kiv i Ki| G chvq e
I evmvbi Afve Zxefve Abyf~Z nq| g emevm wKQzUv vqxfve Avmj
gvbyl f~wgPvl Kkj Avq Ki| ccvjbI i nq| Mvn A_eevi G mgq
g~jZ eemvqi Drcw NUwb|
cZ wewbgq : Avw`g i Drcv`b eev g~jZ cvwievwiK cqvRbK wNiB

AvewZZ nZ `Lv hvq| wK cieZx mgq GKK cwievi GKKwU è Drcv`b
wekl `Zv ARb Ki| dj Kvbv welq AwaK Drcv`b I Kvb cqvRbi
NvUwZ j Kiv hvq| dj D mvgMx wewbgqi cqvRb co| GfveB
wewbgq eev (Barter system) Gi cPjb NU| GK chvq GB wewbgq eevi
ga w`qB eemvqi hvv i nq| wK A mgqB gaB mvgmZvi Afve,
è wefvRb Amyweav BZvw` KviY GB eev gvbyli cqvRbi mv_ mwZ
weavb e_ I AKvhKi cgvwYZ nq|
gahyM
A_i cPjb : wewbgq eevi AmviZvi cvcU gvbyl cqvRb c~iYi Rb

wewbgqi gvag LuyRZ _vK| wewfb mgvR `yvc kvgyK, wSbyK, Kwo, cv_i
BZvw` cv_wgKfve wewbgqi gvag wnme G chvq eeZ nq| dj
jb`bi wKQzUv mmviY NU| Gic jb`b AbKUv eemvqi avZe gy`vi
cPjb NUvb; GZ cY q-weq QvovI LvRbv, Ki, gRywi BZvw` c`vb
mnRmva nq| dj kg wefvMi evcK cPjb I eemvqx KvhKjvci gvv evcK
ew cvq|
evRvi I knii Drcw : A_i cPjbi ci eemvqi wewZ NUvq jb`bi

Rb wewfb vb evRvi Mo IV| Gme GjvKvq axi axi jvK mgvMg evovq
GK chvq mLvb bMi Rxebi De NU| G mgq kni-MK K` Ki wewfb
14. gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv, c. 7-8;
W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 3-4
14
wkRvZ èi Drcv`b i nq| gvjvgvj Avbv-bqvi Rb Rjc_ bKv I

jc_ ckw PvwjZ wewfb hvbi De nq| G mgq gvjvgvj Avbv-bqvi
wbivcvi mgmv cKU nq ùvovq| GQvovI `~i-`~iv eemv-evwYR
cwiPvjbvq cZviYvi mvebv I wekvm-Awekvmi ck eo nq `Lv `q| dj
ewYK mgevq msN (Merchant guild), KvwiMwi mgevq msN (Craft guild),
Mo IV| hv eemv-evwYRi Dbqb cf~Z f~wgKv ivL|
Dcwbek mw : cw_exi wewfb Rbc_ eemv-evwYR Mo DVjI gahyM

f~gamvMxq Aj eemv-evwYRi cf~Z Dbqb NU| dj G Aji eemvqxiv
Drcvw`Z è weqi Rb bZzb bZzb evRvi Abymvb KiZ _vK| G mgq
BDivci AbK Kvvwb cw_exi wewfb vb eemv-evwYRi bvg Dcwbek
mwi cqvm Pvjvq Ges wbRì KZZ vcb Ki| Dcwbekjv nZ Ag~j
KuvPvgvj msMn I AwaK g~j wkRvZ mvgMx weq Ki BDivcxq Kvvwbjv
ivZvivwZ DbwZi ^YwkLi cuQ| G mKj Kvvwbi ga B Bwqv Kvvwb
fviZ Dcgnv`k, nvWmb e Kvvwb AvgwiKvq, gvvfv Kvvwb ivwkqvq,
bfv Kvvwb f~gamvMixq Aj eemv-evwYRi Mw Qvwoq megq KZZi
Avmb jvf Ki| GfveB eemv-evwYR G chvq AvRvwZK wewZ jvf mg
nq|
AvaywbK hyM
wk wece : gahyMi kl w`K Gm eemv-evwYR h_ DbwZ njI

cwkkwwbfi Drcv`b eev w`q mgvRi evowZ cqvRb c~iY eemvqxì c
me nwQj bv| ZvB G mgq 1750 mvj nZ 1850 mvji ga KwZcq
hyMvKvix Avwevi Drcv`b I eUb eevq ecweK cwieZb mvab Ki| Rgm
IqvU (James Watt) KZK evxq Bwb Avwevi hvwK kwi Dbl NUvq|
nviwMfm (Hargreaves)-Gi wwbs Rjx, K (Kay)-Gi cvIqvi jyg,
AvKivBU (Arkwright)-Gi IqvUvi dg, KUb (Compton)- Gi wmDj
BZvw` h Avwevi eqb wki AMMwZZ f~wgKv ivL| GfveB 1750 mvj
_K 1850 mvji ga BDivci wkRMZ h ecweK AMMwZ mvwaZ nq
ZvKB wk wece (Industrual revolution) ejv nq| GB wecei dj
`xNKvjevcx Pj Avmv cvwievwiK Drcv`b eevi j wk-KviLvbvi weKvk NU
Ges Gi dj en`vqZb Drcv`b I eUb eev Mo IV| hvwK kwi eenvi
cwienb eev cmvi jvf Ki| Drcv`b I eUb eevi mv_ mwZ iL evsK
15
eevi `Z mmviY NU| exgv eevI G mgq Rbwcq nq IV| mevcwi

wk wece AvaywbK eemvq Dbqb mePq iZc~Y f~wgKv ivL|
chywi Dbqb I AvaywbKvqY : wk wecei dj `k `k wk-KviLvbv Mo

IVvi djkwZZ evcK A_bwZK AMMwZ mvwaZ nq| AvRvwZKfve evcK
cwZhvwMZvi cwiek mw nIqvq cYi Drcv`b ew, gvbvbqb Ges eq
Kgvbvi j bZzb bZzb cixv I MelYv PjZ _vK| dj chywMZ Dbqb
evcKZv jvf Ki| G mKj bZzb chywi eenvi eemvqi DbqbK AviI
Zivw^Z Ki| GfveB AvR Avgiv KwDUvi chywi RMZ cek KiwQ|
wekRvov evRvi Avi gyevRvi A_bxwZ AvR eemvqi mevP mdjZv I
DbqbiB cgvY w`Q|
eemvqi gwjK Dcv`vbmg~n
eemvq AbKjv kZ ev Dcv`vb wbfi GKwU A_bwZK wqvKjvc| eemvqi

AwZ weePvbvq Gme Dcv`vbmg~n weewPZ nq _vK| cwZwU eemvqB Zvì
AvqZb, cKwZ, gvwjKvbv, BZvw` wbwekl KZKjv Dcv`vbi mg^q mw
nq| wb eemvqi G mKj gwjK Dcv`vbmg~n AvjvPbv Kiv njv 15-
Drcv`b: eemvq g~jZ cKwZc` mì icMZ cwieZb mvab Ki bZzb bZzb
Pvwn`v I DchvMmb cYè Drcv`bi mv_ m| cY Drcv`bi G
avivevwnKZvq eemvq GKw`K hgwb ewMZ m` mwZ f~wgKv ivL,
Abw`K mvgvwRK Z_v ivxq mì cwigvYI ew Ki| dj eemvqxK KgKv
`ki A_bwZK mgw Avbqb iZc~Y f~wgKv cvjb Ki|
eb: eemvq cY I mev Drcv`bi g~j j _vK cKZ fvv| ZvB Drcvw`Z
cY cKZ fvMKvixi wbKU wbq hvIqv ev eUb eemvqi gwjK KvR| Gic
eUb KvR GKvwaKevi q-weq msNwUZ nq| ga eemvqxMY gybvdv ARbi
Dk eUb cwqvq RwoZ _vK|
Drcv`b I eUbi mnvqK Kvhvewj: eemvq aygv cYèi Drcv`b Ges

eUbi mv_ m Kvb A_bwZK wqvKjvc bq eis GwU Drcv`b I eUbi
mnvqK Abvb A_bwZK wqv; hgb- evswKs, exgv, `vgRvZKiY, cwienb,
15. gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv, c. 8-9;
W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 4-5
16
wevcb BZvwì mv_I m| G mKj KvR mv`bi gvag eemvq Drcv`b

I eUb evav mwKvix wewfb cwZeKZv gvKvejv Ki _vK|
gybvdv ARbi Awfcvq: gybvdv ARbB eemvqi cavb Dk| eemvq D`vM I
cPvi g~j jB njv gybvdv ARbc~eK RxweKv ARb Kiv| gybvdv jvfi
cZvkvq eemvqx A_, kg I gav wewbqvM Ges cwiwgZ gvvi SzuwK MnY Ki
eemvq msMVb cwZv I cwiPvjbv Ki|
SuywK: SuywK eemvqi AviI GKwU AbZg cavb Abyl| eemvq gybvdv AwRZ bv
nIqvi mvebvB g~jZ SzuwK| eemvq jb`bi dj fwelZ hgwb gybvdv
ARbi mvebv _vK Z`c wZi mvebvI Dwoq `qv hvq bv| ZvB ejv hvq
SzuwKgy Kvb KvR ev jb`b eemvq bq| SuywK MnYi KviYB eemvqx Zvi
cyiviîc gybvdv ARb Ki|
A_ msvb: cuywR ev g~jab eemvqi mxebx kw| D`vM I SzuwK MnY Ki h

KD GwMq AvmZ cvi| wK cqvRbxq A_i msvb bv nIqv ch eve Kvb
eemvq cwZvbB vcb I cwiPvjbv me bq| ZvB myyfve eemvq MVb I
cwiPvjbvi Rb eemvq cqvRbxq cyuwR ev g~j`b msMn I msiY KiZ nq|
Avw_K g~j: cZKwU eemvq jb`bB GKwU Avw_K g~j _vK| A_i viv
cwigvchvM bq, Ggb Kvb Av`vb-c`vb, jb`b ev wewbgqK eemvq ejv hvq
bv| ZvB jb`bi Avw_K g~j eemvqi AwZ hvPvBqi GKwU gvcKvwV|
D`vM MnY: eemvqi aib hvB nvK bv Kb, GwU MVb ewK, cvwZvwbK ev
ivxq D`vMi cqvRb co| D`vvi D`vM I KvhKi cPv Qvov Kvb
eemvq cwZvbi AwZ Kbv Kiv hvq bv|
AvBbMZ eaZv: eemvq KvhKjvc AekB `k ev mgvR cPwjZ AvBbi PvL

MnYhvM nZ nq| mgvR I AvBb ewnf~Z Kvb wqv-KgB eemvq wnme
cwiMwYZ nZ cvi bv|
RbKjvY I mevi gbvfve: gybvdv ARb eemvqi cavb Dk njI

eemvqxK RbKjvY I mevi gbvfve wbq KvR KiZ nq| fvvì
Pvwn`vgvwdK YMZ gvbmb cY mgqgZ Drcv`b I bvhg~j evRviRvZ
KiYi gvag eemvq gvbyli cf~Z KjvY mvab Ki _vK|
cwikl ejv hvq, gvbyli A_bwZK hveZxq KgKvB h eemvqi Af~ Zv

bq; eis Dciv mywbw` Dcv`vb mg~n h mKj A_bwZK KgKv we`gvb,
17
aygv gvbyli mme A_bwZK KgKvB eemvq wnme cwiMwYZ nq| GRbB
ejv nq, eemvq GKwU kZ ev Dcv`vb wbfi A_bwZK wqvKjvc|
eemvqi Dk
gybvdv Z_v A_ DcvRbi Dk eemvqx eemvq cwZvb Mo Zvj| ZvB

gybvdv ARbB eemvqi cavb Dk| Gi evBiI mgvRi iZc~Y cwZvb
wnme mvgvwRK, gvbweK I RvZxq Dk ARb eemvq cPv Pvjvq| wewfb
`wKvY weePbvq eemvqi Dkmg~n wb AvjvPbv Kiv njv-
eemvqi A_bwZK Dk : eemvqxi ewMZ Avq-DbwZ QvovI mvgwMK

A_bwZK AMMwZ ARbi Dk eemvq cwiPvwjZ nq| wbv welqvw` Gi
ga co16-
gybvdv ARb : eemvq MVbi wcQb eemvqxi g~L Dk njv gybvdv ARb Kiv|
GRbB m SuywK enb Ki| Gic Dk bv _vKj Zv eemvq ej MY nq bv|
mvbi Rb Kvco mjvB eemvq bq| wK Kvco mjvB I weqc~eK gybvdv
ARb KiZ PvBj Zv eemvq|
cyuwRi menvi : cuywRi menvii gvag D mwI eemvqi Dk| GKRb
eemvqx wbR^ A_ QvovI cqvRb FY Ki eemvq Mo Zvj| Gic cuywRi
^v_K eenvii gvag hvZ Abi cvIbv cwikva I wbR^ Avq-DcvRb ew
cvq eemvq mRb memgqB mP _vK|
mì myy eenvi : mì myz eenvii gvag cwZvbi I mB mv_
RvZxq A_bwZK Dbqb wbwZ KivI eemvqi Dk| `ki cvKwZK m`K
RbMYi A_bwZK mgw ARb KvR jvMvbvi Rb eemvq D`vM MnY Ki|
Avgvì `k Kwlwbfi I cvKwZK Mvmwbfi wk cwZvb D`vM Gi D`vniY|
Rbkwi menvi : eemvq memgqB Rbkwi KvhKi eenvi wbwZ Kivi Rb
KvR Ki| GRb cwZvb wbqvwRZ Rbkwi Dbqb wewfb Kvhg MnY Kiv
nq| eemvq mmviY Ki AwaK RbkwK KvR jvMvbvi Rb D`vM bqv
nq| Gfve `k ` Rbkw Mo IV|
DchvM I Drcv`b ew : DchvM njv Kvb èi Afve c~iYi gZv| GKRb
eemvqx memgqB DchvM mw I Drcv`b evovbvi Dk wbq KvR Ki|
DchvM mwi mv_ mv_ èi g~j evo I RvZxq Drcv`b ew cvq| hgb-
16. gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv, c. 15
18
GKwU MvQ _K hLb KvV Ges KvV _K Avmevec Zwi nq ZLb cwZwU chvqB
DchvM I Drcv`b evo|
DbZ chyw I cwZi eenvi : Drcv`bi gvb I cwigvY ewi Rb DbZ chyw
msMn I eenvi KivI eemvqi Dk| GRb eemvq bZzb bZzb chywi
DbqbK DrmvwnZ Ki| Kvh cwZMZ Dbqb NwUq Kg LiP AwaK
Drcv`b wbwZ KiZ D`vMx nq|
Dveb I Dbqb : bZzb gvb I wWRvBbi cY DvebI eemvqi Dk| Ab_vq
cwZhvwMZvi evRvi Gjv hvq bv| `vqvZ-Kjg I Kvwji hyM AbK AvMB kl
nqQ| cZn bZzb gvb I wWRvBbi Kjg evRvi AvmQ| cvlvKi wWRvBb
cwieZb nQ `Z| bZzb cY evRvi Gb PgK mwZ eemvqxiv Abb|
eemvqi gvbweK Dk
eemvq mgvRi iZc~Y cwZvb| mgvRi wewfb c; hgb- gvwjK, kwgK-

Kgx, Zv ev fvvmn mevB Gi mv_ mKxZ| ZvB eemvqK Gì KjvYv_
mvgvwRK I gvbweK Dk ARb mP nZ nq; hv wbic:17
Pvwn`vgvwdK cY I mev mieivn : gvbyli Pvwn`vgvwdK Dg cY I mev
mieivn Kiv eemvqi DjLhvM mvgvwRK Dk| hLb, hLvb, hfve
ZvmvaviY cY I mevi cZvkv Ki eemvq mfveB Zv mieivni eev
Ki| GfveB mvgvRi RbMY Zvì Afve c~iY eemvqK memgq KvQ cvq|
bvhg~j cY I mev mieivn : bvhg~j Ges fvv mvaviYi q mvg_i
ga cY I mev mieivn KivI eemvqi AbZg Dk| GRb wewfb aiY,
gvb, AvKvi I cwigvYi cY evRvi Qvov nq| hvZ mKj aiYi Zv ev fvv
Zv msMn KiZ cvi|
mvgwRK ^xKwZ ARb : eemvqi AviKwU Dk njv mvgvwRK ^xKwZ ARbi
cqvm Pvjvbv| hvZ mgvRi mevB mr wbfihvM I fvj cwZvb wnme
eemvqi cnY Ki| eo eo cwZvbmg~n mRb wewfb mvgvwRK KgKv
AskMnY Ki|
eKvi mgmv mgvavb : bZzb bZzb Kgmsvbi myhvM mw Ki eKviZ `~i KivI
eemvqi Dk| eemvq mmviYi gvag bZzb Kgmsvbi myhvM mwZ
eemvq Abb| GKUv `k eemvq LvZ hZ jvKi Kgmsvbi eev nq Ab
Kvb LvZ Zv me bq|
17. cv, c. 16-17
19
kwgK-Kgxì DbwZ weavb : cwZvb KgiZ kwgK-Kgxiv hvZ gvbwmKfve m

_K `Zvi mv_ KvR KiZ cvi Zvi wbqZv weavbI eemvqi Dk|
Kgxiv hvZ ìc Mo DVZ cvi Ges bvh cvwikwgK I myhvM-myweav cvq
mRb mdj eemvqxiv D`vM bq|
mKi Dbqb : mgvRi wewfb ci mv_ mKi Dbqb NwUq KvhKi
mvgvwRK mK cwZvI eemvqi Dk| Dg kwgK-gvwjK mK cwZv
QvovI Zv ev fvv, mieivnKvixi wewfb ci mv_ eemvq mK Mo
Zvj| AvRvwZK mK mwZI eemvq Abb|
eemvqi ewK Dkvewj

eemvqx ewMZ gybvdv, Avq-DbwZ, Kgmsvb, Rxebhvvi gbvbqb BZvw`
Dk eemvq cwZvb vcb I cwiPvjbv Kib| wb eemvqi ewMZ
Dkvewj AvjvPbv Kiv njv-
gybvdv ARb : eemvqxiv eemvq vcbi g~j DkB njv gybvdv ARb Kiv| G
j eemvqx SuywK MnYc~eK Kvb ea Kg wbqvwRZ nb|
AvZKgmsvb mw : eemvqx AvZKgmsvb mwi j eemvq cwZvb vcb
Kib| AvZKgmsvbi g~jK_v njv Abi Aaxb ev cwZvb wbw` eZb ev
cvwikwgKi wewbgq KvR bv Ki ^xq cPvq eemvq cwZvb vcbc~eK Z_vq
KvR Ki ^xq RxweKv ARb Kiv|
cuywRi menvi : eemvqx ^xq cyuwRi menvii gvag D mwi jI
eemvq cwZvb vcb Kib| Aek GKRb eemvqx cqvRb FY MnY KiI
eemvq cwZvb Mo ZzjZ cvib| eemvqx Gic cuywRi h_vh_ eenvi Ki FY
cwikvac~eK wbRi Avq ewi Rb mevZK cPv Pvjvb|
m` ARb : ^xq kg, gav cPv I cuywR wewbqvM Ki cf~Z m` ARbi
cZvkv wbqB GKRb ew eemvq cwZvb vcb I cwiPvjbvq eZx nq _vKb|
dj eemvq AwRZ jvf Zvi ewMZ m` ewZ iZc~Y f~wgKv ivL|
Rxebhvvi gvbvbqb : eemvqi gvag eemvqx RxweKv ARbi cvkvcwk Avw_K
mwZI ew KiZ mg nq _vKb| GZ Zvi fvM, wkv, wPwKrmv, webv`b
BZvw` Rxebhvvi m~PKi BwZevPK cwieZb NU| dj eemvqxMYi Rxebhvvi
gvb DbxZ nq|
mvgvwRK ghv`v ARb: eemvqi G aiYi AviKwU AbZg Dk njv eemvqxi
mvgvwRK ghv`v ARb| eemvqx A_ DcvRb Ki wewfb mvgvwRK KgKv AskMnY
Ki| GZ eemvqxi mvgvwRK ghv`v ew cvq|
20
eemvqi mvgvwRK Dkvewj

eemvq mgvRi GKwU iZc~Y A| eemvqx ewMZ m` I gybvdv ARbi
cvkvcvwk mgvR emevmiZ wewfb c; hgb- Zv, fvv, KgPvix, mvaviY
m`vq BZvwì cwZI wewfb `vwqZ cvjb Kib| Gme `vwqZKB eemvqi
mvgvwRK Dk ej| wb eemvqi mvgvwRK Dkvewj AvjvPbv Kiv njvt
Pvwn`vbyhvqx cY I mevi hvMvb : mgvR emevmiZ gvbyli Pvwn`vbyhvqx cY I
mevi Drcv`b I mieivn Kiv eemvqi GKwU DjLhvM mvgvwRK Dk|
Zv ev fvvMY hic gvb mb cY cZvkv Kib, mic cY ev mevB
eemvq Drcv`b I mieivn Ki|
bvhg~j mev I cY mieivn : fvv mvaviYi q mvg_i ga bvhg~j
cY I mev mvgMx mieivn KivI AvaywbK eemvqi AbZg Dk| G j
eemvq wewfb gvb, ì, AvKvi I cwigvYi cY evRviRvZ Ki| hvZ mevB
mvg_ Abyhvqx cY q mg_ nq|
eKvi mgmvi mgvavb : bZzb bZzb wk, Kj-KviLvbv, eemv I evwYR msMVb
vcb Ki mgvRi eKvi RbMvxi Kgmsvbi myqvM mw KivI eemvqi
iZc~Y Dk| GZ gvbyli Kgmsvbi myhvM mw nq Ges Zvì Rxebhvvi
gvb ew cvq|
kwgK-Kgxì Rxebhvvi gvbvbqb : cwZvb wbqvwRZ kwgK-KgxMY hvZ
gvbwmKfve m _K `Zvi mv_ Kg mv`b KiZ cvi- G j eemvq
ZvìK cqvRbxq cwkY `q| GZ Kgxì `Zvi Dbqb NU, cvwikwgK
evo I Rxebhvvi gvb ew cvq|
mKi Dbqb : eemvq KgKv mv`bi mv_ mv_ eemvqx `k-we`k
wewfb ci mv_ ewMZ, mvgvwRK I A_bwZK mKI Mo Zvj| AvR mviv
wek GKB cwievi icvwiZ nIqvi wcQb eemvqB AbZg cavb wbqvgK kw
wnmve KvR KiQ|
cwikl ejv hvq, eemvq GKwU Av_-mvgvwRK cwqv wnme eemvqxi Rb

hic gybvdv I m` ARb mP, Z`c mgvR emevmiZ wewfb ci bvbvwea
j ev Dk evevqbI h_ mvPvi|
21
eemvqi RvZxq Dk
eZgvb en`vqZb eemvq RMZ eemvqK wewfb RvZxq Dk mvabI cqvm

PvjvZ nq| eemvq cwiPvjbvi wcQb h mKj RvZxq Dk we`gvb _vK Zv
wbic18:
1. RvZxq mì menvii gvag `ki A_bwZK wfw my`p Kiv;
2. eemvq KgKvi gvag RvZxq Avq I Drcv`b ew Kiv;
3. AvRvwZK hvMvhvM vcb, mymK cwZv I cqvRbxq `ki
cwZwbwaZ Kiv;
4. eemvq KvhKjvc mmviYi gvag Kgmsvbi bZzb bZzb mw Kiv;
5. eemvq RvZxq ^v_ DP Zzj aiv Ges RvZxq ^v_ myivi e`ve Ges
6. miKviK wewfb Ki I ivR^ c`vb Ki miKvii A_bwZK mvg_K gReyZ
ivLv|
eemvqi Kvhvewj
gybvdv ARbi Dk cYè I mevKg Drcv`b, eUb I Zrmswk hveZxq

KvRB eemvq KvhKjvc wnme MY| GKRb eemvqx wK KvR Kieb Zv Zvi
eemvqi cKwZi Ici wbfi Ki| Ze mvaviYfve eemvqi h mKj KvR
jYxq Zv wbic19:
Drcv`b : Drcv`b eemvqi gyL KvR| weqi Rb cY ev mevi cZ Kvh ev

bZzb DchvM mwK Drcv`b ej| wewfb aiYi wki KvR wKQzUv wfbZv
_vKjI Gic KvR Kivi Rb cqvRbxq g~jab, hcvwZ, KuvPvgvj, kwgK-Kgx
BZvw` msMni cqvRb co|
q : eemvqi cKwZ hgbB nvK bv Kb mLvb Kg-ewk KuvPvgvj, Dcvq-
DcKiY ev cY-èvw` qi cqvRb co| ZvB q Kvh eemvqi GKwU
AbZg KvR| qi Pvwn`vi cwigvY wbaviY, Drm wbaviY, cY wbaviY,
g~j wbaviY BZvw` KvRi cqvRb nq|
weq : me aiYi eemvqi weqI GKUv iZc~Y Kvh| weqi
gvagB cYi ^Z Zvi wbKU nvwiZ nq| GRb cY ev mevi g~j wbaviY,
weqi kZvw` wbw`KiY, cqvRb cYi gvb wbaviY wefvRb, gvoKxKiY
BZvw` KvR KiZ nq|
18. cv, c. 17
19. W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 9-10
22
A_msvb : eemvq h aibiB nvK bv Kb ZvZ cqvRbxq A_msvbi

cqvRb co| env`vqZb eemvq MVb I cwiPvjbvq cPzi cuywRi cqvRb nq|
Gic A_msvbi Rb cwZvbi wewfb KvR cqvRbxq cyuwRi cwigvY wbaviY,
Drm wbevPb, A_ msMn, h_vh_ eenvi BZvw` KvR Kiv nq _vK|
SyuwK MnY : eemvqi mv_ SzuwK I AwbqZv IrcvZfve RwoZ| bvbv aibi
wec`-Avc` eemvqi mgmvi mw Ki| G mKj SuywK Kgvbvi Rb
eemvqxMY bvbv aibi mZKZvg~jK eev MnYi cvkvcvwk mve exgvi
Avkq MnY Ki|
cwienb : wewfb Drm _K KuvPvgvj ev cYmvgMx msMn Ki cwZvb wbq Avmv
Ges Drcvw`Z cY Zv mvaviYi wbKU cuQ `qvI eZgvb en`vqZb eemvq
GKwU iZc~Y KvR| GRb AbK cwZvb wbR^ cwienb eev Mo Zvj|
gRyZKiY : Drcvw`Z ev qKZ cY weq nZ wKQzUv mgq bq| gmygx è
Drcv`b I msMni ci AbKw`b gRyZ Ki ivLvi cqvRb co| ZvB Gic
msiYi Rb eemvqK cqvRb Abyhvqx `vgRvZKiY myweav Mo ZzjZ `Lv
hvq|
MvnK mev M`vb : cwZhvwMZvc~Y cwiek mdjZv ARb eemvqK mvagZ
MvnK mevi eev KiZ nq| GRb fvj eenvi, Kg `vg Dg cY mieivn,
mwVK gvj I IRb wbwZKiY, wexZ cY diZ MnY ev e`jvbvi myhvM c`vb
BZvw` myweav `qvi cqvRb co|
evRviRvZKiY cmvi : eZgvb hyM cPvii hyM| ZvB Kvbv mvgMx Drcv`b ev
msMn KijB Zv weq Kiv hvq bv| GRb mve Zvì Zv AeMZ Kivi I
Drmvn mwi cqvRb co| GRb wevcb, ewK weq, cPvi, weq cmvi
BZvw` wewfbgyLx Kgm~wP MnY KiZ nq|
evRvi MelYv : cwZhvwMZvc~Y eemvq RMZ evRvi njv eemvqi cavb
Dcv`vb| Kvb cY ev mevi evRvi bv _vKj ev evRvi mw Kiv bv Mj eemvq
Pj bv| GRb mdjZv ARb evRvi mK MelYvi cqvRb co| GRb eo
eo cwZvbjv c_K evRvi MelYv mj Lvj|
wnmveiY : h Kvb eemvq wnmveiY GKwU iZc~Y KvR| mwVK wnmve
iYi gvagB eemvqi Avq-eq, jvf-jvKmvb I mw-`vqi MwZ-cKwZ
Rvbv hvq| mRb eZgvbKvj en`vqZb eemvq cwZvb Avjv`v wnmve wefvM
Lvjv nq|
23
Kgx msv KvR : en`vqZb eemvq cwZvb GKmv_ cPzi msLK Kgx KvR
Ki| Gic Kgx msMn, wbevPb, wbqvM, cwkY, c`vbqb, eZb-fvZv c`vb
BZvw` bvbv aibi KvR mv`b KiZ nq| eo cwZvb GRb c_K Kgx wefvM
Lvjv nq|
Awdm msv KvR : en`vqZb eemvwqK KgKv Awdm g~j KgK` wnme
weewPZ nq| cwZvbi wfZii I evBii wewfb ci mv_ hvMvhvM I mK
ivq Awdm g~L f~wgKv ivL| ZvB Z_ msMn, msiY Ges ckvmwbK KvgKv
cwiPvjbvq eemvqxì Awdm msv bvbvb KvR KiZ nq| Dcmsnvi ejv hvq,
eemvqi Kvhvewj wewfb aiYi| KvhZ gybvdv ARbi Dk gvbyli mKj ea
A_bwZK KvhvewjB eemvwqK KvhKjvc wnme MY| Ze GKUv mvaviY
eemvqi Kg-ewk Dciv Kvhvw` mvw`Z nZ `Lv hvq|
eemvqi iZ I cqvRbxqZv
eZgvb wek eemvqi iZ GZ ewk h Zv evwoq ejvi Acv ivL bv|

eemvq A_bwZK KgKv wnme MY njI Gi gvag `ki A_bxwZ,
mgvRbxwZ, ivbxwZ mewKQzB weklfve cfvweZ nq| Gi gvag ay eemvqx I
ZvivB DcKZ nq bv, cZ I civfve `ki cwZwU gvbylB DcKZ nq
_vK| eemvqi iZmg~n wb msc AvjvPbv Kiv njv-
A_bwZK iZ
eemv-evwYRi A_bwZK iZ mePq ewk| GZ`msv wKQz AvjvPbv

wbic20:
mì Dchy eenvi : `ki mì KvhKi eenvii Ici RvZxq Dbqb
weklfve wbfikxj| mKj `kB eemvq `ki mì KvhKi eenvi wbwZ
Ki A_bwZK Dbqb Zivw^Z Ki| DjL, mviv wekB LwbR Z_v nvRviv
cvKwZK m` eemvqxì D`vMB DvwjZ I eeZ nQ|
mq Drmvn `vb : ^vaxb ckv wnme eemvq Avq-ivRMvi I m` ARbi

mnR Dcvqic weewPZ nIqvq AbKB eemvq Mo Zvjvi j mq Dy
nq| Gic mq wewbqvwRZ nIqvq `ki mvgwMK wewbqvMi cwigvY ew cvq|
20. W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 7-8; gvnv`
LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv, c. 12-13
24
g~jab MVb I Zvi menvi : eemvqi cqvRb D`vv ev Gi gvwjKMY wewfb

Drm nZ A_ msMn Ki Zv eemvq g~jab cwiYZ Ki Ges Dchy LvZ m
g~jab eenvii gvag A_bwZK Dbqb wbwZ Ki _vK|
ewMZ I RvZxq Avq ew : eemvq A_ wewbqvMi dj AwRZ gybvdv gvwjKi

ewMZ Avq I myL-^vQ` ewZ hgwb fzwgKv ivL Zgwbfve Zv RvZxq
AvqI ew Ki| G QvovI mKj `kB eemvq RbMYi Avq-ivRMvii cavb
Drm wnme MY|
cwienb eevi Dbqb : eemvqi cqvRb KuvPvgvj I cY Avbv bqvi Rb

miKvwi I emiKvwi D`vM AbK mgq cwienb eev Mo IV| `ki ij
eevi h Dbqb NUwQj Gi cQb eemvwqK Dk weklfve wqvkxj wQj|
kg wefvMi mydj : kg wefvM AvaywbK eemvqi GKwU AbZg Ae`vb| S. P.

Robins ejb, Division of labour means the the entire job is
broken down into a number of steps, each step being completed
by a separate individual. hvi dj ewi Kvh`Zv I Drcv`bkxj ew
cvq Ges A_bwZK DbwZ mnRZi nq|
DbZ chywi eenvi: eemvqi cqvRb wewfb cPv I MelYvi dj chywMZ

Dbqb NU| GB DbZ chyw eenvii dj Avevi bZzb bZzb cY Drcv`b I
cYi gvbvbqb me nq| GZ cY Drcv`b eqI nvm cvq| hv RbMYi
A_bwZK KjvY wbwZ Ki|
miKvii ivR^ ew : `ki eemvq Z_v wk-evwYRi cmvii dj miKvi

wewfb LvZ nZ cPzi ivR^ Av`vq KiZ cvi| GZ miKvii A_bwZK mvg_
ew cvq Ges RbMY Zvi mydj fvM Ki|
evsK, exgv BZvw` msvi Dbqb: eemvq Z_v wk-evwYRi Dbqbi mv_ `ki
A_bwZK KgKv ew cvIqvq evsK, exgvmn wewfb Avw_K cwZvbi Dbqb
NU| G QvovI wevcbx msv mn wewfb weklvwqZ cwZvb Mo IV|
25
mvgvwRK iZ
eemv-evwYRi mydj fvM Ki mgvRi meii gvbyl| G KviY eemvi

mvgvwRK iZ AZwaK| GZ`msv wKQz AvjvPbv wbic:21
Pvwn`v Abyhvqx cY I mevi hvMvb : eemvq RbMYi Pvwn`v Abyhvqx cY I
mevi hvMvb I wbwZ Ki Afve c~iY mnvqZv Ki| dj RbMY myLx I myì
Rxeb hvcbi myhvM cvq| Avgiv cZn h mKj cqvRbxq wRwbm fvM Kwi,
nvZi bvMvji ga Zv cvIqv me nqQ eemvqi KviYB|
eKvi mgmvi mgvavb : eemvq Z_v wk-evwYRi AMMwZi dj `k
Kgmsvbi evcK myhvM NU| GZ `ki eKvi mgmvi mgvavb nq|
evsjv`k h gvivZK eKvi mgmv we`gvb Zv mgvavb wk-evwYRi cwZ
wekl iZivci Kvb weK bB|
`Zvi Dbqb : AvaywbK Kvj h Kvb `ki A_bwZK Dbqb ` D`vv kYx
I eemvqx Mvxi Ici wbfikxj| eemvqi mvnPh I cZ AwfZvq `k
GK`j ` D`vv kYx I eemvqx m`vq Mo IV| hvì f~wgKvi KviY
`ki A_bxwZ I mgvR DcKZ nq|
wk Kg, wkv I mswZi weKvk mnvqZv `vb : eemvqi cqvRbB `k wewfb
aibi wk Kgi weKvk NU| G QvovI eemvqxì cZ I civ mnhvwMZvq
`ki wkv I mswZi gvb DbxZ nq| D`vniY îc Avgvì `ki eo eo
wkjv wbR `vwqZ h mKj wkv cwZvb MVb KiQ Zvi K_v ejv nq|
AvRvwZK mKi Dbqb : eemv-evwYR Z_v AvRvwZK evwYRi djkwZZ
wewfb `k Ges `ki gvbyli ga my-mK Mo IV| hvi dj GK `k Ab
`ki mvnPh Gm vbvRb I cviwiK mvnvh-mnhvwMZvi cmvwiZ
KiZ cvi|
bMivqY: eemvq Z_v wk-evwYRi K`xqKiYi dj AbK mgq Kvbv wekl
GjvKvq RbemwZi weKvk NU| GKmgq Zv kni cwiYZ nq Ges bMi Rxebi
myhvM-myweav mLvbKvi gvbyl fvM KiZ cvi|
Rxebhvvi gvbvbqb : eemvqi djkwZZ GKw`K hgwb gvbyli Avqi myhvM

evo I `ki A_bwZK cew AwRZ nq Zgwbfve wbZ-bZzb wewfb wRwbm
fvMi myhvMI ew cvq| hvi dj gvbyli Rxebhvvi gvb DbxZ nq|
21. gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv, c. 13-
14
26
cwikl ejv hvq, eemvq Z_v wk-evwYR eZgvbKvj GZvUvB iZc~Y h, Zv

gvbe Rxebi mKj B wekl BwZevPK cfve ivL| h KviY eZgvb wek
wk-evwYRi AMMwZKB RvZxq Dbqbi cavb m~PK wnme MY Kiv nq|
evwYR aygv Gi gvwjKì ewMZ DbqbB mvab Ki bv- Gi gvag `ki
mKj gvbyl cZfve DcKZ nq| `ki RvZxq I A_bwZK DbqbI
weklfve evwYRi Dbqbi Ici wbfikxj| eZgvb mgvR mfZvq evwYRi
iZ Ggb chvq Gm DcbxZ nqQ h, evwYRi mnvqZv ewZiK KviI c
Pjv me bq|
ckv wnme eemv
Rxeb aviY I Rxeb aviYi DcKiY msMni j hLb Kvb ew Kvb Kvh
wbqvwRZ nq ZLb ewi KvRK ew (Occupation) ej| G `wKvb _K
PvKwi, eemvq, Wvvwi, IKvjwZ, cKkjx, wkKZv meB ewi AvIZvf~| wK
eemvq ew njI ckv (Profession) wKbv Zv Rvbvi AvM ckvi msv Ges
ewk mK aviYv bIqv cqvRb|22
HodgeIJohnsonGi gZ, Profession is a vocation requiring

some significant body of knowledge that is applied with degree
of consistancy in the service of some relevant segment of
society A_vr ckv njv DPZi vbmb ewg~jK KvR hv mgvRi Rb
AZ cqvRbxq KwZcq mevg~jK AZ weklZvi mv_ cqvM Kiv
nq|
Prof. Daltion E. McFarland ckvi wbv PviwU wekl ewk ev Yi

K_v DjL KiQb t
a) The existence of a body of speccialised knowledge or

techniques;
b) Formalised method of acquiring training and experience;
c) The establishment of representative organisation with
professionalism as its goal;
d) The formation of ethical codes for the guidance of conduct
and
22. DZ- gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, evemvq cwiwPwZ, cv,
c. 32
27
e) The charging of fees based an service but with due regards

for the priority of services over the desires for monetary
reward.
A_vr K) weklvwqZ vb ev Kkj m^wjZ GKwU msvi DcwwZ;
L) cwkY I AwfZv ARbi AvbyvwbK cwZ;
M) ckv`vwiZ mwi j cwZwbwaZkxj msMVbi cwZv;
N) m`mì AvPiY wbqYi Rb bwZKZv msewjZ wb`kbv Ges
O) Avw_K cvwi Dci mev Kivi gvbwmKZvK AMvwaKvi `vb Ges
mgZ wd wbaviY|
Dciv msv `ywU weklY Ki ejv hvq, vbi Kvb wekl kvLvq ewg~jK
vbvRb I cwkY MnY Ki cvi`wkZv I `Zv ARbi ci eve Rxeb Zvi
cqvM I eenvi viv RxweKv wbevni cPv Pvjvj ZvK ckv ej| Gic
ckvi wbv ewkvewj `kgvb t
1. ckv njv AbK Dc`k, civgk I wb`k c`vbi Rb vbi GKwU mykLj
kvLv| h KviY G eyw`x cwkYi cqvRb nq;
2. cwkY MnY I ewg~jK vb AvniYi gvag G wekl Dc`v mw
Kiv nq;
3. KwZcq wekl ckv`vi wbq GKwU msN cwZv I ZvZ wkvbwemx mf fwZ
Kiv nq;
4. msNi m`mì cwiPvjbvi Rb AvekKxq bxwZ I weavb cYqb I Zvi cqvM
Kiv nq;
5. miKvi ^xKZ Kvb cwZvb KZK msNi wekl m`mì ewg~jK KvR
wbhy nIqvi Rb mb` c`vb Kiv nq Ges
6. m`mì Rb mwZc~Y cvwiZvwlK ev wd wbaviY Kiv nq|
ckvi Dciv msv I ewki AvjvK Wvvwi, IKvjwZ BZvw` ew ckvi

Af~ Ges Gic ckv`vwi KgKv I ew eemvqi Af~ welq| wK me
aiYi eemvq KvhKjvc ckvi Dciv ewkjv cwijwZ nq bv weavq me
aiYi eemvqK ckv ejv hvq bv|
ckv wnme eemvi iZ
Rxeb aviYi j hLb Kvb ew Kvb KvR wbqvwRZ nq ZLb H ewi

KvRK ew (Occupation) ej| G `wZ eemvq GKwU gbyl ew| Abw`K
28
vbi Kvb wekl kvLvq wekl vb ARb I cwkY MnY Ki Kvb ew hLb
Zv RxweKv wbevni KvR eenvi Ki ZLb ZvK ckv (Profession) ej| G
`wKvY _K eemvq bvgK gbyl ewi mv_ ckvi KwZcq mv`k _vKjI
eemvq cyivcywi ckv bq| eemvqi H mKj kvLv ckvi chvqf~-hLvb
wekl vb ARb cwkY MnY I `Zv ARbi cqvRb co| G `wKvY _K
AvBb eemvq, wPwKrmv mev c`vbmn Abvb civgk I mev`vbKvix ckv`vwi
KvhKjvc eemvqi AvIZvf~| KviY Gme ckvRxex eweM Zvì AwRZ
weklvwqZ vb-`Zvi wewbgq A_vcvRb Ki _vK Ges G RbB ejv nq mKj
ckvB eemvq Ges mKj eemvq ckvi chvqf~ bq| wb wewfb `wKvY _K
ckv wnme eemvqi iZ eYbv Kiv njv23-
weklvwqZ vbi cqvM : Business creates surplus ZvB gybvdv ARb Z_v
m` mwi j wekl ewMY ckv wnme Kvievwi KvhKjvc mv`b Ki|
GZ GKw`K hgb ewK gybvdv ARb nq Abw`K Kvievwi KvhKjvc wekl
ewi weklvwqZ vbi cqvM NU| dj eemvq, mgvR, ewmn mKj chvq
AbK mgmvi myz mgvavb wbwZ nq|
en`vqZb Drcv`b : ^ Drcv`bi Rb weklvwqZ vb Lye iZc~Y bv njI
en`vqZb Drcv`b I eUbi Rb weklvwqZ vb Acwinvh| evRvi cYi Pvwn`v
I hvMvbi mvgmZv weavbc~eK evRvi mmviY, cYi gvbvbqb, gvb wbqY,
Avg`vwb-ivwb BZvw` welq weklvwqZ vb _vKv Acwinvh| ckvRxexMY Gme
mgmv mgvavb Ki mgvR eemvqi DchvwMZv ew Ki PjQb|
AvaywbK wevb I chywi Dbqb I eenvi : AvaywbK RwUj I mmviYkxj
eemvq KvhKjvc wevb I chywi Dbqb I eenvi Acwinvh| ckvRxex
ewMY MelYvi gvag cYi Drcv`b I DrKl mvab wekl f~wgKv ivLQb|
bZyb cY I mevi Dveb : AvaywbKKvj ckvRxex ewMY msNwUZ nq
eemvwqK Dbqbi ^v_ wewfb aibi MelYv PvjvQb| dj bZyb bZzb vb,
cwZ, cY-mev I chywi Dbqb NUQ| GZ gvbyli bZzb bZzb Afvei
cwimgvw NUQ Ges mB mv_ `ki A_bwZK Dbqbi MwZI Zivw^Z nQ|
SuywKnvm : SzuwK eemvqi GKwU Acwinvh Dcv`vb| wK AZwaK SuywK Kvievwi
AbyciYvq Aivqi mw nq| ckvRxex ewMY wewfb Dcvq msMwVZ nq
Kvievwi SzuwK nvmKiYi j wewfb aiYi Dc`k-civgk c`vb KiQb|
23. cv, c. 33-34
29
djkwZZ mgvR exgv eemvqi mmviY j Kiv hvq| GZ ewK I

mvgvwRK SuywK `~ixf~Z nq|
wkmKi Dbqb : wkvbqbi Rb wkxq kLjv Ges cviwiK Avv
I wekvmi mK vcb Acwinvh| A_P eve Kvievwi cwZbmg~n bvbvwea
wekLjv, `ybxwZ, m`n I Awekvmi wbMo e`x| ZvB wkxq we`gvb
Gic m`n, Awekvm BZvw` `~ixKiY Ges weiva gxgvsmvq ckvRxexMYi
mnhvwMZv I civgk Dg wk mK vcb wekl mnvqK f~wgKv cvjb Ki|
Kgmsvb : ^vaxb ckvq wbqvwRZ ckvRxexMYi ew eemvqi AvIZvf~| G
mKj ckvRxexMYi gvwjKvbvaxb cwZvb; hgb- wKwbK, GUwb dvg, Bwwbqvwis
dvg cPzi eKvi jvKi PvKwii msvb wbwZ Ki| Avevi Gme cwZvbi
mnvqK e msvq AbK jvK KgiZ _vK|
^vaxb RxweKv : civaxbZvq AwbQzK mgvRi e jvK weklvwqZ vb I `Zv
ARb Ki Ab PvKwii cwieZ mevc`vbg~jK cwZvb cwiPvjbv Ki
^vaxbfve RxweKv ARb Ki|
Rxebhvvi gvbvbqb : ckv`vix msvi c` civgk, mev I Dc`k MnY Ki
mgvRi mgmvcxwoZ e msLK jvK Zvì ewK I cvwZvwbK mgmvewj `~i
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wbfvebvq c~Y mgq eq KiZ cvi| GZ Avq ewi mv_ mv_ gvbyli
Rxebhvvi gvbI evo|
mvgvwRK cwZcw ARb : gvbyl mvgvwRK Rxe| m gvbylK hgb kv Ki,
fvjvevm, Zgwb mI kv I fvjvevmvi cZvkx| weklg~jK Dc`k I
civgk w`q m mgvR Zvi Ae`vb wbwZ Ki| dj ^vfvweKfveB ckvRxex
wekl ewMY mgvR kvi cv ej weewPZ nb|
AcPq iva : eZgvbKvj Kvievwi `kb njv Minimising cost and
maximising productionckvRxexMYi weklZvg~jK civgki mvnvh
A_i, kgi, vbi mevg eenvi wbwZ Kiv hvq| GZ AnZzK eq nvm
cq eemvqi gybvdv ew cvq|
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weklvwqZ vb I `Zvi mvnvh GKw`K hgb A_vcvRb Ki Abw`K
mvgwMK eemvq KvhKjvc mnvqZvmn mgvRi Acivci ew, cwZvb BZvwì
bvbvwea mgmv mgvavb Ki ewK, mvgvwRK Ges `ki A_bwZK Dbqb wekl
f~wgKv cvjb Ki|
30
RxweKv ARbi Dcvq wnme eemvq

BsiwR Career ki evsjv A_ njv Rxebvcvq ev RxweKvRbi Dcvq A_ev
Rxeb AMMwZ jvfi Rb eQ bqv ew ev ckv| GKRb ew Zvi Rxebi
AMMwZi Dcvq wnme Kvbv KvRK MnY Kij ZvK Avgiv Kvwiqvi wnme
MY Ki _vwK| E. B. Flippoejb, A career can be defined as a
sequence of separate but related work activities that provides
continuity order and meaning in a persons life. A_vr Kvwiqvi njv
GKwU c_K A_P mKhy KvRi Abyg hv Rxeb vwqZ I kLjv Avbqb Ki
Ges ew RxebK iZen Ki Zvj| cvPxbKvj _KB eemvq gvbyli
RxweKvRbi iZc~Y Dcvq wnme MY| eZgvbKvj mgM wekRyo eemvq h
gvbyli cavb ew ev Rxeb DbwZ jvfi cavb Aej^b Zv ejvi Acv ivL bv|
eemvqK Kvwiqvi wnme MnYi wcQb h mKj KviY jYxq Zv wb AvjvPbv
Kiv njv24-
RxweKvRbi Dcvq : eemvq gvbyli RxweKvRbi gyL Dcvq| GKRb mvaviY

gvbyl ^ cuywR I mvaviY wkvMZ hvMZv wbq QvU eemvq Mo mviv Rxeb Zv
_K Avq-ivRMvi I esk ciivq Avq DcvRb KiZ cvi| ZvB QvU-eo bvbv
aibi eemvqK gvbyl RxweKvRbi Dcvq ev Kvwiqvi wnme wbq _vK|
DbwZ jvfi Dcvq : eemvq gvbyli Rxeb DbwZ jvfiI cavb Dcvq| PvKwiZ
wbw` eZb cvIqv hvq - hv _K Rxeb eo aibi DbwZ jvf me bq|
eemvqi AwaK kg w`q, hvMZv I `Zvi cqvM NwUq GKRb eemvqx
AwaK gybvdv ARb KiZ cvi| GQvov axi axi Gi mmviY NwUq evcK
ewMZ Dbqb wbwZ Kiv me nq|
Kgmsvbi myhvM mw : eemvq ay ewi RbB Kgi myhvM mw Ki bv eis
Zv cwievii Abì Ges mgvRi nvRviv gvbyli Kgmsvbi myhvM-mw Ki|
Abi Aaxb PvKwi Ki mviv Rxeb KvwUq `qvi Pq eemvq cwZvb Mo
ZvZ wbRi Kgmsvb Ges GKB mv_ evcK gvbyli Kgmsvbi myhvM mw
KiZ cviv wbtm`n AbyciYvi welq|
^vaxb ew : eemvq njv ^vaxb ew| GKRb eemvqx ea h Kvb eemvq Zvi
cuywR LvUvZ cvi Ges Zvi KvR m KviI wbKU Revew`wn KiZ eva _vK bv|
ZvB ^vaxbZvwcq gvbyl eemvqK Zvì Kvwiqvi wnme MnY ^vQèva Ki|
24. cv, c. 34-35
31
KwZZ ARb I mvgvwRK ghv`v cvw : SuywKc~Y I cwZhvwMZvg~jK KvR KwZZ

ARb gvbyli Rxeb GK eo AbyciYvi welq| eemvq gvbylK cwZwbqZ bZzb
bZzb cwiwwZZ mvdj cZvkx Ki Zvj| hv Zvi ga GK A`g nvi Rb
`q| Gi ga w`q A_-wei hgwb xwZ NU Zgwb mdj eemvqx wnmeI
mvgvwRK ghv`v ew cvq|
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BZvw` cq DcKZ nq GKRb eemvqx Zgwb Zvi cwZwZ eemvqi LvuR-Lei
iLB kl eqm myìfve PjZ cvi| mvbvw` ewmq Zvì Zveavb KiI
fwelZ Rxeb KvUvbv hvq| Kvvwbi ejvq kqvi _K jfvsk cqI wbRi
Ges cieZx eskaiì fwelZ wbwZ Kiv me nq|
mvgvwRK KjvY : wbRi Kg w`q mgvRK mev Kivi eemvq GKwU Abb
Dcvq| GKRb hvM I mr eemvqx _K aygv wbRB DcKZ nq bv, Zvi viv
Zv, fvv, FY`vZv, gvjvgvj mieivnKvix, KgPvix, miKvi, mgRvZxq eemvqx
mevB DcKZ nq| GKRb mr eemvqxi KvhK mKj agB AZ kvi PvL
`Lv nq| ZvB Kvwiqvi wnme eemvqK MnY wbtm`n iZc~Y|
32
wZxq Aavq
Bmjvg eemv-evwYR
Dhaka University Institutional Repository wZxq Aavq : Bmjvg eemv-evwYR
wZxq Aavq
Bmjvg eemv-evwYR
Bmjvg gnvb Avjvn KZK gvbeRvwZi Rb wbevwPZ Rxeb-eev| Avi Bmjvgi
g~j Drm njv- gnvM Avj-KziAvb Ges ivmyjyjvn (m.) Gi nv`xm| Avj-KziAvb
gvbeRvwZi Rb gnvb Avjvn c` mek bqvgZ| G gnvM Bmjvgx Rxeb
eevi mvgwMK iciLv ewYZ nqQ| Avi Avj-nv`xm D Rxeb eevi eve
I weZ iciLv DcvwcZ nqQ| ZvB Bmjvgx Rxeb weavb Avj-KziAvbi
ciB Avj-nv`xmK vb `qv nqQ| Bmjvgi bex nhiZ gynv` (mv.)
gvbeRvwZi Rb cwic~Y Ges mevg Av`k| Rxebi Kvb w`K ev KvR Ggb bB
h mK Avj-KyiAvb Ges Avj-nv`xmi c_wb`kbv cvIqv hvq bv|
gvbeRxebi AZxe cqvRbxq KgKvi AbZg GKwU Kg nj eemv-evwYR|
eemv-evwYR Z_v cYi jb-`b Qvov gvbe Rxeb PjZ cvibv| AvaywbKKvj
eemv-evwYRi kvLv-ckvLv GZB weZ nqQ h, Bnv Qvov ew wKsev mgvR
`bw`b Rxeb KbvI KiZ cvibv| gvbeRxebi Gnb iZc~Y welq mK
Bmjvg h w`K wb`kbv w`qQ Zv Avj-KziAvb Ges Avj-nv`xmi gvagB
RvbZ ne| egvb ce eemv-evwYR mK Avj-KziAvb Ges Avj-nv`xmi
w`K wb`kbv DcvwcZ nqQ|
Avj KziAvb eemv
Avj-KziAvb mekl Avmgvbx wKZve hv mek I mekl ivm~j nhiZ gynv`

(mv.) -Gi Dci gnvb Avjvn& KZK bvwhjKZ| Avi Bmjvg gnvb Avjvn&i gbvbxZ
GKgv cwic~Y Rxeb eev| G eevi mKj g~jbxwZ Avj-KziAvb _K
DrmvwiZ| gvbe Rxebi mKj welq GZ mwbewkZ| gnvb Avjvn&i fvlvq
wKZve Kvb wKQyB Avwg ev` `B wb|1

gnvb Avjvn& G wKZve gvbe Rxebi AbmKj i gZv eemv-evwYR mK

h bxwZgvjv Dcvcb KiQb Zvi g~jK_v njv:
1. (Avj-KziAvb, 6:38)
34

n gywgbMY! Zvgiv GK Acii mw Abvqfve Mvm Kiv bv; wK
Zvgvì cii ivRx nq eemv Kiv ea; Ges GK AciK nZv Kiv bv;
wbqB Avjvn Zvgvì cwZ cig `qvjy|2
DjwLZ AvqvZ
( Zvgiv ciii ab-m`
Abvqfve fY Kivbv) Abvqfve ejZ GLvb Ggb me cwZi K_v eySvbv
nqQ hv mZ I bvqbxwZ weivax Ges bwZK I kixAvZi `wZ Aea|
jb`b A_ nQ ciii ga ^v_ I gybvdvi wewbgq Kiv| hgb eemvq, wk
I KvwiMix BZvw` nq _vK| mLvb GKRb AbRbi cqvRb mieivn
Kivi Rb cwikg Ki Ges Zvi wewbgq `vb Ki| ZvQvov AvqvZi

(cviwiK mwZi wfwZ eemv-evwYR) evKwU mshy Ki ej `qv nqQ
h, hme eemvi bvg my`, Ryqv, auvKv-cZviYv BZvwì Avkq wbq Abi
m` nMZ Kiv nq, mme cvq m` ARb Kiv ea eemvi Af~ bq, eis
Zv nvivg I evwZj cv| Zgwb hw` ^vfvweK eemvqi I jb`bi ga
Dfq ci AvwiK mw bv _vK Ze mic q-weq I evwZj Ges nvivg|3
Kvb cKvi Pvc ev auvKv I cZviYvi gvag jb`b nebv|
cwe KziAvb ewYZ nqQ, Avjvn q-weqK nvjvj I

my`K nvivg KiQb|4
G AvqvZ eemv-evwYRK nvjvj Ges my`K nvivg NvlYv Kiv nqQ| Kbbv
eemv I myì ga bxwZMZ cv_K iqQ| GB cv_Ki KviY Dfqi
A_bwZK I bwZK ghv`v GKB chvqfy nZ cvi bv| GB cv_K wbgic5:
. bs my` gybvdv
01. my` Aea I nvivg gybvdv ea ev nvjvj|
02. FYi Dci mgqi wfwZ my` q-weq ev eemvi ^vfvweK
AwRZ nq| djîc gybvdv AwRZ nq|
2. Avj-KziAvb, 04: 29
3. gydZx gynv` kdx (in.), Zvdmxi gvAvidzj KviAvb, (Aby: I mv: gvIjvbv gywnDxb Lvb, cwe
KviAvbyj Kixg, evsjv Abyev` I msw Zvdmxi) g`xbv gvbvIqviv: Lv`gyj nvivgvBb ev`kvn dvn`
KviAvb gy`Y cK, 1413 wn: c. 244
4. Avj-KziAvb, 2t 275
5. gvt Avey Zvni, Bmjvgi A_bwZK BwZnvm I evswKs, XvKv: PjK cKvkbx, wWmî 2006, c. 340
35
03. my` jvKmvbi SuywK enb KiZ gybvdv ARb jvKmvbi SzuwK
nq bv| AvQ|
04. my` c~e wbavwiZ I wbwZ, myì gybvdv AwbavwiZ I AwbwZ|
nvi KLbI k~b nq bv| gybvdv Kg-ekx nZ cvi A_ev
FYvZKI nZ cvi|
05. FYi Dci my` GKvwaKevi wbaviY cYi Dci gybvdv GKeviB Kiv
I Av`vq Kiv hvq| hvq|
06. myì kg wewbqvM KiZ gybvdvi eemvq g~jab, kg,
nq bv| mgq BZvw` wewbqvM KiZ nq|
07. myì c mg~n nQ FY`vZv I gybvdv Z_v eemvqi c mg~n nQ
FY MnxZv| Zv I weZv/Drcv`bKvix|
08. myì mv_ cY ev cYi g~j gybvdvi mv_ cY ev cYi g~j
RwoZ _vK bv| RwoZ _vK|
09. myì Kvb wewbgq bB| gybvdvi wewbgq gvj|
Gme KviY eemvqi A_bwZK ghv`v I myì A_bwZK Aevbi ga weivU

cv_K m~wPZ nq| Gi dj eemvq gvbweK mswZi jvjb I cyb:MVbKvix kwZ
cwiYZ nq| wecixZ c my` Zvi asmi KviY nq| Avevi bwZK w`K w`q
myì cKwZB nQ, Zv ewi ga KvcY, ^v_ciZv, wbziZv, wbggZv I
KVviZv mw Ki Ges mnvbyfwZ I cviwiK mvnvh-mnhvwMZvi gbvfve web
Ki `q| ZvB A_bwZK I bwZK Dfq w`K w`qB my` gvbeZvi Rb asm
WK Avb|
gnvbex nhiZ gynv` (mv.) wbRB GKRb eemvqx wQjb| wZwb nhiZ Lv`xRv
(iv.) -Gi c eemv cwiPvjbv KiwQjb| G KviY g`xbv cRvZi bZzb
cwiek eemv-evwYRi cwZ Zuvi mnhvwMZv c`vb wQj GKwU ^vfvweK evcvi|
G cRvZi DbwZ I mgw cyivUvB eemv-evwYRi Dci wbfikxj wQj|
ivm~jyjvn (mv.) Gi gv Rxebi cv_wgK chvq AeZxY m~iv KzivBk Avjvn&
ZvAvjv ejb ( 3)

( 2)

( 1)

4)

)hnZz KzivBkì Avmw AvQ, Avmw AvQ Zvì kxZ I
Mx mdii| AZGe, Zviv Bev`Z KiK GB Mni gvwjKi, whwb ZvìK
zavq Avnvi w`qQb Ges fxwZ _K ZvìK wbivc` KiQb|6
6. Avj-KziAvb,106:1-4
36
m hyMI eemv-evwYRK KjywlZ Kivi wewfbic `ybxwZi wei cwZev` I

mZKxKiY evYx DPvwiZ nqQ Ges eemv-evwYR mybxwZ I bvq wePvii wfwZ
cwiPvwjZ nevi cwZ iZ c`vb Kiv nqQ| Avjvn& ZvAvjv ejb:-

( 2)
`yfvM Zvì Rb hviv
gvc Kg `q, hviv jvKi wbKU _K gc bqvi mgq c~Y gvvq MnY Ki,
Ges hLb Zvì Rb gvc A_ev IRb Ki `q, ZLb Kg `q| 7
cvi eemv-evwYR mK Aci GK `wfxZ GK wbwl bv ejjI welqwU

Rvbv hvq h, eemv-evwYRi ga Gic wKQy welq AvQ hv gywgbìK
Avjvn& ZvAvjvi Bev`Z Z_v mvjvZ Av`vq nZ weiZ ivLZ cvi| G welq
KziAvb gvRx` ewYZ nqQ:

mme jvK, hvìK eemv-evwYR Ges q-weq Avjvni iY _K Ges
mvjvZ Kvqg I hvKvZ c`vb _K weiZ ivL bv, Zviv fq Ki mw`bK hw`b
AbK Ai I `w wech nq coe|8
gvbyli Rxeb aviY Ges Av_ mvgvwRK Dbqbi Rb eemv-evwYRi iZ

Avw`Kvj _KB ^xKZ| Ze Rxebi Dci wZKi cfve djZ cvi Gic
eemv-evwYR _K wbRì iv Kiv gywgbì KZe| Gi avivevwnKZvq
ivm~jyjvn (mv.) Gi g`xbv Rxeb RygAvi bvgvhi mgq eemv-evwYR wKQy mgqi
Rb e ivLZ wb`k c`vb Kiv nqQ| ejv nqQ:

( 9)
n gywgbMY! RygyAvi w`b hLb mvjvZi Rb Avn&vb Kiv nq ZLb Zvgiv
Avjvni iY avweZ nI Ges q-weq ZvM Ki, BnvB Zvgvì Rb kq hw`
Zvgiv Dcjw Ki| mvjvZ mgv nj Zvgiv cw_exZ Qwovq coe Ges
Avjvni AbyMn mvb Kie Ges AvjvnK AwaK iY Kie, hvZ Zvgiv
mdjKvg nI|9
7. Avj-KziAvb, 83:1-3
8. Avj-KziAvb, 24:37
37
G `ywU AvqvZ eemv-evwYR AvZwbqvM Kivi my BwZ iqQ| G cm

Aviv ejv nqQ:

Zvgvì cwZcvjKi AbyMn
mvb KiZ Zvgvì Kvb cvc bB|10
G AvqvZ eemv-evwYR Kivi my AbygwZ c` nqQ| G QvovI Avjvn&

ZvAvjv eemv-evwYRi Dci iZvivc Ki ejb:

n gywgbMY! Zvgiv hv DcvRb Ki Ges Avwg hv f~wg _K Zvgvì Rb
Drcv`b Ki `B Zba hv DrK Zv eq Ki; Ges Zvi wbK e eq Kivi
msK Kiv bv|11
Avj-KziAvbi Dciv AvqvZmg~n nZ Avgiv eemv-evwYRi eaZv Ges

cqvRbxqZv mK RvbZ cvwi| Avj-KziAvb Avjvn& ZvAvjv Bmjvgx A_
eevi h iciLv wekevmxi mvgb Dcvcb KiQb Zvi g~jK_v njv gvbyl
Ges gvbyli Dbqb| gvbyli Dbqb wewfb fve nq| wK eemv-evwYR Ggb
GKwU Kg hvZ mKj kYxi gvbyl Ask MnY Ki mgvRi Dbqb KgKv f~wgKv
ivLZ cvi|
GLvb DjL Kiv cqvRb h, Avj-KziAvb Avjvn& ZvAvjv eemvK hbv`vqK

kvw _K cwivYi Dcvq ej AvLv w`q ejb:

( 10)

n gywgbMY Avwg wK ZvgvìK Ggb GK evwYRi
mvb wè hv ZvgvìK iv Kie gg` kvw _K? Dnv GB h, Zvgiv
Avjvn I Zuvi ivm~ji cwZ wekvm vcb Kie Ges Zvgvì ab-m` I Rxeb
viv Avjvni c_ wRnv` Kie| GUvB Zvgvì Rb kq hw` Zvgiv RvbZ| 12
GLvb Cgvb Ges ab-m` I Rxebcb Ki wRnv` KivK evwYR AvLv `qv
nqQ| KviY evwYR hgb wKQy ab-m` I kg eq Kivi wewbgq gybvdv AwRZ
nq, Zgwb Cgvb mnKvi Avjvn&i c_ Rvb I gvj eq Kivi wewbgq Avjvn&i
mw I ciKvji wPivqx bqvgZ AwRZ nq| cieZx AvqvZ ZvB ejv nqQ
h, h GB evwYR Aej^b Kie, Avjvn& ZvAvjv Zvi Mvbvn gvd Kieb Ges

12. Avj-KziAvb, 61:10-11
38
RvbvZ DrK evmvb `vb Kieb| Gme evmMn mecKvi Avivg I wejvm-ej
mivg _vKe|13
Avj KziAvb Avjvn& ZvAvjv eemv-evwYR cm AvjvPbv KiZ wMq wZRvivn
(), evq ( )wkiv ()G wZbwU k eenvi KiQb| Avj KziAvbi
8wU vb wZRvivn ( )ki DjL Ki eemv-evwYR cm Avjvn
ZvAvjv AvjvPbv KiQb mjv wbic:
1.

( Zviv m mg
jvK, hviv n`vqvZi wewbgq Mvgivnx Lwi` Ki| eZ: Zviv G eemvq
jvfevb nZ cviwb Ges Zviv n`vqvZI jvf KiZ cviwb|)14
2.

( wK hw` Kvievi
bM` nq, cii nvZ nvZ Av`vb-c`vb Ki, Ze bv wjLj Zvgvì
cwZ Kvb AwfhvM bB|)15
3.

( n
wekvmxMY! Zvgiv GK Acii m` Abvqfve Mvm Kiv bv| Ze
Zvgvì ciii mwZg h eemv Kiv nq Zv ea|) 16
4.

( ej, Zvgvì wbKU hw` Zvgvì wcZv, Zvgvì mvb,
Zvgvì fvB, Zvgvì cZx, Zvgvì Mv, Zvgvì AwRZ ab-m`,
Zvgvì eemv hv e nq hvIqvi fq Ki Ges Zvgvì evmvb hvK
Zvgiv cQ` Ki Avjvn&, Zuvi ivm~j I Zuvi ivn Rnv` Kiv _K AwaK
wcq nq Ze Acv Ki, Avjvn&i weavb Avmv ch, Avjvn& dvmK
mc`vqK n`vqvZ Kib bv|) 17
13. gvIjvbv gydZx gynv` kdx, cv, c. 1367

14. Avj-KziAvb, 2 t 16
39
5.

( Ggb jvKiv, hvìK eemv-evwYR I q-weq Avjvn&i iY
_K, mvjvZ Kvqg Kiv _K Ges hvKvZ c`vb Kiv _K weiZ ivL bv|
Zviv fq Ki mB w`bK, hw`b Ai I `wmg~n D hve|)18
6.
(hviv Avjvn&i wKZve cvV Ki, bvgvh Kvqg Ki Ges Avwg hv w`qwQ, Zv
_K Mvcb I cKvk eq Ki, Zviv Ggb eemv Avkv Ki, hvZ KLbI
jvKmvb ne bv|)19
7.

( n wekvmxMY! Avwg wK
ZvgvìK Ggb GK evwYRi mvb wè, hv ZvgvìK hYv`vqK kvw
_K gyw wè?) 20
8.

( Zviv hLb Kvb eemvqi myhvM A_ev xov KZzK `L ZLb
AvcbvK ùovbv Aevq iL Zviv mw`K QyU hvq| ejyb: Avjvn&i KvQ
hv AvQ, Zv xov KZzK I eemvq Acv DrK| Avjvn& mevg
wiwhK`vZv|)21
Avj-KziAvbi wbgv 7wU vb (AvqvZmg~n) evq ( )ki DjL Ki Zv
viv eemv-evwYR eySvbv nqQ|
1.
( n wekvmxMY! Avwg ZvgvìK h iRx w`qwQ| mw`b Avmvi
c~eB Zvgiv Zv _K eq Ki, hvZ bv AvQ ePv-Kbv, bv AvQ mycvwik
wKsev ezZ| Avi KvdiivB njv cKZ hvjg|)22
40
2. ( Zviv ejQ: q-weqI Zv my` bqviB

gZ| A_P Avjvn& ZvAvjv q-weq nvjvj KiQb Ges my` nvivg
KiQb|)23
3.
( myZivs Zvgiv Avbw`Z nI m jb-`bi Dci
24
hv Zvgiv KiQv Zvi mv_|)
4.

(Avgvi ev`vìK ej w`b hviv wekvm vcb KiQ, Zviv bvgvh Kvqg ivLyK Ges
Avgvi `qv wiwhK _K Mvcb I cKvk eq KiK H w`b Avmvi AvM, hw`b
25
Kvb ePv-Kbv bB Ges ezZI bB|)
5.

(Avjvn& hw` gvbe RvwZi GK`jK Aci `j viv cwZnZ bv KiZb, Ze
(Lxvbì) wbRb wMRv, Gev`Z Lvbv, (B`xì) Dcvmbvjq Ges
gmwR`mg~n wea nq hZ, hjvZ Avjvn&i bvg AwaK iY Kiv
nq|)26
6.

(Ggb jvKiv, hvìK eemv-evwYR I q-weq Avjvn&i iY _K,
bvgvh Kvqg Kiv _K Ges hvKvZ c`vb Kiv _K weiZ ivLbv| Zviv
fq Ki mB w`bK, hw`b Ai I `wmg~n D hve|) 27
7.
(n wekvmxMY! RygAvi w`b hLb bvgvhi Avhvb `qv nq, ZLb Zvgiv
Avjvn&i iYi cvb Ziv Ki Ges ePv-Kbv e Ki| GUv Zvgvì Rb
Dg hw` Zvgiv eyS|)28
Avj-KziAvbi wbgv 14wU vb (AvqvZmg~n) Avk&-wkiv ( )Avj-
BkwZiv ( )ki DjL Ki Zv viv eemv-evwYRi K_v eySvbv
nqQ|

41
1.

(Avi Zvgiv m Mi cwZ wekvm vcb Ki, hv Avwg AeZxY KiwQ
mZev wnme Zvgvì KvQ| eZ: Zvgiv Zvi cv_wgK Av^xKviKvix
nqvbv Avi Avgvi AvqvZi Ag~j wÌ bv Ges Avgvi Avhve _K
evuP|)29
2.

( GivB
ciKvji wewbgq cvw_e Rxeb q KiQ| AZGe Gì kvw jNy nebv
Ges Giv mvnvhI cvebv|) 30
3. ( hvi wewbgq Zviv wbRì wew KiQ, Zv LyeB g`|)31
4.

( hvi wewbgq Zviv AvZweq KiQ, Zv
LyeB g` hw` Zviv RvbZ|)32
5.

( GivB nj m mg jvK, hviv
n`vqvZi wewbgq Mvgivnx Lwi` KiQ Ges (Lwi` KiQ) gv I
AbyMni wewbgq Avhve|) 33
6.

( Avi gvbyli gvS GK
kYxi jvK iqQ hviv Avjvn&i mwK wbRì Rvb evwR ivL|
Avjvn& njb Zuvi ev`vì cwZ AZ gnievb|) 34
7.

( hviv Cgvbi cwieZ
Kzdi q Ki wbqQ, Zviv Avjvn& ZvAvjvi wKQyB wZmvab KiZ cvie
bv| Avi Zvì Rb iqQ e`bv`vqK kvw|) 35
8.

( Avi Avjvn& hLb Avnj wKZveì KvQ _K cwZv
MnY Kijb h, Zv gvbyli wbKU eYbv Kie Ges Mvcb Kie bv, ZLb
42
Zviv m cwZvK wbRì cQb dj ivLj Avi Zvi Kbv-ePv Kij

mvgvb g~ji wewbgq| myZivs KZB bv g` Zvì G ePv-Kbv|)36
9.

( KvRB Avjvn&i KvQ hviv cvw_e RxebK AvLivZi
cwieZ wew Ki `q Zvì Rnv` KivB KZe| eZ: hviv Avjvn&i
ivn jovB Ki Ges gZzeiY Ki wKsev weRq ARb Ki, Avwg ZvìK
gnvc~Y `vb Kie|)37
10.

( AZGe, Zvgiv gvbylK fq
Kivbv, AvgvK fq Ki Ges Avgvi AvqvZmg~ni wewbgq ^g~j MnY
Kiv bv|)38
11.

( Zviv Avjvn&i AvqvZ
mg~n bMY g~j weq Ki, AZtci jvKì wbeZ ivL Zuvi c_ _K,
Zviv hv Ki PjQ, Zv AwZ wbK|) 39
12.
( Avjvn& q Ki wbqQb
gywgbì _K Rvb I gvj GB g~j h, Zvì Rb iqQ RvbvZ|)40
13.
( Iiv ZvK Kg g~j wew Ki
41
w`j YvYxZ KqK ìnvg Ges Zuvi evcvi wbivm wQj|)
14.

( wgmi h ew ZvK q Kij, m
42
Zvi xK ejj: GK mvb ivL)|
Avj-nv`xm eemv
gvbeRvwZi Rb cwiZ gnvb Avjvn&i mekl wKZve Avj-KziAvb mKj welqi

gj bxwZgvjv ck Kiv nqQ| Avi Gme bxwZgvjvi wevwiZ weeiY ck Kiv

39. Avj-KziAvb, 9t9
43
nqQ Avj-nv`xm| eemv-evwYRi gZ AZ iZc~Y welqwUK Bmjvg

AZwaK iZ c`vb KiQ| ZvB `Lv hvq GZ`&msv ewea weavb ivm~jyjvn
(mv.) gvbyli gvS cPvi KiQb| hvZ Zviv eemv-evwYRi gvag iwR
ivRMvi Ki ew, mgvR I ivi mvgwMK Dbqb Ask wbZ cvi| eemv-
evwYR mK Avj-nv`xm h wb`kbv ck Kiv nqQ Zv AwZ msc wbg
ck Kiv njv|
mvgwMKfve nv`xm eemv-evwYR ea I nvjvj nIqvi K_v ewYZ nqQ| Ze

eemvi Amvay cv, cZviYv I wekvm f KVvi fve wbwl Kiv nqQ|
nv`xm ea eemv-evwYRK jvf RbK I mvb RbK ckv ej weePbv Kiv
nqQ Ges ccvjb I nwk Acv AwaK Avqi KvR ej DjwLZ nqQ|43
gvbylK cw_exZ euP _vKZ nj Lvevi MnY KiZ nq| Avi Lvevi MnY KiZ
nj AekB DcvRb KiZ ne| G DcvRb nZ cvi Kwl, wk, eemv-evwYR ev
PvKyixi gvag| DcvRb hfveB nvKbv Kb Zvi mv_ GK mywbweo mK iqQ
eemv-evwYRi| ivm~jyjvn (mv.) ejb- nvjvj iwR mvb Kiv dihi ci GKwU
dih|44
nhiZ Beb gvmD` (iv.) ejb, Kvb ew hLb ZvM ^xKvi Ki mIqve cvwi
Avkvq gymwjg Rbc` Kvb cqvRbxq è Avg`vbx Ki Ges bvh g~j Zv
weq Ki, Avjvn&i wbKU wZwb knxì ghv`v jvf Kib|45
Bmjvg gvbylK m`v mZ K_v ejvi wb`k w`qQ| Bmjvgi bex nhiZ gynv`
(mv.) m`v mZ K_v ejZb ej gvi jvKiv ZvK Avm-mvw`K mZev`x ej
WvKZ| eemv-evwYRi gZ GKwU jb`bi Bmjvg mZK_v ejvi cwZ
AZwaK iZ w`qQ| G cm gnvbex (mv.) ejb Zvgiv m`v mZ K_v
eje| wbq mZK_v gvbylK mrKgi w`K cwiPvwjZ Ki Ges mrKg
enkZi w`K c_ c`kb Ki|46
43. gvt Avey Zvni, cv, c. 285-286

44. - ( Bgvg
evqnvKx, Aveyj Cgvb, nv`xm bs- 4482)
45. Avj-KziZzex, Avj Rvwg wj AvnKvwgj KziAvb, Kvqiv: `vik kve, 1972, L.19, c. 56
46.

44
Bmjvg wek I mZev`x eemvqxK AZ mvb c`kb KiQ| ivm~jyjvn (mv.)

ejb wek mZev`x gymwjg eemvqx wKqvgZi w`b knx`MYi m _vKe|47
cYè q-weqi mgq ZvK IRb Kg Ìqv wKsev IRb Ki bIqvi

mgq ewk bIqv Bmjvg wbwl| Avj-KziAvb Gnb KgK AZ wb`bxq ejv
nqQ| eemv-evwYRi Zv-weZv Dfq ci KD-B hb bv VK,
wZM bv nq m welq mZK _vKZ ne| nhiZ Beb Avevm (iv.) _K
ewYZ, wZwb ejb- bex (mv.) hLb g`xbvq Avmb ZLb g`xbvevmx gvc ekx
KviPzwc KiZv| ZLb gnvb Avjvn& GB AvqvZ bvwhj Kijb A_vr
g` cwiYvg Zvì Rb, hviv gvc Kg `q| (Avj KziAvb 83 : 1) Gici _K
Zviv wVKfve IRb KiZ jvMjv| 48
GK`v nhiZ dvRvBj (iv.) `LZ cjb, Zvi cy GKwU ^Ygy`v AciK IRb
Ki `qvi mgq KviKvhi gawZ gqjv Nl cwivi Ki w`Q| ZLb wZwb ^xq
cyK ejjb, eUv! Zvgvi G AvgjwU `yB nR Ges `yB Igiv Acv Dg|49
cwigvc mZZv Aej^bi G wb`k ivi mKj wecYx K` h_vh_fve cvjb

Kiv nQ wKbv Zv Z`viKx Kiv Ges cqvRbxq eev MnY Ki IRb I gvci
`~bxwZ DrLvZ Kiv ivi `vwqZ|
AvgvbZ`vix gvbyli GKwU gnr Y| mgvR Rxeb Gi iZ Acwimxg| eemv-

evwYRi AvgvbZ`vix bv _vKj Zv-weZv me`vB wZM nq| ZvB
GKwU myì evRvi eev cwZv Ges ekx ekx wewbqvMi cwiek Zix
AbKUvB AvgvbZ`vixi Dci wbfikxj| AvgvbZi msiY cm gnvbex (mv.)
-
(Aveyj mvBb gymwjg Bebyj nvvR Avj-Kzkvqix Avb-wbkvcyix, Avm-mnxn,g`xbv gybvIqvivn: Avj-
gvKZvev Avj-kvgjvn, wKZveyj wei& Iqvm& wmjvn&, evey Kyewnj wKh&e Iqv mwbm& wm`&K Iqv dvhwjwn, nv`xm bs-
4721)|
47. -

(Ave~ Avyjvn gynv` Be&b BqvRx` Be&b gvRvn& Avj-Kvhexbx, mybvby Be&b gvRvn&, XvKv: BmjvwgK dvDkb
evsjv`k, 2006, wKZveyZ wZRvivZ, evey Avj- nvm&my Avjvj gvKvwme, nv`xm bs- 2139, L.2, c. 278)
48. )(
-( Ave~ Avyjvn gynv` Be&b BqvRx` Be&b gvRvn& Avj-Kvhexbx,
mybvby Be&b gvRvn&, XvKv: BmjvwgK dvDkb evsjv`k, 2006, wKZveyZ wZRvivZ, evey AvZ ZvIKx dxj
KvDjyj gvIwRb, L.2, nv`xm bs- 2223, c. 306)
49. Bgvg Mvhvjx, Bmjvgi nvjvj DcvRb I eemv, (fvlvi: gvnv` Lvj`), XvKv: Bmjvg cvewjKk,
1998, c. 43
45
ejb, mveavb! Zvgiv cZK cZKi iK Ges cZK Zvi iwZ welq
mK wRvwmZ ne|50
hvi AvgvbZ`vix bB Zvi Cgvb bB| hvi AxKvi bB Zvi xb bB|51
gvbyl gvbylK VKvbvi Rb hme cwZ I Kkj Aej^b Ki _vK Zba

AbZg njv avuKv ev cZviYv| GwU GKwU RNb Aciva| Gi viv gvbe mgvR
mcxwZ web nq| Bmjvg eemv-evwYRi auvKv w`q A_vcvRb wbla
KiQ| G mK ivm~jyjvn (mv.) -Gi my NvlYv h avuKv I cZviYv Ki
m Avgvì `jf~ bq|52
ivm~jyjvn (mv.) GKevi GK Lv` weZvi KvQ Mjb| m Lye fvj cY wbq
emwQj| wZwb Lvì wfZi nvZ XywKq w`jb| `Ljb Lye wbK gvbi Lv`
bxP iqQ| ZLb wZwb ZvK ejjb, G Lvevijv Avjv`v wew Kie Ges G
Lvevijv ^Zfve wew Kie| Rb ivL, h Avgvì mv_ cZviYv Kie m
Avgvì ga KD bq| 53
myZivs auvKv I cZviYv eRb Kiv ay weqi B dih bq; eis cZK Kvq-
Kvievi Ges wkKgi B Zv chvR| gvUK_v auvKvevwR I cZviYv
mevevq I meB nvivg|
DjL, eemv-evwYR AbK mgq wewfb KviY cY `vl-wU _K hvq|

GgZvevq D `vl-wUK Mvcb iL ev Kkj Zv wew Kiv Bmjvg wbwl|
G Bmjvgi weavb nQ ZvK D `vl-wU mK RvbvZ ne| Kvb
50.

-
( Avey Avyjvn gynv` Be&b BmgvCj Avj-eyLvix, Avm-mnxn, g`xbv
gybvIqvivn: Avj-gvKZvev Avj-kvgjv, evey KvIwjjvwn ZvAvjv I AvwZDjvnv, nv`xm bs- 6605)
51. - :
(Bgvg evqnvKx, Aveyj Cgvb wjj evqqnvKx, evey jv Cgvbv wjgvb jv AvgvbvZv jv, nv`xm bs- 4184
)|
52. -

(Aveyj mvBb gymwjg Be&b Avj-nvvR Avj-Kzkvqix, Avm-mnxn&, eiZ: BnBqv Avj-ZzivQ, 1415 wn.
L.1, c. 99)
53. cv|
46
cY weqi mgq cYi `vlwU ej `qv bv nj nvjvj ne bv Kviv RbB|

Avi h Rvb, wK Rvbv mZI hw` bv ej ZeyI Zv Zvi Rb nvjvj bq|54
Kbv-ePvi hLb GKRb Kvb wRwbmi `vg Ki ZLb Zvi DcwwZZ Zvi
ì`vgi Dci ì`vg Kiv ea bq, hZY m ZvK AbygwZ bv `q ev vb ZvM
bv Ki| G cm gnvbex (mv.) ejb Zvgvì KD hb Zvi fvBqi q-
weqi Dci q bv Ki|55
gnvbex (mv.) AviI ejb Kvb ew hb Zvi fvBqi q-weqi Dci q-

weq bv Ki, Avi Zvi fvBqi ì`vgi Dci ì`vg bv Ki|56
Bmjvg gvbylK ^vaxbfve eemv-evwYR Kivi myhvM w`qQ| Ze G ^vaxbZvi

myhvM gvbyli cqvRbxq è-mvgMx gRy` iL evRvi cY msKU mw Ki
gybvdv ARb Bmjvg ea bq| Kbbv GZ evRvi AwwZkxj nq IV Ges wbg
Avqi gvbylRb `yfvMi wkKvi nq| Avjvn&i mw RxeK K w`q evRvi èg~j
ew Kivi j Z_v AwaK gybvdv ARbi j ewMZfve ev mgwKfve m`
gRy` Ki ivLv Bmjvgi `wZ gvivZK Aciva| G cm gnvbex (mv.) ejb,
h ew Pwjk ivZ ch Lv`-è gRy` Kie, m gnvb Avjvn& _K wewQb ne
Ges Zvi mv_ gnvb Avjvn&i Kvb mK _vKe bv|57 cY gRy` Ki iL gybvdv
ARbK Bmjvg Aciva wnmve AvLvwqZ KiQ| myZivs hviv Acivax ZvivB G
RNb KvRwU Ki _vK|
jb`b Z_v q-weqi , cvIbv Av`vqi gvbyli mv_ bg I

menvi Kiv Bmjvgx evwYRbxwZi AbZg wkv| G cm gnvbex (mv.) ejb
54. BDm~d Avj Kvihvfx, Bmjvgi nvjvj nvivgi weavb, (fvlvi- gIjvbv gynv` Avyi inxg), XvKv:
Lvqib cKvkbx, 1984, c. 360
55. -

(Avey Avyjvn gynv` Be&b BmgvCj Avj-eyLvix, Avm-mnxn, XvKv: BmjvwgK dvDkb evsjv`k,
2008, L.4, nv`xm bs- 1995)
56. -

( Ave~
Avyjvn gynv` Be&b BqvRx` Be&b gvRvn& Avj-Kvhexbx, mybvby Be&b gvRvn&, XvKv: BmjvwgK dvDkb
evsjv`k, deqvwi, 2006, L.2, nv`xm bs- 2172, c. 288)
57. ( Bgvg Be&b ZvBwgqv, dvZIqv, Kvqiv: gvKZvevZz
Be&b ZvBwgqv, Zv.we., L.28, c. 75)
47
h ew q-weq Ges cvIbv ZvMv`vq bg eenvi Ki, Avjvn& ZvAvjv Zvi

Dci ing Kib|58
AvaywbK evRvi eevq q-weqi , `vjvjx (gaZv) c_v weklfve

jYxq| `vjvjxi dj Zv weZv DfqB wZM nq| ZvB Bmjvg `vjvjx Kiv
wbwl KiQ| gnvbex (mv.) ePv-Kbvq (avuKvi Dk) `vjvjx KiZ wbla
KiQ| Zuvi fvlvq Zvgiv `vjvjx Kie bv|59
Zv-weZv Dfqi Kvh Kvb Kvdjvi gvjc UvbvUvwb Ki evRvi DVvbv

wbla| G welq Bmjvgi wblavv Gic ivm~jyjvn (mv.) Abi gvj UvbvUvwb
Ki wew KiZ wbla KiQb| 60
Bmjvgi evwYRbxwZ Zv-weZvK G AwaKvi `q h, Zviv Zvì cQ`gZ

q-weq ev jb`b Kie| weZv A_ev Zv Dfqi Rb q-weq Pzw
envj ivLv ev bv ivLvi AwaKvi w`qQ| GB AwaKviK AviexZ wLqvi ()
ejv nq| Zv-weZv `yRb GK _vKj Ges ì`vg Ki Zviv cii
wewQb bv nIqv ch Zvì wLqvi _vK| G welq gnvbex (mv.) ejb `yew
hLb q-weq Ki Ges GK _vK, Zviv cii wewQb bv nIqv ch Zvì
BLwZqvi _vK| A_ev GKRb AciRbK BLwZqvi `q| hw` GKRb AciRbK
wmv MnY KiZ ej Ges Zviv Dfq ePv Kbvq ivhx nq hvq, Ze ePv-Kbv
mve nq hve| Avi q-weqi ci hw` Zviv c_K nq hvq Ges KDB wmv
cZvnvi bv Ki Ze G I ePv-Kbv mve nq hve|61
Bmjvg m`v-me`v mnR-mij KgKv cwiPvjbvq gvbylK DrmvwnZ KiQ| Kbv-

ePvi I D`viZv I mijZv c`kbi wb`k `qv nqQ| ivm~jyjvn (mv.)
58. ( Ave~ Avyjvn

gynv` Be&b BmgvCj Avj-eyLvix, Avm-mnxn, XvKv: BmjvwgK dvDkb evsjv`k, 2008, q-weq
Aavq, eveym mvjvwZ Iqvm mvgvnvZ, L.4, nv`xm bs- 1946, c. 18)
59. -

( Bgvg Be&b gvRvn, mybvby Be&b gvRvn&, cv,
nv`xm bs- 2174, c. 289)
60. -

( cv, nv`xm bs- 2171,
c. 290)
61.
( cv,
nv`xm bs- 2181, c. 291 )
48
ejb ePv-Kbvi mgq h mijZv cKvk Ki, Avjvn& ZvK RvbvZ cek
Kiveb|62
DjL, Bmjvg nvjvj wRwbmi eemv ea Ges nvivg wRwbli eemv Aea|
Bmjvgi evwYRbxwZi AwZ iZc~Y GKwU bxwZ njv nvivg emvgMxi eemv
Kiv hve bv| G welqi cwZ Avgvì `w AvKlY Ki ivm~jyjvn (mv.) ejb
Avjvn& I Zvui ivm~j nvivg NvlYv KiQb g`, gZR, Ki I g~wZ weq
Kiv|63
eemv-evwYR Z_v q-weq wg_v Kmg LvIqv NwYZ KvR ej weewPZ| G

cm ivm~jyjvn (mv.) ejb Kmg LvIqvq gvji KvUwZ AwaK nq, wK Zv
eiKZ `~i Ki|64
èg~j wbaviY Ki evRvi wbqY Kiv Bmjvg ^xKZ bq| wRwbmi ì`vg
Drcv`bi mv_ mwZ iL Kg-ekx nZ cvi| ZvB wbw`fve wRwbmi g~j
eua w`Z wbla Kiv nqQ| G cm ivm~jyjvn (mv.) ejb GK`v jvKiv
Gic AwfhvM Ki h, n Avjvn&i ivm~j! è-g~j ew cqQ, ZvB Avcwb
Avgvì Rb Zvi g~j wbaviY Ki w`b| ZLb ivm~jyjvn (mv.) ejjb gnvb
Avjvn&B è g~j wbaviY Ki _vKb, wZwb Zv ew Kib Ges Kgvb, Avi wZwbB
wiwhK c`vb Kib| 65
eZgvb mgq cY-è fRvj wbZ-bwgwK welq cwiYZ nqQ| wk Lv`

_K i Ki Jla ch cvq mKj cY fRvji DcwwZ jYxq| cY-
mvgMxZ fRvj wnme Ggb wKQy Dcv`vb eenvi Kiv nQ hv gvbe ^vi Rb
gvivZK wZKi| w`b w`b wbZ-bZzb `yivivM evwaZ AvvI nQ AMwYZ
gvbyl| Gfve Lv` mvgMxZ fRvj w`q GKkYxi gvbyl gybvdv ARb KiQ Avi
62. ( cv, nv`xm bs- 2202)

63.

-

( Aveyj mvBb gymwjg Bebyj nvvR Avj-Kzkvqix Avb-wbkvcyix, Avm-
mnxn, BmjvwgK dvDkb evsjv`k, Gwcj 2003, wKZveyj eyq~ L.4, nv`xm bs- 3903, c. 509)
64.

-( Ave~ `vD` myjvqgvb Be&byj AvkAvm Avm&wmwRvbx, mybvby Avwe `vD`, XvKv:
BmjvwgK dvDkb evsjv`k, 1997, wKZveyj eyq~, L. 4, nv`xm bs- 3302, c. 350 )
65.
-( cv, nv`xm bs- 3415)
49
GK kYxi gvbyl KwVb ivM Avv nq gZzi w`K avweZ nQ| Lv`-è
fRvj Ìqv Bmjvg wbwl| ay wbwl bq; eis hviv GKvR RwoZ Zviv
ivm~jyjvn (mv.)-Gi DZiB Af~ bq| G cm GKwU nv`xm GmQ GK`v
ivm~jyjvn (mv.) Ggb GK ewi cvk w`q Mgb KiwQjb, h Lv`-km wew
KiwQj| wZwb ZvK wRvmv Kijb: wKic wew KiQv? ZLb m ew Zv eYbv
Ki| BZemi Zuvi cwZ Ggb Inx bvwhj nq h, Avcwb Avcbvi nvZ H Lv`-
èi ga XywKq w`b| ZLb wZwb Zuvi nvZ Lv`kmi wfZi XywKq w`q `LZ
cvb h, Zvi wfZii Ask fRv| ZLb ivm~jyjvn (mv.) ejb, m Avgvì `jf~
bq, h cZviYv Ki|66
Dciv AvjvPbv _K GUv Avgvì KvQ AZ my h, gvbeRvwZi AbZg

cqvRb eemv-evwYRi gjbxwZ mK Avj-KziAvb I Avj-nv`xm h ee
DcvwcZ nqQ Zvi ga AvaywbK eemv-evwYRi mKj Z_B iqQ| Ze
eemv-evwYR D g~jbxwZ AbymiY bv Kivi KviY G wUZ egyLx mgmv
weivRgvb| hgb- IRb I cwigvc Kg-ekx Kiv, wg_v Z_ w`q cY wecYb,
auvKv I cZviYv, fRvj, KvjvevRvix, AZwaK gybvdv ARb, gRy``vix cfwZ
KviY Zv I fvvmvaviY cwZwbqZ kvlY I cZviYvi wkKvi nQ| ZvB
eemv-evwYR hw` gnvb Avjvn& c` KziAvb I ivm~jyjvn (mv.) -Gi nv`xmi
bxwZgvjv AbymiY Kiv nq Zvnj eemv-evwYRi Ab mKj Kj~lZv _K gy
ne ej Avgiv wekvm Kwi|
eemv-evwYRi Bmjvgx bxwZ
h Kvb A_eevi GKwU iZc~Y Ask nj eemv-evwYR| A_ eevi aib

f` eemv-evwYRi g~jbxwZ wbavwiZ nq| Bmjvgx A_evev Bmjvgx g~jbxwZi
wfwZ wbavwiZ| G KviY Bmjvgi evwYRbxwZI Bmjvgi gj bxwZgvjvi
AvjvKB wiKZ| Bmjvgi A_bwZK eevq eemv evwYR I cviwiK Kvq-
Kvievii eaZv I myyZv wbgwjwLZ PviwU cavb bxwZi Dci wbfi Ki|
66.

-(cv, nv`xm bs- 3416)
50
1. cviwiK mnhvwMZv
2. cviwiK mwZ
3. Pzwe nIqvi hvMZv
4. bvq mZ Kvievi67
1. cviwiK mnhvwMZv
eemv evwYRi eaZv cviwiK mnhvwMZvi Dci cwZwZ| ZvB eemvwqK

evcvi Kvievii Dfq ci (Zv-weZv) mnhvwMZv AekB _vKZ ne|
A_vr Pzw mv`bKvix Dfqci ga GKRbi AwaK _K AwaKZi gybvdv
AciRbi ewk _K ewk jvKmvbi Dci ne- KLbv Gic nZ cvibv|
A_vr Pzw mv`bKvix Dfqci ga Amg jvf-wZi wfwZ eemv MnYhvM
I ea nZ cvibv| G welq Avj-KziAvb ejv nqQ:

mrKg I Lv`vfxwZZ GK Abi
mvnvh Ki| cvc I mxgvjNbi evcvi GK Abi mnvqZv Kiv bv|68
cviwiK mvnvh I mnhvwMZvi KziAvbx g~jbxwZ eYbv Ki gydZx gynv` kdx

(i.) ejb- Dciv AvqvZ KziAvb cvK Ggb GKwU gwjK ck mK
weRbvwPZ dqmvjv w`qQ, hv mgM wekeevi cvYîc| Gi DciB gvbyli
mecKvi gj I mvdj eis Zvi AwZ I vwqZ wbfikxj| G ckwU nQ
cviwiK mvnvh I mnhvwMZv| vbx gvB Rvbb h, G weki MvUv iv eev
gvbyli cviwiK mvnvh I mnhvwMZvi Dci cwZwZ| hw` GKRb AbRbK
mvnvh bv Ki, Ze GKvKx gvbyl wnme m hZB eywgvb, kwai A_ev wekvjx
nvK, Rxeb aviYi cqvRbxq Avmeve-c wKQzZB msMn KiZ cvie bv|
GKvKx gvbyl ^xq Lvì Rb Drcv`b _K i Ki AvnvivchvMx Kiv ch me
i AwZg KiZ cvi bv| Ggwbfve cvkvK-cwiQì Rb Zzjv Pvl _K i
Ki ^xq `ni gvbvbmB cvkvK Zix Kiv ch AmsL mgmvi mgvavb KiZ
GKvKx Kvb gvbyl wKQzZB mg bq| gvUK_v, cZKwU gvbylB Rxebi cwZ
Ab nvRviv gvbyli gyLvcx| Zvì cviwiK mvnvh I mnhvwMZv
67. gvIjvbv Avyj AvDqvj Ab~w`Z, Bmjvgi A_bwZK eev, (g~j: gvIjvbv wndRyi ingvb, Bmjvg Kx
BKZmv`x wbRvg), XvKv: BmjvwgK dvDkb evsjv`k. Rvbyqvwi 1998, c. 204-205; gvt Avey
Zvni, Bmjvgi A_bwZK BwZnvm I evswKs, cv, c. 286-287
68. Avj-KziAvb, 5:2
51
vivB mgM weki eevcbv Pvjy iqQ| wPv Kij `Lv hvq, G mvnvh I
mnhvwMZv Kej cvw_e Rxebi RbB Riix bq- gZz _K wbq Kei mgvwnZ
nIqv ch mKj i G mvnvh I mnhvwMZvi gyLvcx| eis GiciI gvbyl
RxweZì `vqvq-gvMdivZ I BQvj-QIqvei cwZ gyLvcx _vK|
Avjvn& ZvAvjv ^xq Amxg vb I cwic~Y gZvq wekPivPii Rb Ggb AUzU

eev iPbv KiQb, hvZ GKRb AbRbi gyLvcx| `wi` ew cqmvi Rb
hgb abxi gyLvcx, Zgwb kZg abx ewI cwikg I gnbZi Rb
w`bgRyii gyLvcx| Mn wbgvZv ivRwgx, KgKvi, QzZvii gyLvcx Ges Giv
mevB Mn wbgvZvi gyLvcx| hw` Gnb meevcx gyLvcwZv bv _vKZv Ges
mvnvh mnhvwMZv Kej bwZK kZ ARbi DciB wbfikxj nZv, Ze K
Kvi KvR KiZ GwMq AvmZv| GgZvevq mvnvh-mnhvwMZvi `kvI ZvB nZv,
hv G RMZ mvaviY bwZK gyjevai nQ| hw` G Kgeb Kvb miKvi A_ev
AvRvwZK cwZvbi c _K AvBb AvKvi Ki Ìqv nZv, Ze Gi
cwiYvgI ZvB nZv, hv AvRKvj mviv wek RvMwZK AvBbi nQ| A_vr,
AvBb LvZvc msiwZ AvQ Ges evRvi I Awdm Av`vjZ Nyl, Abvq
myweav`vb, KZe wegyLZv I KgnxbZvi AvBb Pvjy iqQ| GKgv mevbx I
mekwgvb Avjvn& ZvAvjvi eevcbvB wewfb gvbyli gb wewfb Kvievii nv
I hvMZv mw Ki w`qQ|
gvUK_v, mgM weki eevcbvI cviwiK mKi DciB cwZwZ| wK G

wPi GKUv wfb wcVI AvQ| Zv GB h, hw` Aciva, Pzwi, WvKvwZ, nZv, jyb
BZvwì Rb cviwiK mvnvh I mnhvwMZv nZ _vK, Pvi I WvKvZì eo
eo mykLj `j MwVZ nq hvq, Ze G mvnvh I mnhvwMZvB wekeevK ZQbQI
Ki w`Z cvi| GZ evSv Mj h, cviwiK mnhvwMZv GKwU `yavix Zievwi-
hv wbRi DciI PvwjZ nZ cvi Ges wekeevKI evbPvj KiZ cvi| G wek
gjvgj, fvjg` Ges mr-AmZi Avevmf~wg| G KviY GZ Gic nIqv
Ame wQj bv| GLvb Aciva, nZv jyb I KvDK wZM Kivi Rb
cviwiK mnhvwMZv I kw eeZ nZ cviZ| GUv ay mvebvB bq; eis
eve AvKvi wekevmxi mvgb dzU DVQ| ZvB Gi cwZwqv wnme weki
vbx-Yxiv ^xq ndvhZi Rb wewfb gZevì wfwZ wekl wekl `j A_ev
RvwZi wfw vcb KiQ- hvZ GK`j A_ev GKRvwZi wei Ab`j A_ev
52
Ab RvwZ Avgbv`Z nj mevB wgj cviwiK mnhvwMZvi kw eenvi Ki

Zv cwZnZ KiZ cvi|69
Aea cvq A_m` ew Kiv I gybvdv ARb Kiv Bmjvgx bxwZ cwicx| G
KviY G aibi eemv-evwYR cviwiK mvnvh-mnhvwMZv Bmjvgx kixAvn
Abygv`b Kibv| hgb mKj cKvi Ryqv I jUvix| Gmei gvag GK ci
wbNvZ jvKmvbi gvag Ab ci gybvdv AwRZ nq| GK ci jvf Ges Ab
ci wbwZ jvKmvbi DciB Gmei wfw iwPZ nqQ| G aibi eemvq
cviwiK mvnvh-mnhvwMZv wbwl| Gme bxwZi gvag eemv-evwYR Kiv nj
Bmjvg Zv Awm I evwZj ej MY ne| Kbbv G aibi cv Aej^b eemv-
evwYRi DkK Awm I evwZj Ki `q| G cm Avj-KziAvbi wb`k
njv-

Zviv AvcbvK g` I Ryqv mK
wRm Ki| ejw`b, GZ`yfqi ga iqQ gnvcvc|70

wbqB g`,
Ryqv, cwZgv Ges fvM-wbaviK kimg~n Gme kqZvbi Acwe KvR| AZGe,
Gjv _K euP _vK- hvZ Zvgiv KjvYcv nI|71
2. cviwiK mwZ
Kvb Kvievi Dfq ci (Zv-weZv) ^Zt~Z mwZ AekB _vKZ ne|

Rei`w mwZi Kvb g~j bB| ZvB cqi ga _K Kvb ci cwZ
ejcqvM KvbfveB wm bq| A_vr GKc AvwiKfve Kvievi KiZ cZ
bq, wK cwZKzj Aevq co m eva nqQ| eemvi G aibi mwZ
MnYhvM nq bv| G welq Avj-KziAvb ejv nqQ:

n wekvmxMY!
Zvgiv GK Acii m` Abvqfve Mvm Kivbv| Ze Zvgvì ciii
mwZg h eemv Kiv nq Zv ea|72
69. gydZx gynv` kdx (in.), Zdmxi gvAvidzj KviAvb, (Aby: I mv: gvIjvbv gywnDxb Lvb, cwe
KviAvbyj Kixg, evsjv Abyev` I msw Zvdmxi) g`xbv gvbvIqviv: Lv`gyj nvivgvBb ev`kvn dvn`
KviAvb gy`Y cK, 1413wn:, c. 305|
53
eemv-evwYR cviwiK mwZ cm gydvm&wmiMY DcwiD AvqvZi wevwiZ

evLv w`qQb| GZ`&mwKZ msw wKQz AvjvPbv wbg Zzj aiv njv73
K. wbRi m` Abvq cvq evq Kiv ea bq

AvqvZi ga k eeZ
nqQ| hvi A_ Zvgvì m` ciii ga- Gi viv ZvdmxiKviMY
memwZg G wmv DcbxZ nqQb h, ciii ga Abvq cvq GKi
m` Abi c fvM Kiv m~Y wbwl| Avey nvBqvb Zvdmxi-evni gynxZ -
G ejb, AvqvZ G kjv viv wbR^ mÌ Abvq c_ eq Kiv wKsev
Aceq Kiv wbwl Kiv nqQ|
AvqvZ ejv nqQ| hvi A_ Lqv bv| cwifvlvi wePvi Lqv bv

ejZ h Kvbfve fvM`Lj ev nc Kivbv evSvbv nqQ| mUv Lq
cwiavb Ki wKsev Ab h Kvb cvq eenvi KiB nvK bv Kb| Kbbv, mvaviY
cwifvlvq m` h Kvb ncKB Lq djv ejv nq, hw` mswk ewU
Av` Lvè bvI nq| kwUi A_ Kiv nqQ Abvq cvq| nhiZ
Avyjvn Be&b gvmD` (iv.) Ges Abvb mvnvexMYi gZ kixAvZi `wZ
wbwl Ges bv Rvqh mejv cvKB evZj ejv nq| hgb, Pzwi, WvKvwZ,
AvZmvr, wekvmf, Nyl, my`, Ryqv cfwZ mKj cKvi Abvq cvB G ki
Af|
L. evZj cvq LvIqv
KziAvb cvK GKwU gv k ej Abvq cvq AwRZ mKj cKvi m`K

nvivg Ki w`qQ| jb`bi evcvi Abvq cv wK wK nZ cvi im~jyjvn (mv.)
Gi wevwiZ evLv c`vb KiQb| G cm iY ivLZ ne h, jb`bi
evcvi Avjvn&i ivm~j (mv.) hme welqK nvivg ej DjL KiQb, mjv
cKZc KziAvb DjwLZ evZj ki evLv gv| dj nv`xm DjwLZ
A_bwZK jb`b welqK wewa-wblajvI cKZc KziAvbiB wb`k|
M. mr ivRMvii kZvejx
nhiZ gyAvh-Be&b Rvevj (iv.) eYbv Kib, ivm~jyjvn (mv.) ejQb, mevcv
cwe ivRMvi nQ eemvqxì ivRMvi| Ze kZ nQ, Zviv hLb K_v eje
73. gydZx gynv` kdx (in.), cv, c. 243-244
54
ZLb wg_v eje bv| Kvb AvgvbZi LqvbZ Kie bv| Kvb cY q Kivi
mgq mUvK g` mve Ki gyj Kg `qvi Pv Kie bv| wbRi gvj weq
Kivi mgq m gvji Ah_v Zvwid Ki ZvK wev Kie bv| Zvi wbRi
wbKU Abi avi _vKj cvIbv`viK Ah_v Nyive bv| Acic m Kviv KvQ
wKQz cvIbv nj ZvK D Kie bv|
N. Abi m` nvjvj nIqvi `ywU kZ
AvjvP AvqvZ

evKwU mshy Ki ej `qv nqQ hvi Dk
nQ, hme eemvi bvg my`, Ryqv, auvKv-cZviYv BZvwì Avkq wbq
Abi m` nMZ Kiv nq, mme cvq m` ARb Kiv ea eemvi Af
bq, eis nvivg I evwZj cv| Zgwb hw` ^vfvweK eemvqi I jb`bi
ga Dfq ci AvwiK mw bv _vK, Ze mic q-weqI evwZj Ges
nvivg|
m` ew I gybvdv ARbi hme evcvi Dfq ci ga Kvb ci ^ZtZ

mwZ cvIqv hvqwb, wecvK co Ges Rei`w mwZKB ^ZtZ ej ai bqv
nqQ; hgb myì Kvievi wKsev Kvb kwgKi kgi Zzjbvq cvwikwgK Kg
`qv| Avj-KziAvb ejv nqQ: Avjvn& ZvAvjv ePvKbv
(ea eemvq) nvjvj KiQb Ges my` nvivg KiQb|74
ivm~jyjvn (mv.) wecvK co eva nq ePvKbv (jb`b) KiZ wbla

KiQb|75
myZivs welqwU Avgvì KvQ my h, Pvcmw Ki ev Rei`w Ki jb`b

KiZ eva Kiv Ges Zv _K gybvdv ARb Kiv hvebv| G welq gvIjvbv wndRyi
ingvb kvn& Iqvjx Djvn (i.) -Gi GKwU ge DZ KiQb| hvZ wZwb (kvn
Iqvjx Djvn) evaZvg~jK mwZK Bmjvgx `wKvb _K Abygv`b Kibwb|
wZwb ejQb:
Mixe jvKiv wecvK co h welq ciY KiZ cvie bv, A_P Zvi `vq-`wqZ
wbZI eva nq| Avi GUv KLbv ^ZtZ wKsev AvwiK mwZ bq| myZivs myì

75. -

Ave~ `vD`
myjvBgvb Be&b AvkAvm Avm&wmwRvbx, mybvby Ave~ `vE`, eiZ: `vij wdK&i, 1994, L. 2, c. 36
55
gZ jb`b AcQ`bxq| GUv KjvYKi I myz Kvievi wnmve MY Kiv hvq bv|
wbtm`n GB jb`b evwZj I Abvq|76
Dfq ci ga cviwiK Pzw mvw`Z nIqvi ciI hme jb`b Kjn

weevì AvksKv ZvK Avi Zv h Kvb ci Rb wZi KviY nZ cvi| G
aibi Pzw (mwZ) eemvi j I Dki cwicx| hgb cY wKsev g~j
A_ev DfqUvB A ivLv| wK `vg Kbv nj wKsev wK e Kbv nj Ki
ejv nj bv| A_ev GKUv jb`bK `yUvq cwiYZ Kiv nj| hgb ejv nj bM`
g~j AgyK wRwbmwUi `vg GKk UvKv, Avi evwKZ wKbj `yBkZ UvKv| A_ev
hme ePvKbvq cY `Lv cqvRb wK bv `LB q Kiv nj| ePvKbvq Gic
kZ Avivc Kiv nj hv D Kvievii Ask wKsev Gi mv_ mswk bq AvZ
ePvKbv Kiv nj| A_vr ePvKbvi mgq K_vevZv Qvov cY wKsev g~j KvbUvB
wQj bv| Gme I G RvZxq Acivci jb`b cviwiK mnhvwMZvi cwieZ
Kjn weevìB eywbqv` iwPZ nq|77
nhiZ Ave~ ivqiv (iv.) nZ ewYZ| ivm~jyjvn (mv.) GKwU ePvKbvi jb`bK
`yUvZ icvwiZ KiZ wbla KiQb|78
ePvKbvi mgq h cY Avgvi wbKU bB Zv euPZ ivm~jyjvn (mv.) wbla

KiQb|79 myZivs Rvbv Mj, eemv-evwYR cviwiK mwZ GKwU iZc~Y
g~jbxwZ|
3. Pzwe nIqvi hvMZv
Kvievi myy I myìfve cwiPvjbvi Rb Pzw mv`bKvixi ga Pzwe nIqvi

hvMZv _vKZ ne| A_vr ZvK cveq wKsev wePvi-eyw nIqvi hvMZv
76. gvIjvbv Avyj AvDqvj, cv, c. 206

77. gvIjvbv Avyj AvDqvj, cv, c. 206-207
78. ( )Avey Cmv gynv` Be&b Cmv
AvZ-wZiwghx, RvwgDZ wZiwghx, wKZveyj eyq~, evey gv Rvqv wdZ& ZzRywi Iqv ZvmwgqwZb bvex Bqvg,
eiZ: `vi BnBqvDZ Zzivwmj Aviex, 1995 C./ 1415 wnRix nv. bs 1234| DjL, G welq
Avyjvn Be&b Dgvi I Be&b gvmD` (iv.) cgyL _KI nv`xm ewYZ AvQ|
79.

-

( Avey Cmv gynv` Beby Cmv AvZ-wZiwghx, Avj-Rvg
AvZ-wZiwghx, Ìe`: gvLZvi G Kvvwb, (Zv.we), nv`xm bs- 1153)
56
_vKZ ne| A_vr ZvK cveq wKsev wePvi-eywmb I ^vaxb nZ ne| cv

eq bv nj Kvievi fzj Kivi mvebv _vK| G welq Avj-KziAvbi wb`k
nQ- hw` Zvì ga weePbv Dl AvuP
KiZ cvi, Ze Zvì m` Zvì nvZ Acb KiZ cvi|80
GLb ck nQ, G eyw weePbvi mgqmxgv wK? KziAvbi Ab Kvb AvqvZI
Gi Kvb kl mxgv wbaviY Kiv nqwb| G mK Bgvg Ave~ nvwbdvi wmv nQ
wkmyjf PcjZv| evjM nIqvi cieZx `k eQii ga G PcjZv ^vfvweK
fveB `~i nq hvq| mgZ evjM nIqvi eqm cbi eQi Ges Zvici `k eQi,
Gfve cuwPk eQi|81
ZvB eemv-evwYR cwiPvjbvi wePvi eyw mb nIqv AZwaK Riix|
Kbbv Bnv Qvov eemvq wUwKq ivLv Ges eemvi Kkj wbaviY Kiv, gybvdv ARb
Kiv eemv Kvh mdjZv ARb Kiv hvqbv| Avevi AbK eemvqx eemv Kvh
mdjZv ARb KiZ cvibv| Avevi AbK eemvqx eemvq jvKmvb w`q _vK|
wePvi-eywi G YwU mKj gvbyli ga GKB iKg nq bv| hgb- Avj-KziAvb
DjwLZ nhiZ `vD` I myjvqgvb (Av.) -Gi `qv GKwU dqmvjv cm gnvb
Avjvn& ejb: AZtci Avwg myjvqgvbK m
dqmvjv eywSq w`qwQjvg Ges Avwg DfqK cv I vb w`qwQjvg|82
eemvwqK jb-`bi Pzw mv`bKvix ew AeyS, Acv eq, cvMj,
Amnvq I `vm nZ cvie bv| Kbbv G mKj ew eywvbi Afve fvj-g`
eyS bv Ges Kvb wmv MnY KiZ cvibv| G cm ivm~jyjvn (mv.) ejb-
wZb ewi Dci kixAvZi wb`k AvivwcZ ne bv| cvMj, Nyg ew I
Acv eq evjK|83 AZGe, Rvbv Mj eemv evwYR cwiPvjbvi Rb Pzwe
nIqvi hvMZv _vKZ ne|
80. Avj-KziAvb 4:6

81. gydZx gynv` kdx (in.) cv, c. 233|
83.

-
( mybvby Ave~ `vD`, cv, nv`xm bs-4402,
c. 345-346)
57
4. bvqmZ Kvievi
eemv-evwYRi Aci bvg Kvievi| Kvievi nQ gybvdvi Dk cYè I

mevKgvw` msMnKiY, Drcv`b, gRyZKiY, exgvKiY I Zv ev fvvì wfZi
eb Ges G cKvi msMnKiY, Drcv`b I eb mnvqZvKvix KvhKjvc84|
Kvievi bvqmZ nZ ne| wbwl Kvievi Kiv hve bv| wbwl Kvievi Kiv
hvebv ee viv `ywU welq eySvbv nqQ|
K. Kvievii cwZ
L. Kvievii cY mvgMx|
K. Kvievii cwZ
Kvievi Kvb cKvi cZviYv, IRb Kg `qv, AvZmvr, wg_v Z_ cwiekb, wZ

I cvcvPvi _vKZ cviebv| A_vr eemv-evwYR Ggb Kvb cwZ ev Kkj
Aej^b Kiv hve bv hv cvcvPvii Af| hgb: auvKv I cZviYvi gvag Kvb
jb-`b Kiv hve bv| G welq ivm~jyjvn (mv.) -Gi GKvwaK mZKevYx iqQ|
wZwb ejb, h auvKv `q I cZviYv Ki m Avgvì `jfz bq|85
ivm~jyjvn (mv.) cZviYvg~jK jb`b wbwl KiQb| hgb cv_ii UzKiv wgwkq
Kvb e ePvKbv Kiv|86
MuvBU eua Kvievi Kiv, Kvb e ay Qzuq `Lv A_ev Zv wKsev weZvi Dci
Qo w`q ePvKbv KivKI ivm~jyjvn (mv.) wbla KiQ|87
hme jb`b auvKv I cZviYv wbwnZ iqQ| hgb GKwU wRwbm Kbv wKsev
ePv cQ` nj; wK wekl KviY jb`bi mgq Zv DjL Kiv nj bv| Ab
GKwU cYi wfZi Ki cQ`KZ cYwU wbq hvIqv nj| Gfve mePvBZ
84. AavcK jwZdzi ingvb, Kvievi msMVb, XvKv: evsjv`k eyK Kicv. wjt, Rvbyqvwi 1987, L.1, c. 5
85. -

(Aveyj mvBb gymwjg Be&b Avj-nvvR Avj-Kzkvqix, Avm-mnxn&, eiZ: BnBqv Avj-ZzivQ, 1415 wn.
L.1, c. 99)
86. cv
87.

- ( Avey Avyjvn gynv` Beb BmgvBj Avj-eyLvix, mnxj eyLvix,
(mv`bv cwil`), BmjvwgK dvDkb evsjv`k, 2008, L.4, c. 287)
58
LvivcwU mePvBZ Dg ewUi Af Ki ePvKbv mb Kiv nj| bZzev

jb`bi mKj kZ c~iY nIqvi ci jb`b KiZ A^xKvi Kiv nj| Gnb
jb`b cZviYvi Af|88
q-weqi mgq ZvK IRb Kg Ìqv wKsev IRb Ki bIqi mgq ewk
bIqv Bmjvgx A_bxwZZ m~Y wbwl|89 G welq gnvb Avjvn&i NvlYv-
(3)
( 2)
( 1) hviv gvc
Kg Ki, Zvì Rb `yfvM| hviv jvKi KvQ _K hLb gc bq, ZLb c~Y
gvvq Kg Ki `q|90 Gfve Avj-KziAvb Kg w`Z wbla Kiv nqQ|
wg_v Z_ cwiekb Ki cY wew Kiv hvebv wg_v kc_ KiI cY wew Kiv
hve bv| Kbbv GZ GKc jvfevb nq Ges Abc wZM nq| gnvbex (mv.)
ejb, wKqvgZi w`b gnvb mv Avjvn& H mKj eemvqxi mv_ K_v ejeb bv,
Zvì w`K (ivMi KviY) ZvKveb bv Ges Zvì cvc gv Kieb bv, hviv
Zvì eemvwq è mvgMx ekx g~j wewi Rb wg_v kc_ Ki ej h, Zvì
è mvgMx LzeB DbZ gvbi |91
eemvwqK jb-`b AbK mgq A_-m` AvZmvZi welqwU j Kiv hvq| GwU
AZ NwYZ KvR Ges cvcvPvii Af| G welq gnvb Avjvn& ejb:

n wekvmxMY! wLqvbZ Kivbv
Avjvn&i mv_ I ivm~ji mv_ Ges wLqvbZ Kivbv wbRì cviwiK AvgvbZi
Rb-b|92
nhiZ Ave~ ivBiv (iv.) nZ ewYZ| ivm~j~jvn (mv.) ejb, gybvwdKi wb`kb
wZbwU| 1. hLb K_v ej wg_v ej, 2. hLb AxKvi Ki f Ki, 3. hLb
AvgvbZ ivLv nq wLqvbZ Ki|93
88. gvIjvbv Avyj AvDqvj, cv, c. 204|

89. mv`bv cwil`, `bw`b Rxeb Bmjvg, BmjvwgK dvDkb evsjv`k, XvKv: Ryb, 2006, c. 519
91.Avey Avyjvn gynv` Be&b BqvRx`, mybvby Be&b gvRvn, eiZ: `vij wdKi, 2003, (1g msiY),
nv`xm bs- 2207, c. 513
92. Avj-KziAvb, 8t27
93. -

mnxj eyLvix, cv, c. 10
59
nhiZ Avbvm (iv.) ejb, ivm~jyjvn (mv.) Avgvì cvq LyrevZ ejZb, hvi
AvgvbZ`vwi bB Zvi Cgvb bB| hvi AxKvi bB Zvi xb bB|94
ivm~jyjvn (mv.) ejb, Dg DcvRb nQ evq gveii ev KjvYKi ePvKbv Ges

nwki gvag RxebvcKiYi msvb Kiv| Avi gveii ePvKbv nj hvZ
Zv-weZvi cviwiK mnhvwMZv I KjvY wbwnZ _vKe| A_vr ZvZ
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wnme wbRK `LZ Pvq| mew`K wePvi Gì wbKU mvaviY kqviB AwaK
cQ`bxq|
Kvvwbi `wKvY nZ: Kvvwbi c nZ ^vfvweKfveB cZvkv Kiv nq h,

kqvi ZvMY Kvvwbi gvwjK wnme hgwb SzuwK MnY Kie Abw`K gvwjK
wnme Kvvwbi cwiPvjbv, fvUvwaKvi cqvM, wmv MnY AskMnY BZvw`
wePviI Zviv ^Zt~Zfve GwMq Avme| ay jfvsk cvwB kqvi gvwjKì
g~j j ne bv; eis cwZvbi DbqbB ne Zvì j Ges Zv me nj kqvi
gvwjKMY AekB Zvi mydj fvM Kie| Gw`K wePvi cwZvbi c mvaviY
kqvi wewB AwaK myweavRbK| ZvB `Lv hvq, GKv mgmv bv nj Kvvwb
KLbB AMvwaKvi kqvi Bmy Ki bv; eis GUv weq Kvvwbi Rb Kg ghv`vKi
weePbv Kiv nq|
Dciv AvjvPbvi AvjvK cwikl ejv hvq, Kg SuywK MnY BQzK wbw`
cwigvY jfvsk m wekl kYxi wewbqvMKvixi Rb AMvwaKvi kqvi Dg gb
njI mvaviY wewbqvMKvix I Kvvwbi `wKvY nZ mvaviY kqviB mevg
weewPZ nq| hvi KviY mKj `kB kqvi ejZ g~jZ mvaviY kqviKB
eySvbv nq _vK|
6 . gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, eemvq cwiwPwZ, XvKv: w` hgybv cvewjkvm,
2009, c. 251; W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 122-123
70
kqvi eemvi Dk
kqvi eemv ev cuywR evRvii gwjK Dk njv D GjvKv _K NvUwZ

GjvKvq cyuwRi hvMvb `qv| Gi dj wewfb mi cuywRi mylg eb mywbwZ nq
Ges A_bxwZi KvwZ cew I weKvk mvwaZ nq| D cuywRi KvwZ LvZ `
I SuywKc~Y wewbqvM mnvqZv KivI kqvi eemvi AbZg gwjK Dk|7
G Qvov kqvi eemvi Abvb Dkjv njv-
1) kqvi Ges mvwUwdKUi Rb gy evRvi eevi wejvc mvab bv Ki bKj

wewbqvMKvixì (Non-genuine) dUKv Kvievi iwnZ Kiv|
2) D GjvKv ev cwZvb _K NvUwZ GjvKv ev cwZvb A_i cevn wbwZ
Kiv| NvUwZ cwZvb nQ wk I evwYwRK cwZvbmg~n hjv kqvi Qvovi
gvag A_ msMn Ki|
3) bZzb bZzb AvBwcI Bmyi gvag kqvi eemv `ki A_bwZK weKvk
mnvqZv Kiv|
4) kqvi nvviì kqvi jb`bi Rb gvawgK evRvi (Secondary
Market) weKvk mnvqZv Kiv|
5) mqKvixìK wk cwZvbi kqvi gvwjK nZ mvnvh Kiv hvZ wki
A_bwZK KgKv mmvwiZ nq Ges wewbqvMi Rb mq mgveki viv
c~Y Kgmsvb ARb Zivw^Z nq|
6) mqKvixìK wk cwZvbi gvwjK nZ, gybvdvi Askx`vi nZ Ges SuywKi
fvMx`vi nZ DrmvwnZ Kiv|
7) K GPi wbqgvbyhvqx kqvi weqi gvag bM` A_ jvfi Rb kqvi
nvviìK mnvqZv Kiv|
8) mmviYg~jK KgKvi Rb cqvRbxq A_ msMni wbwg wk cwZvbK
mnvqZv Kiv|
9) kqvi `vgi ^ gqv`x DVvbvgvi cfve _K evwYwRK KvhKjvcK Avjv`v
ivLv hvi wecixZUvB mPivPi cuywRev`x kqvi evRvi cwi` nq|
10) kqvii cwZdwjZ `vg wk cwZvbi Kg mv`b I wewbqvM Kvhg
cwiPvjbv Kiv|8
7. cv
8. cv, c. 353-354
71
kqvi gvwjKvbvi cvgvY `wjj
kqvi gvwjKvbvi cvgvY `wjj wnme ek KZKjv `wjj eeZ nZ `Lv

hvq| GZ`msv wKQz Z_ wb Zzj aiv njv-9
(K) kqvi mvwUwdKU: kqvi gvwjKvbvi gyL cvgvY `wjj njv kqvi
mvwUwdKU| AvBbvbyhvqx kqvi eUbi wZb gvm Ges kqvi nvii ejvq
`ygvmi ga kqviMnxZvK Gic mvwUwdKU c`vb KiZ nq| GZ kqvi
gvwjKi c~Y bvg, wVKvbv, kqvii kYx, kqvii wgK bî, kqvii bvwgK
g~j (Face value) c` A_, ZvwiL BZvw` welq jLv _vK| Kvvwbi bvg-
wVKvbvhy Qvcv dig GUv Zwi Kiv nq Ges GZ AekB Kgc GKRb
cwiPvjKi ^vi I Kvvwbi mvaviY mxjgvni AwZ _vK| GUv mnRB
nvihvM|
(L) kqvi IqviU: cvewjK wjwgUW Kvvwbi kqvii c~Yg~j Gi MnxZv KZK
cwikva Kiv nj, cgvY wnme Kvvwb kqvi MnxZvK h cvgvY `wjj c`vb
Ki ZvK kqvi IqviU ej| GZ kqvi gvwjKi bvg jLv _vK bv| aygv
kqvii bvwgK g~j I kqvii wgK bîi DjL _vK| GUv aygv AcYi
viv nvi Kiv hvq| Gi mv_ KZKjv Kzcb mshy _vK hvZ Ki jfvsk
NvlYv Kiv nj evnK Kzcb eenvi Ki jfvsk msMn KiZ cvi|
cwigj wbqgvewjZ wecixZ gg Kvbv weavb bv _vKj kqvi IqviU MnxZvK

Kvvwbi m`m ej MY Kiv nq bv| kqvi IqviU c`vb Kiv nj H m`mi
bvg m`mm~wP nZ ev` `qv nq Ges mLvb kqvi IqviU DjwLZ
kqvimg~ni wgK bî Ges IqviU c`vbi ZvwiL wjL ivLv nq| dj Gic
cavix mvaviYfve fvUvwaKvi cqvM KiZ cvi bv| Aek IqviUi
^ZvwaKvix BQv Kij cieZxZ wbw` wd c`vbc~eK GUv Rgv w`q c~bivq kqvi
mvwUwdKU msMn KiZ cvi Ges GZ Zvi bvg cybivq m`m m~wPZ Af~ nq|
DjL, cvBfU wjwgUW Kvvwb G aiYi kqvi IqviU Bmy KiZ cvi bv|
(M) KuvPv mb`: kqvi mvwUwdKU Bmy Kivi c~e kqvii g~j c`vbKvixK
AeZx mgqi Rb h cgvYc c`vb Kiv nq ZvK KuvPv mb` ej| Kvvwbi
mxjgvni AwZ I `wjj kqvi gvwjKi bvg, wVKvbv, kqvii bvwgK g~j
(Face value), wgK bs BZvw` jLv _vK| Kvvwbi fvicv KgKZv KZK
9 . gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, cv, c. 253
72
GUv ^vwiZ nq| kqvi mvwUwdKU c`vbi mgq MnxZvi wbKU nZ KuvPv mb`
diZ bqv nq|
(N) wZc~iY c: kqvi mvwUwdKU nvivbv Mj Zvi cwZwjwc jvfi Rb
kqvi gvwjK h wjwLZ cwZkwZc ^vi Ki ZvK wZc~iY c ej| GZ G
gg kqvi gvwjK cwZkwZ `q h, kqvi mvwUwdKU cwZwjwc `qvi Rb
Kvvwb hw` Kvbic wZM nq Ze m Zv c~iY Kie|
(O) jfvsk civqvbv: jfvsk NvlYvi ci Zv evsK nZ msMni Rb Kvvwb
kqvi gvwjKi h cgvYc c`vb Ki ZvK jfvsk civqvbv ej| GZ cv
gvU jfvski cwigvY jLv _vK| hv evsK Rgv w`q kqvi gvwjK A_ msMn
Ki wbZ cvi|
kqvi mvwUwdKU I kqvi IqviUi ga cv_K
kqvi mvwUwdKU I kqvi IqviU DfqB Kvvwbi gvwjKvbvi cvgvY `wjj

wnme weewPZ nq| Dfq aibi `wjjB nvihvM weewPZ njI wewfb
Gì ga wbv cv_K j Kiv hvq:10
(K) wewjKiY: AvswkK g~j ev c~Yg~j Av`vqi ci kqvi mvwUwdKU wewj Kiv
hvq| Abw`K aygv c~Yg~j Av`vqi ciB kqvi IqviU Bmy Kiv nZ cvi|
(L) welqe : kqvi mvwUwdKU kqvi MnxZvi bvg wVKvbvmn kqvii g~j,
wgK bs BZvw` jLv _vK, cvi kqvi IqviU kqvi MnxZvi bvg I
wVKvbvi DjL _vK bv|
(M) MnxZvi AwaKvi : mvwUwdKU MnxZv KvvwbZ fvUvwaKvimn m`mi mKj
AwaKvi cvq wK IqviU MnxZv Kvvwbi jfvsk cvw Qvov Zgb Kvbv
AwaKvi cvq bv|
(N) mshyw : kqvi mvwUwdKUi mv_ mshy Ab Kvbv `wjj bv Ze
IqviUi mv_ jfvsk msMni Kzcb mshy _vK|
(O) nvi : mvwUwdKU nvi Kvvwb AvBb I cwigj wbqgvewji weavb
Abyhvqx KiZ nq cvi IqviU aygv AcYi vivB nvi Kiv hvq|
(P) jfvsk c`vb : mvwUwdKU MnxZvi jfvsk Kvvwb KZK iwRw WvK Zvi
wbKU cvVvbv nq wK IqviU MnxZv Gi msjM Kzcb `vwLj Ki jfvsk msMn
KiZ cvi|
(Q) bvg ZvwjKvf~w : mvwUwdKU MnxZvi bvg-wVKvbv Kvvwbi m`m ZvwjKvZ
Af~ _vK wK IqviU MnxZvi bvg m`m ZvwjKv nZ ev` `qv nq|
10 . gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, cv, c. 254
73
(R) c`vbi wbqg : Kvvwb MVbi mgq c_g kqvi mvwUwdKU Bmy Kiv nq|
cvi cieZxZ c~Yg~j Av`vq nj kqvi MnxZvi Ave`bg mvwUwdKUi
cwieZ kqvi IqviU Bmy Kiv nq _vK|
K cwiwPwZ
1956 mvji fviZxq Kvvwb AvBbi 94 (1-M) avivq ejv nqQ h, kqvii
c~Yg~j Av`vq nj, kqviK K cwiYZ Kiv hvq| G kqvii cwieZ
Ab GK aibi wjwLZ c c`vb Kiv nq _vK| Aek G mK cwigj
wbqgvewjZ weavb _vKjB aygv Zv Kiv hvq| Gic icvi Kivi myweav njv,
Gi dj Kvvwbi m`mMYi gvwjKvbv mnR m~wPZ nq Ges Gi viv KLbB
m`mMYi ^v_ zY nq bv|
Kvvwbi kqvi g~jabi z` A_P mgvb cZKwU GKKK hfve kqvi bvg
AwfwnZ Kiv nq Ki Zv nIqv AvekK bq| GK j UvKvi kqvi
g~jabK `k nvRvi kqvi wef Kiv nj cwZwU kqvii g~j `k UvKv ne wK
Ki cwZwU GKKK mgcwigvY g~ji nZ ne Ggb bq| KK myweav
Abyhvqx cuvP UvKv, `k UvKv, wek UvKv g~ji K icvi Kiv hZ cvi| c~e
hvi `k UvKv g~ji GKkZwU kqvi wQj GLb ZvK cuvP UvKv g~ji wekwU, `k
UvKv g~ji wkwU Ges wek UvKv g~ji wkwU K eiv Kiv hZ cvi|
KMnxZv myweavgZv hKvbv cwigvY K nvi KiZ cvi|
kqviK K cwiYZ KiZ nj Kvvwbi mvaviY mfvq wekl cve cvm

KiZ nq Ges G mK Kvvwb wbeKK AeMZ KiZ nq| Gici m`m
m~wPZ cZK m`mi bvgi cvk ewYZ Zvi kqvi cwigvYi j Ki
cwigvY I g~j DjL KiZ nq| Aek mvaviY mfvi wmvg cieZx mgq
KK cybivq kqvi cwiYZ Kiv hvq| Avgvì Dcgnv`k kqvi I Ki
ga cv_K Kiv njI hyiv kqvi I Ki ga Kvbv cv_K Kiv hvq bv|
mLvb mvaviYfve kqviK K ejv nq _vK|11
11 . gvnv` LvjKzvgvb I gv: gvkviid nvmb Payix, cv, c. 255; W. ejvqZ nvmb I mgxi
Kzgvi kxj, eemvq cwiwPwZ, cv, c. 124
74
kqvi I Ki ga cv_K
kqvi I K DfqB Kvvwbi g~jabi Askwekl| hyiv kqvi I K GKB

A_ eeZ njI Avgvì `k Gì ga wewfb cv_K wb`k Kiv nq|
wb Gì ga cv_Kmg~n `Lvbv njv12-
cv_Ki welq kqvi K
cKwZ kqvi g~jabi y` A_P mgvb c~Y Av`vqxKZ kqvi g~jabK

Ask weklK kqvi ej| myweav Abyhvqx z` z` Ask
wef Kiv nj ZvK K ej|
wewjKiY Kvvwb MVbi ci c_gB kqvii c~Yg~j Av`vq njB
kqvi m`mì ga wewj Kiv wmvg K wewj Kiv hvq|
nq|
wewji Kvvwbi g~jab msMni Rb K wewj Kvvwbi c
AvekKZv kqvi wewj AvekK| AvekK bq| wekl myweavi
RbB K Bmy Kiv nq|
A_ msMn kqvii bvwgK g~ji Askwekl K nZ A_ msMn ejZ meB
ev c~Y g~ji wewbgq kqvi Bmy Gi g~ji m~Y Aski msMnK
Kiv nq| eySvq|
wgK bî kqvi AekB wgK bîi K Kvbv wgK bîi DjL
DjL _vK| _vK bv|
`wjji cKwZ kqvi gvwjKvbvi cvgvY `wjj Ki cgvY wnme Gi

wnme kqvi mvwUwdKU ev gvwjKì K mvwUwdKU c`vb
kqvi IqviU Bmy Kviv nq| Kiv nq|
nvihvMZv kqvi nvihvM njI G K mnRB nvi Kiv hvq|

AwaK AvbyvwbKZv cvjb KiZ
nq|
nvi cwZ kqvi KLbB AvswkK nvi Kiv K wewfb Ask wef Kiv nq
hvq bv| c~Y ev A-fMfveB _vK| dj AvswkKfve GUvK
GUvK nvi Kiv nq| nvi Kiv hvq|
12 . W. ejvqZ nvmb I mgxi Kzgvi kxj, eemvq cwiwPwZ, cv, c. 125; gvnv` LvjKzvgvb I gv:
gvkviid nvmb Payix, cv, c. 255-256
75
g~j cwikva kqvi nvi Kvj Gi m~Y Gi g~j KLbB Abv`vqx _vK bv
g~j Av`vq nq bv _vKj nvi weavq nvi MnxZvK ci Gi
MnxZvK ci kqvii Abv`vqx Kvbv g~j cwikva KiZ nq
g~j cwikva KiZ nq| bv|
bvwgK g~j kqvi bvwgK g~j (Face Ki bvwgK g~j wbw` _vK
value) wbw` _vK bv| GK wewfb g~jgvb fvM Kiv
nZ cvi|
kqvi q-weqcwZ
kqvi q I weqi cwZ cavbZ `ywU-
(GK) `yB ew Kvb cwZvbi gvag QvovB kqvi q weq Kie|
(`yB) Kvb cwZvbi gvag kqvi q weq Kie| GB cwZvbKB K

GKP ej| K GKPi gvag Qvov kqvii KvieviK Over The
Counter Transactions ej | G aiYi q weqi wekl Kvb wbqg Kvbyb
bB| Gi weklY RvbviI cqvRb bB| K GKPi gvag h q weq nq
Gi wKQz weklY Rvbv AvekK| K GKP GKwU cvBfU cwZvb hv miKvii
AbygwZ I ccvlKZvq Kvvbxi kqvi q weq Ki| K GKP h mg
Kvvbxi kqvi q weq nq m KvvbxjvK (Listed Companies)
ZvwjKvf~ Kvvbx ej|
Ggb Kvvbxi kqvii q weq K GKPI nZ cvi Avevi Over The

Counter A_vr KvDUvi Qvov Ab vbI nZ cvi| Kvb Kvvbxi KLbv
AwZ jvfi ci (Listed) ZvwjKvf~ nq KLbv Abygv`b cvIqvi ci Kvievi
i Kivi AvMB ZvwjKvfz nq Avevi AbK mgq kqvi jb`b Avi Kivi
AvMB (Listed) ZvwjKvf~ nq| GK mvgwqK (Provisional) ZvwjKvf~w
ej| Gi KvDUviI Avjv`v nq| h mg Kvvbxi kqvi K GKP bq bv
GjvK Unlisted Companies ZvwjKv ewntf~Z Kvvbx ej| Gjvi
kqvii q weq Ifvi `v KvDUviB nq _vK|
Dciv cavb `ywU cwZ Qvov wbv cwZZI kqvi q-weq Kiv hvq|
76
g^vi kxc
K GKP cZK ewB kqvi q weq KiZ cvi bv Gi Rb m`m nZ

nq| m`m wd Rgv w`Z nq| K GKP kqvii Kvievi AZ ck, m~|
mLvb wekl cwifvlv mg~n eeZ nq| GKRb Abwf ew Kvievi fzj KiZ
cvi| Gw`K cwZvb mLvb mvw`Z mKj jb`b cwikvai `vwqZ enb
Ki| GRb cwZvb h Kvb ewK q weqi AbygwZ w`q Zvi jb`bi
`vwqZ enb KiZ Pvq bv| GRbB m`m nIqv Riix mve Kiv nqQ|
K GKP `vjvjx
K GKPi m`m wbRi RbI kqvi q Ki Avevi `vjvj wnmve Kwgkb

wbq Abi RbI q Ki| m`m bq Ggb jvK kqvi q KiZ nj `vjvji
gvag q KiZ nq|
kqvi q KiZ `vjvj K AWvi `qvi wZbwU cwZ AvQ|

gvKU AWvi: Ggb AWvi hLvb `vjvjK ejv nq evRvi ì hvB nvK bv Kb?
AgyK Kvvbxi kqvi q KiZ nq|
wjwgUW AWvi: A_vr gyj wbaviY Ki AWvi `qv nq| GB gyj kqvi cj
q Kie ewk nj q Kie bv|
c AWvi: A_vr kqvii gvwjK kqvi weq Ggb kZvivc Ki AWvi `q h,

g~j wVK _vKj ev ekx nj weq Kie Kg nj Kie bv|
kqvii g~j wbaviY
Kvvbxi kqvii g~j Kg ekx nq| Gi ga Kvvbxi Avmeve ci cfve

_vK| Avmeve c evoj g~j evo| wK Avmevec QvovI evBii DcKiYi
KviYI g~j cfvweZ nq| hgb- jvfi mvebv Pvwn`v I hvMvbi cvavb,
ivRbwZK Aev`x, Kvji cfve, e bq Ggb DcKiY hgb AbK Lei Ges
Abygvbi vivI g~j cfvweZ nq| GRb kqvii g~j Kvvbxi Avmeve ci
evweK cwZwbwaZ Ki bv|
Kvb Kvvbxi kqvi g~j ekx nj kqvii gvKUK K GKPi cwifvlvq

Bull Market ej| g~j nvm cj Bear Market ej|
77
kqvi Zvi cKvi f`
kqvi Zv `yB aiYi nq _vK-
AbK jvK Kvvbxi Askx`vi nIqvi Rb kqvi q Ki Ges kqvi wbRi

KvQ iL evrmwiK gybvdv jvf Ki| Ze Ggb jvK LyeB Kg|
AwaKvsk gvbyl kqvi K eemvi gvj gb Ki q weq Ki| kqvii g~j Kg
nj Zv q Ki Avevi ekx nj weq Ki| Dfq g~ji cv_KB Zvi gybvdv|
g~j ew cj h gybvdv ARb nq GK Capital Gain ej|
G Kvievi c~eB Abygvb I aviYv Kiv nq h, Kvb& kqvii g~j AvMvgxZ Kg

ne I Kvb& kqvii g~j ekx ne| GB Abygvb KvRK Speculation ej|
Abygvb KLbv mwVK cgvwbZ nq, KLbv fzj|
kqvi q weqi cwZ
kqvi q weqi wewfb cwZ wb AvjvKcvZ Kiv njv|
DcwZ q weq
Bnv q weqi GKwU mvaviY I mnR cwZ| KD kqvi w`q Zvi g~j Dmyj
Kie|
GB DcwZ q weqI kqvi mvwUwdKU mvaviYZ GK mvn& ci nMZ nq|
FYi Dci q weq
Gi viv kqvii Ggb q weq K eySvq hLvb kqvi g~ji kZKiv wKQz Ask
ZvrwYK cwikva KiZ ne| Aewk UvKv evKx _vKe| hgb- kZKiv 10 fvM
Av`vq Kijv 90 fvM evKx _vKjv| hviv cvq kqvi q Ki Zvì mv_
`vjvjì mK _vK| GLb KD `vjvjK ejjv AgyK Kvvbxi kqvi
(Margin) avii Dci q Ki| hvi nvi wbaviY Ki `qv nq| hgb kZKiv `k
fvM| GB UvKv Zv w`q `q Aewk 90 fvM `vjvj wbRi c _K cwikva
Ki| GB UvKv Zvi `vwqZ `vjvji FY| `vjvj KLbv Gi Dci my` bq
KLbv bq bv| KLbv GgbI nq h KqKw`b my` Qvov AeKvk `qv nq Gi ci
my` bqv nq| hgb- Ggb ejv nq hw` evKx UvKv 3 w`bi ga Av`vq Kiv nq
Zvnj my` w`Z nebv bZzev my` w`Z ne| mLvb `vjvji jvf Kwgkb| wbRi
Kvievi Pvjy ivLvi Rb I Kwgkb bqvi Rb m FY c`vbI cZ _vK|
78
kU mj
cKZ A_ mU mj ejZ gvwjKvbv Qvov weq K eySvq, A_vr weZv Ggb

kqvi weq Ki m GLbv hvi gvwjK nqwb wK Zvi Avkv _vK h, Pzw nIqvi
ci Avwg GB kqvi wbq Zv K w`q è |
DcwZ I AbycwZ q weq
kqvii q weq `yB cKvit
Spot Sale DcwZ q weq |

Forward Sale AbycwZ q weq|
DcwZ q weq Pzw Ges jb`b ZvrwYK nq| Zv GLbB kqvi bqvi
AwaKvi cvq| wK wKQz eevcbvi AcviMZvq kqvi mvwUwdKUi Wwjfvix
`wiZ nq| cvq 1 _K 3 mvn ch ìx nq| Ze mvaviYZ iwRw kqvi
WwjfvixZ Ggb ìx nq| hvi Dci evnKi bvg jLv _vK| evnKi bvg
cwieZb KiZ Kvvbxi KvQ cvVvZ nq weavq ìx nq| mvaviY kqvi ekx
ìx nq bv| DcwZ q weqI hnZz kqvi nMZ nZ ìx nq ZvB
mLvbI Zv kqvii mvwUwdKU cwieZb Kivi c~eB weq Ki `q| AbK
mgq nMZ nIqvi mgq AvmZ AvmZ KqK nvZ weq nq hvq| DcwZ q
weq kqvi weq nIqvi ci nMZ nIqvi c~e hw` Kvvbx gybvdv eUb Ki
Zvnj weZvi bvgB gybvdv eUb nq wK hnZz weq nIqvi ci gybvdv eUb
nqQ weavq weZv m gybvdv ZvK w`q `q|
AbycwZ q weq ZvrwbK nq hvq wK fwelZi w`K m Kiv nq|

hgb kqvi GLbB weq njv Ze `Lj BZvwì AwaKvi AvMvgx Kvb ZvwiLi
mv_ m| AbycwZ q weq kqvi Av`vqi mgq Gj AbK mgq kqvi
Zvi KvQ c`vb Kiv nq AbK mgq weZv Ges Zv kqvi bqvi cwieZ
weqi w`bi g~j Ges cwikvai w`bi g~j Dfqi cv_K cii mgvb
mgvb Ki bq| hgb : 1 jv RvbyqvixZ 30 k gvP w`b avh Ki AbycwZ q
weq Kiv njv Ges cwZ kqvi 10 UvKv g~j wbaviY Kiv njv | wK 30 k
gvP kqvii g~j ew cq 12 UvKv njv| ZLb weZv ZvK kqvi `qvi
j cwZ kqvi 2 UvKv Av`vq Ki `q| A_ev g~j Kg 8 UvKv nqQ, Zvnj
Zv weZvK 10 UvKv w`q kqvi bqvi j cwZ kqvi 2 UvKv cwikva
Ki `q Ges kqvi Mnb Ki bv| AbycwZ q weq q weqi ZvwiLi
79
ci cwikvai ZvwiL Avmv ch cvqB q weq nq _vK| c_g Zv wZxq

RbK wZxqRb ZZxq RbK Gfve weq PjZ _vK| Aekl AbK mgq
kqvi jb`b Kivij g~ji KgekxK mgvb Ki bq nq|
cY mvgMxZ DcwZ AbycwZ ePv-Kbv
K GKPi gvag hgb kqvii DcwZ AbycwZ Kbv ePv nq Zgwb

AbK `k cb mvgMxZI Ggb Kbv ePv nq| Aek Zv wekl wekl cY
mvgMxZ nq _vK| hgb Mg, Zzjv BZvw`|
cb mvgMxZ DcwZ Kbv ePv njv - Kvb cY GLb weq Kiv nqQ
AwaKviI cwieZb nqQ| Zv cY MnY Kivi AwaKvix mve nqQ Ze Kvb
eevcbvi AcviMZvi KviY Wwjfvix KiZ ìx nj mUv wfb K_v| wK m
Zv Mnb Kivi AwaKvix mve nqQ|
AbycwZ ePv- Kbv njv q weq mb nq wMqQ wK Mnb Kivi Rb

AvMvgx Kvb ZvwiL wbaviY Kiv nqQ| AvBbMZ fve GK Forward Sale ej
Avevi Future Sale I ej| wK eZgvb KvhZ Dfqi ga cv_K we`gvb|
AbycwZ Kbv-ePvq Dfq ci wbavwiZ ZvwiL jb`b Kiv Dk nj A_vr

Zvi Dk cY MnY Kiv Avi weZvi Dk g~j bqv nj ZvK
Forward Sale ej| Avi hw` Dfq ci Dk wbavwiZ ZvwiL jb`b Kiv
bv nq eis ay cYK jb`bi wfw wnmve aiv nq _vK ZvK Future Sale
ej| GLvb cY bqv Dk nq bv eis Dk wb ewYZ `ywUi h Kvb GKwU
nq _vK|
dUKvevRx : wbw` ZvwiL cY jb`bi cwieZ `vgi cv_K mgvb Ki jvf

Kvgvbv| hgb 1jv wWmî wmv njv h 1jv RvbyqvixZ GKkZ MvBU Kvcvm
Zzjv GK j UvKvi wewbgq w`Z ne| wK weZvi Kvcvm Ìqvi BQv bvB
Avevi ZviI bIqvi BQv bvB| wbw` ZvwiL Gj `yRbB jvf wZ mgvb Ki
bq| hw` 1jv RvbyqvixZ 1kZ MvBUi `vg 1 j 10 nvRvi UvKv nq Zvnj
weZv ZvK 10 nvRvi UvKv cwikva Ki jb`b kl Ki| Avi hw` 90
nvRvi UvKv nq Zvnj weZv Zvi KvQ _K 10 nvRvi UvKv Dmyj Ki
jb`b kl Ki|
mve wZ _K evuPv: fwelZ weq Gi wZxq Dk mve wZ _K evuPv|
GK Hedging ej| Gi gyj K_v njv Kvb ew Kvb cYi AbycwZ weq
80
(Forward sale) Ki Ges Dk cY Dmyj KivB nq _vK dUKvevRx bq wK

Zv hw` wàvwiZ ZvwiL m cYi `vg nvm cvIqvi AvksKv Ki Ges m wZi
_K euvPvi Rb m cYK Futures Market G m ZvwiLi RbB Future
wnmve weq Ki hb `vg nvm cj cye Kbvi wZ cii weq cyiY nq
hvq| hgb hvq` 1jv wWmî GK kZ MvBU Kvcvm GK j UvKvq q Kij
Ges Mnbi Rb 1jv Rvbyqvix wbaviY Kij Zvi aviYv njv 1jv RbyqvixZ GKkZ
MvBW Kvcvm wbq weq Ki jvfevb ne|
GgZvevq 1jv RvbyqvixZ Kvcvmi gyj nvm cvIqvi AvksKv Kij| m wZi
_K euvPvi Rb 1kZ MvBU Kvcvm 1j UvKvi Lvjì KvQ Futures gvKU
weq Kijv| GLb hw` 1jv RvbyqvixZ 1kZ MvBUi gyj 90 nvRvi nq Zvnj
hvqì 10 nvRvi UvKv wZ nj wK hnZz GB cwigvb Kvcvm Lvjì KvQ
Futures evRvi weq KiwQj ZvB m 1jv RvbyqvixZ 90 nvRvi UvKvq Ab
MvBU wKb Lvj`K 1j UvKvq weq Kie| Zvnj c_g jb`b h wZ
nqwQj wZxq jb`b Zv cyiY nq Mj| Futures Sale KLbv wZi _K
evuPvi Rb nq| GK Hedging ej| Futures BZvwì Kvievi Kvb Kvb `k
K GKPB nq, Kvb Kvb `k wfb evRvi nq _vK|
AevaZvg~jK weq
Kvb wbw` cYK wbw` g~j q weqi AwaKvii bvg Options| Kvb ew
Abi mv_ cwZkwZ e nq h, hw` Zywg PvI Zvnj AgyK cY GZ UvKv g~j
GZ w`bi ga qi AwKvi KiwQ| Zzwg hLb BQv weq KiZ cvi| GK
weqi Options ev BQv ej|
Options c`vb Kvix G AwaKvi c`vbi Dci wdm MnY Ki Ges wbavwiZ mgqi
ga q KiZ eva _vK| wK Options MnYKvix weq KiZ eva bq| Gi
Dv KLbv Kvb ew Kviv mv_ cwZkwZe nq h, Avwg Zvgvi KvQ AgyK
cY GZ UvKv g~j GZ w`bi ga weqi `vwqZ wbwQ| Zzwg hLb BQv q
KiZ cvi| Bnv Zvi Options ev BQv|
Options Kvixi DciI nZ cvi| cYi DciI nZ cvi| Dk nQ

Options c`vb Kvix MnY KvixK m Kvix ev cYi ì Kg ekx nIqvi _K
ckvw `q Avi Gi wewbgqB Kwgkb MnY Ki| hgb GK ew 25 UvKvq 1wU
Wjvi q Kijv| m fvebvq AvQ h, hw` GK wbRi KvQ ivwL Zvnj ì Kg
81
hvIqvi mvebv AvQ hw` GLbB weq Kwi, mvgb ì evovi mvebv AvQ Zvnj
jvf _K ewZ ne| GLb ZvK KD Avkvm w`j h Wjvi Zvgvi KvQB ivL
wZb gvmi ga GB Wjvi 25 UvKvq q Kivi AwKvi KiwQ Ges GB AwKvii
Rb GZ UvKv wdm wè| GLb hw` Wjvii `vg Kg hvq ZeyI Gi wZ bvB Avi
hw` ekx nq Zvnj Ab Kviv KvQ weq KiZ cvie| ì Kgj Options
weq Kvixi KvQ 25 UvKvq weq Kie| Options K wfb GKwU cY aiv nq|
Gi Kvievi Abvb `k AZ cmZvi mv_ nQ| hvi iciLv w`b w`b
RwUj _K RwUjZi nQ|
cPwjZ kqvi eemvi wUmg~n13
(1) GUv gwjK A_bwZK KgKv cwiPvjbvq e_ Ges Gi KgKv mvgvwRK

KjvYi mv_ mvgmc~Y bq|
(2) wKQz wKQz cK wewbqvM kqvi weZvì cZvkv vivB wbqwZ nq Ges
D`vvi ^v_K weePbv Kiv nq bv|
Kxb&mi gZ- K GP mgqi wbqwgZ eeavb wewbqvMi c~Y:g~jvqb

mnvqZv Ki hvi dj jvKRb Kvb GKwU wekl wk cwZvbi K aviY Kivi
BQv cwieZb Kivi myhvM cvq| K wewbgq evwYR Qvov Gic c~bg~jvqb me
bq| Gfve GwU ew wekli Zvij mgmvi mgvavb Ki, wK A_bxwZi Zvij
mgmv _KB hvq|14
we`gvb evwYwRK wk cwZvbi Dci `vwei wewbgqK K GP mnvqZv

Ki| hv wbvfve eZgvb wewbqvMi Dci iZc~Y cfve dj:
(K) bZzb Kvb wk cwZvb vcb Kiv DwPr ne bv- hw` GKB cKvi wk cwZvb
K wewbgqi gvag kqvi qi viv ARb Kiv hvq|
(L) GKwU bZzb wk cwZvb vcb ZLwb hywhy nZ cvi hw` AwZ DP `vg
Kvvwbi kqvi K GP weq Kiv hvq Ges Gi gvag ZvrwYK jvf Kiv
hvq| `xNgqv`x A_bwZK myweav G Zgb GKUv weewPZ nq bv| ZvB
Kxb&&m ejb15-
13 . W. gynv` Avyj gvbvb Payix, cv, c. 349-351

14 . cv, c. 349
15 . c, c. 350
82
Certain classes of investment are governed by the average

expectations of those who deal on the stock of exchance as
revealed in the price of shares, rather than by the genuine
expectations of the professional entrepreneur. (wKQz wKQz kxi
wewbqvM H mKj jvKì Mo cZvkvi viv wbqwZ nq hviv K I kqvii
eemv Ki Ges Zvì cZvkv kqvi `vg cwZdwjZ nq Ges ckvMZ
D`vvi cKZ cZvkv viv G aiYi wewbqvM cwiPvwjZ nq bv| )
cKZc, K GP kqvi `vgi DVvbvgvi gvag gybvdv ARbi viv

jvfevb nevi myhvM mw Ki hv cwZvbi A_bwZK Kgmv`bi mv_
mKhy bq|
(3) Kxb&mi gZ, dUKv Kvievi nj evRvi mK fwelvbx Kiv Ges wk

cwZvbi KvR nj mì c~Y gqvèvcx mvebvgq Drcv`bkxjZv mK
fwelvYx Kiv| K GP Ges Abvb A_ evRvii AvqZb hZ ew cvq,
dUKv Kvievii gybvdvI ZZ ew cvq| hvi dj mì AcebI ZZ ew
cvq| Kxb&&m ejb16-
Speculation may do not harm as bubbles on a steady

stream of enterprise. But the position is serious when
enterprise becomes the bubble on a whirlpool of
specutation. when the capital development of a country
becomes a by-broduct of the activities of a casino, the job
is likely to be illdone. (dUKv Kvievi Kvb wZ bvI KiZ cvi
hw` GwU wkic b`xi vZ cevni ga GKwU eyèyì gZ nq| wK
Aev ZLwb iZi nq hLb dUKv Kvievii NyYveZi ga wk
cwZvb GKwU ey`yeyì gZ| hw` GKwU `ki cuywR Dbqb Ryqv Ljvi
Dc-Drcv`b cwiYZ nq, ZLb KviLvbv Lvivci w`K hvIqvi mvebv
ewk _vK|)
(4) K GPi dj dUKv Kvievixi mw nq| dUKv Kvievixiv cKZ

wewbqvMKvix bq| dUKv Kvievixiv wewfb Kcvikbi evwYRi fwelr
mvebv weePbvq iL evRvii MwZwewai Dci Z_v kqvi `vgi DVvbvgvi
Dci bRi ivL Ges wbR^ wnmve-wbKvk Ki| Zvì wnmve wbKvki Dci
16 . DZ- cv, c. 350
83
wfw Ki Zviv kqvi q Ki Ges `vg hLb evo, ZLb kqvi weq Ki
gybvdv ARb Ki| dUKv Kvievixì dj cuywRev`x A_bxwZZ gvivZK
Avw_K msKU mw nq| Re Ges gvbwmK wnmve wbKvki Dci wfw Ki
kqvi KbvePvi dj A_bxwZi ZRxfve wKsev g`vfvei mw Ki Ges
MvUv A_bxwZK DjU-cvjU Ki `q| D`vniY îc, 1929 mvji Iqvj
xU msKU, hv cieZxZ 1930 mvji gnvg`vq icvwiZ nq|
(5) K GPi ewkifvM evwYR FYj Znwej Gi gvag cwiPvwjZ nq|

Gic evRvii dUKv Kvievixì Rb ^gqv`x my`wfwK FY we`gvb Ges
dUKv Kvievixiv cvqk: Zvì wbR^ A_i PvBZ AbK ewk cwigvY gvvq
kqvi evRvi kqvi q Ki _vK hvi wecixZ mgcwigvY A_i mg_b
_vK bv|
cPwjZ kqvi eemv mK Bmjvgx `wfw
cuywRev`x K evRvi AmsL evwYwRK Kkj Aej^b Kiv nq hjv Bmjvg

Abygvw`Z nq| Bmjvg weivax Kkji DjLhvM KqKwU wb ewYZ njv-17
(1) cuywRev`x K evRvi kqvi I wmwKDwiwU mvwUwdKUi `wnK vbvi Qvov

wKsev cKZ mieivni c~e mjv Kbv-ePv nq hv Bmjvg mgw_Z bq|
Kvb wKQzi Dci wbR^ gvwjKvbv cwZwZ bv nIqv ch Zvi Kbv-ePv
Bmjvg wm bq|
(2) cuywRev`x K evRvi KbUv K GKwU nvwZqvi wnme MnY Ki| KbUv
nj GK cKvi myì nvi hv K Zv KZK evsK _K MnxZ FYi Dci
evsK cwikva Ki Ges G FY w`qB K Zv K ev kqvi q Ki
_vK| evsK Kej GK w`bi wnme _K Ab w`bi wnme FYi UvKv
vbvi Ki gv| G cwqvwUK ej K ai ivLv ev KbUv| KbUv
Bmjvg weivax, KviY GUv my`wfwK GKwU jb`b gv|
(3) cyuwRev`x K evRvi LqvjLywkgZ kqvi weq Abygv`b Ki| Lqvj

LywkgZ weq weZvi cQ` gvwdK nq _vK| A_vr GKRb kqvi weZv
AvRKi `vg cieZx mgq kqvi weqi Rb m~Y ^vaxb| m BQv Kij
weq KiZ cvi, bvI KiZ cvi| h ew Zvi BQv ev cQ` gvwdK KvR
Ki m GK cKvii cQ` A_ c`vb Ki hv mvaviYZ: m h kqvi q
17 . W. gynv` Avyj gvbvb Payix, cv, c. 351-353
84
wKsev weq KiZ BQzK nq m kqvii gvU g~ji GKwU Ask gv nq

_vK|
cQ` A_K kqvi qi WvKv-A_ (Call money) Ges weqi

ivLv A_ (Put money) ejv hvq|
(K) WvKv A_ c`vbKvix AvRKi `vg WvKvi mgq kqvi q Kivi AwaKvi
ivLb| (L) ivLv A_ c`vbKvix D WvKvi mgq kqvi weq Kivi AwaKvi
ivLb| (M) ivLv A_ Ges WvKv A_ c`vbKvix kqvi q wKsev weqi AwaKvi
ivLb|
cQ` weq Bmjvgi evB Avj-mvjvg cwZi mv_ mvgmc~Y bq| KviY e
Ges g~j cwikva DfqB GLvbB wMZ ivLv nq| ay `vgi GKwU Ask gv
AwMg cwikva Kiv nq| evB Avj-mvjvg Gi cyiv `vgUvB AwMg cwikva
Kiv nq| Kej èi mieivn wMZ ivLv nq| cQ` Pzwi dj ^vfvweK ev
cvKwZK AwbqZv QvovI kqvi eemvqx AviI ekx AwbqZvi myLxb nq|
WvKv Ges ivLv cQì dj m AwZwi AwbqZvi dj kqvi Zv Ges
weZvi SuzwK eo hvq Ges Abì Dci SzuwK nvii ceYZvi mw nq| dj
jb`b PvKvi cwZwqv mw nq| dUKv Kvievixiv g~j cv_KKiYi viv
gybvdv jvf g nq hvq| wewfb Re, wg_v cPviYv BZvwì gvag kqvii `vg
nvm Kivi Rb cfvweZ Ki| djvkwZZ MvUv A_bxwZZ wekLjv mw nq,
cKZ wewbqvMKvixMY wbirmvwnZ nq Ges AbvwRZ Avqi Dci wbfiKvix dUKv
Kvievixi Dvb NU| Bmjvg G Awi KgKvi weivax| Ze wbv Aevq
cQ`-wbqY Bmjvgi evB-Avj-wLqvi Gi mv_ mvgmc~Y nZ cvi-
(K) hLvb cYi cKwZ cwic~Yfve msvwqZ Kiv nqwb;
(L) hLvb cY mieivni mgq ev vb mK GLbI Pzw nqwb ev wbw nqwb;
(M) hLvb Pzw GLbI P~ov nqwb Ges Zv I weZv GLbI GKB hvqMvq
Aevb KiQ|
(N) hLvb `vg GLbI P~ov Kiv nqwb|
Dciv Aevq Pzw Kivi Rb ^vaxbZv `qv nqQ hv evRvii AwbqZvK

KgvZ mvnvh Ki| Gic ^vaxbZv ev Option Gi j ne `yUv:
(1) mKj cKvi weevì KviY `~i Kiv;
85
(2) Kvb c hvZ kqvii jb`bi SuywK Ges jvf mK cyivcywi

IqvwKenvj bv nq ì KlvKwlZ ce bv nq m Aev wbwZ Kiv|
Dciv `yU DkB gy evRvi A_bxwZi wbqYi mv_ mvgvmc~Y| KviY gy

evRvi A_bxwZZ GK cK A iL Ab ci A_ DcvRbi Kvb myhvM
bB|
cQ` weqi WvKv Ges ivLv A_ c`vbKvix hw` mvgbi w`K AMmi nZ
bv Pvq Zvnj Zvi AwMg wZxq c evRqv Ki dj| G evcviwU evB Avj
Avevb Gi AvIZvq co hv nhiZ gnv` (m.) KVvifve wbla KiQb| AwZ
mwZ cY Ges e`wkK gy`vi fwel evRvii gZ kqvi weqi fwel evRvi
Pvj~ nqQ hv Dciv KviY Bmjvg mZ bq|
kqvi eemvi iZ I cqvRbxqZv
kqvi evRvi nQ Ggb GKwU evRvi h evRvi `xNgqv`x cuywR ev FYi jb`b
wKsev Av`vb-c`vb nq| cuywRev`x A_wfwK A_bxwZZ cuwy R evRvii iZ
Acwimxg| cyuwRev`x A_bxwZZ cuywR evRvi h mKj KviY iZc~Y Zvi
DjLhvM KqKwU wb ewYZ njv18-
(1) D Znweji eenvi : hvì KvQ D cuywR AvQ Zviv Zvì cywu Ri
Drcv`b I jvf Ges SzwKnxbZvi `wKvb _K mevrK wewbqvM LvZ cuywR
evRvii DcwwZi dj wewbqvM KiZ mg ne|
(2) cuywRnxb ` D`vvi cuywR cvwi myhvM : h mKj D`vvi `Zv I

Dvebx kw AvQ A_P cuywR bB, cyuwR evRvii dj Zviv cuywRi hvMb
cvwi myhvM cvq Ges wewbqvM cK MnY KiZ cvi|
(3) wewbqvMi mgq bgbxqZv : h mKj wewbqvMKvix Nb Nb wewbqvM wgkY

cwieZb Kivi cqvRbxqZv Abyfe Ki, Zviv Lye mnR Ges Kg LiP cyuwR
evRvii DcwwZi dj Zv KiZ mg nq|
(4) MnYhvM wewbqvM cwqv ARb : cuywR evRvii DcwwZi dj LiP-` Ges
mKj ci (wewbqvMKvix, cuywRi hvMvb`vi cfwZ) KvQ MnYhvM A_vqb
KgKv I wewbqvM cwqv ARb meci nq|
18 . W. gynv` Avyj gvbvb Payix, Bmjvgx A_bxwZi iciLv t Z I cqvM, XvKv : PqwbKv, 2010, c.
346-347
86
(5) `vg nvm-ewi wei nwRs Gi myweav : h mKj wewbqvMKvix è `vgi

DVvbvgvi Avkvq AvZM Ges Zvì wewbqvMK cY evRvii gvag
wbivc` ivLZ Pvq, cuywR evRvi Zvì G D`vMK mnvqZv Ki|
AvR mviv wek cywR evRvi AvaywbK A_ eevi GKwU Acwinvh A cwiYZ
nqQ hv Kej GKwU evcKfve A_-wbfi A_bxwZi cew Ges mmviY
mnvqZv Ki bv, GUv evwYR Pi DVvbvgv Ges eemvqx I wewbqvMKvix
m`vqi Avv Ges gbvfvei GKwU DjLhvM wb`kKI eU| miKvii
evcKwfwK emiKvwiKiYi A_vqbi Rb miKvwi A_ msMni Rb cuywR evRvi
iZc~Y f~wgKv cvjb Ki| K evRvii weKvki Rb cyuwR evRvi LyeB
iZcY| ejv evj, K evRvi `Z A_bwZK cewi Rb cqvRbxq RvZxq
mqi mgvekK DrmvwnZ Ki| myZivs cuywRi geagvb Pvwn`v Ges gvMZ
evwYRi cwigvY ewi avivK AenZ ivLvi Rb cuywR evRvii AeKvVvgv I
`Zv ew Kiv GKv cqvRb| cKZc, ` cyuwR evRvi ej cwigvY we`kx
cuywR AvK Ki hv vbxq evwYR ewZ iZc~Y f~wgKv ivL|
cyuwRev`x K GP
cuywRev`x K GP nQ cuywR evRviiB GKwU Ask, hLvb wmwKDwiwU Ges

kqvi KbvePv nq| K GPi cavb ewkmg~n wbic:19
(1) K GP mxwgZ `vqeZvi bxwZi GKwU ^vfvweK Dcv`vb| mxwgZ

`vqeZvi bxwZ Abyhvqx cZK kqvi nvvii `vqeZv Zvi kqvii
mgcwigvY| Kvb gZB Zvi ewMZ mfvMRwbZ jvf `vqeZvi AvIZvq
co bv|
(2) hnZz kqvi nvvii `vqeZv mxwgZ, mnZz GKRb kqvi nvvi hLb
BQv ZLb Zvi kqvi weqi ^vaxbZv fvM Ki| GRbB wewfb kqvii
nvi-nvwZqvii De nqQ hjv bv _vKj h Kvb mgq kqvi nvvi
Zvi BQvgZ kqvii UvKv bM`vqb KiZ cvie bv|
(3) kqvi nvii wewfb nvwZqvii mw nqQ, KviY mgvR cuywRi iZc~Y
f~wgKvK ^xKvi Ki| Ab K_vq, cuywRi iZc~Y f~wgKvi mvgvwRK
MnYhvMZvK mvb `Lvbvi RbB kqvi nvii wewfb Dcvqi mw
nqQ|
19 . cv, c. 248-249
87
(4) GKRb cY weZvK GKRb K Zvi Rb Acv KiZ nq| wK

GKRb kqvi weZv Kvb cKZ Zvi Rb Acv bv Ki ZvrwYKfve
kqvi weq KiZ cvi|
(5) GKB w`b kqvii `wnK nvi ewZiK GKB kqvii eevi jb`b
nZ cvi|
cyuwRev`x K GPi f~wgKv ev Kvhvewj
(1) wewbqvMKvixì K Kbv-ePvi Rb K GKP GKwU Zwi evRvi wnme

KvR Ki|
(2) GwU Kcvikbi Rb wewbqvM Znwej wKsev m` msMn Ki|
(3) GKwU mvebvgq kqvi Zv-weZvi Rb MiZc~Y Z_ mieivn Ki|
(4) eemvwqK wki mfvMi kixK`vi nZ GwU mqKvixK mnvqZv Ki|
(5) GwU FY MnxZv I kqvi nvviK K evRvi Zvì kqvi I e eemvqx

wk cwZvbK weq Ki bM` A_ ev Zvij jvf mnvqZv Ki|
(6) GwU wk cwZvbK mmviYi Rb wKsev Gi A_bwZK KgKv ewi Rb

evwnK Drm _K A_ msMn mnvqZv Ki|
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_K c_K KiZ mnvh Ki|
88
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Dhaka University Institutional Repository PZz_ Aavq : Bmjvg kqvi eemv
PZz_ Aavq
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bxwZgvjvi gvcKvwV bv _vKj mvaviY wewbqvMKvixì Rb Kg SuywKZ GKwU `Z
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wewbqvMKvix mnRB cjy nq Kvb KvhKiY Ges hwKZv Qvov Ggb AvPiY
KiZ cvib, hwU Zvi wbRi Rb GgbwK cyiv eemvi Rb wechq WK AvbZ
cvi| mZKZvi mv_ wewbqvM Kij kqvi eemv mqi mevg wewbqvM LvZ|
egvb Aavq kqvi eemv msv Bmjvgx `wfw Zzj aiv nqQ|
Bmjvgx kqvi evRvi
Bmjvgx kqvi evRvii msv c`vb KiZ wMq W. gynv` Avyj gvbvb Payix
Bmjvgx A_bxwZi iciLv: Z I cqvM bvgK M ejb,
Islamic capital market is a market which rejects interest based,

doubtful, deceptive, unlawful, unethical or immoral financial
transactions such as market manipulations, insider trading, short
selling and exessive exposure of one's financial position by contra
deals that can not be backed by sufficient funds.
Bmjvgx kqvi evRvi Ggb GKwU evRvi hvZ my`wfwK, m`nhy, cZviYvg~jK, e-
AvBbx, AbwZK, bxwZMwnZ Ges h Kvbv kixAvn weivax wewbqvM KgKv
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wecixZ ewk cwigvY è wewbgq BZvw` jb`b Kiv hve bv|1 mnR K_vq, mKj
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mî 2010,c. 347
90
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Bmjvg kqvi eemvi eaZv
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2. mv`bv cwil`, q-weq msv gvmAvjv-gvmvqj, XvKv: BmjvwgK dvDkb evsjv`k, c. 56

3. Avj-KziAvb, 4t29
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evRvi KbvePvi KvR Kwi, Avi Avgvi Askx`vi gmwR` wMq bvgvh coZ
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284, c. 530)
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8. Bgvg kvgmywb Avm& mvivLmx, Avj-gvem~Z, eiZ: `vij gvwidvn, 1993wL./ 1414wn.,
L.22, c. 18
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10. cv
11. cv, c. 19
92
6. nhiZ Avey ivqiv (iv) _K ewYZ, gnvbex (mv.) _K ewYZ AvQ h, wZwb
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KiZb|13
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cwZjv mvgb iL| Ze Hme bxwZgvjv eemv-evwYRi AvPvi-AvPiY mwKZ
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dKxnMYi AwfgZ
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evwYRi eaZvi cgvY wnmve Avi GKwU welqi cwZ AwaK iZ w`qQb| mwU
12. cv
13. Avjx Avj Lvdxd, Avk& wkiKvZz dxj wdK&wnj Bmjvgx, Kvqiv: `vib bkj, 1962, c. 63
14. cv
15. Bgvg kvgmywb Avm& mvivLmx, cv, L-22, c. 18
16. cv
93
njv gvbyli eni ^v_ msiY Kivi Rb h_ eemv-evwYRi DjwLZ

cwZjvi eaZv `vb Acwinvh| cvqB Ggb nq h, GK ewi KvQ g~jab AvQ
wK m Kvievi KiZ cvibv ev Rvbbv| Avevi ejvK Ggb AvQ hviv eemvq-
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kYxi jvKì cB h_ Askx`vwiZi wfwZ Kvievii gvag cviwiK
mnhvwMZv viv GKwU h_ Dk mvab me nq| myZivs gybvdvwfwK Askx`vwi
Kvievi mKji RbB djcm~ I KjvYKi| Gi ga kixAvZ ev Bmjvgx weavbi
Ljvd Kvb wKQzB bB|
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evRvi kqvi Qvov nq hgb: Kvb UUvBj Kvvwb ev AUv gvevBj Kvvwb
BZvw`, Zvnj G aibi Kvvwbi kqvi q-weq Rvqh| kqvi eemv ev kqvi
q-weqi eaZv cm Dcgnv`ki cLvZ Avwjg nvKxgyj D` gIjvbv
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gvKU nZ kqvi Lwi` Ki Ze G ZvK wbbv PviwU kZi cwZ wekl
j ivLZ ne|18 kZ PviwU njv-
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18. gydZx gynvv` ZvKx Dmgvbx (Aby: gydZx gynvv` Rvei nvmvBb) Bmjvgx evswKs I A_vqb
cwZ mgmv I mgvavb, XvKv: gvKZvevZzj Avkivd, Gwcj 2007, c. 197-199
94
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`yB. Kvvwbi wKQz vqx m` _vKv;
wZb. nvjvj Kvievi my`wfwK jb`b AmwZ cKvk;
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KiQ A_ev Kvb hcvwZ q KiQ Zvnj G Kvvwbi `k UvKv g~ji kqvi
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Physical Assets bv _vKj m Kvvwbi kqvi Kbv wVK ne bv|
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G cki evcvi mgKvjxb AvwjgMYi wewfb `wfw iqQ|
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KiQ|
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bv nIqvi evcvi mgKvjxb Avwjgì gvS gZvbK iqQ| (A_vr ^g~j
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Capital Gain ejv nq|
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mì g~j aiv hvq|
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Kviv Kviv gZ njv Kvvwbi Ro-m` Kgc kZKiv 51% nIqv

AvekK| Zuvì hyw nj, Ro-m` hw` 51% _K Kg nq, Zvnj AwaKvsk
m` Zij AvKwZi ne, hvi dj mgy`q mì Dci Zviji KzgB chvR
ne| Kbbv, wdK&ni Dm~j nj AwaKvski wfwZ c~Yi Kzg Avivc Kiv
nq|
wZxq `wfw :Kvb Kvb Avwjgi `wfw njv, hw` Kvb Kvvbxi Ro m`
kZKiv 33%I nq, ZvnjI H Kvvbxi kqvi jb`b Kiv hve|23
ZZxq `wfw : ZZxq `wfwi wfw njv wdK&n nvbvdxi Dci| wdKn nvbvdxi
Dm~j njv, hw` Kvb Kvvbxi m` bM` A_ Ges cY wgwkZ nq, Zvnj Zvi
bM` Aski AbycvZi w`K `wcvZ bv Ki Zvi kqvi q-weq Kiv hve,
Ze G Dm~j `ywU kZi mv_ hy|
ZZxq kZ : nvjvj Kvievi my`wfwK jb`b AmwZ cKvk
hw` Kvvwbi gwjK eemv nvjvj nq hgb- AUvgvevBj, UUvBj BZvwì

eemv| wK Kvvwb hw` wbRì dv evovbvi Rb evsK _K my`wfwK FY
MnY Ki A_ev wbRì AwZwi A_ hw` my`x GKvDU Rgv ivL Ze GgZvevq
Kvvwbi kqvi Lwi` Kiv Rvqh ne wKbv G welq AvwjgMYi wfbgZ iqQ|
Kvbv Kvbv Avwjgi gZ G RvZxq Kvvwbi kqvi Lwi` Kiv Rvqh ne bv|
nvKxgyj DZ nhiZ gvIjvbv Avkivd Avjx _vbfx (i.) Ges nhiZ gvIjvbv gynv`
kdx (i.) -Gi gZ Kvbv kqvi nvvi hw` G my`x KgKvi wei cwZev`
Ki, wekl Ki evwlK mvaviY mfvq (Annual General Meeting) cwZev` Ki
Ges ej h, my`x jb-`b Rvqh bB, KvRB Zv e Ki, Ze Zvi Rb G kqvi
Lwi` Kiv Rvqh ej weewPZ ne Ges m `vwqZg
y ej MY ne|
21. kvBLyj Bmjvg gydZx gynv` ZvKx Dmgvbx, Bmjvgx evswKs I A_vqb cwZ mgmv I
mgvavb, XvKv : gvKZvevZzj Avkivd, 2007, c. 200-201
22. cv, c. 199
23. cv, c. 198
98
PZz_ kZ : myw` gybvdv mv`Kvn& Kiv
gb ivLZ ne, Kvvwbi g~j eemv hw` nvjvj nq Ges cieZxZ Gi ga hw`
Kvb my`x cqmv Gm hvq Ze jfvsk ebi mgq (Income Statement) -Gi
gvag G K_v Rvwbq w`Z ne h, jfvski gvS KZ cvmU myì Ask iqQ,
h cwigvY myì Ask _vKe H cwigvY UvKv wnme Ki c_K KiZ ne Ges Zv
Mixe I `y gvbyli ga mIqvei wbqZ eZxZ weZiY Ki w`Z ne| Ab_vq my`
MnYi bvn bvnMvi nZ ne| mviK_v nQ, kqvi q ev kqvi eemv ea
nIqvi Rb DcwiD PviwU kZ Aek cvjbxq|
DjL, fviZxq Dcgnv`k kqvi eemvi gvmAvjvi AvjvPbv GjB Nyi wdi
gIjvbv _vbfx (i.) Gi DjwLZ PviwU kZi24 cm Avm| Avmj wK wZwb H Pvi
kZ cvIqv MjB kqvi eemvK ea ejQb? welqwU AbKi KvQB bvbvgyLx
m`ni mw Ki| g~jZ: gIjvbv _vbfx (i.) kqvi eemv cm DjwLZ 4wU
kZi K_v Ggb mgq ejwQjb hLb fviZ ewUk kvmb wQj| G Rb wZwb Kvwdii
mv_ gymjgvbi my`x jb`bi gvmAvjvI ZLb w`qwQjb Avj Kvmvmym mvbx dx
wnmvwmj Kvvwb bvgK cywKvq| wZwb GK_vI ejQb h, hw` gymjgvbì
Kvvbx jv my`x jb`b Ki Ze Kvwdiì KvvbxZ Askx`vi nIqv
gvmAvjvi w`K _K AwaK mnbxq gymjgvbì KvvbxZ Askx`vi nIqvi Pq|
GgbwK GwU Ggb mgqi K_v hLb Kvvwb Kxfve MwVZ I cwiPvwjZ nq m cwiPq
w`Z Ges Zv eyS wbZ ckKvix I Reve`vZvK AbK gnbZ KiZ nqQ| A_vr
GwU fviZ Kvvwb eemvi ii w`Ki NUbv| hLb fviZxq gymjgvbiv wQj
civaxb Ges Zvì nvjZ wQj LyeB kvPbxq| gvIjvbv _vbfx (i.) K eZgvb mgqi
gZ Kvb K GP ev mKvwi gvKUi welq wRm Kiv nqwb| eis GKwU
cvBfU Kvvwbi kqvi h cwZZ nvi nq m chvqi nvii K_v mLvb
DjwLZ nqQ| myZivs Zvi eeK eZgvbKvji kqvi eemvi eaZvi `jxj
evbvbv h_vh_ ne bv| mePq Riix h K_vwU DjL Kiv ìKvi Zv nQ, my`x
jb-`b Ki A_P g~j Kvievi nvjvj Ggb Kvvwbi AskI Lwiì evcviI
kZmvc h RevewU wZwb w`qQb Zvi kl my GKwU NvlYvI w`qQb| Zv
nQ-
24. gydZx Aveyj nvmvb gynvv` Avyjvn, kqvievRvi ZvwK weklY I kiC Kzg, XvKv :
gvKZvevZzj Avkivd, 2011, c. 32-33
99
A_: Dcii Qvojv ay H ewi Rb, h GB wec` cwZZ nq MQ A_ev m Zv

KiZ Pigfve eva| Ggb ew Qvov Abì Rb Zv (kqvi eemv) _K `~i
_vKvB ZvKIqv|25
Dciv ee _K cwivifve eySv hvq h, gvIjvbv _vbfx (i.) AvR _K cvq

80 eQi AvM my`x jb`bKvix Kvvwbi Ask Lwiì evcvi hv ejQb Zv
wKQzZB Aeva Qvo wQj bv; eis wZwb `yB aiYi ewi Rb H wnjv ck KiQb|
GKRb nQ- H ew h BZvga ZvZ RwoZ nq MQ| Avi AciRb nQ- h
ew KvieviwU Kivi Rb Pigfve eva nqQ| G `yaiYi jvK Qvov AbìK
wZwb G RvZxq Kvievi _K `~i _vKvi civgk w`qQb|
eZgvb mgqi my`x g~jab wfwK Kvvwbjvi K_v wZwb ejbwb Ges ZvK
wRvwmZ ckI GLbKvi gZv Kvvwbi (hviv nvjvj wRwbm Drcv`b KijI Zvì
g~jabi GKwU eo AskB evsK jvb _vK|) K_v wQj bv| Avi Zuvi H Aviex
BeviZwU Avevi coj eySv hvq wZwb Zv gyeZvjv wenx ev BZvgaB kqvi wKb
djQ Ggb ewi Rb Kzg eYbv KiQb| wK Zuvi K_vK cqvM Kiv nQ
Rb b bZzb Ki my`x g~jab wfwK Kvvwbi kqvi jb`b RvqR nIqvi
`jxj wnme| A_P mB eewUI DjL Kiv nQ Am~Yfve, wZwb `jxji
kl AviexZ hv ejQb Zv ck Kiv nQ bv| A_P Kviv K_vi DwZ w`j
mswk cyiv K_vB AvbZ ne| Askwekl (iZc~Y Ask) Qo w`j Zv Zuvi
cwZ AwePvi Kiv ne| gvUK_v nj-
(K) nhiZ _vbfx (i.) dZvqv w`qQb 80 eQvi c~e ZLbKvi Kvvwbjvi Aev
GLbKvi gZv wQj bv|
(L) wZwb cPwjZ kqvi evRvi ev mKvix gvKU mK wKQzB ejbwb|
(M) hviv ZLbv wRvwmZ Kvvwbi kqvi wKbwb ev Kbvi Rb Pigfve eva
nqwb ZvìK wZwb Gi _K euP _vKvi bmxnZ KiQb|
myZivs eZgvb mgqi wewP eemvK` kqvievRvii jb`b Rvqh nIqvi Rb

nhiZ _vbfx (i.) Gi K_vK `jxj wnme ck Kiv wKQzZB MnYhvM nZ cvi
bv| eis nvjvj-nvivg eQ PjZ Pvq- Ggb gymjgvbìK nvKxgyj DZi eivZ
my`x jb`bKvix cwZvb Askx`vi nIqvi gvmAvjv `qv KZUzKz hywhy Zv mswk
eweMi fe `Lv DwPZ|
25. cv
100
Bmjvg kqvi eemvi mveZv
Bmjvgx A_bxwZZ kqvi eemv ev kqvievRvii bvq cwZvb _vKZ ne| GLvb
A_bxwZi me Ges Av_-mvgvwRK ji mv_ Lvc LvBq PjZ cvi m eev
_vKZ ne| Bmjvg kqvi evRvi me wKbv G evcvi weZK _vKjI AwaKvsk
Bmjvgx wPvwe`MYi gZ Zv meci| G mvebvi KqKwU w`K wb Zzj aiv
njv:26
1. Bmjvg kqvi evRvi Pvjyi dj kixAvn mZ K (Shariah Compliant

Stock) jb`b Kiv meci ne|
2. evRvi cPwjZ my`wfwK KK gv^q my`gy K icvwiZ Kiv hve|
3. mvgvb bM` A_i wewbgq e UvKvi K jb`b e Kiv hve|
4. chv AvgvbZ Qvov K q Kiv hve bv wKsev ewk mgq ai Ki g~j

AcwikvwaZ _vKe bv|
5. hnZy dUKv Kvievi Qvov K evRvii AwZ Kbv Kiv hvq bv, mnZz AZ
mxwgZ AvKvi dUKv KvieviK Abygv`b w`Z ne| Ze dUKv Kvievi Ggb
nZ ne hvZ mUv KvbgB wecbK I wZKi bv nq|
Bmjvg kqvi eevmvi Dkvewj
Bmjvgx A_bxwZi GKwU iZc~Y Ask kqvi eemv| Bmjvgx A_ eevq kqvi
eemvi gwjK Dkvejx wbic:27
1. kqvi Ges mvwUwdKUi Rb gy evRvi eevi wejvc mvab bv Ki bKj

wewbqvMKvixì dUKv Kvievi iwnZ Kiv|
2. D GjvKv ev cwZvb _K NvUwZ GjvKv ev cwZvb A_i cevnK mnvqZv

Kiv| NvUwZ cwZvb nQ evwYwRK wk cwZvbmg~n hjv BKzBwU cuywR ev
kqvi Qvovi gvag A_ msMn Ki|
3. bZyb kqvi evRvi (hLvb bZzb kqvi weqi Rb Qvov nq) weKvk mnvqZv
Kiv|
4. kqvi nvviì kqvi jb`bi Rb gvawgK evRvi weKvk mnvqZv Kiv|
26. cv, c. 348

27. cv,
101
5. mqKvixìK wk cwZvbi kqvi gvwjK nZ mvnvh Kiv, hvZ wki

A_bwZK KgKv mmvwiZ nq Ges wewbqvMi Rb mq mgveki viv c~Y
Kgmsvb ARb Zivw^Z nq|
6. K GPi wbqgvbyhvqx kqvi weqi gvag bM` A_ jvfi Rb kqvi

nvviìK mnvqZv Kiv|
7. wk cwZvbi mmviYg~jK KgKvi Rb cqvRbxq A_ msMni wbwg wk

cwZvbK mnvqZv Kiv|
8. kqvi `vgi ^ gqv`x DVv-bvgvi cfve _K evwYwRK KvhKjvcK Avjv`v

ivLv hvi wecixZwUB mPivPi cyuywRev`x kqvi evRvi cwi` nq|
9. kqvi `vg cwZdwjZ wk cwZvbi Kg mv`b Abyhvqx A_bxwZi wewbqvM

Kvhg cwiPvjbv Kiv|
Bmjvgx A_bxwZZ K GPi KvVvgv
Bmjvgx A_ eevq kqvi eemv Z_v kqvi evRvi cwiPvjbvKvix cwZvbi KvVvgv
ne wbic:28
1. KvvbxK Kej GK cKvii kqvi Bmy KiZ ne| kqvi wewbqvM Ges
SzuwK MnYi wZc~iY wnme Kej gybvdv c`vb Kie|
2. AwZgvvq Zvij ARbi j wbv eev MnY KiZ ne:
K. mKj kqvi K gvKUB ay Kbv-ePv KiZ ne|
L. K gvKU mvBbevW ev KvDUvi _vKe hLvb `vjvji gvag kqvi

Kbv-ePv ne|
M. cZK kqvi evRvi Ask MnYKvix Kvvwb cwZ wZbgvm Ai Zvì ^

^ eevcbv KwgwUK Zvì gybvdv, jvKmvb Ges wwZc cfwZ mK
Z_ mieivn KiZ ne|
N. cZK Kvvwbi kqvii mevwaK `vg KZ ne Zv cwZ wZb gvm Ai

wbR wbR Kvvwbi eevcbv KwgwU wVK Kie|
O. h Kvb kqvi wbavwiZ mevwaK `vgi AwaK `vg weq Kiv hve bv|
28. W. gynv` Avyj gvbvb Payix, cv, c. 355
102
P. wbv m~ MSP Abyhvqx mevwaK kqvi `vg wbavwiZ ne:
mevwaK kqvi `vg = MSP Kvvwbi gvU m` (Net Worth)/ gvU

BmyKZ kqvii msLv|
3. BbfUixi q-wZ wnmvei Rb cZK kqvi jb-`b Ask MnYKvix

Kvvwbi eevcbv KwgwUK MnYhvM DbZgvbi wnmve cwZ AekB AbymiY
KiZ ne|
4. kqvii mevwaK weq `vg wbavwiZ nevi ci _K GK mvni ga kqvii

jb-`b KiZ ne|
5. Kvvwb ay jb-`b mvn bZzb kqvi QvoZ cvie| Ze Zvi `vg Kvb
gZB wbavwiZ mevwaK weq `vgi PvBZ ewk ne bv|
Bmjvgx K GP KvVvgvi myweavmg~n
Bmjvgx A_bxwZZ kqvi eemv cwiPvjbvKvix cwZvb Z_v K GPi

myweavmg~n wbic:29
1. kqvi nvviMY Zvì kqvi weq Ki bM` A_ jvf mg_ ne| wK kqvi
q Kivi ci Kgc wZb gvm mgq AwZevwnZ nevi AvM kqvi weq KiZ
cvie bv| dj Kvvwbi cwZ kqvi nvviì wKQzUv njI Avv ev AxKvi
eRvq _vKe|
2. hnZz kqvi Nb Nb weq Kiv he bv Ges wbavwiZ mevwaK `vgi AwZwi

`vg PvIqv hve bv, dj dUKv Kvievi KwVbZi ne|
3. eZgvb Ges fwelr myì nvii mKi Dci wfw Ki cwiPvwjZ Kxb&&mxq
dUKv Kvievii AwZ _vKe bv|
29. W. gynv` Avyj gvbvb Payix, cv
103
K GPi A_bwZK Kg mv`b
c_g cuywRev`x A_bxwZZ K GPi Pvwn`v I hvMvbi weklY w`q i

Kiv hvK|
kqvii Pvwn`v AvcK nQ wbic :
D=D(p.r)
hLvb, D = kqvii Pvwn`v;

p = kqvii eZgvb `vg;
r = myì nvi
kqvii hvMvb mK ev AvcK nQ-
S-S(p.r)
hLvb, S = kqvii hvMvb
r = myì nvi
Kxb&mi gZ, kqvii Pvwn`v wbfi Ki kqvii fwelr `vg DVvbvgvi cZvkv Ges
eZgvb `vgi Dci| hwÌ cZvkvi mvaviY Kvb Z bB, Z_vwc kqvii fwelr
`vgi Dci cZvkvi cfve Acixmxg Ges Gi dj kqvii `vg Ges wk cwZvbi
A_bwZK Kg mv`bi cv_K ew cvq| hvMvb mKi viv GUv cZxqgvb nh
h, eZgvb myì nvi hw` Kg nq, kqvi nvviMY kqvi weq Kie, KviY Zviv
gb Kie h myì nvi evoZ cvi Ges djkwZZ kqvii `vg Kg hve|
kqvii Zvì wbKU G cwqv ne m~Y wecixZ|30
Bmjvgx A_bxwZZ K evRvii A_bwZK Kgmv`b
Bmjvgx A_bxwZZ K evRvii A_bwZK Kgmv`b cwqv cuywRev`x A_bxwZi

K evRvii PvBZ m~Y wfb| Gic A_bxwZZ Pvwn`v mK nQ wbic: 31

31. cv
104
D=D (p.)
hLvb, D = kqvii Pvwn`v;
p = kqvii `vg|
Avi hvMvb mK nQ-
S=S(p.p>)
hLvb, S = kqvii hvMvb;
p> = mevwaK kqvi `vg (MSP)|
Bmjvgx kqvi gvKUi A_bwZK Kg mv`b cwqv weklY KiZ nj e ev

FRy wewk hvMvb iLvi aviYvi Avkq wbZ ne| wbi wP è: 32
Dciv wP hvMvb iLvi Amxg wwZvcK Ask (A_vr NS) `Lvq h, kqvii
hvMvb ewi viv kqvii `vg cfvweZ ne bv| myZivs kqvii `vg ew cve G
cZvkvq kqvi weq e iL kqvi weZvMY jvfevb ne bv| KviY kqvii
32. W. gynv` Avyj gvbvb Payix, cv, c. 364-365
105
mevwaK `vg p> G wi _vKe| Dciv eZv wewk hvMvb iLvi `yUv A_bwZK
Zvrch iqQ:33
(1) GKwU mevwaK `vg iqQ h `vg kqvi weZv Zvì kqvijv weq KiZ
cvi| GB mevwaK `vg nQ p> hv nj Amxg wwZvcK hvMvb iLvi ewaZ
Aski mv_ kK| G mevwaK `vg nQ c~e ewYZ m~ gZ wbavwiZ Ges
h_vh_ mgq Kvvwb KZK NvwlZ `vg| GUv _K eySv hvq h, kqvi
weZviv KZUzKz jvf KiZ cvi Zvi GKUv mevwaK mxgv AvQ| Zviv kqvii
hvMvbK hfve cfvweZ KiK bv Kb ZvZ Kvb wKQz hvq Avm bv|
cKZc mevwaK kqvii `vg Zvì BQv Ges dUKv Kvievii Dci GKUv
mxgviLv Ub `q| weZviv Rvb h, Zvì mevwaK jvf Kvvwbi
Kgmv`bi Dci wbfi Kie| Dnv KvbgZB evwnK evRvi kwi Dci wbfi
Ki bv|
(2) Bmjvgx kqvi weZvMY hw` BQv Ki Ze mevwaK wbavwiZ `vg P>(=MSP)
Gi PvBZ Kg `vg bM` A_i cqvRb kqvi weq KiZ cvi| Zvì
kqvii hvMvb Dciv e hvMvb iLvi evgw`Ki Ask (S`N) viv wbavwiZ
ne|
Bmjvgx A_bxwZZ kqvi BmyKvix Kvvwbi kqvi `vg Kvvwbi Kgmv`bi

Dci cZfve Ges ewk gvvq mKhy| Bmjvgx A_bxwZZ kqvii hvMvb
iLvi cwieZb `ycKvii nZ cvi34-
K) Kvvwbi Kgmv`bi cwieZbi dj kqvii hvMvb iLvi cwieZb;
L) AwaK bM` A_ cvIqvi AvKvLv wKsev cvUdvwjI cwieZbi dj kqvii

hvMvb iLvi cwieZb|
c_gv cwieZbi dj m~Y hvMvb iLv Wvb w`K cwieZb ne, hv Kvvwbi
Dg Kg mv`bi cwiPvqK| klv cwieZbwU wVK Zvi Dv KviY| welqwU
wbv wP `Lvbv nj:35

106
Dciv wP jYxq h, hvMvb iLvi evg w`K cwieZbi dj `vg nq p>1 Ges
Wvb w`K ev wb w`K cwieZbi dj `vg nq p>2| kqvi BmyKvix Kvvwbi
Kgmv`bi Aev Qvov Abvb Dcv`vbi dj hvMvb iLvi evgw`Ki Ask A_vr
SN, S1N1Ges S2N2 cfvweZ nq hv wbi wP jYxq36:
107
wP jYxq h, AwZ bM` A_i AvKvLv kqvi hvMvb iLvK S1NS Ges Kg
bM` A_ ivLvi BQv kqvi hvMvb iLvK S1NS-G cwiYZ Ki| hvMvb iLvi G
cwieZbi dj mevwaK kqvi `vg (P) Kvb cwieZb nq bv| Bmjvgx A_bxwZZ
eZv wewk kqvi hvMvb iLv Ges Pvwn`v iLvi NvZ-cwZNvZi dj kqvii
fvimvg `vg wbavwiZ nq hv wbv wP jYxq|37
wP jYxq h, hw` kqvii Pvwn`v iLv d1d1 nq Ges hvMvb ivLv SNS nq,
Ze fvimvg evRvi `vg nq p1| hw` Pvwn`v iLv Gfve hvMvb iLvi e Ask
Q` Ki, Zve kqvi `vg DVvbvgv Kie| wK Pvwn`v iLv hw` N we`y wKsev Zvi
Wvb cvk hvMvb iLvK Q` Ki Zvnj evRvi `vg mevwaK `vgi P> mgvb ne
Ges eRvvi `vg P-3 = (P>) G wi _vKe| GB N we`yi Wvb w`K Pvwn`v iLv
hZB cwiewZZ nvK bv Kb, hvMvb iLv wi _vKv Aevq `vgi Kvb cwieZb ne
bv| ay Kvvwbi Kgmv`bi DbwZi dj hvMvb iLv hw` cwiewZZ nq, Ze
Kej kqvi `vgi cwieZb ne| wbv wP jYxq:38

108
(1) Bmjvgx A_bxwZZ kqvi evRvi DjLhvM f~wgKv cvjb KiZ cvi|
(2) Bmjvgx A_bxwZZ kqvi evRvii KvVvgv Ges Kgmv`b cwqv cuywRev`x
kqvi evRvii PvBZ m~Y wfb|
(3) cuywRev`x A_bxwZZ Bmjvgx kixAvn& wfwK kqvi evRvi Pvjy Kiv me|
(4) kqvi evRvii mwVK KvVvgv cwZv Kiv Mj Kxb&&mxq dUKv Kvievi Govbv
hvq|
(5) cvweZ Bmjvgx kqvi evRvi KvVvgvi dj kqvi evRvii kqvi `vgi
AwZwi DVvbvgv iva ne, AwaK gvvq Zvij eRvq _vKe Ges Avw_K `Zv
ew cve|
(6) Bmjvgx A_bxwZZ kqvi BmyKvix Kvvwbi Kgmv`b Aevi Dci kqvi
evRvii Kvhg cZfve Ges AwaK gvvq wbfikxj|
(7) kqvii eZv wewk hvMvb iLv Bmjvgx kqvi evRvi weklYi nvwZqvi
wnme eeZ nq|
(8) Bmjvgx A_bxwZ hwÌ gy evRvi A_bxwZK mg_b Ki, Z_vwc Bmjvgx
bxwZgvjv KvhKi Kivi Rb ivxq ncK Bmjvg Abygv`b Ki|
109
(9) mevwaK kqvi `vg wbaviYi viv Bmjvgx kqvi evRvi Bmjvgx bxwZK mgybZ
ivLZ mg ne|39
Bmjvg kqvi eemvi nvwZqvimg~n I evevqb
Bmjvg kqvi eemvi nvwZqvijv Kx Ges Zv evevqbi cwZ Kx G mwKZ

AvjvPbv wb Zzj aiv njv|40
(1) Kvb my`wfwK e ev wmwKDwiwU _vKe bv| jvf wZ Askx`vix wfwK

gv`vivev ev gvkvivKv kqvi mvwUwdKU Pvjy KiZ ne|
(2) Kvb AMvwaKvi ev cQ` wfwK kqvi _vKe bv, KviY Gic kqvi c~e
wbavwiZ wbwZ jvfi nvi _vK hv wiev ev myì kvwgj|
(3) miKvwi ev wgDwbwmcvj KZc mvgvwRK I cwZivi cqvRb KR nvmvbvn

mvwUwdKU Bmy KiZ cvie hv cKZ g~j weq ne Ges GZ Kvb gybvdv
_vKe bv| GUv mgvRK mev c`vbi Rb mnKvix Dcvq wnme Pvjy Kiv hZ
cvi|
(4) Bmjvgx A_bxwZZ kqvi BmyKvix Kvvwb hw` kqvi weq _K cv cuywR
Kvb cK wewbqvM Ki jvKmvbi myLxb nq, Ze kqvi nvvi mswk
Kvvwbi jvKmvb fvMvfvwM bv Ki Zvi kqvi wew KiZ cvie bv| Ab
K_vq, Kvvwbi eZgvb I AZxZ cyxf~Z jvKmvb (hw` nq) kqvi AbycvZ
enb Kivi Rb mswk kqvi nvvi `vqe| Aek jvf fvMvfvwMi I
kqvi nvvii Abyic AwaKvi _vKe| A_vr cuywR AbycvZ eZgvb I AZxZ
jvf ev gybvdvi (hw` nq) fvMxI kqvi nvvi nZ cvie|
Bmjvg kqvi eemvi Dciv nvwZqvijv wKfve KvR Ki ev kqvii AwbwnZ

g~j RvbZ I eySZ ne| Kbbv Gi evevqb kqvii AwbwnZ g~ji mv_
RwoZ| welqwU wb weklY Kiv njv|41
Kvvwbi AZxZ Kgmv`bi AvjvK wbavwiZ Ges wbqwgZ mgqi eeavb

NvwlZ kqvii AwbwnZ g~j mvebvgq kqvi ZvK RvbvZ ne| Kvvwbi
mì g~jvqbi Dci wfw Ki kqvii AwbwnZ g~j wbavwiZ ne| Kvvwbi

110
mì g~jvqb AbKjv Dcv`vbi Dci wbfi Ki Ges mì g~jvqbK

g~jvqbKvixi gZvgZi Dci wbfikxj Ki Zvj| D`vniY îc:
(K) hw` KvvwbwU jvKmvbKvix ev wqz cwZvb nq Ze mì g~jvqb Kg

ne Ges hw` ewaz Kvvwb nq, Ze Kvwbi mì g~jvqb ewk ne|
(L) q-wZi nvi wnmve KivUvI AbKUv Kvvwbi eevcbv KwgwUi gZvgZi
Dci wbfi Ki hv bvh nZ cvi, AbvhI nZ cvi| AbK cwZvbi mybvgI
GKUv m` wnme MY Kiv nq, wK Avevi Kvb Kvb Kvvwb mybvgK ì
Afz KiZ Pvq bv|
Gme mxgveZv _vKv mI h_vh_ wnmve cwZ Bmjvgx A_bxwZZ Kvvwbi

mì mwVK g~j wbicY mnvqZv Kie| hv nvK, wewfb mxgveZvi gvSI
AvgvìK kqvii AwbwnZ g~ji Dci wbei KiZ ne, hwÌ kqvii G g~j
cKZ g~ji GKwU KvQvKvwQ wnmve gv|
hw` Kvvwb kqvi wfwK nq, Zvnj m` ev wiRvf `yUv fvM fvM Kiv ne:
(1) wewbqvMKvix kqvi; (2) gy`vwiei kqvi ev kwgKi kqvi| kqvii AwbwnZ
g~j wnmvei mgq c_g kqviUvB Kej weePbvq Avbv ne| kqvii AwbwnZ
g~j wnmve Kivi m~ nQ wbic:
kqvii AwbwnZ g~j (IV) =
hLvb
Pv = kqvii cKZ g~j (Par Value)
Ri = wewbqvMKvixi cuywRi mv_ mKhy gybvdv, wiRvf cfwZ (gy`vivevi );
L = jvKmvbi cwigvY (eZgvb Ges AZxZi);
S = kqvii msLv|
hw` evRvi g~j kqvi Kbv-ePv nq Ze kqvii AwbwnZ g~ji KvR wK ne?
kqvii AwbwnZ g~j GKRb mvebvgq wewbqvMKvixK Kvvwbi AZxZ

Kgmv`b mK mwVK Z_ c`vbi Pv Ki hv kqvi g~j cwZdwjZ nq| GUv
Bmjvgx kixqv&n bxwZ| weZv ZvK èi h Kvb wU mK AewnZ Kie
hvZ Zv bv VK| Drcv`b nQ Kvvwbi gvU mì GKwU Ask gv, hvi g~j
Kvvwbi AZxZ KvhKjvci Dci wbfikxj| myZivs G mKj mì cKZ g~j
111
mK weZv ZvK AekB RvbvZ ne| gvU K_v, mì AwbwnZ g~j
wnmve Kivi Dk nj cZviYvg~jK ev wg_v evRvii DeK iva Kiv|
kqvii AwbwnZ g~j ebvg evRvi g~j
kqvii AwbwnZ g~j Kvvwbi AZxZ Kgmv`bi Aev wb`k Ki|

Kvvwbi fwelr KvhKjvc mK GUv Kvb aviYv `q bv| Kvvwbi fwelr
KvhKjvci mvebv hw` Dj nq, Ze kqvii Pvwn`vI ew cvq| kqvii
AwbwnZ g~j mK Rvbv mI GKRb wewbqvMKvix Kvvwbi fwelr mvebv
Dj gb Kij kqvii Rb ewk`vg w`Z BQzK ne| Abyicfve, GKRb kqvi
weZvi bM` A_i cqvRb hw` AZwaK nq, wKsev m Kvvwbi fwelr mvebv
hw` nZvkveK gb Ki, Ze AwbwnZ g~ji PvBZ Kg `vgI m kqvi weq
KiZ cvi|
myZivs Bmjvgx kqvi evRvi kqvii evwnK g~j I AwbwnZ g~j NvlYv Kiv
njI Zv Ges weZv evRvi `vg kqvi jb`b KiZ cvie| evRvi `vg
evwnK g~j ev AwbwnZ g~ji PvBZ ewkI nZ cvi, KgI nZ cvi| jb`b
hw` gy`vivevi wfwZ nq, Ze kqvi weqi gybvdv PzwgvwdK ^xKwZ AbycvZ
cuywRi hvMvb`vi Ges wewbqvKvixi ga ewZ ne| dUKv Kvievi iva Kivi Rb
weZvi KvQ _K Zvi KvQ kqvii cKZ nvi nZ ne| dj Amvay I
AcKZ wewbqvMKvixi AwZ _vKe bv|42
Bmjvgx kqvi evRvi `yUv c _vKe :
(1) `vjvj ev RbMYi cwZwbwa Ges
(2) Revi ev Kvvwbi cwZwbwa|
`vjvj h kqvi wew Kie m Zv mZ mZB `wnKfve aviY Kie Ges Zvi KvQ
h_vh_ nvi Kejv _vKZ ne| m Revii KvQ hve h Kvvwbi cKZ kqvi
jb`b Ki| Revi Kej H mKj kqvi weq Kie hjv `vjvj _K q
KiZ BQzK| Zv mvaviYi c~e weeiY I h_vh_ wb`k Revi jvf Kie|
Zv Ges weZvi gvS hw` kqvi jb`bi kZ mK HKgZ cwZwZ nq

Ze AvBbZ: AvbyvwbKZv mi dj nvi Kie Ges `vjvj Zv cKZ Zvi
KvQ nvi Kie| myZivs Kvb wg_v ev cZviYvg~jK jb-`bi Kvb myhvM bB|
112
Abw`K kqvi nvvii KvQ _K `vjvji gvag Revii KvQ kqvi weqi
cve ivLv hve| kqvi nvvi kqvi weqi mgq kqvii AwbwnZ g~j Ges
mswk Kvvwbi fwelr mvebv mK c~Y IqvwKenvj _vKe Ges ReviI Zvi
AwfZvi AvjvK GKwU q `vg NvlYv Kie| Dfq ci ga cwic~Y
hvMvhvM I cKZ Z_i AvjvK kqvi jb-`b ne| Revii KvQ hw` Kvb
kqvi qi AWvi bv _vK Ze m kqvii q `vg NvlYv Kie bv Ges
Abyicfve, kqvi weqi cqvRb bv _vKj weq `vg NvlYv Kie bv| Avi
Gic Kiv nj kqvi evRvi Amvay, AcKZ wewbqvMKvix I A^vKi dUKv Kvievi
_vKe bv| myZivs cyuwRev`x kqvi evRvii gZ Bmjvgx kqvi evRvi A_B GKgv
gyL weeP welq bq|43
kqvii Dci hvKvZ
Kvvbxi kqvi hvKvZi AvnKvg wK? G evcvi Bmjvgx AvBbwe`MYi wZbwU

`wfw j Kiv hvq|44
(1) Kvvbxi Dci Kvvbx (hv AvBbvbyM GK ew) wnmve hvKvZ IqvwRe bq|
Gi wfw h_i Askx`vwiZi gvmAvjvi Dci| Cgvg kvdqx, gvjK I Avngv` web
nv^j (ivnt) MYi gZ MnYhvM Ges mvgMxK fveB hvKvZ IqvwRe| Cgvg kvdqx
(ivnt) Gi wbKU ay RB bq eis eemvi gvji gaI MnYhvM| ZvB Kvvbxi
Dci hvKvZ IqvwRe|
hwÌ Kvvbx kixqZi gyKvjvd (Av`k cv) ew bq| hvKvZ GKwU Bev`Z hv
GKgv gyKvjvd ewi Dci Riix|
wK kvdqxi (ivt) Gi Dm~j njv hvKvZ gvbyli Dci IqvwRe nq bv eis mì
Dci IqvwRe| GKviYB Acv eqì mì Dci IqvwRe A_P m gyKvjvd
bq, ZvB Kvvbxi Dci hvKvZ IqvwRe|
Ze kqvi nvviì Dci hvKvZ IqvwRe ne bv, Kbbv nv`xm GmQ- GK

gvji Dci `yevi hvKvZ IqvwRe nq bv| nvbvdxì wbKU MnYhvM bq Ges Zvì
wbKU gvbyli Dci hvKvZ IqvwRe| GRb nvbvwdqvì wbKU Kvvbxi Dci
AvBbvbyM GK ew wnme hvKvZ IqvwRe bq eis kqvi nvviì Dci hvKvZ
IqvwRe|

44. Avjvgv ZvKx Dmgvbx, Bmjvg I AvaywbK A_ eev, XvKv : Avj KvDmvi cKvkbx, 2003,
c. 85-87
113
(2) kqvii Dci hvKvZ wK wnme `qv hve| G evcvi `ywU welq DjL|
c_gZ : kqvii g~j wZb cKvi|
(K) Face Value A_vr mvwUwdKU wjwLZ g~j|
(L) Market Value A_vr evRvix g~j h g~j evRvi weq nq|
(M) Breakup Value A_vr hw` Kvvbx Aemvb nq hvq Zvnj cZK
kqvii wewbgq Kvvbxi Avmeve ci h Ask Avm|
GB wZb aibi g~ji ga wK wnmve hvKvZ IqvwRe ne?
hw` Kvb Kvvbxi eK Ae WwjD mnR gb nq Zvnj hvKvZi wnmvei Rb

mUvB mePq mgxPxb| wK eK Ae WwjD wbaviY Kiv LyeB KwVb| wekl fve
mvaviY Askx`viì Rb| mRb mgKvjxb mg Ijvgv GKgZ nqQb h, evRvix
g~jB MnYhvM| Kbbv wjwLZ g~j hwÌ c_g cuywR wewbqvMi mgq eveZvi
cwZwbwaZ Ki| wK cyuwR Kvvbxi Avmeve c icvwiZ nIqvi ci wjwLZ g~j
eveZvi KvQvKvwQ _vK bv| Kbbv Avmeve ci g~j Kgekx nq| Aci w`K
evRvix g~j Avmevec Qvov Abvb Kg cwZwqvkxj njI eveZvi ekx
wbKUeZx|
wZxqZ : kqvi Kvvbxi mg Avmeve ci ga Abyic Aski gvwjKvbvi

cwZwbwaZ Ki| Kvvbxi wKQz Avmevei Dci hvKvZ IqvwRe nq| hgb bM` A_,
eemvi gvj BZvw`| Avi wKQz Avmevii Dci hvKvZ IqvwRe nq bv| hgbt wews
gwkbvix BZvw`| kqvii hvKvZ Av`vq GB `yB cKvi Avmeve ci cv_K Kiv
ne wKbv? G evcvi wgkii gig kvBL Avey hynivi (ivnt) ejb; kqvi wbR&B
eemvi cY nq wMqQ| G Rb Zvi evRvix g~j wnme hvKvZ w`Z ne| Zvi
cvZ wK cwigvY hvKvZi hvM Avmeve, wK cwigvY hvKvZi AhvM Avmeve Zv
`Lvi cqvRb bB|
Abvb AvwjgMY ejb, kqvi hnZz Kvvbxi Avmeve ci gvwjKvbvi cwZwbwaZ

Ki ZvB hvKvZ hvM I AhvM Avmeve ci weklY Kiv hZ cvi| Avgvi
gZ `ywU gZKB mgZvq Avbv me| hw` Kn Kvvbxi jfvsk Askx`vwiZi Rb
kqvi bq Zvnj ZvK eemvi gvj MY Kiv gykwKj| KviI Rb hvKvZi hvM I
AhvM Avmeve c_K Kiv me nq Zvnj Kie bZzev mZKZvg~jK c~Y evRvix g~j
hvKvZ c`vb Kie| Avi hw` Kn eemvi (Capital Gain) Rb Ges cieZxZ
114
weq Ki jvfevb nIqvi Rb kqvi q Ki Zvnj eemvi gvj MY ne| Kbbv

m Kvvbxi Avmeve ci GK Abyic Ask cieZxZ weqi RbB q KiQ|
GRb Zvi m~Y g~ji Dci hvKvZ IqvwRe ne|
wdKwn bxwZ njv, KviI FY _vKj Zv weqvM Ki Aewk gvji hvKvZ w`Z nq|
wK wPvi welq njv eZgvb AwaKvsk eo eo cywRcwZiv evsK I Abvb Avw_K
cwZvb mg~ni KvQ GB cwigvY FY wbq iLQ hw` Zvì GB FY weqvM Kiv nq
Zvnj Zvì Dci hvKvZ IqvwRe ne bv| GgbwK AbK wbRB hvKvZi
AwaKvix mve ne| G evcvi wmv `qv nq h, gwkbvixi Dci hvKvZ IqvwRe
mve Kiv ne| wK G wmv GRbB DcwZ h, gwkbvixK hvKvZi gvj MY
Kiv hve bv hv my|
G gvmAvjvi mwVK mgvavb njv, hvKvZ _K FY weqvM Kivi gvmAvjvq dz Kvnvq

wKivg GKgZ bq| nvbvdxqv I nvbvejvì wbKU FY weqvM KiZ njI
kvdqxì wbKU weqvM KiZ ne bv| gvjKxì wbKU bM` nj FY weqvM KiZ
nq bM` bv nj weqvM KiZ nq bv|
G gvmAvjvi evcvi Avgvi AwfgZ njv, `LZ ne h FY bqv nqQ Zv Kv_vq

LiP Kiv nqQ| hw` m FY viv Ggb cY q Kiv nqQ hv hvKvZi Dchy
Zvnj GB FY hvKvZ _K weqvM ne| Avi hw` m FY viv Ggb cY q Kiv nq
hv hvKvZi Dchy bq Zvnj m FY weqvM ne bv| m FYi evcvi Cgvg gvwjK
I kvdqx (ivt) qi K_vq Avgj Kiv hve GB gZ e Kivi ci nvdR gvixbx
(ivnt) Gi wKZve `LwQ, Cgvg gvjK (ivnt) Gi K_v Gi KvQvKvwQ|
kqvii ì evov-Kgv I KvimvwR : Bmjvgx `wfw
kqvi eemvq kqvii `vg evov-Kgv GKwU ^vfvweK cwqv| wK Zv hw` nVvr
AwZgvvq eo hvq ev AwZgvvq Kg hvq Ze Zv ^vfvweK evcvi bq| evsjv`k
kqvi eemvq Ggb wP cvqB `Lv hvq| evsjv`ki cvcU weePbvq Gic wKQz
Z_ wb Zzj aiv njv:45
45. gydZx Aveyj nvmvb gynv` Avyjvn, kqvi evRvi : ZvwK weklY I kiC Kzg, XvKv :
gvKZvevZzj Avkivd, 2001, c. 9-15
115
AvM welqwU GB wQj h, Kvvwbi Kvievi fvjv nj kqvii `vg evoZ| Kvbv
Kvvwb ewk wWwfW wè, GUv AvM _K RvbvRvwb nj Zvi kqvii `vg
evoZ| IB evoviI GKUv gvv wQj| Rvbv Mj h, AgyK Kvvwb 30% wWwfW
wè Zvnj 20%, 25% ewk `vgI gvbyl kqvi wKb djZ|
Z`c Kvvwb Kvbv mvebvgq cR nvZ wbQ, ZLb kqvii `vg evoZ| GUv
GLbI AvQ| wKQz w`b AvM MvgxYdvb NvlYv w`qQ h, UKbvjwR msv Iì
GKwU mvewmwWqvwi Kvvwb AvmQ| GB lvlYvi ciI MvgxYdvbi kqvii `vg
eoQ| Gjv nQ evovi hwK ev Aa-hwK KqKwU KviY| wK eZgvb
cwiwwZZ G welqjv MY| GLb g~L welq nQ Pvwn`v I hvMvb| KuvPvevRvi
hgb Pvwn`v I hvMvbi wfwZ `vg evo-Kg, kqvievRviI Zgwb|
kqvii hvMvb wK wbavwiZ| KviY KZjv Kvvwbi kqvi evRvi AvQ Ges
KZ kqvi AvQ Zv ARvbv bq| mvgvb wKQz wbixn jvK, hviv VKvq bv coj K
GP hvq bv Zvì kqvi Qvov Aewk kqvi wbqwgZ ePvKbv nq| ZvB hvMvb
wbavwiZ| Ze Pvwn`v wewfb nIqvi KviY `vg evo Ges Kg|
Pvwn`v evov ev Kgvi GKwU cKvk KviY nQ gvPU evsK| gvPU evsK h
kqvii Rb jvb ewk wè Zvi `vg evoe, h kqvii Rb jvb Kg wè Zvi
`vg Kge| AvM gvPU evsK ejZ wKQz wQj bv| Ze jvb wbZ PvBj kqvi
eK iL mvaviY evsK _K jvb bIqv hZ| GLb ay kqvi
wewbqvMKvixìK jvb Ìqvi Rb gvPU evsK nqQ| GB jvb-eevi KviY
wewbqvMKvixK ewk UvKv wewbqvM KiZ nQ| KviY GZ GKw`K kqvii `vg
evo Ges ewYZ g~j kqvi Lwi` KiZ nq| Abw`K gvPU evsKK Zvi jvbi
wecixZ my` cwikva KiZ nq| GiciI Pvwn`vi KgwZ bB| KviY gvPU evsK
_K jvb bIqvi KviY Aviv `kRbi q-gZv mw nqQ| ZvivI wKbe|
dj Pvwn`v ewk _vKvi KviY kqvii `vg evo|
GLvb jYxq welq GB h, gvPU evsK cyiv 100% jvb `q bv| Iiv Iì ^v_-
iv Ki Zvici jvb `q| 70%, 80% G iKg `q Ges Aev eyS `q|
kqvii `vg Kg MjI wZ bB| kqvijv Zvì KvQ gMR _vK| Gì
gvag nq wiwjR nq| AbKUv Mvg `ki dwoqvì `v`bi gZv| gvQi cR
hw` `v`b-jvb `q Zvnj gvQ wewi mgq m DcwZ| Z`c Avor`vi _K
evwKZ gvQi Lvevi wbqQb Zv Avor`viK mvgb iL gvQ wew KiZ ne|
Iì cwZwbwaiv LuvR Lei ivL, Kv_vq gvQ wew nQ, Kvb Lvgvix gvQ wew
116
KiQ| gvPU evsKi welqUvI G iKg| cuywRcwZiv wKfve kqvievRviK wbRì

^v_ eenvi Ki GUv Zvi GKwU QvU `v|
kqvii `vg hw` 10%, 20% I Kg hvq gvPU evsK ZviUv cq hve| KLbv
kqvii `vg AbK ewk Kg Mj gvPU evsK SuzwKZ co|
ZvB gvPU evsK nQ Kwg Pvwn`v mwi GKwU Dcvq| GB KviYUvK AvM ejjvg
GRb h, GUvB GLb eo KviY nq MQ| kqvi evRvii MwZ wbaviY Zvi
DjLhvM f~wgKv _vK| GB Zv wKQzw`b AvM MvgxYdvbi kqvii `vg hfve
evowQj ZvZ AbK AvMB nqZ 500/- UvKv cvi nq hZ, hw` GmBwm AvBb Ki
MvgxY dvbi kqvii Rb gvPU evsKi jvb Ìqv wbwl bv KiZ| GB AvBb
Kivi ci ivZvivwZ kqvii `vg Kg Mj|
MvgxYdvbi eemv-evwYRi KviY Zvi kqvii `vg Kgwb| GUv mevB eyS|
GRb ìcZbi ci wevf nq GmBwmi wei, MvgxYdvbi wei bq| Ggb
K_v KD ej bv h, Kvvwbi WvBiiiv Kvvwb _K gvUv Ai eZb bq
Avi em em gvw gvi! dj eemv wZM nqQ Ges kqvii `vg KgQ!
Avmj GLbKvi kqvievRvi Zvi wbR^ MwZZ Pj| Kvvwbi m`, eemvwqK
mdjZv-e_Zv BZvwì m kqvii `vg evov-Kgvi welqwU AwaKvsk B hy
bq| GUv wbqwZ nq kqvievRvii wbR^ wKQz welq viv| GKUz wbicfve wPv
KijB Zv eySv hvq|
kqvii `vg evovi AviKwU KviY nQ Re| wKQz jvK AvQ hviv Re Qovbvi
KvR Ki| ReUv KvR jM hvq| G welq icvjx evsKi `v DjL Kiv
hvq|
m`x hyeivR icvjx evsK wKbe GB msev` Avmvi ci icvjx evsKi kqvii `vg
eo Mj| Zvi 100/- UvKvi kqvi 3000/- UvKvi Dci Pj wMqwQj A_P
evsKwU KqK eQi ai wWwfWU w`Z cvi bv, GwRGg KiZ cvi bv| eQi eQi
jvKmvb bZ _vKv GKwU cwZvbi kqvi Zvi dmfvjyi KqK nvRvi cvmU
ewk `vg jb`b nj| ci hyeivR hLb Avi wKbjv bv ZLb Avevi AvMi Avevq
wdi Gj| gvS cvq `yeQi ch GB kqvii jb`b nj AZ Pov g~j|
ejvevj, hviv Aviv ewk `vg GB kqvi wew KiZ cvie gb Ki mevP `vg
Zv wKbwQj Zviv wZM nqQ|
Zgwb, GKwU `ywU eo Kvvwbi kqvii `vg evov-Kgvi KviYI Abvb Kvvwbi
kqvii `vg eo hvq, Kg hvq| GUv nQ RyM| evRvi ie DVj, eoQ,
117
eoQ, eoQ! wK eoQ, KvbUv eoQ? meB eoQ!! Avevi ie DVj,

KgQ, KgQ, KgQ! `Lv Mj meB Kg MQ!!!GQvov AvBbMZ KviYI evo
Kg| hgb Kvbv mgq GmBwm Kzg Ki h, AgyK AgyK Kvvwbi kqvi Umj
nZ ne| A_vr bM` UvKvq ZrYvr wew nZ ne| Umji wb`k Rvwi Kij
IB kqvii `vg Kge| KviY AbK Zv KiZ cvi bv|
AvBbMZ KviY kqvii g~j evov-Kgvi AviKwU `v wgDPzqvj dv| wgDPzqvj

dvi kqvii `vg ay evowZi w`K hvwQj| GmBwm AvBb Kij h, wgDPzqvj
dv ivBU kqvi, evbvm kqvi w`Z cvie bv| A_vr kqvi- nvviìK jfvsk
w`Z nj bM` UvKvq w`Z ne, evbvm kqvii gvag Ìqv hve bv|
A_bxwZwe`ì gZ, GmBwmi GB AvBb hwK wQj| KviY wgDPzqvj dvi Zv
Ab Kv_vI Kvbv eemv bB| Ab Kv_vI UvKv LvUvbv nj GB hyw Pj h,
Kvvwb AgyK cK UvKv LvwUq djQ, AZGe GB g~Z Zv Zzj Avbv me
bq| cKwU jvfRbK, Ze GB g~Z jfvsk bM` UvKvq Ìqv hvQ bv| GB
hywZ evbvm kqvi Ìqv hvq, wK wgDPzqvj dvi welqUv Zv Ggb bq| m Zv
eemvB Ki kqvii| wewfb Kvvwbi kqviB Zvi GvmU| Avi Zv nQ wjKzBW
gvwbi gZv| h Kvbv mgq Zv gvKU wew Ki w`q bM` UvKv cZ cvib, Kg
cveb ev ewk cveb| Zvnj Avcwb evbvm kqvi wèb Kb? hw` ejb h, GLb
`vg Kg AvQ, fwelZ `vg evoe, Zvnj GLb GZ jvf w`Qb Kb? Avcwb Zv
AvRKi Aev Abyhvqx jvf w`Qb fwelZ `vg evoe, evoK, wK AvRKB hLb
GZ cvmU jfvsk wèb Zv Avcbvi KvQ _K IB UvKv ei nq hve| GUv
Avcwb kqvi AvKvi AvUK ivLZ PvQb Kb? hvB nvK, IB NvlYvi ciB
wgDPzqvj dvi kqvii `vg Kg MQ| Gici wgDPzqvj dvIqvjviv nvBKvU
wiU KiQ| eo eo DwKj wbqvM KiQ| IB gvgjvq GmBwm Rqjvf KiZ cviwb!
GmBwmi GKwUB myhvM wQj, Avwcj Kivi| Zviv Avwcji NvlYv w`qQ| m mgq
Avevi kqvii `vg KgQ| ci wgDPzqvj dvIqvjviv DP chvqi gZvkvjxì
mv_ emQ| kl ch GmBwmK Avwcji wmvI cZvnvi KiZ nqQ!
GB AvjvPbvi Dk GKwUgv ck| Zv GB h, GmBwmi GKwUgv wmv nvRvi

nvRvi wgDPzqvj dvi kqvii `vg Kg hvq Kb? Z`c GmBwm Avwcj Kie bv
ej NvlYv Ìqvi mv_ mv_ `vg evo Kb? Dci wgDPzqvj dv Zv Ggb
Kvbv cwZvb bq, hvi wbR^ Kvbv eemv AvQ| Abvb Kvvwbi kqvi
KbvePvB Zvi KvR| A_P mI evbvm kqvi w`Z cvi, ivBU kqvi w`Z cvi,
Zvi kqvii `vgI evo Ges Kg| GB mKj eveZv h iZc~Y welqK wb`k
118
Ki Zv njv- kqvievRvi wbRB GKwU wfb mv| BwZc~e KvvwbK AvBbMZ

ew-mv ejv nqQ, GLb kqvievRvi wbR GKwU mv nq wMqQ| GwU
^qsm~Y GKwU gvKU Ges GLvb jb`bi Kvvwbi bvgwUB ay eeZ
nq| Kvvwbi eemvwqK DbwZ-AebwZ, eemvi fvjv-g` BZvwì m Gi
DjLhvM Kvbv mK GLb Avi Aewk bB|
GKwU D`vinY viv welqwU cwivi KiwQ| eZgvb cwZ 6 gvm Ai KvvwbjvK
Zvì Avw_K weeiYx cKvk KiZ nq| mLvb Kvvwbi bU GmU fvjy (cKZ
m` g~j), kqvi cwZ Avq BZvw` Z_ _vK| Zv m`cKvwkZ MvgxYdvbi Avw_K
weeiYxZ Zviv ejQ, Zvì Avwbs cvi kqvi Z_v kqvi cwZ Avq 12/- UvKvi wKQz
ewk| A_P kqvievRvi ZLb MvgxYdvbi kqvi wew nwQj 300/- UvKvi AwaK
g~j| wPv Kib, hLvb Kvvwb wbRB Zvi kqvi cwZ Avq NvlYv KiQ 12/-
UvKv KqK cqmv, mLvb 10/- UvKv dmfvjyi H kqvi gvKU wew nQ nvRvi
cvmU ewk g~j| kqvievRvii jb`bjv h gvwb-Mgi w`KB AMmi nQ
Zv eySvi Rb Dciv D`vniYB gb nq h_|
kqvi eemv I Ruyqv : Bmjvgx `wfw
AwkwZivZv eUB AbK eo wkwZ I wevb ewivI kqvi eemvK Ruyqvi mv_
Zzjbv Kib| GUv GKvB Zvì AZv| fwelZi jvf wZ wnme Ki eZgvbi
Kvvbxi gj wfw wePvi weklY Ki gvKU chvjvPbv Ki kqvi ePvKbv
Kiv njv kqvi eemv| Avi Abygvb I fvMi Dci wbfi Ki Kv_vI wewbqvM Kiv
njv Ruyqv Ljv| Ruyqv Ljvq wbRK fvMi Dci mgcY Ki `qv nq| Ruyqvi
PvKwZZ Av`vR wU djv nq| fvM _vKj mUv cq hvb| GLvb fvM Qvov
Avi wKQyB _vKbv| kqvi eemv cyivcywiB Gi wecixZ| Avcwb jvfRbK Kvvbxi
kqvi wKbj jvf cveb, Avi jm gwKs Kvbxi kqvi wKbj jm Kieb| GZ
Ruyqvi wK AvQ ? kqvi evRvi GKwU hy| whwb hZ Kkjx neb wZwb ZZUv
GwMq _vKeb| eyw Ges AwfZv w`qB GUv wRZZ ne|46
kqvi eemvq wWwfW NvlYv nq eQi GKevi| Avi Kvvwbi kqvi wew nq
cvq cwZw`b| AbK kqvi `wbK KqKevi ch jb`b nq| AvM Zv nZ cviZ
bv, GLb U Zv nq| GiciI hnZz AwZ xY njI GKwU hvMm~ AvQ mRb
Ges G aiYi wKQzz welqi KviY Avgiv GK mivmwi wdK&ni cwifvlvq wKgvi ev
Ryqv ewj bv| wK eveZv nQ, Gi Me Hw`KB| axi axi Zv m~Y UvKvi
46. gv: Avbyqvi Avjx, kqvi evRvi wewbqvM: UKwbKvj Ges dvvgUvj GbvjvBwmm, XvKv :
c. 16
119
Ljvq cwiYZ nQ| GRb whwb wdK&ni K_v ejeb Zvi `vwqZ nj GLb _KB
evav mw Kiv| Qvyj eve Z_v AvM _KB mZKZvg~jK ìRv e Kiv Bmjvgx
wdKni GKwU eo g~jbxwZ| eZgvb AevZB Zv GwU e KviY ea bq| GLb
AwaKvsk KvvwbiB evsK jvb Pwjk cvmUi ewk| Ggb Kvb Drcv`bKvix
Kvvwb LuyR cvIqv gykwKj ne, hvi Pwjk cvmU evsK jvb bB| jvbUvB
Kvvwbi Rb mnR Ges mUvB Zviv bq| Z`c evsKjvI Pj KcviU jvbi
Avq w`q| hvB nvK, GK mivmwi wdKwn cwifvlvq Ryqv nqZv AbK eje bv,
wK welqwU Ryqvi gZv Ges axi axi Zv mw`KB hvQ|47
hw` Kvbv ew Gfve kqvi eemv Kib h, Kvbv Kvvwbi kqvi wKb `xN
w`b Zv iL evwlK gybvdv ARb Kib Zvnj Zv ea, GwU Ryqv bq| Ze
evsjv`ki cvcU kqvi eemvq ev kqvi evRvi bvbvgyLx KvimvwR I Rei
gvag AbK `yej Kvvwbi kqvii `vg nVvr AwZgvvq evovbv nq hv AbKUv
Ruyqvi bvgvi| GZ Zv-weZvi GKc AwaK jvfevb nq Ges Ab c AwaK
wZM nq|
Bmjvg GKwU c~Yv Rxeb eev wnme gvbyli A_bwZK Dbqbi Ici h_vh_
iZvivc KiQ| Bmjvgx A_bxwZZ ewkifvM wewbqvMB mgwMZ wewbqvM|
Avi mgwMZ wewbqvMmg~ni AbZg njv kqvi eemv| GKwU `ki A_bwZK
Dbqb kqvi eemvi iZ Acwimxg| h Kvb `kB kqvi eemv A_bwZK
Dbqb I mcmviYi PvwjKv kw wnme KvR Ki| kqvi eemv, kqvi, FYc
BZvw` q-weqi cZ Ki RbMYi mq nv ew Ki| mqK g~jab
AvKvi MwZkxjZv mwi gvag kqvievRvi GKwU `ki wkvqb I evwYwRK
KgKvK cmvwiZ Ki| KvRB h `ki kqvievRvi hZ ewk DbZ m `ki
A_bwZK MwZkxjZv ZZB ewk| Avevi kqvievRvi hw` `ybxwZ, KvimvwR I
GKPwUqv evRvi cwiYZ nq Zvnvj D evRvi viv gywgq eweM AbwZKfve
DcKZ njI wZM nq eni RbmvaviY| djkwZZ RvZxq Dbqb wei I
evavM nq| Bmjvgx A_ eevq wUKqK gvbyli Dbqb Kivi myhvM bB| G
eevq memvaviYi mylg Dbqb wbwZ Kiv nqQ| GKwU `ki kqvi eemvi
gvag cZ I civfve memvaviY DcKZ nq| GgZvevq mKj cKvi cZviYv,
VKevwR, KvimvwR, gybvdvLvix I `ybxwZgy kqvi evRvi MYgvbyli AbZg cZvkv|
ZvB Bmjvgx Av`k I g~jevai AvjvK kqvi eemv I kqvievRvi cwZwZ I
cwiPvwjZ nj Zv MYgvbyli mvgwMK KjvY mvab mg ne ej Avgiv wekvm
Kwi|
47. gydZx gynv` Avyjvn, cv, c. 17
120
cg Aavq
cPwjZ kqvi eemv I Bmjvgi

AvjvK kqvi eemv : GKwU
Zzjbvg~jK weklY
Dhaka University Institutional Repository cg Aavq : cPwjZ kqvi eemv I Bmjvwg kqvi eemv : GKwU Zzjbvg~jK weklY
cg Aavq
cPwjZ kqvi eemv I Bmjvgi AvjvK kqvi eemv : GKwU

Zzjbvg~jK weklY
cPwjZ kqvi eemv I Bmjvgx kqvi eemvi cv_K
cyuwRev`x A_bxwZ Z_v kqvi evRvi AwaK gybvdv jvfi Avkvq AmsL evwYwRK Kkj
Aej^b Kiv nq hjv Bmjvg Abygvw`Z bq| Bmjvg weivax Gic Kkji
DjLhvM KqKwU wbgic:1
(1) cuywRev`x K evRvi KLbv KLbv kqvi I wmwKDwiwU mvwUwdKUi `wnK vbvi
(Physical Transfer) Qvov wKsev cKZ mieivni (Actual Delivery) c~e mjv
Kbv-ePv nq hv Bmjvg mgw_Z bq| Kbbv Kvb wKQzi Dci wbR^ gvwjKvbv bv nIqv
ch Zvi Kbv-ePv Bmjvg wm bq|
(2) cuywRev`x K evRvi KbUv (Contango) K GKwU nvwZqvi wnme MnY Kiv nq|
KbUv njv GK cKvi myì nvi hv K Zv KZK evsK _K MnxZ FYi
Dci evsK cwikva Ki Ges G FY w`qB K Zv kqvi q Ki _vK| evsK
Kej GKw`bi wnmve _K Ab w`bi wnmve FYi UvKv vbvi Ki gv| G
cwqvK ej K ai ivLv ev KbUv Kiv| KbUv Bmjvg weivax, KviY GUv
my`wfwK GKwU jb`b|
(3) cuywRev`x K evRvi Lqvj LywkgZ kqvi weq Abygv`b Ki| Lqvj LywkgZ weq
weZvi cQ` gvwdK nq _vK| m BQ Kij weq KiZ cvi, bvI KiZ cvi
GUv Zvi w`K _KI nZ cvi| A_vr m BQv nj wKbe A_ev wKbe bv| G
aibi cQ`-weq (Option Sales ev Purchase) Bmjvgi evB Avj-mvjvg2
cwZi mv_ mvgmc~Y bq| KviY e Ges g~j cwikva DfqB GLvb wMZ ivLv
nq| ay `vgi GKwU Ask AwMg cwikva Kiv nq| A_P evB-Avj mvjvg Gi
cyiv `vgUvB AwMg cwikva Kiv nq| Kej èi mieivn wMZ ivLv nq| evB mvjvg

2. evB Avj-mvjvg A_- AwMg q-weq| Bmjvgx cwifvlvq fwelZ Kvb GK mgq mieivni kZ Ges ZvrwYK
mZ g~j cwikva mvc wbw` cwigvY kixAvn Abygvw`Z cY mvgMxi AwMg q-weqK evB Avj-mvjvg
ejv nq| (gvt Avey Zvni, Bmjvgi A_bwZK BwZnvm I evswKs, XvKv: PjK cKvkbx, wWmî 2006, c. 305)|
122
Rvqh nIqvi Rb Riix nj, Zv Pzwi mgq cwic~Y g~j cwikva Kie| Kbbv,
Pzwi mgq Zv hw` cwic~Y g~j cwikva bv Ki, Zvnj Zv FYi wewbgq FY
wewi mv`k nq hve| hv KiZ ivm~jyjvn (mv.) wbla KiQb| GQvov mvjvgi
eaZvi gwjK inm nj, weZvi ZvrwYK cqvRb c~iY Kiv| hw` AwMg g~j
ZvK cwic~Y fve cwikva Kiv bv nq, Zvnj Pzwi gwjK DkB kl nq hve|
G Rb mKj wdK&n&we` G evcvi GKgZ h, evB mvjvg g~j cwic~Yfve (AwMg)
cwikva KiZ ne| Ze Bgvg gvwjK (i.) Gi gvhnve nj, weZv ZvK `y ev
wZb w`bi myhvM w`Z cvie| wK GB myhvM Pzwi wbqgZvwK Ask nZ cvie bv|
DjL, evB mvjvgi gwjK Dk wQj z` KlKì cqvRb c~iY Kiv| hvì dmj
Drcv`b Ges dmj KvUv ch Zvì wewe-evPvì fiY-cvlYi Rb A_i cqvRb
nq| myì wbwlZvi ci Zviv my`x FY MnY KiZ cviwQj bv| GRb ZvìK Zvì
KwlRvZ cY AwMg g~j wewi AbygwZ c`vb Kiv nqQ|3
Avmevec ev Mqbv evbvZ mvaviYZ IqvWvi `qv nq| IqvWvi w`q cQ`mB
Avmevec ev Mqbv Zwii Rb Kvb my` KvwiMii mv_ Pzwe nIqv ev IqvWvi
c`vbK BmwZmbv ( )ej| h ew Zwi ev wbgvY Kivq A_vr IqvWvi
`vZvK gymZvmwb ( )ej| Avi ZwiKZ ev wbwgZ eK gvmb~ ()
ej| GgZvevq Kvb ew Kvb KvwiMiK Kvb wRwbm ev cYmvgMx wbavwiZ g~ji
wewbgq Zwi Ki Ìqvi cve Kij Ges KvwiMi H cve MnY Kij q-weq
Pzw mvw`Z nq hve| Avi G RvZxq q-weqK Bmjvgx cwifvlvq evB BmwZmbv
ejv nq|4
DjL, Avmevec ev Mqbv evbvbvi kZ nj, mswk ei weeiY Ggbfve

w`Z ne hvZ H ewU mK AeMwZ jvf KiZ KvwiMii Kvbic Amyweav bv nq
Ges Kvbic AZv bv _vK| hgb- IqvWvi`vZv ^YKviK ejj, AvgvK GB
gvci I GB IRbi ^Y viv GKwU AvswU Zwi Ki `vI| hme wRwbm IqvWvi w`q
Zwi Kivi ixwZ cPwjZ bB m BmwZmbv Rvqh bB| BmwZmbv c_g BRviv
Pzw wnme mvw`Z nq, ci Zv q-weq wnme MY nq| IqvWvix gvjvgvj Zwii
3. gydZx gynvv` ZvKx Dmgvbx, cv, c. 179-180

4. W. gvt gvmy` Avjg, Bmjvgi evwYRbxwZ : cvcU evsjv`k (AcKvwkZ wcGBP.wW. w_wmm), Gwcj 2010, c.
116
123
Rb IqvWvi `vZvi AwMg g~j c`vb Kiv evaZg~jK bq| Pzw mv`bi ci
Zv-weZvi Kvb cB Zv cZvnvi KiZ cvie bv| mswk gvjvgvj IqvWvi
Abyhvqx bv nj Av`k`vZvi q-weq Pzw envj ivLvi A_ev evwZj Kivi BLwZqvi
_vKe|5 cQ` Pzwi dj ^vfvweK ev cvKwZK AwbwqZv QvovI kqvi eemvqx
AviI ewk AwbqZvi myLxb nq| Avi G aibi AwZwi AwbqZvi dj kqvi
Zv-weZvi SuywK eo hvq Ges Abì Dci SuywK nvii ceYZvi mw nq|
mB mv_ jb`bi PvKvi cwZwqv mw nq|
GgZvevq dUKv Kvievixiv g~j cv_KKiYi viv gybvdv jvf g nq hvq| wewfb Re,
wg_v cPviYv BZvwì gvag kqvii `vg wbRì AbyKj bqvi Rb Pv Ki Ges
AbìK kqvii `vg nvm Kivi Rb cfvweZ Ki| djkwZZ MvUv A_bxwZZ
wekLjv mw nq, cKZ wewbqvMKvixiv wbirmvwnZ nq Ges AbwRZ Avqi Dci wbfiKvix
dUKv Kvievixi Dvb NU| Bmjvg G iKg Awi KgKvi weivax| Ze wbv Aevq
cQ` wbqY (Option regulations) Bmjvgi evB Avj-wLqvi6 Gi mv_ mvgmc~Y
nZ cvi|
K. hLvb cYi cKwZ cwic~Yfve msvwqZ Kiv nqwb;
L. hLvb cY mieivni mgq ev vb mK GLbI Pzw nqwb ev wbw nqwb;
M. hLvb Pzw GLbI Pov nqwb Ges Zv I weZv GLbI GKB RvqMvq Aevb
KiQ;
N. hLvb `vg GLbI Pzov Kiv nqwb|
Dciv kZmvc Pzw envj ivLv bv ivLvi h ^vaxbZv Bmjvg `qv nqQ Zv evRvii
AwbqZvK KgvZ mvnvh Ki| Ze Gic ^vaxbZvi j ne `yUv:
1. mKj cKvi weevì KviY `~i Kiv;
5. mv`bv cwil`, q-weq msv gvmAvjv-gvmvqj, cv, c. 54

6. wLqvi ki A_- BQvi ^vaxbZv ev AwaKvi| Bmjvgx cwifvlvq q-weq PzwZ Zv ev weZv A_ev Dfqi
Rb q-weq Pzw envj ivLv ev evwZj Kivi ^vaxbZv ev AwaKviK evB Avj-wLqvi ejv nq| (mv`bv cwil`,
q-weq msv gvmAvjv- gvmvqj, cv, c. 77)
124
2. Kvb c hvZ kqvii jb`bi SzuwK Ges jvf mK cyivcywi IqvwKenvj bv nq

ì KlvKwlZ ce bv nq m Aev wbwZ Kiv|
DjL, D `yUv DkB gy evRvi A_bxwZi wbqYi mv_ mvgmc~Y| KviY gy

evRvi A_bxwZZ GK cK A iL Ab ci A_ DcvRbi Kvbv myhvM bB|
Avevi cQ` weqi (Option Sale) Ackb Zv I Ackb weZv hw` mvgbi
w`K AMmi nZ bv Pvq A_vr kqvi Kbv-ePv bv Ki Zvnj Zvi AwMg (advance)
wZxq c (kqvi Zv ev weZv) evRqv Ki dj| G evcviwU Bmjvgx `wfwZ
evB Avj-Dievb7(Bai-al-Urban) Gi AvIZvq co hv Bmjvg wbwl| G welq nv`xm
ewYZ nqQ, Avgi Be&b Avqei `v`vi m~ ewYZ| bex Kwig (m.) evB Avj-Dievb
(evqbvbvgvi gvag q-weq KiZ) wbla KiQb|8
AwZ mwZ cY Ges e`wkK gy`vi fwel evRvii (Future Market) gZ kqvi
weqi (Option Sales) fwel evRvi (Future Market) Pvjy nqQ hv Dciv
KviY Bmjvg mZ bq| myZivs, Bmjvgx kqvi evRvi I cuywRev`x kqvi evRvii ga
gwjK wKQz cv_K we`gvb| DjLhvM KqKwU cv_K wbic:9
1. Bmjvgx kqvi evRvi myì AwZ bB| Bmjvgx KvVvgvZ my` wbwl| G welq
Bmjvgi wb`kbv njv- Avjvn eemvK nvjvj KiQb Ges my`
nvivg KiQb|10 wK cuywRev`x kqvi evRvi my`B g~L Dcv`vb|
2. Bmjvgx kqvi evRvi kqvi q-weqi Rb kqvii cKZ Ges AvBbMZ

gvwjKvbv nvi Acwinvh| GZ dUKv Kvievi Ges fwelr evRvi Ame| Avi
cuywRev`x kqvi evRvi kqvii AvBbMZ nvi ev mieivn kqvi q-weqi Rb
mKj Acwinvh kZ bq| dj GLvb dUKv Kvievi, Re Ges fwelr evRvii
AwZ we`gvb|
7. evB Avj-Dievb njv AwMg evqbvbvgvi gvag q-weq Kiv| A_vr Kvb wRwbmi gwjK AwMg weqi
Gic kZvivc Kiv h, hw` `vgUv me nq Zvnj c`q AwMg mg^q Kiv ne| Avi hw` `vgUv Ame nq ev Kbv-
ePv evwZj Kiv nq Zvnj Zv AwMg A_ diZ cve bv|
8. Bgvg Beb gvRvn, mybvby Beb gvRvn, XvKv: BmjvwgK dvDkb evsjv`k, 2006, L. 2, nv`xm bs- 2193, c.
294)|
9. cv. c. 365-66
10. Avj KziAvb, 2t275
125
3. Bmjvgx kqvi evRvi kqvii `vg I hvMvbi DVv-bvgv Ki ^vfvweKfve| wK

cyuwRev`x kqvi evRvi kqvii `vgI hvMvb bvbv KvimvRxi KviY fqvbKfve
DVvbvgv Ki|
4. Bmjvgx kqvi evRvi evwYR I KgmsvbK DrmvwnZ Ki| Avi cuywRev`x kqvi
evRvi evwYR I Kgmsvb wbirmvwnZ nq Ges A_bxwZZ AwiZv Zix Ki|
kqvii AwbwnZ g~j ebvg evRvi g~j
kqvii AwbwnZ g~j Kvvwbi AZxZ Kgmv`bi Aev wb`k Ki| Kvvwbi
fwelr KvhKjvc mK GUv Kvb aviYv `qbv| Kvvwbi fwelr KvhKjvci mvebv
hw` Dj nq Ze kqvii Pvwn`v ew cvq| kqvii AwbwnZ g~j mK Rvbv mI
GKRb wewbqvMKvix Kvvwbi fwelr mvebv Dj gb Kij kqvii Rb ewk`vg
w`Z BQzK ne| Abyicfve, GKRb kqvi weZvi bM` A_i cqvRb hw` AZwaK
nq, wKsev m Kvvwbi fwelr mvebv hw` nZvkveK gb Ki, Ze AwbwnZ g~ji
PvBZ Kg `vgI m kqvi weq KiZ cvi|
myZivs Bmjvgx kqvi evRvi kqvii AwfwnZ g~j (Par value) I AwbwnZ g~j
(Intrinsic value) NvlYv Kiv njI Zv Ges weZv evRvi `vg kqvi jb`b
KiZ cvie| evRvi `vg AwfwnZ g~j ev AwbwnZ g~ji PvBZ ewkI nZ cvi, KgI
nZ cvi|11
Bmjvgx kqvi evRvi `yUv c _vKe|
1. `vjvj ev RbMYi cwZwbwa (Brokers or agents of the public) Ges
2. Revi ev Kvvwbi cwZwbwa (Jobber or agents of the company)
`vjvj h kqvi wew Ki m Zv mZ mZB `wnKfve aviY (Physically hold) Kie

Ges Zvi KvQ h_vh_ nvi Kejv (Transfer deeds) _vKZ ne| m Revii KvQ
hve h Kvvwbi cKZ kqvi jb`b Ki| Revi Kej H mKj kqvi weq Kie
hjv mK `vjvj kqvi q KiZ BQzK Zv mvaviYi c~e weeiY I h_v_ wb`k
Revi jvf Kie|
126
Zv Ges weZvi gvS hw` kqvi jb`bi kZ mK HKgZ cwZwZ nq Ze

AvBbZ: AvbyvwbKZv (Legal formalities) mi djZ ne| AZtci Revi kqvi
mvwUwdKU `wnKfve `vjvji KvQ nvi Kie Ges `vjvj Zv cKZ Zvi KvQ
nvi Kie| myZivs Kvb wg_v ev cZviYvg~jK jb`bi Kvb myhvM bB| Abw`K
kqvi nvvii KvQ _K `vjvji gvag Revii KvQ kqvi weqi cve ivLv hve|
kqvi nvvi kqvi weqi mgq kqvii AwbwnZ g~j Ges mswk Kvvwb fwelr
mK c~Y IqvwKenvj _vKe Ges ReviI Zvi AwfZvi AvjvK GKwU q `vg NvlYv
Kie| Dfq ci ga cwic~Y hvMvhvM I cKZ Z_i AvjvK kqvi jb`b ne|
Revii KvQ hw` Kvb kqvi qi AWvi bv _vK Ze m kqvii q `vg NvlYv Kie
bv Ges Abyicfve kqvi weqi cqvRb bv _vKj weq `vg NvlYv Kie bv| Avi
Gic Kiv nj Amvay, AcKZ wewbqvMKvix I A^vKi dUKv Kvievi _vKe bv|12
12. cv, c. 364-65
127
Dcmsnvi
Dhaka University Institutional Repository Dcmsnvi
Dcmsnvi
Bmjvg gvbeRvwZi Rb GKwU c~Yv Rxeb eev| G KviY Rxebi mKj KgKvi
weeiY Bmjvgx Rxeb eevi meB j Kiv hvq| gvbeRxebi AZxe Riix
KgKvi GKwU njv eemv-evwYR| eemv-evwYR hgb Avq-ivRMvii AbZg
gvag; Zgwb gvbe meviI AbZg gvag| G Rb eemv-evwYR msv ewea
Z_ cwe KziAvb I nv`xm DcvwcZ nqQ| mBmv_ eemv-evwYRi iZ I
cqvRbxqZvi cvkvcvwk mr-eemvqxì wekl ghv`v NvlYv Kiv nqQ| eemvK
GKwU mvbRbK ckv wnme cwZwZ KiQb wekbex nhiZ gynv` (mv.),
Lyjvdvq ivk`v Ges mvnvevq Kivg (iv.)| kqvi eemv I Bmjvg : GKwU
chvjvPbv kxlK G Awfm`f eemv-evwYR msv wKQz Z_ AvjvPbv Ki kqvi
eemv mwKZ Bmjvgx `wfwi GKwU chvjvPbv DcvwcZ nqQ|
AvjvP MelYvi iZ eemv cwiwPwZ Zzj aiv nqQ| eemvi mvaviY cwiwPwZ,
cvwZvwbK `wKvY weePbvq eemv, KvhMZ w`K weePbvq eemv, eemvqi ewk,
eemvqi Drcw I gweKvk, eemvqi gwjK Dcv`vbmg~n, eemvqi A_bwZK,
mvgvwRK, gvbwmK Dkvejx AvjvPbv Ki eemvqi A_bwZK I mvgvwRK iZ
weklfve AvjvKcvZ Kiv nqQ| gvbeRxeb ckv wnme eemv Ges RxweKv
ARbi Dcvq wnme eemvi iZ Zzj aiv nqQ|
AZ:ci eemv-evwYR mwKZ Bmjvgx `wfw AvjvKcvZ Kiv nqQ| weklfve

KziAvb gvRx` eemv-evwYR mwKZ hme Z_vejx iqQ Zv AvjvPbv Kiv
nqQ| Avj nv`xm eemv-evwYR mwKZ hme Z_vejx iqQ Zv Zzj aiv
nqQ| Bmjvg eemv-evwYRi PviwU g~jbxwZ Z_v cviwiK mnhvwMZv,
cviwiK mwZ, Pzwe nIqvi hvMZv I bvqmZ Kvievi mK AvjvKcvZ
Kiv nqQ| mB mv_ Bmjvg eemv-evwYRi iZ evLv Kiv nqQ|
Gici kqvi eemvi cwiwPwZ I Kvhvejx weklY Kiv nqQ| GLvb kqvi
cwiwPwZ, kqvii ewk, kqvi eemv, kqvi evRvi, kqvii kwYwefvM, Dg
kqvi, kqvi eemvi Dk, kqvi gvwjKvbvi cvgvY `wjj, kqvi mvwUwdKU I
kqvi IqviUi cv_K, K cwiwPwZ, kqvi I K eemvi ga cv_K, kqvi
q-weq cwZ, DcwZ I AbycwZ q-weq, K GPi Kvhvejx, cPwjZ
kqvi eemvi wUmg~n, cPwjZ kqvi eemv mwKZ Bmjvgx `wfw Ges kqvi
eemvi iZ I cqvRbxqZv AvjvPbv Kiv nqQ|
129
gvbe Rxebi egyLx KgKvi GKwU iZc~Y Ask eemv-evwYR| G KviY

Bmjvg eemv-evwYR eaKg ej weewPZ| Avi eemv-evwYRi GKwU AbZg
kvLv njv kqvi eemv| AvaywbKKvj kqvi eemv ejZ Avgiv hv `wL ev Rvwb
ivmyjyjvn (m.) I mvnvevq Kivg (iv.)-Gi hyM G eemvwU miKg wQj bv| Ze m
mgq cviwiK mnhvwMZvi wfwZ eemv-evwYR cwiPvwjZ nZv| Avi cviwiK
mnhvwMZvi wfwZ cwiPvwjZ eemvi AvaywbK GKwU icB njv kqvi eemv|
Bmjvg kqvi eemvi eaZv wekl Ki kqvi eemv mwKZ KziAvb I nv`xm
ewYZ Z_vejx Ges G eemv mwKZ gymwjg dKxnMYi gZvgZ A Awfm`f
AvjvKcvZ Kiv nqQ| Bmjvg kqvi eemvi aiY, Dk, Bmjvg kqvi eemvi
mveZv, Bmjvgx A_bxwZZ K GPi KvVvgv, K GPi myweavmg~n Ges
Kvhvejx A MelYvq weklfve AvjvKcvZ Kiv nqQ|
mekl cPwjZ kqvi eemv I Bmjvgi AvjvK kqvi eemvi GKwU Zzjbvg~jK
weklY A MelYvq Zzj aiv nqQ| GLvb kqvi eemvq hvKvZi weavb, kqvi
eemvq kqvii `vg evov-Kgv I KvimvwR mwKZ Bmjvgx `wfw, kqvi eemv
Ryuyqv Ljvi mv`k wKbv, Bmjvgi `wZ kqvii AwbwnZ g~j ebvg evRvi g~j,
mevcwi cwPwjZ kqvi eemv I Bmjvgi AvjvK cwiPvwjZ kqvi eemvi ga
GKwU Zzjbvg~jK AvjvPbv A Awfm`fi kl DcvwcZ nqQ|
wekbex nhiZ gynv` (m.), Lyjvdvq ivk`v, mvnvevq Kivg (iv.)-Gi mgqKvj I
kvmbKvj chvjvPbv Kij Avgiv `LZ cvB, gvbeRxebi me Bmjvgi bxwZ
I cwZ AbymiYi gvag AbMmi AvieRvwZ AwZ A mgq A_bwZK mgw ARb
KiwQj| ivmyjyjvn (m.) cwZwZ g`xbv ivi mKj KgKv Bmjvgx bxwZi AvjvK
cwiPvwjZ nZv| mLvb eemv-evwYR cwiPvwjZ nZv Bmjvgx wewa-weavbi
AvjvK| eZgvb gymwjg RvwZi `yfvM h, Zviv eemv-evwYRi mei Bmjvgi
mygnvb bxwZ-Av`k I eiKZ _K ewZ| gymwjg `kjvZ cuywRev` RuK emQ|
A_-we I fvM-wejvmi jvf gvbyl Bmjvgx weavbK eRb Ki gybvdv Kw`K
eemv-evwYR KiQ| cviwiK mnhvwMZvi Abb kqvi eemv ev kqvi
evRvi| Bmjvgx bxwZ bv gvbvi KviY eemv-evwYRi G AbwUI bvbvfve KjywlZ
nq coQ| AvaywbKKvj kqvi eemvq wewfb iKgi Kkj, dUKvevRx, KvimvwR,
bvbvgyLx Re BZvwì gvag Zv-weZvi GKwU c jvfevb nQ Ges Abc
wZM nQ| A_P Bmjvgi evwYRbxwZi g~jK_v njv- Zv-weZv Dfqi
mgvb myhvM myweav I ^v_ iv Kiv|
130
ZvB Bmjvg GKwU c~Yv Rxeb eev wnme gvbyli A_bwZK Dbqbi Ici h_vh_
iZvivc KiQ| Bmjvgx A_bxwZZ ewkifvM wewbqvMB mgwMZ wewbqvM| Avi
mgwMZ wewbqvMmg~ni AbZg njv kqvi eemv| GKwU `ki A_bwZK Dbqb
kqvi eemvi iZ Acwimxg| h Kvb `kB kqvi eemv A_bwZK Dbqb I
mcmviYi PvwjKv kw wnme KvR Ki| kqvi eemv, kqvi, FYc BZvw`
q-weqi cZ Ki RbMYi mq nv ew Ki| mqK g~jab AvKvi
MwZkxjZv mwi gvag kqvievRvi GKwU `ki wkvqb I evwYwRK KgKvK
cmvwiZ Ki| KvRB h `ki kqvievRvi hZ ewk DbZ m `ki A_bwZK
MwZkxjZv ZZB ewk| Avevi kqvievRvi hw` KvimvwR, bvbvgyLx `ybxwZ I GKPwUqv
evRvi cwiYZ nq Zvnvj D evRvi viv gywgq eweM A_bwZKfve DcKZ
njI wZM nq eni RbmvaviY| djkwZZ RvZxq Dbqb wei I evavM nq|
Bmjvgx A_ eevq wUKqK gvbyli Dbqb Kivi myhvM bB| G eevq
memvaviYi mylg Dbqb wbwZ Kiv nqQ| GKwU `ki kqvi eemvi gvag
cZ I civfve memvaviY DcKZ nq| GgZvevq mKj cKvi cZviYv,
VKevwR, KvimvwR, gybvdvLvix I `ybxwZgy kqvi evRvi MYgvbyli AbZg cZvkv|
ZvB Bmjvgx Av`k I g~jevai AvjvK kqvi eemv I kqvievRvi cwZwZ I
cwiPvwjZ nj Zv MYgvbyli mvgwMK KjvY mvab mg ne ej Avgiv wekvm
Kwi|
131
Mcx
Dhaka University Institutional Repository Mcx
Mcx
1. Avj-KziAvb t KziAvb gvRxì mKj Abyev`- mv`bv

cwil`, Avj-KziAvbyj Kixg XvKv :
BmjvwgK dvDkb cKvkbv wefvM, Ryb
2012, 47 Zg msiY- Gi AbymiY Kiv
nqQ|
2. gydZx gynv` kdx (in.), (Aby: I t Zvdmxi gvAvidzj KviAvb, g`xbv gvbvIqviv:
mv: gvIjvbv gywnDxb Lvb, Lv`gyj nvivgvBb ev`kvn dvn` KviAvb gy`Y
cwe KviAvbyj Kixg, evsjv cK, 1413
Abyev` I msw Zvdmxi)
3. Avj-KziZzex t Avj Rvwg wj AvnKvwgj KziAvb, Kvqiv: `vik
kve, 1972
4. AvZ-Zvevix Ave~ Rvdi gynv` t RvwgDj eqvb dx Zvdmxwi AvBj KziAvb,
Beb Rvixi eiZ : `vij KzZze Avj Bjgxqvn, 1999
wL.
5. AvZ-Zveixhx, Iqvjx Dwb t wgkKvZzj gvmvexn, Ìe` : wmivR eyK
gynv` Beb Avwjvn Avj- wWcv, Zv.we.
LZxe
6. AvZ-Zvevivwb, myjvBgvb Beb t Avj gyRvgyj Kvwei, gvKZvevZzj Djywg
Avng` Beb Avqye Aveyj Iqvj Kwg, 1883 wL.
Kvwmg
7. AvZ-wZiwghx, Ave~ Cmv gynv` t RvwgDZ-wZiwghx, Ìe` : gyLZvi G
Beb Cmv Kvvbx, Zv.we.
8. (Abyev` I mv`bvq : gynv` t Rvg AvZ-wZiwghx, L.2, XvKv : evsjv`k
g~mv) BmjvwgK mUvi, bfî 1996
9. Avb-bvmvC, Ave~ Avwi ingvb t Avm-mybvb, w`jx : gvKZvevZz inxwgqvn,
Beb Avqe Zv.we.
10. Avj Bgvg `vixj wnRivn, t Avj gyqvv, eiZ : Avj wimvjvn
gvwjK Be&b AvbvQ cvewjkvm, 1998 wL.
11. Avj-Kvhexbx, gynv` Beb t mybvby Beb gvRvn, eiZ : `vij wdKi, 1g
Bqvhx` msiY, 2003 wL.
12. Bgvg Beb gvRvn t mybvby Beb gvRvn, XvKv: BmjvwgK dvDkb
evsjv`k, 2006, L. 2
133
13. Avj-KzkvBix, Aveyj mvBb t mnxn gymwjg, wKZveyj gvmvKvZ, XvKv :

gymwjg Bebyj nvvR BmjvwgK dvDkb evsjv`k, Gwcj
2003
14. Ave~ `vD` myjvqgvb Be&byj t mybvby Avwe `vD`, XvKv: BmjvwgK
AvkAvm Avm-wmwRvbx, dvDkb evsjv`k,AveIqveyj eyq~, L. 2
15. Bgvg kvgmywb Avm& mvivLmx t Avj-gvem~Z, eiZ: `vij gvwidvn, 1993wL./
1414wn., L.22
16. AvZ-Zveqhx, kvqL t gkKvZ kixd, c_g wRj`, XvKv :
IqvjxDxb gynv` Beb Gg`vw`qv cyvKvjq (cv:) wjt, deqvwi
Ave`yjvn LZxe, (Aby: gvIjvbv 2011
b~i gvnv` AvRgx),
17. Avj evqnvKx, Ave~ eKi t mybvb Avj evqnvKx, gv Avj-gyKviigv :
Avngv` Bebyj mvBb gvKZvevZz `vwij evh, 1994 wL.
18. Bgvg Avey `vD` myjvqgvb t mybvby Avey `vD`, wgki : Avj AvRnvi
Bebyj Avk-Avm, wekwe`vjq (Avj-gvKZvevZ Avj-kvgjv),
Zv.we.
19. Avj-eyLvix, Avey Avyjvn t Avm-mnxn, XvKv: BmjvwgK dvDkb
gynv` Beb BmgvCj evsjv`k, 2008
20. Avj-eyinvbcyix, AvjvDwb t Kvbhyj Dvj dx mybvwbj AvKIqvj Iqvj
Avjx gyvKx Beb mgyxb AvdAvj, Avjv, 1969 wL.
Avj wn`x
21. Avj wmwRvbx, Ave~ `vD` t mybvby Ave~ `vD`, eiZ : `vij wdK&i,
myjvBgvb Beb& AvkAvQ 1994 wL.
22. Avm-myq~Zx, Rvjvjywb Avyi t Avj-RvwgD Avm mMxi, eiZ : `vij KzZze
ingvb Beb Avey eKi Beb Avj Bjwgqvn, 1990 wL.
gynvv`
23. Bgvg Avng` Beb nv^j t Avj gymbv`, eiZ : `vij wdK&i Zv.we.
24. Ave~ Avyjvn gynv` Beb t mybvby Beby gvRvn, L.3, wgki : Avj
BqvRx` Beb gvRvn Avj- AvRnvi wekwe`vjq (Avj-gvKZvevZ Avj-
Kvhexbx, kvgjv), Zv.we.
134
25. gv: dLij Bmjvg Lvub, we. Nvlvj I t gwjK A_msvb, XvKv : AvwRwRqv
gv: Rvnvwi Avjx eyK wWcv, evsjvevRvi, Gwcj 2007
26. gvnv` Ave`yj gvbvb t Bmjvgx evsK eev, XvKv : mUvj
kixqvn evW di BmjvwgK evsKm Ae
evsjv`k, Avei 2008
27. gvt Avey Zvni t Bmjvgi A_bwZK BwZnvm I evswKs,
XvKv: PjK cKvkbx, wWmî 2006,
28. gvnv` LvjKzvgvb I gv: t evemvq cwiwPwZ, XvKv : w` hgybv
gvkviid nvmb Payix cvewjkvm, 2009
29. AavcK gvt Avbvqvi nvmb t eemvq msMVbi iciLv, XvKv: w`
wmwU cvewjKk, 2004
30. AavcK gynv` kixd mvBb t Bmjvgx evswKs GKwU DbZgvbi
evsK eev, XvKv : Bmjvgx evsK
evsjv`k wjwgUW, RbmsLv wefvM,
Avei-1996
31. AavcK jwZdzi ingvb t Kvievi msMVb, XvKv: evsjv`k eyK
Kicvikb wjt, Rvbyqvwi 1987
32. Ave`yi iKxe t wcwcvj G cKwUm Ae evswKs,
XvKv: cvbvg cm wjwgUW, 2007
33. Ave`yi iKxe I kL gvnv` t Bmjvgx evswKs Z, cqvM I cwZ,
XvKv : Avj-Avwgb cKvkb,
evsjvevRvi, Gwcj 2004
34. Aveyj dvZvn gynv` BqvnBqv t Bmjvgx A_bxwZi AvaywbK icvqb,
XvKv : RbZv cvewjKk, gvP 2003
35. Avjvgv ZKx Dmgvbx (Aby: Avey mvjn& t Bmjvg I AvaywbK A_ eev, XvKv :
gynv` Zvnv) Avj-KvDmvi cKvkbx, 2003
36. Avjx Avj Lvdxd t Avk& wkiKvZz dxj wdK&wnj Bmjvgx,
Kvqiv: `vib bkj, 1962
37. BDm~d Avj Kvihvfx (fvlvi- gIjvbv t Bmjvgi nvjvj nvivgi weavb, , XvKv:
gynv` Avyi inxg) Lvqib cKvkbx, 1984
38. Bgvg Mvh&hvjx (Aby: Ave`yj LvjK) t mfvMi cikgwY, XvKv: BmjvwgK
dvDkb evsjv`k, 2005
39. Bgvg Mvhvjx (fvlvi: gvnv` Lvj`) t Bmjvgi nvjvj DcvRb I eemv, XvKv:
Bmjvg cvewjKk, 1998
135
40. BKevj Kexi gvnb t Bmjvgx A_bxwZ I evswKs, XvKv :

bvwMm gywbiv Rwib cvewjkvm, 2011
41. Bmjvgx evsK evsjv`k wjwgUW t gvbyqvj di BbfgU Avvi
(cKvwkZ) evqgyAvvj gvW, XvKv : Bmjvgx
evsK evsjv`k wjwgUW, RyjvB 2010
42. cdmi W. Gg.G. gvbvb t bxie A_bwZK wece : weK aviv,
XvKv : g`xbv cvewjKk, Gwcj
2004
43. G. K. Gg. iwdK Dwb Avn&g`, t Bmjvgx A_bxwZ, XvKv : cKvkK :
gvmvr gwiqg (kv) kZ`j PZz_
msiY : 2010
44. G. RW. Gg. kvgmyj Avjg t Bmjvgx A_bxwZi iciLv, XvKv :
BmjvwgK dvDkb evsjv`k, 2003
45. G. G. Gg. nvexeyi ingvb t Bmjvgx evswKs, XvKv : nK wcUvm,
2010
46. Gg. G. gvbvb t Bmjvgx A_bxwZ Z I cqvM, Aby:
Avjx Avng` ik`x, XvKv: BmjvwgK
BKbwgKm wimvm eyiv, 1983
47. gvIjvbv Avyj AvDqvj Ab~w`Z t Bmjvgi A_bwZK eev, (g~j:
gvIjvbv wndRyi ingvb, Bmjvg Kx
BKZmv`x wbRvg), XvKv: BmjvwgK
dvDkb evsjv`k. Rvbyqvwi 1998
48. gvIjvbv gynvv` Ave`yi inxg t Bmjvgx A_bxwZ, XvKv : Lvqib
cKvkbx, 2012
49. gydZx Aveyj nvmvb gynvv` Avyjvn t kqvievRvi ZvwK weklY I kiC Kzg,
XvKv : gvKZvevZzj Avkivd, 2011
50. gydZx gynvv` ZvKx Dmgvbx (Aby: t Bmjvgx evswKs I A_vqb cwZ
gydZx gynvv` Rvei nvmvBb) mgmv I mgvavb, XvKv: gvKZvevZzj
Avkivd, Gwcj 2007
51. gynv` Avhxhyj nK, (mv. gynv` t AvaywbK wek Bmjvgx evsKi aviYv
Kvgvivgvb) Dcvcb gbxlxì Ae`vbi GKwU
g~jvqb, AvaywbK wek Bmjvg
(msKjb), XvKv : kZvx cKvkbx,
Avei 2009
52. gynv` b~ij Bmjvg t Bmjvgx A_bxwZ, XvKv : Avj-evivKv
jvBeix, RyjvB 2012
136
53. gynv` Ievq`yjvn t BmjvwgK dvBbvwqvj mvwfmm, Rv:

BmjvwgK BKbwgK&m wimvP mUvi, wKs
Ave`yj AvwRR BDwbfvwmwU, mDw` Avie,
gvP 2005
54. gynv` kvgmyj `v, gynv` t Bmjvgx evsKi wewbqvM cwZ
kvgmyvnv kixAvn&i bxwZgvjv, XvKv : RbmshvM
wefvM, Bmjvgx evsK evsjv`k
wjwgUW, mî 2011
55. gynvv` AvKivg Lvb (Aby: b~i nvmb t ivm~jj
y vn& (mv.)-Gi A_bwZK wkv,
gwR`x) XvKv : BmjvwgK dvDkb, AvMviMuvI,
g 2009
56. kixAvn KvDwj mwPevjq (msKwjZ) t Bmjvgx eswKs gvmvqj I dZvqv
(1983-2001), XvKv : Bmjvgx evsK
evsjv`k wjwgUW, RbmshvM wefvM,
mî 2002
57. kvBLyj Bmjvg gydZx gynv` ZvKx t Bmjvgx evswKs I A_vqb cwZ
Dmgvbx mgmv I mgvavb, XvKv : gvKZvevZzj
Avkivd, 2007
58. kvn& gynv` nvexeyi ingvb t Bmjvgx A_bxwZ wbevwPZ ce, w`
ivRkvnx zWm Iqjdqvi
dvDkb, Gwcj 2005
59. kvn& gynv` nvexeyi ingvb t Bmjvgx evswKs : ewk I KgcwZ,
XvKv : evsjv`k BmjvwgK mUvi,
Gwcj 2009
60. kvn& gynvv` nvexeyi ingvb t Bmjvgx evswKs: cvmwK fvebv,
Bmjvgx evsK evsjv`k wjwgUW Gi
21 Zg el c~wZ msLv, `wbK msMvg,
23 RyjvB, 2004
61. L. R. Chowdhury t A Dictionary of Banking and
Finance, Dhaka: Published by
Anthor, 2005, P.240
62. mv`bv cwil` t dvZvIqv I gvmvBj, XvKv: BmjvwgK
dvDkb evsjv`k, Ryb 2001
63. mv`bv cwil` t q-weq msv gvmAvjv-
gvmvqj, XvKv: BmjvwgK dvDkb
evsjv`k, 2007
137
64. mv`bv cwil` t dvZvIqv I gvmvBj, XvKv: BmjvwgK

dvDkb evsjv`k, Ryb 2001, L.
6
65. mv`K: Wi gyn` Gbvgyj nK I t eenvwiK evsjv Awfavb, XvKv: evsjv
Abvb GKvWgx, gvP 2005
66. MvRx kvgQzi ingvb I Abvb t wewae Bmjvgx AvBb, XvKv :
mvw`Z BmjvwgK dvDkb evsjv`k, Zv.we.
67. W. ejvqZ nvmb I mgxi Kzgvi t eemvq cwiwPwZ, XvKv: g cKvkbx,
kxj 2003
68. W. gvt gvmy` Avjg t Bmjvgi evwYRbxwZ : cvcU
evsjv`k (AcKvwkZ wcGBP.wW.
w_wmm), Gwcj 2010
69. W. bvRvZzjvn wmwKx t kixAvZi `wZ Askx`vwi Kvievi,
gv: KvivgZ Avjx wbRvgx Ab~~w`Z XvKv
: BmjwgK dvDkb evsjv`k, Ryb
1983
70. W. Gg G nvwg` t Bmjvgx A_bxwZ : GKwU cv_wgK
weklY, ivRkvnx wekwe`vjq :
A_bxwZ wefvM, evsjv`k, RyjvB
1999
71. W. Gg. G. gvbvb t Bmjvgx A_bxwZ: Z I cqvM, XvKv :
BmjvwgK BKbwg wimvP eyiv, 1983
72. W. Gg.G gvbvb t w` gwKs Ae BmjvwgK BKbvwgK
mvmvBwU : BmjvwgK WvBgbmb Bb
BKbwgK Gbvwjwmm, Kvqiv :
Bvibvkbvj Gmvwmqkb Ae
BmjvwgK evsK, 1984
73. W. gvngy` Avng` t Bmjvgi A_ cwZ, XvKv: Bmjvgx
evsK evsjv`k wjwgUW Gi 21 eQi
c~wZ msLv `wbK msMvg, 23 RyjvB,
2004
74. W. gynv` Avyj gvbvb Payix t Bmjvgx A_bxwZi iciLv t Z I cqvM,
XvKv : PqwbKv, 2010
75. W. gynv` b~ij Bmjvg t Bmjvgx A_bxwZ, XvKv : RgRg
cKvkbx, RyjvB 2012
138
76. W: `yMv`vm fvPvh t Kvievi msMVb, XvKv: Mve jvBeix

(cvt) wjwgUW, bfî 1986
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