Unit 08

g~jab ev‡RwUs I wewb‡qvM wm×všÍ BDwbU
(Captial Budgeting & Investment Decision) 8

f‚wgKv
GKwU cÖwZôv‡bi g~jab ev‡RwUs n‡jv `xN©‡gqvw` wewb‡qvM wm×všÍ| mvavibZ g~jab ev‡RwUs Gi mv‡_ ¯’vqx LiP
RowZ Ges G ai‡bi wewb‡qvM n‡Z `xN©‡gqvw` gybvdv AwR©Z nq| ZvB G ai‡bi wewb‡qvM wm×všÍ MÖnY Kiv †ek
SuzwKc~Y©| SzwK‡Z _vK‡eB †Kbbv fwel¨r AwbwðZ| mg‡qi cwieZ©‡bi mv‡_ mv‡_ cwi‡ek cwiw¯’wZ I Ab¨vb¨
cvwicvwk©K Ae¯’v cwiewZ©Z n‡Z cv‡i| bZzb bZzb cÖhyw³ µq, AvaywbK hš¿cvwZ µq BZ¨vw` wewb‡qvM wm×všÍ
MönY Kiv g~jab ev‡RwUs-Gi AvIZvfz³| `xN©‡gqvw` wewb‡qvM wm×všÍ MÖnY Kivi Rb¨ wewb‡qvMKvix‡ì g~jab
ev‡RwUs Gi wewfbœ †KŠkj m¤ú‡K© cwic~Y© Ávb _vKv cÖ‡qvRb| GB BDwb‡U g~jab ev‡RwUs Gi wewfbœ †KŠkj mg~n
cÖ‡qvM K‡i wKfv‡e `xN©‡gqvw` wewb‡qvM wm×všÍ MÖnY Kiv nq ‡m m¤úK© Av‡jvPbv Kiv n‡e|
BDwbU mgvwßi mgq BDwbU mgvwßi m‡e©v”P mgq 2 mßvn
GB BDwb‡Ui cvVmg~n
cvV-8.1 t g~jab ev‡RwUs-Gi aviYv, cÖK‡íi aviYv, cÖK‡íi †kªwYwefvM I g~jab ev‡RwUs-Gi
cÖwµqv ev avc|
cvV-8.2 t wewfbœ c×wZ‡Z cÖKí g~j¨vqb|
cvV-8.3 t g~jab wbqš¿Y, g~jab ev‡RwUs Ges g~jab eivÏKiY (wbqš¿Y)-Gi cv_©K¨ I g~jab
ev‡RwUs Gi mgm¨v|
g~L¨ kã g~jab ev‡RwUs, cÖKí, ¯^vaxb cÖKí, ci¯úi eR©bkxj cÖKí, Mo gybvdvi nvi c×wZ, †c-
e¨vK mgq c×wZ, wbU eZ©gvb gyj¨ c×wZ, AvšÍ:Avq nvi c×wZ I g~jab wbqš¿Y|
evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg
cvV-8.1 g~jab ev‡RwUs Gi aviYv, cÖK‡íi aviYv, cÖK‡íi AvIZv I

g~jab ev‡RwUs Gi cÖwµqv ev avc
D‡Ïk¨
G cvV †k‡l Avcwb-
 g~jab ev‡RwUs-Gi aviYv e¨vL¨v Ki‡Z cvi‡e|
 g~jab cÖK‡íi aviYv I cÖKvi‡f` eY©bv Ki‡Z cvi‡eb|
 g~jab ev‡RwUs-Gi cÖwµqv e¨vL¨v Ki‡Z cvi‡eb; Ges
 g~jab ev‡RwUs-Gi AvIZv m¤ú‡K© ej‡Z cvi‡eb|
g~jab ev‡RwUs Gi aviYv

Avw_©K eë¯’vcK me©`v ¯^í, ga¨ I `xN©‡gqvw` A_©vqb wm×v‡šÍi mv‡_ IZ‡cÖvZfv‡e RwoZ| cÖwZwU
wm×všÍ †bIqvi c~‡e© wKQz nvwZqvi eënvi K‡i wKQz we‡kølYg~jK Kvh© m¤úv`b Ki‡Z nq| g~jab ev‡RwUs GgbB
GKwU nvwZqvi hv cÖwZôv‡bi `xN©‡gqvw` wewb‡qvM wm×v‡šÍi mv‡_ RwoZ| G cÖwµqvi gva¨‡g cÖwZôv‡bi ¯’vqx
m¤úwË, †hgb: f~wg, `vjvb‡KvVv, hš¿cvwZ, AvmevecÎ BZ¨vw` µq Kiv nq m¤úwËi cÖwZ¯’vcb, eëmv‡qi
m¤cÖmviY, Drcv`b c×wZi AvaywbKvqb, Ges Ab¨vb¨ `xN©‡gqv`x wewb‡qvM wm×v‡šÍi c~‡e© jv‡fi m¤¢ve¨Zv
we‡kølY K‡i †m Abyhvqx wm×všÍ MÖnY Kiv nq| mvavib A‡_© g~jab wewb‡qv‡Mi mv‡_ m¤úwK©Z cwiKíbv‡K g~jab
ev‡RwUs e‡j| A_©vr A_© wewb‡qv‡Mi gva¨‡g gybvdv AR©b Kivi cwiKíbv‡K g~jab ev‡RwUs e‡j| A_©vqb wel‡qi
¯^bvgab¨ †jLK n‡jb Gitman| Avmyb, Zuvi †Ìqv msÁvwUB †R‡b wbB|
Lawrence J. Gitman Gi g‡Z, ÒCapital budgeting is the process of identifying, analyzing, and selecting
investment projects whose returns (cash inflows) are expected to extend beyond one year. A_©vr g~jab
ev‡RwUs GKwU cÖwµqv hvi gva¨‡g GKwU cÖKí wPwýZKiY, we‡kølY I wewb‡qvM wm×všÍ MÖnY Kiv nq Ges cÖKíwU
†_‡K mvavibZ GK eQi c‡i Avq †diZ cvIqvi cÖZ¨vkv Kiv nq|
Gitman-Gi msÁvwU we‡kølY Ki‡j †evSv hvq †h g~jab ev‡RwUs cÖwµqvi gva¨‡g Avw_©K eë¯’vcK cÖKí wPwýZ
K‡ib, c‡i Zv we‡kølY K‡ib Ges me‡k‡l Zv‡Z A_©vq‡bi Rb¨ wewb‡qvM wm×všÍ MÖnY K‡ib|
cÖK‡íi aviYv
cÖKí n‡jv GKwU Kg©m~Px hv c~e© wba©vwiZ D‡Ïk¨ AR©‡bi Rb¨ GKwU wbw`©ó mg‡qi Kg©hÁ cÖK‡íi gva¨‡g g~jZ
wewb‡qvM Kvh©µg m¤úvw`Z nq| eëmvq cÖwZôvb †h mKj `xN©‡gqvw` cÖK‡í wewb‡qvM wm×všÍ MÖnY K‡i Zv
`yÕai‡bi ‡hgb: (K) ¯^vaxb cÖKí Ges (L) ci¯úi eR©bkxj cÖKí|
K. ¯^vaxb cÖKí: ¯^vaxb cÖK‡íi bM` cÖevn Ab¨ cÖK‡íi bM` cÖev‡ni mv‡_ m¤úwK©Z bq| GKwU cÖK‡íi MÖnY ev
eR©b Ab¨ GKwU cÖK‡íi MÖnY ev eR©b‡K cÖfvweZ K‡i bv| aiæb, Avcwb GKwU wWwRUvj ÷zwWI ¯’vcb Ki‡eb|
myZivs wWwRUvj ÷zwWI Gi †ÿ‡Î K¨v‡giv I Qwe wcÖ›U Kivi †gwkb µ‡qi wm×všÍ n‡jv ¯^vaxb cÖKí|
L) ci¯úi eR©bkxj cÖKí: ci¯úi eR©bkxj cÖK‡í wm×všÍ Mªn‡Yi †ÿ‡Î ïay GKwU cÖKí MÖnY Kiv nq Ges
Ab¨vb¨ cÖKí¸‡jv eR©b Kiv nq| aiæb, evRv‡i GKB D‡Ïk¨ c~iY K‡i Giƒc wZbwU eªv‡Ûi j¨vcUc i‡q‡Q|
BDwbU AvU c„ôv 153

evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ
mew`K wePvi we‡kløY K‡i GKwU cÖwZôvb hw` †`v‡qj eªv‡Ûi j¨vcUc µq Kivi wm×všÍ MÖnY K‡i Zvn‡j Ab¨
`ywU eªv‡Ûi j¨vcUc µ‡qi wm×všÍ Avcbv Avcwb evwZj e‡j MY¨ n‡e|
g~jab ev‡RwUs-Gi cwiwa

wewb‡qvMKvix cÖwZôv‡bi wbKU wewfbœ ai‡bi A‡bK weKí cÖKí _v‡K| g~jab ev‡RwUs-Gi †ÿ‡Î ¯’vqx m¤úwË µq
†_‡K ïiæ K‡i eëmv‡qi m¤úªvmviY, AvaywbKvqb, ¯’vqx m¤úwËi cÖwZ¯’vcb Ges bZzb c‡Yï wecYb BZ¨vw` mKj
†ÿ‡Î g~jab ev‡RwUs‡qi cÖ‡qvM i‡q‡Q| g~jab ev‡RU cÖYq‡bi †ÿ‡Î wewfbœ ai‡Yi cÖ¯Ívemg~n ev g~jab ev‡RwUs
Gi AvIZv Av‡jvPbv Kiv n‡jv:
1. bZzb wewb‡qvM wm×všÍ: bZzb eëmvq cÖwZôv‡bi ¯’vqx m¤úwË µq wm×všÍ MÖn‡Yi †ÿ‡Î g~jab ev‡RwUs cÖ‡qvM
Ki‡Z nq|
2. m¤úwËi cybt¯’vcb ev cÖwZ¯’vcb: `xN©w`b eënv‡ii d‡j ¯’vqx m¤úwËi Drcv`b ÿgZv K‡g hvq| Avevi
cÖhyw³MZ cwieZ©‡bi cÖwZôv‡bi eZ©gvb m¤úwË‡K cÖwZ¯’vcb Ki‡Z nq| G ai‡bi G ai‡bi Kvh© m¤úv`‡bi c~‡e©
g~jab ev‡RwUs †ek Kvh©Kix f~wgKv cvjb|
3. m¤cÖmviY: ‡µZv‡ì iæwP I cQ›` cÖwZwbqZ cwieZ©bkxj| ZvB eëmv‡qi m¤cÖmviY cÖ‡qvRb nq| eëmvq
m¤cÖmviY jvfRbK n‡e Kx bv †m msµvšÍ wm×všÍ MÖn‡Yi ‡ÿ‡Î g~jab ev‡RwUs eënvi Kiv nq|
4. M‡elYv I Dbœqb: eZ©gvb cÖwZ‡hvwMZvg~jK evRv‡i wU‡K _vKvi Rb¨ M‡elYv I Dbœqb Kv‡R A‡bK A_©
wewb‡qvM Ki‡Z nq| GB A_© wewb‡qvM †Kv¤úvwbi Rb¨ KZUv jvf RbK n‡e Zv wba©viY Ki‡Z g~jab ev‡RwUs Gi
mvnvh¨ †bIqv nq|
Dc‡ii Av‡jvPbvi cwi‡cÖwÿ‡Z ejv hvq †h `xN©‡gqvw` wewb‡qvM wm×všÍ wb‡Z n‡j g~jab ev‡RwUs c×wZi mvnvh¨
Aek¨B cÖ‡qvRb|
g~jab ev‡RwUs-Gi avc

g~jab ev‡RwUs Gi wfwË‡Z ¯’vqx g~jab jvfRbK Lv‡Z `xN©‡gqv‡` wewb‡qvM Kiv nq| Gi mvnv‡h¨ wewfbœ weKí
cÖK‡íi ga¨ n‡Z DËg cÖK‡í `xN©‡gqv‡` g~jab wewb‡qvM Kiv nq| g~jab ev‡RU cÖYq‡bi †ÿ‡Î K‡qKwU mywb©w`©ó
avc AbymiY Kiv nq| †hgbÑ
1. cÖKí wPwýZKiY
2. cÖKí cÖYqb
3. cÖKí g~j¨vqb
4. cÖKí wbe©vPb
5. cÖKí ev¯Íevqb I wbqš¿Y
6. cÖKí c~bg©~j¨qvb
1. cÖKí wPwýZKiY: g~jab ev‡RwUs Gi cÖ_g avc n‡jv M‡elYv I AbymÜv‡bi gva¨‡g A‡bK ¸‡jv weKí wPwýZ
Kiv| weKí cÖKí wPwýZ Ki‡Z cvi‡j mn‡R wewb‡qvM wm×všÍ MÖnY Ki hvq|
2. cÖKí cÖYqb: g~jab ev‡RwUs Gi wØZxq avc n‡jv cÖKí cÖYqb| cÖwZôv‡bi cÖK…wZ I mvg_©¨ Abhvqx wewfbœ
ai‡bi cÖK‡í wewb‡qv‡Mi wm×všÍ MÖnY Kivi we‡ePbv Kiv‡K cÖKí cÖYqb e‡j| G ch©v‡q GKwU cÖKí cÖYq‡bi
cwiKíbv MÖnY Kiv nq Ges wewfbœ `„wó‡KvY †_‡K hvPvB Gi m¤¢ve¨Zv Kiv nq| ‡hgb:
1. cÖK‡íi A_©‰bwZK Dc‡hvwMZv hvPvB Kiv;
2. gybvdv AR©‡bi m¤¢ve¨Zv we‡kølY Kiv;

3. cÖK‡íi KvwiMwi m¤¢ve¨Zv hvPvB Kiv;

4. cÖK‡íi Kvh©Kvj ch©v‡jvPbv Kiv;
5. RvZxq A_©bxwZ‡Z Ae`vb hvPvB Kiv Ges
6. ivR‡bwZK m¤¢ve¨Zv we‡kølY Kiv|
miKvwi ev †emiKvwi †h †Kvb ai‡bi cÖKíB wPwýZ Kivi ci Zvi we¯ÍvwiZ ¯^¤¢ve¨Zv hvPvB K‡i †bIqv nq|
GwU‡K (Feasibility study) e‡j|
3. cÖKí g~j¨vqb: m¤¢veZv hvPvB Kivi ci GKwU cÖKí‡K g~j¨vqb ev Apraisal Kiv nq| cÖK‡íi MÖnY‡hvM¨Zv
wePvi we‡kølY Kiv‡K cÖKí g~j¨vqY e‡j| `ÕywU ¯Í‡i cÖKí g~j¨vqb Kiv nq,‡hgb:
K. cÖK‡íi Avw_©K gybvdv I m¤¢ve¨ e¨q wbiƒcY Kiv Ges
L. cÖK‡íi MÖnY‡hvM¨Zv hvPvB Kivi Rb¨ mwVK †KŠkj ev c×wZ wba©viY Kiv|
cÖK‡íi e¨q Ges fwel¨Z bM` AvšÍt cÖevn Abygvb K‡i hw` Avq e¨‡qi Zzjbvq †ewk nq Zvn‡j cÖKíwU MnY‡hvM¨
nq|
fwel¨‡Zi mv‡_ SuywK I AwbðqZv RwoZ _v‡K e‡j cÖKí mg~n g~j¨vq‡bi Rb¨ mwVK c×wZ wba©viY Kiv GKvšÍ
cÖ‡qvRb|
4. cÖKí wbe©vPb: cÖKí g~j¨vqbKvixi mycvwi‡ki wfwË‡Z P~ovšÍ cÖKí wbe©vPb wm×všÍ D”P¯Í‡ii eë¯’vcbv KZ©cÿB
MÖnY K‡i _v‡K| wewfbœ weKí cÖKí n‡Z hvPvB evQvB K‡i jveRbK I m‡e©vËg cÖKíwU MÖnY I Aby‡gv`b Kiv
nq|
5. cÖKí ev¯Íevqb: P~ovšÍfv‡e Aby‡gv`b jv‡fi ci g~jab RvZxq e¨‡qi Rb¨ A_© eivÏ Kiv nq| cÖKí
ev¯ÍevqbKv‡j myôzfv‡e ch©‡eÿY Kiv Ges cÖK‡íi AvbygvwbK e¨‡qi mv‡_ cÖK…Z e¨‡qi Zzjbv Kiv hv‡Z K‡i
cieZ©xKv‡j ms‡kvabg~jK c`‡ÿc MÖnY Kiv hvq| A_©vr G chv‡q wbqš¿Y KvRwUi cÖwZ mRvM `„wó ivLv nq|
6. cÖKí c~bg©~j¨vqb: g~jab ev‡RwUs Gi me©‡kl c`‡ÿc n‡”Q cÖKí cybg©~j¨vqb Kiv| G ch©v‡q †h wewb‡qvM cÖKí
MÖnY Kiv n‡q‡Q Zv mwVKfv‡e ev¯Íevqb n‡”Q wKbv Z`viK Kiv| cÖKí ev¯Íevq‡bi wewfbœ ¯Í‡i h_vh_ KZ©cÿ Gi
Kvh©µg‡K g~j¨vqb K‡i _v‡K| cÖKí g~j¨vq‡bi Ab¨Zg D‡Ïk¨ n‡jv hw` †Kv‡bv AmsMwZ aiv c‡o Zvn‡j
ZvrÿwbKfv‡e ms‡kva‡bi eë¯’v MÖnY Kiv|
Ae‡k‡l ejv hvq g~jab ev‡RwUs n‡jv GKwU `xN©‡gqvw` wewb‡qvM cwiKíbv| mwVK I myôz cwiKíbv cÖYq‡bi
†ÿ‡Î †hgb mywbw`©ó cÖwµqv ev avc AbymiY Kiv nq wVK Zgwbfv‡e g~jab ev‡RU cÖYq‡bi †ÿ‡ÎI mywbw`©ó wKQz
cÖwµqv ev avc AbymiY Kiv nq|
GKwU †Kv¤úvwbi g~jab ev‡RwUs ch©‡eÿY K‡I Zzwg †Zvgvi wkLb Kvh©wU
wkÿv_©xi KvR
SvjvB K‡i bvI|
mvims‡ÿc :
g~jab ev‡RwUs ej‡Z GKwU cÖKí wPwýZ KiY, we‡kølY I wewb‡qvM wm×všÍ MÖnY Kiv‡K eySvq| cÖKí n‡jv
GKwU Kg©m~Px hv c~e© wba©vwiZ D‡Ïk¨ AR©‡bi Rb¨ GKwU wbw`©ó mg‡q ïiæ nq Ges wbw`©ó mg‡qi g‡a¨ †kl nq|
hLb GKwU cÖK‡íi MÖnY ev eR©b Ab¨ GKwU cÖK‡íi MÖnY ev eR©b‡K cÖfvweZ K‡i bv ZLb Zv‡K ¯^vaxb cÖKí
e‡j Ges ci¯úi eR©bkxj cÖKí n‡jv H ai‡Yi cÖKí hv‡ì g‡a¨ ci¯úi m¤úK© i‡q‡Q| A_©vr GKwU cÖKí
MÖnY ev eR©‡bi gva¨‡g Ab¨ GKwU cK‡íi MÖnY ev eR©b cÖfvweZ nq| G †ÿ‡Î GKwU cÖKí MÖnY Kiv n‡j
Aci cÖKíwU‡K eR©b Ki‡Z nq| g~jab ev‡RwUs Gi AvIZv ev cwiwa n‡jv- bZzb wewb‡qvM wm×všÍ, m¤úwËi
cybt¯’vcb ev cÖwZ¯’vcb, m¤cÖmviY Ges M‡elYv I Dbœqb| g~jab ev‡RwUs Gi cÖwµqv ev avc ¸‡jv n‡jv: cÖKí
wPwýZ KiY, cÖKí cÖYqb, cÖKí g~j¨vqY, cÖKí wbe©vPb, cÖKí ev¯Íevqb I wbqš¿Y Ges cÖKí c~Yg©yj¨qvb|

cv‡VvËi g~j¨vqb-8.1
mwVK DË‡ii cv‡k wUK () wPý `vI:

1| cÖKí wPwýZ KiY, we‡kølY I `xN©‡gqvw` wewb‡qvM wm×všÍ MÖnY Kiv‡K wK e‡j?
K. g~jab ev‡RwUs L. evÆvi nvi wba©viY
M. A‡_©i mgq gyj¨ N. g~jab e¨q
2| GKwU cÖK‡íi MÖnY ev eR©b Ab¨ GKwU cÖK‡íi MÖnY ev eR©‡bi mv‡_ m¤úK© bv _vK‡j Zv‡K Kx e‡j?
K. cwic~iK cÖKí L. ¯^vaxb cÖKí
M. ci¯úi eR©bkxj cÖKí N. wbf©ikxj cÖKí
3| wb‡Pi †KvbwU g~jab ev‡RwUs Gi cÖ_g avc?
K. cÖKí ev¯Íevqb L. cÖKí g~j¨vqb
M. cÖKí cÖYqb N. cÖKí cyYg~©j¨vqb
4| GKwU cÖKí MÖnY Kiv n‡j hw` Aci cÖKíwU evwZj Ki‡Z nq nvZ‡j Zv‡K Kx e‡j?
K. ¯^vaxb cÖKí L. cwic~iK cÖKí
M. wbf©ikxj cÖKí N. ci¯úi eR©bkxj cÖKí
5| wb‡Pi †KvbwU g~jab ev‡RwUs Gi mv‡_ m¤úwK©Z?
K. ¯’vqx m¤ú` µq L. Kg©Pvix`‡i †eZb cÖ`vb
M. weÁvcb LiP N. KuvPvgvj µq

cvV-8.2 wewfbœ c×wZ‡Z cÖKí g~j¨vqb
D‡Ïk¨
 wewb‡qvM wm×všÍ MÖn‡Yi c×wZmg~n e¨vL¨v Ki‡Z cvi‡eb|
 wewb‡qvM wm×všÍ MÖn‡Yi c×wZmg~‡ni g‡a¨ Zzjbv Ki‡Z cvi‡eb; Ges
 wewb‡qvM wm×všÍ MÖn‡Yi c×wZ cÖ‡qvM K‡i cÖKí gyj¨vqb Ki‡Z cvi‡eb|
wewfbœ c×wZ‡Z cÖKí g~j¨vqb

B‡Zvg‡a¨ Avgiv †R‡bwQ †h, g~jab ev‡RwUs Gi mvnv‡h¨ `xN©‡gqvw` wewb‡qvM wm×všÍ MÖnY Kiv nq|
wb‡P g~jab ev‡RwUs †KŠkjmg~n eY©bv Kiv nj:
K. mbvZb c×wZ:
1. Mo gybvdvi nvi c×wZ
2. †c-e¨vK mgq c×wZ
L. evÆvK…Z bM` cÖevn c×wZ
1. wbU eZ©gvbg~j¨ c×wZ
2. AvšÍt Avq nvi c×wZ
K. mbvZb c×wZ:
1. Mo gybvdvi nvi c×wZ (Average Rate of Return) : †Kvb cÖKí †_‡K cÖvß Mo Ki cieZ©x wbU gybvdv‡K Mo
wewb‡qvM Øviv fvM Ki‡j †h nvi cvIqv hvq Zv‡K Mo gybvdvi nvi e‡j| GwU‡K kZKiv nv‡i cÖKvk Kiv nq Ges
cÖ‡qvRbxq Avq nv‡ii mv‡_ Zzjbv Kiv nq| cÖZ¨vwkZ evwl©K Mo wbU gybvdv‡K Mo wewb‡qvM w`‡q fvM Ki‡j Mo
gybvdvi nvi cvIqv hvq| m~‡Îi mvnv‡h¨ GwU wbY©‡qi cÖwµqv †`Lv‡bv nj:
Mo Ki cieZ©x wbU gybvdv
Mo gybvdvi nvi = Mo wewb‡qvM  100
cÖwZ eQ‡ii cÖZ¨vwkZ Ki cieZ©x gybvdv‡K †gvU eQ‡ii msL¨v w`‡q fvM Ki‡j Mo gybvdv cvIqv hvq Ges cÖK‡íi
fMœvse‡kl g~j¨ †`qv _vK‡j cÖv_wgK wewb‡qv‡Mi mv‡_ fMœvse‡kl gyj¨ †hvM K‡i 2 w`‡q fvM Ki‡j Mo wewb‡qvM
cvIqv hvq|
wm×všÍ bxwZ:
1. wbY©xZ Mo gybvdvi nvi hw` †Kv¤úvwbi eë¯’vcbv KZ…©K wba©vwiZ me©wbgœ Mo gybvdvi nv‡ii †P‡q ‡ewk nq
Zvn‡j cÖKíwU MÖnY Kiv nq|

2. wbwY©Z Mo gybvdvi nvi hw` †Kv¤úvwbi eë¯’vcbv KZ…©K wba©vwiZ me©wbgœ Mo gybvdvi nv‡ii †P‡q Kg nq,
Zvn‡j cÖKíwU eR©b Kiv nq|
3. wbwY©Z Mo gybvdvi nvi hw` me©wbgœ Mo gybvdvi nv‡ii mgvb nq, Zvn‡j cÖKíwU MÖnYI Kiv hvq Avevi eR©bI
Kiv hvq|
D`vniY 1: Rbve Zv‡ni ZzsnvB wbwUs GÛ WvBs wjwg‡UW Gi GKRb Avw_©K eë¯’vcK| wZwb GKwU bZzb cÖK‡í
wewb‡qv‡Mi wPšÍv fvebv Ki‡Qb| D³ cÖK‡íi cÖv_wgK wewb‡qvM 32,000 UvKv Ges fMœve‡kl g~j¨ 7,000 UvKv|
cÖK‡íi Avqy®‹vj 5 eQi| cÖKí n‡Z cÖ_g †_‡K cÂg eQi ch©šÍ AePq I Kic~e© gybvdv eve` h_vµ‡g 6,000
UvKv, 8,000 UvKv, 9,000 UvKv, 10,000 UvKv I 15,000 UvKv cvIqv hv‡e|
KiYxq:
K. Mo gybvdvi nvi wbY©q Ki|
L. eë¯’vcbv KZ…©cÿ KZ…©K me©wbgœ Mo gybvdvi nvi 20% n‡j cÖKíwU Kx MÖnY Kiv DwPZ?
Ki cieZ©x wbU gybvdv wbY©q
weeiY cwigvY (UvKvq)
AePq I Kic~e© gybvdv 10,000 12,000 15,000 20,000 25,000
ev`: AePq 5,000 5,000 5,000 5,000 5,000
Kic~e© gybvdv 5,000 7,000 10,000 15,000 20,000
ev`: Ki 50% 2,500 3,500 5,000 7,500 10,000
KicieZ©x wbU gybvdv 2,500 3,500 5,000 7,500 10,000
cÖv_wgK wewb‡qvM - fMœve‡kl gyj¨ 32000-7000

evrmwiK AePq = cÖK‡íi Avqy®‹vj = 5 = 5,000 UvKv
cÖv_wgK wewb‡qvM + fMœve‡kl g~j¨
Mo wewb‡qvM = 2
32000+7000 39000
= 2 = 2
= 19,500 UvKv
2500+3500+5000+7500+10000
Mo gybvdv = 5
28500
= 5
= 5,700 UvKv
Mo gybvdv 5700100
Mo gybvdv nvi = Mo wewb‡qvM 100 = = 29.30%
19500
GLv‡b cÖK‡íi Mo gybvdvi nvi (29.23%) hv †Kv¤úvwbi eë¯’vcbv KZ…©cÿ wba©vwiZ gybvdvi nv‡ii †P‡q †ewk,
ZvB cÖKíwU MÖnY‡hvM¨ ev MÖnY Kiv DwPr|

2. †c-e¨vK mgq c×wZ (Payback Period Method): cÖK‡í †h A_© wewb‡qvM Kiv nq Zv †diZ cvIqvi Rb¨
wewb‡qvMK…Z A_© KZ mg‡q D‡V Avm‡e Zv‡K †c-e¨vK mgq e‡j| ‡h †Kvb cÖK‡í wewb‡qvMK…Z A_© KZ mg‡q
†diZ Avm‡e Zv †c-e¨vK mgq c×wZi mvnv‡h¨ wbY©q Kiv hvq| G c×wZ cÖKí g~j¨vq‡bi GKwU mnR I RbwcÖq
c×wZ|
K. wewb‡qvMK…Z cÖKí †_‡K M„nxZ AvšÍ:cÖevn hw` mgvb nq, Zvn‡j cÖv_wgK wewb‡qvMK…Z Znwej‡K evwl©K bM`
cÖevn w`‡q fvM Ki‡j †c-e¨vK mgq cvIqv hvq| wb‡P mgxKi‡Yi mvnv‡h¨ GwU‡K †`Lv‡bv nj:
cÖv_wgK wewb‡qvM
†c-e¨vK mgq = evwl©K bM` AvšÍ:cÖevn
Gevi Avmyb G wel‡q GKwU MvwYwZK mgm¨v mgvavb Kwi|

D`vniY 2: GKRb j¨vcUc eëmvqxi j¨vcUc µq Ki‡Z 2,00,000 UvKv cÖ‡qvRb| µqK…Z j¨vcUc eënvi
K‡i †m Zvi eëmvq n‡Z AvMvgx 5 eQi evwl©K 40,000 UvKv AvšÍ:cÖevn wbwðZ Ki‡Z cvi‡e| G‡ÿ‡Î †c-e¨vK
mgq KZ?
mgvavb:
200000
†c-e¨vK mgq = = 5 eQi
40000
L. GKwU cÖKí †_‡K M„nxZ A‡_©i AvšÍ:cÖevn A‡bK mgq mgvb bvI n‡Z cv‡i| †m‡ÿ‡Î bM` AvšÍ:cÖevn¸‡jv‡K
µgvš^‡q †hvM Kiv nq hZÿY bv ch©šÍ µg‡hvwRZ ‡hvMdj wewb‡qvMK…Z g~ja‡bi mgvb bv nq| Giƒc Ae¯’vq ‡c-
e¨vK mgq wbY©‡qi m~ÎwU wb‡Pi gZ n‡e| Avmyb Gi eënvi K‡i MvwYwZK mgm¨vi mgvavb Kwi|
Unrecovered costs at start of the period
†c-e¨vK mgq = Year before full recovery + Cash inflow during the period
MÖnY-eR©b bxwZ:
1. wbwY©Z †c-e¨vK mgq hw` eë¯’vcbv KZ…©K c~e© wba©vwiZ m‡ev©”P †c-e¨vK mgq A_ev ÷¨vÛvW© †c-e¨vK
mgq n‡Z Kg n‡j cÖKíwU MÖnY Kiv n‡e|
2. wbwY©Z †c-e¨vK mgq hw` eë¯’vcbv KZ…©K c~e© wba©vwiZ m‡ev©”P †c-e¨vK mgq A_ev ÷¨vÛvW© †c-e¨vK
mgq n‡Z †ewk n‡j cÖKí eR©b Kiv n‡e|
D`vniY 3: K †Kv¤úvwbi Avw_©K eë¯’vcK Rbve gvbœvb K Ges L bv‡g `ywU cÖK‡í wewb‡qv‡Mi K_v fve‡Qb| cÖKí
`ywUi we¯ÍvwiZ weeiY wb‡P †Ìqv n‡jv:
cÖKí-K cÖKí-L
cÖviw¤¢K wewb‡qM 50,000 UvKv 50,000 UvKv
cwigvY (UvKvq)
eQi Ki cieZx© Ki cieZx©
wbU gybvdv wbU gybvdv
1 6,000 10,000
2 5,800 12,000
3 14,000 8,000

4 8,500 4,500
5 12,500 6,500
Avqy®‹vj 5 eQi 5 eQi
fMœve‡kl gyj¨ 2,500 2,500
‡c-e¨vK mgq wbY©q Ki| †Kvb cÖKíwU MÖnY Kiv DwPZ?
mgvavb:
cÖKí K Gi †c-e¨vK mgq wbY©q:
cÖvw¤¢K wewb‡qvM-fMœve‡kl gyj¨ 50000-2500
evwl©K AePq = Avqy®‹vj = 5 = 9,500 UvKv

eQi 1 eQi 2 eQi 3 eQi 4 eQi 5
Ki cieZx© wbU gybvdv 6,000 5,800 14,000 8,500 12,500
‡hvM: AePq 9,500 9,500 9,500 9,500 9,500
fMœve‡kl gyj¨ 2,500
bM` AvšÍ:cÖevn 15,500 15,300 23,500 18,000 24,500
Dc‡ii mviwY‡Z wbYx©Z bM` cÖev‡ni mvnv‡h¨ cÖKí-K Gi †c-e¨vK mgq n‡e wbgœiƒc:
eQi bM` AvšÍ:cÖevn
1 15,500
2 15,300
3 23,500
4 18,000
5 24,500
Unrecovered costs at start of the period
†c-e¨vK mgq = Year before full recovery + Cash inflow during the period
19200
= 2+
23500
= 2.82 eQi|
cÖKí-L Gi †c-e¨vK mgq wbY©q:
Ki cieZx© wbU gybvdv 10,000 12,000 8,000 4,500 6,500
‡hvM: AePq 9,500 9,500 9,500 9,500 9,500
fMœve‡kl gyj¨ 2,500
bM` AvšÍ:cÖevn 19,500 21,500 17,500 14,000 18,500

Dc‡ii mviwY‡Z wbYx©Z bM` cÖev‡ni mvnv‡h¨ cÖKí-L Gi †c-e¨vK mgq n‡jv wbgœiƒc:
cÖKí-L
eQi bM` AvšÍ:cÖevn
1 19,500
2 21,500
3 17,500
4 17,500
5 18,500
†c-e¨vK mgq = Year before full recovery + Unrecovered costs at start of the period
Cash inflow during the period
9,000
= 2+
17,500
= 2.51 eQi|
gšÍe¨: cÖKí K Ges cÖKí L Gi †c-e¨vK mgq h_vµ‡g 2.82 eQi Ges 2.51 eQi| cÖKí L Gi †c-e¨vK mgq
cÖKí K Gi †c-e¨vK mgq n‡Z Kg, myZivs cÖKí L MÖnY‡hvM¨|
L. evÆvK…Z b` cÖevn c×wZ (Dsicounted Cash flow Technique)

c~‡e©i mbvZb c×wZi g‡a¨ A‡_©i mgqg~j¨ we‡ePbv Kiv nq bv| wKš‘ c×wZ¸‡jv Lye mnR Ges mn‡RB cÖKí
wbe©vP‡bi wel‡q wm×všÍ †bIqv hvq| evÆv c×wZ‡Z A‡_©i mgqg~j¨ we‡ePbvq †bIqv nq weavq G¸‡jv‡K AvaywbK
c×wZ wn‡m‡e MY¨Kiv nq|
1. wbU eZ©gvb gyj¨ c×wZ (Net Present Value): evÆvK…Z bM` cÖevn c×wZi cÖ_g †KŠkj n‡jv wbU eZ©gvb
gyj¨ c×wZ| G c×wZ‡Z fwel¨r mKj AvšÍ:cÖev‡ni eZ©gvb g~‡jï mgwó n‡Z cÖviw¤¢K wewb‡qvM ev` †Ìqv nq|
wbU eZ©gvb g~j¨ wbY©q Kivi m~Î :

1. hLb bM` AvšÍ:cÖevn wewfbœ iKg nq A_©vr Amgvb nq, ZLb wbU eZ©gvb g~j¨ wbY©q Kivi m~Î :
n
CFt  CF1 CF 2 CF 3 CFn 
NPV    II A_ev NPV     ...   II
t 1 (1  k )n  (1  k )1 (1  k )2 (1  k )3 (1  k )n 
n
A_ev NPV   CFt ( PVIF , k , n )  II
t 1
GLv‡b, NPV = wbU eZ©gvb g~j¨

k = g~jab e¨q
CFt = bM` AvšÍ:cÖevn
PVIF = eZ©gvb g~j¨ my` nvi d¨v±i

n = cÖK‡íi †gqv`
II = cÖv_wgK wewb‡qvM
2. hLb bM` AvšÍ:cÖevn GKB iKg nq A_©vr mgvb nq, ZLb wbU eZ©gvb g~j¨ wbY©q Kivi m~Î :
NPV = A(PVIFA, k, n) – II
GLv‡b, NPV = wbU eZ©gvb g~j¨

k = g~jab e¨q
A = G¨byBwU bM` AvšÍ:cÖevn
PVIFA = G¨byBwUi eZ©gvb g~‡jï my` d¨v±i|
n = cÖK‡íi †gqv`
II = cÖv_wgK wewb‡qvM
MÖnY bxwZ
1. wbU eZ©gvb g~j¨ abvZ¥K n‡j cÖKí MÖnY Kiv nq|
2. wbU eZ©gvb gyj¨ FYvZ¥K n‡j cÖKí eR©b Kiv nq|
3. wbU eZ©gvb gyj¨ k~b¨ n‡j, cÖKí MÖnY I Kiv hvq Avevi eR©bI Kiv hvq|
D`vniY 4: GKwU †Kv¤úvwbi Avw_©K eë¯’vcK Rbve gvbœvb K Ges L bv‡g `ywU cÖK‡í wewb‡qv‡Mi K_v fve‡Qb|
cÖwZwU cÖK‡íi cÖv_wgK wewb‡qvM 50,000 UvKv| cÖKí `ywUi AvšÍ: cÖevn wb‡P †Ìqv n‡jv:
cÖKí cwigvY jÿ (UvKvq)
cÖKí- K 15,500 15,300 23,500 18,500 24,500
cÖKí-L 17,500 17,500 17,500 17,500 17,500
evÆvi nvi 12%| wbU eZ©gvb g~j¨ wbY©q Ki| †Kvb cÖKíwU MÖnY Kiv DwPZ?
mgvavb:
cÖKí K Gi wbU eZ©gvb gyj¨ wbY©q:
CF1 CF 2 CFn
NPV =   ......   II
(1  k )1 (1  k )2 (1  k )n
15,500 15,300 23,500 18,500 24,500
=      50,000
(1  0.12)1 (1  0.12)2 (1  0.12)3 (1  0.12)4 (1  0.12)5
= (13,839.28+...+...+...+...) - 50,000
= ...- 50,000
= ... UvKv

cÖKí L Gi wbU eZ©gvb gyj¨ wbY©q:

= 17,500 (PVIFA, 12%, 5) - II

= 17,500 (3.6048) - 50,000
= 63,084 - 50,000
= 13,084 UvKv|
gšÍe¨: GLv‡b cÖKí K Ges cÖKí L Gi wbU eZ©gvb g~j¨ h_vµ‡g ..., †h‡nZz cÖKí …Gi wbU eZ©gvb gyj¨ cÖKí ..
†P‡q ‡ewk| AZGe, wWweGBP †Kv¤úvwb ... cÖKíwU MÖnY Ki‡Z cv‡i|
2. AvšÍ:Avq nvi c×wZ (Internal Rate of Return): ‡h evÆvi nv‡i bM` AvšÍ:cÖev‡ni eZ©gvb g~‡jï †hvMdj
Ges cÖviw¤¢K wewb‡qv‡Mi mgvb nq †mB evÆvi nvi‡K AvšÍ:Avq nvi (Internal Rate of Return) e‡j| A_©vr
AvšÍ:Avq nvi n‡jv †mB evÆvi nvi †h nv‡i wbU eZ©gvb g~j¨ k~Y¨ nq| AvšÍ:Avq nvi wbY©‡qi m~Î wb¤œiƒc:
C
AvšÍ:Avq nvi (IRR) = A +  ( B  A)
CD
GLv‡b,
A = wbgœ evÆvi nvi
B = D”P evÆvi nvi
C = wbgœ evÆvi nv‡i wbU eZ©gvb g~j¨
D = D”P evÆvi nv‡i wbU eZ©gvb g~j¨
MÖnY-eR©b bxwZ
1. AvšÍ:Avq nvi g~jab e¨q n‡Z †ewk n‡j cÖKíwU MÖnY Kiv n‡e|
2. AvšÍ:Avq nvi hw` g~jab e¨q n‡Z Kg n‡j cÖKíwU eR©b Kiv n‡e|
D`vniY 5 : GKwU †Kv¤úvwbi Avw_©K eë¯’vcK K Ges L bv‡g `yÕwU cÖK‡í wewb‡qv‡Mi K_v fve‡Qb| cÖ‡Z¨K
cÖK‡íi cÖv_wgK wewb‡qvM 60,000 UvKv| cÖKí `yÕwUi bM` AvšÍ:cÖevn wb‡P †Ìqv n‡jv:
cÖKí bM` AvšÍ:cÖevn
K 17,500 17,500 17,500 17,500 17,500
L 23,400 21,400 19,400 16,200 20,460
evÆvi nvi 12%| AvšÍ:Avq nvi wbY©q Ki| †Kvb cÖKíwU MÖnY Kiv DwPZ?
mgvavb:
cÖKí K Gi wbU eZ©gvb gyj¨ wbY©q:
= 17,500 (PVIFA, 12%, 5) - II
= 17,500 (3.6048) - 50,000

= 63,084 - 60,000
= 3,084 UvKv|
cÖKí-K Gi †ÿ‡Î hLb evÆvi nvi 12%, wbU eZ©gvb gyj¨ 3,084 UvKv hv abvZ¥K| myZivs evÆvi nvi †ewk K‡i
ai‡Z n‡e hv‡Z K‡i FYvZ¥K wbU eZ©gvb g~j¨ cvIqv hvq| awi,evÆvi nvi 15%|
= 17,500 (PVIFA, 15%, 5) - II
= 17,500 (3.3522) - 50,000
= 58,663.50 - 60,000
= - 1,336.50 UvKv|
GLb,
C
CD
3084
= 0.12+  (0.15-0.12)
3084  1336.50
3084
= 0.12+  0.03
4420.50
= 0.12+0.0209
= 0.1409 = 14.09% ev 14%
cÖKí L Gi wbU eZ©gvb g~j¨ wbY©q:
n
CFt
wbU eZ©gvb gyj¨ (NPV) =  (1  k )n  II
t 1
23400 21400 19400 16200 20460

=        60,000
(1  0.12 )1 (1  0.12)2 (1  0.12)3 (1  0.12)4 (1  0.12)5
= (20892.86+17059.95+13808.54+10295.39+11609.55)-60,000
= 73666.29 - 60,000 = 13,666.29 UvKv|
cÖKí-L Gi †ÿ‡Î hLb evÆvi nvi 12%, wbU eZ©gvb gyj¨ 13,666.29 UvKv hv abvZ¥K| myZivs evÆvi nvi †ewk
K‡i ai‡Z n‡e hv‡Z K‡i FYvZ¥K wbU eZ©gvb g~j¨ cvIqv hvq| awi,evÆvi nvi 22%|
wbU eZ©gvb g~j¨
23400 21400 19400 16200 20460
NPV =        60,000
(1  0.22 )1 (1  0.22)2 (1  0.22)3 (1  0.22)4 (1  0.22)5
= (19180.33+14377.86+10683.71+7312.67+7570.18) - 60,000
= 59124.75-60,000
= - 875.25 UvKv|
GLb,

C
CD
13,666.29
= 0.12+  (0.22-0.12)
13,666.29  875.26
13,666.29
= 0.12+  0.10
14,541.54
= 0.12+0.0939
= 0.2139 = 21.39%
wm×všÍ: hw` cÖKí `yÕwU ¯^vaxb nq Ges †Kv¤úvwbi ch©vß cwigvY Znwej _v‡K Zvn‡j `yÕwU cÖKíB MÖnY‡hvM¨ KviY
cÖKí `yÕwUi AvšÍ:Avq nvi h_vµ‡g 14% I 21.39% hv g~jab e¨q nvi 12% Gi †P‡q †ewk| Acic‡ÿ, hw`
cÖKí `yÕwU ci¯úi eR©bkxj nq Zvn‡j cÖKí L MÖnY‡hvM¨ KviY, cÖKí L Gi AvšÍ:Avq nvi 21.39% hv cÖKí L
Gi AvšÍ:Avq nvi 14% Gi †P‡q †ewk|
wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi c×wZi g‡a¨ cv_©K¨
wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi c×wZi g‡a¨ cv_©K¨ Ki‡Yi †ÿ‡Î `yÕwU ci¯úi eR©bkxj cÖK‡íi wbU eZ©gvb
g~j¨ I AvšÍ:Avq nv‡ii g‡a¨ Kxfv‡e cv_©K¨ m„wó nq Zv Av‡jvPbv Kiv n‡e|
GKwU D`vni‡Yi mvnv‡h¨ ci¯úi eR©bkxj `ywU cÖK‡íi wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi c×wZi g‡a¨ cv_©K¨
Kxfv‡e m„wó nq Zv e¨vL¨v Kiv †h‡Z cv‡i| Rbve wbRv‡gi wbKU wewb‡qv‡Mi Rb¨ `yÕwU ci¯úi eR©bkxj cÖKí
i‡q‡Q| cÖKí `yÕwUi bM` cÖevn wb¤œiƒc:
cÖKí bM` cÖevn
eQi 0 eQi 1 eQi 2 eQi 3 eQi 4 eQi 5
K (45,000) 15,000 15,000 15,000 15,000 15,000
L (50,000) 25,000 15,000 12,000 14,000 10,000
g~jab e¨q 15%|
cÖKí `yÕwUi wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi n‡jv:

cÖKí wbU eZ©gvb g~j¨ (UvKv) AvšÍ:Avq nvi
K 11,000 18.50%
L 10,500 20.50%
GLb cÖkœ n‡jv †Kvb cÖKíwU MÖnY Kiv DwPZ| Dc‡ii †Uwej n‡Z †`Lv hv‡”Q wbU eZ©gvb gyj¨ c×wZ‡Z cÖKí-K
MÖnY Kiv DwPZ| KviY, cÖKí-K Gi wbU eZ©gvb g~j¨ 11,000 UvKv hv cÖKí-L Gi wbU eZ©gvb g~j¨ 10,500 UvKv
n‡Z ‡ewk| Acvc‡ÿ AvšÍ:Avq nvi c×wZ Abyhvqx cÖKí-L MnY Kiv DwPZ| KviY, cÖKí-L Gi AvšÍ:Avq nvi
20.50% hv cÖKí-L Gi AvšÍ:Avq nvi 18.50% Gi †P‡q †ewk| GwU‡K we‡iva i¨vswKs e‡j| cÖKí ¸‡jv hw`
ci¯úi eR©bkxj nq Zvn‡j GK mv‡_ GKvwaK cÖKí MÖnY Kiv hvq bv| G †ÿ‡Î wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi
c×wZi g‡a¨ we‡ivac~Y© i¨vswKs m„wói KviY n‡jv:
1. cÖKí `yÕwUi cÖv_wgK wewb‡qv‡Mi cwigvY wfbœ
2. cÖKí `yÕwUi bM` AvšÍ:cÖev‡ni cwigvY wfbœ
3. Dfq c×wZ‡Z b` AvšÍ:cÖevn cybivq wewb‡qv‡Mi †ÿ‡Î Avq nv‡ii aviYv wfbœ| †hgb: wbU eZ©gvb
g~j¨ c×wZ‡Z cÖK‡íi bM` AvšÍ:cÖevn g~jab e¨‡qi nv‡i cybivq wewb‡qvM Kiv nq| Ab¨w`‡K,
AvšÍ:Avq nvi c×wZ‡Z bM` AvšÍ:cÖevn cÖK‡íi AvšÍ:Avq nv‡i cybivq wewb‡qvM Kiv nq|

GLv‡b D‡jøL¨ †h, ¯^vaxb cÖK‡íi †ÿ‡Î wbU eZ©gvb gyj¨ I AvšÍ:Avq nvi c×wZ‡Z †Kvb we‡ivac~Y© i¨vswKs m„wó
nq bv| KviY, ¯^vaxb cÖK‡íi †ÿ‡Î wbU eZ©gvb gyj¨ I AvšÍ:Avq nvi c×wZ‡Z cÖK‡íi MÖnY ev eR©b wm×všÍ GKB
nq| A_©vr wbU eZ©gvb g~j¨ c×wZ‡Z †h cÖKíwU MÖnY‡hvM¨ nq, AvšÍ:Avq nvi c×wZ‡ZI GKB cÖKí MÖnY‡hvM¨
n‡e|
wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi c×wZi g‡a¨ †KvbwU fvj wbY©vqK ev cwigvcK: wbU eZ©gvb gyj¨ I AvšÍ:Avq nvi
c×wZi g‡a¨ †KvbwU fvj Zv ejv AZ¨šÍ KwVb KvR| KLbI wbU eZ©gvb g~j¨ c×wZ fvj Avevi KLbI K‡cv©‡iU
wbe©vnxMY AvšÍ:Avq nvi c×wZ AMÖvwaKvi w`‡q _v‡Kb| wb‡¤œ `yÕwU c×wZi g‡a¨ ZzjbvgyjK Av‡jvPbv Kiv n‡jv:
ZvwË¡K `„wó‡KvY †_‡K wbU eZ©gvb g~j¨ c×wZ g~jab ev‡RwUs Gi ‡P‡q fvj| KviY:
1. wbU eZ©gvb g~j¨ c×wZ‡Z cÖK‡íi bM` AvšÍ:cÖevn cybivq wewb‡qvM Kiv hvq g~jab e¨‡qi nv‡i|
Acic‡ÿ, AvšÍ:Avq nvi c×wZ‡Z cÖK‡íi bM` AvšÍ:cÖevn cybivq wewb‡qvM Kiv hvq AvšÍ:Avq nv‡i|
ZvB ZvwË¡K `„wó‡Kvb †_‡K wbU eZ©gvb g~j¨ AvšÍ:Avq nvi A‡cÿv AwaK cQ›`bxq|
2. ‡Kvb cÖK‡íi AmbvZb bM` cÖev‡ni †ÿ‡Î GKwU AvšÍ:Avq nv‡ii cwie‡Z© GKvwaK AvšÍ:Avq nvi n‡q
_v‡K| d‡j AvšÍ:Avq nv‡ii gva¨‡g mwVK wm×všÍ MÖnY Kiv A‡bK RwUj n‡q hvq| wKš‘ wbU eZ©gvb g~j¨
c×wZ‡Z G ai‡bi †Kvb mgm¨v †bB|GRb¨ wbU eZ©gvb gy‡jï mvnv‡h¨ G ai‡bi cÖK‡íi †ÿ‡Î mwVK
wm×všÍ MÖnY Kiv hvq|
3. wbU eZ©gvb gyj¨ c×wZ‡Z GKwU †Kv¤úvwbi m¤ú` wK cwigvY e„w× cvq Zv mn‡R Rvbv hvq| m¤ú`
me©vwaKiY jÿ¨ AR©‡b ‡Kv¤úvwb ïaygvÎ Hai‡bi cÖKí MÖnY K‡i ‡h¸‡jvi wbU eZ©gvb g~j¨ me‡P‡q
†ewk|
Avw_©K eë¯’vcKMY eënvwiK `„wó‡Kvb †_‡K wbU eZ©gvb g~j¨ c×wZi †P‡q AvšÍ:Avq nvi c×wZi eënvi †ewk
cQ›` K‡ib| KviY n‡jv:
1. wewb‡qvMKvixMY UvKvi As‡K Av‡qi cwigv‡Yi †P‡q Av‡qi nvi †ewk cQ›` K‡ib| Gi Ab¨Zg KviY
n‡jv my‡ì nvi, jvfRbKZv Ges Ab¨vb¨ welq evwl©K Av‡qi nv‡i cÖKvk Kiv nq| ZvB mn‡RB D³ my‡ì
nvi ev gybvdvi nvi‡K AvšÍ:Av‡qi nv‡ii mv‡_ Zzjbv K‡i wm×všÍ MÖnY Ki‡Z cv‡i|
2. wbU eZ©gvb g~j¨ c×wZ‡Z cÖvß myweav wewb‡qvMK…Z A‡_©i cwigv‡Yi mv‡c‡ÿ cwigvY Kiv nq bv d‡j
wewb‡hvMKvixMY G c×wZ Kg cQ›` K‡ib|
4. wewfbœ †KŠkj cÖ‡qvM K‡i AvšÍ:Avq nvi c×wZi mgm¨v `~i Kiv hvq|
wewfbœ g~jab c×wZ cÖ‡qvM K‡i GKwU †Kv¤úvwbi Mo Avq nvi, †c-e¨vK
wkÿv_©xi KvR mgq, wbU eZ©gvb g~j¨, AvšÍ:Avq nvi wbY©q K‡i Zzwg †Zvgvi wkLb Kvh©wU
SvjvB K‡i bvI|
mvims‡ÿc :
†Kvb cÖK‡íi Mo Ki cieZ©x wbU gybvdv‡K Mo wewb‡qvM Øviv fvM Ki‡j †h nvi cvIqv hvq Zv‡K Mo gybvdvi
nvi e‡j| wewb‡qvMK…Z A_© KZ mg‡q †diZ Avm‡e Zv‡K †c-e¨vK mgq e‡j| †h c×wZ‡Z fwel¨r
AvšÍ:cÖev‡ni eZ©gvb g‡jï mgwó n‡Z bM` cÖviw¤¢K bM` ewn;cÖevn ev` †Ìqv nq Zv‡K wbU eZ©gvb gyj¨
c×wZ e‡j| ‡h evÆvi nv‡i bM` AvšÍ:cÖevn mg~‡ni eZ©gvb g~‡jï †hvMdj Ges cÖviv¤¢K wewb‡qv‡Mi mgvb nq
†mB evÆvi nvi‡K AvšÍ:Avq nvi (Internal Rate of Return) e‡j|

mwVK DË‡ii cv‡k wUK () wPý `vI:

1| evwl©K Mo wbU gybvdv‡K Mo wewb‡qvM Øviv fvM Ki‡j wb‡Pi †KvbwU cvIqv hvq?
K. Mo gybvdvi nvi L. ‡c-e¨vK mgq
M. wbU eZ©gvb g~j¨ N. AvšÍ:Avq nvi
2| †h c×wZi mvnv‡h¨ wewb‡qvMK…Z A_© KZ mg‡q †diZ Avm‡e Zv Rvbv hvq Zv‡K Kx e‡j?
K. Mo gybvd nvi L. wbU eZ©gvb gyj¨
M. ‡c-e¨vK mgq N. AvšÍ:Avq nvi
3| cÖv_wgK wewb‡qvMK…Z UvKv‡K evwl©K mgvb bM` cÖevn Øviv fvM Ki‡j Kx cvIqv hvq?
K. Mo gybvdvi nvi L. ‡c-e¨vK mgq
M. wbU eZ©gvb g~j¨ N. AvšÍ:Avq nvi
4| †h c×wZ‡Z bM` AvšÍ:cÖev‡ni eZ©gvb g~‡jï mgwó n‡Z cÖv_wgK wewb‡qvM ev` †Ìqv nq Zv‡K Kx ejv nq?
K. ‡c-e¨vK mgq L. Mo gybvdvi nvi
M. AvšÍ:Avq nvi N. wbU eZ©gvb g~j¨
5| †h evÆvi nv‡i bM` AvšÍ:cÖev‡ni eZ©gvb g~j¨ I bM` ewn:cÖev‡ni eZ©gvb g~j¨ mgvb nq Zv‡K Kx ejv nq?
K. ‡c e¨vK mgq L. Mo gybvdvi nvi
M. AvšÍ:Avq nvi N. wbU eZ©gvb g~j¨
6| †Kvb c×wZ‡Z ‡Kv¤úvwbi bM` cÖevn‡K g~jab e¨‡qi nv‡i cyY:wewb‡qvM Kiv nq?
K. wbU eZ©gvb g~j¨ L. Mo gybvdvi nvi
M. AvšÍ:Avq nvi N. Av‡qi nvi

cvV-8.3 g~jab wbqš¿Y, g~jab ev‡RwUs Ges g~jab eivÏKiY

(wbqš¿Y) Gi cv_©K¨ I g~jab ev‡RwUs Gi mgm¨v
D‡Ïk¨
 g~jab wbqš¿‡bi aviYv e¨vL¨v Ki‡Z cvi‡e|
 g~jab ev‡RwUs Ges g~jab eivÏKiY (wbqš¿Y) Gi g‡a¨ cv_©K¨b wbY©q Ki‡Z cvi‡e|
 g~jab ev‡RwUs Gi mgm¨v mg~n wPwýZ I e¨vL¨v Ki‡Z cvi‡e|
g~jab wbqš¿Y
g~jab wbqš¿Y ev eivÏKiY ej‡Z g~ja‡bi mxgve×Zvi Kvi‡Y cÖK‡íi MÖnY‡hvM¨Zvi AMÖvwaKv‡ii
wfwË‡Z g~jab eivÏ †Ìqv‡K eySvq| G †ÿ‡Î gybvdv AR©b ÿgZvi µgvbymv‡i cÖKí¸‡jv mvRv‡bv nq Ges
eivÏK…Z g~jab Abyhvqx m‡ev©”P Avq AR©bKvix cÖKí¸‡jv MªnY Kiv nq| wewfbœ cÖK‡í wewb‡qv‡Mi Rb¨ g~ja‡bi
chv©ßZv ‡Kv¤úvwbi wewb‡qvM wm×všÍ MÖnY‡K cÖfvweZ K‡i| Giƒc ‡ÿ‡Î GKvwaK cÖKí MÖnY jvfRbK n‡jI g~jab
wbqš¿‡Yi Rb¨ me¸‡jv MÖnY Kiv hvq bv| cÖK‡íi AMÖvwaKv‡ii wfwË‡Z g~ja‡bi Giƒc eivÏ †Ìqv n‡j Zv‡K
g~jab wbqš¿Y ev †ikwbs e‡j|
gyja‡bi mxgve×Zvi Kvi‡Y GK mv‡_ me¸‡jv MÖnY‡hvM¨ cÖK‡í wewb‡qvM Kiv hvq bv| ïaygvÎ me©v‡cÿv jvfRbK
cÖKímg~n Aby‡gv`b jvf K‡i, evwK¸‡jv eR©b ev wejw¤^Z Kiv nq| G †ÿ‡Î †kªwYe× Kivi Rb¨ c~e© wba©vwiZ wKQy
gvb`Û †hgb: AvšÍ:Avq nvi eënvi Kiv nq Ges m‡ev©”P Avq DcvR©bKvix cÖKí n‡Z me©wb¤œ Avq DcvR©bKvix
cÖKí ch©šÍ †kªwYweb¨vm Kiv nq| AZci KvU Ae c‡q›U wba©viY Kiv nq Ges KvU Ae c‡q›U Gi Dc‡ii
cÖ¯Íve¸‡jv‡Z g~jab †ikwbs Kiv nq Ges wb‡Pi cÖ¯Íve¸‡jv‡K evwZj Kiv nq| D`vniY ¯îƒc Rbve wgRv‡bi wbKU
wewb‡qv‡Mi Rb¨ 10,00,000 UKv Av‡Q| wb‡¤œ wZbwU ¯^vaxb cÖK‡íi cÖv_wgK wewb‡qv‡Mi cwigvY Ges AvšÍ:Avq
nvi †`qv n‡jv:
cÖKí cÖv_wgK wewb‡qvM AvšÍ:Avq nvi
K 5,00,000 25%
L 4,00,000 15%
M 50,000 13%
evÆvi nvi 12%| cÖ‡Z¨K cÖK‡íi AvšÍ:Avq nvi evÆvi nvi n‡Z †ewk nIqvq cÖ‡Z¨K cÖKíB jvfRbK| wKš‘
wZbwU cÖK‡í wewb‡qv‡Mi Rb¨ ch©vß cwigvY g~jab †bB| m‡ev©”P `yÕwU cÖK‡í wZwb wewb‡qvM Ki‡Z cvi‡eb|
†h‡nZz Rbve wgRv‡bi wbKU 10,00,000 UvZv Av‡Q †m‡nZz me‡P‡q †ewk jvfRbK cÖKí-K Ges cÖKí-L ‡Z
wewb‡qvM Kiv DwPZ|
g~jab ev‡RwUs Ges g~jab eivÏKiY (wbqš¿Y) Gi g‡a¨ cv_©K¨

`xN©‡gqvw` gjab wewb‡qv‡Mi †ÿ‡Î g~jab ev‡RwUs Ges g~jab wbqš¿Y ev eivÏKiY AZ¨šÍ ¸iæZ¡c~Y© welq| g~jab
ev‡RwUs Ges g~jab wbqš¿Y Gi g‡a¨ cv_©K¨ wb¤œiƒc:

cv_©‡Kï welq g~jab ev‡RwUs g~jab eivÏKiY (wbqš¿Y)

1. msÁv g~jab ev‡RwUs n‡jv cÖwZôv‡bi
wewfbœ cÖK‡í wewb‡qv‡Mi Rb¨ cÖKí¸‡jv‡K
`xN©‡gqvw` g~jab wewb‡qv‡Mi
†kªbxe× K‡i DËg cÖKí¸‡jv‡Z wewb‡qvM
cwiKíbv| Kiv‡K g~jab eivÏKiY e‡j|
2. cÖKí MÖnY jvfRbK cÖKí¸‡jv MÖnY Kiv nq|
me©v‡cÿv DËg cÖKí¸‡jv MÖnY Kiv nq|
3. cÖvavb¨ Av‡M cÖK‡íi Rb¨ g~jab ev‡RU Kiv
g~jab ev‡R‡Ui gva¨‡g cÖKí¸‡jv‡Z
nq| g~jab eivÏ †`qv nq|
4. AvIZv g~jab ev‡RwUs Gi AvIZv e¨vcK|
g~jab eivÏKiY n‡jv g~jab ev‡RwUs Gi
GKwU Ask|
5. Kvh© c×wZ Gi gva¨‡g cÖKí cÖ¯‘Z, g~j¨vqY, Gi gva¨‡g gybvdv AR©b ÿgZvi
wba©vib I ev¯Íevqb Kiv nq| µgvbymv‡i cÖKí¸‡jv‡K mvRv‡bv nq Ges
m‡ev©”P Avq AR©bKvix cÖKí¸‡jv‡K wbe©vPb
Kiv nq|
6. †gqv` I cÖK…wZ GwU GKwU `xN©‡gqvw` cwiKíbv| GwU GKwU ¯^í‡gqvw` cwiKíbv|
g~jab ev‡RwUs Gi mgm¨v mg~n

g~jab ev‡RwUs n‡jv cÖwZôv‡bi `xN©‡gqvw` wewb‡qvM wm×všÍ cÖwµqv| g~jab ev‡RwUs Gi wKQy mgm¨v i‡q‡Q|
†m¸‡jv wb‡P AvjvRbv Kiv n‡jv:
1. AwbðqZvi Drmmg~n: wewfbœ Kvi‡Y AwbwðZ Ae¯’vi m„wó n‡Z cv‡i| G¸‡jvi g‡a¨ wKQy welq †Kv¤úvwb
wbqš¿Y Ki‡Z cv‡i Ges wKQy welq †Kv¤úvwbi wbqš¿‡Yi evB‡i| †hgb: Kg©KZ©v-Kg©Pvwi‡ì ag©NU ev
Av‡›`vjb, †Kv¤úvwbi cÖavb wbe©vnx Kg©KZ©vi c`Z¨vM BZ¨vw` welq †Kv¤úvwb wbqš¿b Ki‡Z cv‡i| G mKj
welq g~jab ev‡RwUs cÖwµqvi g‡a¨ AšÍf~©³ Kiv hvq bv| Avevi miKv‡ii KiYxwZ, evwYR¨ bxwZ,gy`ªwùwZ
I Avg`vwb-ißvwb bxwZi cwieZ©b †Kv¤úvwbi wbqš¿‡Yi evB‡i| G mKj welqI g~jab e‡RwUs cÖwµqvi
g‡a¨ we‡ePbv Kiv hvq bv|
2. Pvwn`vi cwieZ©b: Pvwn`vi cwieZ©‡bi mv‡_ cY¨ weµ‡qi cwieZ©b nq| Drcvw`Z cY¨ weµ‡qi Dci
wbf©i K‡i bM` cÖev‡ni cwigvY| Pvwn`vi cwieZ©b †h mKj wel‡qi Dci wbf©i K‡i Zv n‡jv †fv³vi
iæwP I Af¨vm, `ª‡eï `vg I ¸bMZ gvb, †µZvi Avq, RbmsL¨v, FZzi cwieZ©b, weKí `ªe¨ g~‡jï
cwieZ©b, cwic~iK `ªe¨ g~‡jï cwieZ©b, `v‡gi fwel¨Z MwZ BZ¨vw`| Gme Kvi‡Y weµ‡qi cwigvY
mwVKfv‡e c~e©vbygvb Kiv hvq bv| ZvB gybvdv I bM` cÖevn mwVKfv‡e cÖv°jb Kiv hvq bv|
3. Drcv`b e¨‡qi cwieZ©b: ‡h †Kvb cÖK‡íi gybvdv wbf©i K‡i Drcvw`Z c‡Yï Drcv`b e¨‡qi Dci| cY¨
Drcv`‡bi Rb¨ cÖ‡qvRb KuvPvgvj, kªg, g~jab I hš¿cvwZ| Gme Dcv`v‡bi Rb¨ A_© e¨q Ki‡Z nq;
†hgb- KuvPvgvj µq LiP, kª‡gi Rb¨ gRyix, g~ja‡bi my`, BZ¨vw`| Gme DcKi‡Yi e¨‡qi mgwó n‡jv
Drcv`b e¨q Ges G e¨q cwieZ©‡bi d‡j gybvdvi cwieZ©b n‡Z cv‡i|
4. g~jab e¨‡qi cwieZ©b: GKwU cÖK‡í wewb‡qv‡Mi Rb¨ `xN©‡gqvw` Drm n‡Z g~jab msMÖn Ki‡Z nq, †hgb:
`xN©‡gqvw` e¨vsK FY, eÛ I †kqvi g~jab BZ¨vw`| Gme Dr‡mi e¨q fwel¨‡Z cwieZ©b n‡Z cv‡i|

Avevi fwel¨‡Z evRvi my‡ì nvi I gy`ªvùxwZ cwieZ©‡bi d‡j SuzwKgy³ Av‡qi nvi cwiewZ©Z nq| d‡j
BKz¨BwU g~jab I FY g~jab Gi e¨q e„w× †c‡Z cv‡i| myZivs g~jab e¨‡qi cwieZ©‡bi Rb¨ wewb‡qvM
cÖKí mwVKfv‡e g~j¨vqb Kiv m¤¢e nq bv|
5. AwbwðZ wek¦: ‡h †Kvb wewb‡qv‡Mi mv‡_ AwbðqZv RwoZ i‡q‡Q| †hLv‡b AwbðqZv i‡q‡Q †mLv‡b
SuzwKI i‡q‡Q| wewb‡qvMKvixMY ZLbB wewb‡qvM K‡i hLb H cÖKí n‡Z cÖvß gybvdv ev bM` cÖevn †diZ
cvIhvi e¨vcv‡i wbwðZ n‡Z cv‡i| wewb‡qv‡Mi mv‡_ SuzwK RwoZ _vKvi Kiv‡b A‡bK mgq mwVKfv‡e
bM` cÖevn cÖv°jb Kiv hvq bv|
g~jab eivÏKiY I g~jab ev‡RwUs Gi mv‡_ cv_©K¨ Ki‡Yi gva¨‡g Ges

wkÿv_©xi KvR g~jab ev‡RwUs Gi mgm¨v mg~n wPwýZ Ki‡Yi gva¨‡g Zzwg ‡Zvgvi wkLb
Kvh©wU SvjvB K‡i bvI|
mvims‡ÿc:
g~jab wbqš¿Y ev eivÏKiY ej‡Z g~ja‡bi mxgve×Zvi Kvi‡Y cÖK‡íi MÖnY‡hvM¨Zvi AMÖvwaKv‡ii wfwË‡Z
g~jab eivÏ †Ìqv‡K eySvq| g~jab ev‡RwUs Gi wKQy mgm¨v i‡q‡Q, †hgb: AwbðqZvi Drmmg~n, Pvwn`vi
cwieZ©b, Drcv`b e¨‡qi cwieZ©b, g~jab e¨‡qi cwieZ©b, AwbwðZ wek¦ BZ¨vw`|
mwVK DË‡ii cvk wUK () wPý w`b|
1| g~jab ev‡RwUs †Kvb ai‡bi wewb‡qvM wm×v‡šÍi mv‡_ RwoZ?
K. `xN©‡gqv`x L ¯^í‡gqvw`
M.ga¨‡gqv`x N. ¯^í I ga¨‡gqv`x
2| cÖK‡íi AMÖvwaKv‡ii wfwË‡Z g~jab eivÏ †`qv n‡j Zv‡K Kx e‡j?
K. g~jab ev‡RwUs L. e¨q wbqš¿Y
M. g~jab wbqš¿Y N. Avq
3| AvšÍ:Avq nvi c×wZi mxgve×Zv n‡jv:
i. wbY©q Kiv †ek RwUj
ii. GKvwaK AvšÍ:Avq nv‡ii †ÿ‡Î wm×všÍ MÖnY Kiv mnR
iii. A‡_©i mgqg~j¨‡K we‡ePbv Kiv nq
wb‡Pi †KvbwU mwVK?
K. i I ii L. i I iii M. ii I iii N. i, ii I iii
4| g~jab ev‡RwUs Gi mgm¨v n‡jv:
i. AwbwðZ wek¦
ii. Pvwn`vi AcwieZ©b
iii. Drcv`b e¨‡qi cwieZ©b


5| ZvwË¡K `„wó fw½‡Z wbU eZ©gvb g~j¨ AvšÍ:Avq nv‡ii Zzjbvq DËg nIqvi KviY n‡jv:
i. cÖvß bM` cÖevn g~jab e¨‡qi nv‡i wewb‡qvM Kiv nq
ii. AMZvbyMwZK bM` cÖev‡ni †ÿ‡Î G‡Ki AwaK AvšÍ:Avq nvi cvIqv hvq
iii. jv‡fi nvi KZ Zv Rvbv hvq
P~ovšÍ g~j¨vqb
DËi ms‡ÿc
K. Ávbg~jK cÖkœ
1| g~jab ev‡RwUs Kx?
2| ¯^vaxb cÖKí Kx?
3| ci¯úi eR©bkxj cÖKí Kx?
4| Mo gybvdvi nvi Kx?
5| †c-e¨vK mgq Kx?
6| wbU eZ©gvb gyj¨ c×wZ Kx?
7| AvšÍ:Avq nvi Kx?
8| g~jab wbqbÎY Kx?
9| g~jab ev‡RwUs Gi mbvZb c×wZ¸‡jv Kx?
10| g~jab ev‡wUs Gi evÆvK…Z bM` cÖevn c×wZ¸‡jv Kx?
L. Abyavebg~jK cÖkœ
1| †c-e¨vK mgq c×wZ‡Z A‡_©i mgqg~j¨ we‡ePbv Kiv nq bv- e¨vL¨v Ki|
2| Mo gybdvi nvi c×wZ‡Z Kxfv‡e cÖKí gyj¨vqb Kiv nq? e¨vL¨v Ki|
3| †c-e¨vK mgq c×wZ‡Z Kxfv‡e cÖKí g~j¨vqb Kiv nq? e¨vL¨v Ki|
4| AvšÍ:Avq nvi Kxfv‡e bY©q Kiv nq? e¨vL¨v Ki|
5| bM` AvšÍ:cÖevn cybivq wewb‡qv‡Mi wfwË‡Z wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi c×wZi g‡a¨ †KvbwU fvj? e¨vL¨v
Ki|
6| Amgvb bM` cÖev‡ni †ÿ‡Î Kxfv‡e eZ©gvb g~j¨ wbY©q Kiv nq? e¨vL¨v Ki|
7| AvšÍ:Avq nvi c×wZ‡Z Kxfv‡e cÖKí gyj¨vqb Kiv nq? e¨vL¨v Ki|
8| g~jab ev‡RwUs Gi evÆvK…Z bM` cÖevn c×wZ †Kb cQ›`bxq? e¨vL¨v Ki|
9| evÆvi nvi e„w× †c‡j wbU eZ©gvb g~‡jï Dci Kx cÖfve co‡e? e¨vL¨v Ki|
10| g~jab †ikwbs wbqš¿‡Yi †ÿ‡Î Kxfv‡e wewb‡qvM wm×všÍ MÖnY Kiv nq? e¨vL¨v Ki|
11| ci¯úi eR©bkxj cÖK‡íi †ÿ‡Î Kxfv‡e wewb‡qvM wm×všÍ MÖnY Kiv nq? e¨vL¨v Ki|

m„Rbkxj cÖkœ (Creative Question)

1. ‡ewjwRs †Kv¤úvwb wjwg‡UW Gi Avw_©K eë¯’vcK Rbve Bmjvg K Ges L bv‡g `yÕwU ci¯úi eR©bkxj
cÖK‡í wewb‡qv‡Mi wPšÍvfvebv Ki‡Qb| cÖKí `yÕwUi we¯ÍvwiZ weeiY wb‡P †Ìqv n‡jv:
cÖKí-K cÖKí-L
cÖviw¤¢K wewb‡qvM 60,000 60,000
cwigvY (UvKvq)
eQi Ki cieZx© wbU gybvdv Ki cieZx© wbU gybvdv
1 6000 12,500
2 5,600 10,500
3 14,000 9,000
4 8,400 6,000
5 12,500 6,500
Avqy®‹vj 5 eQi 5 eQi
fMœve‡kl gyj¨ 4000 4000
‡Kv¤úvwbi eë¯’vcbv KZ…©cÿ KZ©„K wba©vwiZ m‡ev©”P †c-e¨vK mgq 3 eQi| cÖKí-L Gi †c-e¨vK mq 2.9 eQi|
K. ¯^vaxb cÖKí Kx?
L. wbU eZ©gvb g~j¨ c×wZ‡Z Kxfv‡e cÖKí gyj¨vqb Kiv nq? e¨vL¨v Kiæb|
M. cÖKí-K Gi Mo gybvdvi nvi KZ?
N. Rbve Bmjv‡gi ‡Kvb cÖK‡í wewb‡qvM Kiv DwPZ?
2. Wwib cvIqvi wjwg‡UW Gi Avw_©K eë¯’vcK Rbve Avqbvj K Ges L bv‡g ci¯úi eR©bkxj `yÕwU cÖK‡íi g‡a¨
†h ‡Kv‡bv GKwU cÖK‡í wewb‡qv‡Mi wPšÍvfvebv Ki‡Qb| cÖ‡Z¨K cªK‡íi cÖv_wgK wewb‡qvM 55,000 UvKv| cÖKí
`yÕwUi bM` AvšÍ:cÖevn wb‡P †Ìqv n‡jv:
K 16,000 16,500 26,000 20,000 20,500
L 21,000 21,000 21,000 21,000 21,000
evÆvi nvi 13%| Rbve Avqbvj cÖKí gyj¨vq‡b evÆvK…Z bM` cÖevn c×wZ eënvi K‡ib| wZwb cÖKí n‡Z wbU
m¤ú` Kx cwigvY e„w× cv‡e Zv UvKvi As‡K wbwðZ Ki‡Z Pvb|
K. g~jab eivÏKiY ev wbqš¿Y Kx?
L. ci¯úi eR©bkxj cÖK‡íi †ÿ‡Î Kxfv‡e cÖKí gyj¨vqb Kiv nq? e¨vL¨v Kiæb|
M. cÖKí K Gi †c-e¨vK mgq wbY©q Kiæb|
N. Rbve Avqbvj Gi Rb¨ wewb‡qvM wmÏvšÍ Kx n‡e? hyw³ mn DËi w`b|
3. ¯‹qvi †Kv¤úvwbi Avw_©K eë¯’vcK Rbve gvbœvb K Ges L bv‡g `yÕwU ci¯úi eR©bkxj cÖK‡í wewb‡qv‡Mi
wPšÍvfvebv Ki‡Qb| cÖ‡Z¨K cÖK‡íi cÖv_wgK wewb‡qM 75,000 UvKv| evÆvi nvi 13%| cÖKí `yÕwUi bM`
AvšÍ:cÖevn wb‡P †Ìqv n‡jv:
eQi 1 eQi 2 eQi 3
K 44,000 26,500 35,000
L 36,000 36,000 36,000
†Kv¤úvwbi eë¯’vcbv KZ…©K wba©vwiZ m‡ev©”P †c-e¨vK mgq 2 eQi| Rbve gvbœvb cÖKí g~j¨vq‡b mbvZb c×wZ
eënvi K‡ib|
K. g~jab wbqš¿Y Kx?

L. Mo gybvdvi nvi c×wZ‡Z Kxfv‡e cÖKí g~j¨vqb Kiv nq? Zv e¨vL¨v Kiæb|
M. cÖKí-K Gi wbU eZ©gvb g~j¨ wbY©q Kiæb|
N. Rbve gvbœv‡bi wewb‡qvM wm×všÍ Kx n‡e? hyw³mn DËi w`b|
4. gvBWvm wdb¨vÝ †Kv¤úvwbi wbKU `yÕwU ci¯úi eR©bkxj cÖKí K I L †Z wewb‡qv‡Mi my‡hvM i‡q‡Q| cÖKí
`yÕwUi bM` cÖevn wb¤œiƒc:
mgq K L
0 30,000 40,000
1 12,000 15,000
2 15,000 18,000
3 9,000 9,000
4 8,000 7,000
K. ci¯úi eR©bkxj cÖKí Kx?
L. †c-e¨vK wcwiqW ej‡Z Kx eySvq?
M. g~jab e¨q 15% n‡j cÖKí `ywUi wbU eZ©gvb g~j¨ wbY©q Kiæb|
N. hw` cÖKí `ywU ¯^vaxb nq Ges g~jab e¨q 12% n‡j Zzwg †Kvb cÖKí cQ›` Ki‡e? DË‡ii ¯^c‡ÿ hyw³ w`b|
5. wmwfI cvewj‡KkÝ wjwg‡UW Gi Avw_©K eë¯’vcK Rbve Zvbfxi GKwU cÖK‡í wewb‡qv‡Mi wPšÍvfvebv Ki‡Qb|
cÖKíwUi we¯ÍvwiZ weeiY wb‡P †`qv n‡jv:
cÖviw¤¢K wewb‡qvM 90,000 UvKv
eQi weµq
1 30,000
2 50,000
3 60,000
4 75,000
5 50,000
Avqy®‹vj 5 eQi
fMœve‡kl g~j¨ 5000 UvKv
Ki nvi 50%
PjwZ e¨q weµ‡qi 30%
w¯’i e¨q 12,000 UvKv
K. †c-e¨vK mgq wbY©q Kiæb|
L. Mo gybvdvi nvi wbY©q Kiæb|
M. wbU eZ©gvb gyj¨ wbY©q Kiæb| †Kv¤úvwbi g~jab e¨q 15%|
N. AvšÍ:e¨q nvi wbY©q Kiæb|
DËigvjv
cv‡VvËi g~j¨vqb- 8.1 : 1. K 2. L 3. M 4. N 5. K
cv‡VvËi g~j¨vqb- 8.2 : 1. K 2. M 3. L 4. N 5. M
6. K
cv‡VvËi g~j¨vqb- 8.3 : 1. K 2. M 3. M 4. N 5. K

Unit 08

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Unit 08

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g~jab ev‡RwUs I wewb‡qvM wm×všÍ BDwbU

(Captial Budgeting & Investment Decision) 8

BDwbU mgvwßi mgq BDwbU mgvwßi m‡e©v”P mgq 2 mßvn

cvV-8.1 g~jab ev‡RwUs Gi aviYv, cÖK‡íi aviYv, cÖK‡íi AvIZv I

g~jab ev‡RwUs Gi aviYv

BDwbU AvU c„ôv 153

g~jab ev‡RwUs-Gi cwiwa

g~jab ev‡RwUs-Gi avc

BDwbU AvU c„ôv 154

3. cÖK‡íi KvwiMwi m¤¢ve¨Zv hvPvB Kiv;

BDwbU AvU c„ôv 155

mwVK DË‡ii cv‡k wUK () wPý `vI:

BDwbU AvU c„ôv 156

cvV-8.2 wewfbœ c×wZ‡Z cÖKí g~j¨vqb

wewfbœ c×wZ‡Z cÖKí g~j¨vqb

BDwbU AvU c„ôv 157

cÖv_wgK wewb‡qvM - fMœve‡kl gyj¨ 32000-7000

BDwbU AvU c„ôv 158

Gevi Avmyb G wel‡q GKwU MvwYwZK mgm¨v mgvavb Kwi|

BDwbU AvU c„ôv 159

weeiY cwigvY (UvKvq)

BDwbU AvU c„ôv 160

L. evÆvK…Z b` cÖevn c×wZ (Dsicounted Cash flow Technique)

wbU eZ©gvb g~j¨ wbY©q Kivi m~Î :

GLv‡b, NPV = wbU eZ©gvb g~j¨

BDwbU AvU c„ôv 161

GLv‡b, NPV = wbU eZ©gvb g~j¨

eQi 1 eQi 2 eQi 3 eQi 4 eQi 5

cÖKí- K 15,500 15,300 23,500 18,500 24,500

cÖKí-L 17,500 17,500 17,500 17,500 17,500

BDwbU AvU c„ôv 162

cÖKí L Gi wbU eZ©gvb gyj¨ wbY©q:

= 17,500 (PVIFA, 12%, 5) - II

BDwbU AvU c„ôv 163

23400 21400 19400 16200 20460

BDwbU AvU c„ôv 164

cÖKí `yÕwUi wbU eZ©gvb g~j¨ I AvšÍ:Avq nvi n‡jv:

BDwbU AvU c„ôv 165

BDwbU AvU c„ôv 166

mwVK DË‡ii cv‡k wUK () wPý `vI:

BDwbU AvU c„ôv 167

cvV-8.3 g~jab wbqš¿Y, g~jab ev‡RwUs Ges g~jab eivÏKiY

g~jab ev‡RwUs Ges g~jab eivÏKiY (wbqš¿Y) Gi g‡a¨ cv_©K¨

BDwbU AvU c„ôv 168

cv_©‡K¨i welq g~jab ev‡RwUs g~jab eivÏKiY (wbqš¿Y)

g~jab ev‡RwUs Gi mgm¨v mg~n

BDwbU AvU c„ôv 169

g~jab eivÏKiY I g~jab ev‡RwUs Gi mv‡_ cv_©K¨ Ki‡Yi gva¨‡g Ges

BDwbU AvU c„ôv 170

K. i I ii L. i I iii M. ii I iii N. i, ii I iii

BDwbU AvU c„ôv 171

m„Rbkxj cÖkœ (Creative Question)

BDwbU AvU c„ôv 172

BDwbU AvU c„ôv 173

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