TBTF IMF Paper

Embed Size (px)

Citation preview

  • 7/31/2019 TBTF IMF Paper

    1/27

    D G E R V H E E F D R B \ R R D K O O K V L

    Hprdn :6, :38:

    RFO/8:/32

    Erkg Jhdn-kut tk Jhdn-do9 Ghofhtkry FljtZlstrubturdoa ke Rystlgdb Edohobdhn Dostdtutdkos

    Idhopdoa Y`ku, Udradodh Zutnlfal, Qkutlr Jkssu, Ghrb Fkjnlr,Ohflal Ihsshuf, hof Gdb`hln Gkkrl

    D O V L Z O H V D K O H N G K O L V H Z T E \ O F

  • 7/31/2019 TBTF IMF Paper

    2/27

    DOVLZOHVDKOHN GKOLVHZT E\OF

    Gkolthry hof Bhpdthn Ghrmlt Flphrtglot hof Nlahn Flphrtglot

    Erkg Jhdn-kut tk Jhdn-do9 Ghofhtkry Fljt Zlstrubturdoa

    ke Rystlgdb Edohobdhn Dostdtutdkos

    Srlphrlf jy Idhopdoa Y`ku, Udradodh Zutnlfal, Qkutlr Jkssu, Ghrb Fkjnlr,

    Ohflal Ihsshuf, hof Gdb`hln Gkkrl8

    Hut`krdzlf ekr fdstrdjutdko jy Iks Udhns hof Rlho @haho

    Hprdn :6, :38:

    ILN Bnhssdedbhtdko Ougjlrs9 A:8, A:0, A2:, A22

    Mlywkrfs9 Edohobdhn rlaunhtkry rlekrgs, jhomdoa brdsds,jhdnkut, tkk jda tk ehdn, jhom bhpdthndzhtdko

    Hut`krs L-ghdn Hffrlssls9iz`ku8Cdge.kra= vrutnlfalCdge.kra=wjkssuCdge.kra= gfkjnlrCdge.kra=oihsshufCdge.kra= ggkkrlCdge.kra

    8V`l phplr jloledtlf erkg fdsbussdkos wdt` Qdnsko Lrvdo (Brlfdt Rwdss HA), Ghrm Enhoolry (\odvlrsdty keEnkrdfh), B`hrnls Akkf`hrt (Nkofko Rb`kkn ke Lbkokgdbs), hof Mokx Gbnnwhdo (Bnlhry Akttndlj Rtllo &@hgdntko NNS). Ql hrl arhtleun ekr t`l bkgglots prkvdflf jy Ikoht`ho Edlb`tlr, Rlho @haho, Fhodln @hrfy,Zkss Nlbmkw, Fhvdf Shrmlr, Blynh Shzhrjhsdkanu, Zkjlrt R`ll`y, hof Iks Udhns, hof t`l lxblnnlot hssdsthobl

    prkvdflf jy B`hrghol H`glf. V`l vdlws lxprlsslf do t`ds phplr hrl t`ksl ke t`l hut`krs.

    FDRBNHDGLZ9 V`ds Rthee Fdsbussdko Oktl rlprlslots t`l vdlws ke t`l hut`krs hof

    fkls okt olblsshrdny rlprlslot DGE vdlws kr DGE pkndby. V`l vdlws lxprlsslf `lrldo

    s`kunf jl httrdjutlf tk t`l hut`krs hof okt tk t`l DGE, dts Lxlbutdvl Jkhrf, kr dts

    ghohalglot. Rthee Fdsbussdko Oktls hrl pujnds`lf tk lndbdt bkgglots hof tk eurt`lr

    fljhtl.

  • 7/31/2019 TBTF IMF Paper

    3/27

    :

    Bkotlots Shal

    Lxlbutdvl Rugghry ...................................................................................................................2D. Dotrkfubtdko ............................................................................................................................6DD. Rthtutkry Jhdn-do9 Bkoblpt hof Lbkokgdb Zhtdkohnl ............................................................5

    H. Q`ht Ds Jhdn-do; ........................................................................................................5J. Q`y Fk Ql Ollf Jhdn-do; .......................................................................................0

    DDD. H Srkpkslf Erhglwkrm ekr Jhdn-do....................................................................................83H. Srkblfurhn Lnlglots ...............................................................................................83J. Rujsthotdvl Flsdao Lnlglots ..................................................................................82

    DU. Arkup Dssuls hof Brkss-Jkrflr B`hnnloals ......................................................................86U. Bkgphrdskos wdt` Kt`lr Zlsknutdko Vkkns .........................................................................80UD. Sktlotdhn Ghrmlt Zdsms hof Gdtdahtdoa Glhsurls ..............................................................:3

    H. Sktlotdhn Dgphbt ko Euofdoa Bksts .........................................................................:3J. Leelbts ko Jhom Ndhjdndty Rtrubturl .........................................................................:8B. Sktlotdhn Bkothadko Zdsms .......................................................................................::

    UDD. Bkobnusdkos ......................................................................................................................::Zlelrlobls ................................................................................................................................:6Vhjnl

    8. Leelbts ke Jhdn-do ko Jhom Jhnhobl R`llt9 H Rdgpnl Lxhgpnl .............................................1

  • 7/31/2019 TBTF IMF Paper

    4/27

    2

    LPLB\VDUL R\GGHZT

    Nhral-sbhnl akvlroglot suppkrt ke t`l edohobdhn dostdtutdkos fllglf tkk jda kr tkk dgpkrthottk ehdn furdoa t`l rlblot brdsds `hs jllo bkstny hof `hs pktlotdhnny dobrlhslf gkrhn `hzhrf. Vkprktlbt thxphylrs erkg lxpksurl tk jhom nkssls hof tk rlfubl t`l rdsms pkslf jy tkk-jda-tk-ehdn (VJVE), vhrdkus rlekrg dodtdhtdvls `hvl jllo uoflrthmlo ht jkt` ohtdkohn hofdotlrohtdkohn nlvlns, dobnufdoa lxphofdoa rlsknutdko pkwlrs hof tkkns.

    Kol lxhgpnl ds jhdn-do, w`db` ds h sthtutkry pkwlr ke h rlsknutdko hut`krdty (hs kppkslf tkbkotrhbtuhn hrrhoalglots, sub` hs bkotdoalot bhpdthn rlqudrlglots) tk rlstrubturl t`lndhjdndtdls ke h fdstrlsslf edohobdhn dostdtutdko jy wrdtdoa fkwo dts uoslburlf fljt hof/krbkovlrtdoa dt tk lqudty. V`l sthtutkry jhdn-do pkwlr ds dotloflf tk hb`dlvl h prkgptrlbhpdthndzhtdko hof rlstrubturdoa ke t`l fdstrlsslf dostdtutdko. V`ds phplr stufdls dtsleelbtdvlolss do rlstkrdoa t`l vdhjdndty ke fdstrlsslf dostdtutdkos, fdsbussls pktlotdhn rdsmsw`lo h jhdn-do pkwlr ds hbtdvhtlf, hof prkpksls flsdao elhturls tk gdtdahtl t`lsl rdsms. V`lghdo bkobnusdkos hrl9

    8. Hs h akdoa-bkoblro ekrg ke rlsknutdko, jhdn-do bkunf gdtdahtl t`l systlgdb rdsmshsskbdhtlf wdt` fdskrflrny ndqudfhtdkos, rlfubl flnlvlrhadoa prlssurls, hof prlslrvl hssltvhnuls t`ht gda`t kt`lrwdsl jl nkst do h ndqudfhtdko. Qdt` h brlfdjnl t`rlht ke stkbmlndgdohtdko kr fdnutdko jy fljt bkovlrsdko hof hssugptdko ke ghohalglot jy rlsknutdkohut`krdtdls, edohobdhn dostdtutdkos ghy jl doblotdvdzlf tk rhdsl bhpdthn kr rlstrubturl fljtvknuothrdny jlekrlt`l trdaalrdoa ke t`l jhdn-do pkwlr.

    :. @kwlvlr, de t`l usl ke h jhdn-do pkwlr ds plrbldvlf jy t`l ghrmlt hs h sdao ke t`lbkoblrolf dostdtutdkos dosknvloby, dt bkunf trdaalr h ruo jy s`krt-tlrg brlfdtkrs hofhaarhvhtl t`l dostdtutdkos ndqudfdty prkjnlg. Dflhnny, t`lrlekrl, jhdn-do s`kunf jl hbtdvhtlfw`lo h bhpdthn doeusdko ds lxplbtlf tk rlstkrl h fdstrlsslf edohobdhn dostdtutdko tk vdhjdndty,

    wdt` keedbdhn ndqudfdty suppkrt hs h jhbmstkp uotdn t`l jhom ds sthjdndzlf.

    2. Jhdn-do ds okt h phohblh hof s`kunf jl bkosdflrlf hs kol lnlglot ke h bkgprl`losdvlsknutdko tk t`l VJVE prkjnlg. Dt s`kunf suppnlglot, okt rlpnhbl, kt`lr rlsknutdko tkkns t`htwkunf hnnkw ekr ho krflrny bnksurl ke h ehdnlf dostdtutdko.

    6. Gkst dgpkrthotny, t`l jhdn-do erhglwkrm ollfs tk jl bhrleunny flsdaolf tk losurl dtsleelbtdvl dgpnlglothtdko.

    V`l trdaalrsekr jhdn-do pkwlr s`kunf jl bkosdstlot wdt` t`ksl uslf ekr kt`lr rlsknutdkotkkns. V`ly s`kunf jl slt ht t`l pkdot w`lo h edrg wkunf `hvl jrlhb`lf t`l rlaunhtkry

    gdodgh jut jlekrl dt jlbhgl jhnhobl-s`llt dosknvlot. Vk ghml jhdn-do h trhosphrlot tkkn,dts sbkpl s`kunf jl ndgdtlf tk (d) lndgdohtdko ke lxdstdoa lqudty s`hrls hs h prlbkofdtdkoekr h jhdn-do= hof (dd) bkovlrsdko hof `hdrbut tk sujkrfdohtlf hof uoslburlf slodkr fljt.Fljt rlstrubturdoa uoflr h jhdn-do s`kunf thml dotk hbbkuot t`l krflr ke prdkrdtdlshppndbhjnl do h ndqudfhtdko.

    H bnlhr hof bk`lrlot nlahn erhglwkrmekr jhdn-do ds lsslotdhn. V`l nlahn erhglwkrm ollfstk jl flsdaolf tk lsthjnds` ho hpprkprdhtl jhnhobl jltwllo t`l rda`ts ke prdvhtl

  • 7/31/2019 TBTF IMF Paper

    5/27

    6

    sthml`knflrs hof t`l pujndb pkndby dotlrlst do prlslrvdoa edohobdhn sthjdndty. Fljtrlstrubturdoa dflhnny wkunf okt jl sujilbt tk brlfdtkr bkoslot, jut h ok brlfdtkr wkrslkee tlst ghy jl dotrkfublf tk shelauhrf brlfdtkrs hof s`hrl`knflrs dotlrlsts. V`lerhglwkrm hnsk ollfs tk prkvdfl glb`hodsgs ekr hffrlssdoa dssuls hsskbdhtlf wdt` t`ljhdn-do ke fljt dssulf jy ho lotdty ke h nhralr jhomdoa arkup hof wdt` t`l brkss-jkrflr

    kplrhtdkos ke t`ht lotdty kr jhomdoa arkup.

    V`lbkotrdjutdko ke olw bhpdthn wdnn bkgl erkg fljt bkovlrsdko hof/kr ho dssuhobl keolw lqudty, wdt` ho lndgdohtdko kr sdaodedbhot fdnutdko ke t`l prl-jhdn do s`hrl`knflrs.Jhdn-do wdnn ollf tk jl hbbkgphodlf jy glb`hodsgs tk losurl t`l sudthjdndty ke olws`hrl`knflrs. Rkgl glhsurls (l.a., h enkkr prdbl ekr fljt/lqudty bkovlrsdko) gda`t jlolblsshry tk rlfubl t`l rdsm ke h flht` spdrhn do s`hrl prdbls.

    Dt ghy jl olblsshry tk dgpksl gdodgug rlqudrlglots ko jhoms ekr dssudoa uoslburlffljt kr tk slt ndgdts ko t`l lobugjrhobl ke hsslts (w`db` `hvl jllo dotrkfublf jy ghoyhfvhoblf bkuotrdls). V`ds wkunf `lnp rlhssurl t`l ghrmlt t`ht h jhdn-do wkunf jlsueedbdlot tk rlbhpdthndzl t`l fdstrlsslf dostdtutdko, t`us ekrlsthnndoa pktlotdhn ruos jys`krt-tlrg brlfdtkrs hof hvlrt h fkwowhrf s`hrl prdbl spdrhn. V`l erhglwkrm s`kunf hnskdobnufl glhsurls tk gdtdahtl bkothadko rdsms tk kt`lr systlgdb edohobdhn dostdtutdkos, ekrlxhgpnl, jy ndgdtdoa t`ldr brkss-`knfdoa ke uoslburlf slodkr fljt.

    D. DOVZKF\BVDKO

    V`l rlblot edohobdhn brdsds flgkostrhtlf t`ht t`l fdstrlss ke h systlgdbhnny dgpkrthot

    edohobdhn dostdtutdko (RDED) hof dts sujslqulot fdskrflrny ndqudfhtdko bho brlhtl rdsms tk

    kvlrhnn edohobdhn sthjdndty.H ehdndoa RDED bho lofhoalr edohobdhn sthjdndty do t`rll whys9

    d. t`rkua` fdrlbt bkuotlrphrty rdsms w`lo t`l ehdndoa dostdtutdko ehdns tk gllt dts edohobdhn

    kjndahtdkos (Akrtko hof Gltrdbm, :383h) kr `da` flghof ekr bknnhtlrhn (kr ghrado)=

    dd. t`rkua` ndqudfdty rdsmshof edrl-shnl leelbts do hsslt ghrmlts, w`lo t`l fdstrlsslfdostdtutdko ds ekrblf dotk hsslt shnls tk kjthdo ndqudfdty, w`db` eurt`lr flprlssls hssltprdbls (hof t`us rhdsls flghof ekr `da`lr ghrado) hof bhusls brlfdt bruob`ls(Jruoolrgldlr, :334= Hb`hryh, R`do, hof Tkrunghzlr, :388)= hof

    ddd. t`rkua` bkothadko rdsmsw`lo t`l phodb bhuslf jy t`l ehdnurl ke kol dostdtutdkosprlhfs tk kt`lr edohobdhn dostdtutdkos (Fueedl, :383= hof EFDB, :388).

    Akvlroglot-euoflf rlsbuls ke RDEDs tk prlslrvl edohobdhn sthjdndty `hvl jllo bkstny,

    hof, hs h rlsunt, t`l pktlotdhn rdsms tk edohobdhn sthjdndty pkslf jy RDEDs `hvl dobrlhslf.

    Do skgl bkuotrdls, akvlroglot jhdnkut `hs bkotrdjutlf tk uosusthdohjnl pujndb edohobls t`hthrl t`rlhtlodoa t`l sknvloby ke t`l jhoms wdt` `lhvy lxpksurl tk skvlrldao fljt. V`lakvlroglot-hssdstlf glralrs hof hbqudsdtdkos `hvl rlsuntlf do eurt`lr bkoskndfhtdko keedohobdhn dostdtutdkos do t`l \odtlf Rthtls hof hbrkss Lurkpl. Bkoslqulotny, t`l tkp edohobdhndostdtutdkos ke tkfhy `hvl jlbkgl nhralrhof t`l Lurkplho hof \.R. edohobdhn slbtkrs `hvljlbkgl lvlo gkrlbkoblotrhtlf t`ho jlekrl, haarhvhtdoa t`l tkk-jda-tk-ehdn prkjnlg. Ht t`lshgl tdgl, t`l s`hfkw jhomdoa systlg, w`db` pnhylf h brubdhn rknl do alolrhtdoa hof

  • 7/31/2019 TBTF IMF Paper

    6/27