m{l& s\W`y]w`v p]L]bQ

m[ql\ h` v]@q\X v]n]my @v@LQ@p`L s\W`y}w`v pvw\v` g#n}m
m[ql\ h` v]@q\X v]n]my @v@LQ@p`L s\W`y}w`v pvw\v` g#n}m sm|bn\E@yn\ XY} lAk` mh b#Ak;v vgk}m qry].

an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`L
an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`L yn[ pYE`n vX@yn\m v`N]j b#Ak;vl hq]s] qYvX}l avX&w` h` sAc]w h]Gyn\ sp[r` ln ek\ q]n @v@LQ@p`Lk]. emn]s` e\k\SN m[ql\ @v@LQ@p`@L\ v#qgw\ k`r~x`ryk\ vn[@y\ a`r~W]k@y\ qYvX}lw` kLmn`krNyt phs[km| s#py}my].

e@s\ @hy]n\ sms\w b#Ak; kYm@yh] qYvX}lw` avE`nm avm k]r}@mh] l` an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`@Lh] s\W]r h` kYmvw\ kY]y`k`r]w\vy v#qgw\ @v|. X}Y lAk` mh b#Ak;v eh] pYw]pw\w]my @p`l} an[p`w vn pYw] m]lq} g#n}m| pYw]p`qn h` pYw] v]k;N[m| phs[km| mG]n\ @v@LQ@p`L s\W`vrbvt upk`r} @v|.

mh b#Ak;@v| pYw]pw\w] @p`l} an[p`w]k - pYw] m]lq} g#n}m| an[p`w]k h` pYw] v]k;N[m| an[p`w]k v]s]n\ an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`L an[p`w sQh` @p`l} @k`r]@d`\vk\ wnn[ lbn awr pYw] m]lq} g#n}m| an[p`w]ky eh] phL s}m`v vn awr pYw] v]k;N[m| an[p`w]ky eh] ihL s}m`v @v|. @mm @k`r]@d`\v @kt] k`l}n @p`l} an[p`w]kyn\ h} a#w]v]y h#k] ihL uc|c`vcnyn\ ad[kry]. XY} lAk` mh b#Ak;v pYw]pw\w] @p`l} an[p`w]kvl krn[ lbn @vns\ k]r}m| an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`L @k@rh] k\SN]kv blp$m| a#w] kry]. e\k\SN m[ql\ @v@LQ@p`L @p`l} an[p`w]kvl @vns\v}m| iw` @kt] k`lyk\ w;L x`N\d`g`r b]l\pw\ Plq`y}w`v, v`N]j pwY h` v`N]j b#Ak;vl @kt]k`l}n Ny @p`l} an[p`w]k v#n] @vnw\ @kt] k`l}n m[ql\ @v@LQ@p`L @p`l} an[p`w]k @vns\v}mt blp`y]. @mm @vns\v}m| k`l pr`syk\ sh]wv b#Ak; a`ywnvl m#q] k`l}n Ny an[p`w]k, b#Q[m|krvl Plq`y}w`v sh b#Ak; v]s]n\ w#n\pw; sQh` @qn[ lbn @p`l} an[p`w]k @k@rh] blp`y].

mh b#Ak;@v| m[ql\ pYw]pw\w]y p]L]bQv a`r~W]kyt sAZ` n]k;w\ krn pLm[ p]yvr an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`Ly]. emn]s` mh b#Ak;v an\wr~ b#Ak; @v@LQ@p`L s[pr]k\S`k`r}v aE}k\SNy kr b#Ak;vl a#w] qYvX}lw`v @@qn]kv gNn\ bly]. q#nt pvw\n` v]vt @v@LQ@p`L kty[w; kYmy yt@w\ an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`L @p`l} an[p`w@y\ ihL uc|c`vcnyn\ ad[ k]r}mt XY} lAk` mh b#Ak;v pYw] m]lq} g#n}m| @h`\ pYw] v]k;N[m| @vn\@q\s]yk\ pvw\vy]. @v@LQ@p`L aE] qYvX}w`vyk\ a#w\nm| XY} lAk` mh b#Ak;v pYw] m]lq} g#n}m| @vn\@q\s]yk\ mg]n\ aw]r]k\w m[ql\ av@X\`SNy krgn\n` awr, e@mn\m @v@LQ@p`@L\ qYvX}lw` h]Gyk\ pvw} nm| @v@LQ@p`Lt m[ql\ s#py}mt mh b#Ak;v pYw] v]k;N[m| @vn\@q\s]yk\ pvw\vy]. mh b#Ak;@v| m#q]hw\ v}m sms\w qYvX}lw`vy h]Gy h` aw]r]k\wy mw w}rNy @v|.

2005 vs@rh] @@qn]k an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`Lh] gn[@qn[vl s`m`n&y r#p]yl\ b]l]yn 5 k\ v]y.

x`N\d`g`r b]l\pw\ @v@LQ@p`L
x`N\d`g`r b]l\pw\ @v@LQ;@p`l, m[q;l\ @v@LQ;@p`@lh] wvw\ ek\ aAXyk]. ihL qYvX}lw`vyk]n\ y[w\ m[q;l\ @v@LQ;@p`l upkrNyk\ vn x`N\d`g`r b]l\pw\, m{l& a`ywnvlt qYvX}lw`vy h` a`@y`\jn sQ;h` v]kl\p m{l`XY spyy]. wvq;, x`N\d`g`r b]l\pw\ @v@LQ;@p`@lh] @p`l} an[p`w]k@y\ @vns\v}m| @kt] k`l}n Ny @v@LQ;@p`l @p`l} an[p`w]kvlt m]N[m| q;N\dk\ @s\ k]Yy` kry]. e@s\ @hy]n\ x`N\d`g`r b]l\pw\ @v@LQ;@p`@l\ gn[@q;n[ pYm`Ny h` @p`l} an[p`w]kyn\h] @vns\v}m|, m{l& a`ywnvl v]yq;m, l`xq;`y]w\vy h` qYvX}lw`vy @k@rh] q; blp`y]. vr~S 2005 q;} q;\v]w}y]k @v@LQ;@p`@lh] sm|p{r~N@yn\ ay]w]y p#vr}@m| pq;nm mw x`N\d`g`r b]l\pw\ gn[@q;n[ v{ pYm`Ny r#p]yl\ b]l]yn 443k\ v{ awr pYw]m]lq;} g#n}m| r#p]yl\ b]l]yn 652 k\ v]y. wvq;, X}Y lAk` mh b#Ak;v eh] v]vt @v@LQ;@p`l kty[w; h#s]rv}@m|q;} x`N\d`g`r b]l\pw\ pYE`n a#pkryk\ @ls @y`q;` gn}.

v]@q\X v]n]my @v@LQ@p`L
v]@q\X v]n]my @v@LQ@p`@lh] pYE`n prm`r~Wvl]n\ ekk] x`N\d h` @s\v` a`nyn m]lq} g#n}m| sQh` sh Ny @s\v` a`ps[ @gv}m sQh` v]@q\X}y arm[ql\ lb` g#n}m. v]@q\X v]n]my @v@LQ@p`L ( spot market) ew#n\ @v@LQ@p`L h` iq]r] @v@LQ@p`L ( forward market ) yn @k`ts\ @qk]n\ smn\v]w @v|. ek\ q]nk\ @h`\ v#dkrn q]n @qkk\ w;L v]@q\X m[ql\ m]lq} g#n[m|/ v]k;N[m| sh @bq`h#r}m| s]q[@k@rn @v@LQ@p`L ew#n\ @v@LQ@p`Ly]. iq]r] q]nyk ( s`m`n&@yn\ q]n 30, 90 @h`\ 180) @bq`q}m @h`\ p]yv}m sQh` e\ avs\W`@v|m w}rNy krn ym| n]X\c]w m]lkt v]@q\X m[ql\ m]lq} g#n[m|/ v]k';N[m| s]q[@k@rn @v@LQ@p`L, iq]r] @v@LQ@p`L @v|. XY} lAk`@v| v]@q\X v]n]my @v@LQ@p`L s\Wr 2 k]n\ smn\v]w @v|. enm| gn[@qn[kr# n#w]nm| s]l\lr @v@LQ@p`L h` an\wr~ b#Ak; @h`\ @w`g @v@LQ@p`L @v|. an\wr~ b#Ak; @v@LQ@p`@Lh] gn[@qn[ @k`tsk\, b#Ak; s]y gn[@n[kr#vn\ smG s]l\lr @v@LQ@p`@L\ krn gn[@qn[vl pYw]pl @v|. an\wr~ b#Ak; @v@LQ@p`L v`N]j b#Ak; s]yl\@ln\ s#q[m|lw\ blylw\ v]@q\X v]n]my n]@y`\j]wyn\ aw@r~ pYE`n vX@yn\ sAv]]E`nyv} a#w] awr, qYvX}lw`vy n#vww\ b#Ak; kYmy aw@r~ @bq` h#r}m| w;l]n\ XY} lAk`@v| m{l& kYmy w;L v#qgw\ k`r~yx`ryk\ it[kry]. v`N]j b#Ak;vl v]@q\X v]n]m@y h] X;q\E v]v^w ww\w\v@y\ q#d] w`vk`l]k bv v]@q\X v]n]my @v@LQ@p`L]n\ m{l& @v@LQ@p`Lt a#w] vn pYE`n avE`nmy]. avE`nm a#w]v]y h#k\@k\ ak`r~yk\Sm ax&n\wr p`lny n#w]nm| x`h]r h` ax&n\wr s`r~v a`r~W]k ww\w\vyn\ w;l]n\ @gn en lq q#d] w`vk`l]k bv n]s`y. wvq ek\ v`N]j b#Ak;vk a#w]vn pYX\n sAs\pr~Xk pYw]plyk\ @ls a@nk\ b#Ak; kr` p#w]]r y` h#k]y.

an\wr~ b#Ak; v]@q\X v]n]my @v@LQ@p`@Lh] ek\sw\ jnpq @d`lr~ h` XY} lAk` r#p]yl\ awr gn[@qn[ ew#n\, ek\ q]n, aw\p]t h` iq]r] @v@LQ@p`L mw pqnm| @vm]n\ s]q[kry]. 2005 q} s`m`n& @@qn]k an\wr~ b#Ak; ew#n\ gn[ @qn[ pr]m`v e.j. @d`lr~ qX lk\S 25 k\ vn v]t s`m`n& @@qn]k v]@q\X iq]r] @gv[m| gn[@qn[ e.j. @d`lr~ qX lk\S 8 k\ v]y. an\wr~ b#Ak; v]@q\X v]n]my @v@LQ@p`@L\ XY} lAk` mh b#Ak;@v| k`r~yx`ry vn\@n\ kYm`n[kOl @v@LQ@p`Lk\ pvw\v` g#n}m h` v]n]my an[p`w]k@y\ uc|c`vcnyn\ @g\ w`vk`l]k bv ad[ k]r}mt avX& v{ v]t m#q]hw\ v]my].

2001 jnv`r]@y\ q} p`@vn v]n]my an[p`wy kY]y`w\mk krn lq sm@y\ q} XY} lAk` @v| r#p]y@l\ v]@q\X m]l w}rNy v{@y\ @v@LQ@p`L bl@v|g vn il\l[m h` s#py[m mwy]. an\wr~ b#Ak; v]@q\X v]n]my @v@LQ@p`L]n\ ek\sw\ jnpq @d`lr~/ XY} lAk` r#p]yl\ v]@q\X v]n]my an[p`w]ky w}rNy v]y. XY} lAk` mh b#Ak;v v]@q\X v]n]my @v@LQ@p`Lt m#q]hw\vn[@y\\ pYE`n vX@yn\ v]n]my an[p`w]kyn\ h} q#d] w`vk`l]]k x`vy v#L#k\v}mt h` pYXs\w v]@q\X sAc]w mt|tmk\ pvw\v` g#n}m sQh`w\ y. XY} lAk` mh b#Ak;v v]@q\X v]n]my a@lv]y h` m]lt g#n}m @v@LQ@p`L v]n]my an[p`w]k an[v s]q[kry].

@gv}m| sh p]yv}m| kYm aE}k\SNy
m{l& a`ywn h` p[q\gly]n\ awr m{l& vgk}m| n]r`krNy sQh` m{l& a`ywnvl g]n[m|vlt m[ql\ m`r# k]r}m @gv}m| h` p]yv}m| pq\Ew] mG]n\ s]q[@k@r~. pq\Ew]my vX@yn\ v#qgw\ @gv}m| sh p]yv}m| pq\Ew]yk gn[@qn[vl vt]n`km]n\ s#lk]y y[w; @k`tsk\ m{l& @v@LQ@p`l v]s]n\ hs[r#vn lq gn[@qn[vl]n\ smn\v]w @v|. @mv#n] pq\Ew]my vX@yn\ v#qgw\ @gv}m| h` p]yv}m| pq\Ew}n\vl @m@hy[m| kty[w; kY]y`w\mkv}@m| q} awr mG b]Qv#t}m| s]q[v}m q[r~lx @qyk\ v[v q ev#n] b]Qv#t}mk pYw]ply pYm`N`w\mkv h` p[Ul\v p#w]ry` h#k] awr ey sms\w b]Qv#t}mkt h` m{l& km|pnykt w;d[q]y h#k]vnv` @mn\m ey m{l& aAX@y\ s\W`y}w`vt h` eyt shx`g]vn\nn\t q#d]v h` ah]wkrv blp$ h#k]y. emn]s` @gv}m| p]yv}m| pq\Ew]yk, v]@X\S@yn\m pq\Ew]my vX@yn\ v#qgw\ @gv}m| h` p]yv}m| pq\Ew]yk s[rk\Sw bv h` k`r~yk\Smw`vy m{l& kYmy s\W`y}w`vy @k@rh] q#d]v w}rN`w\mkv blp`y].

@@nw]k r`m[v
@gv}m|, n]X\k`SNy k]r}m|, sh @b|r#m| k]r}@m| pq\Ew] aE}k\SNy h` n]y`mny k]r}m sQh`w\ m{l& @s\v` s#py[m|kr#vn\ v]E]mw\ k]r}m sQh` sh @ck\pw\ v]q&[w\ kYm@yn\ iq]r]pw\ k]r}m sQh` vn v]E]v]E`n 2005 aAk 28 qrn @gv}@m| h` @b|r#m| k]r}@m| pq\Ew] pnw mG]n\ spyy].

@gv}m| sh @b|r#m| k]r}@m| pq\Ew]@yh] XY} lAk` mh b#Ak;@v| pYE`n k`r~yyn\ w;nk]. e\v` nm|,

@gv}@m| h` @b|r#m| k]r}@m| pq\Ew] pnw >>
XY} lAk`@v| @gv}m| kYm (rw; @p`w) >>

lAk` @st|l\ - ww\ k`l}n qL p]yv}m| (RTGS) kYmy sh lAk` @sk&[
XY} lAk` mh b#Ak;@v| lAk` @st|l\ kYmy pq\Ew]my vX@yn\ v#qgw\ , ihL vt]n`km| a#w] @gv}m| h` s[rFk;m| p]yv[m| pq\Ew] @m@hy vn[ lby]. lAk` @st|l\ kYmy aAX @qkk]n\ smn\v]wy. enm|, ww\ k`l}n qL p]yv[m| pq\Ew]y ( ihL vt]n`km| h` iw` ik\mn]n\ @gv}m| kty[w; krn[ lbn ) h` lAk` @sk&[ kYmy (n]r~ @l\Kn s[rFk;m| pw\ p]yv}@m| kYmy) @v|. @mm kYm @qk e\k`bq\E k]r}@mn\ n]r~ @l\Kn s[rFk;m|pw\ sQh` vt]n`km @gv}m mw pqnm| v{ vd`w\ s[rk\S]w @gv}m| y`n\wYNyk\ s#p@y\. 2006 j{n] m`sy avs`nyt lAk` @st|l\ kYmyt shx`g} v[ a`ywn XY} lAk` mh b#Ak;v, blpwY l`x} v`N]j b#Ak; 23, b#Ak; @n`vn pY`Wm]k @v@Ln\@q`\ 8k\ q, @s\vk ar~Ws`Ek arm[ql sh @k`LB @k`ts\ h[vm`r#@v| mE&m w#n\pw; kYmy a`q]y @v|. lAk` @sk&[ a`ywny mh b#Ak;@v| @gv}m| h` p]yv}m| @qp`r~w@m|n\w;v v]s]n\ @m@hy vn[ lby].

ww\ k`l}n qL p]yv}m| pq\Ew]y (RTGS)
ww\ k`l}n qL p]yv}m| pq\Ew]y pr]gNk mw pqnm| v{ arm[ql\ p]yv}m| pq\Ew]yk\y. ww\ k`l}n qL p]yv}m| pq\Ew] kYm@y\ p]yv}m| g]n[m| a#w] shx`g] vn\nn\ @g\ @gv}m| p]yv}m| up@qs\, ww\ k`l}nv v]X\vsn}yv h` a`rk\S]wv krn\n` v{ p]yv}m| pq\Ew]yk]. XY} lAk`@v| m[ql\ @n`vn gn[vl vt]n`km]n\ s]yyt 84 k\ ww\ k`l}n qL p]yv}m| pq\Ew]y mg]n\ p]yvn lq]. ww\ k`l}n qL p]yv[m| pq\Ew] kYmy, shx`g}vn\nn\ awr, shx`g}vn\@nk; mG]n\ gn[@qn[kr#@vk; @gn\ gn[@qn[kr#@vk;t @k@rn v]X`l vt]n`kmk]n\ y[w; h` ik\mn]n\\ @gv]y y[w; r#p]yl\ @gv}m| smwykt pw\kry]. @mm kYmy @y`q` krn\n` v{ gn[@qn[vl]n\ bh[wryk\ vn\@n\ an\wr~ b#Ak; e\k\SN m[ql\ @v@LQ@p`@L\ gn[@qn[, rj@y\ s[rFk;m| @v@LQ@p`@L\ gn[@qn[, v]vt @v@LQ@p`L gn[@qn[, v]@q\X v]n]my @v@LQ@p`L r#p]yl\ @gv}m|, gn[@qn[kr#vn\@g\ hq]s] @gv}m| h` lAk` k\l]yr~ sm`gm v]s]n\ krn[ lbn X;q\E n]X\k`SN @gv}m| gn[@qn[ a`q]yy].

XY} lAk` mh b#Ak;v, shx`g]vn v`N]j b#Ak; h` pYWm]k @v@Ln\qn\t ayk]r}mk]n\ @w`rv lAk` @sk&[ kYm@y\ a#w] n]r~@l\Kn s[rFk;m| a#p mw ek\ q]n qYvX}lw` phs[km| (ILF) spyy]. 2006 pYWm x`g@y\ mh b#Ak;v v]s]n\ pYq`ny krn lq ek\ q]n qYvX}lw` phs[km|vl s`m`n&y r#p]yl\ b]l]yn 2 k\ v]y.

lAk` @sk&[ - n]r~ @l\Kn s[rFk;m} pw\ p]]yv}@m| kYmy (SSSS) sh n]r~ @l\Kn s[rFk;m| pw\ w#n\pw; kYmy (SSDS)
lAk` @sk&[ kYmy n]r~@l\Kn s[rFk;m| pw\ p]yv}@m| kYmy ( SSSS ) h` n]r~@l\Kn s[rFk;m| w#n\pw; kYmy ( SSDS ) yn aAX @qk]n\ smn\v]w @v|. lAk` @sk&[ kYmy rj@y\ s[rFk;m| pw\ h` mh b#Ak;@v| s[rFk;m| pw\ v]q&[w\ @h`\ n]r~@l\Kn s\vr$p@yn\ n]k;w\k]r}m sQh` sh vt]n`km @gv}m mw s[rFk;m| lb`q}@m| (DvP) pqnmk\ mw ev#n] n]r~@l\Kn s[rFk;m|vl @v@LQ`m| p]yv}mt q phs[km| spyy]. e\ an[v s]y s[rFk;m| a@lv]krn[ lbn shx`g]vn\n`t, @sk&[ kYm@y\ s]y g]n[m| h} pYm`Nvw\ s[rFk;m| w]@b| nm| h` m]lq} g#n}mt shx`g]vn\n`t ww\ k`l}n ql p]yv[m| pq\Ew] kYm@y\ oh[@g\ p]yv[m| g]n[@m| @gv}m| sQh` pYm`Nvw\ arm[ql\\ a#w\nm| gn[@qn[ p]yv}m| krn[ lby]. @mm kYm@yn\ p]yvn lq s]yl[ s[rFk;m| gn[@qn[ n]@X\Eny kl @n`h#k]y.

n]r~@l\Kn s[rFk;m| w#n\pw; kYmy rj@y\ s[rFk;m|vl x`rkr# @mn\m h]m]km| l]y`pq]Ac] krn[ lbn s\W`ny q @v|. n]r~@l\Kn s[rFk;m| w#n\pw; kYm@y\ pYw]l`x} mt|tmt s[rFk;m| h]m]km| v`r~w` kry]. n]r~@l\Kn s[rFk;m|pw\ w#n\pw; kYm@y\ n]r~@l\Kn s[rFk;m| pw\ qrn\nn\t wm a`@y`\jn p]L]bQ nvwm @w`rw;r# o|n$m avs\W`vk lAk` @sk&[ an\wr~j`l phs[km| vl]n\ lb`gw h#k]y.

2006 vsr pLm[ x`g@y\ lAk` @sk&[ kYmy q]nkt, vt]n`km @gv}m mw s[rFk;m| lb`q}@m| gn[@qn[ 42 k\ pmN p]yv` a#w. @mm kYmy q]nkt p]yv}m| kl Delivery Free transactions vl s`m`n&y 42 k\ v{ awr s[rFk;m| n#vw s\W`p]w gn[@qn[ pYm`Ny q]nkt 600 k\ pmN v]y.

lAk` @sk&[ : n]r~ @l\Kn s[rFk;m| pw\ kYmy sh mE&m w#n\pw; kYmy >>
lAk` @sk&[ - pwY]k` m`l`v aAk 7 >>

C`y`gw @ck\pw\ n]X\k`SN kYmy - (CIT) – an\wr~ b#Ak; @ck\pw\ n]X\k`SNy
@ck\pw\, b#Ak; aNkr h` ww\ k`l}n @n`vn arm[ql\ h[vm`r# v#n] k;d` h` ad[ vt]n`km]n\y[w\ gn[@qn[ n]X\k`SNy sQh` phs[km| s#py}m XY} lAk` mh b#Ak;@v| vgk}mk]. 2002 vs@rh] XY} lAk` mh b#Ak;v v]s]n\, mh b#Ak;vt h` blpwY l`x} v`N]j b#Ak;vlt e\k`bq\E h]m]kmk\ w]b{ lAk` k\l]yr~ sm`gmt @ck\pw\ n]X\k`SNy k]r}mt phs[km| s#py}@m| blwl lb`@qn lq]. 2006 vs@r~ m[l\ x`g@y\ lAk` k\l]yr~ sm`gm q]nkt n]X\k`SNy krn lq @ck\pw\ sAK&`@vh] s`m`n&y 173,380 k\ v{ awr q]nkt n]X\k`SNy krn lq @ck\pw\vl s`m`n& vt[n`km r#p]yl\ b]l]yn 15 k\ v]y. lAk` k\l]yr~ kYmy mG]n\ n]X\k`SNy krn lq m[l[ @ck\pw\vl vt]n`km m[ql\my @n`vn m[l[ gn[@qn[vl vt]n`km]n\ s]yyt 16 k\ n]@y`\jny k@L\y.

2006 m#y] ms lAk` k\l]yr~ sm`gm v]s]n\ C`y`gw @ck\pw\ p]L]b]B[ n]X\k`SN (CIT) pq\Ew] kYmy hQ[n\v`@qn lq]. @mm C`y`gw @ck\pw\ p]L]b]B[ n]X\k`SN kYmy, v`N]j b#Ak;vlt @ck\pw\ ps[ q]nm gn[@qn[kr#vn\ @g\ g]N[m|vlt b#r k]r}mt h#k] vn @ls @ck\pw\ n]X\k`SNy sQh` m[l[ rttm @p`q[ T + 1 @ck\pw\ n]X\k`SN k`l s}m`vk\ hQ[n\v` @qn lq]. @mm kYmy yt@w\ agr#v{/ a`ps[ p#m]N] @ck\pw\ agr# @ck\pw\ p]L]bQ q#n[m|q}@m| l]yv]l\lk\ (CRN) smG a`ps[ wbn[ l#@b|. C`y`gw @ck\pw\ p]L]b]B[ n]X\k`SN kYmy yt@w\ n]X\k`SNy krn lq @ck\pw\ n]X\k`SN@y\ X;q\E @X\Sy ww\ k`l}n qL p]yv}m| pq\Ew]y mG]n\, s$m v#d krn q]nkm @p.v. 8.00 t p]yv}m| kty[w; krn[ lbn awr C`y`gw @ck\pw\ p]L]b]B[ n]X\k`SN kYm@y\ p]yv[m| n]X\k`SN pq\Ew]@yh] @ck\pw\vl ( agr# @ck\pw\ p]l]bQ q#n[m|q}@m| l]yv]l] smG a#w] e\v`@yh]) p]yv}m| kty[w; s$m v#dkrn q]nkm p.v. 2.45 t ww\ k`l}n qL p]yv[m| pq\Ew]y w;L s]q[@k@r~.

XY} lAk` an\wr~ b#Ak; @gv}m| kYmy (SLIPS)
lAk` k\l]yr~ a`ywny mh b#Ak;v h` v`N]j b#Ak; sQh` ww\ k`l]n @n`vn k;d` h` ad[ vt]n`km]n\y[w\ arm[ql\ p]yv[m| kYmyk\ vn XY} lAk` an\wr~ b#Ak; @gv}m| kYmy kY]y`w\mk kry]. XY} lAk` an\wr~ b#Ak; @gv}m| kYmy kl]n\ bly q[n\ k;d` pr]m`N@y\ @gv}m| (s^j[ b#r k]r}m| h` hr k]r}m|) @m@hyvn[ lby]. XY} lAk` an\wr~ b#Ak; @gv}m| kYmy vlAg; q]ny T +1 @h`\ It vd` v#d] , upr]m k`ly q]n 14 k\ sQh` gn[@qn[ k]r}mt phs[km| slsy]. gn[@qn[ n]X\k`SNy bh[ p`r~Xv]k X;q\E p]yv[m| mw pqnm|v sh XY} lAk` an\wr~ b#Ak; @gv}m| kYmy w;l]n\ p#n ng]n an\wr~ b#Ak; X;q\E @X\S, p]yv}m s$m v#dkrn q]nkm @p.v. 8.00 t ww\ k`l}n qL p]yv[m| pq\Ew]y w;L v]q&[w\ m`r~g@yn\ s]q[@k@r~.

r#p]yl\ aNkr n]X\k`SN kYmy sh ek\sw\ jnpq @d`lr~ n]X\k`SN kYmy
lAk` k\l]yr~ a`ywny r#p]yl\ aNkr n]X\k`SN kYmy sh ek\sw\ jnpq @d`lr~ @ck\pw\ n]X\k`SN kYmy q @m@hyvy]. r#p]yl\ aNkr n]X\k`SN kYm@y\q} v]@q\X b#Ak;, XY} lAk`@v| v`N]j b#Ak;vl a#w], ov[n\ @g\ @n`s\@tY`\ g]n]m| mw pqnm|v XY} lAk`@v| v`N]j b#Ak;vk gn[@qn[kr#@vk;t l]yn lq @ck\pw\ h` aNkr n]X\k`SNy lAk` k\l]yr~ sm`gm aw\h[r# kYm@yn\ s]q[kry]. @mm kYm@yh] X;q\E n]X\k`SN @X\Svl p]yv}m| kty[w; s$m v#dkrn q]nkm p.v. 2.15 t ww\ k`l}n qL p]yv[m| pq\Ew]y w;L s]q[@k@r~. 2006 h] @mm kYmy mG]n\ n]X\k`SNy krn lq @ck\pw\vl @@qn]k s`m`n& vt]n`km r#p]yl\ b]l]yn 17 k\ v]y.

e.j. @d`lr~ n]X\k`SN kYmy 2002 q} q]yw\ krn lq]. ey ar~E pr]gNkgw n]X\k`SN kYmyk]. @mm kYmy mG]n\, X}Y l`Ak]k p[q\glyn\t h` a`ywnvlt @gvn @ls , XY} lAk`@v| v`N]j b#Ak; v]s]n\ n]k;w\krn lq sh v]@q\Xyn\ h} h[vm`r# mE&s\W`n mG]n\ X]Y lAk` v`N]j b#Ak; vlt l]yn lq e.j. @d`lr''''~ @ck~pw~ h` aNkr n]X~k`SNykry]. @mm kYmy, ek\sw\ jnpq @d`lr~ n]X\k`Sny h` p]yv}m sQh` gwv{ k`ly sw] 3 s]t q]n 4 k\ pmN vn@wk\ ad[kr a#w. e@mn\m @mm kYmy b#Ak;vl n]X\k`SN p]r]v#y q ad[kr a#w. It @pr @ck\pw\ h` aNkr aq`L b#Ak;vltm n]X\k`SNy sQh` y#v]y y[w; v{ awr @mm kYmy mG]n\ ey @q\X}y kv[n\try mG]n\m s]q[kry]. ek\sw\ jnpq @d`lr~ @ck\pw\ n]X\k`SN kYm@yh] an]wr~ b#Ak; @X\S p]yv}m|, p[q\gl]k v`N]j b#Ak;vk pvw\v`@gn yn shx`g]vn\nn\ @g\ g]n[m| mG]n\ s]q[@k@r~. @mm kYmy w;L s`m`n&@yn\ @@qn]kv e.j. @d`lr~ 833 k\ vt]n` @ck\pw\ 440 k\ n]X\k`SNy @k@r~.

@k`ts\ @v@LQ@p`L kYmy h` Ny s[rFk;m| @v@LQ@p`L kYmy
@k`LB @k`ts\ h[vm`r#v mAgw @v@LQ gn[@qn[ pq\Ew}n\ @qkk\ @m@hyvy]. ev`nm|, ww\ k`l}nv @k`ts\ a@lv] k]r}m sQh` vn s\vyAkY}y @v@LQ pq\Ew]y (ATS) sh rj@y\ s[rFk;m|pw\vl h` s`Agm]k Ny s[rFk;m|pw\vl ar~Wl`x}n\ sQh` vn Ny s[rFk;m| @v@LQ`m| pq\Ew]yy] (DEX) . s[rFk;m| v]n]my @k`m]S@mn\ (SEC) bly lw\ @k`ts\ w#rFv|kr#@v`\ s\vyAkY}y @v@LQ`m| pq\Ew]@y\ h` Ny s[rFk;m| @v@LQ`m| pq\Ew]@y\ s^j[ shx`g]vn\nn\ @ls kty[w; krw]. 2006 m#y] m`sy avs`n@y\ s#j[ shx`g]vn\nn\ 18 @q@nk; s]t] awr ov[n\@gn\ 15 @q@nk; w#rFv|kr#vn\ q 3 @q@nk; Ny s[rFk;m| @v@LQ`m| pq\Ew]y w;L a@lv] kty[w'; sQh` avsr lw\ @v@LQ s`m`j]kyn\ q v]y.

s\vyAkY}y @v@LQ`m| pq\Ew]y w;L a@lv]vn @k`ts\ g#n[m|kr#vn\ @g\ h` v]k;N[m|kr#vn\ @g\ g]N[m|vlt hr, b#rv}m| mE&m w#n\pw; kYmy w;L ( CDS ) ww\ k`l}nv s]q[@k@r~. @k@s\@vww\ @k`ts\ h[vm`r#vt aq`L gn[@qn[ p]yv}m| @gv}mt e@rh]v p#vr}m (DvP) an[v s]q[@n`@k@rn awr g#n[m|kr#vn\ sQh` q]n T+3 q v]k;N[m|kr#vn\ sQh` q]n T+4 q blp#v#w\@v|. @k`ts\ gn[@qn[ sm|bn\E an\wr~ p[q\gl avsn\ @X\S p]yv}m b#Ak;@vh] pvw\v`@gn yn[ lbn g]N[m| mG]n\ T+4 s]q[@k@r~. s`Agm]k Ny s[rFk;m| sh r`j& Ny s[rFk;m|vl ar~Wl`x}n\ @g\ X;q\E @X\S p]yv}m q b#Ak;vk\ mG]n\ gn[@qn[vt shx`g]v{vn\ v]s]n\ w}rNy krn lq v]@X\S]w q]nyk s]q[kry] ( Ny s[rFk;m| @v@LQ`m| pq\Ew]@y\ h[vm`r# p]yv[m| ckYy nm&X}l} ekk\ vn awr @gv}mt e@rh]v p#vr}m pqnm| v]y h#k). 2006 pYWm k`r~w;@v| s\vyAk^w @v@LQ`m| pq\Ew]@y\ s`m`n& p]r]v#t[m r#p]yl\ qX lk\S 444 k\ v{ awr, Ny s[rFk;m| pq\Ew]@y\ gn[@qn[vl @@qn]k s`m`n& vt]n`km r#p]yl\ qX lk\S 3 k\ pmN v]y.

m{l& sm{h`ywn aE}k\SNy
m$w k`l@y\q} n]y`mky]n\ @g\ q#d] avE`nyt @y`m[ v} a#w] wvw\ k\@S\wYyk\ vn@n\ v]@X\S@yn\ b#Ak;vk\ ek\ e\kkyk\ @ls pvw]n sm{h`ywn a#w;l[ m{l& sm{h`ywnvl p#vw}my]. @mv#n] m{l& sm{h`ywn n]y`mny h` aE}k\SNy kYm@yn\ ihL v#qgw\kmk\ qrn sAk}r~N sAk}r~N k`r~yyk\ bvt pw\@vm]n\ pvw}. It @h\w;v e\v`@yh] ek]@nk b#Q[n s\vx`v@yn\ y[w; gn[@qn[ w;L]n\ pq\Ew]my avE`nmk\ b]h]kl h#k] v}my]. an\wr~ sm`gm| @k`ts\ h]m]k`rw\vyn\ v]X`l sAK&`vk\ w]b}m, @p`q[ aE&k\Svr#n\ s]t}m sh an\wr~ sm`gm| gn[@qn[ yn`q]y @mh]q} avE`nyt @y`m[v]y y[w; pYE`n k\@S\wYyn\ @v|. It @h\w;v e\v` ax]mw`r~W awr g#t[m| a#w]k]r}mtw\ bly an]s] @ls x`v]w` k]r}m sQh`w\ w;d[q]y h#k\v}my]. @mv#n] ww\w\vyn\ m{l& pq\Ew]@y\ s\W`y}w`vy @k@rh] s[xq`yk @n`vn[ a#w.

m{l& pq\Ew]y w;L n]y`mky]n\ r`X]yk\ s]t]n b#v]n\ m{l& sm{h`ywn aE}k\SNy k]r}m n]y`mky]n\ k]h]p@q@nk;y p#v@rn n]s`` e\ sQh` n]y`mky]n\ awr sm}p sh@y`\g}w`vyk\ sh s[pr}k\SNyk\ w]b}m aw&vX& @v|.

@m| ww\w\vy yt@w\ m{l& sm{h`ywnvl]n\ p#nn#@gn pq\Ew]my avE`nm| n]r}k\SNy k]r}m sQh` XY} lAk` mh b#Ak;v, XY} lAk` rk\SN mN\dly, s[rFk;m|pw\ h` v]n]my @k`m]Sm, XY} lAk` g]N[m|krN sh v]gNn pYm]w] aE}k\SN mN\dly sh sm`gm| l]y`pq]Ac]k]r}@m| @qp`r~w@m|n\w;v yn`q]@yn\ s#q[m|lw\ m{l& sm{h`ywn sQh` v{ n]y`mky]n\ @g\ kY]y`k`r} kN\d`ymk\ p]h]t[v` a#w. m{l& sm{h`ywn hQ[n` g#n}m h` ar~Wq#k\v}m n]y`mky]n\ awr avX& @w`rw;r# h[vm`r#kr gn]m]n\ m{l& sm{h`ywnyn\ h} pq\Ew]my avE`nm| a#gy}m, aq`L a`ywn e\k`bq\E a`k`r@yn\ n]y`mny k]r}m sQh` avX&vn kY]y`pt]p`t]yk\ n]r~@q\X k]r}m sh m{l& sm{h`ywn n]y`mn@y\q} h` aE}k\SN@y\q} vr~wm`n@y\ pvw]n s}m`vn\ sQh` avX& n}w] sA@X`\En n]r~@q\X k]r}m yn`q]y @mm kY]y`k`r} kN\d`y@m| v]Sy pWyt a#w;Lw\ @vy].

kY]y`k`r} km]t[@v| m{l]k v`r~w`v 2007 vr~S@y\ m[l\ k`l@y\ sm|p{r~N krn[ a#w.