kojo oduro - fge cash management

7/30/2019 Kojo Oduro - FGE Cash Management

1/69

LOG@N Ocf`d}dfod

Kdodnmd} 95.9=* =59=

Wisalfg{cf KO

Acw {c kdpdjcu i oisa `jcw `c}dois{lfg s|s{dnmisdk cf {ad ocfodu{ c` i [}dist}| _lfgjd Iooctf{8

{ad oisd c` @dkd}ij Gcpd}fndf{ c` D{alculi

U}dsdf{i{lcf m| Fdgd}i Gd{ioadw ifk Bchc Ckt}c


2/69

Uiud} Ct{jlfd

9 Octf{}| Miobg}ctfk & U@N ]d`c}ns. Gd{ioadw Fdgd}i

= Gcpd}fndf{ Oisa Nifigdndf{8 Lsstds iodk m| kdpdjculfg ifknlkkjd lfocnd octf{}lds ifk {ad bd| ocfodu{s. Bchc Ckt}c

? [ad [}dist}| _lfgjd Iooctf{ ![_I, ifk {ad oaijjdfgds c` l{sstoodss`tj lnujdndf{i{lcf {c.ki{d lf ncs{ kdpdjculfg octf{}ldslfojtklfg D{alculi.Bchc Ckt}c

; [ad Cud}i{lcf c` {ad XMI md`c}d Htj| =599* {ad ol}otns{ifodsjdiklfg {c {ad oaifgd ifk {ad lnuio{ {ad}di`{d}.Gd{ioadwFdgd}i

4 @GD Oisa Nifigdndf{8 _tnni}| Ifij|sls ifk]docnndfki{lcfsBchc Ckt}c

0 I Oisa @jcw @c}dois{lfg }indwc}b misdk cf {ad [_I* {iblfg lf{ciooctf{ {ad cud}i{lcf c` dq{}i.mtkgd{i}| `tfks ifk kcfc} `jcwslf{c gcpd}fndf{ igdfolds8 I `}indwc}b {ai{ ocnui}ds O@@ {cio{tijs ifk u}cplklfg `ddkmiob. Bchc Ckt}c

7 U}cg}dss {c.ki{d ifk cf.gclfg oaijjdfgds8 wai{ ais mddf

ioaldpdk ifk i }dijls{lo issdssndf{ c` wai{ ls ucsslmjd.Gd{ioadwFdgd}i


3/69

_do{lcf 98Octf{}| Miobg}ctfk & U@N ]d`c}ns

Gd{ioadw Fdgd}i

Kl}do{c} c` [}dist}| Nc@DK

@dkd}ij Gcpd}fndf{ c` D{alculi


4/69

Octf{}| Miobg}ctfk

D{alculi ls {ad sdocfk ncs{ ucutjcts octf{}| lf I`}loi wl{a i

ucutji{lcf c` imcpd dlga{| nljjlcf

[ad octf{}| ls c}giflsdk lf{c i @dkd}ij Gcpd}fndf{* flfd

]dglcfij _{i{d Gcpd}fndf{s ifk {wc Ol{| Iknlfls{}i{lcfs

[ad ]dglcfij Gcpd}fndf{s lfojtkd [lg}i|* I`i}*

Inai}i*C}cnli* _cnijd* Mdfsaigtj.Gtntx* _FFU* Ginmdji

ifk Ai}i}l*

[ad ]dglcfij Gcpd}fndf{s aipd {ad ucwd} ifk `tfo{lcfs {c

`c}ntji{d ifk dqdot{d {ad docfcnlo* scolij ifk kdpdjcundf{

ucjlolds* s{}i{dglds ifk ujifs c` {ad s{i{d2 {c jdp| ifk ocjjdo{

{iqds ifk kt{lds cf }dpdftd sct}ods }dsd}pdk {c {ad s{i{d2 ifk

`c}ntji{d ifk iknlfls{d} s{i{d mtkgd{s


5/69

Octf{}| Miobg}ctfk [ad `dkd}ij ifk }dglcfij ocfs{l{t{lcfs u}cplkd `c} i {a}dd.{ld}

kdodf{}ijlxi{lcf }indwc}b ocfsls{lfg c` xcfds !ojts{d}s c`kls{}lo{s,* wc}dkis !c} kls{}lo{s, ifk bdmdjds !wi}ks c}fdlgamct}accks,

[ad s{}to{t}d c` gcpd}fndf{ `c} ijj {ad }dglcfs ls slnlji} i{ ijjjdpdjs c` gcpd}fndf{ [ad }dglcfij dytlpijdf{ c` {ad @dkd}ij

Nc@DK ls {ad Mt}dit c` @lfifod ifk Docfcnlo Kdpdjcundf{!Mc@DK, Lf {t}f* {ad}d i}d Xc@DKs !`c} Xcfij Iknlfls{}i{lcfs,ifk Wc@DKs !`c} Wc}dki Iknlfls{}i{lcfs,

_do{c} nlfls{}lds i{ {ad `dkd}ij jdpdj aipd {adl} dytlpijdf{s i{jcwd} jdpdjs c` gcpd}fndf{8 sdo{c} mt}dits !_Ms, i{ }dglcfij

jdpdj ifk xcfij ifk wc}dki c``lods i{ xcfd ifk wc}dki jdpdj[ad}d i}d fc xcfds lf [lg}i| }dglcf2 {ad }dji{lpd}dsucfslmljl{lds c` {ad kl``d}df{ jdpdjs pi}| scndwai{ io}css{ad }dglcfs


6/69

Docfcnlo Ocf{dq{ D{alculi ais g}cwf s{}cfgj| lf }dodf{ |di}s* wl{a }dij GKU

g}cw{a c` {ad c}kd} c` 99 ud} odf{ cpd} {ad jis{ = |di}s* wl{a islnlji} }i{d `c}dois{ `c} =599.9=

[ad D{alculif ui}jlindf{ iuu}cpdk i mtkgd{ c` D[M 9?71mljjlcf `c} {ad =59=.9? `lsoij |di} !imct{ =9 ud} odf{ c` GKU,*if lfo}disd c` 94 ud} odf{ `}cn {ad u}dodklfg `lsoij |di}s

mtkgd{ C` {ad iuu}cpdk mtkgd{8

@dkd}ij oiul{ij dqudfkl{t}d D[M 444 mljjlcf!;9$,

@dkd}ij ]dot}}df{ Dqudfkl{t}d D[M =01 !=5$,

]dglcfij gcpd}fndf{s kl}do{ stmslklds }du}dsdf{s D[M ?04

mljjlcf !=7 $ , ! }dot}}df{ D[M =7 Mljjlcf* Oiul{ij D[M < Mljjlcf,

[ad dqudfkl{t}d {i}gd{dk i{ nljjdffltn kdpdjcundf{ gcijsD[M =55 mljjlcf!94$,

[ad u}c.ucc} sdo{c}s sai}d8

Lf {ad {c{ij sudfklfg8 75; $2 Lf {ad GKU 8 9?4 $


7/69

Docfcnlo Ocf{dq{8 @lfifolfg c` {ad Mtkgd{8

C` {ad [c{ij Mtkgd{ 0< $ ls `}cn kcnds{lo }dpdftd*

=9 ud} odf{ `}cn dq{d}fij g}if{s* jcifs ifk o}dkl{s* ifk

95 ud} odf{ ls `}cn kcnds{lo mc}}cwlfg

[ad sct}od c` kcnds{lo mc}}cwlfg wis fc{ sudol`ldk mt{ wisisstndk {c md {ad lsstd c` [}dist}| mljjs ![mljjs,

[ad ct{s{ifklfg s{cob c` [mljjs wis {c kctmjd cpd} 91 ncf{as

!{c {ad dfk c` `lsoij |di} =599.9=,

[als wctjk fc}nijj| md ocfslkd}dk if inml{lcts lsstd c` s{cob


8/69

Docfcnlo Ocf{dq{

Gcpd}fndf{ kd`lol{ `lfifolfg ocf{}lmt{ds {c lf`ji{lcf [ad LN@ ais lkdf{l`ldk {ad u}lfoluij nio}cdocfcnlo oaijjdfgd is st}glfg

lf`ji{lcf* waloa }dioadk ?5 ud} odf{ lf Iu}lj =599* sudol`loijj| fc{lfg {ai{8

Nc@DK ais dnuaislsdk {ad ocf{}lmt{lcf c` lnuc}{ u}lods {c lf`ji{lcf

Iooc}klfg {c gcpd}fndf{ c` D{alculi {ad Fcpdnmd} #=59= lf`ji{lcf kdojlfds

{c 94 ud} odf{

Lf{}cktolfg {ad =599 ifftij mtkgd{* {ad U}lnd Nlfls{d}

iffctfodk {ai{ {ad gcpd}fndf{ wctjk s{cu mc}}cwlfg ncfd|

`}cn {ad FMD ! Odf{}ij Mifb,

C{ad} ucjlo| s{i{dndf{s `}cn {ad gcpd}fndf{ }dlf`c}odk {ai{fc `t}{ad} ikpifods `}cn {ad FMD* ifk {ai{ {ad}d sactjk md

kl}do{ ocf{}cj cpd} oisa klsmt}sdndf{s


9/69

@lsoij Nifigdndf{ Ocf{dq{

[ad [}dist}| Kl}do{c}i{d ![K, c` Nc@DK ais}dsucfslmljl{| `c} dqdot{lfg {ad ifftij mtkgd{*lfojtklfg klsmt}slfg oisa c} dqudfkl{t}d

it{ac}l{lds {c sudfklfg igdfolds L{ ls ijsc }dsucfslmjd `c} nifiglfg {ad

gcpd}fndf{s igg}dgi{d oisa }dsct}ods wl{a{ad cmhdo{lpd c` dfst}lfg {ai{ ocnnl{ndf{soif md nd{ wl{act{ }dsc}{lfg {c ikpifods`}cn {ad FMD


10/69

[}dist}| C}giflsi{lcfij _{}to{t}d ifk MifblfgI}}ifgdndf{s

ODF[]IJ[]DI_T]\

!NC@DK,

]DGLCFIJ

!MC@DU,

XCFD_

!XC@DK,

WC]DKI_

FMD

!Odf{}ij

Mifb,

OMD]d{ilj

Mifblfg

XCFD_

!XC@DK,

XCFD_

!XC@DK,

XCFD_

!XC@DK,

UMsUMs

UMs

_Ms_Ms

_Ms

WC]DKI_WC]DKI_

WC]DKI_

WC]DKI_WC]DKI_

WC]DKI_WC]DKI_

C@@LOD_

C@@LOD_

C@@LOD_

C@@LOD_

C@@LOD_

C@@LOD_


11/69

]d`c}n Miobg}ctfk cf Oisa

Nifigdndf{ [ad}d aipd mddf U@N }d`c}ns ki{lfg miob {c 9


12/69

_do{lcf =8

Gcpd}fndf{ Oisa Nifigdndf{8 Lsstds `iodk m|kdpdjculfg ifk nlkkjd lfocnd octf{}lds ifk

{ad bd| ocfodu{s

Bchc Ckt}c

Jdik U@N Ikplsd}

O}cwf Igdf{s* TB


13/69

I N\]LIK C@ @IO[C]_ I@@DO[ GCP OI_A

NIFIGDNDF[ LF KDPDJCULFG OCTF[]LD_

[ad mifblfg s|s{dn ls tfkd}kdpdjcudk c} tfkd}t{ljlxdk Ui|ndf{s i}d nikd lf mifbfc{ds

Kilj| mijifods lf ijj gcpd}fndf{ iooctf{s i}d tfbfcwf

Tffdodssi}| mc}}cwlfg coot}s

Oisa `jcw `c}dois{s i}d fc{ u}dui}dk

Oisa nifigdndf{ ls sddf is ifc{ad} {ccj `c} dqudfkl{t}d ocf{}cj

Dqudfkl{t}d i}}di}s aipd i}lsdf ! tf}dijls{lo u}chdo{lcfs cf mc{a }dp & dqu,

L[ s|s{dns i}d tfkd}kdpdjcudk

Jiob c` atnif oiuiol{|Kdodf{}ijlsi{lcf c` cud}i{lcfs ifk jiob c` ocnntfloi{lcf

lf`}is{}to{t}d Ji}gd lkjd mijifods

Jtnu| kdnifks c} ui|ndf{

]cjds i}d fc{ ojdi}8 md{wddf NC@ ifk {ad Odf{}ij Mifb

Ucc} oisa.kdm{ lf{dg}i{lcf

Jiob c` ni}bd{ lfs{}tndf{s8 ucc} tsd c` [}dist}| Mljjs


14/69

Oisa nifigdndf{8 Wai{ l{ ls fc{ )) Ifk wai{ l{

ls

Fc{ imct{ ocf{}cjjlfg {ad dqudfkl{t}d8

Fc{ {ad sind is Mtkgd{ Dqdot{lcf8

Fc{ imct{ ui|lfg |ct} mljjs ji{d

Kd`lfl{lcf8

[ad s{}i{dg| ifk isscoli{dk u}codssds `c} nifiglfg ocs{.

d``do{lpdj| {ad gcpd}fndf{s

sac}{.{d}n oisa `jcws ifk oisa mijifods

mc{a wl{alf gcpd}fndf{* ifk md{wddf gcpd}fndf{ ifk {ad

u}lpi{d sdo{c}


15/69

Cmhdo{lpds c` oisa nifigdndf{

[ad cpd}}lklfg cmhdo{lpd c` oisa nifigdndf{ ls {c dfst}d

{ai{ {ad gcpd}fndf{ ls imjd {c `tfk l{s dqudfkl{t}ds lf i

{lndj| niffd} ifk ndd{ l{s cmjlgi{lcfs is {ad| `ijj ktd

Ocs{.d``do{lpdfdss* }lsb }dkto{lcf ifk d``loldfo| i}d ijsc

lnuc}{if{ Oif }dktod {ad kdnifk `c} {iqimjd }dsct}ods m|8

]dktolfg iknlfls{}i{lpd ocs{s

]dktolfg lf{d}ds{ }i{d oai}gds {ai{ {ad| mdi} c} lfo}dislfg{ad inctf{ c` lf{d}ds{ di}fdk

]dktolfg s{cob jdpdjs

]dktolfg u}cot}dndf{ ocs{s

_tuuc}{lfg c{ad} `lfifolij ucjlolds


16/69

Cmhdo{lpds

L{ oif ijsc8

Lfo}disd {ad }dut{i{lcf c` {ad gcpd}fndf{ `c} d``loldfo| m|8

Ui|lfg o}dkl{c}s i{ {ad iuu}cu}li{d {lnd* ifk

Ocjjdo{lfg kdm{s u}cnu{j| ifk d``loldf{j|

_tuuc}{lfg i o}dklmjd mtkgd{ u}codss

]dktolfg }lsbs


17/69

_do{lcf ?8 [ad [}dist}| _lfgjd Iooctf{ ![_I,ifk {ad oaijjdfgds c` l{s stoodss`tj

lnujdndf{i{lcf {c.ki{d lf ncs{ kdpdjculfg

octf{}lds

Bchc Ckt}c

Jdik U@N Ikplsd}

O}cwf Igdf{s* TB


18/69

[ad [_I3

[ad [_I ls i tfl`ldk s{}to{t}d c` gcpd}fndf{ mifb iooctf{s {c

glpd i ocfscjlki{dk pldw c` gcpd}fndf{ oisa }dsct}ods I `tjj|.`jdkgdk [_I sai}ds {a}dd dssdf{lij `di{t}ds8

Gcpd}fndf{ mifblfg i}}ifgdndf{s sactjk md tfl`ldk

Fc c{ad} gcpd}fndf{ igdfo| cud}i{ds mifb iooctf{smd|cfk cpd}slga{ c` {ad [}dist}|

Ocfscjlki{lcf c` gcpd}fndf{ oisa }dsct}ods sactjk mdocnu}dadfslpd ifk lfojtkd ijj gcpd}fndf{ oisa }dsct}ods*mc{a mtkgd{i}| ifk dq{}i.mtkgd{i}|

_tm.iooctf{ s{}to{t}d ni| aipd oisa* c} fc{lcfij iooctf{s !ldXMI, is {ad oisd c` D{alculi

L` {ad}d ls oisa lf {ad stm.iooctf{s {als sactjk md ncuudk tucpd}flga{* ifk {ad iooctf{ }dujdflsadk {ad `cjjcwlfg ki|


19/69

Wa| ls {ad [_I lnuc}{if{3

Ijjcws {ad [}dist}| {c nlflnlxd {ad pcjtnd c` lkjd mijifods lf{ad mifblfg s|s{dn* wl{a ocfsdytdf{ ocs{ siplfgs

Dq{}i oisa }dytl}dndf{ ais {c md `lfifodk m| mc}}cwlfg*{ad ocs{ c` waloa ls tstijj| ntoa g}di{d} {aif {ad lf{d}ds{di}fdk cf if| dqodss oisa&

Adjus {ad [}dist}| {c ujif ifk lnujdndf{ mtkgd{ dqdot{lcfd``loldf{j| ifk {}ifsui}df{j|2 jdss tfod}{ilf{| imct{ oisaipiljimljl{|

@ioljl{i{ds d``do{lpd }docfoljli{lcf md{wddf {ad gcpd}fndf{iooctf{s ifk oisa `jcw s{i{dndf{s

]dktods {}ifsio{lcf ocs{s isscoli{dk wl{a mtkgd{ dqdot{lcf Nibds l{ disld} {c ncfl{c} ifk }dktod kdji|s lf }dnl{{ifod

c` }dpdftds m| ocjjdo{lfg mifbs* ifk ijsc {c u}codssdqudfsds wl{act{ {ad tsd c` lf{d}ndkli{d iooctf{s


20/69

[_I Wc}bs wl{a Kl``d}df{ Ui|ndf{s _|s{dns

Klsud}sij c` ui|ndf{ }dsucfslmljl{| {dfks {c md isscoli{dk wl{aklsud}sij {c {ad mifblfg s|s{dn

I klsud}sdk nckdj ls jlbdj| {c md nc}d }cmts{ lf {ad jcfgd}

{d}n ! is l{ wljj stuuc}{ i g}cwlfg ocnujdql{| ifk pcjtnd c`{}ifsio{lcfs , mt{ scnd octf{}lds odf{}ijlsd md`c}dkdodf{}ijlslfg

Wad}d {}ifsio{lcfij iooctf{s i}d fdodssi}|* if| dfk.c`.{ad.ki| oisa mijifods sactjk md swdu{ miob lf{c {ad [_I

Odf{}ij Mifb}dsucfslmjd c} mifblfgcud}i{lcfs

Ocnnd}olij mifbs}dsucfslmjd c} mifblfgcud}i{lcfs

[}dist}| }dsucfslmjd `c}ui|ndf{ u}codsslfg

_udfklfg tfl{s }dsucfslmjd`c} ui|ndf{ u}codsslfg D{alculi


21/69

[_I8 U}cmjdns ifk Oaclods

Mijifods c` dq{}i.mtkgd{i}| `tfks sactjk u}d`d}imj| md lfojtkdk lf [_I

[ad}d ni| md ucjlo| }dsls{ifod wac ocf{}cjs {ad oisa3

Lkdijj| {ad `tfks iooctf{ ls ojcsdk* ifk oisa imsc}mdk lf [_I

Oisa mijifods lf{dg}i{dk lf {ad [_I2 mt{ {ad DM@ }d{ilfs i ojiln cf {ad}dsct}ods . i ud}nlsslcf {c sudfk

@ijj miob8 ijjcw {ad DM@s {c acjk {adl} oisa mt{ sd{ tu i}}ifgdndf{s {cijjcw DM@ {c jdfk {ad oisa {c [_I is fddkdk

Lf u}lfolujd iuuj| slnlji} i}}ifgdndf{s {c kcfc}s iooctf{s {c `lfifodu}chdo{s

Kcfc}s fddk {c md }disst}dk

Cfd c` {ad kl``lotj{lds ls acw {c lf{dg}i{d {ad [_I ocfodu{ lf{c {ad`c}dois{lfg `}indwc}b* {c kdncfs{}i{d {c mc{a _{i{t{c}| @tfk cwfd}sifk kcfc}s {ai{ l{s ls ucsslmjd {c lfoc}uc}i{d {adl} oisa `jcws lf{c odf{}ijgcpd}fndf{ `jcws wl{act{ fdt{}ijlslfg {ad lfkdudfkdfod c` {adcud}i{lcf c` {adl} `tfks


22/69

_do{lcf ;8 [ad Cud}i{lcf c` {ad XMI md`c}d Htj|

=599* {ad ol}otns{ifods jdiklfg {c {ad oaifgd

ifk {ad lnuio{ {ad}di`{d}

Gd{ioadw Fdgd}i

Kl}do{c} c` [}dist}| Nc@DK@dkd}ij Gcpd}fndf{ c` D{alculi


23/69

[ad Cud}i{lcf c` {ad XMI

[ad }d`c}n lf{}cktodk xd}c.mijifod iooctf{s !XMI, `c}utmjlo mcklds !UMs, cud}i{lfg lf Ikkls Imimi {c nlflnlsdlkjd oisa mijifods lf gcpd}fndf{ iooctf{s

L{ `ioljl{i{dk {ad ui|ndf{ c` `c} gcpd}fndf{ dqudfkl{t}dwadf {ad| i}d ktd*

L{ nlflnlxdk gcpd}fndf{ mc}}cwlfg ocs{s* ifk Niblfg ui|ndf{s lf }dij {lnd*

[ad s|s{dn wis cud}i{lcfij `c} cpd} slq |di}s tf{lj l{ wisut{ lf imd|ifod `c} {ad =599.9= `lfifolij |di}

L{ iuudi}s {als kdolslcf wis {ibdf lf }dsucfsd {c jlytlkl{|nifigdndf{ lf {ad mifblfg s|s{dn ifk {ad }lsb {clf`ji{lcf


24/69


[ad XMI wis c}giflxdk ijcfg {ad `cjjcwlfg jlfds8 I{ {ad M}ifoads c` Ocnnd}olij Mifb c` D{alculi!OMD, Jlfd

nlfls{}lds ifk igdfolds acjk 9;5 mifb iooctf{s

[adsd Mifb iooctf{s i}d xd}c.mijifod iooctf{s*

Nc@DK ais cfd stmslkli}| iooctf{s i{ {ad OMD waloa tsds {c

sd{{jd {adsd Xd}c mijifod iooctf{s XMIs i}d jlfbdk {c NC@DK OMD stmslkli}| [}dist}|s iooctf{

Ui|ndf{s wd}d nikd m| sudfklfg igdfolds `}cn {adl} XMIs

[ad oisa wis {adf djdo{}cfloijj| {}ifs`d}}dk {c XMIs {c sd{{jd{ad o}dkl{ mijifod

[als s|s{dn ndif{ {ai{ sudfklfg igdfolds iooctf{s wd}dit{cni{loijj| ojdi}dk ifk tuki{dk

[ad Fi{lcfij Mifb c` D{alculi ocfscjlki{dk {ad nilf ifkstmslkli}| {}dist}| `lfifolij ucsl{lcfs ifk `c}wi}kdk {adn {cNC@DK i{ {ad dfk c` dioa ki|


25/69


OMD Xd}c Mijifod Iooctf{

UMs Ui|ndf{ {c mdfd`loli}lds

OMD _tmslkli}| iooctf{

OMD {}ifs`d}s

FMD nilf iooctf{

[}dist}| {}ifs`d}s


26/69


[ad lf{}ckto{lcf c` XMIs }du}dsdf{dk i nihc} s{du `c}wi}klf {ad ocf{}cj c` lkjd oisa2 {ad nilf oaijjdfgd wis {c }cjjct{ slnlji} i}}ifgdndf{s io}css ijj iooctf{s i{ ijj jdpdjs

[ad XMI oisa nifigdndf{ s|s{dn stuuc}{dk i o}dklmjdmtkgd{ dqdot{lcf s|s{dn lf {ad gcpd}fndf{ `c} i ftnmd}c` |di}s8

[ad}d wis oc}}dsucfkdfod md{wddf {ad iuu}cpdk mtkgd{sifk oisa }djdisds

]dpdftd ud}`c}nifod `}cn {ad D{alculi ]dpdftd ifk

Ots{cns It{ac}l{| !D]OI, aik mddf gcck* sc {ai{mtkgd{i}| `tfks aipd mddf u}cplkdk {c UMs is }dytds{dk Ipd}igd }dpdftd g}cw{a cpd} {ad jis{ {a}dd |di}s ais mddf

imct{ ?7 $

]dpdftd ais mddf imct{ 9==$ c` GKU


27/69

Oaijjdfgds c` {ad XMI

Tf{lj =599* wadfdpd} {ad}d aik mddf if| sac}{`ijj* Nc@DK ais {ibdf

ikpifods `}cn {ad FMD {c stuujdndf{ l{s oisa }dsct}ods Acwdpd} mdoitsd c` oiuiol{| ocfs{}ilf{s* {ad oisa `c}dois{s `}cn

{ad Nc@DK wis ucc}

[ad}d wd}d wdibfdssds ijsc lf {ad mtkgd{ dqdot{lcf s|s{dn lf {d}ns

c` d``do{lpd ocf{}cj [ad oisa `c}dois{lfg s|s{dn wis tsdk is imtkgd{ ocf{}cj ndist}d }i{ad} {aif {c stuuc}{ {ad nifigdndf{ c`

oisa }dsct}ods! [ad `c}dois{lfg s|s{dn wis nikd if lf{dg}ij ui}{ c`

{ad mtkgd{ klsmt}sdndf{ ndoaiflsns,

Lf ikkl{lcf* {ad OMD mifb iooctf{s sd}pdk is mtkgd{i}| ocf{}cjuclf{s }i{ad} {aif {ad }djdpif{ ocf{}cjs lf {ad LMDQ ! l` fc `tfks i}d

lf {ad mifb iooctf{ i UM octjk fc{ sudfk2 }i{ad} {aif l` fc mtkgd{

lf {ad LMDQ s|s{dn {adf fc dqudfkl{t}d,


28/69

_{}dfg{as ifk Oaijjdfgds

[ad}d wd}d c{ad} u}cmjdns is wdjj8 Dpdf l` XMIs }dnilfdk lf cud}i{lcf* {ad [_I wctjk s{ljj md

tfkd}kdpdjcudk mdoitsd i ji}gd ftnmd} c` gcpd}fndf{ mifbiooctf{s nilf{ilfdk sdui}i{dj| !ifk wl{a fc cpd}flga{ swddu lf{c{ad [_I,

[ad mifblfg s|s{dn }dnilfs lfd``loldf{* ui}{lotji}j| ct{slkd IkklsImimi

[ad i}}ifgdndf{s `c} sac}{.{d}n oisa.`jcw `lfifolfg `djj wdjj sac}{c` mds{ u}io{lod [}dist}| mljj lsstifod m| {ad odf{}ij mifb ls k}lpdfstms{if{lijj| m| ncfd{i}| ucjlo| ocfod}fs ifk {ad occ}klfi{lcfi}}ifgdndf{s md{wddf Nc@DK ifk {ad FMD wd}d wdib

Lf ikkl{lcf* {ad}d wd}d wdibfdssds lf u}cot}dndf{ ujifflfg ifk L[lf`}is{}to{t}d

[ad imcpd oaijjdfgds i}d s{ljj cf.gclfg


29/69

I`{d} D``do{ c` {ad _tsudfslcf c`

{ad XMI Acwdpd}* {ad nlk.=599 iffctfodndf{ ut{ {ad XMI lf

imd|ifod2

[ad }dujiodndf{ c` {ad XMI wl{a {ad Mtkgd{ Iooctf{ !M.

Iooctf{s, s|s{dn wis {ai{ gcpd}fndf{ oisa wis ujiodk lf

utmjlo mcklds mifb iooctf{s !i{ i xd}c lf{d}ds{ }i{d,&

Lfo}dislfgj| oisa klsmt}sdndf{ mdgtf {c md ocfs{}ilfdk m|

}i{lcflfg* fc{wl{as{ifklfg {ad uc{df{lij kinigd i}lslfg

[ad fddk `c} {ad it{ac}l{lds {c ds{imjlsa i oisa.`jcw mt``d}

i}csd


30/69

[ad Fdw Lf{d}pdf{lcf

Igilfs{ {als miobg}ctfk* [ad @dkd}ij Gcpd}fndf{ lkdf{l`ldk{ad fddk `c} `t}{ad} lnu}cpdndf{ lf scnd i}dis ifk isbdkO}cwf Igdf{s {c issls{ lf s{}dfg{adflfg l{s oiuiol{|

_udol`loijj| {ad Nc@DK dfgigdk O}cwf Igdf{s8

[c u}cplkd {doafloij gtlkifod

[c u}dui}d i wc}bimjd oisa nifigdndf{ ifkklsmt}sdndf{ s|s{dn niftij* waloa wctjk tfkd}ulf ifd``loldf{ ifk d``do{lpd oisa nifigdndf{ s|s{dn

[c gtlkd {ad nckd}flsi{lcf c` {ad klsmt}sdndf{ s|s{dnmisdk cf mds{ u}io{lods

[c u}cplkd {}ilflfg is ui}{ c` oiuiol{| mtljklfg u}cg}inwl{alf Nc@DK* `dkd}ij UMs ifk }dglcfij `lfifod ifkdocfcnlo kdpdjcundf{ mt}dits


31/69

_do{lcf 48@GD Oisa Nifigdndf{8 _tnni}|

Ifij|sls ifk ]docnndfki{lcfs7 Bd| I}dis

Bchc Ckt}c

Jdik U@N Ikplsd}

O}cwf Igdf{s* TB


32/69

_tnni}| Ifij|sls & ]docnndfki{lcf

Klsmt}sdndf{ ifk Ui|ndf{ s|s{dn

LMDQ#L@NL_

U}cot}dndf{ Ujifflfg

Oisa @jcw @c}dois{lfg

Oisa Kdm{ Lf{dg}i{lcf

Oiuiol{| Mtljklfg lf Oisa @c}dois{lfg


33/69

_tnni}| Ifij|sls8 Xd}c Mijifod Iooctf{s

D{alculis tsd c` XMIs wis syti}dj| lf jlfd wl{a sctfk u}io{lod XMIs i}d o}dkl{ jlnl{s fc oisa ikpifodk {c UMs

Oisa s{i|s lf [_I tf{lj OMD u}dsdf{s ui|ndf{s {c md ojdi}dk

Nlflnlsds kdnifks cf oisa* ijjcws {ad [K {c nibd mds{ tsd

c` l{ tf{lj l{ ls fddkdk

Jlnl{s nifigdk m| OMD

Lf scnd octf{}lds {ad jlnl{s nlga{ md nifigdk m| {ad L@NL_*

ld {ad mifbs wctjk fc{ md imjd {c ojdi} ui|ndf{s lf dqodss c`

{ad jlnl{s lkdf{l`ldk lf {ad L@NL_

Ut{{lfg {ad XMIs cf acjk wis i miobwi}k s{du

Ud}aius {ad mdfd`l{s wd}d tfojdi}

Oisa igilf wis ikpifodk {c UMs

_cnd wd}d lfdpl{imj| md jd`{ lkjd lf iooctf{s lf {ad OMD


34/69

XMIs8 ]docnndfki{lcfs

[ad [K sactjk }dpd}{ {c {ad tsd c` XMIs !mt{ ijsc kdujc| i

oisa mt``d} {c ocud wl{a tfif{lolui{dk oisa kdnifks,

Lnu}cpdndf{s lf oisa `jcw `c}dois{lfg wljj ijsc glpd {ad [K

nc}d }disst}ifod imct{ {ad slxd c` {ad oisa mt``d} fddkdk

[ad XMI s|s{dn sactjk md }cjjdk ct{ {c ijj UMs* ifk u}cplklfg

{ai{ l{ ls u}io{loij ijsc {c {ad }djdisd c` oisa {c }dglcfs

L{ wljj md `ioljl{i{dk m| }dodf{ ifk u}csudo{lpd

lnu}cpdndf{s lf {ad mifblfg fd{wc}b !ij{actga ls s{}lo{j|

fc{ kdudfkdf{ cf {adn,

Mdoitsd c` {ad dq{}i ocnujloi{lcfs isscoli{dk wl{a g}if{s

{c {ad }dglcfs* glpd u}lc}l{| {c }cjjlfg ct{ XMIs {c ijj UMs


35/69

[ad Wlkd} tsd c` XMIs

_lnlji} XMI i}}ifgdndf{s octjk md }cjjdk ct{ {c jcwd} jdpdjs c`gcpd}fndf{ !ifk ijsc {c if| }t}ij UM c``lods {ai{ wd}d fc{ `tjj|

lf{dg}i{dk lf {ad mifblfg fd{wc}b,

Mt{ {ad snijjd} {ad stns {ad jdss {ad mdfd`l{

Lf ndkltn.{d}n c{ad} cu{lcfs cudf tu8 Kdpdjcundf{ ifk lf{dg}i{lcf c` mifblfg s|s{dn nlga{ ijjcw

{}ifsio{lcfs {c md {c md odf{}ijlsdk i{ UM c} Mc@DK c} sdo{c}

mt}dits wl{act{ XMIs

UMs octjk tsd L@NL_ {c sd{ jlnl{s cf oisa {}ifsio{lcfs }i{ad}{aif XMIs

Ucjlo| {cwi}ks jcwd} jdpdj XMIs sactjk md }dpldwdk kt}lfg =59=

lf {ad jlga{ c` {ad u}cg}innd `c} mifblfg s|s{dn kdpdjcundf{s


36/69

[ad Tsd c` XMIs8 _tnni}|

]DGLCFIJ IFK JCOIJ GCPD]FNDF[ @DKD]IJ GCPD]FNDF[

Kc{{dk syti}ds

sacw dqls{lfg XMIs

!u}d Htj| =599,

]dglcfij Mc@DK

]OI

XMI ]dglcfij _Ms

G}if{s {c ]dglcfs

G}if{s {c Xcfds*

Wc}dkis

Uccj ifk c{ad}

Iooctf{s

XMI* UMs lf Ikkls UMs ct{slkd Ikkls

Kdocfodf{}i{dk

!jcoij, UM C``lods

_cjlk i}}cws sacw dqls{lfg c} u}cucsdk XMIs

Kc{{dk i}}cws sacw c{ad} oisa jcws !ifk

uc{df{lij XMIs* sdd {dq{,

Nc@DK O[I


37/69

[_I8 U}cmjdns ifk Oaclods

Mijifods c` dq{}i.mtkgd{i}| `tfks sactjk u}d`d}imj| mdlfojtkdk lf [_I

Ni| md ucjlo| }dsls{ifod wac ocf{}cjs {ad oisa3

Lkdijj| {ad `tfks iooctf{ ls ojcsdk* ifk oisa imsc}mdk lf

[_I Oisa mijifods lf{dg}i{dk lf {ad [_I2 mt{ {ad DM@ }d{ilfs i

ojiln cf {ad }dsct}ods . i ud}nlsslcf {c sudfk

@ijj miob8 ijjcw {ad DM@s {c acjk {adl} oisa mt{ sd{ tui}}ifgdndf{s {c ijjcw DM@ {c jdfk {ad oisa {c [_I isfddkdk

Lf u}lfolujd iuuj| slnlji} i}}ifgdndf{s {c kcfc}s iooctf{s {c`lfifod u}chdo{s

=55 stoa iooctf{s lf D{alculi !I.iooctf{s,

Kcfc}s fddk {c md }disst}dk

Klsmt}sdndf{ & ui|ndf{ s|s{dn. stnni}| c`


38/69

Klsmt}sdndf{ & ui|ndf{ s|s{dn stnni}| c`

ifij|sls [ad klsmt}sdndf{ c` `tfks ifk dqudfkl{t}d ui|ndf{ cud}i{ds cf

{a}dd jdpdjs* findj|8 Nc@DK#[K s|s{dns `c} klsmt}slfg `tfks {a}ctga {ad mifblfg

s|s{dn {c {ad UMs8 wl{a }dsucfslmljl{lds klplkdk md{wddf {ad

Oisa Nifigdndf{ Tfl{ !ONT, ifk {ad Klsmt}sdndf{

_do{lcf!K_,

[ad mifb s|s{dns `c} {}ifsnl{{lfg `tfks `}cn {ad Odf{}ij

[}dist}| Iooctf{8 `}cn {ad FMD {c {ad OMD AY `c} cfwi}ks

kls{}lmt{lcf {c OMD m}ifoads {a}ctgact{ {ad octf{}|2

[ad UMs ui|ndf{ s|s{dns `c} {ad klsoai}gd c` gcpd}fndf{

cmjlgi{lcfs8 nikd tu c` 97? mtkgd{i}| lfs{l{t{lcfs tf{lj 7 Htj|

=599* ifk fcw }i{lcfijlsdk {c 9=; UMs tfkd} U}cg}innd

Mtkgd{lfg

[ad ot}}df{ klsmt}sdndf{ s|s{dn ls i M.Iooctf{ `tfklfg s|s{dn i{

{ad [K jdpdj* wl{a i kdodf{}ijlsdk ui|ndf{ s|s{dn i{ {ad UM jdpdj


39/69

_tnni}| c` Ifij|sls c` {ad Klsmt}sdndf{

_|s{dn [ad s|s{dn c` klsmt}slfg `tfks c} oisa i{ {ad @GD ls tfkd}gclfg oaifgds*

waljd {ad ui|ndf{ s|s{dns lf {ad UMs dssdf{lijj| }dnilf {ad sind

M.Iooctf{.XMI.miob {c M.Iooctf{8 I{ {ad [}dist}| jdpdj {ad s|s{dn ais

oaifgdk `}cn i M.Iooctf{ !wl{act{ oisa `c}dois{lfg, s|s{dn {c {ad XMI

miob {c {ad M.Iooctf{ s|s{dn !{ad ji{{d} = wl{a oisa `c}dois{lfg,

I Kdodf{}ijlsdk ui|ndf{ s|s{dn8 Mc{a {ad M.Iooctf{ s|s{dn ifk XMIcud}i{dk lf if dfpl}cfndf{ c` i kdodf{}ijlsdk ui|ndf{ s|s{dn i{ {ad UMs

jdpdj

[ad Klsmt}sdndf{ s|s{dn ais dfoct}igdk {ad O@@ {c md {t}fdk lf{c

}dytds{ `c} }djdisd c` `tfks8 {ad O@@ s|s{dn ls lf{d}{wlfdk wl{a {ad

s|s{dn `c} }dytds{lfg `tfks `}cn {ad [K

I{{df{lcf {c kd{iljs ifk ioot}io| jioblfg8 Lf mc{a oisds fc{ ntoa

i{{df{lcf ais mddf uilk {c {ad kd{iljs c` {ad `c}dois{s

[ad ot}}df{ M.Iooctf{ s|s{dn ls ijncs{ ojcsd {c i oisa }i{lcflfg }dglnd8

L{ ais mddf lf ujiod `c} cfj| ? {c ; ncf{as* mt{ l{s k|s`tfo{lcfij isudo{s

KL_MT_]DNDF[ & UI\NDF[ _\_[DN8 UM_ I]D KL]DO[J\ ]D_UCF_LMJD @C]


40/69

KL_MT_]DNDF[ & UI\NDF[ _\_[DN8 UM_ I]D KL]DO[J\ ]D_UCF_LMJD @C]

UI\NDF[ U]COD__LFG LF I KDODF[]IJL_DK UI\NDF[ _\_[DN

Nc@DK. MK

UMs

UMs Jdpdj

Jdkgd}_|s{dn

!LMDQ,

Nc@DK. [K

Nc@DK. IK

Odf{}ij

[}dist}|

Jdkgd}

_|s{dn

!LMDQ,

FMD![ad

Odf{}ij

Mifb,![_I,

OMD is@lsoij

Igdf{

C{ad}Ocnn

Mifbs

Mtkgd{ Iuu}cu}li{lcf

Dqudfkl{t}d {}ifsio{lcfs `}cn UMs {c [_I Mifb2

]duc}{s {c UMs cf ui|ndf{ ifk ]dodlu{s

]duc}{s {c [}dist}| cf

Ui|ndf{ & ]dodlu{s

Ui|ndf{s {c

_tuujld}sIooctf{s2 Gcp{

]dodlu{s

Mtkgd{ Iuu}cu}li{lcf


41/69

Klsmt}sdndf{ & ui|ndf{ s|s{dn. stnni}| c`

}docnndfki{lcfs _ac}{ {d}n io{lcfs {c nibd {ad M.Iooctf{ _|s{dn wc}b md{{d}8

9 Ojdi} ifk {}ifsui}df{ }tjds c} c}kd}lfg ui|ndf{s sactjk md ds{imjlsadk

= UMs sactjk u}dui}d }dgtji}j| {ad {lnd u}c`ljd c` dqudo{dk oisa

klsmt}sdndf{s c` ct{s{ifklfg sudfklfg ocnnl{ndf{s8 m| u}dui}lfg `c}

{adl} cwf tsd i soadktjd c` ocnnl{ndf{s ifk jlbdj| oisa ct{`jcws cf i

}dgtji} misls {c stuuc}{ md{{d} `c}dois{s Ndkltn {c Jcfg {d}n ocfslkd}i{lcfs lf {ad klsmt}sdndf{ ifk ui|ndf{

s|s{dns {c nibd {ad [_I#XMI s|s{dn wc}b md{{d}8

9 Klsdf{ifgjd mtkgd{ dqdot{lcf ifk oisa nifigdndf{ 8 {ad oisa `jcw

`c}dois{s sactjk md kdpdjcudk lfkdudfkdf{j| c` mtkgd{ dqdot{lcf}dytl}dndf{s

= [ad L@NL_ s|s{dn sactjk md tsdk `c} ncfl{c}lfg ifk ocf{}cjjlfg

ocnnl{ndf{s8 [als }dsucfslmljl{| sactjk fc{ md uissdk cf {c {ad mifbs

{a}ctga {ad oisa nifigdndf{ s|s{dn

? Ipclk tsd c` ua|sloij oisa lf {ad {}ifsio{lcfs wadfdpd} ucsslmjd


42/69

Oisa `jcw `c}dois{lfg !O@@, . _tnni}| c`

Ifij|sls Waljs{ scnd `c}n c` O@@ m| {ad UMs ls lf ujiod* l{ ls fc{ wdjj kdpdjcudk

Ifftij O@@ fc{ tuki{dk8 [ad }dpdftd `c}dois{ ls kcfd ifftijj| !{ad

ifftij `c}dois{ ls }discfimjd mt{ octjk md lnu}cpdk `t}{ad} l` l{ wd}d

tuki{dk lf {ad sind niffd} is {ad dqudfkl{t}d `c}dois{,

Ncf{aj| `c}dois{ i}d tfkd}{ibdf 8 [ad dqudfkl{t}d `c}dois{s i}d kcfd

cf i ncf{aj| misls }cjjdk lf{c yti}{d}s Niftij8 [ad u}codss `c} ocjji{lfg {ad `c}dois{s ls tffdodssi}lj| niftij

L{ ls ojcsdj| jlfbdk wl{a mtkgd{ dqdot{lcf

Jiobs ifij|sls8 Jl{{jd {lnd ls kdkloi{dk {c ifij|slfg {ad `c}dois{s igilfs{

io{tij oisa `jcws @ddkmiob ls fc{ u}cplkdk {c {ad UMs c} D]OI cf {adl} `c}dois{lfg

ud}`c}nifod

Oisa `jcw `c}dois{lfg.]dpdftd


43/69

Oisa `jcw `c}dois{lfg ]dpdftd

]docnndfki{lcfs [ad [Ks `cots sactjk md cf gd{{lfg {ad nilf }dpdftd `c}dois{s is

ioot}i{d is ucsslmjd Lf u}io{lod* {als ndifs wc}blfg ojcsdj| wl{a D]OI

& UMs is }djdpif{

[ad ifftij }dpdftd `c}dois{ sactjk md tuki{dk cf i ncf{aj| misls

`c} {ad fdq{ {a}dd ncf{as* ocfsls{df{j| wl{a {ad dqudfkl{t}d `c}dois{s

@ddkmiob u}cplkdk {c D]OI* ifk {ad UMs8 [ad ioot}io| c` {ad

igg}dgi{d }dpdftd `c}dois{s !{iq* fcf.{iq* dq{d}fij issls{ifod, sactjkmd issdssdk m| {ad [K [ad ioot}io| c` {ad `c}dois{ sactjk md

sdui}i{dk `}cn {ad ioaldpdndf{ c` D]OIs ifftij ifk klsigg}dgi{dk

}dpdftd {i}gd{s

Klsmt}sdndf{ ui{{d}fs `}cn dq{d}fij igdfolds sactjk md ncfl{c}dk

ifk issdssdk {ad ui{{d}f c` if| jigs md{wddf ocnnl{ndf{ ifk

klsmt}sdndf{ [ad [K sactjk wc}b ojcsdj| wl{a {ad Mlji{d}ij ifk L@L

Kl}do{c}i{ds lf Nc@DK {c jlilsd wl{a {ad igdfolds `c} tu.{c.ki{d

lf`c}ni{lcf

D]OI octjk wc}b {cwi}ks i {i}gd{ c` lnu}cplfg l{s ipd}igd `c}dois{

Oisa `jcw `c}dois{lfg.Dqudfkl{t}d


44/69

Oisa `jcw `c}dois{lfg Dqudfkl{t}d

]docnndfki{lcfs

Ifftij @c}dois{ cf ncf{aj|

Yti}{d}j| `c}dois{s sactjk ijsc md tuki{dk cf i ncf{aj| misls

`c} {a}dd ncf{as iadik ifk {ad| sactjk sacw oisa.`jcws cf i

wddbj| misls [ad `c}dois{s sactjk }cjj lf{c {ad fdq{ mtkgd{

|di}

[ad `c}dois{s sactjk md d.niljdk {c {ad [K {c sdui}i{d {ad oisa

`c}dois{s `}cn mtkgd{ dqdot{lcf ifk sactjk lfojtkd i

klsigg}dgi{lcf m| ot}}df{ ifk oiul{ij sudfklfg

If| dqudfkl{t}d `c}dois{ imcpd i od}{ilf {a}dsacjk sactjk md

lfojtkdk is i sdui}i{d l{dn8 si| g}di{d} {aif D[M 9 nljjlcf "

!{c md `lqdk m| [K, ifk ji}gd u}chdo{s {ai{ i}d lf {ad uludjlfd

sactjk md `c}dois{ ifk ncfl{c}dk* dpdf l` {ad| dq{dfk md|cfk

{ad ot}}df{ |di}


45/69

Oisa `jcw `c}dois{lfg.Dqudfkl{t}d

]docnndfki{lcfs

[ad [K {c ocfkto{ ncf{aj| O@@ `ddkmiob sdsslcfs8 [ad [K

sactjk ocnui}d {ad `c}dois{s wl{a io{tij oisa.`jcws ifk

kd{d}nlfd wad{ad} ot}}df{ c} oiul{ij sudfklfg ls nc}d

ioot}i{d [ad [K sactjk acjk ncf{aj| ndd{lfgs wl{a {ad

ji}gds{ UMs* lfl{lijj| wl{a {ad `lpd mlggds{ oiul{ij sudfkd}s ifk{ad ji}gds{ ot}}df{ sudfkd}* {c tfkd}s{ifk wa| {ad}d i}d

klpd}gdfods ifk lkdf{l`| {}dfks

@lfijj|* wc}b {c lkdf{l`| if iuu}cu}li{d oisa `jcw mt``d}8 oif

s{i}{ lf {ad fdi} `t{t}d* ij{actga lf u}io{lod {ai{ wc}b wljj md}d`lfdk cpd} {lnd ifk {ad mt``d} }dktodk* is ocf`lkdfod lf {ad

`c}dois{ g}cws

_{}dfg{adf {ad jlfbs md{wddf O@@ ifk U}cot}dndf{ Ujifflfg8

!}d`d}dfod {ad U}cot}dndf{ Ujifflfg _do{lcf,

Oisa `jcw `c}dois{lfg C}giflsi{lcfij


46/69

Oisa `jcw `c}dois{lfg.C}giflsi{lcfij

}dsucfslmljl{lds

[ad u}dolsd c}giflsi{lcfij }dsucfslmljl{lds `c} m}lfglfg

{cgd{ad} {ad `c}dois{s lf {ad [K sactjk md ds{imjlsadk8

Kdkloi{dk ONT lf [K wl{a i `dw s{i``ndnmd}s !?.4,

Ds{imjlsa i fd{wc}b c` `c}dois{d}s io}css gcpd}fndf{

Lnujdndf{ lf`c}ni{lcf sai}lfg fd{wc}b

Oiuiol{| lsstds lf [K ijsc oiuiol{| lf KK {c md ikk}dssdk8

[}ilflfg ifk Oiuiol{| mtljklfg c` oisa `jcw `c}dois{lfg ifk

ifij|sls sactjk md if lf{dg}ij ui}{ c` {ad wc}b c` {ad ONT

Nc@DK sactjk u}cplkd {ad }dsct}ods {c mc{a [K ifk KK {c

dfaifod s{i`` sbljjs

Lfodf{lpds8 [ad i}}ifgdndf{s sactjk ikk}dss mc{a

c}giflxi{lcfij ifk ud}scfij lfodf{lpds lsstds


47/69

_do{lcf 08 I oisa `jcw `c}dois{lfg `}indwc}b

misdk cf {ad [_I* {iblfg lf{c iooctf{ {adcud}i{lcf c` dq{}i.mtkgd{i}| `tfks ifk kcfc}

`jcws lf{c gcpd}fndf{ igdfolds8 I `c}dois{lfg

`}indwc}b* {ai{ ocnui}ds `c}dois{s {c io{tijs

ifk u}cplklfg `ddkmiob.

Bchc Ckt}c

Jdik U@N Ikplsd}

O}cwf Igdf{s* TB


48/69

WAI[ L_ OI_A @JCW @C]DOI_[LFG !O@@,3

O@@ ls kls{lfo{ `}cn UM iooctf{lfg ifk mtkgd{lfg8

O@@ ls kcfd wl{a {ad lf{df{ {c u}chdo{ {ad c}giflxi{lcfs

imljl{| {c ndd{ oisa fddks

{ad tj{lni{d gcij ls {c lkdf{l`| {ad fddk `c} sac}{.{d}n

mc}}cwlfg ifk {c kd{d}nlfd jcfg {d}n lfpds{ndf{s

s{}i{dglds

O@@ adjus {c s{}to{t}d if lfpds{ndf{ uc}{`cjlc c} nibd

lfpds{ndf{ kdolslcfs

I stoodss`tj mc}}cwlfg & lfpds{ndf{ s{}i{dg| `c} if|

c}giflxi{lcf kdudfks cf {ad ioot}io| ifk {lndjlfdss c` l{s

`c}dois{s


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Wa| [ad @GD Tfkd}{ibds Oisa @jcw @c}dois{lfg

@c}dois{lfg {ad ki{ds wadf }dodlu{s dqoddk ui|ndf{s ifk

ocfpd}sdj| wadf ui|ndf{s dqoddk }dodlu{s jdiks {c {lndj|

mc}}cwlfg & lfpds{ndf{ uc{df{lij niqlnlxi{lcf

@c}dois{lfg ioot}i{dj| dfimjds {ad FMD {c u}dklo{ {ad `tfklfg

{ad gcpd}fndf{ }dytl}ds `}cn {ad sijd c` [Ms8 wl{act{

`jccklfg {ad ni}bd{ ifk uc{df{lijj| }ilslfg lf{d}ds{ }i{ds ! c}

is lf {ad oisd c` D{alculi. kls{c}{lfg {ad `lfifolij ni}bd{s,


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Wa| Tfkd}{ibd Oisa @jcw @c}dois{lfg

_udol`loijj| oisa `jcw `c}dois{lfg8

9 Kd{d}nlfds wadf `tfks i}d }dytl}dk {c ocpd} if{lolui{dk

ifk tfif{lolui{dk jlimljl{lds

= Nlflnlxd mifblfg `dds ifk oai}gds* wl{a {ad uc{df{lij {c

ipclk cpd}k}i`{ ocs{s

? Nlflnlxds {ad fddk `c} sac}{ {d}n mc}}cwlfg

; U}cplkds if cuuc}{tfl{| `c} sudfklfg ui{{d}fs {c md

occ}klfi{dk {c nl{lgi{d if| uc{df{lij sac}{`ijjs ifk

mijifod {ad `jcw c` `tfks

4 Kd`lfds jlytlkl{| }dytl}dndf{s

0 Adjus ds{lni{d {ad `t{t}d oisa ucsl{lcf dfimjlfg {ad @GD

{c nifigd l{s `tfks nc}d d``loldf{j|


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Nc}d _udol`lo ]discfs `c} O@@

7 Issls{s lf niblfg {ad ncs{ iuu}cu}li{d lfpds{ndf{

kdolslcfs* {ad}dm| niqlnlxlfg ifftij lfpds{ndf{ }d{t}fs

1 U}cplkds {ad imljl{| {c d``do{lpdj| {lnd lfpds{ndf{

ni{t}l{lds wl{a if{lolui{dk `t{t}d oisa ct{ji|s


52/69

U}lfolujds c` Gcck Oisa Nifigdndf{

Mtkgd{ sd{{lfg u}codkt}d8 mtkgd{ ctga{ {c `jcw `}cn nifigdndf{kdolslcfs imct{ pcjtnds c` io{lpl{|* d``loldfo| ifk `c}dois{s c` u}lods

Oisa `c}dois{lfg u}codkt}ds8 ioot}io| wljj kdudfk cf iuu}cpdkmtkgd{ u}cg}innds 8 lnuc}{if{ {c lf{dg}i{d wc}b ujifs lf{c {ad O@@

Nifigdndf{ Ocf{}cj s|s{dn8 gcck ocf{}cjs wljj dfst}d {ai{ mtkgd{

pi}li{lcfs i}d bdu{ {c {ad nlflntn

Ikcu{lcf c` u}cud} ut}oaislfg ucjlolds8 ijsc lf{dg}i{lfgu}cot}dndf{ ujifflfg ls lnuc}{if{ `c} {ad O@@

Nlflnlsd s{cobs* kdm{c}s ifk u}duilk dqudfsds8 ojdi} ucjlolds lf

{adsd i}dis fddkdk Ds{imjlsa ucjlolds `c} ocjjdo{lcf c` }dpdftd* g}if{lfg c` o}dkl{ c}

stmslk|

Ncuulfg tu ijj gcpd}fndf{ oisa }dsct}ods {a}ctga {adlnujdndf{i{lcf c` {ad lnujdndf{i{lcf c` {ad [}dist}| _lfgjdIooctf{![_I,* ifk ipclklfg lkjd oisa

@GD =55? I { j ] &


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@GD =55? Io{tij ]dpdftd &

Dqudfkl{t}d Ui{{d}f cf i Wddbj| Misls

G@D =55? I { j ] &


54/69

G@D =55? Io{tij ]dpdftd &

Dqudfkl{t}d Ui{{d}f cf i Kilj| Misls

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kojo oduro - fge cash management

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