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IHTE^HBTILHBO CIHBHGE

^EVL^T LH TME GBWE WTUDY LC V^UO

Wunaitted tl

Wi~ [bmee~ Bnnbw

Wunaitted ny

Wbiab Jbuwb~-63!b~id!934)

Bwbd Pbmeed-63!b~id!97>)

Jbhpbo Te~ewb-63!b~id!947)

Wmbmbhb Au{bccb~-63!b~id!93=)

Bhba Ij~ba-63!b~id!9>9)

NNB SII -B)

Uhise~wity Ihwtitute lc Abhb`eaeht Wgiehgew

VABW!UBB^

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IHT^LDUGTILH

Tme gbwe iw abihoy bnlut tme v~lvlwbo tmbt tme Tbjbmbwmi mbw v~ewehted tl tme VOBWTIGW

^ UW Otd( -V^UO)( Tmiw v~lvlwbo iw bnlut tme lve~btilh lc b hep vobht ih Gmihb cl~wvegicigbooy abhucbgtu~ih` nbtm tun glse~w bhd e}vl~tih` tmea tl Kbvbh( V^UO pbw~egehtoy lve~btih` ih Tbipbh( Tme lve~btilhw lc tme glavbhy b~e ~uhhih` wuggewwcuooy ihTbipbh( It iw abhucbgtu~ih` vobwtig v~ldugtw! c~la glavluhdih` tl e}t~uwilh tl cihiwmedv~ldugtw( Bw peoo bw dll~w -clodih`w/ niclodw/ nyvbww/ bhd clodih` wmlpe~ dll~w)( Ltme~cebtu~ed vobwtig v~ldugtw ihgouded oluse~ vbheow/ nbtm tun glse~w/ se~tigbo noihdw/ plld!oije Sehetibh noihdw bhd e}t~uded vobwtig clba v~ldugtw(

Ih tmiw gbwe lhoy tme v~ldugtilh lc nbtmtun glse~w ih glhwide~ed( Ih Kbvbh it iw tmehegewwity lc tme pl~jih`/ bw tmey pbht tl ~eob} bt hi`mt bcte~ b ti~ewlae dby( Cl~ tmiwvu~vlwe tmey tbje b pb~a nbtm bhd tl v~ewe~se tme mebt lc tme pbte~ nbtmtun glse~w b~e

se~y hegewwb~y( Wl V^UO iw lhe lc tme abkl~ glavbhiew ih Tbipbh pml abhucbgtu~ewmi`m ruboity nbtmtun glse~w bhd e}vl~t tmea tl Kbvbh( Tme ab~jet gmbih glav~iwew

V^UO iw bgrui~ih` 25% ab~`ih c~la tme wboew lc tme nbtmtun glse~w( Hlp V^UO pbht tle}vbhd ih tme ab~jet cl~ tmiw vu~vlwe tmey mbd b v~lvlwbo c~la Tbjbmbwmi( Botmlu`m tmev~lvlwbo iw b `lld lvvl~tuhity cl~ e}vbhdih` nut tme~e b~e wese~bo ltme~ iwwuew v~eweht cl~bggevtih` l~ ~ekegtih` tme v~lvlwbo( Bcte~ wese~bo aeetih`w pitm tme wehil~ e}egutisew lctme V^UO bhd tm~ee lvtilhw pe~e ~biwed ~e`b~dih` tmiw v~lvlwbo pmigm pe~e bw;

2( Tu~h dlph tme v~lvlwbo bhd e}vbhd bw heeded ih Tbipbh(>( Ihsewt pitm Tbjbmbwmi ih nuiodih` b hep cbgtl~y ih Gmihb tl v~lduge nbtm tun

glse~w e}gouwiseoy cl~ Tbjbmbwmi bhd wmb~e v~lcit nbwed lh tme ihsewtaeht wmb~eny ebgm vb~ty(

7( Ihsewt ih nuiodih` b hep V^UO cbgtl~y ih Gmihb tl v~lduge nbtm tun glse~w bhdweoo tmea tl boo Kbvbhewe guwtlae~w pitmlut e}gouwisity(

Boo tme tm~ee lvtilhw mbse itw v~lw bhd glhw tmbt pioo ne diwguwwed ih tme cloolpih`wegtilhw(

IWWUEW

Tme~e b~e v~eweht cloolpih` iwwuew ih tme gbwe diwguwwed

V~ldugtilh glwt lc nbtm tun glse~w

>

Abhucbgtu~e~w Diwt~inutl~w ^etbioe~w Glhwuae~w

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Olp obnl~ glwt ih Gmihb

V~ldugtilh eccigiehgy iav~lseaeht

DIWGUWWILH LC IWWUEW

V~ldugtilh glwt lc nbtm tun glse~w;V~ldugtilh glwt iw lhe lc tme jey eoeaehtw lc V^UOw siwilh( V^UO pbht

tl ~eduge tme v~ldugtilh glwt lc nbtmtun glse~/ cl~ tmiw ~ebwlh Tbjbmbwmi mbw v~ewehtedtme v~lvlwbo cl~ tme ~edugtilh lc v~ldugtilh glwt( Bw V^UO pluod ewtbnoiwm b vobht ihGmihb tmei~ v~ldugtilh glwt lc nbtmtun glse~w pioo ne olpe~ed( Tmey pluod hlt vby 7(9%iavl~t duty pmioe e}vl~tih` tmei~ v~ldugtw c~la Kbvbh tl Tbipbh(

Olp obnl~ glwt ih Gmihb;Bw V^UO pbw ~egehtoy lve~btih` ih Tbipbh tmey mbse tl vby mi`me~ pb`ew

tl tme pl~je~w lc tme cbgtl~y( Nut ic tmey bggevt tme v~lvlwbo tmey pioo mbse tl neb~ olpobnl~ glwt negbuwe tme obnl~ glwt ih gmihb iw olpe~ bw glavb~ed tl Tbipbh( Hlp Dbsid

Gmuh`/ tme v~ewideht lc V^UO iw vobhhih` tl ewtbnoiwm vobht ih Wmih`mbi pmigm iw abkl~ihduwt~ibo glaae~gibo nbwe ih Gmihb/ botmlu`m tme obnl~ glwtw ih tme gl~e lc tme gity pe~ese~y mi`m/ ih tme heb~ny wunu~nbh b~ebw/ tmey pe~e glavb~bnoe pitm ltme~ ihduwt~ibo gitiewlc Gmihb( Wl pe gbh wby tmbt tme obnl~ glwt pluod ne olpe~ed(

V~ldugtilh eccigiehgy iav~lseaeht;V^UO bowl pbht tl iav~lse tmei~ v~ldugtilh eccigiehgy ny t~bhwce~~ih` tme

v~ldugtilh lc lhoy nbtmtun glse~w tl tme hep vobht ih Gmihb( V^UO pluod ne bnoe tlihg~ebwe tmei~ v~ldugtilh ih ltme~ v~ldugtw ny utioi{ih` tme vobht oect ih Tbipbh( Cu~tme~tmey aby ne bnoe tl glavete pitm tmei~ glavetitl~w pml mbd wet tmei~ vobhtw ih Gmihbeb~oie~ bhd b~e mbsih` mi`m glwt bdsbhtb`e negbuwe V^UO mbw `lt mi`me~ eccigiehgy ih

v~ldugih` nbtm tun glse~w bhd ih bdditilh Tbjbmbwmi pluod bowl gut dlph tmei~ ih mluwev~ldugtilh lc nbtm tun glse~w bhd devehd pmlooy lh V^UO cl~ nbtm tun glse~ v~ldugtilh(

Cl~ tme iwwuew diwguwwed tm~ee lvtilhw b~e `iseh pmigm b~e ihdevehdeht wloutilhw( Tmetm~ee wloutilhw b~e bw cloolpw bhd tme v~lw bhd glhw b~e diwguwwed ih tmiw wegtilh(

2( KLIHT SEHTU^E

>( 266% IHSEWTAEHT LH LPH

DL HLTMIH@

KLIHT SEHTU^E

Uhde~ tmiw lvtilh V^UO wmluod uhde~`l tme glht~bgt pitm Tbjbmbwmi ih pmigm babhucbgtu~ih` cbgtl~y pioo ne wetuv ih Gmihb bhd tme nbtmtun glse~w v~lduged e}gouwiseoycl~ V^UO(

V^LW2( Tme ihitibo ihsewtaeht glwt pioo ne disided( V^UO pioo hlt mbse tl ihsewt 266% lh

itw lph bhd it pioo ~eduge itw v~ldugtilh glwt ihitibooy(

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>( Tme kliht sehtu~e pitm Tbjbmbwmi ihwu~ew tme ihg~ebwih` ab~jet wmb~e c~la 25% tl76% ih Kbvbh( Bhd tmiw iw bowl tme tb~`et lc V^UO(

7( Uhde~ tmiw glht~bgt tme v~lcit ab~`ih pioo ihg~ebwe c~la 29% tl >0%bvv~l}iabteoy(

4( Due tl tme ihsloseaeht lc Kbvbhewe glavbhy -Tbjbmbwmi) Gmihb pioo cbgioitbte

Tbipbh bhd ih bhy gbwe lc vloitigbo diwb`~eeaehtw l~ gobwmew Gmihb pioo cbgioitbteV^UO due tl tme ihsloseaeht lc Kbvbhewe glavbhy( Negbuwe Gmihb pioo hese~oije tl wvlio ~eobtilhw pitm Kbvbh(

5( V^UO pioo mbse tl vby oeww e}vehwew bhd iavl~t duty tl Gmihb(3( Bggeww tl ihcl~abtilh lc tme Gmihewe ab~jet( Bhd it gluod meov ih cutu~e tl

ewtbnoiwm ab~jet ih Gmihb(

GLHW

2( V~isbgy iwwuew pioo decihiteoy b~iwe( Tbjbmbwmi bw b vb~the~ pioo `et bggeww tlV^UO ihcl~abtilh/ glvy~i`mt/ t~bdeab~j(

>( Tbjbmbwmi nb~`bihih` vlpe~ pioo ihg~ebwe( Negbuwe tmey pioo jhlp tme ebgm bhd

ese~y wtev lc tme abhucbgtu~ih` v~lgeww lc V^UO bhd tmey gbh gobia olp v~igew icV^UO wetw uv mi`m ab~`ih7( ^eobtilhwmivw pitm ltme~ guwtlae~w Hbjbi/ BNE/ bhd 4 ltme~w pioo dete~il~bte

negbuwe Tbjbmbwmi iw tmei~ glavetitl~ bhd tmey pioo ceeo i`hl~ed it aby eccegt tmeab~jet ih Kbvbh(

266% IHSEWTAEHT LH LPH

Weglhd lvtilh iw tmbt V^UO wmluod clguw lh tme 266% ihsewtaeht lh itw lph ny wettih`uv abhucbgtu~ih` cbgtl~y ih Gmihb bhd diwt~inutih` itw v~ldugtw tm~lu`m boo lc itpmloewboe~w hlt kuwt Tbjbmbwmi(

V^LW

2( Uhde~ tmiw lvtilh V^UO mbw v~isbgy bhd wegu~ity lc itw aetmldw/ v~lgedu~ew/t~bdeab~j/ cl~auobw/ glwt tegmhiruew(

>( ^eobtilhwmivw pitm ltme~ guwtlae~w -pmloewboe~w) pioo ~eabih `lld bhd tme v~ldugtilh gbh ne ihg~ebwed bhd deg~ebwed bggl~dih` tl tme ~erui~eaeht lcglavbhy(

7( Degiwilh abjih` butml~ity pioo ne 266% uhde~ V^UO(4( V^UO gbh mbse tme bggeww tl Gmihewe ab~jet bhd it gbh e}vbhd ih tme~e ic it pbhtw

tl(5( Tme iavl~t dutiew c~la Tbipbh tl Kbvbh cl~ boo tme guwtlae~w pioo ne wbsed tl

7(9%(3( Tme tb~`et lc bgmiesih` ab~jet wmb~e lc 76% iw wtioo bgmiesbnoe uhde~ tmiw lvtilh(0( ^etu~hw b~e mi m ih tmiw lvtilh(

GLHW

2( ^iwj pioo ne mi`m ih tmiw gbwe negbuwe ese~ytmih` pioo ne lh itw lph(

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>( Tbjbmbwmi wuvvl~t aby ne olwt negbuwe Tbjbmbwmi pioo `et diwbvvlihted due tl~ekegtilh lc v~lkegt(

7( Tbjbmbwmi iw tme abkl~ diwt~inutl~ bhd nbd ~eobtilhw pitm tmea aby ne b mu~doe ihitw pby(

4( ^eweb~gm bhd Deseolvaeht e}vehwew pioo ne al~e(

5( Tme~e pioo ne hl cbsl~ c~la Gmihewe `lst( tmbt it gluod `et ic iw eh`b`ed pitmKbvbhewe vb~the~(

DL HLTMIH@Uhde~ tmiw lvtilh V^UO pioo heitme~ ihsewt lh itw lph hl~ tm~lu`m tme glht~bgt pitmTbjbmbwmi bhd jeev tme nuwiheww `lih` lh bw it iw `lih`(

V^LW

2( Tme nuwiheww iw lih` bw it iw `lih`>( Hl ~iwj iw ihslosed

7( ^eobtilhwmivw pitm ltme~ guwtlae~w pioo ~eabih `lld bw hlp(

GLHW

2( V~lcit ab~ ihw b~e aby hlt ihg~ebwe>( Hl @~lptm7( ^eobtilhwmivw pitm Tbjbmbwmi aby `et pl~we(

^EGLAAEHDBTILHW

Bcte~ diwguwwih` tme cbgtw bhd ci`u~ew tme newt lvtilh tmbt pe mbse gmlweh iw

Ihsewt ih nuiodih` b hep V^UO cbgtl~y ih Gmihb tl v~lduge nbtmtun glse~w bhd weootmea tl boo Kbvbhewe guwtlae~w pitmlut e}gouwisity(

Tme v~lw b~e bo~ebdy diwguwwed pmigm b~e tme ~ebwlhw cl~ pmigm pe mbse gmlweh tmiwlvtilh( V^UO pioo mbse mbw v~isbgy bhd wegu~ity lc itw aetmldw/ v~lgedu~ew/ t~bdeab~j/cl~auobw/ glwt tegmhiruew( Tme nb~`bihih` vlpe~/ degiwilh!abjih` pioo ne uhde~ tmeglht~lo lc V^UO( Wuvvoy tl boo guwtlae~w pioo ne wbae( Ic pe wee tme wmb~e lc guwtlae~wih ~esehue lc glavbhy lut lc $36266/ Tbjbmbwmi kuwt glht~inutew $29466( Tme ~ewt glaewc~la ltme~ guwtlae~w( BNE glht~inutew tme mi`mewt ih tme ~esehue tmbt iw heb~oy $>7=66(V^UO gbh mbse tme bggeww tl Gmihewe ab~jet bhd it gbh e}vbhd ih tme~e ic it pbhtw tl ihltme~ v~ldugtw bw peoo/ nut ic tmey dl kliht sehtu~e tmey gbh lhoy v~lduge nbtmtunw bhd

e}gouwiseoy kuwt cl~ Tbjbmbwmi(

Tme iavl~t dutiew c~la Tbipbh tl Kbvbh cl~ boo tme guwtlae~w pioo n wbsed tl 7(9% bhd bootme guwtlae~w pioo ne wbtiwcied( Tme tb~`et lc bgmiesih` ab~jet wmb~e lc 76% iw wtioobgmiesbnoe uhde~ tmiw lvtilh( Eseh tme ~iwjw b~e mi`m wtioo tme ~etu~hw b~e mi`m bhd ~iwjwgbh ne lse~glae n ihteooi`eht vloigiew( Tme~e pioo ne hl ~ewt~igtilh ih tme `~lptm lcglavbhy bhd abhb`eaeht( It pioo mbse glht~lo lc itw boo abhb`eaeht bhd v~ldugtilh bhdwt~bte`iew(

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Ic pe ollj cbgtw bhd ci`u~ew tme ~etu~hw b~e mi`mewt ih tmiw lvtilh( ^esehue uhde~ tmiwlvtilh pioo ne $=6/ $266 bhd $2>6 aiooilh ~ewvegtiseoy ih he}t tm~ee yeb~w( Pmioe ih klihtsehtu~e lvtilh tmiw pioo ne $46/ $36 bhd $=6 aiooilh ~ewvegtiseoy cl~ he}t tm~ee yeb~w( Wltme ~esehuew b~e mi`me~ ih tmiw lvtilh( Wiaiob~oy ic pe mbse b ollj lh gbwm colpw bhd

ihglae bcte~ tb}ew tmey b~e mi`mewt cl~ tmiw lvtilh(

Tmiw aebhw tmbt pe mbse tme lvvl~tuhity tl gbvtu~e tmlwe ab~jet b~ebw/ pmigm b~e glwtglhwgiluw pitmlut olwih` v~lcitw( V^UO mbw t~uwt lc abhy ehd!glhwuae~w bhd ic ruboity iw~etbihed pitm olpe~ v~igew tme wboew pioo `~lp b``~ewwiseoy( Tme ~esehuew gbh ne uwed tlwvehd al~e lh ab~jetih` tme nbtmtun glse~w tl ehd!glhwuae~w( Negbuwe tmiw pioo meovtmea tl ihg~ebwe tmei~ wboew eseh al~e bhd meov tmea tl ebwioy utioi{e tmei~ mebsy,abwwv~ldugtilh(

Tme v~lcitw c~la tmiw lvtilh gbh ne uwed tl e}vbhd ih ltme~ v~ldugtw ab~jet ih Tbipbh(

VLWT!IAVOEAEHTBTILH WT^BTE@Y

Vlwt iavoeaehtbtilh wt~bte`y ihslosew tme wt~bte`y tl iavoeaeht bnlse lvtilh(

^eobtilhwmiv pitm Tbjbmbwmi pioo ne abihtbihed ny `isih` tmea wlae lcce~w/glhgewwilhw/ aeetih`w tl abje tmea iavl~tbht(

Tme~e gluod ne aeetih`w l~ v~ewehtbtilh tl Tbjbwmi tmbt pmy V^UO mbw ~ekegtedtmei~ v~lvlwbo bhd mlp tme~e v~ldugtilh gbh wtioo cbgioitbte Tbjbmbwmi bhd tmey b~ewtioo sboued guwtlae~w(

Ihitibo ihsewtaeht iw mi`me~ ~btme~ ic V^UO weoegt kliht sehtu~e( Tme dicce~ehge iwlc nut tme ~etu~hw b~e ruite mi`m bhd tmiw ihsewtaeht iw cl~ kuwt lhe tiae( Bhd itpioo ne ~eglse~ed tm~lu`m ~etu~hw bhd ~esehuew bhd tme cu~tme~ e}vbhwilh(

Pmeh tme ihitibo glwt iw glse~ed V^UO gbh e}vbhd ih ltme~ v~ldugtw bw peoo nyuwih` tme v~lcit ab~`ihw bhd abhucbgtu~ih` lc ltme~ v~ldugtw gbh bowl ne abhb`edih gmihb( Tme ~esehuew gbh ne wveht lh tme ab~jetih` tl tme ehd!glhwuae~w(

Vloitigbo ~iwjw c~la Gmihb b~e ~eduged negbuwe Gmihb iw hlp bdlvtih` tmegbvitboiwa ~uoew lc tme ab~jet( Wl Gmihbw gmbhgew tl ihte~ce~ehge ih tme nuwiheww

aby ne oeww(

Bcte~ ewtbnoiwmih` tme nuwiheww tme~e/ V^UO gbh `bih bggeww tl Gmihewe ab~jetbhd mbse ihcl~abtilh lc pmbt jihd lc v~ldugtw gbh ne wlod tme~e bhd e}vbhdab~jet tme~e bw peoo(

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