Page 191 - DECO404_PUBLIC_FINANCE_HINDI

bdkbZ—16% yksd ½.k osQ izHkko % lkoZtfud ½.k rFkk vk£Fkd fodkl

djuh gksaxh tSls fd C;kt dh Å¡ph njsa vkfn] vFkok ljdkj ;g Hkh dj ldrh gS fd og izfrHkwfr ;k Í.k&i=k uksV
/kjdksa (security holders) dks ,slh lqfo/k iznku djs fd os vius Í.k&i=kksa dks fcuk fdlh gkfu osQ udnh
esa cny losaQ vkSj ljdkj }kjk tkjh fd;s x;s u;s Í.k&i=k [kjhn losaQA ,slh fLFkfr esa yksd Í.kksa dk lkekU;
udnh :i U;w lfèkd :i ls iwoZor~ gh jgrk gSA
ijUrq tc yksd Í.k osQ izcUèk osQ ekè;e ls fuos'kdÙkkZvksa dh vko';drkvksa dks lUrq"V ugha fd;k tkrk] rks
gks ldrk gS fd izfrHkwfr;ksa ;k Í.k&i=kksa dh fcØh osQ dkj.k izfrHkwfr&cktkjksa esa vLr&O;Lrrk mRiUu gks tk,
vkSj ckW.Mksa osQ èkkjd vius Í.k&i=kksa dks dHkh bl dk;Z osQ fy,] dHkh ml dk;Z osQ fy, cspuk vkSj udnh
izkIr djuk vkjEHk dj nsaA fdUrq ;fn fuos'kdÙkkvksa osQ fgr (interest) dks Åij j[kk x;k rks ljdkj osQ fy,
lkoZtfud Í.k dh ykxr c<+ tk;sxhA blfy, oqQN yksx ;g rdZ nsrs gSa fd yksd Í.k tc ifjiDo gks tk,a
rks mUgsa de dj fn;k tkuk pkfg,A ij] ;fn Í.kksa dks ubZ eqnzk tkjh djosQ pqdk;k x;k rks mlls eqnzk&LiQhfr
mRiUu gksxh vkSj ;fn vfrfjDr dj yxkdj mldk Hkqxrku fd;k x;k] rks mlls eqnzk voLiQhfrtud izHkko
mRiUu gksaxsA vr yksd Í.kksa dh vnk;xh osQ rjhdksa esa leqfpr lUrqu cuk;s j[kdj bu nksuksa gh fLFkfr;ksa ls cpk
tk ldrk gSA
(3) vYidkyhu Í.k dk nh?kZdkyhu Í.k esa fufèkdj.k
(Funding of Short Term Debt into Long Term Debt)

,d rdZ ;g Hkh fn;k tkrk gS fd yksd Í.kksa dh O;oLFkk bl izdkj dh tkuh pkfg, fd og
vYidkyhu Í.kksa dk nh?kZdkyhu Í.kksa osQ :i esa fufèkdj.k djus esa vfèkdkfèkd lgk;d gksaA (fo'ks"k
:i ls vR;kfèkd nh?kkZofèk okys Í.kksa osQ :i esa] tSls fd fczfV'k dUlksy vFkkZr~ csfe;knh ckW.M tks dHkh
ifjiDo gh ugha gksrs)A ijUrq fufèkdj.k dh ;s dk;Zokfg;k¡ (funding operations) bl izdkj dh tkuh pkfg,
fd ftlls vk£Fkd fLFkjrk dks dksbZ {kfr u igq¡psA fdUrq bl uhfr osQ tks ykHk fxuk;s x;s gSa mudks cgqr
vfèkd ugha ekuuk pkfg,] D;ksafd ns'k esa izkbosV vYidkyhu Í.k fo|eku jgrk gS vkSj og reke
ekSfnzd O;oLFkk (monetary management) dks my>k nsrk gSA
bl uhfr osQ dkj.k pw¡fd nh?kZdkyhu fufèk;ksa (long term funds) dh ek¡x c<+ tkus osQ dkj.k nh?kZdkyhu
C;kt dh nj esa o`f¼ gksus yxrh gS] vr% blls Hkfo"; dk ctV&O;; Hkh c<+ tkrk gSA blosQ lkFk] buosQ dkj.k
vYidkyhu fufèk;ksa dh ek¡x de gks tkus osQ dkj.k vYidkyhu C;kt dh njsa fxjus yxrh gSaA ijUrq nh?kZdkyhu
C;kt dh njksa esa gksus okyh bl vuqfpr o`f¼ osQ dkj.k xSj&ljdkjh fuos'k (private investment) dh ek=kk
rFkk C;kt dh ?kV tkrh gS ftlosQ iQyLo:i lqLrh (recession) rFkk csjktxkjh mRiUu gks tkrh gSA vr% ;g
vko';d gS fd fufèkdj.k dh dk;Zokfg;k¡ ,sls <ax ls dh tk,¡ fd nh?kZdkyhu C;kt dh nj esa ,slh vuqfpr
o`f¼ u gks fd tks xSj ljdkjh fuos'k dh ek=kk rFkk nj ij izfrowQy izHkko MkysA fdUrq ;fn bl ckr dh
vko';drk vuqHko dh tk, fd xSj&ljdkjh fuos'k de fd;k tkuk pkfg, rks ljdkj dks vYidkyhu Í.k dk
nh?kZdkyhu Í.k esa fufèkdj.k dj nsuk pkfg,A

;fn vYidkyhu C;kt dh njsa uhph gSa rks mlls bl ckr dks izksRlkgu fey ldrk gS fd vYidkyhu iw¡th ,sls
ns'kksa dh vksj dks izokfgr gks tk, tgk¡ fd vYidkyhu C;kt dh njsa Å¡ph gksaA ijUrq ;g ns'k&fgr esa ugha gksrkA
vr% vYidkyhu Í.kksa dh nh?kZdkyhu Í.kksa esa fufèkdj.k ,slh jhfr ls fd;k tkuk pkfg, fd og fuos'kdÙkkZvksa
dh t:jrksa dks iwjk dj losQA

(4) yksd Í.k uhfr dk jktdks"kh; o ekSfnzd uhfr osQ lkFk rkyesy cuk jguk pkfg,
(Public Debt Policy must be Co-ordinated with Fiscal and Monetary
Policy)
vk£Fkd fLFkjrk cuk;s j[kus rFkk vk£Fkd fodkl dks rhoz djus osQ fy, ;g vR;Ur vko';d gS fd yksd Í.k
uhfr dk jktdks"kh; o ekSfnzd uhfr osQ lkFk leUo; ;k rkyesy (co-ordination) cuk jgsA mnkgj.k osQ fy,]
;fn ljdkj osQUnzh; cSad dks bl ckr osQ fy, ckè; djrh gS fd uhph nj dh C;kt uhfr dks ykxw djs rkfd

LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY 185
LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY
LOVELY PROFESSIONAL UNIVERSITY