Monetary Policy Framework Report of Mr. Urijit R. Patel Committee -ECOMRF210114_F

8/13/2019 Monetary Policy Framework Report of Mr. Urijit R. Patel Committee -ECOMRF210114_F

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Pdpart aetfd Dxpdrt Makkittdd

ta Pdvisd ohl ]trdhgtfdhtfd Kahdtory Zacimy Erokdwarn

Bohuory 0:?

]fri O.N. Kitro, Lirdmtar, Kahdtory Zacimy Ldportkdht

ohl ]fri B. @. ]ihgf, Ossistoht Olvisdr, Kahdtory Zacimy

Ldportkdht.

I.9 \fd Makkittdd wisfds ta pcomd ah rdmarl

opprdmiotiah ear tfd tdok ae rdsaurmd pdrsahs wfa

suppartdl tfd Makkittdds warn. Lrowh erak tfd

Kahdtory Zacimy Ldportkdht, tfd Ldportkdht ae

Dmahakim ohl Zacimy Pdsdormf ohl tfd Ldportkdht


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Pdpart ae \fd Dxpdrt Makkittdd ta Pdvisdohl ]trdhgtfdh tfd Kahdtory Zacimy Erokdwarn

=

ae ]totistims ohl Ihearkotiah Kohogdkdht, tfd

mahtriùtiahs ae rdsaurmd pdrsahs, i.d., Lr. ]oiòc

Gfasf, ]fri ]ohbi` @arlacai, Lr. ]ouro`f Gfasf,

Lr. ]hdfoc Fdrwolnor, ]fri ]. K. Canord, ]fri Osisf\fakos Gdargd, ]fri Pobdsf Novdliyo, ]fri G. U.

Holfohodc, ]kt. O`ficosfo ohl ]fri Baimd Bafh ord

grotdeuccy omnhawcdlgdl. \fd Makkittdd is

opprdmiotivd ae tfd olkihistrotivd suppart erak ]kt.

Ihlrohi @ohdrbdd, ]fri Z. @. Nucnorhi ohl

]fri K. R. Pofkoh ae tfd Kahdtory Zacimy Ldportkdht

ohl tdmfhimoc suppart erak tfd Ldportkdht ae

Ihearkotiah \dmfhacagy.

I.?: \fd Makkittdd fol six earkoc kddtihgs ohl o

huk`dr ae ihearkoc kddtihgs.

I.?? \fd Pdpart is argohisdl ih six mfoptdrs2 Mfoptdr

II rdvisits tfd mfaimd ae hakihoc ohmfar ear Ihlios

kahdtory pacimy. Mfoptdr III dvocuotds tfd deedmtivdhdss

ohl trohspordhmy ae argohisotiahoc strumturd,

apdrotihg erokdwarn ohl ihstrukdhts ae kahdtory

pacimy. Mfoptdr IU ollrdssds voriaus ikpdlikdhts ta

trohskissiah ae kahdtory pacimy. Mfoptdr U lismussds

tfd mahlumt ae kahdtory pacimy ih o gcaòcisdl

dhvirahkdht ohl Mfoptdr UI pravilds o sukkory ae

tfd Makkittdds rdmakkdhlotiahs.


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strahg

ldpdhldhmd ah ihliviluoc sniccs ohl mforisko ae tfd

kahdtory pacimy widcldr> ohl susmdptiìcity ta autsild

prdssurds.II.?0. Ih spitd ae strahg tfdardtimoc pasitiahs tfot

kahdtory pacimy moh ahcy fapd ta oeedmt hakihoc

vorio`cds, ohl tfot ih tfd cahg ruh, tfdrd is ha trold-

aee `dtwddh ihffotiah ohl dkpcaykdht, pacimy kondrs

ih sakd ports ae tfd warcl fovd sfawh ihtdrdst ih

`ypossihg hakihoc ohmfars ohl mfaasihg torgdts erak

okahg rdoc vorio`cds tfot fovd o lirdmt `dorihg ah

grawtf ohl mahsukptiah. Pdoc dxmfohgd rotd torgdtihg

fos `ddh tfd kast papucor, ùt tfd dxpdridhmd fos

`ddh tfot wficd kahdtory pacimy koy `d o`cd ta

tdkparoricy ihffudhmd tfd rdoc dxmfohgd rotd, tfis moh

makd ot tfd mast ae o makìhotiah ae figfdr ihffotiah

ohl figfdr rdoc ihtdrdst rotds. Ollitiahoccy, tfis ruhs

tfd risn ae casihg tfd hakihoc ohmfar makpcdtdcy ih

tfd mosd ae tfd rdoc dxmfohgd rotd torgdt ear ihstohmd,

tfd rotd ae hakihoc opprdmiotiah/ ldprdmiotiah

`dmakds uhldtdrkihdl. \fd rdoc ihtdrdst rotd fos

sdrvdl os oh ohmfar os wdcc7. Fdrd taa, tfd dxpdridhmd

fos sfawh tfot ihffotiah moh dosicy makd uhfihgdl

sihmd tfdrd is hatfihg ta tid it lawh6.

=.\fd Ihlioh Dxpdridhmd

II.?=. Ihlios kahdtory pacimy erokdwarn fos

uhldrgahd sdvdroc trohsearkotiahs, rdecdmtihg

uhldrcyihg komradmahakim ohl hohmioc mahlitiahs

os ocsa tfd lakihoht samia-pacitima-dmahakim

poroligk. Lrowihg erak tfd macahioc post, tfd ihitioc

ydors eaccawihg ihldpdhldhmd wdrd mforomtdrisdl `y

oh dxmfohgd rotd ohmfar sdt `y tfd prapartiahoc

rdsdrvd systdk prdsmri`dl y tfd P@I Omt wfdrd uhldr

ot cdost


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6

Mfoptdr IIPdvisitihg tfd Mfaimd ae Hakihoc Ohmfar ear Ihlios Kahdtory Zacimy

ihffotiahory mahsdqudhmds ae figf pu`cim dxpdhliturd

hdmdssitotdl erdqudht rdmaursd ta tfd MPP ta hdutrocisd

tfd sdmahlory deedmts ae tfd dxpohsiah. Eihohmioc

rdprdssiah ih tfd eark ae ihtdrdst rotd prdsmriptiahs,stotutary prd-dkptiahs ohl lirdmtdl mrdlit portcy

mrawldl aut tfd privotd sdmtar erak tfd mrdlit korndt.

Ogoihst tfis òmnlrap, tfd Makkittdd ta Pdvidw tfd

Warnihg ae tfd Kahdtory ]ystdk (Mfo irkoh2

Lr. ]unfokay Mfonrovorty) rdmakkdhldl ih ?964 o

hdw kahdtory pacimy erokdwarn òsdl ah kahdtory

torgdtihg witf eddlòmn, lrowihg ah dkpirimoc

dvildhmd ae o sto`cd ldkohl euhmtiah ear kahdy.

\fus, `raol kahdy `dmokd tfd ihtdrkdliotd torgdt

wficd rdsdrvd kahdy wos ahd ae tfd koih apdrotihg

ihstrukdhts ear omfidvihg mahtrac ah `raol kahdy

grawtf. \fd Makkittdd fol ocsa dkpfosizdl tfot

sfart-tdrk ihtdrdst rotds maucl rdihearmd tfd ohti-

ihffotiahory ikpomt ae kahdtory torgdtihg ie tfdy ord

ocsa usdl os o kahdtory kohogdkdht taac ih gftihg

ihffotiah.

II.?4. Ohocysis ae tfd kahdy grawtf autmakds

lurihg tfd kahdtory torgdtihg rdgikd ihlimotds tfot

torgdts wdrd rordcy kdt9. \fd ìggdst ikpdlikdht ta

kahdtory torgdtihg wos comn ae mahtrac avdr P@Is

mrdlit ta tfd mdhtroc gavdrhkdht, wfimf ommauhtdlear tfd ùcn ae rdsdrvd kahdy mrdotiah?:. Dvdh witf

tfd MPP ohl tfd stotutary ciquility rotia (]CP) roisdl

ta mcasd ta tfdir stotutary mdicihgs, kahdy suppcy

grawtf rdkoihdl figf ohl eudccdl ihffotiah pdrsistdhmd

ot dcdvotdl cdvdcs. Witf tfd rdearks ihtralumdl ih

?99?, mopitoc ecaws `dmokd ohatfdr eomtar tfot

rdhldrdl mahtrac avdr kahdtory oggrdgotds liemuct.

Os tfd pomd ae trold ohl hohmioc ci`drocisotiah goihdl

kakdhtuk ih tfd ?99:s, tfd demomy ae raol kahdy

os oh ihtdrkdliotd torgdt wos rd-ossdssdl. Eihohmiocihhavotiahs ohl dxtdrhoc sfamns dkohotihg erak

swihgs ih mopitoc ffaws, vacoticity ih tfd dxmfohgd rotd

ohl gcaòc usihdss mymcds ikportdl ihstoìcity ta tfd

ldkohl ear kahdy. \fdrd wos ocsa ihmrdosihg

dvildhmd ae mfohgds ih tfd uhldrcyihg trohskissiah

kdmfohisk ae kahdtory pacimy witf ihtdrdst rotd ohl

tfd dxmfohgd rotd goihihg ikpartohmd vis--vis

quohtity vorio`cds.

II.?5. \fd strumturoc rdearks ohl eihohmioc

ci`drocisotiah ih tfd ?99:s ocsa cdl ta o sfiet ih tfdhohmihg pottdrh ear tfd gavdrhkdht ohl makkdrmioc

sdmtars, witf ihtdrdst rotds ohl tfd dxmfohgd rotd,

ihmrdosihgcy korndt-ldtdrkihdl. \fd P@I wos o`cd ta

kavd owoy erak lirdmt ihstrukdhts ta ihlirdmt

korndt-òsdl ihstrukdhts. \fd MPP ohl ]CP wdrd

`raugft lawh ta 9.4 pdr mdht ohl 04 pdr mdht ae HL\C

ae òhns, rdspdmtivdcy, `y ?997. \fd P@I olaptdl o

kuctipcd ihlimotar oppraomf ih Opric ?996 witf o

grdotdr dkpfosis ah rotd mfohhdcs ear kahdtory pacimy

earkucotiah rdcotivd ta quohtity ihstrukdhts??. Thldr

tfis oppraomf, wfimf is murrdhtcy ih usd, o huk`dr aequohtity vorio`cds sumf os kahdy, mrdlit, autput,

trold, mopitoc ffaws ohl smoc pasitiah os wdcc os rotd

vorio`cds sumf os rotds ae rdturh ih lieedrdht korndts,

ihffotiah rotd ohl dxmfohgd rotd ord ohocyzdl ear

lrowihg kahdtory pacimy pdrspdmtivds. \fd kuctipcd

ihlimotar oppraomf is ihearkdl `y earworl caanihg

9 Pdpart ah Murrdhmy ohl Eihohmd, 0::9-?0, Pdsdrvd @ohn ae Ihlio. fttp2//www.rì.arg.ih/smripts/OhhuocZu`cimotiahs.ospx1fdol;Pdpart%0:ah%0:

Murrdhmy%0:ohl%0:Eihohmd

?: \fd eomicity ae ol famtrdosury ìccs cdl ta outakotim kahdtisotiah ae tfd gavdrhkdhts ldmit. Wfdhdvdr tfd Gavdrhkdht ae Ihlio wos ih hddl ae

mosf, it waucl issud hah-korndto`cd 9?-loy \rdosury ìccs (\@s) ta tfd P@I. \fis eomicity wos pfosdl aut erak Opric ?997. @dsilds, tfd Gavdrhkdht ae

Ihlio ocsa issudl 9?-loy \@s ah top ot o xdl lismauht ae


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9

ihlimotars sihmd tfd dorcy 0:::s lrowh erak tfd P@Is

survdys ae ihlustrioc autcaan, mrdlit mahlitiahs,

mopomity uticizotiah, praedssiahoc eardmostdrs, ihffotiah

dxpdmtotiahs ohl mahsukdr maheildhmd. \fd P@Imahtihuds ta givd ihlimotivd prabdmtiahs ae ndy

kahdtory oggrdgotds.

II.?7. \fd kuctipcd ihlimotar oppraomf sddkdl ta

warn eoircy wdcc erak ?996-99 ta 0::6-:9, os rdffdmtdl

ih oh ovdrogd rdoc grass lakdstim pralumt (GLZ)

grawtf rotd ae 7.? pdr mdht ossamiotdl witf ovdrogd

ihffotiah ae oàut 4.4 pdr mdht ih tdrks ae àtf tfd

wfacdsocd primd ihldx (WZI) ohl tfd MZI. Ih rdmdht

ydors, fawdvdr, tfdrd fos `ddh kauhtihg pu`cim

mdhsurd ae tfd demomy ohl dvdh tfd mrdliìcity ae tfis

erokdwarn os pdrsistdhtcy figf ihecotiah ohl

wdondhihg grawtf fovd makd ta ma-dxist. Tsihg o corgd

pohdc ae ihlimotars fos ddh mritimisdl os hat pravilihg

o mcdorcy ldeihdl hakihoc ohmfar ear kahdtory

pacimy?0. It ocsa cdovds pacimy ohocysts uhmcdor oàut

wfot tfd P@I caans ot wficd tonihg pacimy ldmisiahs.

II.?6. WZI ohl Mahsukdr Zrimd Ihldx-Ihlustrioc

Warndrs (MZI-IW) ihffotiah ldmcihdl erak 6.: pdr mdht

ohl 6.6 pdr mdht, rdspdmtivdcy, ih tfd kahdtory

torgdtihg rdgikd (?964-65 ta ?997-96), ta 4.< pdr mdht

ohl 4.5 pdr mdht, rdspdmtivdcy, lurihg tfd rst ldmold

ae tfd kuctipcd ihlimotar rdgikd (?996-99 ta 0::6-:9).

\fdrdoetdr, it rasd ta 7.0 pdr mdht ohl ?:.4 pdr mdht,

rdspdmtivdcy, `dtwddh Opric 0::9 ohl Havdk`dr 0:?=.

]ihmd 0::6, rdtoic ihffotiah fos trdhldl up ohl fos

pdrsistdl ot lau`cd ligit cdvdcs avdr tfd cost six ydors

(Mforts II.= ohl II.


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?:


Eihohmioc Mdhtrd, 0::7 (Mfoirkoh2 Zdrmy ]. Kistry)

dkpfosisdl tfot tfd gacl stohlorl ear o kahdtory

pacimy erokdwarn is o trohspordht, ihldpdhldht,

ihecotiah-torgdtihg mdhtroc òhn. Witf sumf oh

orrohgdkdht tfd Ihlioh ]totd waucl d2 (o) uhldrcihihg

its makkitkdht ta ldcivdrihg caw ohl prdlimto`cd

ihffotiah> ohl (`) ihlumihg grdotdr mahldhmd ih tfdPupdd ih tfd dyds ae lakdstim ohl gcaòc ihvdstars.

II.0?. \fd Pdpart ae tfd Makkittdd ah Eihohmioc

]dmtar Pdearks, 0::9 (Mfoirkoh2 Pogfurok G. Poboh)

rditdrotdl tfot tfd P@I moh `dst sdrvd tfd mousd ae

grawtf `y eamusihg ah mahtraccihg ihecotiah, ohl

ihtdrvdhihg ih murrdhmy korndts ahcy ta cikit

dxmdssivd vacoticity. \fis eamus moh ocsa dst sdrvd tfd

mousd ae ihmcusiah `dmousd tfd paardr sdmtiahs ord

cdost fdlgdl ogoihst ihffotiah. \fd P@I sfaucl earkoccy

fovd o sihgcd a`bdmtivd ta stoy mcasd ta o caw ihffotiah

huk`dr, ar witfih o rohgd, ih tfd kdliuk tdrk, ohl

kavd stdolicy ta o sihgcd ihstrukdht, tfd sfart-tdrk

ihtdrdst rotd (rdpa ohl rdvdrsd rdpa) ta omfidvd it.

II.00. \fd Eihohmioc ]dmtar Cdgiscotivd Pdearks

Makkissiah (E]CPM), 0:?= (Mfoirkoh2 @.H.

]rinrisfho) ocsa rdmakkdhldl tfot primd stoìcity is

o ldsiro`cd gaoc ih its awh rigft, portimucorcy ih Ihliowfdrd ihecotiah is nhawh ta furt tfd paar ohl

tfdrdeard tfd mdhtroc ohn kust d givdh o quohtitotivd

kahitaro`cd a`bdmtivd y tfd Mdhtroc Gavdrhkdht ear

its kahdtory pacimy euhmtiah. Ommarlihg ta tfd

Makkittdd, tfd Kihistry ae Eihohmd sfaucl put aut

\o`cd II.02 Kihikuk ]uppart Zrimd earEaalgroihs ommarlihg ta Mrap Ydor

(Y-a-y grawtf ih pdr mdht)

Ydor ZollyMakkah

MaorsdMdrdocs

Wfdot Grok Orfor(\ur)

Kaahg Trol

0:::-:?


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??

o stotdkdht ldeihihg o quohtitotivd kahitaro`cd

prdlakihoht torgdt. Ollitiahoc/su`siliory torgdts

maucl ocsa d spdmidl, wfimf waucl d pursudl wfdh

tfdrd ord ha liemuctids ih kddtihg tfd prdlakihohttorgdt.

=.0. Potiahocd ear Ecdxi`cd Ihffotiah \orgdtihg ih

Ihlio

II.0=. Kobar mdhtroc òhns, ih àtf olvohmdl ohl

dkdrgihg dmahakids, fovd olaptdl ffdxi`cd ihffotiah

torgdtihg (EI\) uhldr wfimf tfd ihffotiah torgdt is

oikdl ta `d omfidvdl ah ovdrogd avdr tfd ùsihdss

mymcd, wficd ommakkalotihg grawtf mahmdrhs ih tfd

sfart ruh (Ita, 0:?=).?

ohl pdrsistdhtcy figf ihffotiah ih itsdce dmakds o risn

ta grawtf (pcdosd sdd eaathatd ha. 0), wfimf cikits

tfd spomd ear ommakkalotihg grawtf mahmdrhs dvdh

ih tfd sfart ruh. Ihlio, orguo`cy, eomds sikicor

mahlitiahs ih rdmdht ydors ohl visi`cd sighs ae

stogecotiah i.d.,figf ihecotiah ma-dxistihg witf

scuggisf grawtf worrohts o rdeamusihg ah tfd mritimoc

ikpartohmd ae primd stoìcity ear ikpravihg avdrocc

komradmahakim stoìcity ih tfd hdor tdrk, ohl ear

sdmurihg grawtf praspdmts ih tfd kdliuk ruh. Os sdt

aut ih Zorogropf II.=, Ihlio is eomdl witf tfd uhiqud

mfoccdhgd ae dxpdridhmihg ahd ae tfd figfdst ihffotiah

rotds okahg G-0: mauhtrids, witf tfd cdvdc ae ihffotiahdxpdmtotiahs fovihg lau`cdl avdr tfd cost eaur ydors.

Os dhuhmiotdl dorcidr, dcdvotdl ihffotiah is mrdotihg

komradmahakim vuchdroìcitids.Ih tfd cigft ae tfdsd

uhiqud mirmukstohmds, tfd eardkast ohl lakihoht

a`bdmtivd ae kahdtory pacimy kust `d ta ohmfarihffotiah dxpdmtotiahs. O kahdtory pacimy erokdwarn

witf ihffotiah os tfd hakihoc ohmfar is ocsa mahsistdht

witf ffdxiìcity ih dxmfohgd rotd kohogdkdht?4.

II.0


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?0


\fd Hdw Ndyhdsioh (HN) rdsdormf pragrokkd is ahd ae tfd

kast ihffudhtioc ohl pracim ordos ae rdsdormf ih kahdtory

pacimy ohocysis. \fd erokdwarn pravilds tfd eauhlotiahs ae

tfd HN L]GD (lyhokim stamfostim gdhdroc dquici`riuk) kaldc

wfimf is tfd warnfarsd kaldc ear tfd ohocysis ae kahdtory

pacimy ot kobar mdhtroc òhns. L]GD kaldcs ord òsdl ah

aptikisihg `dfoviaur ae fausdfacls ohl rks, rotiahoc

dxpdmtotiahs, ohl korndt mcdorihg, i.d., it olapts kohy ae tfd

taacs ossamiotdl witf rdsdormf ah rdoc ùsihdss mymcds.

Fawdvdr, rks ord kaldcdl os kahapacistim makpdtitars,

ohl hakihoc rigilitids o ndy dcdkdht ae tfd kaldc rihg tfd

koih saurmd ae kahdtory pacimy hah-hdutrocity (Goci, 0::6o,

0::6`> Wocsf, 0:?:> ]àrlahd dt oc., 0:?:).

\fd sikpcd HN kaldc makprisds tfrdd dquotiahs. \fd rst

dquotiah is moccdl tfd Hdw Ndyhdsioh Zficips Murvd (HNZM).\fis is tfd suppcy `camn ae tfd kaldc. \fis moh `d ldrivdl

erak tfd oggrdgotiah ae primd-sdttihg ldmisiahs `y rks,

makìhdl witf oh dquotiah ldsmriìhg tfd rdcotiahsfip

`dtwddh korgihoc mast ohl tfd cdvdc ae omtivity (sdd Goci

0::6o, 0::6`). It is givdh `y2

t; D

t{

t+?} + nx

t+

t, (?)

wfdrdtis ihffotiah, x

tis tfd autput gop, D

tis tfd dxpdmtotiah

ot tikd pdrial t, ohl tis o mast-pusf sfamn.

\fd sdmahl `camn rdcotds tfd autput gop pasitivdcy ta its

dxpdmtdl ahd pdrial vocud Dt{x

t+?}, ohl hdgotivdcy ta tfd

ihtdrdst rotd gop (tfd lieedrdhmd `dtwddh tfd rdoc ihtdrdst

rotd, it- Dt{ t+?} ohl tfd hoturoc rotd ae ihtdrdst (rth

)). \fddquotiah is givdh `y2

xt; - ? (i

t D

t{

t+?} r

th) + D

t{x

t+?} (0)

Dquotiah (0) is moccdl tfd lyhokim I] dquotiah (LI]). \fd

ldkohl `camn dxfiìts o hdgotivd rdcotiahsfip `dtwddh tfd

rdoc ihtdrdst rotd ohl rdoc omtivity, sihmd o risd ih tfd rdoc

ihtdrdst rotd ihmrdosds sovihgs ohl cawdrs mahsukptiah (ohl

ihvdstkdht). @atf tfd HNZM ohl tfd LI] mahstitutd tfd hah-

pacimy `camn ae tfd Hdw Ndyhdsioh kaldc.

Eihoccy, tfd kaldc is mcasdl `y o kahdtory pacimy rucd.

Kahdtory pacimy itsdce is aetdh ldsmri`dl `y o mdhtroc òhn,

wfimf sdts tfd sfart-tdrk hakihoc ihtdrdst rotd ommarlihgta o \oycar-typd pacimy2

it; +

t+

yy*

t+

t (=)

wfdrd itis tfd sfart-tdrk hakihoc ihtdrdst rotd,

tis o sfamn

(oh dxagdhaus pacimy listuròhmd), ohl y*trdprdsdhts

ldviotiahs ae cag autput erak its stdoly stotd vocud. \fd

@ax II.?2 O \fdardtimoc Erokdwarn os o Guild ear Kahdtory Zacimy

pacimy rdomtiah euhmtiah ae tfd kahdtory outfarity mcasds

tfd kaldc occawihg ear o makpcdtd ldsmriptiah ae tfd

rdcotiahsfip `dtwddh tfd ndy vorio`cds2 autput, ihffotiah,

ohl tfd hakihoc ihtdrdst rotd.

Aptikoc Kahdtory Zacimy

Waalearl (0::=) sfawdl tfot tfd a`bdmtivds ae ihffotiah

torgdtihg moh `d oppraxikotdl `y o quolrotim cass euhmtiah

mahsistihg ae tfd suk ae tfd squords ae ihffotiah ldviotiahs

erak torgdt ohl o wdigft tikds tfd squord ae tfd autput gop.

\fd cass euhmtiah ossamiotdl witf ihffotiah torgdtihg is givdh

`y2

(x

t0+

t0), (


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?=

II.05. \fis rdmakkdhlotiah is ihtdhldl ta `dttdr

grauhl ihffotiah dxpdmtotiahs `y konihg mcdor tfot

ihffotiah is tfd P@Is prikory a`bdmtivd ohl tfot it

dxpdmts ta d fdcl ommauhto`cd ear its pdrearkohmd ih

tfis rdgorl.

ruroc wogds ohl marparotd stoee

masts> fausd primds ohl tfd cind.

II.06. \fd WZI is oh ikpdredmt su`stitutd ear o

pralumdr primd ihldx (ZZI). Eurtfdrkard, it lads hat

mopturd primd kavdkdhts ih hah-makkality

pralumihg sdmtars cind sdrvimds, wfimf mahstitutd mcasd

ta twa-tfirls ae dmahakim omtivity ih Ihlio. It ocsa lads

hat gdhdroccy rdffdmt primd kavdkdhts ih occ wfacdsocd

korndts os tfd primd quatds ae sakd ae tfd ikpartohtmakkalitids cind kicn, CZG ohl tfd cind ord osimoccy

tondh erak rdtoic korndts. Kavdkdhts ih WZI aetdh

rdffdmt corgd dxtdrhoc sfamns. Kardavdr, it is aetdh

su`bdmt ta corgd rdvisiahs> ear ihstohmd, `dtwddh

Bohuory 0:?: ohl Amta`dr 0:?=, WZI ihffotiah wos

caanihg vorio`cds, tfd ohocysis ae kahdtory pacimy ih tfd

mahtdxt ae kaldcs witf earworl-caanihg vorio`cds paihts ta

tfd ikpartohmd ae o mrdli`cd makkitkdht ta ikpravd tfd

mdhtroc òhns trold-aees.

\fd HN erokdwarn moh `d usdl ta dvocuotd tfd ldsiroìcity

ae octdrhotivd kahdtory pacimy rucds. It moh ocsa `d usdl ta

ldtdrkihd tfd aptikoc kahdtory pacimy rucd usihg wdceord-

òsdl mritdriah. @dmousd ae its ecdxiìcity, it is o`cd ta

ihmarparotd o wild voridty ae mauhtry-spdmim mforomtdristims

ae dkdrgihg korndt dmahakids (makkality primd sfamns,

earkoc-ihearkoc sdmtar cihnogds), os wdcc os atfdr dxtdhsiahs

(apdh dmahaky edoturds, mrdlit erimtiahs, dtm.) ear kahdtory

pacimy ohocysis.

Pdedrdhmds2

?. Goci, Barli (0::6o) Kahdtory Zacimy, Ihffotiah, ohl tfd

@usihdss Mymcd2 Oh Ihtralumtiah ta tfd Hdw NdyhdsiohErokdwarn, Zrihmdtah Thivdrsity Zrdss, Hdw Bdrsdy.

0. Goci, Barli (0::6`) \fd Hdw Ndyhdsioh Oppraomf ta

Kahdtory Zacimy Ohocysis2 Cdssahs ohl Hdw Lirdmtiahs,

Dmahakims Warnihg Zopdrs ?:74, Ldportkdht ae Dmahakims

ohl @usihdss, Thivdrsitot Zakpdu Eo`ro, Ed`ruory

=. Gfotd, Mfdtoh, Zohldy, Polfino ohl Ico Zothoin (0:?=)Fos Ihlio Dkdrgdl1 @usihdss Mymcd ]tycizdl Eomts erak o

\rohsitiahihg Dmahaky ]trumturoc Mfohgd ohl Dmahakim

Lyhokims, Uac. 0


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?4

\fd ihtralumtiah ae hdw MZIs ih 0:??, i.d., occ Ihlio MZI-

Makìhdl, MZI-Puroc ohl MZI-Tròh pravilds ear tfd rst

tikd o hotiahwild rdtoic primd ihldx ih Ihlio tfot mopturds

tfd ihffotiah eomdl y fausdfacls, i.d., mast ae civihg ihffotiah.

\fd hdw MZIs fovd o makprdfdhsivd mavdrogd omrass rdgiahs

os wdcc os makkality graups ihmculihg sdrvimds. Witf o osd

ydor ae 0:?:, tfd hdw MZIs fovd o wdigftihg pottdrh tfot

rdffdmts kard rdmdht mahsukptiah pottdrhs os makpordl witf

tfd atfdr MZIs, os it is òsdl ah H]]As 5?st

Pauhl aeMahsukdr Dxpdhliturd ]urvdy loto (0::


24/130

?5


ihstdol, ihecotiah fos

rdkoihdl ih tfd 0-= pdr mdht rohgd `dmousd ihffotiah

dxpdmtotiahs wdrd ohmfardl ot tfasd cdvdcs `y

olvohmdl dmahaky mdhtroc òhns (IKE, 0:?=)?9. Kard

gdhdroccy, avdr tfd cost edw ldmolds tfd racd ae autput

gops vis--vis ihffotiah dxpdmtotiahs ih ihffudhmihg

ihffotiah lyhokims is a`sdrvdl ta d sdmucorcy eoccihg.

II.==. O sikicor lyhokim, oc`dituhldsiro`cd, koy d

murrdhtcy pcoyihg aut ih Ihlio. Dvdh os tfd Ihlioh

dmahaky fos dxpdridhmdl hdgotivd autput gops ih0:?=, MZI ihecotiah dxmculihg eaal ohl eudc fos

rdkoihdl stimny ot oh dcdvotdl cdvdc, ovdrogihg oàvd

6 pdr mdht, ohl pcoyihg o grawihg racd ih ldtdrkihihg

wogd ohl primd dfoviar ih Ihlio. \fd mrumioc qudstiah,

tfdrdeard, is2 wfot is lrivihg fausdfacl ihffotiah

dxpdmtotiahs ih Ihlio1 Oh dxokihotiah ae tfd

quohtitotivd ihffotiah dxpdmtotiahs ae fausdfacls ih

tfd P@Is survdy sfaws tfot ihffotiah dxpdmtotiahs

tdhldl ta eaccaw WZI ihffotiah lurihg 0::6-:9. Zast-

0:??, fawdvdr, tfdy sddk ta `d eaccawihg MZI

ihffotiah. Zohdc loto ohocysis osdl ah tfd P@Is uròh

fausdfacls ihffotiah dxpdmtotiahs survdy sfaws tfot

à tf tf rdd- kaht f ofdo l ohl ah d-yd or of do l

dxpdmtotiahs ord sighimohtcy ihffudhmdl `y eaal os

wdcc os eudc ihffotiah kdosurdl erak MZI-IW (Ohhdx

0). \fis ihlimotds tfd hddl ta torgdt fdolcihd MZI ohl

hat MZI dxmculihg eaal ohl eudc ta ohmfar ihffotiah

dxpdmtotiahs.Dkpirimoc dvildhmd ocsa suggdsts tfot2

(o) mfohgds ih MZI-fdolcihd os wdcc os MZI-eaal ohleudc ihffotiah lrivd mfohgds ih ihffotiah dxpdmtotiahs,

ohl (`) ihmrdosds ih pacimy rotds rdspahl ta risihg

ihffotiah dxpdmtotiahs (ldtoics ih Mfoptdr-IU).

II.=


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?7

tfd dcdvotdl ohl dhtrdhmfdl hoturd ae dxpdmtotiahs

ih Ihlio os kdosurdl `y tfd P@Is fausdfacls

survdys is cindcy o ndy rdosah wfy dcdvotdl ihffotiah

murrdhtcy ma-dxists witf hdgotivd autput gops.

Mahsdqudhtcy, tfd mfaimd ae tfd ihecotiah kdtrim

mohhat ighard eaal ohl eudc sfamns ohl kust, ih eomt,

rdomt ta tfdk ta ovail o kard gdhdrocizdl ihffotiah

spiroc tfot ihecudhmds fausdfacl dxpdmtotiahs

costihgcy. Hat o sihgcd DKD ihffotiah-torgdtihg mdhtroc

`ohn torgdts mard MZI atfdr tfoh \foicohl occ ae

tfdk torgdt fdolcihd MZI. It is aetdh orgudl tfot Ihlio

is uhiqud, witf eaal ohl eudc ihffotiah mahstitutihg

47.? pdr mdht ae tfd MZI osndt ohl tfdrdeard autsild

tfd lirdmt mahtrac ae tfd P@I. Ih tfis mahtdxt, fawdvdr,

it hddls ta `d rdmaghizdl tfot tfdrd ord atfdr DKDs

tfot ocsa fovd o rdcotivdcy sighimoht eromtiah ae eaal

ohl eudc ih tfd MZI `osndt (mcasd ta


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?6


Pdmakkdhlotiah

II.=5. \fd Makkittdd rdmakkdhls tfot tfd P@I

sfaucl olapt tfd hdw MZI (makìhdl) os tfd kdosurd

ae tfd hakihoc ohmfar ear pacimy makkuhimotiah. \fdhakihoc ohmfar sfaucl `d ldeihdl ih tdrks ae

fdolcihd MZI ihffotiah, wfimf mcasdcy rdffdmts tfd mast

ae civihg ohl ihffudhmds ihffotiah dxpdmtotiahs rdcotivd

ta atfdr ovoico`cd kdtrims.

4. Hukdrimoc \orgdt ohl Zrdmisiah

II.=7. O hukdrimoc ihffotiah torgdt rdffdmts, dxpcimitcy

ar ikpcimitcy, tfd kdohihg ae primd stoìcity ih o

mauhtry spdmim mahtdxt. Oh dxpcimit ihtdrprdtotiah ae

ihecotiah os oh a`bdmtivd ae kahdtory pacimy is

dxdkpcidl `y tfd DM@ wfimf ldhds primd stoìcityos ...o ydor-ah-ydor ihmrdosd ih tfd Forkahisdl Ihldx

ae Mahsukdr Zrimds (FIMZ) ear tfd dura ordo ae dcaw

0 pdr mdht. Oh iccustrotiah ae oh ikpcimit ihffotiah

gaoc is tfot ae Mfiho2 Gavdrhkdht ohhauhmdl ta facl

MZI ihffotiah ih 0:?= ot =.4 pdr mdht, :.4 pdrmdhtogd

paiht cawdr tfoh tfd torgdt ae cost ydor. \fd mrass

mauhtry dxpdridhmd suggdsts tfot tfd hukdrimoc torgdt

sfaucl `d o caw ùt hah-zdra pasitivd huk`dr.

II.=6. Wfot sfaucl `d tfd hah-zdra pasitivd huk`dr

ear Ihlio1 Dstikotds usihg kuctivoriotd kdtfals ah

quortdrcy loto ihlimotd tfot tfd cdvdc ae MZI-Makìhdl

ihffotiah (occ Ihlio omn-mostdl usihg tfd MZI-IW) oàvd

wfimf it is ihikimoccy forkeuc ta grawtf is 5.0 pdr

mdht (Ohhdx =). Octdrhotivd kdtfals ae dstikotihg tfd

autput gop (uhivoriotd ohl kuctivoriotd) suggdst tfot

tfd autput gop wos eoircy mcasd ta zdra lurihg tfd

pdrial erak _= ae 0::=-:< ohl _? ae 0::5-:7 (Ohhdx


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?9

corgd rdvisiahs ta caw quocity ae hoc rdvisdl loto),

prabdmtiah drrars, ohl sfart ruh ldvdcapkdhts fovihg

o corgd ikpomt ah tfd hdor-tdrk ihffotiah potf sumf

os eoicurd ae ogrimucturoc mraps, figf makkality primds,sforp ldprdmiotiah ih tfd dxmfohgd rotd, figfdr toxds

ocsa worroht ffdxiìcity tfraugf olaptiah ae rohgds/

òhls. O òhl ocsa pravilds cdol ihearkotiah ah

koxikuk tacdrohmd cdvdcs ae kahdtory pacimy ta

ommakkalotd uhohtimipotdl sfamns, wfimf dhfohmds

trohspordhmy ohl prdlimtoìcity.

4.?.\ikd Farizah ear Ottoihihg Zrimd ]toìcity

II.


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0:


II.


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0?

(EPP@K) Omt, 0::=04. \fd Makkittdd is ae tfd vidw

tfot tfd gaoc ae rdlumihg tfd mdhtroc gavdrhkdht

ldmit ta = pdr mdht ae GLZ `y 0:?5-?7 is hdmdssory

ohl omfidvo`cd. \aworls tfis a`bdmtivd, tfd Gavdrhkdhtkust sdt o potf ae smoc mahsacilotiah witf zdra ar

edw dsmopd mcousds> ildoccy tfis sfaucl `d cdgiscotdl

ohl pu`cimcy makkuhimotdl. \fd Pdpart ae tfd

Makkittdd ah Paolkop ear Eismoc Mahsacilotiah, 0:?0

(Mfoirkoh2 Uiboy C. Ndcnor) ocrdoly pravilds o potf

ear tfd pdrial up ta 0:?


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00


\o`cds II.5O ohl @). \fdrd ord sdvdroc eomtars tfot

ldkohl mcdordr makkuhimotiah ah kahdtory pacimy.

Eirst, dvdry ldkamrotim samidty rdquirds pu`cim

ihstitutiahs tfot ord ommauhto`cd. \fd mdhtroc òhnkust dxpcoih faw it usds its kahapacy pawdr avdr

kahdy ta ottoih tfd gaocs ossighdl ta it y tfd dcdmtdl

gavdrhkdht. ]dmahlcy, ih o korndt dmahaky, o mdhtroc

òhn fos ta rdcy ah hohmioc korndts ear trohskissiah

ae its pacimids. It kust, tfdrdeard, pravild erdqudht

ossdsskdhts ah komra-hohmioc mahlitiahs (mrdli`cd

07 Movaci, \., ohl Poboh, P. ]. (0::6)2 Apdh Dmahaky Ihffotiah \orgdtihg Orrohgdkdhts ohl Kahdtory Zacimy Pucds2 Oppcimotiah ta Ihlio, Ihlioh Grawtfohl Ldvdcapkdht Pdvidw, ?(0), 0=7-04?.

ihearkotiah ear tfd korndts) ohl mcoriey tfd ihtdht

ae tfd pacimy stohmd. \fis is hdmdssory ear dhfohmihg

pacimy deedmtivdhdss ohl mahtoihihg ldstoìcisihg

dxpdmtotiahs. Erokdwarns witf ihffotiah os o hakihocohmfar dkpfosisd trohspordhmy ih tfd eark ae pu`cim

rdcdosd ae ihecotiah rdparts, kahdtory pacimy

makkittdd kihutds, prabdmtdl ihffotiah potf witf eoh

mforts ohl apdh cdttdrs ta dxpcoih ldviotiahs erak

tfd ihffotiah torgdt07.\fdsd ospdmts ord ollrdssdl ih

Mfoptdr III.


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0=

Mfoptdr III

Argohisotiahoc ]trumturd, Apdrotihg Erokdwarn

ohl Ihstrukdhts ae Kahdtory Zacimy

?. Ihtralumtiah

III.?. O mdhtroc òhns summdss ldpdhls ah tfd

quocity ae its ldmisiahs. Dvdh witf o mcdor torgdt,

suito`cd ihstrukdhts ohl eucc ihsucotiah erak autsild

prdssurds, o mdhtroc òhn mohhat passi`cy eardsdd occ

mahtihgdhmids. Dvdhtuoccy, its ldmisiah fos ta ldpdhl

ah bulgkdht ohl, tfdrdeard, sakd lismrdtiah, wfimf

is `dst àuhldl `y mrdli`cd ohl trohspordht

ihstitutiahoc ommauhtoìcity, is uhovailo`cd. It is ih

tfis mahtdxt tfot kahdtory pacimy ldmisiah-konihgfos uhldrgahd o sicdht trohsearkotiah?. \fd promtimd

ae Gavdrhar os tfd sihgcd ldmisiah-kondr is `dihg

rdpcomdl `y makkittdds ohl ha mauhtry fos ydt

rdpcomdl o makkittdd witf o sihgcd ldmisiah-kondr.

\fd dhdts ottriùtdl ta o makkittdd-òsdl oppraomf

ord2 gotfdrihg kard ohl `dttdr ihearkotiah> paacihg

lieedrdht mahmcusiahs, patdhtioccy rdlumihg drrars>

ihsurohmd ogoihst strahg ihliviluoc prdedrdhmds> ohl

pddr rdvidws prakatihg apdhhdss ae ihtdromtiah ohl

ihldpdhldhmd. Ah tfd atfdr fohl, sdvdroc masts fovd

ocsa ddh ildhtidl2 erdd rilihg (hat mahtriùtihg euccy

ta ldmisiah-konihg)> ihdrtio (maucl d dosicy dk`dlldl

ih ldmisiahs tdhlihg ta stotus quadvdh os o ldeouct

aptiah)> ohl grauptfihn. Ndy ta tfd ikpcdkdhtotiah

ae tfd kahdtory pacimy ldmisiah, irrdspdmtivd ae

wfdtfdr it is tondh maccdgioccy ar `y o sihgcd ldmisiah-

kondr, ord2 (o) oh apdrotihg erokdwarn tfot dho`cds

tfd ocighkdht ae suito`cd ihstrukdhts ta hoc gaocs>

(`) dhmfkornihg tfd potf sdt ear pacimy ihstrukdhts

ogoihst rucds ldvdcapdl tfraugf rigaraus ohocysis ae

makpcdx ohl eost mfohgihg komra lyhokims, ihmculihg

strumturoc komra kaldcs, lyhokim stamfostim gdhdroc

dquici`riuk (L]GD) kaldcs ohl \oycar rucd typd

earkucotiahs> (m) ovailohmd ae pdrvdrsd ihmdhtivds,

sumf os sddnihg ta ihffudhmd tfd gict yidcl murvd,

ihfiìtihg primd lismavdry, ikpdlihg kahdtory

trohskissiah, ohl patdhtioccy mrdotihg o mahffimt witf

tfd kahdtory outfaritys prikory a`bdmtivd> ohl

(l) sdhsitivity ta hohmioc stoìcity mahmdrhs.

0. Argohisotiahoc ]trumturd ear Ldmisiah-konihg2

\fd Ihtdrhotiahoc Dxpdridhmd

III.0. \fd argohisotiahoc strumturd ae tfd ldmisiah-

konihg pramdss ih kahdtory pacimy vorids omrass

mauhtrids. Kast mdhtroc òhns fovd olaptdl o

makkittdd oppraomf ear kahdtory pacimy ldmisiahs.

Okahg kobar hah-ihffotiah torgdtihg mdhtroc ohns is

tfd T], wfdrd tfd @aorl ae Gavdrhars ae tfd Edl is

rdspahsi`cd ear tfd lismauht rotd ohl rdsdrvd

rdquirdkdhts, wficd tfd Edldroc Apdh Korndt

Makkittdd (EAKM) is rdspahsi`cd ear ohhauhmihg tfd

Edl Euhls torgdt rotd. Ih Bopoh, tfd stohmd ae kahdtory

pacimy is ldmildl `y tfd Zacimy @aorl ot Kahdtory

Zacimy Kddtihgs (KZKs). Ih Mfiho, tfd Kahdtory

Zacimy Makkittdd (KZM) is o mahsuctotivd aly, wfimf

fos oh olvisary racd ih tfd mahtdxt ae makprdfdhsivd

rdsdormf ah tfd komradmahakim situotiah ohl tfd

komra torgdts sdt `y tfd ]totd Mauhmic, wfimf is ocsa

dhtrustdl witf tfd kahdtory pacimy ldmisiah.

III.=. \fd kahdtory pacimy ldmisiah-konihg pramdss

ih ihecotiah torgdtihg mauhtrids moh `d `raolcy

sukkorisdl os eaccaws02

Kast ihffotiah torgdtihg mdhtroc òhns fovd oh

KZM wfimf is ihvacvdl witf ldmisiah-konihg.

? @cihldr, O. (0::


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Mfoptdr IIIArgohisotiahoc ]trumturd, Apdrotihg Erokdwarn ohl Ihstrukdhts ae Kahdtory Zacimy

0 ih atfdrs, tfdy ord

oppaihtdl `y tfd Gavdrhkdht (TN, Zacohl,

Kdxima, Ihlahdsio).

Ldmisiah-konihg ih KZMs is kastcy `y vatihg

wficd o`aut digft mauhtrids orrivd ot kahdtory

pacimy ldmisiahs tfraugf o mahsdhsus.

Ih ?0 mauhtrids, tfd KZM kddts dvdry kahtf,

ohl kast mauhtrids fovd KZM kddtihgs ot cdost

`i-kahtfcy.

III.


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04

rdspahsi`cd. Ih kast atfdr mdhtroc òhns, fawdvdr,

ldmisiahs ord kold y o aorl, makkittdd ar mauhmic,

wfimf givds risd ta tfd issud ae maccdmtivd vdrsus

ihliviluoc rdspahsiìcity. \fdrd ord sdvdroc earkockdmfohisks tfraugf wfimf mdhtroc òhns ord fdcl

ommauhto`cd ear tfdir omtivitids2 (i) kahitarihg y tfd

gavdrhkdht ar cdgiscoturd, (ii) pu`cimotiah ae rdgucor

mdhtroc ohn rdparts, ohl (iii) tomit dhlarsdkdht (tfd

gavdrhkdht ar Zorciokdht ih oàut ahd-eietf ae

mauhtrids fos dxpcimit pawdr ta pravild earkoc

lirdmtivds ta tfd mdhtroc òhn, ta avdrrild ldmisiahs

ar atfdrwisd mfohgd tfd maursd ae pacimy) (@I], 0::9).

III.7. \fd vost kobarity ae mdhtroc òhns fovd

pu`cisfdl torgdts (ih portimucor, ear kahdtory pacimy),

ùt ahcy o cikitdl huk`dr oàut 0: pdr mdht ohl

kastcy ih ihlustriocisdl mauhtrids ord su`bdmt ta

earkoc pramdlurds wfdh torgdts ord kissdl. \ypimoccy

tfis ihvacvds ollitiahoc rdpartihg rdquirdkdhts ta

dxpcoih tfd rdosahs ear kissihg tfd torgdt os wdcc os

tfd kdosurds ohl tikd erokd hddldl ta kddt tfd

torgdt. Ohatfdr patdhtioc rdkdlioc omtiah is ha

rdoppaihtkdht ar dvdh liskissoc. @ut, aetdh, mdhtroc

òhn aemiocs moh d liskissdl ahcy ih mosds ae sdriaus

kismahlumt ar ihmopomity ohl rordcy `dmousd ae paar

pdrearkohmd. Kast mdhtroc òhns, ohl hdorcy occ ih

DKDs, ord rdgucorcy kahitardl `y tfdir cdgiscoturds.

Ih sakd mauhtrids, tfd rdcdvoht cdgiscotivd alids fovd

ollrdssdl tfd pra`cdk ae dxpdrtisd `y earkoccy

mahsuctihg dxtdrhoc dxpdrts ah kahdtory pacimy

kottdrs7 (@I], 0::9).

=. Argohisotiahoc ]trumturd ear Kahdtory Zacimy

Ldmisiahs ih tfd P@I

III.6. \fd rdspahsiìcity, ommauhtoìcity ohl tikihg

ae ldmisiah-konihg rdcotihg ta kahdtory pacimy

rdkoihs witf tfd Gavdrhar wfa is lirdmtcy ommauhto`cd

ta tfd Gavdrhkdht ae Ihlio. \fd P@I Omt stotds tfot

tfd Mdhtroc Gavdrhkdht sfocc oppaiht ohl rdkavd

tfd Gavdrhar ohl koy givd tfd P@I lirdmtiahs ih tfd

pu`cim ihtdrdst6.

III.9. \fus, ih Ihlio, kahdtory pacimy ldmisiahs ord

kold y tfd Gavdrhar ocahd. Ihlddl, quortdrcy pacimy

stotdkdhts ord issudl ih tfd Gavdrhars hokd9. \fd

pramdss ae kahdtory pacimy earkucotiah ih tfd P@I

fos, tfdrdeard, ddh trolitiahoccy ihtdrhoc. Ear pacimyearkucotiah, tfd Gavdrhar is ossistdl `y Ldputy

Gavdrhars, witf ahd Ldputy Gavdrhar spdmimoccy

dhtrustdl witf tfd rdspahsi icity ear kahdtory pacimy

sdttihg ohl mahlumt, ohl is guildl `y tfd ihputs

rdmdivdl erak tfd Makkittdd ae tfd Mdhtroc @aorl ae

Lirdmtars tfot kddts dvdry wddn ta rdvidw kahdtory,

dmahakim ohl hohmioc mahlitiahs.

III.?:. Avdr tikd, tfd kahdtory pacimy earkucotiah

pramdss fos dmakd kard mahsuctotivd ohl portimipotivd

wi tf oh dxt dr ho c ar id ht ot ia h. Eac caw ihg tf dihtralumtiah ae quortdrcy pacimy rdvidws (Opric/Koy,

Bucy, Amta`dr ohl Bohuory) ih 0::4, tfd P@I sdt up o

\dmfhimoc Olvisary Makkittdd ah Kahdtory Zacimy

(\OMKZ) ih Bucy ae tfd sokd ydor witf dxtdrhoc dxpdrts

ih tfd ordos ae kahdtory dmahakims, mdhtroc ohnihg,

hohmioc korndts ohl pu`cim hohmd. \fd Makkittdd

is mfoirdl y tfd Gavdrhar, witf tfd Ldputy Gavdrhar

7 Oh dxokpcd ae sumf oh dxtdrhoc ogdhmy is tfd Ihtdrhotiahoc Kahdtory Euhl (IKE), wfimf usuoccy makkdhts ah kahdtory pacimy ih its rdgucor Ortimcd IU

mahsuctotiahs. \fd IKE ocsa pu`cisfds Pdparts ah tfd A`sdrvohmd ae ]tohlorls ohl Malds (PA]Ms) tfot sukkorisd tfd dxtdht ta wfimf mdrtoih ihtdrhotiahoccy

rdmaghisdl stohlorls ohl malds ord a`sdrvdl ih ordos sumf os kahdtory ohl hohmioc pacimy trohspordhmy, òhnihg supdrvisiah ohl poykdht systdks.

6 tfd Pdsdrvd @ohn ae Ihlio is o stotutary marparotiah mahstitutdl y tfd Omt ae ?9= Pdsdrvd @ohn ae Ihliovdrsus ]. Boyoroboh (?995) 0 Co`.C.B.7=4 (]M).

9 ]ihmd 0:?:, tfd P@I ihstitutdl kil-quortdr rdvidws (< ih huk`dr ih Buhd, ]dptdk`dr, Ldmdk`dr ohl Kormf) ih ollitiah ta quortdrcy pacimy rdvidws.

\fd kil-quortdr rdvidws ord issudl ah tfd P@Is wd`sitd os prdss rdcdosds.


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05

ih mforgd ae kahdtory pacimy os tfd vimd-mfoirkoh ohl

tfd atfdr Ldputy Gavdrhars ae tfd P@I os ihtdrhoc

kdk`drs. \fd Makkittdd kddts ot cdost ahmd ih o

quortdr, rdvidws komradmahakim ohl kahdtoryldvdcapkdhts ohl olvisds tfd P@I ah tfd opprapriotd

stohmd ae kahdtory pacimy. It ocsa pravilds pacimy

rdmakkdhlotiahs ear kil-quortdr rdvidws, wfimf

wdrd ihtralumdl ih 0:?:. \fd racd ae tfd \OMKZ is

purdcy olvisary ih hoturd. @dgihhihg witf tfd kddtihg

fdcl ih Bohuory 0:??, tfd koih paihts ae lismussiahs

ae tfd \OMKZ ord pcomdl ih tfd pu`cim lakoih, witf

o cog ae raugfcy eaur wddns oetdr tfd kddtihg ae tfd

Makkittdd. Kdk`drs ae \OMKZ fovd ogrddl hat ta

spdon ih pu`cim ah issuds rdcotihg ta kahdtory pacimy

erak tdh loys `deard tfd \OMKZ kddtihg up ta ahd

loy oetdr tfd pacimy ohhauhmdkdht tfaugf kdk`drs

koy dxprdss tfdir vidws ih pu`cim ih atfdr pdrials ih

tfdir ihliviluoc mopomity. \fis sfut pdrial is o sdce-

ikpasdl lismipcihd.

III.??. Witf deedmt erak Amta`dr 0::4, tfd P@I

ihtralumdl prd-pacimy mahsuctotiah kddtihgs witf

rdprdsdhtotivds ae lieedrdht sdgkdhts ae tfd ohnihg

sdmtar, trold ohl ihlustry àlids, hohmioc korndt

portimipohts, mrdlit rotihg ogdhmids ohl atfdr

ihstitutiahs. ]ihmd 0::9, tfd P@I fos ocsa ddh faclihg

mahsuctotiahs witf sdhiar dmahakists ohl korndt

ohocysts twimd o ydor ih tfd ruh up ta tfd ohhuoc pacimy

ohl tfd sdmahl quortdr rdvidw.

III.?0. \a `rihg ih trohspordhmy ih tfd pramdss ae

pacimy earkotiah, tfd P@I pcomds ih pu`cim lakoih occ

loto/ihputs tfot ga ihta tfd earkucotiah ae kahdtory

pacimy its ihtdrhoc komradmahakim ossdsskdht ohl

rdsucts ae survdys?:ih tfd eark ae o rdpart dhtitcdl

Komradmahakim ohl Kahdtory Ldvdcapkdhts.

=.?P@Is Ommauhtoìcity

III.?=. \fd Pdsdrvd @ohn ae Ihlio Omt lads hat

prdsmri`d ohy earkoc kdmfohisk ear ommauhtoìcity.

Avdr tfd ydors, fawdvdr, mdrtoih promtimds ear

ommauhtoìcity fovd dvacvdl. \fd P@I sdts tfd rotiahocd

ae its pacimids ohl ihlimotds passi`cd dxpdmtdl

autmakds. \fd Gavdrhar facls o rdgucor kdlio

mahedrdhmd oetdr dvdry quortdrcy pacimy rdvidw wfimf

is oh apdh fausd ear qudstiahs, hat bust rdcotdl ta

kahdtory pacimy, ùt tfd dhtird lakoih ae omtivitids

ae tfd P@I. \fd P@I ocsa ossists tfd Eihohmd Kihistdr

ih ohswdrihg Zorciokdht qudstiahs rdcotihg ta its

lakoih. Kast ikpartohtcy, tfd Gavdrhar oppdors

`deard tfd Zorciokdhts ]tohlihg Makkittdd ah

Eihohmd wfdhdvdr sukkahdl, wfimf foppdhs ah oh

ovdrogd tfrdd ta eaur tikds o ydor (]u`òroa, 0:?=)??.

III.?

(`) prapasd o pragrokkd ae omtiah> (m) ldkahstrotd

faw tfis pragrokkd ollrdssds tfd pra`cdks tfot

fovd fihldrdl tfd omfidvdkdht ae tfd torgdt(s)> ohl

(l) spdmiey o tikd farizah avdr wfimf tfd KZM dxpdmts

tfd torgdt ta `d omfidvdl. O eurtfdr mfdmn is dhvisogdl

ih tfd eark ae o rdsdrvd pawdr grohtdl ta tfd Mdhtroc

Gavdrhkdht ta issud lirdmtiahs ta tfd mdhtroc òhn

ah issuds ae kahdtory pacimy uhldr mdrtoih dxtrdkd

?: Ihlustrioc autcaan> arldr àan, ihvdhtary ohl mopomity uticizotiah> ihffotiah dxpdmtotiahs> mrdlit mahlitiahs> mahsukdr mahldhmd> marparotd

pdrearkohmd> ohl praedssiahoc eardmostdrs ossdsskdhts.

?? ]u`òroa, L (0:?=)2 Eivd Ydors ae Cdolihg tfd Pdsdrvd @ohn - Caanihg Ofdol y Caanihg @omn, \dhtf Hohi O. Zocnfivoco Kdkarioc Cdmturd ldcivdrdl

ih Kukòi ah Ougust 09. Ovoico`cd ah fttp2//www.rì.arg.ih


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mirmukstohmds. Givdh tfd lrostim hoturd ae tfis pawdr,

ohy lirdmtiah uhldr tfis pawdr kust d oppravdl y

àtf Fausds ae Zorciokdht ohl moh `d ih earmd ahcy

ear o pdrial ae tfrdd kahtfs. ]umf lirdmtiah koy `dissudl ih mahsuctotiah witf tfd fdol ae tfd mdhtroc

òhn.

=.0 Pdmakkdhlotiahs ae Dorcidr Makkittdds ah

KZM

III.?4. ]dvdroc makkittdds fovd rdmakkdhldl

earkotiah ae o eucc-ffdlgdl kahdtory pacimy makkittdd

(KZM). \fd ]tohlihg Makkittdd ah Ihtdrhotiahoc

]tohlorls ohl Malds, 0::0 (Mfoirkoh2 Lr. Y.U. Pdlly)

rdmakkdhldl cdgiscotivd mfohgds ih tfd P@I Omt sa os

ta eomicitotd o kdmfohisk ear deedmtivd kahdtorypacimy. It rdmakkdhldl sdttihg up ae o Kahdtory

Zacimy Makkittdd ah tfd cihds ae tfd @aorl ae

Eihohmioc ]updrvisiah.

III.?5. \fd Makkittdd ah Euccdr Mopitoc Ommauht

Mahvdrtiìcity, 0::5 (Mfoirkoh2 ]fri ].]. \oropard)

rdmakkdhldl tfot tfdrd sfaucl d o earkoc Kahdtory

Zacimy Makkittdd. It ocsa rdmakkdhldl tfot ot sakd

opprapriotd stogd, o sukkory ae tfd kihutds ae tfd

Kahdtory Zacimy Makkittdd sfaucl `d put ih tfd

pu`cim lakoih witf o suito`cd cog.

III.?7. \fd Makkittdd ah Eihohmioc ]dmtar Pdearks,

0::9 (Mfoirkoh2 Lr. Pogfurok G. Poboh) rdmakkdhldl

tfot o Kahdtory Zacimy Makkittdd sfaucl tond o kard

omtivd racd ih guilihg kahdtory pacimy omtiahs. It

sfaucl kddt kard rdgucorcy> its rdmakkdhlotiahs

ohl pacimy bulgkdhts sfaucl `d kold pu`cim witf

kihikoc ldcoys.

III.?6. \fd Mak kitt dd ah Eihohmi oc ]dmta r

Ossdsskdht, 0::9 (Mfoirkoh2 Lr. Pondsf Kafoh)

mauhsdcdl ah tfd hddl ear strdhgtfdhihg tfd racd ae

tfd \OMKZ ohl rdmakkdhldl tfot promtimds/

pramdlurds taworls tfis gaoc `d mahsildrdl os it goihs

kard dxpdridhmd.

III.?9. \fd E]CPM, 0:?= (Mfoirkoh2 ]fri @. H.

]rinrisfho) fos rdmakkdhldl tfot 2

Oh dxdmutivd KZM sfaucl `d mahstitutdl tfot

waucl kddt ah o xdl smfdlucd ohl vatd ta

ldtdrkihd tfd maursd ae kahdtory pacimy.

Ahmd tfd KZM fos ldtdrkihdl tfd pacimy omtiah,

tfd mdhtroc òhn waucl dsto`cisf oh apdrotihg

pramdlurd tfraugf wfimf tfd apdrotihg torgdt

waucl `d omfidvdl.

\fdrd sfaucl d mcdor ommauhtoìcity kdmfohisks

tfraugf wfimf tfd mdhtroc òhn waucl `d fdcl

ommauhto`cd ear ldcivdrihg ah tfd a`bdmtivds tfot

fovd `ddh dsto`cisfdl ear it.

III.0:. Wficd tfd E]CPM dco arotdl spdmim ospdmts

ae tfd ldmisiah-konihg pramdss ohl ommauhtoìcity

kdmfohisks, it wos ae tfd vidw tfot atfdr mritimoc

dcdkdhts kdosurdkdht ohl rdsdormf, apdrotihg

pramdlurd, ohl kahdtory pacimy trohskissiah waucl

tond pcomd tfraugf tfd kohogdkdht pramdss ae tfd

mdhtroc òhn, witf avdrsigft ae tfd àorl.

=.= Potiahocd ear tfd Makkittdds Pdmakkdhlotiah

III.0?. Fdigftdhdl pu`cim ihtdrdst ohl smrutihy ae

kahdtory pacimy ldmisiahs ohl autmakds fos

prapdccdl o warcl-wild kavdkdht taworls o

makkittdd òsdl oppraomf ta ldmisiah-konihg witf

o vidw ta `rihgihg ih grdotdr trohspordhmy ohl

ommauhtoìcity. Ih Ihlio, tfd ihstitutiah ae o sacd

kahdtory pacimy ldmisiah-kondr dkàlidl ih tfd

Gavdrhar fos sdrvdl wdcc ih dsto`cisfihg mrdliìcity>

sihmd 0::4, fawdvdr, tfdrd fos ocsa `ddh kavdkdht

taworls grdotdr mahsuctotiah witf occ stondfacldrs

cdolihg up ta tfd sdttihg up ae tfd \OMKZ. Witf tfd

pu`cimotiah ae tfd kihutds ae tfd \OMKZ kddtihgs

sihmd Ed`ruory 0:??, tfdrd fos `ddh nddh pu`cim

ihtdrdst ih tfd vidws dxprdssdl ih tfdsd kddtihgs

portimucorcy wfdh tfd omtuoc kahdtory pacimyldmisiah fos hat rdecdmtdl tfd kobarity vidw

ottdstihg ta grdotdr opprdmiotiah ae livdrsity ae vidw

paihts, ihldpdhldhmd ae apihiah ohl tfd ffovaur ae

spdmiocizdl dxpdridhmd tfot \OMKZ kdk`drs fovd

`raugft ta tfdsd ldci`drotiahs. Ih arldr ta kond


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06

kahdtory pacimy pramdssds kard trohspordht ohl

prdlimto`cd, tfd Makkittdd is ae tfd vidw tfot tfis

mahsuctotivd pramdss ae kahdtory pacimy konihg

sfaucl d morridl earworl ta its cagimoc mahmcusiah ohlearkocizdl ihta o ldmisiah-konihg pramdss ih

prdedrdhmd avdr tfd purdcy olvisary racd ae tfd \OMKZ.

\fis sfaucl `rihg ih o grdotdr sdhsd ae ihvacvdkdht

ohl awhdrsfip, os wdcc os ommauhtoìcity. ]dvdroc

makkittdds ih Ihlio fovd ocsa rdmakkdhldl o

earkocizdl makkittdd oppraomf ta kahdtory pacimy

ldmisiah-konihg.

Pdmakkdhlotiahs

III.00. Lrowihg ah ihtdrhotiahoc dxpdridhmd, tfd

dvacvihg argohizotiahoc strumturd ih tfd mahtdxt ae tfdspdmims ae tfd Ihlioh situotiah ohl tfd vidws ae

dorcidr makkittdds, tfd Makkittdd is ae tfd vidw tfot

kahdtory pacimy ldmisiah-konihg sfaucl d vdstdl ih

o kahdtory pacimy makkittdd (KZM).

III.0=. \fd Gavdrhar ae tfd P@I wicc d tfd Mfoirkoh

ae tfd KZM, tfd Ldputy Gavdrhar ih mforgd ae

kahdtory pacimy wicc `d tfd Uimd Mfoirkoh, ohl tfd

Dxdmutivd Lirdmtar ih mforgd ae kahdtory pacimy wicc

`d o kdk`dr. \wa atfdr kdk`drs wicc `d dxtdrhoc,

ta d ldmildl y tfd Mfoirkoh ohl Uimd Mfoirkoh ah

tfd òsis ae ldkahstrotdl dxpdrtisd ohl dxpdridhmd

ih kahdtory dmahakims, komradmahakims, mdhtroc

òhnihg, hohmioc korndts, pu`cim hohmd ohl rdcotdl

ordos.

III.0


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09

priar ta tfot, tfd

ihstrukdhts usdl ta mahtrac ihecotiah ihmculdl

ihffudhmihg tfd suppcy ae kahdy ohl sighocihg ldsirdl

kahdtory mahlitiahs ta tfd hohmioc korndts vio o

Kahdtory Mahlitiahs Ihldx. \fdsd kdmfohisks

wdrd, fawdvdr, ihlirdmt ohl fozy ear tfd korndts, ohl

wdrd dvdhtuoccy oòhlahdl. Ih arldr ta ldtdrkihd

faw kumf ciquility sfaucl `d o`sar`dl ar kold

ovoico`cd ta koihtoih suppcy ohl ldkohl dquici`riuk

ih òhn òcohmds, @ohn Ihlahdsio sdts torgdts ear

kahdtory apdrotiahs domf loy. ]ihmd Amta`dr 0::6, itkonds ohhauhmdkdhts ae ohnihg ciquility mahlitiahs

twimd loicy, mavdrihg àtf tatoc ciquility prabdmtiah

ohl dxmdss rdsdrvds prabdmtiah. Ih tfd TN, tfd koih

ihstrukdht ae kahdtory pacimy is tfd @ohn Potd (tfd

ihtdrdst rotd ot wfimf kahdy is cdht ta hohmioc

ihstitutiahs). \fd koih apdrotiahoc torgdt ear tfd

Pinsòhn is tfd avdrhigft rotd wfimf it ihffudhmds y

ihstrukdhts sumf os stohlihg eomicitids ohl hd-tuhihg

apdrotiahs. \fd rdpa rotd is tfd Pinsòhns ndy pacimy

sighocihg rotd ohl o eardmost potf ear tfd rdpa rotd is

givdh.

III.==. Okahg mauhtrids tfot fovd oh apdrotihg torgdt

òsdl ah o korndt rotd ae ihtdrdst, tfd ]wiss Hotiahoc

@ohn (]H@) sdts o torgdt rohgd ear tfd tfrdd-kahtf

]wiss Erohm Ciàr. \fdrd ord twa koih kahdtory


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=:

pacimy ihstrukdhts apdh korndt apdrotiahs (tfd ]H@

tonds tfd ihitiotivd ih tfd trohsomtiahs) ohl stohlihg

eomicitids (]H@ kdrdcy spdmids tfd mahlitiahs ot wfimf

mauhtdrportids moh a`toih ciquility).

III.= ohl(iii) prdvdhts lisruptiahs ih poykdht ohl sdttcdkdht,

dspdmioccy ear ciquility ldmit systdks. Ih vidw ae tfd

korndt erimtiahs tfot maucl orisd erak ihstitutiah-

spdmim ohl systdkim euhlihg ciquility pra`cdks ohl

tfdir ihtdrldpdhldhmd, occ mdhtroc òhns ottdkpt ta

ihstitutiahocisd o sauhl ciquility kohogdkdhterokdwarn. \fd spdmim ihstitutiahoc sdtup, fawdvdr,

vorids ta o grdot ldoc omrass mauhtrids ih tdrks ae

koturity ohl erdqudhmy ae apdrotiahs, mauhtdrporty

orrohgdkdhts, ohl dcigi`cd maccotdroc (Oppdhlix \o cd

III.0). Ciquility kohogdkdht erokdwarns typimoccy

ihvacvd koxikuk ommakkalotiah witf okpcd

lismrdtiahory pravisiahs, portimucorcy wfdh sfart-tdrk

ihtdrdst rotds sdrvd os tfd apdrotihg torgdt.

III.=7. ]tohlihg eomicitids (]Es) ord trohspordht,

ovoico`cd ta ohns ohl atfdr mauhtdr portids witfautlismrdtiahory furlcds, ohl ord gdhdroccy mahsildrdl

os tfd soedty vocvd ae o ciquility kohogdkdht systdk.

Uirtuoccy occ mdhtroc òhns fovd o stohlihg mrdlit

eomicity wfimf dxtdhls euhls ta tfd ldmit mauhtdrporty

ot o pdhoc rotd (d.g., korgihoc cdhlihg eomicity ae tfd

DM@, prikory ohl sdmahlory mrdlit eomicitids ae tfd

Edl). Dcigi`cd maccotdrocs ohl tdhar ae àrrawihgs,

fawdvdr, vory omrass mauhtrids. \fd stohlihg ldpasit

eomicity, tfaugf cdss ih usd, fdcps ta ldhd o ffaar rotd

ih tfd ihtdr-òhn korndt, dspdmioccy ih ciquility

surpcus mahlitiahs. \fd koih olvohtogd ae o ]E is tfot

it givds tfd mdhtroc òhn o wihlaw ta ihtdrvdhd ih

àtf lirdmt iahs, wfdh hddldl, ta omfidvd tfd

apdrotihg ihtdrdst rotd torgdt, witf vacoticity ih ihtdr-

òhn rotds rdstrimtdl ta tfd marrilar. Pdlumihg tfd

vacoticity ih tfd ihtdr- ohn kahdy korndt rotd wficd

omfidvihg tfd ihtdrdst rotd torgdt is atf oh a`bdmtivd

ohl ocsa o mfoccdhgd ear demidht ciquility kohogdkdht.

\fdrd is dvildhmd ae osykkdtrim mrdlit ohl ldpasit

]Es ih sakd mauhtrids.

III.=6. Ih ollitiah ta ]Es, lismrdtiahory apdrotiahsae o mdhtroc ohn maucl d mcossidl uhldr twa raol

fdols, viz., (o) tfd koih rdhohmd apdrotiahs ohl

?0 Kargoh, Zdtdr B. (0:?=)2 Kahdtory Zacimy Erokdwarns ih Osio2 Dxpdridhmd, Cdssahs, ohl Issuds,OL@I Warnihg Zopdr ]drids,Ha.


39/130


=?

(`) atfdr lismrdtiahory apdrotiahs. Thldr tfd koih

rdhohmd apdrotiahs, tfd kast makkah ihstrukdhts

ord AKAs, wfimf ord mahlumtdl ah o prd-ohhauhmdl

lotd `y o mdhtroc òhn witf vacuhtory portimipotiaherak ohns ohl prikory ldocdrs (ZLs). Ildoccy, AKAs

ord usdl ear atf cdhlihg ohl àrrawihg, ohl ihmculd

àtf autrigft purmfosd ohl rdpurmfosd ogrddkdhts,

ldpdhlihg upah tfd hoturd ae ciquility rdquirdkdhts

strumturoc ar erimtiahoc. ]akd mauhtrids usd àtf

sfart tdrk ohl cahg tdrk rdpas (d.g.,TN) ohl atfdrs

usd mdhtroc ohn iccs (]witzdrcohl) ohl stoìcisotiah

àhls (Nardo) ta kohogd ciquility. Atfdr lismrdtiahory

apdrotiahs ta kohogd ciquility ord koihcy ih rdspahsd

ta uhdxpdmtdl sfart-tdrk ldvdcapkdhts rdquirihg

hah-stohlorl, hah-rdgucor apdrotiahs. ]umf apdrotiahs

ihmculd eardx-swops (Oustrocio, ]ihgopard), tdrk

ldpasits (Oustrocio), makpucsary ldpasits (Kdxima),

ollitiahoc caohs ohl ldpasits (]wdldh) ohl euhlihg

ear cdhlihg (TN).

III.=9. Okahg tfd tdrks ohl mahlitiahs, dcigiìcity

ae maccotdroc is ahd ae tfd kast ikpartoht ospdmts ae

ciquility kohogdkdht. Occ kobar mdhtroc ohns ihmculd

pu`cim sdmtar sdmuritids ae tfdir awh mauhtry os dcigi`cd

maccotdroc. ]ihmd kil-0::7, tfd dcigiìcity erokd fos

`ddh wildhdl ih sdvdroc mauhtrids ta ihmculd hohmiocdhtity ld`t (Bopoh, Kdxima, ]wdldh ohl TN), mavdrdl

àhls (Oustrocio ohl TN), atfdr ossdt omndl sdmuritids

(Oustrocio, Moholo, Kdxima ohl TN), marparotd ld`t

ohl caohs ohl atfdr mrdlit mcoiks (Moholo ohl TN)

ohl mrass-àrldr maccotdroc (Oustrocio, Bopoh, Kdxima

ohl ]ihgopard). Witf ihmrdosdl ommdptohmd ae

livdrsidl sdmuritids os maccotdroc, mauhtrids fovd ocsa

olaptdl lieedrdht pacimids rdcotihg ta primihg, ihitioc

korgihs ohl foirmuts.

III.


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=0

pacimy mahsildrotiahs dvdhtuoccy. \fdsd ihstrukdhts

ord toicardl ta ldoc witf voriaus dxigdhmids2 surgds ih

mopitoc ffaws> mrdlit occamotiah> pra-mymcimocity ohl

ihtdrmahhdmtdlhdss> ohl tfd zdra cawdr àuhl ah tfdhakihoc ihtdrdst rotd, ta hatd o edw.

III. mrdlit rdgistry> figfdr

risn wdigfts ear sdhsitivd sdmtars), supdrvisary

kdosurds (ah-sitd ohl aee-sitd ihspdmtiah ae òhns)

ohl karoc suosiah. Kard rdmdhtcy, ih arldr ta foct

tfd lawhworl spiroc ae cdhlihg ohl àrrawihg tfot

fos pcogudl dmahakids sihmd tfd rdmdssiah, mdhtrocòhns fovd omtivotdl smfdkds ta nimn-stort tfd rdoc

dmahaky, `dst dxdkpcieidl `y tfd Euhlihg ear

Cdhlihg ]mfdkd (EC]) ihitiotdl ih tfd TN ih Bucy

0:?0 ta occaw makkdrmioc òhns ta àrraw euhls ot

o mfdop rotd erak tfd mdhtroc òhn ohl cdhl ta

spdmidl fausdfacls ohl rks.

III. rdsdrvd rdquirdkdhts ah

eardigh murrdhmy ihstrukdhts ohl voriohts ae tfd

\aìh tox.

III.


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==

mocc rotd, wfimf is ocighdl ta tfd rdpa rotd tfraugf2

(i) o marrilar orauhl tfd rdpa rotd ae ?:: òsis paihts

oàvd tfd rdpa rotd ear tfd Korgihoc ]tohlihg Eomicity

(K]E) ohl ?:: òsis paihts `dcaw tfd rdpa rotd eartfd rdvdrsd rdpa rotd, ohl (ii) eucc ommakkalotiah

ciquility kohogdkdht oc`dit witf oh ihlimotivd

makeart zahd ae +/- ahd pdr mdht ae hdt ldkohl ohl

tikd cioìcitids (HL\C) ae tfd òhnihg systdk> ohl

(m) trohskissiah ae mfohgds ih tfd rdpa rotd tfraugf

tfd wdigftdl ovdrogd mocc rotd ta tfd uctikotd gaocs

ae kahdtory pacimy witfaut ohy spdmim ihtdrkdliotd

torgdt.

III.


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= ohl ld

eomtakahdtizotiah ae tfd smoc ldmit ta tfd dxtdht

ae 06 pdr mdht ae tfd avdrocc `arrawihg pragrokkd

ae tfd Gavdrhkdht ah ovdrogd vio ihbdmtiahs ae

prikory ciquility tfraugf AKAs. Pdoc pacimy rotds

fovd `ddh pdrsistdhtcy hdgotivd ih figf ihffotiah

dpisalds, os tfd apdrotihg erokdwarn lads hat eaccawo rucd tfot moh cikit tfd smapd ear ihffotiah tacdrohmd

(Mfort III.?)?7.

III.4


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=5

kaldc, os ocsa ear MZI ihffotiah tfrdsfacls ae vd pdr

mdht ohl six pdr mdht). Dstikotdl mademidhts erak

dxtoht ihtdrdst rotd rucds ih Ihlio suggdst tfot2 (i)

iholdquotd wdigft wos pcomdl ah ihffotiah kohogdkdht

ih tfd post, ohl (ii) tfd WZI wos tfd kdtrim usdl ta

kdosurd ihffotiah, rdsuctihg ih pacimy rotds tfot wdrd

aetdh hdgotivd ih rdoc tdrks vis--vistfd MZI?9. It koy

`d hdmdssory, tfdrdeard, ta stort witf o sikpcd pacimy

rucd ih tdrks ae o rdoc pacimy rotd os o mahtdxt spdmim

`dhmfkorn ear tfd KZM0:, ohl tfdh groluoccy kavd

ta o \oycar typd rucd oetdr sdmurihg primd stoìcity ohl

ohmfarihg ihffotiah dxpdmtotiahs. Thldr o ffdxi`cd

ihffotiah torgdtihg erokdwarn, tfd ihtdrdst rotd rucd

sfaucl ossigh o sighimohtcy grdotdr wdigft ta ihffotiah

kohogdkdht vis--vis atfdr a`bdmtivds. \fd autmakd

ae sumf o erokdwarn is dxpdmtdl ta rdsuct, ah ovdrogd,

ih pasitivd rdoc rotds ae rdturh wfdh ihffotiah is oàvd

torgdt.

III.44. \urhih g ta tfd mahlu mt ae ciqu ilit y

kohogdkdht apdrotiahs ohl trohskissiah ae pacimy

ikpucsds, tfdrd fos ocsa `ddh `camndl trohskissiah

ae pacimy rotd muts ta suppart grawtf lud ta tfd mdhtrocprdkisd ae nddpihg tfd systdk ih o ldmit kald ohl

tfd mocc rotd ocighdl ta tfd rdpa rotd, tfdrd`y

suggdstihg tfd eaccawihg cikitotiahs2

?. Ciquility kohogdkdht tfraugf tfd COE (i.d., up

ta dxmdss ]CP faclihgs pcus ollitiahoc ommdss ta

ciquility erak tfd K]E wihlaw y lippihg 0 pdr

mdht `dcaw tfd rdquirdl ]CP) fos kold òsd

kahdy dxpohsiah dhlagdhaus. \fd pacimy

stohmd, os rdffdmtdl ih mfohgds ih tfd rdpa rotd,

ohl tfd mahlumt ae ciquility kohogdkdht ord

aetdh kutuoccy ihmahsistdht ohl mahecimtihg.

Aetdh, ihmrdosds ih pacimy rotd fovd `ddh

eaccawdl up witf lismrdtiahory kdosurds ta dosd

ciquility mahlitiahs.

0. \fd erokdwarn is ahd-sildl `y ldsigh, suito`cd

ahcy ta trohskissiah ae o tigftdhihg stohmd

tfraugf tfd pdrsistihg ciquility ldmit kald ih

wfimf tfd systdk is ndpt> mahsdqudhtcy, tfd

dosihg stohmd ae pacimy `dtwddh Amta`dr 0:??

ohl Koy 0:?= lil hat trohskit ta orrdstihg tfd

grawtf scawlawh.

=. Zravisiah ae avdrhigft ciquility ah oh dhlurihg

òsis ot tfd avdrhigft rdpa rotd ocsa makprakisdl

ciquility/trdosury pcohhihg `y òhns tfdksdcvds

rdsuctihg ih tfis euhmtiah dihg ih deedmt sfietdl

ta tfd P@I ohl tfdrd`y stuhtihg tfd grawtf ae

tfd korndt spdmtruk ta tfd avdrhigft sdgkdht

?9 It is ikpartoht ta hatd tfot ovoico`cd pu`cisfdl rdsdormf ah pacimy rdomtiah euhmtiahs ae tfd \oycar-typd earkucotiah ear Ihlio fovd hat ddh dstikotdl

usihg tfd MZI> tfd dstikotds gdhdroccy rdcotd ta ditfdr tfd WZI ar tfd GLZ ldffotar. Kardavdr, o pacimy rdomtiah euhmtiah ear Ihlio, os ih occ atfdr mauhtrids,

dkpcayihg tfd ihtdrdst rotd os tfd pacimy ihstrukdht, tdhl ta fovd o figf mademidht ear ihtdrdst rotd skaatfihg, wfimf is ighardl ih tfd ohocysis fdrd.(sdd Go`ridc dt oc., 0:?0, ih Axearl Fohlàan ae tfd Ihlioh Dmahaky, M. Gfotd, (Dl.), Axearl2 Hdw Yarn). Ikpartohtcy, dstikotdl \oycar rucd porokdtdrs

(ar ohy atfdr dkpirimoc dstikotds) hddl ta dxfiìt strumturoc stoìcity ear o mdhtroc òhn ta dxpcait tfd dstikotdl rdcotiahsfip ear tfd mahlumt ae pacimy

systdkotimoccy, ut os tfd Cumos mritiqud suggdsts, tfd dstikotdl porokdtdrs ord aetdh hat strumturoc, i.d., hat pacimy ihvorioht.

0: Givdh tfd uhmdrtoihty oàut tfd dstikotdl hdutroc rdoc ihtdrdst rotd, ohl ossukihg tfot it wicc `d pasitivd ear Ihlio, o sikpcd pasitivd rdoc pacimy rotd

rucd koy hat `d ohti-ihffotiahory wfdh ihffotiah pdrsistdhtcy ohl sizo`cy dxmddls tfd ihffotiah torgdt. Fawdvdr, ih vidw ae tfd hdgotivd rdoc pacimy rotd

prdvoicihg ih tfd rdmdht dpisald ae figf ihffotiah, tfd kast ikkdliotd rdquirdkdht waucl d ta dhsurd tfot tfd rdoc pacimy rotd dmakds pasitivd, ohl ahmd

tfd rdgikd mfohgd is ih pcomd, tfd stohlorl \oycar typd rucd-òsdl oppraomf witf oh opprapriotd wdigft ossighdl ta ihffotiah maucl d usdl y tfd KZM.


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=7

ocahd, lis-ihmdhtivisihg tfd ldvdcapkdht ae o

tdrk kahdy korndt> tfd COE ta o ldgrdd fos

`dmakd o mahluit ear gokihg mdhtroc òhn

ciquility ohl su`stitutihg ear deearts ta ommdsskorndt ciquility.

III.45. Ih arldr ta ikpravd trohskissiah ae pacimy

rotd mfohgds ihta tfd spdmtruk ae ihtdrdst rotds ih tfd

dmahaky, tfd dxmdssivd eamus ah tfd avdrhigft

sdgkdht ae tfd kahdy korndt ih tfd dxistihg

erokdwarn fos ta `d ovaildl, wfimf wicc `d passi`cd

ahcy ie tfd P@I ld-dkpfosisds avdrhigft rdpas ear

ciquility kohogdkdht ohl pragrdssivdcy mahlumts its

ciquility kohogdkdht prikoricy tfraugf tdrk rdpas

ae lieedrdht tdhars. Ldvdcapkdht ae o tdrk kahdy

korndt tfraugf o tdrk-rdpa lrivdh ciquility

kohogdkdht erokdwarn maucl fdcp ih dsto`cisfihg

korndt-òsdl dhmfkorns, wfimf ih turh waucl fdcp

ikpravd trohskissiah, ie voriaus hohmioc ihstrukdhts

ohl, ih portimucor, ohn ldpasits ohl caohs ord primdl

aee tfdsd dhmfkorns.

III.47. Oh avdrocc ossdsskdht waucl, tfdrdeard,

suggdst tfot ih arldr ta ikùd mrdliìcity ohl

deedmtivdhdss ihta tfd apdrotihg erokdwarn ae

kahdtory pacimy ih tdrks ae omfidvihg ohl dsto`cisfihg

tfd hakihoc ohmfar (ollrdssdl ih Mfoptdr II), it is

dssdhtioc ta ollrdss ikpdlikdhts ta trohskissiah

(mavdrdl ih Mfoptdr IU) ohl ldoc witf tfd mfoccdhgds

maherahtihg it tfraugf ldsigh mfohgds ohl rdhdkdhts

ih tfd apdrotihg erokdwarn, witf ffdxiìcity ih tfd usd

ae ihstrukdhts, portimucorcy ih tfd mahtdxt ae ciquility

kohogdkdht ohl its mahsistdhmy witf tfd gaoc(s) ae

kahdtory pacimy.

III.46. \fd rdmdht dxpdridhmd witf tfd usd ae

dxmdptiahoc kahdtory kdosurds ta mahtoih dxmfohgd

korndt vacoticity ohl tfdir su`sdqudht harkocizotiahrdprdsdhts o `rdon erak tfd apdrotihg erokdwarn put

ih pcomd sihmd Koy 0:??. \fis dxpdridhmd strdhgtfdhs

tfd rotiahocd ear rdvokpihg tfd apdrotihg erokdwarn

sa os ta dhsurd its mahsistdhmy ohl syhmfrahimity witf

kahdtory pacimy a`bdmtivds ohl stohmd. \fd P@Is

murrdht apdrotihg erokdwarn is pivatdl orauhl o

torgdt ear arrawdl rdsdrvds ih rdcotiah ta hdt ldkohl

ohl tikd cioìcitids. Mahlitiahoc upah tfis apdrotihg

torgdt, it fos occawdl àuhldl kavdkdht ih tfd moccrotd `dtwddh tfd tdrk rdpa rotd ohl tfd K]E rotd,

deedmtivdcy dsmfdwihg uhcikitdl ommakkalotiah ot

tfd rdpa rotd ae tfd post. Ihmrdosihgcy, tfd tdrk rdpa

is goihihg korndt ommdptoìcity, syhmfrahizdl os it is

witf tfd rdsdrvd rdquirdkdht mymcd, wficd occawihg o

skaatf trohsitiah owoy erak ciquility pravisiah ot

tfd K]E rotd. \fd tdrk rdpa rotd fos ocsa pravdl ta

`d o kard usdeuc ihlimotar ae uhldrcyihg ciquility

mahlitiahs sihmd primd lismavdry ae tfd tdrk prdkiuk

is tfraugf vorio`cd rotd oumtiahs, uhcind tfd avdrhigft

rdpa rotd wfimf is o eixdl rotd. \fd summdsseucapdrotiah ae tfd tdrk rdpa rotd sfaucl ihmdhtivizd tfd

ldvdcapkdht ae o euccdr spdmtruk ae tdrk kahdy

sdgkdhts, tfdrd`y dho`cihg korndt osdl dhmfkorns

ta `d dsto`cisfdl ear primihg òhn ldpasits ohl

eomicitotihg trohskissiah ae pacimy ikpucsds ta mrdlit

korndts. \fd korndt fos ocsa olbustdl ta tfd hdw

ciquility kohogdkdht dhvirahkdht wdcc. Ih tfis

systdk, eucc ommakkalotiah ae ciquility ldkohl

mahtihuds `dmousd ae tfd ommdss ta tfd K]E. It is

hdmdssory, tfdrdeard, tfot tfd K]E rotd koy d sdt ih

o kohhdr tfot it dmakds o trucy pdhoc rotd, ommdssdl`y òhns uhldr dxmdptiahoc mirmukstohmds.

Pdmakkdhlotiahs

III.49. \fd Makkittdd rdmakkdhls tfot, os oh

avdrormfihg prdrdquisitd, tfd apdrotihg erokdwarn

fos ta su`sdrvd stohmd ohl a`bdmtivds ae kahdtory

pacimy. Ommarlihgcy, it kust d rdldsighdl orauhl tfd

mdhtroc prdkisd ae o pacimy rucd. Wficd sdvdroc voriohts

ord ovoico`cd ih tfd citdroturd ohl ih mauhtry promtimds,

tfd Makkittdd is ae tfd vidw tfot o sikpcd rucd

ldhdl ih tdrks ae o rdoc pacimy rotd (tfot is dosicymakkuhimotdl ohl uhldrstaal), is suito`cd ta Ihlioh

mahlitiahs ohl is mahsistdht witf tfd hakihoc ohmfar

rdmakkdhldl ih Mfoptdr II. Wfdh ihecotiah is

oàvd tfd hakihoc ohmfar, tfd rdoc pacimy rotd is

dxpdmtdl, ah ovdrogd, ta `d pasitivd. \fd KZM maucl


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=9

rotd oumtiahdl tdrk rdpas `y eurtfdr moci`rotihg tfd

ovoico`icity ae ciquility ot tfd avdrhigft rdpa rotd os

hdmdssory.

III.5=. \fd a`bdmtivd sfaucl d ta ldvdcap o spdmtruk

ae tdrk rdpas ae voryihg koturitids witf tfd ?


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50/130

Mfoptdr IUOllrdssihg Ikpdlikdhts ta \rohskissiah ae Kahdtory Zacimy


51/130


Nfuhlronopok ohl Boih, 0:?0>

Nfuhlronopok, 0:??> Nopur ohl @dfdro, 0:?0> ]ihgf,

0:?? ohl Ndctzdr, 0:?0)?0. \fd `raol mahsdhsus

dkdrgihg erak tfdsd stulids is tfot kahdtory pacimy

9 Fovrhdn, \. ohl K. Pushn (0:?0)2 \rohskissah Cogs ih Kahdtory Zacimy2 O Kdto Ohocysis, Mzdmf Hotiahoc @ohn Warnihg Zopdr]drids, Ha.?:.?: @aglohsni, B., O. O. \ak`ihi ohl ]. P. M. Wdrcohg (0:::)2 Ikpcdkdhtihg Ihffotiah \orgdtihg ih @rozic, Warnihg Zopdr]drids Ha.?, @ohma Mdhtroc la@rosic.?? Fawdvdr, trohskissiah cogs ih mrass-mauhtry stulids koy hat `d strimtcy makporo`cd os tfdy ldpdhl ah tfd sizd ohl tikihg ae tfd pacimy omtiahs.?0 Nopur, K. ohl F. @dfdro (0:?0)2 Kahdtory \rohskissiah Kdmfohisk ih Ihlio2 O _uortdrcy Kaldc,P@I Warnihg Zopdr Ha. 9.

Nfuhlronpok, B. N. (0:??)2 Mrdlit Mfohhdc ae Kahdtory \rohskissiah ih Ihlio - Faw Deedmtivd ohl Cahg is tfd Cog1,P@I Warnihg Zopdr Ha. 0:.

Nfuhlronpok, B. N. ohl P. Boih (0:?0)2 Kahdtory Zacimy \rohskissiah ih Ihlio2 O Zddp Ihsild tfd @comn @ax, P@I Warnihg Zopdr Ha. ??.

Kafohty, L. (0:?0)2 Dvildhmd ah Ihtdrdst Potd Mfohhdc ae Kahdtory Zacimy \rohskissiah ih Ihlio, P@I Warnihg Zopdr Ha. 5.

Zotro, K. L. ohl K. Nopur (0:?:)2 O kahdtory pacimy kaldc witfaut kahdy ear Ihlio, IKE Warnihg Zopdr Ha.?:/?6=, Ihtdrhotiahoc Kahdtory Euhl.

Ncdtzdr, N. (0:?0)2 Eihohmioc Erimtiahs ohl Kahdtory Zacimy \rohskissiah ih Ihlio, \fd Axearl Fohl`aan ae tfd Ihlioh Dmahaky, Dl. y Mfdtoh Gfotd

Pdsdrvd @ohn ae Ihlio (0::4)2 Pdpart ah Murrdhmy ohl Eihohmd, 0::=-:


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Mfoptdr IUOllrdssihg Ikpdlikdhts ta \rohskissiah ae Kahdtory Zacimy

Cogs2 0

Hucc Fypatfdsis2 A`s. E-]totistim Zra`.

Hah-Eaal Mrdlit Grawtf lads hat Grohgdr Mousd Deedmtivd Zacimy Potd 4< :.?7699 :.6=57Deedmtivd Zacimy Potd lads hat Grohgdr Mousd Hah-Eaal Mrdlit Grawtf 4< =.95=09 :.:04 (m) eardx swops

moh `d o gaal sfart-ruh taac ùt tfdir demomy ih tfd

cahg-ruh is mahstroihdl `y liemuctids ih wihlihg up

swop pasitiahs> ohl (l) eardx ihtdrvdhtiah moh givd

sakd rdspitd, portimucorcy wfdh rdsdrvds ord pdrmdivdlta d oldquotd.

=. Ihlioh Dxpdridhmd

U.?5 Ih rdmdht ydors, Ihlio fos eomdl dpisalds ae

surgds ih mopitoc ffaws ohl sulldh rdvdrsocs ohl fos

usdl o makìhotiah ae dxmfohgd rotd ffdxiìcity, mopitoc

mahtracs, kahdtory kdosurds, komra-pruldhtioc taacs

ohl rdsdrvds ta kohogd tfdk. ]ihmd 0::0-:=, Ihlio

fos eomdl eaur `raol pfosds ae vacoticd mopitoc

kavdkdhts, domf rdquirihg lieedrdht kahdtory pacimy

5 IKE (0:?=)2 Gca oc Ikpomt ohl Mfoccdhgds ae Thmahvdhtiahoc Kahdtory Zacimids, IKE Zacimy Zopdr, Amta`dr. Ovoico`cd ot www.ike.arg/dxtdrhoc/hp/pp/dhg/0:?=/:9:=?=.ple,Ihtdrhotiahoc Kahdtory Euhl2 Wosfihgtah L.M.

7 Ih Bohuory 0:?


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49

rdspahsds6

(Mfort U. dxmfohgd korndt ihtdrvdhtiah ohl portioc

stdricisotiah> cawdrihg ae ihtdrdst rotd mdicihgs ah HPI

ldpasits> kohogdkdht ae dxtdrhoc ld`t tfraugf prd-

poykdht> kaldrotiah ih tfd ommdss ae marparotds ohl

ihtdrkdliorids ta dxtdrhoc ld`t> ohl grdotdr ffdxiìcity

ih dxmfohgd rotd kavdkdhts.

U.?9 ]tdricisihg tfd ciquility ikpomt ae sustoihdl

ommrdtiahs ta rdsdrvds wos tfd ndy kahdtory pacimy

mfoccdhgd, ohl o makìhotiah ae figfdr MPP, rdvdrsd

rdpas ohl apdh korndt apdrotiahs uhldr tfd Korndt

]toìcisotiah ]mfdkd (K]])9ocahgsild sakd dxmfohgd

rotd opprdmiotiah wos usdl ear tfis purpasd, wfimf

eomicitotdl listriùtiah ae stdricisotiah masts omrass tfd

hohmioc systdk, tfd Pdsdrvd @ohn ohl tfd Gavdrhkdht

(Mfort U.4).U.0: Pdvdrsd rdpas ohl autrigft AKA socds

ldkohldl tfd ovoicoìcity ae oldquotd stamn ae

gavdrhkdht sdmuritids witf tfd P@I, wfimf dmokd o

mahstroihihg eomtar ih stdricisotiah apdrotiahs os tfd

vacukd ae mopitoc ihecaws dxpohldl. Kardavdr,

rdvdrsd rdpa apdrotiahs ihvacvdl stdricisotiah masts,

ikpomtihg tfd prat ae tfd P@I, witf ikpcimotiahs ear

P@Is apdrotiahoc ihldpdhldhmd. Tsihg tfd COE os oh

6 Lurihg tfd pdrial ae surgds ih mopitoc ihffaws (0::=-:7), tfd rdoc deedmtivd dxmfohgd rotd ae tfd rupdd (PDDP-=5 murrdhmy, trold òsdl) opprdmiotdl

`y ??.7 pdr mdht. Ih tfd ikkdliotd oetdrkotf ae tfd gcaòc mrisis, rdffdmtihg hakihoc ldprdmiotiah ae tfd rupdd, tfd PDDP ldprdmiotdl `y ??.? pdr mdht`dtwddh ]dptdk`dr 0::6 ohl Opric 0::9. ]u`sdqudhtcy, `dtwddh Koy 0::9 ta Kormf 0:?=, tfd PDDP opprdmiotdl `y ?4.9 pdr mdht usihg WZI os ldffotar,

corgdcy rdffdmtihg figfdr ihffotiah lieedrdhtioc vis-o-vistfd ihffotiah ae Ihlios kobar trolihg porthdrs.

9 \fd P@I ih mahsuctotiah witf tfd Gavdrhkdht ae Ihlio ihtralumdl o hdw ihstrukdht ae stdricisotiah, viz., tfd Korndt ]toìcisotiah ]mfdkd (K]]),

wfimf dkpawdrdl tfd P@I ta issud Gavdrhkdht \rdosury @iccs ohl kdliuk lurotiah lotdl sdmuritids ear tfd purpasd ae ciquility o`sarptiah. \fd smfdkdwarndl y ikpauhlihg tfd pramddls ae oumtiahs ae \rdosury ìccs ohl Gavdrhkdht sdmuritids ih o sdporotd ildhtio`cd K]] mosf ommauht koihtoihdl ohl

apdrotdl y tfd P@I. \fd okauhts mrdlitdl ihta tfd K]] mosf ommauht wdrd opprapriotdl ahcy ear tfd purpasd ae rdldkptiah/ùy omn ae tfd \rdosury@iccs/lotdl sdmuritids issudl uhldr tfd K]]. \fd ihtralumtiah ae K]] summddldl raolcy ih rdstarihg tfd COE ta its ihtdhldl euhmtiah ae loicy ciquility

kohogdkdht.


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Mfoptdr UMahlumt ae Kahdtory Zacimy ih o Gcaòcisdl Dhvirahkdht

5:

ihstrukdht ae stdricisotiah tdhldl ta drald its uticity

os o loy-ta-loy ciquility olbustkdht taac apdrotihg ot

tfd korgih (P@I, 0::=)?:. It wos ih tfis mahtdxt tfot

tfd P@I ihtralumdl K]]??. Os tfd su`sdqudht

dxpdridhmd sfawdl, tfd K]] `raugft witf it

apdrotiahoc mahstroihts tfot ikpomtdl tfd mahlumt ae

stdricisotiah.?0

=.0. Kahdtory Zacimy Pdspahsd ta Iholdquotd Mopitoc

Ihffaws/ ]ulldh Mopitoc Autffaws

U.0? \frdd dpisalds ae lryihg up ae mopitoc ohl/arrdvdrsocs ord lismdrhi`cd ih tfd rdmdht dxpdridhmd.

Eirst, lurihg tfd Osioh mrisis ohl sohmtiahs oppcidl

oetdr tfd Zanfroh humcdor tdsts, i.d.,?997 ohl ?996,

tfd Ihlioh rupdd mokd uhldr sdvdroc àuts ae

prdssurd. @dsilds ihtdrvdhtiahs ih tfd spat ohl tfd

earworl sdgkdhts ae tfd eardx korndt, kahdtory

pacimy kdosurds wdrd usdl ta tigftdh lakdstim

ciquility ohl kahdtory mahlitiahs (Oppdhlix \o`cd

U.0). Ih Ougust ?996, tfd smfdkd ae Pdsurgdht Ihlio

@ahls (PI@s) wos couhmfdl ta ottromt mopitoc ffaws erak

tfd hah-rdsildht Ihlioh liosparo.

U.00 ]dmahl, tfd nhamn-ah deedmts ae tfd gcaòc

hohmioc mrisis rdquirdl prd-dkptivd mrisis prdvdhtiah

kdosurds, prikoricy ih tfd eark ae oldquotd ossurohmd

ah konihg ovoico`cd atf rupdd ohl T] laccor ciquility

ih tfd lakdstim korndts. Ldspitd dxmfohgd korndt

prdssurds ossamiotdl witf mopitoc autffaws, ihtdrdst

rotd ldedhmd ae tfd dxmfohgd rotd wos hat rdsartdl ta

ih vidw ae tfd risns ta hohmioc stoìcity ohl grawtf.

Kardavdr, tfdrd wos o sighimoht kaldrotiah ih WZI

ihffotiah oetdr tfd gcaòc hohmioc mrisis, wfimf wos

portcy tfd rdsuct ae tfd mrisis-lrivdh mrosf ih gcaòc

makkality primds. Thprdmdldhtdl kahdtory dosihg

avdr o sfart tikd spoh wos tfd mfasdh rdspahsd,

eomicitotdl `y tfd fdolraak mrdotdl `y tfd groluoc

witflrowoc ae kahdtor y ommakkalotiah erak

]dptdk`dr 0::< ta Ougust 0::6 ih rdspahsd ta

ihffotiah. Witf rdvdrsd rdpas, AKA socds, MPP muts,

uhwihlihg ae K]] òcohmds ohl tfd apdhihg up ae

spdmioc ciquility wihlaws ohl cihds ae mrdlit ta opdx

rdeihohmihg ihstitutiahs, tfd patdhtioc ommdss ta

ciquility erak tfd P@I wos os figf os orauhl ?: pdr

mdht ae GLZ.U.0= \firl, tfd corgd ldprdmiotiah ae tfd rupdd

oetdr Koy 00, 0:?= ahd ae tfd figfdst okahg kobar

DKD murrdhmids rdquirdl omtiahs ah kuctipcd erahts,

lrivdh `y tfd urgdhmy ae murìhg spdmucotivd

prdssurds ah tfd dxmfohgd rotd, horrawihg tfd MOL

ohl hlihg dxmdptiahoc dxtdrhoc hohmihg. \opdr-

lrivdh mopitoc autffaws prikoricy ih tfd eark ae

ld`t parteacia ffaws horrawdl tfd sprdol `dtwddh

?: Pdpart ae tfd Warnihg Graup ah Ihstrukdhts ae ]tdricisotiah (Mfoirpdrsah2 Tsfo \farot), 0::=.

?? \fd Pdsdrvd @ohn fol dxokihdl twa atfdr stdricisotiah aptiahs ear Ihlio tfot waucl fovd rdquirdl okdhlkdht ta tfd P@I Omt ahd, ta pravild ear

ffdxiìcity ih ldtdrkihotiah/rdkuhdrotiah ae MPP òcohmds sa tfot ihtdrdst maucl `d poil ah ldpasit òcohmds ae smfdlucdl òhns witf tfd P@I> ohl

twa, issuohmd ae P@Is awh popdr, wfimf wos hat eovaurdl lud ta ha sustoiho`cd pragrdss ah smoc mahsacilotiah ohl tfd risn ae korndt erogkdhtotiah

stdkkihg erak issuihg atf Gavdrhkdht popdrs ohl P@I popdr.

?0 \fd rdquirdkdht ta ga pdrialimoccy ta tfd Gavdrhkdht ear cikit ihmrdosds ih rdspdmt ae sdmuritids pravildl uhldr tfd smfdkd ohl tfd tikd cog ihvacvdl

ih oppravoc pramdssds sdvdrdcy mirmuksmri`dl tfd deedmtivdhdss ae kahdtory pacimy ih tdrks ae tikihg ae s tdricisotiah apdrotiahs. It ocsa olldl ta tfd smoc

masts. \fd issud ae rihg-edhmihg ae euhls tfot wdrd roisdl tfraugf sdmuritids ffawihg ihta tfd mahsacilotdl euhl ae Ihlio `dmokd o tfarhy cdgoc issud.


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5?

tfd G-sdm yidcl ohl T] \rdosury yidcl sighimohtcy>

tfd su`sdqudht ihmrdosd ih kahdy korndt ihtdrdst

rotds ohl G-sdm yidcls ih rdspahsd ta kahdtory pacimy

omtiahs mahtriùtdl ta dxpdmtotiahs ae eurtfdrldprdmiotiah, lrivdh `y uhmavdrdl ihtdrdst rotd pority

mahlitiahs (Mfort U.5, Oppdhlix \o`cds U.= ohl U. (`) tfd mopomity ae tfd P@I ta

stdricisd/kohogd tfd lakdstim ciquility ikpomt ae hdt

eardx korndt ihtdrvdhtiahs waucl fovd ta `d

ougkdhtdl sighimohtcy ih rdspdmt ae àtf ihffaws

ohl autffaws> (m) tdxt àan ihtdrdst rotd ldedhmd ae

tfd dxmfohgd rotd wicc fovd ta `d oh ihstrukdht ae

tfd rst rdsart ih arldr ta ùy tikd, ut its usd ohlsustoihoìcity fos ta d mahlitiahdl y tfd ossdsskdht

ae masts ta tfd dmahaky erak risihg ihtdrdst rotds ohl

hohmioc stoìcity mahsildrotiahs> (l) ie oh dxtdrhoc

dvdht dhtoics tfd risn ae o gcaòc rdmdssiah wfimf moh

lokpdh lakdstim grawtf praspdmts ohl roisd hohmioc

stoìcity mahmdrhs, prdpordlhdss ear o swiet kahdtory

dosihg koy `d hdmdssory, dvdh ie tfd dxmfohgd rotd

makds uhldr prdssurd witfaut makprakisihg tfd

kdliuk-tdrk gaoc ae primd stoìcity> ohl (d) ie tfd

eardigh dxmfohgd rdsdrvds ord hat pdrmdivdl ta `d

oldquotd, kahdtory kdosurds ta ovdrt o erdd eocc ihtfd dxmfohgd rotd koy hat d vdry deedmtivd. Ih tfdsd


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Mfoptdr UMahlumt ae Kahdtory Zacimy ih o Gcaòcisdl Dhvirahkdht

50

mahlitiahs tfd risns ae o eoicdl kahdtory ldedhmd ae

tfd dxmfohgd rotd koy gdt fdigftdhdl ihta shawòccihg

mahsdqudhmds prapdccdl y uhilirdmtiahoc dxpdmtotiahs

ohl fdrlihg.

Pdmakkdhlotiahs

U.04 Ih vidw ae tfd mrass mauhtry ohl Ihlioh

dxpdridhmd witf gcaòc spiccavdrs lrivihg dpisalds ae

corgd ohl vacoticd mopitoc ihffaws os wdcc os autffaws,

o ffdxi`cd sdttihg ae kahdtory pacimy y tfd P@I ih tfd

sfart-ruh is worrohtdl. \fis prdsogds rdolihdss ta usd

o rohgd ae ihstrukdhts ot its makkohl, occawihg

ffdxiìcity ih tfd ldtdrkihotiah ae tfd dxmfohgd rotd

wficd kohogihg vacoticity tfraugf mopitoc ecaw

kohogdkdht (MEK) ohl komra-pruldhtioc kdosurds(ihmculihg sdmtar spdmim rdsdrvd rdquirdkdhts)

U.05 Witf rdgorl ta ihffaws tfot ord dxmdssivd ih

rdcotiah ta dxtdrhoc hohmihg rdquirdkdhts ohl tfd

hddl ear stdricisdl ihtdrvdhtiah2 (o) tfd P@I sfaucl

ùicl o stdricisotiah rdsdrvd aut ae its dxistihg ohl

dvacvihg parteacia ae GaI sdmuritids omrass tfd rohgd

ae koturitids, ùt ommdhtuotdl taworls o strind

mopoìcity ta ropilcy ihtdrvdhd ot tfd sfart dhl> ohl

(`) tfd P@I sfaucl ihtralumd o rdkuhdrotdl stohlihg

ldpasit eomicity, os rdmakkdhldl ih Mfoptdr-III, wfimf

wicc deedmtivdcy dkpawdr it witf uhcikitdl stdricisotiah

mopoìcity.

U.07 Os o ueedr ogoihst autffaws, tfd P@Is strotdgy

sfaucl `d ta ùicl oh oldquotd cdvdc ae eardigh

dxmfohgd rdsdrvds, oldquomy `dihg ldtdrkihdl hat

ahcy ih tdrks ae its dxistihg kdtrims ut ocsa ih tdrksae ihtdrvdhtiah rdquirdkdhts sdt `y post dxpdridhmd

witf dxtdrhoc sfamns ohl o ldtoicdl ossdsskdht ae toic

dvdhts tfot kotdriocisdl ih tfd mauhtry dxpdridhmds.

Os o sdmahl cihd ae ldedhmd, swop orrohgdkdhts,

ihmculihg witf rdgiahoc hohmihg ihitiotivds, sfaucl

`d omtivdcy pursudl. Wficd rdtoihihg tfd ffdxiìcity ta

uhldrtond uhmahvdhtiahoc kahdtory pacimy kdosurds

os ldkahstrotdl ih rdspahsd ta ohhauhmdkdht deedmts

ae _D topdr ùt witf mcority ih makkuhimotiah ohl

`dttdr ma-arlihotiah, tfd Makkittdd rdmakkdhls tfot

tfd P@I sfaucl rdspahl prikoricy tfraugf mahvdhtiahoc

pacimy kdosurds sa os ta dhsurd makkah sdt ae sfordl

dxpdmtotiahs `dtwddh tfd korndts ohl tfd P@I, ohl

ta ovail tfd risn ae eoccihg `dfihl tfd murvd

su`sdqudhtcy wfdh tfd dxmdptiahoc kdosurds ord

uhwauhl.

U.06 Ih ollitiah ta tfd oàvd, tfd P@I sfaucl

dhgogd praomtivdcy ih tfd ldvdcapkdht ae vi`roht

hohmioc korndt sdgkdhts, ihmculihg tfasd tfot ord

kissihg ih tfd spdmtruk, witf rdgucotary ihitiotivds

tfot mrdotd ldptf ohl ihstrukdhts, sa tfot risns ord

primdl, fdlgdl, ohl kohogdl ahsfard.


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5=

Mfoptdr UI

Pdmakkdhlotiahs

\fd rdmakkdhlotiahs ae tfd Makkittdd ord sdt aut

ih tfis Mfoptdr.

\fd Mfaimd ae Hakihoc Ohmfar

(?) Ihffotiah sfaucl `d tfd hakihoc ohmfar ear

tfd kahdtory pacimy erokdwarn. \fis hakihoc ohmfar

sfaucl d sdt y tfd Pdsdrvd @ohn os its prdlakihoht

a`bdmtivd ae kahdtory pacimy ih its pacimy stotdkdhts.

\fd hakihoc ohmfar sfaucl `d makkuhimotdl

witfaut okìguity, sa os ta dhsurd o kahdtory pacimy

rdgikd sfiet owoy erak tfd murrdht oppraomf ta ahdtfot is mdhtdrdl orauhl tfd hakihoc ohmfar. ]u`bdmt

ta tfd dsto`cisfkdht ohl omfidvdkdht ae tfd hakihoc

ohmfar, kahdtory pacimy mahlumt sfaucl d mahsistdht

witf o sustoiho`cd grawtf trobdmtary ohl hohmioc

stoìcity (Zoro Ha2 II.04).

\fd Mfaimd ae Ihffotiah Kdtrim

(0) \fd P@I sfaucl olapt tfd hdw MZI (makìhdl)

os tfd kdosurd ae tfd hakihoc ohmfar ear pacimy

makkuhimotiah. \fd hakihoc ohmfar sfaucl `d

ldhdl ih tdrks ae fdolcihd MZI ihffotiah, wfimfmcasdcy rdecdmts tfd mast ae civihg ohl ihecudhmds

ihecotiah dxpdmtotiahs rdcotivd ta atfdr ovoico`cd

kdtrims (Zoro Ha2 II.=5).

Hukdrimoc \orgdt ohl Zrdmisiah

(=) \fd hakihoc ohmfar ar tfd torgdt ear ihffotiah

sfaucl `d sdt ot < pdr mdht witf o òhl ae +/- 0 pdr

mdht orauhl it (o) ih vidw ae tfd vuchdroìcity ae tfd

Ihlioh dmahaky ta suppcy/dxtdrhoc sfamns ohl tfd

rdcotivdcy corgd wdigft ae eaal ih tfd MZI> ohl (`) tfd

hddl ta ovail o ldecotiah ìos ih tfd mahlumt aekahdtory pacimy. \fis torgdt sfaucl d sdt ih tfd erokd

ae o twa-ydor farizah tfot is mahsistdht witf tfd hddl

ta ocohmd tfd autput masts ae lisihffotiah ogoihst tfd

spddl ae dhtrdhmfkdht ae mrdliìcity ih pacimy

makkitkdht (Zoro Ha2 II.


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Mfoptdr UIPdmakkdhlotiahs

5 (`) eaal ohl eudc ocsa rdffdmt

tfd ikpomt ae ldkohl prdssurds ohl hat bust tfd ikpomt ae suppcy mahstroihts> ohl (m) trohskissiah ae eaal

ohl eudc ihffotiah ta ihffotiah dxpdmtotiahs ohl wogd sdttihg `dfoviaur. \fd orgukdhts ogoihst tfd usd ae

fdolcihd MZI ihffotiah ihmculdl2 (o) tfd occ-Ihlio MZI is o hdw ihldx ohl its prapdrtids portimucorcy its

rdcotiahsfip witf atfdr vorio`cds ord hat vdry mcdor> (`) tfdrd ord komra risns ae sfietihg ta tfd hdw MZI ot o

tikd wfdh grawtf is wdon ohl tfd pacitimoc dhvirahkdht is uhmdrtoih tfd ndy risn is ae roisihg ihtdrdst rotd

sighimohtcy, mahlitiahdl `y tfd figf MZI ihffotiah ùt, passi`cy, hat `dihg o`cd ta cawdr ihffotiah ldspitd o

strahg ohti-ihffotiahory stohmd> (m) pu`cim prdedrdhmd ih o ldkamromy kottdrs ohl pdapcd koy ommdpt figfdr

ihffotiah ie tfot fdcps ih figfdr grawtf.

Occ suppartdl tfd hddl ear o raùst ihffotiah dxpdmtotiahs survdy, ohl kdosurds ta lddpdh tfd korndt ear

ihffotiah ihldxdl àhls sa os ta a`toih korndt òsdl ihearkotiah ah ihffotiah dxpdmtotiahs. It wos edct tfot

tfis wicc fdcp ikpravd uhldrstohlihg ae rdcotiahsfips `dtwddh MZI ar its spdmim makpahdhts ohl ihffotiah

dxpdmtotiahs.

(=) \fd Ihffotiah \orgdt

\fdrd wos o vidw tfot tfd P@I ocrdoly fos oh ikpcimit ihffotiah torgdt aetdh makkuhimotdl ih tdrks

ae 4 pdr mdht os its makeart cdvdc. Wfot koy `d rdquirdl uhldr o hdw erokdwarn, tfdrdeard, is mcority

ah sihgcd vdrsus kuctipcd a`bdmtivds ohl ommauhtoìcity ah ottoihihg tfd torgdt. Atfdrs edct tfot sdttihg

tfd torgdt cdvdc is hat oh dosy mfaimd. ]akd suggdstdl mordeuc moci`rotiah ae tfd tikd potf avdr wfimf tfd

torgdt koy `d pursudl, `dihg kihleuc ae lisihffotiah masts. Atfdrs wdrd ae tfd vidw tfot makporihg tfd

Kdximoh ohl @rozicioh dxpdridhmd waucl suggdst tfot Kdxima fos o cawdr ihffotiah torgdt (wfimf lads hatoccaw kumf smapd ta ommakkalotd suppcy sfamns), tfdrdeard, its pdrearkohmd ah primd stoìcity is `dttdr. Ih

mahtrost, @rozic fos o figfdr ihffotiah torgdt, wfimf cdovds smapd ear ommakkalotihg suppcy sfamns, cdolihg

ta rdcotivdcy figfdr ovdrogd ihffotiah.

(


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7=

ta dvacvd. Ih tfis mahtdxt, tfd dxokpcd ae @rozic wos prdsdhtdl ta suggdst tfot mauhtrids fovd kigrotdl ta

oh I\ rdgikd witfaut `dihg mahstroihdl `y trohskissiah wdonhdssds ohl comn ae mcority ah faw ta ohmfar

ihffotiah dxpdmtotiahs. Ah ikpravihg trohskissiah, ahd vidw uhldrsmardl tfd hddl ta ldvdcap tfd tdrk

kahdy korndt, ohatfdr vidw suggdstdl ollihg àrrawihgs erak tfd P@I ta tfd mocmucotiah ae tfd òsd rotd.

\fdrd wos ocsa o vidw tfot tfd corgd ohl grawihg sizd ae tfd poroccdc dmahaky koy `d o kobar ikpdlikdht

ta trohskissiah.

(5) Ciquility Kohogdkdht

It wos figfcigftdl tfot ih o pdrial ae eoccihg pralumtivity, kard pravisiah ae ciquility koy hat `d o sacutiah

ta tfd grawtf scawlawh. \fd P@I sfaucl tromn pralumtivity trdhls ohl kust rdmaghisd tfot ciquility

ihbdmtdl ot hdgotivd rdoc ihtdrdst rotds kust `d usdl pralumtivdcy> atfdrwisd it wicc `d ihffotiahory. Ahd

vidw dkpfosisdl tfot ciquility mahlitiahs ord kard ikpartoht tfoh dvdh tfd rdpa rotd, ohl o pacimy ae

nddpihg tfd systdk ih pdrkohdht ciquility ldmit kald hddl hat `d ildoc ear occ pfosds ae tfd ùsihdss

mymcd. Ohatfdr vidw uhldrsmardl tfd a`viaus mahhdmtiah `dtwddh ciquility ohl ossdt primds ohl suggdstdl

tfot tfd hdw erokdwarn kust rdmaghisd tfis.

(7) Atfdr Issuds

Lurihg tfd lismussiahs sdvdroc atfdr spdmim paihts wdrd figfcigftdl, sumf os2 (o) ffdxiìcity ih tfd erokdwarn

ta rdspahl ta spiccavdrs erak tfd kahdtory pacimy stohmd ae tfd rdsdrvd murrdhmy mauhtry (i.d., tfd T])> ohl

(`) usd ae mrdlit pacimy os oh olbuhmt ta kahdtory pacimy oikdl ot ollrdssihg suppcy mahstroihts> ohl (m) usd

ae komra-pruldhtioc pacimids ear hohmioc stoìcity a`bdmtivds.


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Ohhdx

7

Monetary Policy Framework Report of Mr. Urijit R. Patel Committee -ECOMRF210114_F

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Transcript of Monetary Policy Framework Report of Mr. Urijit R. Patel Committee -ECOMRF210114_F