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4. E{i Vx
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vS VMiEEh =nEhS { i
+ll +i{ + n Vi +. iEi
xji +llS E + ix {lii
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V lxE |x ) bE + +i BEh {li
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ni <iE M {li xh h M +lli E
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2) n EM l

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2. +n E|h
|Si El +n E|hS Ehi ikS {x
Ei x. V i ( Equity ), =i{nEi ( Productivity ),
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+n ikS rS vS E|h E Ei +. +n
E|h ikS =Px i +lli +xE M n
xh Z +i. V |Si E|h ix
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{V.
+li iEbx Vi MEbx E E E
i +ll : +MiE x VMiE 7

V. ikx E|h |iI E ( Direct Tax )

( HS/lS x =i{z E ) +|iI E
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Eii ) nx |J M]i M Vi. iS ikx |iI
ES |h +|iI E{ I xS Vi + {V. V |Si
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EhM +. M +xE i xS ( Ep, V
lxE |x ) fi i] ( Revenue Deficit ) vS
E|h =i{nEiS ik {hi {hi: +{ `S ni.
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ikx E+EhS {ri +i { + ,
V Eni Vx Ph ix Eh Eh ni E
E. {{hS xE vS Vh +ii C] +
E|h {hi: +{ `i.
b) xSiiS ik ( Canon of Certainty ) :
ikx Eni Eh ES ES
EvS xSi vh i + . vS E|hi
MM En ( Multiple Tax points ), EnS +xE {i
( Tax rates ), iVYS ni Vx Ph E`h +
Ei ( Exemption ), xS +ri nh vh
<in Eh Eni Ehi xS i +i.
{li xSiiS ikS {h{h =Px Ei.
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ikx E|h + SE + VM
x +{iEx |Mi ( =n. r, E{, nE, +tME n
<in ) E +ii E Ei, i { |hi M
8 i +ll : +MiE x VMiE

Ei > E. ix E|hi C]i En i M`

M {H {i Eh |Si E|hx +{Ii
SEi M +.
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ikx E|hS Sx + + VM
E` Mh BEh |E JS Ei
E{I xxi + . |Si E|hS +f
+V { Ei{hS ik i hS +.
{

( n{h ) |Si E|h

vS |Si E{riv lxE, V ] {i

E |x` Mh i i {i MM
{x Ei E Vi. V +) Ep xS E
i P]xS i {]i Ep ES ES n
{f|h nhi + + 1)
2)
3)
4)
5)
6)
7)
8)

=i{z E ( E =i{z bx ),
E{ x ]C,
+iE ( Custom/Import Duty ),
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xv x { Vh t + {nl bx ),
E Vx Mi k E CE E,
HMi E E{xS {k{ b E
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E ),
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9) VS { +h G E,
10) x, Vx +h ] E,
11) +lE niBV Mi <i pE E ( ]{
b]V ),
12) +iMi ( +iV ) ViE +h bS |
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13) EhE, VM +h i iS Sx E,
14) ] ,
15) , { +h xE E,
16) b E,
17) k{jS Vi E.
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E ) lxE {i VEi, k E +x |ES lxE E Eu

Ei E Vi.

|Si E|hi n j]

ix E|hv x:{h S n j] xh Z
+i. V,
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V lxE V l ) xi` +xE |ES E
+iii + +i. iS ES { ii EhS
MV{] E|E v fS i +. ES Sx |Si
E|hv Ji n xh Z +.
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+xE |ES E iS n, iS Ei v
|ES ] |Si E|h Vx Ph +i C]
`i +. Eni iS Eni Vx Ph +bSh
xh i .
3) +|iI E ( Reliance on Indirect Taxes ) :
+n E|hS ikx, ESx |Mi
( progressive ) + . x +lEo] P]ES
Eni ixiEo] n P]E{I Vi + , V
H |iI EiS ( direct tax ) C i .
|iI E EniEbx l]{h E Vi. |Ei
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|iM ( regressive ) `i +.
4) +j { ( Arbitrary & Irrational Nature ) :
|Si E|hv VE ix E M
+j n ix E{riS vS +j {
+iki + +. , |hE Eni +i xi{
V Mi +.
5) +l ( Instability/Uncertainty ) :
Eni E Vh n iix E
Vh En |Si E|h +lS n {bi
+. i =tMvtx Ex Vx xhi +bl
xh i +i.
6) ESEMS v ( Scope for Evasion ) :
|Si E|hS C] { E jhS
+xEE/xx E EniS E ESEMEb
fi +. i +ll E] x En
+ll n h ni i +.
7) E|hS E Si { ( Narrow base ) :
|Si E|hv VE ix n M v
i EExS { +i E Si Z +. {hi:
EfS Ehi v E h Eni fi
EnS +x ih {bi +.
8) SEiS + ( Inelastic Nature ) :
+n E|hS i ikx, E|h + SE
+ Vx +{iEx |Mi ( r, E{, { <in )
E i, +ii E i Ei E n Pbx
+E i f C . vS E|hS { {i, +
|Mi ix E|h i` ESE `i.
12 i +ll : +MiE x VMiE

{h
ix n {h E|h E {S {x i
+llS Vxx `i. i +llS G { En
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i 1998S +nVx niMi +lli i
+llS ] V{ 65 i 70% <iE + i
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30-35% +x ix fS n H 4.8 % +. )
1) E {S +xji xi {h ]S |Sb

2) +nV{jE i]i iix f {h E

EVx vx{k+ M {h
3) +V E+Eh {ri =tM Iji
vx, E Mhk nVi ES +nx
{h =tMIj ii nS ], {E =tMS
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4) ni xS Vxi E{Ei +i
{i {h niMi V{` {hi: {E ijYx
+x iix +i xiv iiv
f {h n Sx +xS ]M i i
5) E {S +xji f En, +xiE
S V PiE {h ( VEh, VEh,
+lEh, Ih, +M <in li E {S
lx ) {h ni Ex +IiiS xS
+.
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nJ.
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9) +{iEx {li ib nh ES +lEo]
+i ( =n. r, E{, {, <in )
10) ]SS lx En l E ihJ.
11) E {S i +ll ES Vn =SS
{i {h M< H .
12) E {i{`+ =tMvt h {i
{h{x S` ni xMES {S SiS
{i M`hEb E {h SxSG (
Money Cycle ) {i {h.
13) ]SS +ZJ n ni Ei
x li =iE {h nES Ei
+bl.
14) nS +ll {E +llS nJ, nS
ik|h ki {E xjhJ VhS vE
{h n]S vE . ( =n. <bx )
15) x i] xMES Ex MV ( +z,
j, x, +M, Ih <in ) Mhi +{.
{h niMi +i f.

3. n EM l
3 + E |hS +{Ii E
V|h Hx S +x H {hS E
Eii iS|h +llv EM |h VE, HE
P]Ex b {hS E Ei +i. bS +lli
E Sxi H|h +i. H V|h i
14 i +ll : +MiE x VMiE

|iE { Vxi +CVxS {` Ei ix

=iVi ES P]E i: x xi iS|h +lE
lv xi |ii Eh E b Vi +i.
n H|h V n{h i i i|h n
b xi ih l +ll M {h i
+ii.

3 { E i i ?
1) Coin Money :
. {S{iS xh Govt. Treasuries vx i E Vii.
` E` Security S MV xi.
2) Currency Money :
Ep ES Securities +l {E Sx `S
ni i Z E x]S {i { Sxi +hi.
3) Bank Money / Demand Deposits :
{ivxu ( Credit Expansion u ) xh h {
hV E x.

3 E {ivx ( Credit Expansion ) E i ?

V, E + Eb Eh HS x . 2000 V
+i. Ex 10% J J i |h ( Cash Reserve Ratio )
vx E ( E + ) . 200 J J i MV ( Cash
Reserve Requirement ) hx ` . 1,800 {iS =i{nE
` ( Derivative Deposit ) i E. hVS . 1,800
E Eb ViS J E ( Excess Reserves ) .
ViS J ES E EV ( Loans / Advances ) nh`
{i. V EVn . I +{ i BE nh SEi
Eh` . . 1,800 S vxn nii. . S
E v Ji + . 1,800 ( vxnS {i ) i
i +ll : +MiE x VMiE 15

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1800 i CRR Mx {f CE EV nh` { Ei.
( 1800 - 180 ( CRR @ 10% ) = 1620 ).
+S {f S /`, J iCiS +v
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( +xi{nE ) ` ( Primary Deposit ) vx . 18,000 S
=i{nE ` ( Derivative Deposit ) i Z.
iH :
E |hu fi Vh {i ( Multiple Expansion of
Credit through Banking System )
|lE/
J J i
E
EV/
+xi{nE ` /
(Cash
=i{nE `
nh
Reserves)
(Loans /
(Liabilities/ @ 10% |h
Derivative
Primary
Deposits)
Deposits)
( { )
( { )
( { )
+

2000*

200

1800

1800

180

1620

1620

162

1458

1458

145

1313

<

1313
:

131
:

1182
:

20000

2000

18000**

+iH CE ( Primary Deposit )

**
E|hx xh E br
*

16 i +ll : +MiE x VMiE

J J i |h ( Cash Reserve Ratio ) Vf +vE

if {i MhE ( Credit Multiplier ) E Vf J J i
|h E, if {i MhE +vE.
BEh =i{nE `
{i MhE =
ViS E
Volume of Derivative Deposits
Credit Multiplier = Original Excess Reserves
1,8000
{i MhE = 1,800 = 10

3 b ii EM vi +Eb
i : www.rbi.org.in
Vx 2003 ( +Eb E] {i )
Ex x - 2,65,325
E x
- 1,85,232
+Ebx + Ii i E, ii E x Ex
xx E +. ( ix ES Z, +Ev E x
Ex xS +nV {S{] +. ) SS +l + E, ii {i
vx ( Credit Expansion ) +{Ii |hi i S x. {
( E x ) iS i xx { S x M] Z +.
Vh iM vi +i. { ( E x ) i i xx
+lli ii {S Eii Vhi. i i V{`
i S Mhk nV{I ( Quality ) Ei{hS
( Affordability ) ni. i , +VS VMiEEhS
Ev, i =i{nx/ S nV ixiEo] xS
xxi i.

3 < n EM lS {h

1) +{ b xi : Ei ] {I i +lli
E vu E Vh S +i{ |h
i +ll : +MiE x VMiE 17

2)
3)
4)
5)
6)
7)

8)

9)

i : 70% J x 30% E i.
Ei ] : 15% J x 85% E i.
EvS Ei E { {i|hu ( Credit
Expansion ) xh h Ih b {` ( Capital
Supply ) i +ll M {h Pbi .
+{ b xi i +tME Ijv vx
xiS i Eii
i =tMvtS J] f/+i{ |Mi
+lli i { EM |h ( E { )
Ei V i +ll Ehi `i.
]S {E `h i +llS +xji f
+) E +{I i {ixnhS ( Credit
Registration ) i x {x {i <i ( Credit
history ) x.
) {i <i ( Credit history ) x Ex EV h
E) n {bi + =tMvn, n/l {S SG
( Money Cycle )
b) x b
Ehi ES N.P.A. ( Nonperforming
Assets ) fi +i.
N.P.A. S |x E EV nix +vEvE vM
Mix nii iix +vE IS ( security ) Mh
x h EV P> Ei x ix bS
+ ( Scarcity of Capital ) xh i iix
brv h iiS P]
N.P.A. ES +lEh vCi

18 i +ll : +MiE x VMiE

3 EM|h +l |{i h Ehi

`h M]

1) BEh +lE { E +i{ E i i i

2) {i <i ( Credit History ) + OES +i{
|h
3) =SS nx + x]S ={vi J x
ES i + i
4) n {h |Si E|h V ESEM |ix
nh `i {x E { i h ( Eh )
Ehi `i.
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EhEb fh E
***

4. E{i Vx

4 + lbCi E{i Vx
1) v +iii + E|h {hi: x] Eh ( E]
b] bx )
2) E ` H Transaction Tax M
{<] bbCx Tax M Eh.
Eu h |iE Transaction BE xSi |hi
V] Eh, ( V 2 % |i ) V] H V JiS
( M Bb A/c S ) , 2% V] xSi |hi
Ep E, V E, lxE |x i Ii E S
Ji M Ehi . ( =n. 0.70% Ep E, 0.60%
V E, 0.35% lxE |x l 0.35% E )
E{i Vxx J S E`
Transaction Tax M +h x.
i +ll : +MiE x VMiE 19

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1) Vx+i Mi xS BES Ep hV
E S Transaction Point Ei i +
E Vn Exi h S MV +.
2) E Clearing Houses ii 24 i Exi
+i ( 6 iS 4 }]v ES E Sh <]. )
3) ES {hi: MhEEh
4) E u h |iE Transaction vx E h
0.35% +iH vx Ex l{xS
+vxEEh Eh +ivxE {i
Sx nh +{Ii +. ( =n. |iE ES Credit Card /
Debit Card +{Ii +. )
4 E EpxEbx +{I
1) n Vxi EEx H E iS h +
VES ES E J S Eb x E
i i] hS Ci +. ]h` +l
jx/Z E x E ] Eni =SS
nxS Sx x]S =SS]x Eh +E +.
. 50 {I =SS nVS nx + SxS =SS]x
E. Ex E i EhS Vi <S
< . {h xS i Ih f < .
{f iCix i Ei n Si nb< =i{z
i ` Sx x] S |hi |Sb ii {] i .
n
nb< =i{z (A) i ` Sx x] (B) A/B
+E 30,000 b
100 b
300
O] ]x 18,000 {b
50 {b
360
V{x
40,00,000 x
10,000 x
400
i
16,000 {
1000 {
16
20 i +ll : +MiE x VMiE

2) xS H E iS Ei E Vh
+ Ex E +i] +x S nV
nh +E +.
3) xS E ] +lE n{iS J S x
En xi +{Ii ( V . 2000 {iS )
+ J n xSiEh E
Sx x E i Ih f +{Ii.
4) xx Ex EtiMi x ]h vxni
EbE EnE iin EhS +Ei +.

4 b E{i VxS ]
1) E{i Vx i P]xni i n
+i > Ei.
2) E{i Vx nS Vn ik|h +xxS
+.
3) + |ES Vx VMiE {i |lS +iii < .
4) Vx+i Mi vS EniEbx E {riBV M
ES V] > xS Eni{i { {S. i
E { xh h S Ci iS x] < .
5) xS ExS {ri +i SE xx E`
+{iEx {lii i +i E i f Eh
C +. V M {Sxx T.T. S |h fx ( 2%
BV MV|h )
6) E {ri l{xJ +hBV EJ
+.

4 < E VxS i / =i{nEi

vS E{riS ixi E Vx E ={H
tS `h +, {f iCix Ii < .
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Ep E h
Eu h +{Ii =i{z
vS E( 0.70 % Ep ES ] )
|hix
40%
50%
30%
60%

Z
Z
Z
Z
4,60,469 5,75,587 6,90,704
2,31,745 3,45,352
+
+
+
+
E] b] E] b] E] b] E] b]
( E ) BEh 4,50,557 ** E] {S 30 i 60 % M
1,63,031
V Eu i < + vx
+
** 4,50,557 = 2,65,325 ( Sx ) + 1,85,232
68,714
( E x )
( EiH
+Eb E] {i
=i{z )
* ( i i Z E u |Ei bE + ]]]C, 2001 )

VS BEh
Eu h +{Ii =i{z
vS E( 0.60 % V ES ] )
|hix
40%
50%
30%
60%

Z
Z
Z
Z
2,84,681 2,96,016 3,94,688 4,93,360 5,92,032

< xM{ES
vS E|hix
( n :
xM{E +lE{
2000-2001 )

2,780

xVi E{riix h
( lxE V l`S
0.35 ]CE ] )

28,700
< xM{E qi E
82,00,000 E] {S =f Mi
vx.*
+Eb E] {i

* ( i www.rbi.org.in/cheque clearance )

4 E{i VxS +{Ii {h

1) VxS Ph S ni +iii +h E {
En +lli >x i +ll vCE .
( =SS nxS x] n h + )
2) Vxx E i x |Sb f > x
+nV{jE i] {hi: xjhJ < M l{xu
{E EVix nS Hi < .
3) vS VSE E|hvx ]E =tM
Iji x =i S. {h V MS +xE
v ={v i .

( E ) BEh 4,50,557 ** E] {S 30 i 60 % M

4) =tM Iji vS +xi{nE JS Sx

i vx E EGS Ji M. {h n
S, S nV {i =S.

( EiH
+Eb E] {i
=i{z )
* ( i i Z E u |Ei bE + ]]]C, 2001 )
22 i +ll : +MiE x VMiE

5) ES Transaction u Ei h +
+tME n ii P]ES E {h
h x. {h E E|h +xSiiS
ihix {b.

2,03,060
V Eu i < + vx
+
** 4,50,557 = 2,65,325 ( Sx ) + 1,85,232
81,621
( E x )

i +ll : +MiE x VMiE 23

6) Vxx E Transaction vx
Ei h + V PiE =tMx E
EIix J E. ( =n. i]{ +w x
x nn =` M. )
7) E {+ VEh VS riS |G
S < .
8) E E {S ={vi |i i
vS Vx i P> E. ( =n. i, V, Pvh
<in )
9) E {S +x{vi En l +xE
{h > x xl +vE {nE EJ < .
xl n E > x xEi M < .
10) x niS |Sb Vx lb xVi
l{xS x i P> E. ( =n. MM-E
Vbh Vx {k iS {S nIh
iS nES |x ES ]h ni <. +
Vx` x lb +iH ES S E E
V 2% T.T. BV 2.5 % T.T. 0.5 % T.T. ii H
+ |Sb Vx`S M Ei <, + |Sb
Vx VMS +xE v ={v i. )
11) i +llS +i ni IiiS
|hE{hS ih i < . ]S `
|hi + . {h ni Ei x niS
lx nS Ei S ]E.
12) ni x ESx +iii h + niMi
iS {i x {i l. {h nS
Mh E ni < .
24 i +ll : +MiE x VMiE

13) T.T. S {ri niMi =i{nEx |ix x nS

=i{nxIi f ( v Trading Ij Manufacturing
{I E jS + nS |i r
Manufacturing BV Trading Eb i +. {h
nS +i-xi {i {i {h Z + ).
14) xS V S V Ei h + E
Vx +ii EIix M i M |E {h >
Ei.
15) ni M MS E ni |Mi M {h x
Ei vi < ( V Ep ES 2% ix M
Mi +xE E Vx Ei i ).
16) ]Si +i { E|h niMi ih
{E Mi hE +i {E x niEE {E
=tM ni >x l |Mi i i ( ni
vE =tM x i:S +vEi J E ).
17) ]SH ihS { {h > x ni
Ex +IiiS xix H < .
18) E i h f |x +vE I
> x Ih {] vhv +i] {i +vE
+ix E.
19) E{i Vx+i Mi xS lxE ( x{ x{ )
Vi Epi iji |iE {i
Ei h + xxi E |x
{I =SSi E |xS +xnx +l
ni +x Mh x. ( V ] Vi
xM{ES VEiu Ei h x vhx
V Eu n Vh +xnx +x +h
i +ll : +MiE x VMiE 25

+ ) {Si VS E{x h ni
< .
20) { b {`S ={vi v =tMi +bE
iMi { ( Floating Money ) l < . ( V 30,60,90
days payment terms S {x Immediate
Payment S <. ) {h =tMi VJ
( Risk Factor ) E < .
21) v +iii + i{I EEx {ri
=tMIji VE iI{ |Sb +. =tMIj
+{ E |E{i Ex Vxi
xx VE {IS vvh +x Mi
+. S +i {i {h =tMIjS nPEx
Vx i +i. {h =tMIj ii +xSiiS
] T.T. E{xv EEx {I h
+ =tMIji VE iI{ {x +lE
]S E x. {h niMi =tM Ij
+vE Miix +{ {x nS E Pb
Ei.
22) v Sxi x E { Sxi + ni
SxS i]b {. {h Vx ]C x]S {
] .
23) =SS nxS x] x] Z x] x] Sxi >x
h nPiE E {n .

***
26 i +ll : +MiE x VMiE

5. E +h =k
1)

ii +IiS |h {i, +Ii E

Eu E Ei E ?
+ E 50 { E i{I E nx S
x]u J x E Ei. + J S
|h ( EiS o]x ) E +, iS + J
` E Mh x. iS Vn
vh Mi +S +.

2) vS E|hi V x Ei +, iS
E M Zxi i E ?
+ Ex xk{i {h ix +h xk
Z xkix ( Mbx bE ) n n>x
|x bi < . vS lv H
xiH |E JSi Si h
+ |i xCES `i.
3) E Vx i +ll Sxi
h +{Ii + E ?
E E{x i +ll
Sxi h +{Ii x. H SxS SS nx
50 { E i{I E BfS. + J
E +E Vh x. U] S x]
M iMi ES Vi {i. Eh iS
U] {S +ii. + U] {S J
E E xx M E ES V S
{bh x. il{, +lEo] Ex ( VS
+lE `S +ii, ) ES vix
E M. Eh U] x]S x `
S Eh MS ` . iS |iE
i +ll : +MiE x VMiE 27

E S vix Zx iS xn . i
]S +{+{S +E .
4) E +xE E fx {h iS / S
n fi E ?
|ii Vxx E-VS ( Tax Net S )
|Sb |hi i h + i S
xSiS E < . iS Ex h
+iH b Vi Ei < .
{h {viE Eii i =tM VMiE
V{` i V Ei.
+VS J V{` S Mi i / S
EiS Sx xME {vx ` . l{xi
| ijx i / S Ei VMiE V{` i
xji E Vi.
5) +n E|hS ikS {x E
Vxi i E ?
E|h {f +n ikS {x Ei :
(+) iS ik ( Canon of Equity ) :
|iE HS Vf iEn + ifS E ix
E tS +. i E E{x
j E|hi iS ikS {x Ei.
() xSiiS ik :
S +l n Vh E xSi + +h
] i x. Ei E S, Ev +h E
{i Eni i +. S +l
E xSiiS ikS {x Ei. V E
xSi +, i EJiS +vE EniS
28 i +ll : +MiE x VMiE

UhE E Eh xi. i Eni +h E

S nS < . Eh Ei E S Eni
S Eh +x i iin Ex ` +h ES
{x Ei h S xSi i E
+x JSS xVx Ei < . E
xSiiS ikS 100 ]CE {x Ei =PbS +.
(E) E{hS ik :
j E|h + hi E, Eni Z{
+ {rix +h M h x, + {rix E
Pi V. S +l E +Eh {ri EniS
S .
E {rii Eni E hS MV
xi. EniS Jiix E +{+{ E E{x Pi.
iS Ep E, V E +h lxE V l
S Jii iS S ] +{+{ V i .
S +l ikS E iiii {x Ei.
(b) Ei{hS ik :
V h {E ` ] ES
iVi V + +{I +i. SS +l
E` Ei E JS Z {V. |ii
E {rii E M Eh` E {
JS EhS MV h x. S +l
Ei{hS ikS {x Eh {ri +.
(<) =i{nEiS ik :
E { =i{z + {rix ESx
+ {V. E {ri +Mn S {riS
+. {riS i +h =i{nEi ixiE
+EbS iCix ( {` GE 22 23 )

i +ll : +MiE x VMiE 29

EhS S]Ex Ii i.
() {{hS ik :
j E{ri|h |iE E {, ]]i .
Ei E i iVYS ni EniS
Ii + {V. E{ri V V] +h MiMi S
+ i Eni E h` iVYS ni P
Mi. i ni ]S Mi Mi S
E{ri fi i MS. i vS
E{ri{I E {ri xn {
]]i +, i E E x.
(M) MiS ik :
E +Eh + i ik = M
+ E V E E Hn lx
EhS MV x. n ni MS i
ES <SU E +i q E VM i E
x. E +Mn +S {nE +h
E {ri +. +n E|hS ikS i {h{h
{x i .
6) i=x +h U] ES
E VxS {i {h h x E ?
E Vxi J i S.
J S E` E M h xx ={H
E` {h h x.
7) b V EVxS {i {h
< E ?
V E Vx M < i
Eix b Vi xSi {i
EnS S ExS +lE E Mi.
30 i +ll : +MiE x VMiE

8) +lEo] Ei ]v E{ri E M
Ehi + x ?
vS E{ri{I E {riS +xE
n +i S S Ex +lEo] |Mi ] v
E{riS +ME E V> Ei. E
SEhS |ix Eq |Ji ]x Jb ] O
S bx Vxi nb M i , iS
+. x Ii i E, E bh xk
VMi +. H E {rixS
ESEM + Ei.
9) E SEh ES vh l +x
E {ri M Z E ixEb ( Barter ) i E ?
BE iEi barter {rix E
VhS i Ci x. Eh +{h n i
iS i h C x. i +h i
viS S Ei i C x. iS
ES +i{ n E h E{ivx ] Ex E
E{xS +xnx E E.
10) EV Jii EV V EhS i ES
V E VxS {i {h h
x E?
ES S ExS Ex EVS Vn
` Mi.
11) vS ] l +vi + VE +h
xES v E E i Ei < ?
vS H V{` S Mi VE H{I
i +ll : +MiE x VMiE 31

+lE H Sf +i. ofxSS |J ]

xS V ix M Efi < . ES
+{I +h i S +n Eh` E xh
Ph M {bS.
12) E Vx M Eh` E Ei Vx
+ ?
|Si E|hi C]i E
{riu {hi: {]i h +x E
{riS +Vh` ] Vxi i Eh V
C +. E {riS +Vh
iiE C +.
H ES i` ijE VVi +{Ii +.
Eh E M Eh` E S BE
v +h +.

YZ

32 i +ll : +MiE x VMiE

i +ll : +MiE x VMiE 33