Q. Consider the following statements:
1.Non-Resident Ordinary (NRO) accounts are used by non-residents to transfer earnings from foreign soil to India while Non-Resident External (NRE) accounts are used to manage income earned in India by non-residents.
2.Presently, there is no Merchant Discount Rate (MDR) charge levied for RuPay-based debit card and UPI transactions.
Select the correct statement using the code given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Explanation –

Statement 1 is incorrect. Non-Resident External (NRE) accounts are used by non-residents to transfer earnings from foreign soil to India while Non-Resident Ordinary (NRO) accounts are used to manage income earned in India by non-residents.

Statement 2 is correct. Presently, there is no Merchant Discount Rate (MDR) charge levied for RuPay-based debit card and UPI transactions.

Source: The Hindu

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