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:
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