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Question
Q. . Consider the following statements with reference to ‘Remittances’ in an economy:
Which of the above given statements is/are incorrect?
Q. . Consider the following statements with reference to ‘Remittances’ in an economy:
Which of the above given statements is/are incorrect?Open in App
Solution
The correct option is A
1 only
Explanation:
Statement 1 is incorrect: Current Account is the record of business in commodities, transfer payments and services.They comprise of remittances, grants and gifts. They could be provided by the government or by private residents living abroad.
Statement 2 is correct: In the World Bank report on Remittances released in April 2020, India became the country with the highest receipts of remittances. However, Remittances to India are likely to drop by 23 per cent from 83billionlastyearto64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said. India is the world’s biggest recipient of remittances, which augments the country’s FOREIGN EXCHANGE RESERVES and helps fund its current account deficit.
1 only
Explanation:
Statement 1 is incorrect: Current Account is the record of business in commodities, transfer payments and services.They comprise of remittances, grants and gifts. They could be provided by the government or by private residents living abroad.
Statement 2 is correct: In the World Bank report on Remittances released in April 2020, India became the country with the highest receipts of remittances. However, Remittances to India are likely to drop by 23 per cent from 83billionlastyearto64 billion this year due to the coronavirus pandemic, which has resulted in a global recession, the World Bank has said. India is the world’s biggest recipient of remittances, which augments the country’s FOREIGN EXCHANGE RESERVES and helps fund its current account deficit.
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