Which among the following statement(s) is /are correct about Ways And Means Advances (WMA) and Overdraft:-
Codes :
1, 2 and 3 only
1, 2, 3 and 4 only
2, 3 and 5 only
1, 2, 3 and 5 only
1, 2 and 3 only
These are repayable not later than three months and any amount in excess of WMA is known as overdraft therefore statements 4 and 5 are incorrect. All remaining statements are correct.