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Question

Which among the following statement(s) is /are correct about Ways And Means Advances (WMA) and Overdraft:-

Codes :


A

1, 2 and 3 only

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B

1, 2, 3 and 4 only

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C

2, 3 and 5 only

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D

1, 2, 3 and 5 only

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Solution

The correct option is A

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.


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