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Consider the following statements regarding Negotiable Warehouse Receipts.
- It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
- They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs.
- It is regulated by APEDA.
Which of the above statements is/are correct?
- a)1, 3
- b)1, 2
- c)2, 3
- d)2 only
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Negotiable Warehouse Recei...
- Negotiable warehouse receipt, which was launched in 2011, allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. These receipts are issued in negotiable form, making them eligible as collateral for loans.
- Warehouse receipts are made negotiable under the Warehouse (Development and Regulation) Act, 2007, and regulated by the Warehousing Development and Regulatory Authority (WDRA).
- NWR are issued by registered warehouses enables farmers to seek loans from banks against NWRs
- The government has rolled out negotiable warehousing receipts in electronic format that farmers can use to avail of bank credit easily and without fear of losing or misusing it.
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Community Answer
Consider the following statements regarding Negotiable Warehouse Recei...
Background:
Negotiable Warehouse Receipts (NWRs) are an important financial instrument in the agricultural sector. They are issued by registered warehouses and serve as a proof of ownership and quality of the commodity stored in the warehouse. NWRs enable farmers to access credit facilities from banks and other financial institutions, thereby promoting liquidity in the agricultural supply chain.
Explanation:
Let's analyze each statement individually:
Statement 1: It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
This statement is correct. NWRs are negotiable instruments that allow the transfer of ownership of the commodity stored in a warehouse without the need for physical delivery. The ownership can be transferred through endorsement and delivery of the NWR.
Statement 2: They are issued by registered warehouses and enable farmers to seek loans from banks against NWRs.
This statement is correct. NWRs are issued by registered warehouses that have been authorized by the Warehousing Development and Regulatory Authority (WDRA) in India. These receipts provide a legal basis for farmers to seek loans from banks and other financial institutions by using the NWRs as collateral.
Statement 3: It is regulated by APEDA.
This statement is incorrect. The Agricultural and Processed Food Products Export Development Authority (APEDA) is not the regulatory authority for NWRs. The regulation and oversight of NWRs is carried out by the Warehousing Development and Regulatory Authority (WDRA). The WDRA ensures the proper functioning of registered warehouses and governs the issuance, trading, and settlement of NWRs.
Conclusion:
In conclusion, statements 1 and 2 are correct. NWRs allow the transfer of ownership without physical delivery and are issued by registered warehouses, enabling farmers to seek loans from banks. However, statement 3 is incorrect as NWRs are regulated by the WDRA and not APEDA. Therefore, the correct answer is option 'B' (1, 2).
Negotiable Warehouse Receipts (NWRs) are an important financial instrument in the agricultural sector. They are issued by registered warehouses and serve as a proof of ownership and quality of the commodity stored in the warehouse. NWRs enable farmers to access credit facilities from banks and other financial institutions, thereby promoting liquidity in the agricultural supply chain.
Explanation:
Let's analyze each statement individually:
Statement 1: It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
This statement is correct. NWRs are negotiable instruments that allow the transfer of ownership of the commodity stored in a warehouse without the need for physical delivery. The ownership can be transferred through endorsement and delivery of the NWR.
Statement 2: They are issued by registered warehouses and enable farmers to seek loans from banks against NWRs.
This statement is correct. NWRs are issued by registered warehouses that have been authorized by the Warehousing Development and Regulatory Authority (WDRA) in India. These receipts provide a legal basis for farmers to seek loans from banks and other financial institutions by using the NWRs as collateral.
Statement 3: It is regulated by APEDA.
This statement is incorrect. The Agricultural and Processed Food Products Export Development Authority (APEDA) is not the regulatory authority for NWRs. The regulation and oversight of NWRs is carried out by the Warehousing Development and Regulatory Authority (WDRA). The WDRA ensures the proper functioning of registered warehouses and governs the issuance, trading, and settlement of NWRs.
Conclusion:
In conclusion, statements 1 and 2 are correct. NWRs allow the transfer of ownership without physical delivery and are issued by registered warehouses, enabling farmers to seek loans from banks. However, statement 3 is incorrect as NWRs are regulated by the WDRA and not APEDA. Therefore, the correct answer is option 'B' (1, 2).
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Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Consider the following statements regarding Negotiable Warehouse Receipts. It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs. It is regulated by APEDA.Which of the above statements is/are correct?a)1, 3b)1, 2c)2, 3d)2 onlyCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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