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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)2 only
- b)1, 2
- c)2, 3
- d)1, 3
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...
Statement 1: It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
Statement 2: They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs.
Statement 3: It is regulated by APEDA.
Explanation:
Statement 1: It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
A negotiable warehouse receipt (NWR) is a document that represents ownership of a specific quantity and quality of a commodity stored in a warehouse. It allows the transfer of ownership of the commodity without having to physically deliver the commodity. The ownership can be transferred through endorsement and delivery of the receipt. Therefore, statement 1 is correct.
Statement 2: They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs.
Negotiable warehouse receipts (NWRs) are issued by registered warehouses. These warehouses are authorized and regulated by the Warehousing Development and Regulatory Authority (WDRA). NWRs enable farmers and other commodity holders to seek loans from banks against the collateral of the stored commodities. Banks accept NWRs as collateral because they represent ownership of the commodities stored in the warehouse. Therefore, statement 2 is correct.
Statement 3: It is regulated by APEDA.
The Agricultural and Processed Food Products Export Development Authority (APEDA) is a statutory body under the Ministry of Commerce and Industry, Government of India. It is responsible for the development and promotion of export of agricultural and processed food products from India. However, the regulation of negotiable warehouse receipts (NWRs) falls under the purview of the Warehousing Development and Regulatory Authority (WDRA). The WDRA is an independent regulatory authority that regulates and governs the warehousing sector, including the issuance and trading of NWRs. Therefore, statement 3 is incorrect.
Conclusion:
Out of the given statements, statement 1 and statement 2 are correct. Therefore, the correct answer is option 'B' (1, 2).
Statement 2: They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs.
Statement 3: It is regulated by APEDA.
Explanation:
Statement 1: It allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity.
A negotiable warehouse receipt (NWR) is a document that represents ownership of a specific quantity and quality of a commodity stored in a warehouse. It allows the transfer of ownership of the commodity without having to physically deliver the commodity. The ownership can be transferred through endorsement and delivery of the receipt. Therefore, statement 1 is correct.
Statement 2: They are issued by registered warehouses and enables farmers to seek loans from banks against NWRs.
Negotiable warehouse receipts (NWRs) are issued by registered warehouses. These warehouses are authorized and regulated by the Warehousing Development and Regulatory Authority (WDRA). NWRs enable farmers and other commodity holders to seek loans from banks against the collateral of the stored commodities. Banks accept NWRs as collateral because they represent ownership of the commodities stored in the warehouse. Therefore, statement 2 is correct.
Statement 3: It is regulated by APEDA.
The Agricultural and Processed Food Products Export Development Authority (APEDA) is a statutory body under the Ministry of Commerce and Industry, Government of India. It is responsible for the development and promotion of export of agricultural and processed food products from India. However, the regulation of negotiable warehouse receipts (NWRs) falls under the purview of the Warehousing Development and Regulatory Authority (WDRA). The WDRA is an independent regulatory authority that regulates and governs the warehousing sector, including the issuance and trading of NWRs. Therefore, statement 3 is incorrect.
Conclusion:
Out of the given statements, statement 1 and statement 2 are correct. Therefore, the correct answer is option 'B' (1, 2).
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Community 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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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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct 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)2 onlyb)1, 2c)2, 3d)1, 3Correct answer is option 'B'. Can you explain this answer?.
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