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1st July 2024

1st July Question

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Consider the following statements regarding Ways and Means Advances (WMA) in India:

  1. The interest rate on Normal WMA is equivalent to the repo rate.
  2. Special WMA is secured by government securities held by the state government.
  3. The WMA limit for state governments is determined solely by the Reserve Bank of India.
  4. WMA is a permanent solution for long-term fiscal imbalances in the state budget.

Which of the above statements are correct?

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