What is the minimum amount which can be remitted through Real Time Gross Settlement (RTGS)?

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SSC MTS 2020 (Held On : 8 Oct 2021 Shift 3 ) Official Paper 12
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  1.  ₹5,00,000 
  2.  ₹2,00,000 
  3. ₹3,00,000 
  4. ₹1,00,000

Answer (Detailed Solution Below)

Option 2 :  ₹2,00,000 
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SSC MTS 2024 Official Paper (Held On: 01 Oct, 2024 Shift 1)
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90 Questions 150 Marks 90 Mins

Detailed Solution

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The correct answer is ₹2,00,000.

Key Points

  • Rs. 2,00,000 is the minimum amount that can be remitted through Real Time Gross Settlement (RTGS).
  • The acronym "RTGS" stands for Real-Time Gross Settlement, which can be described as a mechanism where fund transfers are settled continuously and in real-time, individually on a transaction basis (without netting).
  • "Real-Time" means the delivery of instructions at the time of receipt; "Gross Settlement" means the settlement of instructions for the transfer of funds happens separately.
  • The RTGS system is intended specifically for large-value transactions.
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