Consider the following statements in regards to National Means cum Merit Scholarship Examination (NMM

The National Means cum Merit Scholarship Examination, also known as NMMS Exam, was started in May 2008. The NMMS Exam is sponsored by the Central Government. The examination is conducted by the local authority. To prevent the dropping out of economically backward students from school at class VIII and to encourage them to complete their education till the secondary stage, the exam seeks to identify meritorious students and fund their education expenses. A total annual amount of Rs. 12000 is paid to 100,000 students across the country. Students enrolled in a government-aided or local body run schools, belonging to families whose annual income is less than Rs.1,50,000 from all the sources combined, are eligible for receiving the scholarship