Explanation:

• IRNSS is an independent regional navigation satellite system being developed by India. It is designed to provide accurate position information service to users in India as well as the region extending up to 1500 km from its boundary, which is its primary service area.
• An Extended Service Area lies between primary service area and area enclosed by the rectangle from Latitude 30 deg South to 50 deg North, Longitude 30 deg East to 130 deg East.

IRNSS will provide two types of services, namely, Standard Positioning Service (SPS) which is provided to all the users and Restricted Service (RS), which is an encrypted service provided only to the authorised users. The IRNSS System is expected to provide a position accuracy of better than 20 m in the primary service area.

It has been accepted as a component of the World Wide Radio Navigation System (WWRNS) for operation in the Indian Ocean Region by the International Maritime Organization (IMO).

• This will enable merchant vessels to use IRNSS for obtaining position information similar to GPS and GLONASS to assist in the navigation of ships in ocean waters within the area covered by 50°N latitude, 55°E longitude, 5°S latitude and 110°E longitude (approximately up to 1500 km from Indian boundary).
• The Maritime Safety Committee (MSC) of IMO during its recent meeting (102nd session) held from 4 to 11 November 2020 has approved the recognition of the IRNSS as a component of the World-Wide Radio Navigation System.

Hence both statements are correct.