Which of the following statements is not correct about the Financial Emergency?
1
Extension of the executive authority of the Union over the financial matters of the States.
2
Reduction of salaries and allowances of all or any class of persons serving in the State.
3
Reservation of all money bills or other financial bills for the consideration of the President after they are passed by the legislature of the State.
4
Once approved by both the houses of Parliament, the Financial Emergency continues for six months.