Which of the following will be the consequences of the proclamation of Financial Emergency by the President ?
1. The president can give directions to the states to observe the principles of financial propriety
2.The president can reduce the salaries and allowances of government employees excluding the judges of Supreme Court and High Court.
3. All money bills and other financial bills passed by a state legislature can be reserved for the consideration of the President.
4. The Parliament can authorise the President to sanction expenditure from the Consolidated Fund of the State.
Which of the following statements is/are correct ?
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