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Correct Option is Both

"Part XII from Article 294 to 300 deals with the property, contracts, rights, liabilities, obligations, and suits of the center and the states. Article 294 states that all the property and assets which immediately before the commencement of the constitution were vested with the Dominion of India or a province or a princely state of India became vested in the Union or its corresponding state. Hence only statement 2 is correct"

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