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Correct Option is 1,2 and 3

Financial Emergency (Article 360) A proclamation declaring financial emergency must be approved by both the Houses of Parliament within two months from the date of its issue. 1. Once approved by both the Houses of Parliament, the Financial Emergency continues indefinitely till it is revoked(no maximum period prescribed for its operation). Thus repeated parliamentary approval is not required for its continuation. Hence statements 1 and 2 are incorrect. 2. A resolution approving the proclamation of financial emergency can be passed by either House of Parliament only by a simple majority, that is, a majority of the members of that house present and voting. 3. A proclamation of Financial Emergency may be revoked by the president at any time by a subsequent proclamation. Such a proclamation does not require parliamentry approval. Thus, during the operation of a financial emergency, the Centre acquires full control over the states in financial matters. Hence statement 3 is incorrect.

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