Which of the following statements with regard to financial emergency in India is/are correct? 1. It is required to be approved by both the Houses of the Parliament within one month. 2. Once approved by both the Houses of the Parliament, it remains valid for six months. 3. Salary of any government official including the Supreme Court judges can be reduced during financial emergency. 4. During financial emergency, the executive authority of the Union shall extend to the giving of directions to any State to observe such, canons of financial propriety as may be specified in the directions. Select the correct answer:

Answer: Option C