Which of the following are consequences of a Financial Emergency under Article 360? 1. The President may order the states to reduce salaries and allowances of all or any class of state employees. 2. Money Bills or other financial bills passed by the State Legislature need not be reserved for the President. 3. The President can direct reduction of salaries and allowances of Union employees, including Supreme Court and High Court judges. 4. Money Bills or other financial bills must be reserved for the President's consideration after passage by the State Legislature.

Question