Indian Polity · Polity

With reference to the constitutional framework governing a Proclamation of Emergency on grounds of war, external aggression or armed rebellion, consider the following statements: I. Any Proclamation altering or extending a previously issued National Emergency must be based on the written advice of the Union Cabinet communicated to the President. II. During the operation of a National Emergency, the President may, by order under Article 354, modify the constitutional distribution of revenues between the Union and the States. III. The Consolidated Fund of India ceases to operate automatically during a National Emergency unless restored by Parliamentary approval. How many of the above statements are correct?