Which of the following statements is not correct ?

Statements 1, 2, and 3 are constitutionally correct. A Money Bill can only be introduced in the House of the People (Lok Sabha) and not in the Council of States (Rajya Sabha) [5]. The Rajya Sabha has restricted powers regarding Money Bills; it cannot reject or amend them and must return them within 14 days [3]. Furthermore, the Council of Ministers is collectively responsible only to the House of the People. Statement 4 is incorrect because the Council of States (Rajya Sabha) actually possesses special powers regarding the State List that the House of the People does not. Under Article 249, the Rajya Sabha can pass a resolution to authorize Parliament to make laws on a subject in the State List in the national interest, a power specifically vested in the federal chamber to protect state interests.

Sources

1. [4] Introduction to the Constitution of India, D. D. Basu (26th ed.). > Chapter 12: The Union Legislature > p. 259
2. [5] Laxmikanth, M. Indian Polity. 7th ed., McGraw Hill. > Chapter 33: State Legislature > Money Bills > p. 343
3. [1] Indian Polity, M. Laxmikanth(7th ed.) > Chapter 23: Parliament > Money Bill. > p. 248
4. [2] Laxmikanth, M. Indian Polity. 7th ed., McGraw Hill. > Chapter 23: Parliament > Money Bill. > p. 248
5. [3] Introduction to the Constitution of India, D. D. Basu (26th ed.). > Chapter 12: The Union Legislature > p. 254