Which one of the following is not the correct statement ?

Statement 1 is incorrect because the electoral college for the President of India consists only of the elected members of the State Legislative Assemblies, not all members [2]. Nominated members of the State Legislative Assemblies are specifically excluded from participating in the Presidential election [1]. Statement 2 is correct as Article 200 allows the Governor to reserve certain bills for the President's assent, particularly those affecting the High Court's position. Statement 3 is correct under Article 249, which empowers Parliament to legislate on State List subjects if the Rajya Sabha passes a resolution in the national interest. Statement 4 is correct because the Legislative Council has no power to reject or amend Money Bills and can only delay them for 14 days, effectively possessing no substantial financial powers compared to the Assembly.

Sources

1. [1] Laxmikanth, M. Indian Polity. 7th ed., McGraw Hill. > Chapter 18: President > ELECTION OF THE PRESIDENT > p. 186
2. [2] Indian Polity, M. Laxmikanth(7th ed.) > Chapter 18: President > ELECTION OF THE PRESIDENT > p. 186