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The correct answer is option 1, which states that statements 1, 2, and 4 are correct.
Statement 1: The CAG will hold office for a period of six years from the date he assumes the office. He shall vacate office on attaining the age of 65 years if earlier than the expiry of the 6-year term.
This statement is correct. The Comptroller and Auditor General of India (CAG) is appointed for a term of six years or until they reach the age of 65, whichever is earlier. This ensures a fixed tenure for the CAG, providing independence and stability to the position.
Statement 2: The powers of CAG are derived from the Constitution of India.
This statement is correct. The Constitution of India grants the CAG extensive powers and responsibilities for auditing the accounts of the government. These powers enable the CAG to act as a constitutional watchdog to ensure transparency and accountability in the financial affairs of the government.
Statement 3: The CAG is a multi-member body appointed by the President of India in consultation with the Prime Minister and the Council of Ministers.
This statement is incorrect. The CAG is not a multi-member body. It is a single-member office headed by the Comptroller