Consider the following statements comparing the Union Finance Commission and the State Finance Commission (SFC): 1. While the Union Finance Commission is a constitutional body, the State Finance Commission is a statutory body created by respective State Legislatures. 2. The Union Finance Commission recommends measures to augment the Consolidated Fund of a State to supplement the resources of local bodies based on the recommendations of the SFC. 3. The qualifications of members of both the Union Finance Commission and the SFC are determined by the Parliament of India. Which of the statements given above is/are correct?

Options:

• A: 1 and 2 only
• B: 2 only
• C: 2 and 3 only
• D: 1, 2 and 3

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