Article 262 of the Constitution provides for the adjudication of interstate water disputes. Which of the following provisions in this regard is/are correct?

1. Parliament may by law provide for the mechanism for the adjudication of any dispute or complaint.
2. Parliament cannot restrict Supreme Court or any other court to exercise jurisdiction in respect of such dispute.

Select the correct answer using the codes given here:

Part XII Finance, Property, Contracts, and Suits

1. This part deals with the major provisions related to finance, public accounts, taxation and contracts.
2. Article 265 states that No tax shall be levied or collected except by authority of law. This means that all taxes have to be supported by a legislation.
3. Article 266 defines the Consolidated Fund of India. Consolidated Fund of India. This fund is filled by:

i. Direct and indirect taxes. 

ii. Loans taken by the Indian government.

iii. Returning of loans/interests of loans to the government by anyone/agency that has taken it.

iv. Expenditure from this account requires parliamentary approval.

v. The Comptroller & Auditor General of India audits this accounts.

vi. States can also form a similar account.

4. Article 266(2) establishes the Public Accounts of India. 

i. All other public money (other than those covered under the Consolidated Fund of India) received by or on behalf of the Indian Government are credited to this account/fund.

ii. Funds received from disinvestment is also credited to this fund.

iii. Funds received from pensions, national small savings certificate is also credited to this fund.

5. Article 267(1) establishes the Contingency Fund of India.

i. The Secretary of, Finance Ministry holds this fund on behalf of the President of India.
ii. This fund is used to meet unexpected or unforeseen expenditure.
iii. States can establish a separate contingency fund as per 267(2).

6. Article 272 states that taxes which are levied and collected by the Union and may be distributed between the Union and the State.

7. Article 280 establishes the Financial Commission.

8. Article 285 exempts the property of the Union from State taxation.

9. Article 300A states that persons not to be deprived of property save by authority of law. This right to property was a fundamental right under Article 19, which was changed to a legal right as per the 44th constitutional amendment, 1978.

10. This part has provisions for transfer of property under British colonial power to the Union and respective states.

11. Part XII also contains exemption from certain taxes to the Union and railways.