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Which of the following is/are the issue(s) on which recommendations to be made by the Finance Commission to the President of India are specified in the Constitution of India?

1. The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India

2. Measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats in the State

3. Measures needed to augment the Consolidated Fund of a State to supplement the resources of the Municipalities in the State

Select the correct answer using the codes given below:

A)  1, 2 and 3                    

B)  2 and 3 only

C)  1 only             

D)  2 only