Explanation
The
Ordinance-making power is a temporary legislative power exercised by the
President under Article 123 when Parliament is not in session, and it carries the
same force as an Act of Parliament, but remains subject to constitutional limits.
Statement I is correct. Since an Ordinance has the
same legal status as a parliamentary law, it can
amend or repeal existing Central Acts.
Statement II is incorrect. An Ordinance is subject to the
Fundamental Rights enshrined in the Constitution. It cannot abridge or violate them, and any such attempt can be struck down by the
judiciary.
Statement III is correct. Like laws passed by Parliament, an Ordinance can be given
retrospective effect, meaning it can operate from a
back date.
Thus, Statements I and III are correct.