Option 3: (A), (B), (C) and (D) -> The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 encompasses all four features mentioned. Statement (A) is correct as the Act allows deviations from targets under exceptional circumstances like national security, natural calamities, or other grounds specified by the government. Statement (B) is accurate as the Act mandates reducing fiscal deficit to 3% of GDP (originally aimed for March 31, 2008, later amended). Statement (C) is valid as the Act prohibits direct government borrowing from RBI except under specified conditions, eliminating automatic monetization of deficit. Statement (D) is correct as the Act requires greater fiscal transparency through mandatory disclosure of fiscal policy statements, medium-term fiscal policy statements, and macroeconomic framework statements. All four statements represent core features of the FRBM Act, making this the comprehensive and correct answer. -> correct