Which statement is not true for M3 as a measure of money supply.

Option 1 -> M3 is indeed known as Aggregate Monetary Resources - this statement is true.

Option 2 -> M3 is the most widely used and popular measure of money supply in India - this statement is true.

Option 3 -> Since M4 = M3 + Total deposits with Post Office savings organizations (excluding NSC), reversing this gives M3 = M4 - Total deposits with Post Office savings organizations - this statement is true.

Option 4 -> This describes M2, not M3. M2 = M1 + Saving deposits with Post Office Savings Banks, while M3 = M1 + Time deposits with banks - this statement is false.

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Hence, Option 4 -> This statement incorrectly defines M3. The correct formula stated here actually defines M2 (M2 = M1 + Saving deposits with Post Office Savings Banks). M3 is actually defined as M1 + Time deposits with commercial banks, which makes it the broadest commonly used measure of money supply. M3 does not include Post Office deposits; those are included in M4. -> correct