Correct Option
Under Article 123 of the Constitution, the President of India can promulgate ordinances. This power can be exercised when Parliament, or either of its two Houses, is not in session, and circumstances require immediate action. The President cannot promulgate an ordinance only when both Houses of Parliament are in session. Therefore, the statement that the President can make an ordinance only when either of the two Houses of Parliament is not in session is constitutionally accurate.
Incorrect Options
Option (A): Planning Commission is accountable to the Parliament
The Planning Commission, an extra-constitutional and non-statutory body, was established by a resolution of the Union Cabinet. It functioned as an advisory body to the Government of India. As it was not created by an Act of Parliament or the Constitution, it was not directly accountable to Parliament in the same manner as constitutional or statutory bodies. It has since been replaced by NITI Aayog.
Option (C): The minimum age prescribed for appointment as a Judge of the Supreme Court is 40 years
The Constitution of India, under Article 124, does not prescribe any minimum age for appointment as a Judge of the Supreme Court. The qualifications include being a citizen of India and having served as a High Court Judge for at least five years, or as an advocate of a High Court for at least ten years, or being a distinguished jurist in the opinion of the President.
Option (D): National Development Council is constituted of Union Finance Minister and the Chief Ministers of all the States
The National Development Council (NDC) had a broader composition. It included the Prime Minister (as its Chairperson), all Union Cabinet Ministers, Chief Ministers of all States, Chief Ministers of all Union Territories with legislatures, and members of the Planning Commission (now NITI Aayog). Therefore, the statement provides an incomplete representation of its composition.