Correct Option
Statements I and III are correct.
An Ordinance, issued by the President under Article 123 or a Governor under Article 213, possesses the same force and effect as an Act passed by Parliament or a State Legislature, respectively. Consequently, it can amend or repeal any existing law, including a Central Act, provided it falls within the legislative competence of the issuing authority.
The legislative power to make laws includes the authority to enact them with retrospective effect. Therefore, an Ordinance can also be given retrospective operation. This power is subject to constitutional limitations, such as Article 20(1), which prohibits retrospective application of penal laws in criminal matters.
Incorrect Options
Statement II is incorrect.
An Ordinance is considered 'law' under Article 13 of the Constitution. Article 13(2) explicitly prohibits the State from making any law that abridges or takes away the Fundamental Rights guaranteed in Part III of the Constitution. Therefore, an Ordinance cannot abridge or violate a Fundamental Right.
Options 1, 2, and 4 are incorrect because they include Statement II, which is factually inaccurate.