Statement-1 The Union Cabinet chaired by the Prime Minister has approved the establishment of the National Financial Reporting Authority .
Statement-2: It will consist one chairman, three posts of full-time members, one post for secretary.
Both statements 1 and 2 are correct.
Statement-1 is false while statement-2 is correct.
Statement-1 is correct whereas statement-2 is false.
Both Statements-1 and 2 are wrong.
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