With reference to the Indian polity, consider the following statements:
I. An Ordinance can amend any Central Act.
II. An Ordinance can abridge a Fundamental Right.
III. An Ordinance can come into effect from a back date.
Which of the statements given above are correct?

Correct Option: I, II and III

Under Article 123, the President (and Article 213 for the Governor) has ordinance-making powers coextensive with the legislative power of Parliament. Therefore, an Ordinance can amend any Central Act (Statement I is correct). It can also abridge or alter Fundamental Rights to the same extent as an ordinary legislative enactment passed by Parliament, provided it does not violate the basic structure or specific constitutional prohibitions (Statement II is correct). Furthermore, an ordinance can be given retrospective effect from a back date, provided the parent legislature possesses the competence to legislate retrospectively (Statement III is correct). Hence, all statements are correct.