Concept:The Union List in the Seventh Schedule of the Indian Constitution contains subjects of national importance on which only Parliament can make laws.
Explanation:Statement 1 is correct. Lotteries fall under Entry 40 of the Union List, giving Parliament exclusive power to legislate on them for both Central and State governments.
Statement 2 is incorrect. The incorporation and regulation of cooperative societies come under Entry 32 of the State List, not the Union List.
Statement 3 is correct. The Reserve Bank of India (Entry 38), foreign exchange, and currency (Entry 36) are all under the exclusive legislative domain of the Union.
Statement 4 is correct. As per Entry 43 of the Union List, Parliament can make laws regarding corporations whose activities extend beyond one state, except universities.
Thus, statements 1, 3, and 4 are correct.
Answer:Only 1, 3, and 4 (Option A)