The correct option is 2 and 3 only because Treasury bills (T-bills) are indeed exclusively issued by the Government of India and not by state governments, reflecting their role in managing the country's short-term funding needs. Furthermore, T-bills are issued at a discount to their par value, meaning they do not pay interest but are redeemed at their full face value upon maturity, which is a fundamental characteristic of how these instruments operate in public finance. These aspects are vital for understanding the functioning of government securities in India's financial system, as covered in standard sources like NCERT and UPSC reference materials.