Consider the following statements about National Consumer Disputes Redressal Commission (NCDRC)
1) NCDRC is a quasi-judicial commission which was set up under the Consumer Protection Act of 1986.
2) The commission is headed by a sitting or retired judge of the Supreme Court of India.
3) It addresses grievances of aggrieved consumer for goods and services having value over Rs. 1 crore.
4) The Consumer Protection Act, 1986 mandates establishment of Consumer Protection Councils at the Centre as well as in each State and District.
Which of the above statements are correct?