Explanation:

First statement is correct. There is no evidence that democracy existed in ancient India. The territories which had no kings, the rulers were oligarchy. The rulers were not elected by all the people. These were oligarchies rather than monarchies.
In Panchayats, whether for a caste or a village, it was very much the older, more powerful men (and exclusively men) who were the panch.
Second statement is incorrect. It was in early Vedic Polity that is consisting of the popular institutions like Sabha and ‘Samiti’ which deserves special mention. The Samiti was the Vedic folk assembly for excellence, which at least in some cases enjoyed the right of electing the king; the Sabha exercised probably the first, some judicial functions.
The headman of the village ruled the village under his direct control, supervision and guidance.
Third statement is correct. Every Panchayat had its own funds. All the villagers contributed to a common financial pool. All expenditures of the Panchayat were met from these funds. The costs of entertaining revenue officials visiting the village from time to time were also met from the funds of the Panchayat.
Present day, the local bodies grants are released to Gram Panchayats through their respective State Governments as per the recommendations and allocations made by respective Finance Commissions.
Fourth statement is correct. In medieval India, each village had an assembly consisting of all adult males and their involvement in general matters.
In Modern India, there is a reservation for women in Panchayats i.e. 50 percent with the provision being applicable to all seats filled through direct election, office of chairpersons and of offices reserved for SC/ST is increased, earlier it was 33 percent.