The FALSE statement regarding Python Exceptions is:

Option 2: else clause will always be executed irrespective of exceptions being raised or not.

The else clause is executed only when no exceptions are raised in the try block.

The other options are valid:

Option 1: Finally clause will always be executed irrespective of exceptions being raised or not. Option 3: There can be multiple except blocks for a single try block. Option 4: Default except block always comes at last.

Therefore, the correct option is: Option 2 else clause will always be executed irrespective of exceptions being raised or not.