With reference to the Public Accounts Committee (PAC), consider the following statements: 1. It was established for the first time in 1921 under the provisions of the Government of India Act, 1919. 2. It currently consists of 22 members, out of which 15 are from Lok Sabha and 7 are from Rajya Sabha. Which of the statements given above is/are correct?

Explanation

Statement 1 is correct: The Public Accounts Committee was first set up in the year 1921 under the provisions of the Government of India Act of 1919, and it has been in existence since then. Statement 2 is correct: At present, it consists of 22 members (15 from Lok Sabha and 7 from Rajya Sabha). The main function of the committee is to examine the annual audit reports of the Comptroller and Auditor General (CAG) of India, which are laid before the Parliament by the President.