With reference to the financial proceedings in the Indian Parliament, consider the following statements: 1. Voting on the demands for grants is the exclusive privilege of the Lok Sabha. 2. A Vote of Credit is granted to meet an unexpected demand when the detailed specifications of the service cannot be outlined in the budget. 3. An Exceptional Grant is sanctioned to meet expenses when the money spent on a particular service during a financial year exceeds the allocated amount.

Explanation

Statement 1 is correct: Only the Lok Sabha has the power to vote on demands for grants; the Rajya Sabha does not possess this voting power. Statement 2 is correct: A Vote of Credit (प्रत्ययानुदान) is like a blank cheque given to the executive to meet unexpected demands arising out of a national emergency or when detailed estimates cannot be provided. Statement 3 is incorrect: An Exceptional Grant is sanctioned for a unique or special purpose that is not a part of any current service of the financial year. The grant issued for spending excess money beyond the allocated budget on a service is called an 'Excess Grant' (अधिक अनुदान).