With reference to the legislative process in the Indian Parliament, consider the following statements: 1. A joint session of both houses to resolve a legislative deadlock can be summoned by the Speaker of the Lok Sabha. 2. Regarding a Money Bill, the Rajya Sabha lacks the authority to reject it, though it can suggest modifications. Which of the statements given above is/are incorrect?

Explanation

Under Article 108 of the Indian Constitution, a joint sitting of both Houses of Parliament is summoned by the President of India (not the Speaker of the Lok Sabha) in case of a deadlock over a bill (excluding Money Bills and Constitutional Amendment Bills). The Speaker of the Lok Sabha merely presides over this joint sitting. Thus, Statement 1 is incorrect. Regarding Money Bills, the Rajya Sabha can only recommend amendments or delay the bill for up to 14 days, but cannot reject it. Thus, Statement 2 is correct.