Consider the following statement:
1. Contingency Funds of the states and India remain at the disposal of Chief Ministers and Prime Minister respectively
2. Finance Commissions of the states and India are constituted by Governors and President respectively
Which among the above statements is / are correct?

Answer: [B] Only 2

First statement is incorrect because Contingency Funds of the states and India remain at the disposal of Governors and Prime Minister respectively.

This question is a part of GKToday's Integrated IAS General Studies Module