With reference to Union Budget, consider the following statements : 1. The Union Finance Minister on behalf of the Prime Minister lays the Annual Financial Statement before both the Houses of Parliament. 2. At the Union level, no demand for a grant can be made except on the recommendation of the President of India. Which of the statements given above is/are correct ?

Statement 1 is incorrect because under Article 112 of the Constitution, the President shall cause the Annual Financial Statement to be laid before both Houses of Parliament. The Finance Minister acts on behalf of the President, not the Prime Minister. Statement 2 is correct as per Article 113(3), which states that no demand for a grant shall be made except on the recommendation of the President. This is a constitutional safeguard to ensure executive control over financial proposals.