Solution

42nd Constitutional Amendment of 1976 raised the tenure of Lok Sabha and state legislative assemblies from 5 to 6 years. However, the 44th Amendment of 1978 restored the original term of the Lok Sabha and the state legislative assemblies to 5 years. Thus, Statement 1 is correct. The normal term of Lok Sabha is five years from the date of its first meeting after the general elections, after which it automatically dissolves. However, the President is authorised to dissolve the Lok Sabha at any time even before the completion of five years. Prime Minister can recommend dissolution of the Lok Sabha to President at any time. Thus, statement 2 is correct. The Constitution lays down special a procedure for the passing of money bills in the Parliament. A money bill can only be introduced in the Lok Sabha and that too on the recommendation of the President. Thus, statement 3 is correct. The Rajya Sabha (first constituted in 1952) is a continuing chamber, that is, it is a permanent body and not subject to dissolution. However, one-third of its members retire every second year. Their seats are filled up by fresh elections and presidential nominations the at beginning of every third year. Hence Statement 4 is not correct.