With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements: 1. When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill. 2. When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations. 3. In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no joint sitting for Money Bill, but a joint sitting becomes necessary for Finance Bill. How many of the above statements are correct?

1. Statement 1 — Incorrect. In UPSC usage, Finance Bill here refers to a bill dealing with taxation/revenue and requiring the President’s recommendation; the Rajya Sabha cannot reject it outright like an ordinary bill. So saying it can "amend or reject" is not correct.

2. Statement 2 — Correct. For a Money Bill, the Rajya Sabha cannot amend or reject it; it can only make recommendations within 14 days.

3. Statement 3 — Incorrect. There is no joint sitting for a Money Bill. For a Finance Bill, joint sitting does not become necessary; at most, it may be possible in some cases of deadlock, but it is not mandatory.

Hence, only one statement is correct.