Correct Option (B)
Statements 1 and 2 are correct.
- A bill pending in the Lok Sabha, irrespective of whether it originated in that House or was transmitted to it by the Rajya Sabha, lapses upon the dissolution of the Lok Sabha. This principle ensures that new legislation is considered by the newly constituted Lok Sabha.
- A bill passed by the Lok Sabha but pending in the Rajya Sabha also lapses on the dissolution of the Lok Sabha. The rationale is that the House which initiated and passed the bill (Lok Sabha) is no longer in existence, rendering the bill's progress invalid.
Incorrect Options
Statement 3 is incorrect.
- According to Article 108(5) of the Constitution, a bill in respect of which the President has notified an intention to summon a joint sitting of both Houses to resolve a disagreement does not lapse upon the dissolution of the Lok Sabha. This provision is designed to facilitate the resolution of legislative deadlocks.
- Since Statement 3 is incorrect, options (C) and (D) are eliminated.
- Option (A) is incorrect because Statement 2 is also a correct assertion regarding the lapsing of bills, in addition to Statement 1.