Post Devolution Revenue Deficit

Consider the given statements with reference to the Post Devolution Revenue Deficit:

  1. It is provided to the States under Article 276 of the Constitution.
  2. The grants are released as per the recommendations of the Finance Commission in monthly installments to meet the gap in revenue accounts of the States post-devolution.

Choose the correct statement(s) from the options below:

Only 1
Both 1 and 2
Only 2
Neither 1 nor 2