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The correct answer is option 3: Both 1 and 2.
Explanation:
1. The first statement is correct. The salary and allowances of the Speaker of Lok Sabha are charged on the Consolidated Fund of India. This means that the funds for the Speaker`s salary and allowances come from the government`s general revenue and not from separate allocations or appropriations.
2. The second statement is also correct. In the Warrant of Precedence, which determines the order of ranking and protocol for government officials, the Speaker of Lok Sabha ranks higher than all the Union Cabinet Ministers, except for the Prime Minister. This indicates the high status and importance given to the Speaker in the hierarchy of government officials.
Therefore, both statements 1 and 2 are correct.