The "Residuary Powers" refer to the powers that are not specifically assigned to the Union, State, or Concurrent lists in the Constitution of India. These are the powers that do not fall within the legislative jurisdiction of either the Union or the State governments. According to the Constitution, such residuary powers are vested in the Parliament of India.

Option 1 states that the President of India holds the residuary powers. This is incorrect, as the President is not responsible for legislation or the exercise of legislative powers.

Option 2 correctly states that both the Rajya Sabha and the Lok Sabha, which together form the Parliament, hold the residuary powers.

Option 3 states that the State Legislature holds the residuary powers. This is incorrect, as the residuary powers are vested in the Parliament, not the State Legislature.

Option 4 states that the Lok Sabha alone holds the residuary powers. This is also incorrect, as both the Rajya Sabha and the Lok Sabha collectively hold the residuary powers.

Therefore, the correct answer is option 2.