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Option 1 states that the emoluments and allowances of the President, as well as other expenses related to his office, will not be charged on the Consolidated Fund of India. Emoluments and allowances refer to the salaries and benefits provided to the President. Therefore, this option is correct.
Option 2 mentions that debt charges, including interests, sinking fund charges, and redemption charges, for which the Government of India is liable, will not be charged on the Consolidated Fund of India. Debt charges are the payments made towards the repayment of loans or debts. This option is incorrect because debt charges are indeed charged on the Consolidated Fund of India.
Option 3 states that any sum required to satisfy judgments, decrees, or awards of any court or arbitral tribunal will not be charged on the Consolidated Fund of India. This option is incorrect because such sums are indeed charged on the Consolidated Fund of India.
Option 4 states that the sum required to meet expenditure incurred in natural calamities will not be charged on the Consolidated Fund of India. This option is correct as any expenses related to natural calamities are not charged on the Consolidated Fund of India.
In conclusion, the correct answer is option 4.