Option 1: The statement "The Finance Minister is to be a Member of the Lower House" is not explicitly stated in the Indian constitution, but is generally followed as a convention.

Option 2: "The Prime Minister has to resign if he loses majority in the Lower House" is an established parliamentary convention in India, but it is not explicitly written in the constitution. Thus, this statement is the correct answer.

Option 3: "All the parts of India are to be represented in the Council of Ministers" - While the Indian Constitution ensures equal representation and federal structure, it doesn`t necessarily dictate that all regions be directly represented in the Council of Ministers.

Option 4: "In the event of both the President and the Vice-President demitting office simultaneously before the end of their tenure the Speaker of the Lower House of the Parliament will officiate as the President" - This provision is clearly stated in the Constitution under Article 65. Therefore, this is not followed as a convention but is a stated rule.