Which of the following statements with regard to Bharat Ratna Award is/are correct? 1. It was instituted in the year 1972. 2. The award does not carry any monetary grant. Select the correct answer using the code given below.
The Bharat Ratna was instituted in 1954, not 1972. The statement about it not carrying any monetary grant is correct as recipients receive a certificate and a medallion but no financial reward.