Article 368 of the Constitution outlines the procedure for amending the Constitution. It states that an amendment can be initiated only by the introduction of a Bill for the purpose in either House of Parliament (Lok Sabha or Rajya Sabha). Statement 1 (Lok Sabha) is correct: A constitutional amendment bill can be introduced in the Lok Sabha. Statement 2 (Rajya Sabha) is correct: A constitutional amendment bill can also be introduced in the Rajya Sabha. Statement 3 (State Legislatures) is incorrect: State Legislatures cannot initiate a constitutional amendment. They are involved in the ratification process for certain types of amendments that affect the federal structure. Statement 4 (President of India) is incorrect: The President is part of the legislative process by giving assent to the bill after it is passed by Parliament, but the President does not initiate the amendment bill.