The President of India's pardoning power, as per Article 72 of the Indian Constitution, is subject to limited judicial review. This means that while the President has the authority to grant pardons, reprieves, respites, or remissions of punishment, the exercise of this power can be reviewed by the judiciary to ensure it is not arbitrary or discriminatory. Additionally, the President cannot exercise this power independently; it must be done on the advice of the Central Government, specifically the Council of Ministers. Therefore, statement I is correct, and statement II is incorrect.