Concept:
The Second Schedule of the Constitution of India specifies the emoluments, allowances and privileges of the President, Governors, Judges of the Supreme Court and High Courts, the Comptroller and Auditor General (CAG), and certain other constitutional authorities.
Step 1: Recall the Constitutional Schedule.
The Constitution contains twelve Schedules, each dealing with specific matters. The Second Schedule deals with salaries, allowances and privileges of constitutional office holders.
Step 2: Analyse the options.
• First Schedule -- Deals with States and Union Territories.
• Second Schedule -- Correct.
• Third Schedule -- Contains forms of oaths and affirmations.
• Fourth Schedule -- Allocation of seats in the Rajya Sabha.
Step 3: Final conclusion.
Hence, the emoluments, allowances and privileges of the President of India are specified in the
\[
\boxed{\text{Second Schedule}.}
\]