Both statements are correct.

Statement 1 is correct:

• The time immediately following the Question Hour and laying of papers and before any listed business is taken up in the House has come to be popularly known as the `Zero Hour’.
• As it starts around 12 noon, this period is euphemistically termed as `Zero Hour’. For raising matters during the ‘Zero Hour’ in Lok Sabha, Members give notice between 8.30 a.m. and 9.00 a.m. every day to the Speaker stating clearly the subject which they consider to be important and wish to raise in the House.
• It is, of course, for the Speaker to allow or not to allow for raising such matters in the House. The term `Zero Hour’ is not formally recognised in our parliamentary procedure.

Statement 2 is correct:

• At present, twenty matters per day as per their priority in the ballot are allowed to be raised during “Zero Hour”.
• The order in which the matters will be raised is decided by the Speaker at his/her discretion. In the first phase, 5 matters of urgent national and international importance, as decided by the Chair, are taken up after Question Hour and laying of papers, etc.
• In the second phase, the remaining admitted matters of urgent public importance are taken up after 6.00 P.M. or at the end of the regular business of the House.
• However, since there is no provision in the rules regarding ‘Zero Hour’, hence there is no maximum limit on the number of matters that can be raised on any given day.

Source: Source