Given below are two statements

Statement I: An institution in the field of higher education seeking deemed to be university status must have been in existence for at least 10 years.

Statement II: A deemed to be university must have at least five post - graduate departments 

In light of the above statements, choose the correct answer from the options given below 

1
Both Statement I and Statement II are true
2
Both Statement I and Statement II are false
3

Statement I is correct but Statement II is flase

4
Statement I is incorrect but Statement II is true

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