Given below are two statements:
Statement I: The ordinary treasury bills that are marketable and have a secondary market are issued to the public and financial institutions.
Statement II: Ad hoc treasury bills are issued only in favour of the Reserve Bank of India which is authorized to issue currency notes against them.
In the light of the above statements, choose the most appropriate 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 true but Statement II is false
4
Statement I is false but Statement II is true