Given below are two statements:
Statement (I): Skim milk is considered as fat free, cholesterol free and low in saturated fat as per Food Safety and Standards (Advertising and Claims), 2018 Regulations.
Statement (II): The FSSR, 2011 Standards for species identified milk (cow, buffalo, goat, sheep and camel) vary among the states of our county.
In light of the above statements, choose the most appropriate answer from the options given below.