Step 1: Understanding the Concept:
This question tests the knowledge of agricultural institutions and post-harvest physiology of oilseeds.
Step 3: Detailed Explanation:
Statement I analysis: The Malviya seed-cum-fertilizer drill was developed at Banaras Hindu University (BHU), Varanasi, not at CRIDA (Central Research Institute for Dryland Agriculture), Hyderabad.
CRIDA has developed its own specific drills for dryland areas, but the "Malviya" series is synonymous with the BHU agricultural engineering department.
Statement II analysis: For safe storage, rapeseed and mustard seeds must have a moisture content of around $8\%$.
If harvested at $20\%$ moisture, the seeds are highly susceptible to fungal growth and heating.
Therefore, they require immediate drying to bring down the moisture level to a safe storage limit.
Step 4: Final Answer:
Both Statement I and Statement II are incorrect.