Step 1: Understanding the Concept:
Statutory consumer protection legislation mandates product transparency and disclosure of standard quality parameters.
Step 2: Detailed Explanation:
1. Statement I: The Right to be Informed is one of the six foundational consumer rights codified in the Consumer Protection Act, 1986, and sustained across its legislative amendments. Hence, Statement I is correct.
2. Statement II: The legal definition of the Right to be Informed guarantees that consumers have the right to be informed about the quality, quantity, potency, purity, standard, and maximum retail price (MRP) of goods and services to safeguard against misleading advertisements and unfair trade practices. Hence, Statement II is correct.
Step 3: Final Answer:
Therefore, Both Statement I and Statement II are correct, matching option (A).