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In the question below, a statement is given which is followed by three assumptions numbered I, II and III. An assumption is something that is supposed or taken for granted. You have to consider the following assumptions and decide which of the assumptions is implicit in the statement. Statement: The Finance ministry has suggested a way forward regarding the ongoing debate around data localisation brewing between the Reserve Bank of India and the digital payment industry by saying that companies could be allowed to retain a copy of the data in the geography where it is being currently stored and the central bank could issue a satisfactory circular regarding the timeline it has given to the industry. Assumptions: I. The ministry has circulated a note among participants highlighting the points of discussions and suggestions as key takeaways from the meeting. II. The move had caused a split within the broader payments industry as well where one section of players supported the RBI move and the other said that keeping a copy of the data outside India should be allowed. III. The RBI had issued a circular regarding compulsory storage of payments data within India only. This had thrown the payments industry which is largely dominated by global players like Visa and Mastercard into a tizzy. 

In the question below, a statement is given which is followed by three assumptions numbered I, II and III. An assumption is something that is supposed or taken for granted. You have to consider the following assumptions and decide which of the assumptions is implicit in the statement. Statement: The Finance ministry has suggested a way forward regarding the ongoing debate around data localisation brewing between the Reserve Bank of India and the digital payment industry by saying that companies could be allowed to retain a copy of the data in the geography where it is being currently stored and the central bank could issue a satisfactory circular regarding the timeline it has given to the industry. Assumptions: I. The ministry has circulated a note among participants highlighting the points of discussions and suggestions as key takeaways from the meeting. II. The move had caused a split within the broader payments industry as well where one section of players supported the RBI move and the other said that keeping a copy of the data outside India should be allowed. III. The RBI had issued a circular regarding compulsory storage of payments data within India only. This had thrown the payments industry which is largely dominated by global players like Visa and Mastercard into a tizzy.  Correct Answer Neither II nor I is implicit

The correct answer is option 5, i.e. Neither II nor I is implicit.

An assumption is a thing that is accepted as true or as certain to happen, without proof.

(III) can be assumed to be a perfect assumption for the said statement as it is contextually correct and is the most logical assumption based on the facts mentioned.

From the statement, it is evident that the Finance Ministry is trying to resolve the ongoing debate between the RBI and the digital payment industry.

Assumption (I) is irrelevant as no mention of any note issued or circulated by the Ministry has been talked about in the given statement and we cannot assume anything on our own. Thus, it can be rejected.

Assumption (II) is also irrelevant as it cannot be said with surely regarding the split within the industry. Moreover, the idea of ‘keeping a copy of the data outside India' is independent of the given statement thus, it can be rejected.

Assumption (III) is in the same direction of the given statement as it talks about the compulsory storage of payments data within India only, the idea can be inferred from the given statement where it is stated that ‘retain a copy of the data in the geography where it is being currently stored'. Thus, it is the safest assumption. The statement following it can also be inferred because the big players operating outside India can be affected and thus, it becomes the perfect assumption.

Thus, both the assumptions, i.e. (I) and (II) are irrelevant and the correct answer choice is option 5.

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