Given below are two statements:
Statement $I$: The Indian Government has set up $\text{GEAC}$ which will make decisions regarding the validity of $\text{GM}$ research.
Statement $II$: Biopiracy is the term used to refer to the use of bio-resources by native people.
In the light of the above statements,choose the correct answer from the options given below:

• A
  Statement $I$ is true but Statement $II$ is false
• B
  Statement $I$ is false but Statement $II$ is true
• C
  Both Statement $I$ and Statement $II$ are true
• D
  Both Statement $I$ and Statement $II$ are false