Step 1: Nature of compensation for violation of fundamental rights.
The Supreme Court has consistently held that compensation awarded for violation of fundamental rights under Articles 32 and 226 is a public law remedy. It is distinct from compensation in private law actions for tort or breach of contract. Hence, statement (i) is correct.
Step 2: Character of monetary compensation under Article 32.
In constitutional jurisprudence, monetary compensation awarded for infringement of fundamental rights is often described as exemplary or public law damages. Such compensation serves not only a compensatory purpose but also a deterrent function against abuse of power by the State. Therefore, statement (ii) is also correct.
Step 3: Conclusion.
Since both statements correctly reflect the settled legal position, the correct answer is (A).