Direct Answer
A Value Date in foreign exchange arithmetic is the specific future date on which the counterparties actually exchange the funds
Statement I is a true statement. Cash or Ready means T plus 0. The trade date and settlement date are the same. Statement II is an incorrect statement. TOM means T plus 1. Settlement occurs on the next immediate working day following the trade date, not two days after. Statement III is a true statement. SPOT is the benchmark rate worldwide. It operates on a T plus 2 basis, meaning settlement happens on the second working day after the trade. Any settlement extending beyond this SPOT date, which is T plus 3 or more, is classified as a Forward transaction