atha vartamānaṃ viṣaya iti dvitīyaḥ pakṣas tadā vedmītyetadyuktam idānīṃ tasya vedakatvāt /
If the second alternative is accepted - that the present [cognitive moment] is the object [of I-consciousness], then the notion "I know [this]" would be correct, as it [the present cognitive moment] is indeed the cognizer at present.