@abm This worked for option set, I will mark this as the solution.
When I used "null" to set Date field it threw me the error below. Probably it is string to datetime cast exception. Can you suggest me a way to blank out/clear datetime fields please?
while validating input parameters: Microsoft.OData.ODataException: Cannot convert the literal '' to the expected type 'Edm.Date'. ---> System.FormatException: String '' was not recognized as a valid Edm.Date.\\r\\n
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