Consider the following statements about the Charter Act of 1813: It ended the trade monopoly of the

Question

Consider the following statements about the Charter Act of 1813: It ended the trade monopoly of the East India Company in India except for trade in tea and trade with China.It asserted the sovereignty of the British Crown over the Indian territories held by the Company.The revenues of India were now controlled by the British Parliament.Which of the statements given above are correct?

Accepted Answer

Main Provisions of Charter Act, 1833Monopoly of East India Company to trade with India was brought to an end but the company retained the trade with China and the trade in tea. Hence statement 1 is correct.The company’s shareholders were given a 10.5 percent dividend on the revenue in India.The company was allowed to continue territorial possession for a period of 20 years i.e. from 1833 to 1853, without prejudice to the sovereignty of the Crown. The company was held in trust to the Crown. Hence statement 2 is correct.The Charter Act of 1813 required the Company to maintain its territorial and commercial accounts separately. By this Act, the Company was put under greater control of the British Crown, but could retain its hold on the details of administration and Indian revenues. From 1853, the revenues of India were controlled by the British Parliament. Hence, statement 3 is not correct.Source: Spectrum