Important Points of Charter act of 1813 #history #upsc
- The Layman Way
- Feb 20, 2022
- 2 min read
Charter act of 1813 : Why was it introduced? To uphold the spirit of Laissez-faire and address the grievance of the Continental system by Napoleon by which European ports were closed for Britain. The continental system prohibited imports of British Goods in European Countries. Because the British had an overwhelming superiority at sea, though, enforcing the system proved disastrous for Napoleon.
British needed a trade partner as their revenues were hit due to the continental system of Napolean, so they looked to trade with India.
Features :
1. The company’s monopoly over trade in India ended but the company retained the trade with China and the trade-in tea.
2. The company was to retain possession of territories and revenue for 20 yrs more.
3. The regulations made by the Councils of Madras, Bombay & Calcutta were now required to be laid before the British parliament. The constitutional position of British territories was defined explicitly for the 1st time.
4. A sum of 1 lac Rs was set aside for education.
5. Shareholders of the company were to be 10.5% dividend
6. Christian missionaries were allowed to come to India and preach their religion.
Video Explanation
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