Consider the following statements about ‘the Charter Act of 1813’: 1. It ended the trade monopoly of the East India Company in India except for trade in tea and trade with China. 2. It asserted the sovereignty of the British Crown over the Indian territories held by the Company. 3. The revenues of India were now controlled by the British Parliament. Which of the statements given above are correct?
Explanation
Statement 1 is Correct: The Charter Act of 1813 abolished the trade monopoly of the East India Company in India, opening Indian trade to all British merchants. However, the Company's monopoly over trade in tea and trade with China was continued for another 20 years.
Statement 2 is Correct: The Act explicitly asserted the sovereignty of the British Crown over the Indian territories held by the Company, marking a significant step in defining the constitutional position of British possessions in India.
Statement 3 is Incorrect: While the Act of 1813 required the Company to maintain separate accounts for commercial and territorial revenues, the direct control of Indian revenues by the British Parliament was only established through the Government of India Act 1858, following the end of the Company's rule.