The Indian Charter Acts enabled the East India Company to have exclusive rights of trade and commerce and subsequently to rule India.
Introduction[]
The Charter Acts issued to the East India Company endowed it with enormous commercial privileges and subsequently gave it the power to rule India up to 1858. The Charter Acts opened up the opportunity of free overseas trade and at the same time was a source of income for the British Crown. To make overseas businesses attractive to investors, the Crown granted monopoly rights to the British overseas maritime companies. The monopoly charter to a company meant that trading rights in its chartered territories were denied to other British private traders. The Charter Acts issued enabled the East India Company to have commercial privileges in several waves, for twenty years each. The first Charter Act was granted in 1793, giving the company a provision of 20 years. The Charter Act was renewed in the years 1813, 1833 and 1853.
Charter Acts of 1793[]
In the Charter Acts of 1793, the Company's commercial privileges were extended for a period of 20 years. The significant feature of the Charter Act of 1793 was the special emphasis given to the presidencies of Bombay and Madras.
Charter Act of 1813[]
The Charter Act of 1813 renewed the tenure of the commercial privileges of the Company. Moreover, the Charter of 1813 envisaged that the Company should function wholly as the commercial body. Its political function was limited considerably.
Charter Act of 1833[]
The Charter Act of 1833 granted a lease to the Company for a further 20 years. The Act introduced centralisation to its legislative and administrative functions and abolished slavery, thereby bringing several changes to the Constitution of India.
Charter Act of 1853[]
The Charter Act of 1853 renewed the powers of the Company but did not mention the specific time period. The Act allowed the Company to retain possession of Indian territories in trust for Her Majesty. The Charter Acts of 1853 provided for a thorough revision of existing legislative procedures.
References[]
- "Indian Charter Acts", History of India, IndiaNetzone:[http ://www.indianetzone.com/24/the_indian_charter_acts.htm].
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Acknowledgements[]
This article was written by Roy Tan.