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In which year was the monopoly of British East India Company on trade with India broken by a legislation?
1. 1813
2. 1807
3. 1858
4. 1825

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Correct Answer - Option 1 : 1813

The correct answer is 1813.

  • The Charter act of 1813 also known as the East India Company Act 1813 ended the Monopoly of East India Company with India.

  • The company's trade with China continued and trade of tea with India remained as it is. 
  • This law stated that the company's rule will be extended for 20 more years but ended trade Monopoly would except for the trade-in tea.
  • It allowed the local government to take tax from the people and the company dividend was fixed at 10.5%.
  • This gave Indian courts more power than the European ones. 

  • Provision of Charter Act 1813:
    • This Act asserted the Crown’s sovereignty over the British domination in India.
    • The company’s rule was extended to another 20 years. Their trade monopoly was ended except for the trade-in tea, opium, and China.
    • It empowered the local governments to tax people subject to the jurisdiction of the Supreme Court.
    • The company’s dividend was fixed at 10.5%.
    • The Act gave more powers for the courts in India over European British subjects.
    • Another important feature of this act was to grant permission to the missionaries to come to India and engage in religious proselytization.
    • The missionaries were successful in getting the appointment of a Bishop for British India with his headquarters at Calcutta in the provisions of the Act.
    • The act provided for a financial grant towards the revival of Indian literature and the promotion of science.
    • The company was also to take up a greater role in the education of the Indians under them.
    • It was to set aside Rs.1 Lakh for this purpose.

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