When was the first regulation of the East India Company introduced?
The Regulating Act of 1773 was the first but did not prove to be a success and subsequently in 1784 the British government passed Pitt’s India Act, which created the India Board to regulate the company’s governance of India. Following this the government intervened more frequently in Company affairs in a series of East India Company Acts .
What was the impact of the East India Company Act of 1832?
The only major change was that this Act empowered the East India Company to grant licenses to both individuals and Company employees to trade in India, which paved the way for shipments of opium to China. Also, the Senior officials could not leave the country without permission.
What was the role of the East India Company in India?
The English East India Company was incorporated by royal charter on December 31, 1600 and went on to act as a part-trade organization, part-nation-state and reap vast profits from overseas trade with India, China, Persia and Indonesia for more than two centuries.
What was the India Act of 1784?
In 1784, the British Parliament passed Prime Minister William Pitt’s “India Act,” which formally included the British government in ruling over the East India Company’s land holdings in India. “When this act came into being, the Company ceased to be a very significant trade power or a significant governing power in India,” says Roy.
What was Pitt’s India Act of 1784?
The East India Company Act 1784 (Pitt’s India Act) had two key aspects: Relationship to the British government: the bill differentiated the East India Company’s political functions from its commercial activities. In political matters the East India Company was subordinated to the British government directly.
What was the 1793 Act of the East India Company?
As compared to the rest of the acts during East India Company Rule, the 1793 Act was not particularly controversial measure. The company’s charter was renewed for a further 20 years by this Act.