Purpose:
The Act continued the Company's Rule over India
The Various provisions of the Act are as follows:
The Act continued the Company's Trade Monopoly in India for another twenty years.
The Act also established that the political functions performed by the Company were in behalf of the Crown.
The Act allowed the Company's dividends to be raised to ten percent.
The Governor General was granted more power and he could now override the decisions of the Council.
The Governor General was also given authority over the Governors of Madras and Bombay.
Whenever the Governor General would visit Madras or Bombay he had the powers to supersede the respective Governors.
In the absence of the Governor General from Bengal he could appoint a Vice President from amongst the civilian members of his council.
The composition of the Board of Control was changed. It was now constituted of a president and also two junior members who were not necessarily from within the Privy Council.
The salaries of the staff and the Board of Control were now charged to the Company.
After meeting all its own expenses the Company was bound to pay Rs. Five lakhs annually to the British Government.
Senior Company Officials were Barred from leaving India without prior permission. In the event of such a leave it would be considered that the official had resigned.
The Company was granted the authority to issue licenses to Individuals and Company Officials to trade in India. This was known as 'Privilege' or 'Country Trade'. This was followed by shipments of Opium to China.
The Act separated revenue administration and judicial functions of the Company. This led to the formation of Maal Adalats or Revenue Courts.
This Act provided that the entire burden of expenses of the Board of Control and their Staff should be on Indian revenues.
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