Need for the Act:
To Continue the Term of the East India Company
It was later replaced by the Government of India Act 1915
What led to its enactment:
Due to Napoleon's ban on the import of British goods to French allies, the British traders were suffering.
To remedy this the British Traders demanded to be given share in British trade in Asia and end the Monopoly of the East India Company.
Obviously the Company objected to this demand.
But finally under severe pressure the British merchants were allowed to trade in India under strict licensing system provided under the Charter Act of 1813.
The Company was however allowed to retain monopoly in trade in Tea and China.
The Various Provisions of the Act were as Follows:
The Act asserted the Crown's sovereignty over British possessions in India.
The Company's rule was extended to another ten years and their monopoly ended except in tea, opium and China.
It empowered local government to tax the people subject however to the jurisdiction of the Supreme Court.
The Company's dividend was fixed at 10.5 percent.
The Act gave more power to courts in India over British subjects.
The Act granted permission to Missionaries to come to India. The missionaries also managed to get an appointment for a Bishop for British India with their Headquarters at Calcutta.
The Act provided for financial grant for revival of Indian literature and promotion of Science.
Rupees One Lakh was to be set aside for the education of Indians by the Company.
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