Major features of Charter Act of 1813
The Charter Act of 1813 passed by the British Parliament renewed the charter of the East India Company for another 20 years, it is also known as the East India Company Act, 1813. This act for the first time defined the constitutional position of British Indian territories.
Features of Charter Act 1813
Abolition of Trade Monopoly: By this Act the monopoly of trade with India was abolished. Company could only retain its monopoly over tea trade and Chinese trading.
Dividend to the Shareholders: The Shareholders were given 10.5% dividend on revenue of India. of the British Crown over the Company’s Sovereignty of the Crown: It asserted the t asserted the sovereignty of the B territories in India.
Spread of Education: It provided for the spread of western education among the inhabitants of the British territories in India. Rupees One lakh was to be spent for the education of Indians every year.
Allowing Christian Missionaries: It allowed the Christian missionaries to come to India for the purpose of enlightening the people.
Maintaining of Different Transactions: Separate accounts for commercial transactions and territorial revenues to be maintained.
Regulations: The regulations of the councils of Bombay, Madras and Calcutta were now mandated to be put before British Parliament.
The Charter Act of 1813 incorporated such significant changes and was thus an important benchmark in the push towards westernization of India. Thus, apart from asserting the sovereignty of the British Crown over the East India Company, the Charter Act of 1813 laid the foundation of western education and culture.