Question

Monopoly of the British East India company over Indian trade was abolished by the charter act of __________.
a. 1853
b. 1833
c. 1813
d. 1861

Answer 1

Hint: Here we will read about those various Charters that were sent to India by the Crown of the United Kingdom. Along with this, we will also see what were the provisions that were enlisted in the charters. Charters were renewed every twenty years.

Complete answer:
Let's discuss more the same. When the British East India Company entered the territory of India that is in sixteen hundred, it was amazed by the wealth of India. Although they came to India merely for trading purposes who knew that later on we will be ruled by the traders themselves for almost two centuries. In 1600, Queen Elizabeth granted the charter to the governor which basically granted the company to directly trade with the countries of east.
Since the charters used to get renewed every 20 years, therefore, we find that a total of 4 charters were granted to the company. Over the years, the British East India Company established its hegemony over everything and anything whether it was revenue collecting rights (Diwani), fortification rights (St. George and St. William), agricultural rights, etc. But because the company and its generals were doing private trade individually without sharing any percentage of profit with the British crown, the crown was compelled to put the company in control for which it initially passed the regulating act of 1773 which is known more popularly as the Pitt’s India Act. This act regulated the working of the East India Company for the first time. After all this also, the British crown was still in suspicion of the company. Therefore, when it revised the charter act of 1793, it deprived the company of having a commercial monopoly in trade except for tea trade and trade with China which was a shock for the company.
Finally, the British crown took the ultimate step to end the company’s monopoly in trade and turned the company into an administrative body. This was done by the Charter act of 1833. This charter act completely vanished the hegemony of the company from trade including tea and opium and now it completely adopted the free trade policy. And this decision basically was the consequence of the 1857 mutiny.
So, the correct answer is Option C.

Note: After the charter of 1833, the company took over the administration of India, and several governors-general were appointed to look into the same. It's interesting to know that every charter act mentioned the continuation of British rule in India but the last charter act did not mention so which basically represents the uncertainty of the British crown. Britishers, to establish themselves in India, fought a lot of wars with local kings plus foreign powers like French, Dutch, Danes, Portuguese.