(Last Updated on : 08/04/2009)
The Charter Acts issued to the East India Company endowed it with s enormous Commercial privileges and later on endowed them with the powers to rule India up to 1858. The Charter Acts opened the opportunity of the free overseas trades and at the same time it was a source of income for the Crown. To make the overseas business attractive to investors, the Crown granted monopoly rights to the British overseas maritime companies. The monopoly charter to a company meant that trading rights in its chartered territories were denied to other British private traders. The Charter Acts issued enabled the East India Company, commercial privileges in several series, for twenty years each. The first Charter Act was granted in 1793, granting the company provision of 20 years. Later the Charter Act was renewed in the year 1813, 1833 and 1853 respectively.
The Charter Acts of 1793
- In the charter Acts of 1793, the company commercial privileges were extended for a period of twenty years. The significant features of the Charter Act of 1793 was that s bys this act special emphasis was given on the presidencies of Bombay, Madras.
The Charter Act of 1813
-The Charter Act of 1813 renewed the tenures of the commercial privileges of the Company. Moreover the Charter of 1813, envisaged that`s the Company should function as the commercial body wholly. Its political function was limited considerably.
The Charter Act of 1833
- The Charter Act of 1833, granted a lease to the Company for further twenty years. The Act introduced centralization in the legislative ands administrative function and provided the abolition of slavery, thereby brought several changes in the Constitutions of India.
The Charter Act of 1853
- The Charter Act of 1853 renewed the powers of the company but did not mention the specific time period. The Act allowed the company to retain the possession of the Indians territories in trust of Her Majesty. The Charter Acts of 1853 provided for thorough revisions of the existing legislative procedure.