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| Credit:- gkrankers.com |
The Regulating Act of 1773 was a British parliamentary act that sought to regulate the affairs of the British East India Company (EIC) in India. The act was introduced in response to concerns about the mismanagement and corruption within the EIC, as well as the company's increasing political and economic power in India.
The key provisions of the Regulating Act of 1773 included:
1. Establishment of a Governor-General of Bengal: The act established the office of Governor-General of Bengal and empowered him to oversee the affairs of all British territories in India. Warren Hastings was appointed as the first Governor-General.
2. Creation of an Executive Council: The act created an Executive Council consisting of four members, including the Governor-General. The council was responsible for making decisions on matters such as war, peace, and alliances.
3. Supervision by the British government: The act required the EIC to submit regular reports to the British government and to obtain approval for major decisions. It also established a Board of Control to oversee the company's affairs in India.
4. Prohibition on private trade: The act prohibited company officials from engaging in private trade and required them to disclose their private financial interests.
The Regulating Act of 1773 was a significant step towards the British government's control over the affairs of the EIC in India. However, it did not fully address the problems of corruption and mismanagement within the company, and further reforms were introduced in subsequent years.
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