1. What were the main aims of Regulating Act?
Answers
Answer:
The Regulating Act of 1773 (formally, the East India Company Act 1772) was an Act of the Parliament of Great Britain intended to overhaul the management of the East India Company's rule in India. ... It marked the first step towards parliamentary control over the Company and centralised administration in India.
Explanation:
1. The Act limited Company dividends to 6% until it repaid a £1.5m loan (passed by an accompanying act, 13 Geo. 3 c. 64) and restricted the Court of Directors to four-year terms.[3]
2. First step taken by the British government to regulate and control the company's affairs in India.
3. It prohibited the servants of company from engaging in any private trade or accepting presents or bribes from the "natives".
4. The Act elevated Governor of Bengal, Warren Hastings to Governor-General of Bengal and subsumed the presidencies of Madras and Bombay under Bengal's control.[3] It laid the foundations for a centralized administration in India. Governor of Bengal became the Governor General of Bengal with an executive council of four to assist him. Decisions would be taken by majority and Governor General could only vote in case of tie.
4. The Act named four additional men to serve with the Governor-General on the Supreme Council of Bengal: Lt-Gen John Clavering, George Monson, Richard Barwell, and Philip Francis.[3]
A supreme court was established at Fort William at Calcutta. British judges were to be sent to India to administer the British legal system that was used there.