why did the English east india company need money? why did the system of giving the revenue collection right to the highest bidder fail
Answers
Explanation:
Answer: The company needed money as: * to purchase goods and export them. ... This system of revenue collection was failed because many zamindars were unable to pay the revenue to the company.
Answer:
The company needed money as: * to purchase goods and export them. ... This system of revenue collection was failed because many zamindars were unable to pay the revenue to the company.
This introduced instability in the Company’s revenues at a time when the Company was hard pressed for money. Moreover, neither the ryot nor the zamindar would do anything to improve cultivation when they did not know what the next year’s assessment would be or who would be the next year’s revenue collector.
It was at this stage that the idea first emerged of fixing the land revenue at a permanent amount. Finally, after prolonged discussion and debate, the Permanent Settlement was introduced in Bengal and Bihar in 1793 by Lord Cornwallis. It had two special features. First, the zamindars and revenue collectors were converted into so many landlords.
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