Write a Short Note On Regulating Act Of 1773 ? Important Provisions Of Act
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Write a Short Note On Regulating Act Of 1773 ?
The Regulating Act of 1773 (Background) – Write a Short Note On Regulating Act Of 1773 ?
- The Regulating Act of 1773 opened a new chapter in the constitutional history of the Company.
- Previously, the Home government in England consisted of the Court of Directors and the Court of Proprietors.
- The Court of Directors were elected annually and practically managed the affairs of the Company
- In India, each of the three presidencies was independent and responsible only to the Home Government.
- The government of the presidency was conducted by a Governor and a Council
- The following conditions invited the Parliamentary intervention in the Company’s affairs.
- The English East India Company became a territorial power when it acquired a wide dominion in India and also the Diwani rights.
- The disastrous famine which broke out in Bengal in 1770 affected the agriculturists. As a result, the revenue collection was poor
- In short, the Company was on the brink of bankruptcy. In 1773, the Company approached the British government for an immediate loan.
- Under these circumstances that the Parliament of England resolved to regulate the affairs of the Company.
- Lord North, the Prime Minister of England, appointed a select committee to inquire into the affairs of the Company.
- The report submitted by the Committee paved the way for the enactment of the Regulating Act.
Provisions of the Act -Write a Short Note On Regulating Act Of 1773 ?
- The term of office of the members of the Court of Directors was extended from one year to four years. One-fourth of them were to retire every year and the retiring Directors were not eligible for re-election.
- The Governor of Bengal was styled the Governor-General of Fort William whose tenure of office was for a period of five years.
- The Governor-General in Council was made supreme over the other Presidencies in matters of war and peace
- Provision was made in the Act for the establishment of a Supreme Court at Calcutta consisting of a Chief Justice and three junior judges. It was to be independent of the Governor-general in Council.
- In 1774, the Supreme Court was established by a Royal Charter
- This Act prevented the servants of the Company including the Governor-General, members of his council and the judges of the Supreme Court from receiving directly or indirectly any gifts in kind or cash.
- The significance of the Regulating Act is that it brought the affairs of the Company under the control of the Parliament.
- The greatest merit of this Act is that it put an end to the arbitrary rule of the Company
- Provided a framework for all future enactments relating to the governing of India.
- The main defect of the Act was that the Governor-General was made powerless
- Because the council which was given supreme power often created deadlocks by over-ruling his decision
- However, many of these defects were rectified by the Pitt’s India Act of 1784.