Smart Notes on Modern Indian History Pdf Download
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Today we are sharing smart notes on Indian Modern History (English). These notes are very important to many exams like SSC CGL, CHSL, Indian Railways RRB NTPC (Non Technical), IBPS, LIC, SIDBI, Delhi Police etc.
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The Regulating Act of 1773 (Background)
- 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.