UPSC CSE Prelims 2019
Statement 1 is correct. The Charter Act of 1813 terminated the East India Company's trade monopoly in India. However, it explicitly retained the Company's monopoly over the tea trade and its trade with China. This provision allowed other British merchants to trade in India, marking a significant shift in the Company's commercial status.
Statement 2 is correct. The Act explicitly asserted the sovereignty of the British Crown over the Indian territories held by the East India Company. This legislative declaration clarified that the Company's territorial possessions were ultimately under the dominion of the British state, reinforcing the Crown's authority.
Statement 3 is incorrect. The Charter Act of 1813 did not transfer the direct control of Indian revenues to the British Parliament. The East India Company continued to administer the revenues from its Indian territories for another two decades. Direct parliamentary control over Indian revenues was not established by this Act; the Company maintained its financial administration until further legislative changes.