Under the Charter Act of 1833 in British India, the East India Company’s monopoly on trade with which of the following countries was abolished?
Correct Answer :
China
Solution :
The correct option is China.
Step-by-Step Explanation:
1. Context of the Charter Act of 1833:
The Charter Act of 1833 was passed by the British Parliament to renew the charter of the East India Company. This act marked a significant step toward administrative centralization and economic liberalization in British India.
2. Abolition of Trade Monopoly:
Earlier, under the Charter Act of 1813, the East India Company's monopoly over Indian trade was ended, but it retained two exclusive trade monopolies: trade in tea and trade with China.
The Charter Act of 1833 completely ended these remaining monopolies, including the Company's exclusive monopoly on trade with China as well as the tea trade.
3. Transformation of the East India Company:
With the passage of the 1833 Act, the East India Company ceased to be a commercial entity and became a purely administrative body under the British Crown.
Therefore, under the Charter Act of 1833, the East India Company’s monopoly on trade with China was abolished.
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