The Regulating Act, 1773

Vishesh Nagda

doi:10.36948/ijfmr.2024.v06i01.13645

The Regulating Act, 1773

Author(s)	Vishesh Nagda
Country	India
Abstract	The legislative branch of the British government passed a law called the Regulating Act in order to manage and supervise the operations of the East India Company's various businesses. Because the primary purpose of passing the act was to govern the activities of the firm, it was once designated as East India Company Act, 1773.1 The adoption of the regulatory act of 1773 was done for several important reasons, the most important of which were to control the mismanagement that existed in the regions of Bengal and to solve the problem of parallel systems. 2 By 1773, the East India Company had already been experiencing significant financial difficulties for some time. The fact that this organisation represented a monopoly trade enterprise in India and that many influential people were stockholders contributed to the significance of the organisation for the British Raj. 3 The Company spent £40,000 every year to maintain the monopoly; however, it has been unable to pay its obligations since 1768, which has led to a drop in the amount of tea that is shipped to the United States. Almost 85 percent of all tea that was ever drank in the U. S. was obtained through illegal importation of Dutch teas. The East India Company owed money to both the Bank of England and the government of England. The government owned 7 million kg of tea that was rotting in British storage, and more tea was on its way from India. This Tea Act of 1773, along with the Regulating Act of 1773, had the primary objective of reducing the significant amount of tea that was being stored in London, the majority of which belonged to the financially struggling British East India Corporation, with the intention of assisting the financially struggling corporation in surviving.
Keywords	Regulating act, merits, demerits.
Field	Sociology > Archaeology / History
Published In	Volume 6, Issue 1, January-February 2024
Published On	2024-02-19
Cite This	The Regulating Act, 1773 - Vishesh Nagda - IJFMR Volume 6, Issue 1, January-February 2024. DOI 10.36948/ijfmr.2024.v06i01.13645
DOI	https://doi.org/10.36948/ijfmr.2024.v06i01.13645
Short DOI	https://doi.org/gtjtxp

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The Regulating Act, 1773

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