The Regulating Act of 1773 is of great importance because It gave the East India Company diwani righ...........

Indian Polity Evolution of Constitution

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The Regulating Act of 1773 is of great importance because

It gave the East India Company diwani rights over British Indian territory.
It was the first step taken by the British Government to control and regulate the affairs of the East India Company in India.

Which of the above is/are correct?

1 only

2 only

Both 1 and 2

None

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Explanation:

Statement 1 : Incorrect: In 1765, the East India Company, which till then had purely trading functions obtained the ‘diwani’ (i.e., rights over revenue and civil justice) of Bengal, Bihar and Orissa.

Statement 2: Correct :The act was of great constitutional importance as it was the first step taken by the British Government to control and regulate the affairs of the East India Company in India; this was later supplemented by other acts such as Pitts India Act. It recognised, for the first time, the political and administrative functions of the Company; and it laid the foundations of central administration in India.