Official Answer Key & Detailed Solution
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Correct Answer: Option (B) — 2 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is incorrect: The commercial trade monopoly of the East India Company over Indian trade was abolished by the Charter Act of 1813 (except for tea trade and trade with China, which were completely abolished by the Charter Act of 1833), not the Charter Act of 1853. Statement 2 is correct: The Government of India Act, 1858 ended Company rule following the Revolt of 1857 and transferred all powers of government, territories, and revenues directly to the British Crown.
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