Official Answer Key & Detailed Solution
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Correct Answer: Option (A) — 1 and 2 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is correct: The Charter Act of 1813 abolished the commercial monopoly of the East India Company in India, opening Indian trade to all British merchants, while preserving the Company's monopoly over tea trade and trade with China. Statement 2 is correct: The Act explicitly asserted the sovereignty of the British Crown over the Indian territories acquired by the Company. Statement 3 is incorrect: The revenues of India were regulated by the Company under parliamentary oversight (which began with earlier acts like Pitt's India Act 1784), but direct parliamentary control over Indian revenues was established after 1858, not 1813.
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