Consider the following statements about ‘the Charter Act of 1813’: I. It ended the trade monopoly of the East India Company in India except for trade in tea and trade with China. II. It asserted the sovereignty of the British Crown over the Indian territories held by the Company III. The revenues of India were now controlled by the British Parliament. Which of the statements given above are correct?

Statements I and II are correct, so the answer is A. The Charter Act of 1813 ended the Company's exclusive trade monopoly with India, but it kept the monopoly on trade in tea and the China trade. So statement I is correct.

Statement II is also correct. The Act affirmed that the Company's Indian territories were held in trust for the British Crown, asserting Crown sovereignty over them.

Statement III is wrong. The 1813 Act did not give Parliament control over Indian revenues. It only required that surplus revenues be applied to Indian purposes, and the Company still managed the finances. Parliamentary control over Indian finances came much later, with the Government of India Act 1858, after the Revolt, when the Crown took over from the Company.

• Options B and D fail because they include statement III.
• Option C fails because it leaves out statement II.

Core concept: the steady erosion of Company power through successive Charter Acts (1813, 1833, 1853, 1858), each moving India toward direct Crown and parliamentary control. Mains angle: how these Acts linked British economic interests with Indian resource drain.

Trap: aspirants assume the 1813 Act ended all Company trade privileges, forgetting the tea and China exceptions, or confuse revenue control with the 1858 transfer.