The Charter Act of 1793 (jan 1, 1793 – dec 31, 1793)

Description:

- Extension of overriding powers given to Lord Cornwallis to all the future GG. Further gave more powers to the GG of Bengal to control Madras and Bombay presidencies
- Renewal of the Company's commercial privileges by 20 years
- Provided that the commander-in-chief was not to be member of the GG's council unless he was appointed so
- Economic Drain started --> company after paying necessary expenses, interest, dividends, and salaries will pay 5 lakh pounds to the British Government
- Royal Approval made necessary for GG, Commander-in-Chief, and the Governors
- Control on Private Trading --> Senior officials were debarred from leaving India w/o permission --> Doing so is considered a resignation
- Licences known as 'privileges' or 'country trade' --> The company was empowered to give licenses to individuals and company officials --> further enhancing the trading privileges
- Disappearance of Maal Adalat --> Revenue Administration separation from Judiciary Functions
- Payment of Home Government members via India revenues --> continued up until 1919