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How did the Charter Act of 1813 change the East India Company’s trade monopoly?
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India
The Indian flag is also called the tricolor. The top band is saffron in color (signifying courage), the middle band is white (signifying peace and truth), and the bottom band is green (signifying fertility and growth). The wheel in the middle depicts the wheel of the law in the lion capital in Sarnath that Mauryan emperor Ashoka created.
The Charter Act of 1813 significantly altered the status of the East India Company by ending its long-standing monopoly on trade with India. While the company had previously operated as a monopolistic trading body, this act forced it to open trade to other British merchants. Additionally, the act required the company to permit the entry of Christian missionaries into its territories, marking a shift in both commercial and social policy under increasing parliamentary oversight.12