Video narration
When Parliament renewed the East India Company's charter, what changed? Think of a school club getting permission renewed: it carries on, but under changed rules. The Charter Act of 1813 renewed the charter for twenty years-not business as usual. The Company lost its monopoly on trade with India: other British merchants could now trade there, rather than leaving that trade to the Company alone. But the opening had limits. The Company kept tea-and-China trade to itself, and kept political control in India. Trade rights and governing power were not the same thing. The Act also allowed Christian missionaries to work in India and set aside one lakh rupees each year for education. That did not mean a broad school system appeared overnight. So renewal opened trade with India to other British merchants, but the Company still governed and kept its tea-and-China monopoly.