INSIGHT UPSC QUIZ

GS History Modern India
Q.

With reference to the guilds (Shreni) of ancient India that played a very important role in the country's economy, which of the following statement(s) is/are correct?

1. The guild could act as a banker, financier and trustee.

2. The guilds did not involve themselves in foreign trade and restricted themselves to domestic trade only.

3. During Gupta age, guilds discharged administrative functions especially in towns.

Select the correct answer using the code given below.

Explanation:

1st statement is correct - The guilds could act as banker, financer and trustee as well. Generally these functions were carried out by different category of merchants known as Sreshthin in North India and Chettyars in South India.

2nd statement is incorrect - Many guilds operated at local as well as on larger country level. Certain guilds were also involved in foreign trade. 'Ayyavdle' a guild from South India operated at longer long distance trade. 'Manigramam', another guild composed of multiple nationalities under took foreign trade.

3rd statement is correct - The sealings from Vaishali show that artisans, merchants, and the head of the guild served on the same corporate body, and in this capacity they obviously conducted the affairs of the town. The administrative board of the district of Kotivarsha in north Bengal (Bangladesh) included the chief merchant, the chief trader, and the chief artisan. Their consent to land transactions was considered necessary. Artisans and bankers were organized into their own separate guilds.

Thus, Option C is Correct

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