With reference to the guilds (Shreni) of ancient India that played a very important role in the country’s economy, which of the following statements is /are correct? 1. Every guild was registered with the central authority of the State and the king was the chief administrative authority on them. 2. The wages, rules of work, standards and prices were fixed by the guild. 3. The guild had judicial powers over its own members. Select the correct answer using the codes given below:

QUESTION

Hard

Ancient History

Prelims 2012

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

Every guild was registered with the central authority of the State and the king was the chief administrative authority on them.
The wages, rules of work, standards and prices were fixed by the guild.
The guild had judicial powers over its own members.

Select the correct answer using the codes given below:

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Explanation

While guilds were indeed important economic entities in ancient India, they were not necessarily registered with the central authority of the state, nor was the king the chief administrative authority over them. Guilds operated largely autonomously and were governed by their own rules and regulations, although they often interacted with local authorities for various purposes. Hence, statement 1 is incorrect.

Guilds played a significant role in regulating various aspects of economic activities, including setting wages, standards, and prices for goods and services produced by their members. They helped maintain quality control and standardized practices within their respective trades. Hence, statement 2 is correct.

Guilds might have had some internal mechanisms for resolving disputes among their members, possibly involving arbitration or mediation. Thus, statement 3 is also correct.

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