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

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YESPYQ · Accepted Answer

Correct answer: 2 and 3 only. As mentioned in Arthshastra, Guilds, also known as Shrenis or Trade Guilds, played a significant role in ancient Indian society. These organizations brought together artisans, merchants, and traders to promote their collective interests, provide protection, and facilitate trade. Statement 1 is incorrect: The king or local rulers protected guilds and ensured compliance with state regulations, but guilds operated autonomously and were not always formally registered with the central authority. Statement 2 is correct: Guilds had significant control over the economic activities of their members. They were responsible for regulating various aspects of production, trade, and commerce, which included setting wages, standards of workmanship, prices for goods, and rules of operation. Statement 3 is correct: Guild members were entitled to impeach and punish a chief found guilty of misconduct. The Arthashastra describes the role of guilds in resolving disputes through a Shreni court, where matters related to trade, contracts, and disagreements were handled by the gu

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