History • Ancient IndiaHard
Consider the following statements regarding the economic organization and trade guilds (Shrenis) in ancient India: 1. Shrenis possessed judicial powers to settle disputes among their members and enforce internal trade regulations. 2. These guilds functioned as autonomous financial institutions that accepted public deposits and extended loans at stipulated interest rates. 3. Epigraphic evidence from western Indian cave inscriptions indicates that shrenis were prohibited from holding landed property or endowing religious institutions. Which of the statements given above are correct?
A. 1 and 2 only✓ Correct Answer
B. 2 and 3 only
C. 1 and 3 only
D. 1, 2 and 3
💡 Solution & Explanation
Statements 1 and 2 are correct. Trade guilds or Shrenis operated as powerful autonomous bodies with their own legal codes, judicial authority over members, and banking functions such as receiving permanent endowments and issuing loans. Statement 3 is incorrect because epigraphic records, such as the Nasik and Junnar cave inscriptions, explicitly show that shrenis frequently held real estate, managed endowments, and made substantial donations to Buddhist and Brahmanical institutions.
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