Government of India Act 1858 Government of India Act 1858 The Government of India Act 1858 was an Act of the Parliament of the United Kingdom (21 & 22 Vict. c. 106) passed on August 2, 1858. Its provisions called for the liquidation of the British East India Company (who had up to this point been ruling British India under the auspices of Parliament) and the transference of its functions to the British Crown. Lord Palmerston, then-Prime Minister of the United Kingdom, introduced a bill for the transfer of control of the Government of India from the East India Company to the Crown, referring to
Commercial Bank of India Commercial Bank of India The Commercial Bank of India, also known as Exchange Bank was a bank which was established in Bombay Presidency (now Mumbai), in 1845 of the British Raj period. The bank failed in the crash of 1866, after successfully operating for 20 years. The bank had eight branches, exclusive of the head office at Bombay, viz: London, Calcutta, Hong Kong, Foochow, Shanghai, Hankow, Yokohama and Singapore, with an agency for the purchase of bullion at San Francisco. Commercial Bank of India then was winded up as directed by the Master of the Rolls, under the corresponding section