On 21 September 1668, the Royal Charter of 27 March 1668 led to the transfer of Bombay from Charles II to the British East India Company for an annual rent of £10 (equivalent retail price index of £1,226 in 2007). The islands were handed over to the Company on 23 September 1668. Upon the transfer, Bombay was made subordinate to the Company's settlement in Surat. During 1668–87, the Governors of Bombay, who were also presidents of Surat Council, spent most of their time in Surat. During this time, Bombay was administered by a Deputy Governor.