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:

Question

With reference to the guilds (Shreni) of ancient India that played a very important role in the country&rsquo;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:

Accepted Answer

2 and 3 only

Explanation: ❌ Statement 1 – Incorrect: Guilds (Shrenis) were autonomous bodies headed by a chief (Jetthaka/Pramukha), not registered with central authority or directly administered by the king.✅ Statement 2 – Correct: Guilds fixed wages, work rules, quality standards, and prices to regulate their respective trades and maintain market stability.✅ Statement 3 – Correct: Guilds possessed judicial powers over members, settling disputes according to Shreni-dharma (customary guild laws) recognized by the state.

Detailed Explanation:

Question 1 of 1 Guild System

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