History · Ancient Indian Economy - Guilds (Shrenis)
Consider the following statements regarding guilds (Shrenis) in ancient India: Statement I: Guilds functioned only as associations of traders and artisans engaged in economic activities and did not exercise any social, administrative or judicial authority. Statement II: Guilds often operated as organised corporate bodies that maintained their own seals, occasionally issued coins, and contributed to religious and charitable institutions such as temples. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement I and Statement II are correct and Statement II explains Statement I.
- 2Both Statement I and Statement II are correct but Statement II does not explain Statement I.
- 3Statement I is correct but Statement II is incorrect.
- 4Statement I is incorrect but Statement II is correct.✓
Correct answer
Statement I is incorrect but Statement II is correct.
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