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? 1. Every guild was registered with the central authority of the State and the king was the chief administrative authority on them. 2. The wages, rules of work, standards and prices were fixed by the guild. 3. The guild had judicial powers over its own members. Select the correct answer using the codes given below:

In ancient India, guilds (Shreni) were highly autonomous corporate bodies. While the Arthashastra suggests they were registered in their local areas, they were not under the direct administrative control of the king. Instead, the king was expected to respect and uphold the internal laws of the guilds rather than interfere with them [2]. Statement 1 is therefore incorrect as the king was not the chief administrative authority. Statement 2 is correct because guilds had the power to fix wages, rules of work, standards, and prices for their respective trades [2]. Statement 3 is also correct; guilds possessed judicial powers over their members, allowing them to settle internal disputes and punish or expel members who violated regulations [2]. These decisions were generally recognized and supported by the state [2].

Sources

1. [2] Exploring Society:India and Beyond ,Social Science-Class VII . NCERT(Revised ed 2025) > Chapter 5: The Rise of Empires > Trade , trade routes and guilds > p. 93
2. [1] History , class XI (Tamilnadu state board 2024 ed.) > Chapter 7: The Guptas > Trade and Commerce > p. 97