With reference to the guilds of ancient India

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:

  1. 3 only
  2. 2 and 3 only
  3. 1 and 2 only
  4. 1, 2 and 3

Answer

Shreni was an association of traders, merchants, and artisans. Generally, a separate shreni existed for a particular group of persons engaged in the same vocation or activity.

The correct option is D.