JAGAT SETH (WORLD BANKER).pptx

An appreciation of the ancient traders and Indigenous Bankers commercial merchants of Bengal and India before British colonization. The Marwadi Jain Family from Nagaur came to Murshidabad and became the Banker to Alvardi Khan of Bengal Nawabs. Fateh Chand Seth conspires against Siraj ud-dhaula of Bengal and supports the British army to dethrone the nawab of Bengal for his business prospects.

1. The Conspiracy of Jagat Seth against Siraj ud-Daulah the NAWAB of BENGAL PROFESSOR & LAWYER PUTTU GURU PRASAD of VIVA-VVIT

2. Professor & Lawyer   Puttu Guru Prasad B.Com., M.Com., M.Phil., M.B.A., PGDFTM., AP.SET., M.Phil., DRMS., L.L.B., ICFAI TMF., DIRM., L.L.M., Pre PhD (PhD)from JNTUK.,  Topper Domain Topper & 30 th Batch Topper at ICFAI -2009 Training for Management Faculty “Diploma in Psychology from YALE University” MHRDI’s 'Institution's Innovation Council (IICs)Ambassador NSS Certified Program Officer, (A.U) LL.B Degree Gold Medallist from ANU-2005 ICFAI UNIVERSITY Trained Senior MBA Faculty Eminent Faculty for Accounts, Business Studies, Economics, Head, Board of Administration & Management Science, BHAGAVAD GITA & CLAT & IPMAT Program Coordinator,  Commerce Department, VIVA-VVIT, Nambur,  My Blog:  puttuguru.blogspot.in  My Web Site:  https://gurublogs.wixsite.com/guru 93 94 96 98 98 ,  9885 96 36 36, 807 444 9539,

3. The Jagat Seth family was a wealthy merchant, banker, and money lender family from Murshidabad in Bengal during the time of the Nawabs of Bengal.

4. The house was founded by Jain Hiranand Shah from Nagaur, Rajasthan, who came to Patna in 1652. In 1707, Manikchand helped Prince Farrukhsiyar financially to become the Mughal Emperor.

5. In award, Farrukhsiyar conferred the title of Jagat Seth on Manik Chand, the head of the family, meaning "banker or merchant of the world". This indicates the favor the family had gained at the Mughal court.

6. Roben Orme, the official historian of the British East India Company described Jagat Seth as the greatest banker and money changer known in the world at that time.

7. The historian Ghulam Hussain Khan believed that "their wealth was such that there is no mentioning it without seeming to exaggerate and to deal in extravagant fables".

8. They built up their business towards the last quarter of the 17th century and by the 18th century, it was perhaps the largest banking house in the country. In the 1750s, their entire wealth was estimated to be 14 crores. Jagat Seth was extremely influential in financial matters in Bengal and had a monopoly on minting coins there.

9. The Nawabs of Bengal such as Murshid Quli Khan used the credit networks of the Jagat Seth family to pay annual tribute to the Mughal Emperors in Delhi. Alivardi Khan came to the throne of Bengal in a military coup financed and planned by the Jagat Seths.

10. According to William Dalrymple, they could "make or break anyone in Bengal, including the ruler, and their political instincts were sharp as their financial ones".

11. Once a local businessman named Kantu borrowed money from Jagat Seth Fateh Chand and was interested in the purchase of silk. However, he failed to return the money. Indian businessmen refused to deal with the East India Company unless Kantu returned the money to Fateh Chand. This shows the great respect the local businessmen had for the Jagat Seths.

12. Fateh Chand suffered a great loss in Delhi during Nader Shah's sack of the city in 1740, but he was able to continue his business. He died on 2 December 1744. The Jagat Seths were the most prominent moneylenders to the East India Company .

13. Siraj ud-Daulah, the new Nawab of Bengal, alienated figures important to the interest of his state- including Jagat Seth.The Nawab demanded a lavish tribute of 30 million rupees from the banker. Of course, Jagat Seth refused, and a result, Siraj ud-Daulah hit him.

14. The Jagat Seth was a co-conspirator of Robert Clive against Siraj ud-Daulah, along with other alienated figures, among them prominent being- Mir Jafar, Krishna Chandra Roy, Omichund, Ray Durlabh & other leading men. The Jagat Seth and other wealthy bankers funded the British for the conspiracy.

15. Any members of the conspiracy group had no intention to found British rule in India, instead, they were just concerned about their political futures.

16. The decline of JAGAT SETH Wealth and Political Influence After the Battle of Plassey, Mir Qasim became the new Nawab. He organized the killing of several members of the family including Jagat Seth Mehtab Chand and his cousin Swarup Chand, in 1763, and threw their bodies off the ramparts off Munger Fort. Mahtab Chand's son, Kushal Chand, was granted the title of Jagat Seth, but with the transfer of the treasury and mint to Kolkata by the British, the need for a private banker at Murshidabad was vastly diminished. Kushal Chand was only 18 years old when he became Seth. He lacked his father Mehtab Chand's political shrewdness and was a spendthrift. Thus, the fortunes of the Jagat Seth began declining. Govind Chand, the next Seth, died in 1864 succeeded by Gopal Chand and Gulab Chand respectively. By then, the fortunes of the family had declined by a considerable amount.

17. The decline of JAGAT SETH Wealth and Political Influence Museum The house of the Jagat Seths, complete with a secret tunnel as well as an underground chamber, where illegal trade plans were hatched, has been converted into a museum. House of Jagat Seth Museum was established in 1980. It is privately managed. It contains personal possessions of the Jagat Seth family including coins of the bygone era, muslin, and other extravagant clothes, and Banarasi sarees embroidered with gold and silver threads. According to the Archaeological Survey of India the house, temple, and ruins associated with the memory of Jagat Seth's house at Mahimapur are State Protected Monuments.