Hastings was entrusted with the power of peace and war. British judges and magistrates would also be sent to India to administer the legal system. The Governor General and the council would have complete legislative powers. The company was allowed to maintain its virtual monopoly over trade in exchange for the biennial sum and was obligated to export a minimum quantity of goods yearly to Britain. The costs of administration were to be met by the company. The Company initially welcomed these provisions, but the annual burden of the payment contributed to the steady decline of its finances.
Did EIC have a monopoly over the governement or trade in british india 
trade