Choose the given statement is true/false:

The state of Awadh depended on local bankers and mahajans for loans.

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Detailed Solution

The above statement is true.
Burhan-ul-Mulk aimed to reduce Mughal dominance in the Awadh region by reducing the number of office holders (jagirdars) nominated by the Mughals. The state of Awadh relied on the Mahajans and local bankers for loans. In addition, it provided the ability to collect taxes from the highest bidder. These so-called "revenue farmers" (ijaradars) agreed to pay the state a certain amount of money. Local bankers guaranteed the payment of this agreed-upon sum to the state. Tax assessment and collection were delegated to revenue farmers with broad discretion. These innovations enabled previously unheard-of social groups, such as bankers and moneylenders, to exert power over the management of the state's financial system.

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