Question

Read the source and answer the questions:

The Nāśhik cave inscription (2nd century CE) of Uṣhavadāta records: “Uṣhavadāta, son of Dinika, son-in-law of king Nahapāna … has bestowed this cave on the Saṁgha generally; he has also given a perpetual endowment, three thousand - 3000 kāhāpaṇas, which, for the members of the Saṁgha of any sect, and any origin dwelling in this cave, will serve as cloth money and money for outside life (kuśhaṇa); and those kāhāpaṇas have been invested in guild dwelling at Govadhana - 2000 in a weavers’ guild, interest one pratika (monthly) for the hundred, (and) 1000 in another weaver’s guild, interest three quarters of a paḍika (monthly) for the hundred.”

1. What does this source tell us about the economic role of guilds?
2. Why were guilds trusted with money deposits? 
3. Identify the donor and the donees from the given source.

Answer 1

1. Guilds played an important economic role. They accepted deposits, invested money in business, and paid interest. The inscription shows that weavers’ guilds managed large sums of money, indicating their importance in trade, finance, and economic activities.
2. Guilds were trusted because they were organised groups of skilled people who carried out business together. They had experience in managing money and trade. Their collective responsibility and established reputation made them reliable institutions for safely investing deposits and paying interest.
3. The donor is Ushavadata, the son of Dinika and son-in-law of King Nahapana. The donees are the members of the Buddhist Sangha (monks) of any sect and origin dwelling in the Nashik cave