4. In early time hundi called as.
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hundi was called a bill of exchange.
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Hundi/Hundee (Hindi: हुँडी, Bangla: হুন্ডি, Urdu: ہنڈی) is a financial instrument that developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money[disambiguation needed] from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the Hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order."
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