A bill of exchange which allowed merchants to engage in long distance trade during pre-colonial period in India is called ___________.
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A ‘bill of exchange’ which allowed ‘merchants to engage’ in long-distance trade during the ‘pre-colonial period’ in India is called Hundi.
Explanation:
- Hundi were bills of order which were given in the form of writing that directed the ‘person to pay’ a certain amount of money which was mentioned in the Hundi.
- It was an informal system of accepting an order and making a payment for it.
- These are used in trading credit transactions during the pre-colonial period in India.
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Explanation:
A ‘bill of exchange’ which allowed ‘merchants to engage’ in long-distance trade during the ‘pre-colonial period’ in India is called Hundi.
Explanation:
Hundi were bills of order which were given in the form of writing that directed the ‘person to pay’ a certain amount of money which was mentioned in the Hundi.
It was an informal system of accepting an order and making a payment for it.
These are used in trading credit transactions during the pre-colonial period in India.
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