Question

Define sarrafs or who were sarrafs

Answer 1

an Arabic word meaning money changers, brokers, bankers, coin sorters, creditors etc in the Mughal and post-Mughal periods. The term applied to one who studied the purity of coins and ascertained the amount of batta (discounts) on them before these were deposited in the treasury. The term was widely used in the contemporary trading world of Europe, India and China. The sarraf, also called poddar and bania, was the product of the Mughal currency system. All foreigners in trading relation with India were acquainted with the term.

Bengal had always a favourable balance of payment with its international trading partners who, under the circumstance, had to adjust trade deficit with Bengal in bullion. One major sector to absorb the imported bullion was the magnetisation of the economy. Currencies were coined on a very large scale in the Tankshalls (mints) at Dhaka, Murshidabad and Patna. From 1757 coins were minted from Calcutta also. In Mughal times currencies of one province were legal tenders in other provinces as well. So, to meet trade deficit currencies were also coming from other imperial mints of India. Very significant amount of Arcot currencies, French Arcot and English Arcot particularly, were coming from south India.