how were hundis used?what are their advantage
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The Early bankers in India Such as Jagatseths of Bengal, Shahs of patna, Aranji Nathji of Surath, Chettiars of Madras enjoyed Such Wealth and reputation that their receipts paper money called Hundis
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Hundis were the financial instruments.
Explanation:
Hundis were the financial instruments that were evolved on the Indian subcontinent and it was used in the trade and credit transactions. These were used as the remittance instruments which means it was used to transfer money from one place to another.
Moreover, it was used as a credit instrument and used for trade transactions. However, the main advantage of hundis was that it made the trade easier and reduced the risk of robbery because due to the hundis, people rarely carry a big amount (money) with them.
Learn More:
Define Hundi in short
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