Hundi is an instrument of exchange, which was used in Indigenous Banking System. हुंडी विनिमय का एक उपकरण है, जिसका उपयोग स्वदेशी बैंकिंग प्रणाली में किया जाता था।
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Hundi
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Hundi is an informal system of remittance that is illegal as the money exchange takes place outside the banking channels. Anyone found involved in such transactions is liable to punishment.
Hundi/Hundee 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 from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions.
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