Q10 what are the different types of Hund is in use
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traders in ancient times? Explain in detail. answer
Answers
Hundi is a Sanskrit word' and it refers 'to collect'. It was system which started from the 'sixteenth century' and is in use till date. It is a form financial instrument which is used for transfer of money or credit from one trader to another and from one to another for exchange in trade
Darshani hundi system referred to as payment to be done immediately like a demand bill. The bill for payment are submitted within a specific time period.
Miadi hundi are paid after a certain period of time like the "time bill". Loans can be taken on the basis of this hundi.
Shahjog hundi were payments that were made to the Shah or a person who is expected to get the payment. It is like a 'crossed cheque'.
Namjog hund are where the payment is made to the name of the person on the hundi.
Dhanijog hundis were the hundis where the hundi is owned by the owner called 'Dhani'