Question

the different types of hundi in use by traders in ancient times

Answer 1

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Types of Hundi:-
1) Sahyog Hundi: This is drawn by one merchant on another, asking the latter to pay the amount to a third merchant.
2) Darshani Hundi: This is a hundi payable on sight.
3) Muddati Hundi: A muddati or miadi hundi is payable after a specified period of time.

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Answer 2

In the earlier times financial transactions for trading was  done through various forms of Hundi system. There was the Darshani hundi, Miadi hundi, Shahjog hundi, Namjog hundi and Dhanijog hundi

Explanation:

• 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'

To know more about hundi

What was special with Surat hundis ?

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