the different types of hundi in use by traders in ancient times
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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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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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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 ?
https://brainly.in/question/13577096
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