History, asked by appu95, 1 year ago

what do you understand by the term 'Hundi'? how was this practice used in trade and commerce in medieval India

Answers

Answered by ranjanakaupranjana
2
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The exchange of money increased enormously with the growth of internal and foreign trade.The use of HUNDIS (bills of exchange) were used. It made long distance travel safe.

A Hundi is a financial instrument that developed in Medieval India for use in trade and credit transactions.

Before travelling to distant places merchant would deposit money with sharrafs(moneychangers)and receive hundis. After reaching their destination the merchants received their money on producing the hundis.

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