Question

When did the Reserve Bank of India implement the Hundi Bazar scheme​

Answer 1

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937

Answer 2

In 1949 the Reserve Bank of India implement the Hundi Bazar scheme.

Hundi can be used as a means of remittance (to move money from one place to another), as a means of a credit (to borrow money [IOU]),

for transactions (in the form of bills of exchange).

​What is Hundi?

Hundi is a financial product created to be used for trade and remittance in medieval India. Hundi is used as a means of transferring money from one place to another, as a means of lending as a loan obligation, and as a means of commercial exchange. The Reserve Bank of India defines the term bonnet as "an unconditional written order whereby another party directs payment to the person specified in the order."

Types of Hundi:

• Sahyog Hundi: It is the withdrawal made by one merchant from another merchant, in which the latter has to pay the amount to the third merchant.
• Darshani Hundi: It is according to Hundi. It must be presented by its holder for acceptance within a reasonable time of receipt. So it's like asking for an invoice
• Muddati Hundi: Modati Hundi is paid out after a certain period of time. It is like arithmetic.