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Hundi: A Medieval Indian Financial Instrument

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Hundi: A Medieval Indian Financial Instrument

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Questions and Answers

What was the primary purpose of Hundi in Medieval India?

To issue currency

To provide loans

To collect taxes

To carry out transactions related to trade and credit (correct)

What is a Hundi essentially?

A business partnership

A type of loan

An unconditional order in writing (correct)

A form of currency

What is a key characteristic of a Hundi?

It is capable of being changed through transfer by valid negotiation (correct)

It is only used for domestic transactions

It is non-transferable

It requires a guarantor

Who is the beneficiary of a Hundi?

<p>A person named in the order</p> Signup and view all the answers

What is NOT a feature of a Hundi?

<p>It is a conditional order</p> Signup and view all the answers

Study Notes

Hundi Overview

Developed in Medieval India as a financial instrument for trade and credit transactions.
Serves as an unconditional written order directing one person to pay a specified sum to another.

Key Features

Clear instructions for payment included in the order.
Transferable through valid negotiation, allowing for flexibility in transactions.
Facilitates commerce by providing a reliable method of credit and payment.

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Description

A hundi is a financial instrument used in Medieval India for trade and credit transactions. It's an unconditional written order to pay a certain sum of money to a person named in the order.