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Questions and Answers
What was the primary purpose of Hundi in Medieval India?
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?
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?
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?
Who is the beneficiary of a Hundi?
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What is NOT a feature of a Hundi?
What is NOT a feature of a Hundi?
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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.
