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A hundi is a negotiable by usage .It is often in the form of a bill of exchange drawn in any local language in accordance with the custom of place .Some times it can also be in form of a promissory note.A hundi is the oldest known instrument used for purpose of transfer of money without its actual physical movement .The provision of the Negotiable instrument act shall apply to hundis only there is no customary rule known to the people.

In: Economics Asked By: [678 Orange Star Level]
Answer #1

Types of Hundis
there are a variety of hundis used in our country
1 Shah Jog Hundi = Tis is drawn by one merchant on another , asking the latter to pay the amount to shah .Shah is a respectable and responsible person , a man of worth and known in the bazaar .A shah jog hundis passes from one hand to another till it reaches a shah , who after reasonable enquiries , present it to the drawee for acceptance of the payment .
Darshani Hundi – This is hundi payable at sight .It must be presented for payment within a reasonable time after its receipt by the older .Thus , it is similiar to demand bill.
Muddati Hundi -A muddati or miadi hundi after is payble after a specified period of time .This is similiar to time bill.There are few other varieties like nam jog hundi ,dani jog hundi jawabee hundi jokhami hundi ,Firman – jog hundi etc.

Answers Answered By: neha [678 Orange Star Level]
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