What do u mean Hundis?

What do u mean Hundis?

Technically, a Hundi is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. Hundis, being a part of the informal system have no legal status and are not covered under the Negotiable Instruments Act, 1881.

What is Chitti in English?

Chithi (Tamil: சித்தி) means mother’s younger sister, or father’s younger brother’s wife, or father’s second wife in Tamil. In Indian English, it may refer to aunty (friendly older woman)

Which of the following are examples of hundis in India?

Types of Hundis

  • Darshani. Darshani is a hundi which is payable at sight.
  • Miadi. Also called as muddati, miadi is something which is payable after a certain time period like a ‘time bill’.
  • Shahjog.
  • Namjog.
  • Dhanijog.

What is Chitti 11?

Use of Hundi and Chitti: Hundi and Chitti were financial instruments which were used for carrying out trade and credit transactions during the Medieval period in India. A Hundi is primarily an unconditional contract or order which warrantees a monetary payment which can be transferred by valid negotiation.

What does Tamil mean in India?

noun, plural Tam·ils, (especially collectively) Tam·il. a member of a Dravidian people of southern India and Sri Lanka. the Dravidian language of the Tamils, spoken in India principally in Tamil Nadu state and in Sri Lanka on the northern and eastern coasts. adjective. of or relating to the Tamils or their language.

What is hundi and Chitti?

Use of Hundi and Chitti: Hundi and Chitti were financial instruments which were used for carrying out trade and credit transactions during the Medieval period in India.

What is Chithappa English?

uncle. Last Update: 2017-04-06.

What are hundis used for?

Hundies. Hundis refer to financial instruments evolved on the Indian sub-continent used in trade and credit transactions. They were used as remittance instruments (to transfer funds from one place to another), as credit instruments (to borrow money [IOUs]), for trade transactions (as bills of exchange).

What are the different types of Hundi in India?

Darshani Hundi: This is a hundi payable at sight. It must be presented for payment within a reasonable time after its receipt by the holder. Thus, it is similar to a demand bill. Muddati Hundi: A muddati or miadi hundi is payable after a specified period of time. This is similar to a time bill.

What is a Darshani Hundi?

Hundis, being a part of the informal system have no legal status and are not covered under the Negotiable Instruments Act, 1881. Though normally regarded as bills of exchange, they were more often used as equivalents of cheques issued by indigenous bankers. A Representative Darshani Hundi.

What is a namjog Hundi?

4. Namjog hundi: It is a hundi payable to the party named in the hundi or his order. Such a hundi is similar to a bill of exchange payable to order. 5. Dhanijog hundi: ‘Dhani’ in vernacular language means owner. Thus, a dhanijog hundi is one which is made payable to the owner, or a holder or bearer-owner.