+ Post a Comment HERE!   + Ask a Question / Post a Topic
Results 1 to 2 of 2

what is hundi payment system

what is hundi payment system? how to process hundi payment?...
Advert.

  1. #1
    noushad Guest

    what is hundi payment system

    Advert.
    what is hundi payment system? how to process hundi payment?

  2. #2
    Sonam Rathee's Avatar
    Sonam Rathee is offline eTI Member
    Join Date
    May 2011
    Posts
    39
    Doing a quick search I found : Its simply money lending system essentially for business community, however, every transaction that is carried through hundi is based on the mutual understanding and of course, trust which is an integral part of every business. Moreover, this is not a legal instrument as said before the whole processing is based on the mutual trust.

    In this system 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. Though normally regarded as bills of exchange, they were more often used as equivalents of cheques issued by indigenous bankers.

+ Post a Comment HERE!

Similar Topics and Discussions

  1. how can i get payment for my articles ?
    By gaurav khillan in forum eTalkIndia User Support Forum
  2. What are details of payment for review?
    By rkmoney in forum eTalkIndia User Support Forum
  3. about my payment
    By avik das in forum Introduce and Announce Yourself on eTalkIndia.com
  4. Payment for 800 words article.
    By lakshmi0382 in forum eTalkIndia User Support Forum
  5. What is Hundi Payment ? What are the factors and terms for a Hundi ?
    By RakeshVed in forum Indian Business & General Market Forum
X
Have Question? Ask now free!