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what is hundi payment system


  1. #1
    noushad Guest

    what is hundi payment system

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

  2. #2
    Sonam Rathee's Avatar
    Sonam Rathee
    Sonam Rathee is offline eTI Member
    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.

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