Is Hundi a legal instrument. Who pays the money and what happens if he does,nt have or refuses to pay on demand.

Welcome ScSharma to eTI

As per as I know, Hundi is no more legal in India, it is now a days associated with money launderer and hence not seen as legal instrument. There is no legal description about it in Indian law, since it can easily seen as money laundering , better to stay away from it.