Search results
Results From The WOW.Com Content Network
Furman-jog Hundi - such a hundi can be paid either to the person whose name is mentioned in the hundi or to any person so ordered by him. Such a hundi is similar to a cheque payable on order and no endorsement is required on such a hundi. Dhani-jog Hundi - when the hundi is payable to the holder or bearer, it is known as a dhani jog hundi.
In Modern era Hundi served as traveller's cheques. [2] According to Section 13 of the Negotiable Instruments Act, "A negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer." [3] But in Section 1, it is also described the Local extent, Saving of usage relating to hundis, etc. and Commencement.
The hundi is a financial instrument that developed on the Indian sub-continent for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions.
A bill of exchange or "draft" is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque (check in American English), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one ...
When the finances and gifts were given to the central Sikh dharamsal of the Sikh guru, a hundi (bill of exchange) was recorded. [ 2 ] Funds were used for the propagation of Sikhism, constructions and renovations of dharamsals, running of the communal kitchen and lodge, and payment for the mewra messengers who would deliver hukamnama messages ...
Bill of Exchange Act 1800: An Act for the better observance of Good Friday in certain cases therein mentioned. The whole act. 48 Geo. 3. c. 88 Bill of Exchange Act 1808: An Act to restrain the negotiation of Promissory Notes and Inland Bills of Exchange under a limited sum in England. The whole act. 1 & 2 Geo. 4. c. 78 Bills of Exchange Act 1821
This page was last edited on 16 April 2020, at 00:30 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may ...
Post-dated cheques in Indian law are considered under the Negotiable Instruments Act, 1881.Post-dated cheques are common and enforceable. [9] In 1998, the Supreme Court ruled that a post-dated cheque is a bill of exchange and does not become payable on demand until the date written on the cheque