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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.
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 ...
In exchange the accounts may be "tailored to meet a diverse range of customer needs and preferences", but are not guaranteed against losses. [ 358 ] Some have complained that UIA accounts lack transparency, fail to follow Islamic banking standards, lack of customer representation on the board of governors, [ 360 ] and have sometimes hidden poor ...
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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
Later during the Mauryan period (321–185 BCE), an instrument called adesha was in use, which was an order on a banker directing him to pay the sum on the note to a third person, which corresponds to the definition of a modern bill of exchange. The considerable use of these instruments has been recorded [citation needed].