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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 the Commonwealth of Nations almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g. Bills of Exchange Act 1882 in the UK, Bills of Exchange Act 1890 in Canada, Bills of Exchange Act 1908 in New Zealand, Bills of Exchange Act 1909 in Australia, [2] the Negotiable Instruments Act, 1881 in India and the Bills of Exchange Act 1914 in ...
On the recommendation of the new Law Commission, the Bill was re-drafted and again it was sent to a Select Committee which adopted most of the additions recommended by the new Law Commission. The draft thus prepared for the fourth time was introduced in the council and was passed into law in 1881 being the Negotiable Instruments Act, 1881 (Act ...
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 ...
Hawala or hewala (Arabic: حِوالة ḥawāla, meaning transfer or sometimes trust), originating in India as havala (Hindi: हवाला), also known as havaleh in Persian, [1] and xawala or xawilaad [2] in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers (known as hawaladars).
Hawala is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called "Hundi". [160] The Hawala debt is transferred from one debtor to another. After the debt is transferred to the second debtor, the first debtor is free from his/her obligation. [156]
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 ...
The Bills of Exchange Act 1882 (45 & 46 Vict. c. 61) is an act of the Parliament of the United Kingdom that codified the law relating to bills of exchange.Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit.