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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.
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]
Belgian bill of exchange, 1933. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party.
Hawala is based on a short term, discountable, negotiable, promissory note (or bill of exchange) called "Hundi", [344] transferred from one debtor to another. After the debt is transferred to the second debtor, the first debtor is free from his/her obligation. [ 65 ]
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.
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 ...
We come in contact with it all the time, but the markings on the one-dollar bill remain shrouded in mystery. Until now. 1. The Creature. In the upper-right corner of the bill, above the left of ...
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 ...