Hundi Definition

Hundis have a long history in India. Written records show their use at least dating back the sixteenth century. A hundi is really a financial instrument of which developed in Middle ages India for used in trade and credit ratings transactions. Hundi is used as a type of remittance instrument in order to transfer money from place to place, as a type of credit instrument as well as IOU to borrow money so when a bill of exchange in industry transactions.