Which of the following phrases defines the nature of the ‘Hundi’ generally referred to in the sources of the post-Harsha period?(2020)
a) An advisory issued by the king to his subordinates
b) A diary to be maintained for daily accounts
c) A bill of exchange
d) An order from the feudal lord to his subordinates
Hundi can be defined as a financial instrument or a negotiable bill of exchange, which was used for carrying out trade and credit transactions during the Medieval period in India. A Hundi is primarily an unconditional contract or order which warrantees a monetary payment which can be transferred by valid negotiation.