Hundi System (Bill of Exchange) in Amber During the Seventeenth Century.

Abstract

Hundi (bill of exchange) was a medium of payment and worked as an alternative currency during the 17th century in India. Although mohar (golden coin), silver rupee and copper coin (dam) were prevalent, but business transactions were preferably done through hundi because it was convenient and less risky. Therefore, the process for alternative currency seems to have started after the paper being used as a medium of the payment from the Sultanate period onward.