Which of the following phrases defines the nature of the Hundi generally referred to in the sources of the post-Harsha period?

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Q: (IAS/2020)

Which of the following phrases defines the nature of the ‘Hundi’ generally referred to in the sources of the post-Harsha period?

question_subject: 

History

question_exam: 

IAS

stats: 

0,133,22,9,6,133,7

keywords: 

{'hundi': [0, 0, 1, 1], 'feudal lord': [0, 0, 0, 2], 'subordinates': [0, 0, 0, 1], 'daily accounts': [0, 0, 0, 1], 'exchange': [0, 1, 2, 4], 'advisory': [0, 0, 0, 1], 'diary': [0, 1, 0, 2]}

The nature of the ‘Hundi’ referred to in the sources of the post-Harsha period is that of a bill of exchange. A Hundi is a financial instrument that is similar to a promissory note, but is used in South Asian countries like India, Nepal, Bangladesh, and Pakistan. It is an unconditional order in writing made by a person directing another person to pay a certain sum of money to a specific person or to the bearer of the instrument. Hundi was used extensively in trade and commerce in medieval India, and it continues to be used in some parts of South Asia even today.