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| 1 |
ID:
089885
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| Publication |
2009.
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| Summary/Abstract |
In contemporary times, Hundi has collected countless labels; the international press has spurned innumerable villainous descriptions, the bulk of which have helped to perpetuate a dense fog of notoriety. The critical problem lies in definition. As there is an incomplete understanding of hundi's form and remit, there is also a rather limited understanding of why the system persists, set against the backdrop of modern banking. In many ways the problem of definition presented legal and financial authorities of the early and late twentieth century with core issues which remain unresolved and problematic for authorities in the twenty-first century. By drawing on archival and other historical material pertaining to the system's usage amongst Indian merchants, this paper attempts to tackle much of the confusion and many misconceptions surrounding hundi. The discussion explores the idea that hundi is more accurately described as an indigenous banking system endowed with a complex range of functions, but whose central purpose is trade.
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| 2 |
ID:
090306
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| Publication |
2009.
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| Summary/Abstract |
In contemporary times, Hundi has collected countless labels; the international press has spurned innumerable villainous descriptions, the bulk of which have helped to perpetuate a dense fog of notoriety. The critical problem lies in definition. As there is an incomplete understanding of hundi's form and remit, there is also a rather limited understanding of why the system persists, set against the backdrop of modern banking. In many ways the problem of definition presented legal and financial authorities of the early and late twentieth century with core issues which remain unresolved and problematic for authorities in the twenty-first century. By drawing on archival and other historical material pertaining to the system's usage amongst Indian merchants, this paper attempts to tackle much of the confusion and many misconceptions surrounding hundi. The discussion explores the idea that hundi is more accurately described as an indigenous banking system endowed with a complex range of functions, but whose central purpose is trade.
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| 3 |
ID:
139623
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| Summary/Abstract |
This discussion contributes to the history of the colonial rule of law that governed market practice in India using the South Asian indigenous credit institution known as hundi. A centuries-old artery of credit for Indian merchant networks, and a living institution that has largely been driven underground by twenty-first-century laws, hundi provides a window into the dynamics of colonial law from the commercial and financial legislation of the 1880s to the final attempt to codify hundi in the 1960s and 1970s in a bid to bridge the growing disconnect between the Indian indigenous banking sector and modern banking. I chart the British colonial and post-independence history of hundi as means of understanding the wider political, legislative and economic dynamics of colonial state formation and the legacies of legislation.
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