Negotiable instrument law

negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other

document guaranteeing the payment of a specific amount of money, either on demand, or at a set time

thumbnail|right|A hundi for Rs 2500 of 1951, stamped in the Bombay Province with a pre-printed revenue stamp. A hundi or hundee is a financial instrument that was developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the

Act of Imperial Legislative Council of India