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

Explanation

Hundis refer to financial instruments evolved on the Indian sub-continent used in trade and credit transactions. They were used • as remittance instruments (to transfer funds from one place to another), • as credit instruments (to borrow money), • for trade transactions (as bills of exchange). Technically, a Hundi is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. Therefore, the correct answer is (c).