The Hundi System: World's First Credit Transfer

Types of Hundis - Darshani, Muddati, Shah Jog, Nam Jog; how Hundis enabled trade across vast distances without moving cash; the trust networks that made Hundis work; comparison with bills of exchange and SWIFT

Lessons in this chapter

• Hundi: The Original Credit Instrument — India's Gift to Global Finance
• Darshani Hundi: Demand Payment Instruments — Payment on Sight, India's Original Demand Draft
• Muddati Hundi: Time-Based Credit Notes — When Time Itself Became Money
• Shah Jog and Nam Jog: Specialized Hundis — Custom Instruments for Every Commercial Need
• Vishwasa-Tantra: Trust Networks Behind Hundis — The Invisible Infrastructure That Made Paper Valuable
• Hundi vs SWIFT: Ancient System, Modern Parallels — What Global Finance Learned (and Didn't Learn) from Indian Merchants
• Relevance in 2026 and Beyond — From Hundi to UPI

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