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Kerala PSC Indian History Book Study Materials Page 2157Book's First Page
confiscation of its merchandise. Dadni The system in which merchants (both Indian and System European) gave cash and raw material advances (dadan) to the artisans and later bought the finished products. Though it originated and grew in Bengal, later it spread to other parts of India as well. It is not the same as the ‘putting-out’ sys-tem insofar as the transactions it covered were still sales with the artisan retaining considerable independence. Damdupat A rule under which no debtor was liable to pay an amount of interest exceeding the principal or original loan itself prevalent in western India. Hundi An indigenous bill of exchange in Mughal India, it promised payment after a specified period (two months or less) at a particular place allowing a discount which included interest, insurance charges and cost of transmission of money. Hundis increasingly became the standard form of payment in major commercial transactions in the 18th cen- tury. In the long distance trade they not only met the requirements of an expanding demand for credit, but reduced the risks involved in the transmission of cash to distance places. Their business was mainly in the hands of professional money changers or bankers, called the sarrafs. Khatbandi Indenture regulations which bound the artisans of eastern India to sell their products exclusively to the English East India Company from the late 1770s onwards. COMMERCIAL CLASSES Bania Merchant throughout the subcontinent, in some area he also acted as banker or money-changer. Banjara Merchant who specialised in the carrying (caravan) trade, particulary in grain, salt, and cattle, throughout India.