In earlier times, the name for a letter
of credit issued from a mercantile
house. By the early 1800s, these letters
functioned as a virtual currency, since
in some cases they would pass
through twenty or thirty transactions
before being returned for payment.
Hundis are significant because they
allowed families to transact business
over large areas without having to
actually carry large sums of money
with them and thus helped to foster
long distance trade.
In modern times, this is also the
most common term for a temple
collection box, where visitors deposit
their offerings.