Plea for establishment of a Hundi Clearing House and the standardization of Sharafi Adat

Presiding at the annual general meeting of the Bombay Shroff Association, Kalyandas Bhaidas Shroff, the President made useful suggestions regarding the development of Shroffs’ business. He argued that Shroffs formed a very important and useful link in the banking system of the country are facing a severe setback due to the "unsympathetic and hostile attitude of Government". These institutions have deeply cut into the traditional Hundi business by offering drafts at nominal charges. To survive this onslaught, Mr. Shroff proposed a defensive consolidation: the establishment of a Hundi Clearing House and the standardization of Sharafi Adat.

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