Life and Conditions of the People of Hindustan (1200–1550 A.D.) c6.s2.t2.12

c6.s2.t2.12

Big business on the coast and inside the country was usually done with the aid of an organized class of brokers who “skilfully raised the price of commodities by charging their commission to both parties of a deal”. When Sultan Ala-ud-din Khalji decided to control the demand and the supply of his kingdom, particularly of Delhi, he had to suppress the class of brokers in his rough and ready manner.³ But as soon as the commercial activities were released from the control of the State, the brokers resumed their normal functions. By the time of Sultan Firuz Tughluq the business rules and practice of brokers were sufficiently important to find a place in the legal compendium of the reign.⁴ The system of agency was similarly known and practised. Legal agents (vakils) were regularly employed by principals to conduct business on their behalf.⁵ The native bankers discharged some of the commonly accepted functions of the present-day banking. They used to give loans and receive deposits or hundis.⁶ Among other facilities for trading we may note the system of lending money on interest. Bonds known as *Tamassuks* were regularly executed : and the law provided elaborate rules for the production and the examination of evidence and for fixing the rate of stipulated interest. All these rules were enforced by the judicial authorities in the kingdom.¹