Why Surat was called gateway of trade via West Asia? And what was the importance of surat hundis?
Surat was referred as Gateway of trade because:
a. As Surat was an important commercial town which became an important center of commercial activities. Located near the sea it became the hub of economic activities whereby goods could be traded via sea routes.
b. Portuguese, English, Dutch has set up their factories in Surat.
c. Surat had a flourishing business of cotton textiles which was exported on a large scale to West Asia, Africa and Europe.
d. Surat became gate to Mecca , because many pilgrim ships set sail from there.
Surat had huge banking houses that issued a Hundi that is a note recording a deposit made by a person. The amount deposited can be claimed in another place by presenting the record of the deposit, this made transaction easy. Surat hundis were honored in the markets of Cairo in Egypt, Basra in Iraq and Antwerp in Belgium.
a. As Surat was an important commercial town which became an important center of commercial activities. Located near the sea it became the hub of economic activities whereby goods could be traded via sea routes.
b. Portuguese, English, Dutch has set up their factories in Surat.
c. Surat had a flourishing business of cotton textiles which was exported on a large scale to West Asia, Africa and Europe.
d. Surat became gate to Mecca , because many pilgrim ships set sail from there.
Surat had huge banking houses that issued a Hundi that is a note recording a deposit made by a person. The amount deposited can be claimed in another place by presenting the record of the deposit, this made transaction easy. Surat hundis were honored in the markets of Cairo in Egypt, Basra in Iraq and Antwerp in Belgium.