Step 1: Look at what is being asked.
Pick the item that is a paper or note and not a person group, system or place. We will work it out by sorting the choices one at a time.
Step 2: Working through the choices, part 1.
Sort the four items by kind. We need an instrument, which is a thing used to pay or lend, not a group, a system or a place.
Step 3: Working through the choices, part 2.
Nakarattar is a group of people. This is the wrong kind of thing, so choice 2 is out.
Step 4: Working through the choices, part 3.
Jajmani is a system of service exchange, not a paper used to move credit. So choice 3 is out.
Step 5: Working through the choices, part 4.
A hundi is a paper that orders payment, and traders used it as a form of credit. A haat is only a market place, so choice 4 is out and choice 1 is in.
Final Answer:
Only the hundi is a credit paper, so option 1 is the answer. \[ \boxed{\text{Option 1}} \]