Hawala transactions are typically non-documented, operate on trust, and bypass legal financial systems, making them difficult to track and often associated with money laundering, tax evasion, and financing illicit activities.
Hawala transactions relate to payments
Asked in UPPCS Prelims 1996 · Topic: Money & Banking (Payment Systems in India: Digital Payments, UPI, and Central Bank Digital Currency (CBDC))
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Answer: A. received in rupees against overseas currencies and vice versa without going through the official channels
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