Official Answer Key & Detailed Solution
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Correct Answer: Option (A) — received in rupees against overseas currencies and vice versa without going through the official channels
Concept & Option Breakdown
Standard Reference VerifiedHawala is an informal, trust-based fund transfer system that operates outside conventional banking channels and financial regulations, allowing money to be transferred internationally between parties via a network of brokers (hawaladars) without actual physical movement of currency across borders.
Hawala specifically refers to an informal/parallel remittance system transferring cross-border money outside official banking channels.
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