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Which of the following statements are correct about the 'hawala' system?
1. Hawala transactions operate through informal, unregulated channels based on trust.
2. Hawala is primarily used by government banks for international remittances.
3. Hawala transactions do not involve physical money movement between locations.
4. Hawala provides anonymity, making it attractive for illegal operations.
1 and 2 only
1, 3, and 4 only
2, 3, and 4 only
1 and 3 only
Hawala transactions operate through informal, unregulated channels (1),
do not involve physical money movement (3),
and provide anonymity, attracting illegal operations (4).
Government banks are not primarily involved (2).
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