Hawala Transactions relate to payments ........

Economic Affairs Financial Markets

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Hawala Transactions relate to payments

received in rupees against overseas currencies and vice versa without going through the official channels

received for sale/transfer of shares without going through the established Stock exchanges

made to political parties or individuals for meeting election expenses

made to foreign countries for purchase of illegal aims

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Explanation:

2nd option is correct.
Hawala is an alternative remittance channel that exists outside of traditional banking systems. Hawala is a method of transferring money without any actual movement. One definition from Interpol is that Hawala is "money transfer without money movement." Transactions between Hawala brokers are done without promissory notes because the system is heavily based on trust.