Hawala channels are dependent on the movement of people carrying currency. With flights cancelled and other modes of transport to China and Hong Kong curbed, hawala payments have got stuck. Bilateral trade between China and India is pegged at around $90 billion with a trade deficit of about $60 billion in China’s favour. Actual trade, said experts, could be even more skewed in China’s favour.
Subscribe to our mailing list to get the latest magazine!
3 days ago