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Business Headlines: Tax sleuths bust Hawala racket worth 20,000 crores

The Delhi investigation unit of the Income Tax Department has busted a massive racket worth 20,000 crores ₹ involving a fake billing racket, hawala, money laundering and a scam involving bogus duty drawback relating to exports. Mobile wallet transactions have hit an all-time high in India and have grown over 40 times in just 5 years. Noted cybersecurity expert Gulshan Rai is upbeat about the future of mobile wallet transactions as it is expected to reach 30% of GDP by 2025. Britain has recorded its lowest GDP growth of 1.4% for the year ended 31st March 2018 for the first time in 6 years on Brexit concerns. Construction, production and services output, all took a hit as fears have grown that Britain could crash out of the EU without a deal before the March 29th deadline.

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