Crackdown: Now, Axis Bank suspends accounts of some jewellers, bullion dealers
The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months. ( Axis Bank branch closed during a raid by Income Tax officials in the Chandni Chowk in New Delhi ) Axis Bank , India's top importer of gold, has suspended the bank accounts of some bullion dealers and jewellers after two of its executives at a branch were arrested over alleged money laundering. The move is likely to curtail imports by the world's second-biggest gold consumer this month and could weigh on global prices already near their lowest level in ten months. "We have temporarily suspended transactions in a few current accounts as a part of a larger enhanced due diligence exercise being conducted on transactions post-demonetisation," the bank said in an e-mailed reply to questions from Reuters. Prime Minister Narendra Modi scrapped 500-rupee and 1,000-rupee banknotes on Nov....