ON SALE




ON SALE
19 decimal private land with a House
at Sabitri Ghising Road, Bong Busty Kalimpong.
Single storied house has 3 Bedrooms,
Living room, Kitchen & Dining room,
3 Bathroom-cum-toilets
Contact: thulungakrai@gmail.com
or 9434131719


12 Dec 2016

Axis Bank suspends accounts of bullion dealers, jewellers.... Axis Bank denies reports of licence cancellation over laundering

TH businessline, MUMBAI, DEC 12: Axis Bank Ltd, 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 Rs. 500 and Rs. 1,000 banknotes on November 8 in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed to tax authorities.
There have also been reports of people rushing to buy gold by paying as much as a 50 per cent premium above official prices using their unaccounted money to skirt the note ban.
Axis Bank did not directly comment on the arrests. Last week the Enforcement Directorate, a government agency that fights financial crime, said it had arrested two Axis Bank employees for allegedly helping launderers to buy gold with the help of scrapped notes.
The bank said the suspended gold dealers' accounts will be restored over the next few days after an “enhanced due diligence process".
A Chennai-based bullion dealer, who declined to be named, said the bank had frozen his account without giving a reason. Half a dozen other dealers in Kolkata, Mumbai, Ahmadabad and New Delhi also confirmed the freezing of their Axis accounts.
The move has brought bullion trading to a standstill, with jewellers fearing attention from government agencies if they make large purchases, said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.
It is estimated that one-third of India's annual demand of around 800 tonnes is paid for in “black money” - the local term for untaxed funds held in cash by citizens that do not appear in any official accounts.
Jewellers and bullion dealers are deferring purchases and gold imports in December could fall to 30 tonnes, down from 107 tones in the same month a year ago, said a Mumbai-based dealer.
In November the country's gold imports jumped to around 100 tonnes, the highest in 11 months.
Axis, India's third-biggest private sector bank, said last week it had suspended 19 employees over alleged breaches at one of its branches in implementing a government-ordered exchange of high-value bank notes.

Axis Bank on Monday slammed a regional newspaper report stating authorities were preparing to revoke the bank's licence as “false and malafide", saying it had strong systems and controls in place as per central bank rules.
Axis, India's third-biggest private sector bank, said last week it had suspended some 19 employees over alleged breaches at one of its branches in implementing a government-ordered exchange of high-value bank notes.
The statement by Axis was in response to a report on Saturday in local Hindi daily Dopahar that suggested the bank could lose its licence over alleged money laundering activities involving the suspended employees.
“We firmly believe that said news is intended to spread panic amongst the general public, demoralise the staff and damage the reputation of the bank,” the lender said in a stock exchange filing.
RBI denies rumours
The Reserve Bank of India today said it has not initiated any action to cancel banking licence of Axis Bank in wake of certain allegations about some serious irregularities in some transactions.











Digg Google Bookmarks reddit Mixx StumbleUpon Technorati Yahoo! Buzz DesignFloat Delicious BlinkList Furl

0 comments: on "Axis Bank suspends accounts of bullion dealers, jewellers.... Axis Bank denies reports of licence cancellation over laundering"

Post a Comment

Kalimpong News is a non-profit online News of Kalimpong Press Club managed by KalimNews. It is published simultaneously in this site as well as http://kalimpongnews.net.
Please be decent while commenting and register yourself with your email id. Your id will be kept secret, as far as practicable.

Popular Posts