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Pensioners are at risk of being ripped off when new rules on cashing in pension pots are introduced next month, MPs have warned.
New rules on cashing in retirement savings took effect last April, abolishing the requirement to convert a pension pot into an annuity – a product that provides an income for life – and leaving people free to do whatever they like with their retirement funds, subject to tax.
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Both claimed not to have broken parliamentary rules on "cash for access".
Langdale asked if it was a coincidence payments to all three anonymous sources ended in March and April 2006, when the newspaper introduced tighter rules on cash payments.
If industrial-scale laundering is happening, say some, smallish manufacturers and cash deposits cannot be the only conduit (Mexico's President Enrique Peña Nieto this month announced that he would ease rules on cash deposits of dollars for firms).
Himachal Pradesh's state election is in early November, and while the same rules on cash in transit apply there, they have had less of an impact on the state compared to Gujarat, which is more reliant on trade and industry.
China's central bank has stepped up action to bolster its cooling economy by loosening the rules on banks' cash reserves in the hope that they will offer cheaper loans.
The plea to one count of "structuring" — taking money out of the bank in amounts below $10,000 to evade bank reporting rules on large cash movements — marks a dramatic downfall for someone who once ranked among the country's most powerful politicians.
The new rules on cross-border cash movements aim to close loopholes by extending the definition of "cash" to include gold and anonymous prepaid electronic cash cards, enabling authorities to register information about cash movements below the current €10,000 threshold and temporarily seize cash if they suspect criminal activity.
(It doesn't seem likely that modern central banks think this way; if they do, they have a very pessimistic view of the productivity of capital).Under Bretton Woods (or indeed the gold standard), central banks did keep a firm eye on the banking sector, often imposing quite strict rules on reserve requirements, cash ratios and the like.
Specifically, it doesn't set firm rules on how much cash firms are required to keep on hand; the amount of capital they need in order to back up their loans and other assets; or limits on leverage.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com