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In total, about 20 bank branches across Denmark have cash holdings, according to Finance Denmark. (Bloomberg) -- Bank robberies are becoming a thing of the past in cashless Denmark as the Nordic country recorded its first year of zero holdups in 2022. [Extracted from the article]

The article focuses on how retirees should plan for their retirement income. Topics discussed include following safe withdrawal rate approach for continuous growth of investment portfolio, synchronizing between different sources of retirement income and managing risk concerning uncertainty of returns and inflation. Also mentioned is seeking a balance between prudent spending in early years and having larger account balances later.

The article discusses that ROSE Chauffeured Transportation has served the Charlotte, North Carolina, area with a dedicated team of drivers, dispatchers, technicians and managers since its 1985 founding by H.A. and Andy Thompson as family-owned limousine business. It mentions that the company prides itself on providing a top-to-bottom customer experience which starts with its drivers and extends to each leg of a trip.

This article discusses the tax implications of making transfers between registered accounts, specifically focusing on the transfer of funds from a locked-in retirement account (LIRA) to a life income fund (LIF) and a registered retirement savings plan (RRSP). The author addresses a reader's question about being taxed twice on these transfers, explaining that the bank correctly issued a T4RIF slip for the transferred amount, which should be reported as income. However, the author clarifies that the subsequent RRSP contribution can be deducted, resulting in a wash. The article emphasizes that transfers between registered accounts generally do not have tax implications, but some Canadians may choose to access locked-in funds to minimize withdrawal restrictions. Overall, the article provides information and guidance on the tax treatment of these transfers. [Extracted from the article]

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The withdrawal of the central bank from the covered bond market was 'a game changer' which has shaped 2023 into a potential second year of record issuance. But can the virtuous circle brought on by higher spreads and yields last? Atanas Dinov investigates [ABSTRACT FROM AUTHOR]

The rush to make a registered retirement savings plan (RRSP) contribution before the deadline (which falls on March 1 this year) is nothing new. RRSP STRATEGY Canadians love their RRSPs because contributions made before the deadline almost always result in lower tax bills in the spring. If you contribute a lot and invest well, and your RRSP savings grow above expectations, that's a good thing - but it could put you at a higher marginal rate than your original contribution when it comes time to make withdrawals. [Extracted from the article]

ING Germany, the third largest bank in Germany, has partnered with Paysafe's cash arm viafintech to enable users to make cash deposits or withdrawals from participating retailers. [ABSTRACT FROM AUTHOR]

The Central Bank of Nigeria (CBN) has reported that 6,047 Bank Verification Numbers (BVNs) were placed on its watchlist for fraudulent transactions in the first half of 2022. This represents a 13.9% increase from the previous year. The CBN assessed 28 banks and the Nigerian Interbank Settlement System to ensure compliance with the Regulatory Framework for BVN Operations and Watchlist. Wema Bank suffered the highest losses due to fraud, followed by the banking arm of Guaranty Trust Holding Company. The CBN aims to reduce fraudulent transactions by 35% in 2022 through improved payment infrastructure and financial system security. [Extracted from the article]

The Central Bank of Nigeria (CBN) has announced an increase in cash withdrawal limits for individuals and corporate accounts, but the highest note dispensed in ATMs will remain at N200. The CBN encourages the use of alternative channels such as internet banking and mobile apps for banking transactions. The CBN recognizes the importance of cash in supporting underserved and rural communities and will implement the transition to a more cashless society inclusively. The CBN warns that any banks or financial institutions that aid in circumventing the new policy will face severe sanctions. [Extracted from the article]

The Central Bank of Nigeria (CBN) has increased the maximum weekly cash withdrawal limits for individuals to N500,000 and for corporate organizations to N5 million. This decision was made based on feedback from stakeholders. However, third-party cheques above N100,000 will not be eligible for payment over the counter. The CBN has also reduced the processing fees for cash withdrawals above the limits for legitimate purposes. The directive will take effect on January 9, 2023, and the CBN encourages the use of alternative channels such as internet banking and mobile banking apps. The CBN recognizes the importance of cash in supporting underserved and rural communities and will ensure an inclusive approach to the transition to a more cashless society. [Extracted from the article]

The Conference of Nigeria Political Parties (CNPP) and some civil society organizations (CSOs) have expressed their support for the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who is facing allegations of terrorism financing. The groups have called for a thorough investigation into the matter to address the concerns of the international community. They believe that the allegations are politically motivated and aimed at removing Mr Emefiele from office. The organizations also argue that the cash withdrawal limits implemented by the CBN are being opposed by those who want to engage in untraceable transactions with stolen money. They assure Mr Emefiele that Nigerians support him and will resist any attempt to derail the cashless policy. [Extracted from the article]

The House of Representatives in Nigeria has given a two-day ultimatum to the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to explain the new policy of cash withdrawal limits. The governor had previously ignored two invitations to appear before the lower chamber of the National Assembly. The Speaker of the House stated that it was important for the parliament to receive a proper briefing based on the law. If the governor fails to show up on Thursday, the lawmakers' resolution on suspension of the policy still stands. Last week, the governor cited accompanying President Muhammadu Buhari to the US-Africa Summit as the reason for his absence. [Extracted from the article]

Nigerian banks are rationing the new Naira notes due to a limited supply from the Central Bank of Nigeria (CBN). Customers are receiving a mix of old and new notes when making cash withdrawals. The CBN has implemented limits on cash withdrawals through various channels to encourage the use of electronic transfers. Some banks are also experiencing cash shortages, leading to delays in serving customers. This new policy has frustrated some customers who feel restricted from accessing their funds. [Extracted from the article]

A federal high court in Abuja has blocked the Department of State Services (DSS) from arresting and detaining the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele. The DSS had filed a motion to arrest Emefiele, but the court denied the motion due to a lack of evidence. A group called the Coalition of National Interest Defenders claimed that the DSS was plotting Emefiele's arrest to prevent him from limiting cash withdrawals and interfering with the upcoming election. The DSS expressed anger over the situation but pledged to remain focused and unbiased in its investigations. [Extracted from the article]

Experts predict that cash payments will fall to only 10 per cent of all UK transactions within the next 15 years. QQuueessttiioonn o offt hthee F oFrotrntingihgtht THE FACTS • Cash is the second most popular form of payment, used significantly more than Apple Pay and Google Pay • Over eight million adults in the UK - 17 per cent of the total - have to make cash payments every day • Experts predict that cash payments will fall to 10 per cent of all UK transactions within 15 years The adoption of new technology typically moves too slowly for the companies involved and too quickly for much of the public. Brits much prefer contactless debit cards, which in 2017 overtook cash payments for the first time. [Extracted from the article]

(Bloomberg) -- Binance Holdings Ltd. founder Changpeng "CZ" Zhao said outflows from the largest cryptocurrency exchange have "stabilized" while warning employees that the industry's recovery from rival FTX's collapse will be "bumpy." User assets at Binance are all backed 1:1 and Binance's capital structure is debt free." Binance in a November blog post shared details of digital-asset wallet addresses with tokens worth about $69 billion. [Extracted from the article]

The Senate in Nigeria has postponed its debate on the new cash withdrawal policy of the Central Bank of Nigeria (CBN) until Wednesday, December 14, 2022. The delay is due to the absence of the Chairman of the Committee on Banking and Finance, Mr Uba Sani, who is attending a political rally. The Senate President has assured lawmakers that the findings of the committee will be unveiled within 24 hours. The new policy, which limits cash withdrawals by individuals and corporate entities, was implemented by the CBN following the launch of redesigned banknotes by President Muhammadu Buhari. [Extracted from the article]

Some politicians in Nigeria are being accused of trying to hinder the cashless policy of the Central Bank of Nigeria (CBN) for their own personal gain. The Conference of Nigeria Political Parties (CNPP) and civil society organizations (CSOs) have stated that the reason behind this opposition is vote-buying during elections. The CBN recently announced that starting from January 9, 2023, Nigerians will only be allowed to withdraw N100,000 per week in cash. Some lawmakers have expressed their disagreement with this policy and have requested an explanation from the CBN governor. However, the CNPP and CSOs support the cashless policy, believing that it will help combat corruption and improve Nigeria's economy. [Extracted from the article]

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions in Nigeria increased by 41.8% to N318.66 trillion in the first 11 months of 2022. This includes transactions processed on the Nigeria Instant Payment (NIP) System and Point of Sales (PoS) terminals. The NIP transactions amounted to N311.81 trillion, while PoS transactions amounted to N6.85 trillion. The growth in digital payments has been attributed to the COVID-19 pandemic, which prompted the adoption of digital payment channels. The Central Bank of Nigeria (CBN) has implemented new limitations on cash withdrawals to further promote digital payments, but some analysts are concerned about the reliability of digital payments and the impact on those who prefer cash. [Extracted from the article]

The Central Bank of Nigeria (CBN) has announced that starting from January 9, 2023, it will limit the amount of cash that Nigerians can withdraw from various channels, including over-the-counter, ATMs, and POS terminals. Individual customers will be able to withdraw a maximum of N100,000 per week, while corporate customers can withdraw up to N500,000. Those who wish to withdraw more than these limits will be subject to a processing fee of 5% for individuals and 10% for corporates. The CBN aims to promote digital financial transactions, but this policy has faced criticism from Nigerians. However, there are still ways to withdraw more than the cash limits by fulfilling certain requirements, such as providing valid identification, Bank Verification Number (BVN), and a notarized declaration of the purpose of the withdrawal. Approval from the company's Managing Director is also required for corporate customers. [Extracted from the article]

The Central Bank of Nigeria (CBN) has announced a new cashless policy that has received mixed reactions. The Conference of Nigeria Political Parties (CNPP) has expressed support for the policy, stating that it will help minimize the influence of money in politics and improve governance. The policy sets limits on cash withdrawals for individual and corporate customers, with fees imposed for withdrawals above the limits. The CNPP has called on the government and security agencies to ensure that the policy is implemented without interference from politicians or influential individuals. [Extracted from the article]

The House of Representatives in Nigeria has called on the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, to suspend the new limits on cash withdrawals. The CBN recently announced that from January 9, 2023, withdrawals above N100,000 for individuals and N500,000 for corporate organizations would incur processing fees. This policy has received mixed reactions, with concerns raised about job losses and negative impacts on businesses and individuals without access to the banking system. While some lawmakers acknowledged the potential benefits of tracking funds through the banking system, they criticized the timing and requested Mr Emefiele to explain the policy and consider rolling it back. [Extracted from the article]

The Nigeria Employers' Consultative Association (NECA) has criticized the Central Bank of Nigeria (CBN) for implementing a new cash withdrawal policy without extensive consultation with stakeholders. The policy, set to take effect from January 9, 2023, limits cash withdrawals to N100,000 per week for individuals and N500,000 for corporate organizations. Additionally, customers will be restricted to withdrawing N100,000 from Point of Sale (PoS) machines and ATMs, with a maximum of N20,000 per day. Withdrawals exceeding these limits will incur fees of 5% for individuals and 10% for companies. NECA argues that the policy could negatively impact individuals' livelihoods and enterprise sustainability, particularly for small and medium-sized enterprises (SMEs) and micro, small, and medium-sized enterprises (MSMEs). They also highlight concerns about the lack of adequate preparation and sensitization, as well as the insufficient development of banking infrastructure and digital facilities to support the cashless policy. NECA urges the CBN and the federal government to prioritize addressing other pressing issues, such as the devaluation of the Naira, inflation, oil theft, foreign debt, and poverty reduction. [Extracted from the article]

The Central Bank of Nigeria (CBN) has introduced new cash withdrawal limits that will expose tax evaders, according to Mr. Taiwo Oyedele, a tax expert at PwC. The restrictions on cash withdrawals will force people to use electronic payments, making small businesses more visible to tax authorities. This policy will trigger various tax obligations, including income tax, value-added tax (VAT), and Pay-As-You-Earn for individuals and small businesses. Oyedele advises small business owners to register with relevant tax authorities and keep business and personal transactions separate. He also suggests that the government should educate the public and ensure cooperation between the CBN and fiscal authorities. [Extracted from the article]

The value of the Nigerian Naira decreased against the US Dollar in various foreign exchange markets after the Central Bank of Nigeria (CBN) implemented new cash withdrawal limits. The CBN set a limit of N100,000 for individuals and N500,000 for corporate organizations for over-the-counter withdrawals, with additional charges for amounts exceeding the limits. Automated Teller Machines (ATMs) were also affected, with a daily withdrawal limit of N20,000. These new policies led to a decline in the value of the Naira in the Peer-to-Peer (P2P) and Investors and Exporters (I and E) windows. Additionally, the Naira depreciated against other currencies, including the Pound Sterling and Euro. In the cryptocurrency market, Bitcoin and other cryptocurrencies experienced declines, while Solana and Binance Coin saw slight gains. [Extracted from the article]

The Central Bank of Nigeria (CBN) has instructed banks and financial institutions operating ATMs in the country to only load banknotes up to N200. This directive is part of the CBN's efforts to promote its cashless policy and reduce cash transactions. The decision to redesign higher denomination Naira notes was made to address the issue of a significant amount of cash being held outside of commercial banks, potentially by criminals. To encourage electronic transfers, the CBN has also set limits on cash withdrawals through ATMs, over-the-counter, and point of sale terminals. [Extracted from the article]

The Central Bank of Nigeria (CBN) has implemented new cash withdrawal limits starting from January 9, 2023. Individuals will be restricted to withdrawing a maximum of N100,000, while corporates will be limited to N500,000. Cheques above N50,000 will not be available for payment. The CBN has also set maximum cash withdrawal limits for ATMs and point of sale (POS) terminals. In certain circumstances, individuals and corporate organizations can exceed the withdrawal limits, but they will be subject to processing fees and additional information requirements. Financial institutions must comply with these directives and collect necessary information from customers. [Extracted from the article]

(Bloomberg) -- Nigeria's central bank slashed the daily withdrawal limit from automatic teller machines in a bid to boost digital payments in Africa's most-populous nation. Weekly cash withdrawals from banks are restricted to 100,000 naira for individuals and 500,000 naira for corporations, and any amount above that limit will attract a fee of 5% and 10%, respectively, the central bank said. [Extracted from the article]

According to a statement from the presidency, nine oil-producing states in Nigeria have received a total of N625.43 billion in the last two years. The states include Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers. The refunds were made in eight installments between October 2021 and January 2022, with the ninth to twelfth installments still outstanding. The statement also mentioned that there is an outstanding balance of N860.59 billion from the refunds, which was approved by President Muhammadu Buhari. [Extracted from the article]

FTX Japan said it has confirmed with the law firm representing the FTX group in the Chapter 11 bankruptcy proceedings that Japanese customer cash and crypto currency should not be part of FTX Japan's estate. (Bloomberg) -- The Japanese subsidiary of failed crypto empire FTX said it is working to allow users in the country to withdraw their funds, paving the way for a rare case of investors getting money back from the collapsed exchange. [Extracted from the article]

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has announced that the bank will implement stricter measures to limit the amount of cash in circulation. This includes requiring customers to fill out multiple forms for large cash withdrawals in order to collect data on the use of the funds. The goal is to control the volume of cash in circulation and promote the bank's cashless policy. The new measures are in response to concerns that a significant portion of cash in circulation is in the hands of corrupt individuals and criminals. The Central Bank plans to introduce newly designed Naira notes by December 15, 2022, and customers who withdraw cash above certain limits will be monitored by security agencies. [Extracted from the article]

(Bloomberg) -- A swift plunge in value of FTX's key crypto assets, along with unauthorized withdrawals of funds after it filed for bankruptcy, suggests that customers of the once popular exchange face a slim chance of recovering much of their deposits. Here's a breakdown of key assets listed on FTX's balance sheet: Serum Tokens: $2.2 billion The biggest asset listed on the balance sheet is $2.2 billion of SRM, or Serum tokens. Robinhood Shares: $472 million Robinhood's stock rose 13% on Friday, meaning the asset value of Robinhood shares increased from what the balance sheet shows. [Extracted from the article]

Founder's Assurances Bankman-Fried said in a tweet Thursday that FTX US was "100% liquid" and "not financially impacted" by FTX International's problems. (Bloomberg) -- FTX.com had its assets frozen in the Bahamas, where the crypto exchange is based, as more signs emerged that mogul Sam Bankman-Fried's empire is crumbling. [Extracted from the article]

The Central Bank of Ireland has revealed, in an internal report, that the demand for cash withdrawals at ATMs had remained largely steady. Average monthly withdrawals were $1.47 billion per month between January 2015 and February 2020. [ABSTRACT FROM AUTHOR]

Asset managers including Blackrock Inc. and Schroders Plc are limiting institutional investors' withdrawals from some UK property funds after a wave of requests to move money. Schroders said in an emailed statement the redemptions were requested before last week's gilt meltdown, but the trend is likely to intensify in light of pension funds' liquidity issues. [Extracted from the article]