Current Affairs For Bank, IBPS Exams - 31 December, 2013

Current Affairs For Bank, IBPS Exams

In a stern warning to service tax evaders, the Indian government asked them to either pay their dues or face penal action which could include arrest and prosecution.
The Voluntary Compliance Encouragement Scheme (VCES), which came into effect from May 10, allows a service tax defaulter to pay dues without any penalty or late payment charges.
Under the scheme, a person may make a declaration to the designated authority on or before December 31. Over 40,000 applications, involving tax amount of about Rs55 billion, have been filed till December 29. In the last four days, the revenue department received 16,000 application involving Rs15 billion of service tax dues, as deadline for the first-of-its-kind amnesty scheme ends.
The scheme was introduced by Chidambaram while presenting the Union Budget for 2013-14.

Reserve Bank of India (RBI) has allowed banks to sanction loans of up to Rs 1 lakh against pledge of gold ornaments and jewellery.
"In response to suggestions from banks and with a view to ensuring a level playing field among various market participants, it has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes...," RBI said in a notification.
Bullet repayment means a lump sum payment for the entire loan amount paid at the time of maturity.
The RBI in May had imposed restrictions on banks and NBFCs for providing loans against gold coins as well as units of gold ETFs and mutual funds.
Also banks were asked to ensure that the amount of loan to any customer against gold ornaments, gold jewellery and gold coins (weighing up to 50 grams) should be within the board approved limit.
As per today's RBI notification, the period of the loan should not exceed 12 months from the date of sanction.

The U.S. dollar traded near a five-year high against the yen on the final day of 2013, up 21% for the year against the Japanese currency and on track for its best performance since 1979.
The dollar traded at ¥104.97 on a quiet day, down slightly from a high of ¥105.40 reached overnight. It also slipped against other major currencies as U.S Treasury yields fell a from two-year high above 3%, diminishing the allure of the U.S. currency.
Still, U.S. economic data in recent weeks have reassured markets of a 2014 recovery for the world's biggest economy. The latest number of pending home sales, which rose for the first time in six months, point to stability in the housing market.
With banks continuing to sell overseas assets and bring back capital, the European currency has maintained gains in recent months, foreign-exchange strategists say, although it is now seen as vulnerable.
Strategists say the slight appreciation over the last two weeks in emerging Asian currencies against the U.S dollar has been driven by low liquidity in holiday-thinned markets.
The South Korean won ended the year up 0.76%, having weathered the U.S. monetary policy shocks due to the country's strong trade balance. Analysts expect the won to maintain its strength into next year.

P. Shyamnikhil could only delay the inevitable but not deny K. Sasikiran. After four hours, the second seed ended the suspense by completing a deserving victory and claiming a fourth National title.
Nine days before turning 33, Sasikiran gave himself a nice birthday present claiming the top prize of Rs. 2.50 lakh after some anxious moments during the 13th and final round of the Jain 51st National chess championship.
After B. Adhiban needed just 27 moves to stop an in-form Thej Kumar to reach 10 points, Sasikiran faced a must-win situation. A draw with Shyamnikhil would have only helped Sasikiran match Adhiban’s tally.
Such a ‘tie’ suited Adhiban since the title would have come his way based on his last week’s victory over Sasikiran. But Sasikiran was in no mood to let Shyamnikhil get away with a draw. Sasikiran, a Human Resource Manager with ONGC, had enough in the tank for a longer battle.
After giving up a pawn on the 28th move, Sasikiran managed to create weaknesses around Shyamnikhil’s castled king and seized the initiative.

Jacques Kallis finished a winner in his final Test as South Africa beat India by 10 wickets to take the best-of-two series 1-0 in Durban.
Kallis also marked his final Test appearance for South Africa with a century as the world's No 1 side claimed a dominant win after the first Test in Johannesburg ended in a draw.
Alviro Pietersen and captain Graeme Smith were the unbeaten batsman as the home side wrapped up the win in the final session of day five after claiming the eight wickets they needed to set up the victory push.
Pietersen was unbeaten on 31 and Smith made 27 as the home side made 59 without loss to celebrate Kallis' retirement in style.
Kallis had announced on Christmas Day that the match with India would be his final one and responded with a century as the hosts hit 500 in reply to India's 334.