Current Affairs For Bank, IBPS Exams - 26 July, 2014

Current Affairs For Bank, IBPS Exams

The Lok Sabha on Friday passed the Finance Bill, 2014 by voice vote giving effect to the legislative tax proposals in the Budget.
In Budget debate ahead of its passage in Lok Sabha, the Finance Minister reiterated the Government’s intent to fulfil its promise of bringing back money stowed away in foreign banks.
Mr. Jaitley also said that the NDA Government will not be a high-tax government as it intends to create more jobs, industry and give a fillip to economy.
Referring to the GAAR, the Minister said he will take a final call on contentious issue at a later date and said to revive investor's sentiment which had been damaged by retrospective amendment to the Income Tax.
Union Finance Minister Arun Jaitley clarified that the higher long term capital gains tax rate of 20 per cent on non-equity mutual funds passed as part of the Budget would come into effect from July 1o onwards instead of April 1. The Provision to raise the holding period for unlisted shares and debt funds units to 36 months from 12 months for them to qualify as long-term capital assets will also take effect July 10 onwards.

President Pranab Mukherjee, who completed two years in office, inaugurated a museum with fibre-glass statues of former Presidents within the Rashtrapati Bhavan.
The Museum has an interactive zone where visitors can learn more about former Presidents and see audio-video clippings related to them.
The President also inaugurated a ‘Knowledge Hub’ in the Dr. Rajendra Prasad Sarvodaya Vidyalaya within the Rashtrapati Bhavan and 16 serviced apartments. The ‘Knowledge Hub’ will be a space for innovative teaching and learning practices and use collaborative, interactive pedagogical practices to help teachers connect to the world outside their classroom.

Iraqi lawmakers elected a veteran Kurdish politician as the nation’s new president, hours after an attack on a prison convoy killed dozens of people.
In the past, Islamic militants have staged several jailbreaks, including a complex, military-style assault on two Baghdad-area prisons in July 2013 that freed more than 500 inmates.
Masum’s election comes as Iraq is facing its worst crisis since the 2011 withdrawal of U.S. troops amid the blitz offensive last month by Islamic State group that captured large swaths of land in the country’s west and north, including Iraq’s second largest city of Mosul.
The vote for president a post previously held by ailing Kurdish leader Talabani is widely viewed as a step toward achieving consensus among political rivals, seen as necessary for tackling the deteriorating security crisis.
Masum is considered a soft-spoken moderate, known for keeping good relations with Sunni and Shiite Arab politicians.
Prime Minister Nouri al-Maliki’s bloc won the most seats in April elections, but he has faced mounting pressure to step aside, with critics accusing him of monopolizing power and alienating the country’s Sunni and Kurdish minorities, contributing to the latest unrest.