Current Affairs For Bank, IBPS Exams - 10 July, 2015

Current Affairs for BANK, IBPS Exams

EU President Donald Tusk said on Thursday that Greece’s creditors must make a “realistic” proposal for managing the country’s huge debt, as Athens faced a midnight deadline to submit reform plans for an international bailout.
Greece’s calls for its debt to be tackled have been backed by the International Monetary Fund and U.S. Treasury Secretary, but Germany leads a hard-line group of Eurozone nations that are strongly opposed.
If Greece were to submit its proposals on time on Thursday, they will then be examined by the “troika” of creditor institutions — the European Commission, the European Central Bank and IMF — before going on to political leaders. Mr. Tusk has set a special EU summit on Sunday as the final deadline for a deal to bail out Greece.
Premier Tsipras has called for a reduction of Greece’s massive €320-billion debt mountain to be part of any deal for its third international bailout since 2010.
But Germany and many other Eurozone nations reject any move to write off Greek debts, especially after Greeks in a referendum last weekend backed Mr. Tsipras’s decision to reject the creditors’ demands for further austerity.

Under the Foreign Account Tax Compliance Act (FATCA) signed by India and the U.S. here on Thursday, foreign financial institutions in the U.S. will have to provide information about Indian account holders to the U.S. government’s Internal Revenue Service (IRS), which will forward the information to the Indian government.
The Indian government will provide similar information to the IRS. This automatic exchange of information is scheduled to begin on September 30.
For example, the State Bank of India will have to provide information regarding the investments by any U.S. citizen, even NRIs, to the Indian revenue authorities in a prescribed format regularly. The Indian government will then forward that information to the IRS.
The government in December got the go-ahead of the Special Investigation Team on black money to sign international treaties that included confidentiality clauses, an issue that had until then prevented India from agreeing to FATCA.
Last month, India joined 59 countries in the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information.
This agreement obliges signatories to exchange a wide range of financial information among themselves periodically and automatically.

The U.S. government enacted FATCA in 2010 to obtain information on accounts held by US taxpayers in other countries.
As of now, the U.S. has such agreements with more than 110 jurisdictions and is engaged in related discussions with many other jurisdictions.
Financial institutions such as banks, brokerages or mutual funds that do not comply with this agreement will face a 30 per cent withholding tax on all payments from the U.S.

Notwithstanding the industrial production slowing down to 2.7 per cent in May, India Inc today said the growth will pick up in the coming months as it expects reforms initiated by the Modi government to yield results.
However, industry bodies expressed concern over the performance of the consumer goods sector, saying it signals a decline in purchasing power, particularly in rural areas.
Terming the industrial growth of 2.7 per cent in May as "below potential", CII said it believes industrial growth is on the path of recovery as is evident by strong core sector growth in May, the fastest in six months, as many of the stalled projects have started to move.
Industrial production in May slowed to 2.7 per cent from 5.6 per cent a year ago, dragged down by manufacturing, strengthening the case for an RBI rate cut.
The Index of Industrial Production (IIP) for April too has been revised downwards to 3.36 per cent from the earlier estimate of 4.1 per cent.

Saddled with history and a ball-toss that rebelled, Maria Sharapova suffered for an hour and 19 minutes in the glare and heat of Centre Court before watching Serena Williams ease past her for the 17th time in a row and into the final of the 2015 Wimbledon. And then she suffered some more.
As feisty afterwards as she had been in enduring another public hammering against a rival with whom she shares mutual respect but little warmth, she rejected suggestions – daft ones during an uncomfortable press conference – that she either change her baseline strategy or even look for a new coach.
She seethed when asked to respond to David Cameron’s remarks that women players should wear earplugs to block out the screeching that plagues the women’s game, with Sharapova among the chief culprits. “Next question, please,” she said through pursed lips. She would probably give Cameron a run for his money at prime minister’s questions.
But it is harder than she makes it sound, and she does not lack for motivation – especially against Sharapova, who beat her to win the title when a teenager in 2004 and has won only five sets in 18 matches against her since. Williams gives the impression she would happily play her morning, noon and night.