India’s central bank tightened cash deposit rules on Monday, just days before the demonetisation deadline, saying individuals can bank over 5,000 rupees ($73.83) of old notes only once until Dec. 30.However, the central bank in a circular said that any deposit above 5,000 rupees would be subject to questioning by two bank officials and the explanation should be kept on-record in case of scrutiny at a later stage.
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Brussels is investigating a showcase Chinese rail project that aims to extend Beijing’s “One Belt, One Road” initiative into the heart of Europe, potentially putting the EC at loggerheads with China. The commission’s probe is into a planned 350km high-speed railway between Serbia’s capital, Belgrade, and Budapest in Hungary. Source: FT
Houses in Germany’s cities are overvalued by as much as 30%, the Bundesbank warned on Monday, adding to fears of a housing bubble in Europe’s largest economy after years of ultralow interest rates. Prices for residential real estate rose by 8% last year in 127 cities. Source: MarketWatch
According to Ifo’s research results, a comprehensive agreement between the EU and the Eurasian Economic Community could lead to a 0.2 percent increase in real per capita income in the EU. “These income gains stem from the fact that the economic structures on all sides are highly complementary.” Source: Ifo Institute