............According to some studies on India, nearly three fourths of gold jewellery is sold in rural India and most gold sales are through jewellery itself. According to Professor Jeffrey Franks, holding gold is the only way the peasant can protect himself against inflation and the vicissitudes of politics. The rising demand for gold imports is not merely psychological but rather practical รข€” gold can be purchased in cash and in small amounts, without any documentation, across the country; can easily be used for loans from many local shops/NBFCs; and serves as a safe haven and instrument of easy transfer of inter-generational wealth...............
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