RBI paper says gold is misclassified in capital formation

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A Reserve Bank of India paper published on Thursday addresses the technical details of the concept of non-monetary gold and its impact on the measurement of valuables in India.

Rakesh Kuma, the paper's author, argues against the present classification of valuables in the gross capital formation from the perspective of the United National System of National Accounts 1993 and 2008, which states that they are held for store of value without any use for production and consumption in the economy.

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