| The committee set up to work out the modalities of a bullion hub had proposed a one-time amnesty scheme for consumers to declare their gold holdings, said Narendra Gupta, chief business officer of the National Commodity and Derivatives Exchange, Monday.
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| The committee, appointed by the commerce ministry in October 2004, will shortly submit its recommendations to the government.
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| The proposed scheme will be on the lines of the voluntary disclosure of income scheme launched by the government in the mid-nineties.
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| Gupta, one of the committee members, said more than 15,000 metric tonnes of gold is lying idle with Indian families. Moreover, 23% of the world's physical gold is consumed in India, whose private holding is the highest in the world.
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| Annual gold imports into the country are around 600 tonnes and re-cycled gold 200 tonnes, he said.
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| "Gold continues to be a preferred route of investment for Indians," he said.
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| Notwithstanding all these factors, India has failed to become a bullion hub, he said. |
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