The government will launch three gold related schemes, Gold Monetisation, Sovereign Gold Bond and India gold coin today to cash in on festival fervour. The Gold Monetisation Scheme is aimed at tapping part of an estimated 20,000 tonnes of idle gold worth about 5,40,000 crore rupees into the banking system. The minimum quantity of gold that a customer can bring is proposed to be set at 30 grams in any form bullion or jewellery. <br/><br/>The Sovereign Gold Bond will be issued by RBI on behalf of the Government with an interest rate of 2.75 per cent. The Bonds will be sold through banks and designated post offices. The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates. Minimum permissible investment will be 2 grams of gold and maximum will not be more than 500 grams per person per fiscal year. <br/><br/>Applications for the bond will be accepted from 5th to 20th of November and the Bonds will be issued on 26th. India Coins bearing Ashok Chakra will also be launched today. The coins will be available in denominations of 5 and 10 grams while bar or bullion of 20 grams through MMTC outlets. In a statement, finance ministry said 15 thousand coins of 5 gm, 20 thousand coins of 10 gm and 3,750 of 20 grams bullions will be available initially.

The government will launch three gold related schemes, Gold Monetisation, Sovereign Gold Bond and India gold coin in New Delhi tomorrow to cash in on festival fervour. The Gold Monetisation Scheme is aimed at tapping part of an estimated 20,000 tonnes of idle gold worth about 5,40,000 crore rupees into the banking system. The minimum quantity of gold that a customer can bring is proposed to be set at 30 grams in any form bullion or jewellery.<br/><br/> The Sovereign Gold Bond will be issued by RBI on behalf of the Government with an interest rate of 2.75 per cent. The Bonds will be sold through banks and designated post offices. The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates. Minimum permissible investment will be 2 grams of gold and maximum will not be more than 500 grams per person per fiscal year. <br/><br/>Applications for the bond will be accepted from 5th to 20th of November and the Bonds will be issued on 26th. India Coins bearing Ashok Chakra will also be launched tomorrow. The coins will be available in denominations of 5 and 10 grams while bar or bullion of 20 grams through MMTC outlets. In a statement finance ministry said 15 thousand coins of 5gm, 20 thousand coins of 10 gm and three,thousand seven hundred fifty of 20 grams bullions will be available initially.<br/><br/>The objective of the Gold Monetization Scheme to make gold productive asset so that people can earn interest on deposit. Any Entities participating in Gold monetization Scheme can earn up to 2.50 per cent interest rate on their idle gold. The long-term objective of the scheme is to reduce the country's reliance on the import of gold to meet domestic demand and give a boost to the Indian economy. <br/><br/>The mobilized gold will also supplement RBI's gold reserves and help in reducing the government's borrowing cost. It will provide a fillip to the gems and jewellery sector in the country by making gold available as raw material on loan from the banks. In fiscal year 2014-15, gems and jewellery constituted 12 per cent of India's total exports and the value of gold items alone was more than 13 billion dollars.