Prime Minister Narendra Modi today launched three ambitious schemes to reduce the physical demand for gold and fish out 20,000 tonnes of the precious metal lying idle with households.<br/>The Gold Monetisation Scheme (GMS), 2015 will offer option to resident Indians to deposit their precious metal and earn an interest of up to 2.5 per cent. Under the Sovereign Gold Bonds Scheme, investors can earn an interest rate of 2.75 per cent per annum by buying paper bonds. <br/><br/>Mr Modi also unveiled the first ever Indian gold coin and bullion, bearing national emblem Ashok Chakra on one side and Mahatma Gandhi's image engraved on the other side. Initially the coins will be available in denominations of 5 and 10 grams. A 20 gram bullion will also be available through 125 MMTC outlets. <br/><br/>Speaking on the occasion, Mr Modi said India has surpassed China as the world's largest gold consumer, buying 562 tonnes of yellow metal so far this year, against china's 548 tonnes. He said, people should take advantage of the golden opportunity to help India march to a golden period.<br/><br/>Finance minister Arun Jaitley said it's essential to discourage gold imports. He said gold is a security, it gives earning and now on it is going to be a part of our nation-buildin