What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? 1. To bring the idle gold lying with Indian households into the economy 2. To promote FDI in the gold and jewellery sector 3. To reduce India's dependence on gold imports Select the correct answer using the code given below.

1. Statement 1 is correct. A primary purpose of both the Gold Monetization Scheme (GMS) and the Sovereign Gold Bond Scheme (SGB) is to reduce the demand for physical gold and shift a part of the estimated 20,000 tonnes of gold held by Indian households and institutions into the formal financial system. The GMS allows depositing physical gold to earn interest, thus bringing idle gold into the economy. 2. Statement 2 is incorrect. These schemes are primarily focused on managing domestic gold demand and supply, and reducing imports. They are not designed with the specific objective of promoting FDI in the gold and jewellery sector. 3. Statement 3 is correct. By providing alternative ways to invest in gold (SGB) and by mobilizing existing domestic gold (GMS), both schemes aim to reduce India's dependence on gold imports, which significantly impact the country's current account deficit.