A Jobin Yvon-Spex (HR640) monochromator with a notch filter (514.5 nm) and Ar+ ion laser has been used to set up a low cost laser Raman spectrometer. The selection and setup of the various optical components used in the present work has been solely tarried out in our laboratory. The calibration of the monochromator was established from the studies of various standard mercury lines and the obtained data fitted with the reported data. Raman signals have been recorded for a number of samples e.g. diamond, ruby, carbon tetrachloride (CCl4), benzene (C6H6) and ethanol (C2H5OH). The obtained results are found to be in excellent agreement with the reported values for these materials in the literature.