Exporters Gold Card Scheme Announced

Mumbai, May 27 | Updated: May 28 2004, 05:30am hrs
The Reserve Bank of India (RBI) on Thursday announced the Gold Card scheme for exporters.

As per the scheme, all credit worthy exporters, including those in small and medium sectors, with good track record will be eligible for the Gold Card. Individual banks will lay down the eligibility criteria for issue of Gold Cards. The Reserve Bank has asked banks to clearly specify the benefits they would be offering to the Gold Card holders.

Better terms of credit including rates of interest than those extended to other exporters by the banks, faster and simpler processing of applications for credit, sanction of in principle limits for a period of three years with a provision of timely renewal, preference for grant of packing credit in foreign currency, are some of the objectives of the Gold Card Scheme for exporters. Gold Card holders, on the basis of their track record of timely realisation of export bills, will also be considered for issuance of foreign currency credit cards for meeting urgent payment obligations.

It may be recalled that the Ministry of Commerce and Industry had indicated in the Exim Policy 2003-04 announced on January 28, 2004 that the Reserve Bank of India will work out a Gold Card Scheme for credit worthy exporters with a good track record for easy availability of export credit on best terms. In its recent Annual Policy Statement for 2004-05, RBI had, in consultation with select banks and exporters, drawn up the Gold Card Scheme.