The Hindu : Business : RBI Gold Card scheme

Online edition of India's National Newspaper
Friday, May 28, 2004

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RBI Gold Card scheme

By Our Staff Correspondent

MUMBAI, MAY 27. The Reserve Bank of India has announced the Gold Card scheme for exporters, whereby all credit-worthy exporters including those in the small and medium sectors with a good track record will be eligible for a Gold Card. This has been done in consultation with select banks and exporters.

Individual banks will lay down the eligibility criteria for issue of Gold cards and the RBI has asked banks to clearly specify benefits they would be offering to the Gold Card holders.

Some of the objectives of the Gold Card scheme include 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 three year period with a provision of timely renewal and preference for grant for packing credit in foreign currency.

Cardholders, on the basis of their track record of timely realisation of export bills, would also be considered for issuance of foreign currency credit cards for meeting urgent payment obligations.

The Union Ministry of Commerce and Industry had indicated in the Exim Policy 2003-04 announced on January 28 that the RBI would work out a Gold Card scheme for credit worthy exporters with a good track record for easy availability of export credit on best terms.

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