[STC-Salt Lake] RBI Announces Gold Card Scheme for Exporters

  • From: "Anup Sen, STC, Salt Lake City, Kolkata" <anupsen@xxxxxxx>
  • To: E-Group STC Salt Lake City Kolkata <banknews@xxxxxxxxxxxxx>
  • Date: Thu, 27 May 2004 19:29:05 +0530

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Title: State Bank of India, Staff Training Centre, Salt Lake, Kolkata. : : stcsaltlake@xxxxxxxx : :

 

 

RBI Announces Gold Card Scheme for Exporters

 

May 27, 2004 from RBI Web-Site

 

 

The Reserve Bank of India today (May-27, 2004) announced the Gold Card Scheme for the exporters. As per the scheme, all credit worthy exporters, including those in small and medium sectors, with good track record will be eligible for Gold Card. Individual banks will lay down the eligibility criteria for issue of Gold Card. 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. The 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. Accordingly, as announced in paragraph 92 of the Annual Policy Statement for 2004-05 on May 18, 2004, the Reserve Bank has, in consultation with select banks and exporters, has drawn up the Gold Card Scheme.

 

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