Financial Daily from THE HINDU group of publications
Friday, May 28, 2004
Financial Daily from THE HINDU group of publications Friday, May 28, 2004 |
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Money & Banking
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RBI & Other Central Banks Industry & Economy - Exports & Imports RBI announces gold card scheme for exporters Our Bureau
Mumbai , May 27 THE Reserve Bank of India in consultation with banks and exporters has announced the gold card scheme for exporters to get cheaper and faster credit. As per the scheme initially proposed in the Exim Policy 2003-04, all credit worthy exporters, including those in small and medium sectors, with good track record will be eligible for a gold card. Individual banks are to lay down the eligibility criteria for issue of the card, said a press release from the apex bank. The RBI has asked banks to clearly specify the benefits they would be offering to the gold cardholders. Some of the stated objectives 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 period of three years with a provision of timely renewal, preference for grant of packing credit in foreign currency. The gold cardholders, 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, said the release. The Ministry of Commerce and Industry of the previous NDA Government had indicated in the Exim Policy 2003-04 announced on January 28, 2004 that the Reserve Bank of India would work out a gold card scheme for credit worthy exporters with a good track record.
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