Updated as of 18th May, 2004 

In partial modification of the interest rates on post-shipment rupee export credit, it has been decided that with effect from May 18, 2004, the rate of interest on post-shipment rupee export credit upto 90 days may be extended to exporters under the Gold Card Scheme announced by the Reserve Bank of India for a maximum period upto 365 days.

Gold Card Scheme

As you are aware, the Ministry of Commerce and Industry had indicated in the Exim Policy 2003-04 dated January 28, 2004 that a Gold Card Scheme would be worked out by RBI for credit worthy exporters with good track record for easy availability of export credit on best terms.

Accordingly, as stated in paragraph No. 92 of the Annual Policy Statement for the year 2004-05 dated May 18, 2004, a Gold Card Scheme has been drawn up by RBI in consultation with select banks and exporters. A copy of the Scheme is enclosed.

2. All credit worthy exporters, including those in small and medium sectors with good track record will be eligible for issue of Gold Card as per the criteria to be laid down by the individual banks. Banks should clearly specify the benefits they would be offering to the Gold Card holders.

3. The data relating to export credit granted under the Gold Card Scheme may be furnished to us as additional information in the quarterly statement in Form C regarding export credit disbursement and balances outstanding as on the last reporting Friday of each quarter beginning with the quarter ending June 2004 (revised format enclosed).