RBI issues Gold Card Scheme for exporters

Jun 28, 2019 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) on June 27, 2019, has requested all the banks to strictly implement the Gold Card Scheme for exporters. RBI on July 01, 2015 had published a Master Circular DBR No.DIR.BC.14/04.02.002/2015-16, consolidating the instructions or guidelines issued to banks relating to Rupee or Foreign Currency Export Credit & Customer Service to Exporters. The Gold Card Scheme was issued by RBI for creditworthy exporters with a good track record for easy availability of export credit on best terms. The Scheme envisages certain additional benefits based on the record of performance of the exporters. The Gold Card holder would enjoy a simpler and more efficient credit delivery mechanism in recognition of his good track record.

It has been noticed that the banks are not extending the benefits under the Gold Card Scheme as per extant instructions. Therefore, it is instructed to the banks that Gold Card Scheme for Exporters as contained in above-mentioned Master Circular shall be strictly implemented and the branch level functionaries suitably sensitised in this regard. It is also advised to give adequate publicity to the Scheme for the benefit of exporters. 

[Notification No. DBR.Dir.BC.No.48/04.02.002/2018-19]

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