5.When ever new accounts are taken over from other banks where the exporters are already having Gold Cards we may also extend Gold Card of our bank. However after the end of the financial year the new account holder should satisfy our terms for issue of Gold Card.
D. The benefits and concessions
I Sanctioning credit
a. The sanction and renewal of the limits under the Scheme will be based on a simplified procedure. A simplified form for working capitol credit facilities developed exclusively for the Gold Card Scheme-Exporters by Indian Banks’ Association will be adopted. The specimen form is given in Annexure: 1.
b. The ‘in-principle’ limits will be sanctioned for a period of three years with a provision for automatic renewal subject to fulfillment of the terms and conditions of the sanction. However a review of the account will be made annually. If the exporter slips from the eligibility criteria then the facility of ‘in-principle’ sanction for three years will stand cancelled with immediate effect and the Gold Card will be withdrawn. The account will thereafter attract normal rate of interest for export credit and other charges prevailing with the Bank.
c. Subject to the availability of funds Exporters under the Scheme will have priority over non-export borrowers with regard to granting Packing Credit Loans In Foreign Currency (PCFC) against FCNR (B) funds
d. The time frame for disposal of applications received for sanction under the scheme is stipulated as follows: