IBEX GOLD CARD SCHEME (GCS) FOR EXPORTERS

Exporters with good track record mean exporters complying with all the four criteria given below:

1. The asset classification of the exporters’ accounts is Standard continuously for a period of three years;
2. There are no major irregularities / adverse features in the conduct of the accounts; [Major irregularities in area of documentation, security/ charge creation, security coverage etc]
3. Export bills are generally promptly paid (or) if there are any overdue export bills / FBP returned unpaid, they are within a tolerance level of 10% of the previous / current financial year’s export turnover.
4. Packing credit is operated without overdues; operated within the permitted / extended period during the last one year.

Features

1. A stand-by adhoc limit upto 20 per cent of the sanctioned limit will be assessed and will be additionally made available to facilitate urgent credit needs for executing sudden orders
2. In the case of exporters of seasonal commodities, peak and off-peak levels will be appropriately specified; and adhoc limits upto 20% as above will be considered over the respective levels of credit limits.
3. In case of unanticipated export orders, norms for inventory may be relaxed without dilution of the security coverage on a case-by-case basis, taking into account the size and nature of the export order.

Facilities

1. In keeping with the spirit of the Scheme, Bank will endeavour to provide the best rates possible to Gold Card holders on the basis of their rating and past performance.
2. Bank shall ensure that the PCFC requirements of the Gold Card holders are met by giving them priority over others with regard to granting loans.
3. Bank will consider granting term loans in foreign currency in deserving cases out of their foreign currency surplus.

Response time

Disposal of fresh application   25 days

Renewal of limits                     15 days

Sanction of adhoc limits          07 days