Home › Circulars › RBI/2009-10/149

Gold Card Scheme: Overdue Bills Norm Relaxed for FY 2009-10

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2009-10/149 · issued 18 May 2004 · ~2 min read
Quick answerRBI temporarily waived the condition that overdue export bills must not exceed 10% of previous year's turnover for Gold Card holders from April 1, 2009 to March 31, 2010, to ease exporter difficulties from weak demand.

What changed

RBI modified paragraph 3.1.3 of the May 18, 2004 circular on the Gold Card Scheme for exporters. The requirement that overdue export bills should not exceed 10% of the previous year's export turnover has been dispensed with for one year, from April 1, 2009 to March 31, 2010.

What it means for you

Banks can now extend Gold Card benefits to exporters even if their overdue export bills exceed the earlier 10% threshold during this period. This temporary relaxation helps exporters facing delayed payments and weak external demand, reducing their working capital stress. Lenders should update their internal credit policies to reflect this waiver for the specified period.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

Scheduled commercial banks (excluding RRBs) offering export credit, Exporters holding or applying for Gold Card status, Bank branches handling export finance and trade credit

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Does this relaxation apply to all exporters or only Gold Card holders?

The relaxation specifically modifies the Gold Card Scheme's eligibility condition. It applies to exporters who are or wish to become Gold Card holders, temporarily waiving the overdue bills threshold.

Will the 10% overdue bills condition be reinstated after March 31, 2010?

Yes, the circular states the dispensation is only for one year from April 1, 2009 to March 31, 2010. Banks should expect to revert to the original condition from April 1, 2010 unless further instructions are issued.

What should banks do if an exporter's overdue bills exceed 10% after the waiver period?

Banks must revert to the original Gold Card Scheme norms after March 31, 2010. Exporters not meeting the 10% threshold at that point may lose Gold Card benefits unless RBI extends the relaxation.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1823: DBOD.No.Dir.(Exp).BC.39/04.02.001/2009-10 — "Gold Card Scheme for Exporters" dated September 7, 2009”
📜 Read the original circular — full text as issued by RBI
RBI/2009-10/149 DBOD.No. Dir (Exp). BC. 39/04.02.001/2009-10 September 7 , 2009 All Scheduled Commercial Banks (Excluding RRBs) Dear Sir/Madam, Gold Card Scheme for Exporters Please refer to our Circulars IECD.No.12/04.02.02/Gold Card/2003-04 dated May 18, 2004 and DBOD.Dir.(Exp)No.73/04.02.02/ Gold Card/2004-05 dated March 04, 2005 on Gold Card Scheme for exporters. In view of the difficulties faced by exporters on account of weakening of external demand and in realizing the dues within the stipulated time, it has been decided to partially modify paragraph 3.1.3 of our circular dated May 18, 2004 and dispense with the requirement of overdue export bills not exceeding 10% of the previous year’s export turnover, for one year i.e. from April 1, 2009 to March 31, 2010 . Yours faithfully (P.Vijaya Bhaskar) Chief General Manager-in Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/149 · issued 18 May 2004. The plain-English explanation above is BankPulse’s own independent summary.
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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5259&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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