Summary SBP simplifies export procedures for IT exporters and freelancers, easing documentation, speeding transactions, and improving complaint resolution systems nationwide.
KARACHI (Dunya News) - The State Bank of Pakistan (SBP) has introduced a series of reforms to facilitate IT exporters and freelancers, aiming to simplify export procedures and improve overall efficiency.
According to an official statement, the new measures are designed to streamline export receipt mechanisms, standardize documentation requirements, define transaction processing timelines, and strengthen complaint resolution systems. These steps are expected to enhance ease of doing business in Pakistan’s rapidly growing IT sector.
Under the revised policy, IT exporters and freelancers will no longer be required to submit Form ‘R’ for each individual export transaction. Instead, they will provide a one-time declaration at the time of account opening, specifying the nature of services offered abroad. Existing account holders will submit this declaration only when required.
Authorized dealer banks will assign relevant service and purpose codes to exporters’ accounts for reporting and processing. Additionally, a maximum processing time of one working day has been set for export proceeds and inward remittances received in special foreign currency accounts, significantly reducing delays.
Documentation requirements for payments made abroad from exporters’ foreign currency accounts have also been standardized to ensure clarity and uniformity across banks. SBP has further directed banks to establish efficient internal systems for timely resolution of complaints filed by IT companies and freelancers.
Moreover, reporting requirements for exporters and importers have been simplified through amendments in Form ‘R’, Inward Remittance Voucher (IRV), and Form ‘M’. The threshold for requiring Form ‘R’ has been increased to $25,000, while banks have been instructed to digitize these forms with auto-population features to further ease business processes.
