The State Bank of Pakistan (SBP) has announced a series of reforms aimed at facilitating IT exporters and freelancers, making transactions faster and simpler.
Under the new measures:
- IT companies and freelancers will no longer need to submit Form “R” for every export transaction; a one-time declaration will now suffice.
- Export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs) will be processed within one working day.
- Documentation for outward remittances to acquire services abroad has been standardized across banks.
- Banks are required to implement effective systems to resolve complaints promptly, improving service quality.
- Digitalization of Form “R” and Form “M” with auto-population features will ease reporting, while the Form “R” threshold has been increased to US$25,000.
The SBP expects these reforms to enhance efficiency and support the growth of Pakistan’s IT export sector.
