State Bank of Pakistan Introduces Reforms to Simplify IT Exports and Freelancer Transactions
The State Bank of Pakistan has announced a series of reforms aimed at facilitating IT exporters and freelancers, streamlining procedures, reducing document repetition, and enabling same-day transaction processing. The measures are expected to support the rapidly growing technology export sector in Pakistan.
Under the new regulations, companies and freelancers will no longer need to submit Form R for every export transaction. Instead, a single declaration outlining the nature of services provided will be submitted at the time of opening a new account or as required for existing users.
Additionally, a maximum processing time has been set for export proceeds and transfers from Exporters’ Special Foreign Currency Accounts (ESFCA) abroad within one working day. Standardized documentation requirements have been introduced to ensure clarity and uniformity in foreign service payments. Banks have also been instructed to establish efficient systems to address complaints from IT companies and freelancers promptly.
Amendments to Form R, Inward Remittance Voucher (IRV), and Form M have simplified the reporting process, and the Form R threshold has been increased to over $25,000 for greater convenience. Banks are required to digitize these forms and provide auto-population features for user data to ease business operations.
According to the State Bank of Pakistan, these steps will enhance the performance of IT exporters and play a key role in boosting Pakistan’s technology exports.
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