KARACHI – The State Bank of Pakistan (SBP) has introduced a set of reforms to facilitate IT exporters and freelancers, aiming to simplify processes and improve efficiency.
According to the central bank, the measures are designed to ease export proceeds procedures, standardize documentation requirements, set timelines for transaction processing, and strengthen complaint resolution mechanisms.
Under the new reforms, IT companies 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, while existing users will comply when required. Banks will assign relevant service and purpose codes to exporters’ accounts for reporting and processing, unless instructed otherwise.
The SBP has also set a maximum processing time of one working day for export proceeds and inward remittances into special foreign currency accounts.
Documentation requirements for payments made abroad from these accounts have been standardized to ensure clarity and uniformity across banks.
Banks have been directed to establish effective internal systems to ensure timely resolution of complaints filed by IT companies and freelancers, improving service quality and responsiveness.
Additionally, reporting requirements for exporters and importers of services have been simplified through amendments in Form “R”, Inward Remittance Voucher (IRV), and Form “M”. The threshold for obtaining Form “R” has been increased to $25,000 or equivalent, providing further ease to stakeholders.
Furthermore, banks have been instructed to digitize Forms “R” and “M” and integrate them with auto-population features using customers’ basic data to facilitate ease of doing business.
The State Bank expressed confidence that these measures will significantly enhance operational efficiency and contribute to the growth of Pakistan’s IT exports.
