The State Bank of Pakistan has introduced new facilities for IT exporters and freelancers, expressing confidence that these measures will significantly improve operational efficiency.
The central bank has rolled out a set of reforms aimed at facilitating IT exporters and freelancers by simplifying export procedures and improving banking processes.
These reforms are designed to streamline export receipt mechanisms, standardize documentation requirements, set clear transaction processing timelines, and strengthen the complaint resolution system.
Key measures include:
IT companies and freelancers will no longer be required to submit Form “R” for every 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 customers will submit this when required. Authorized dealer banks will link the relevant service and purpose codes to the exporter’s account for reporting and processing, unless otherwise instructed.
The processing time for export proceeds and inward remittances into exporters’ Special Foreign Currency Accounts has been capped at a maximum of one working day.
Documentation requirements for payments made from Special Foreign Currency Accounts for services acquired from abroad have been standardized to ensure consistency and clarity across banks.
Banks have been instructed to establish effective internal systems to ensure timely resolution of complaints filed by IT companies and freelancers, improving service quality and responsiveness.
In addition, reporting requirements for service exporters and importers have been simplified through amendments in Form “R”, Inward Remittance Voucher (IRV), and Form “M”.
The threshold for obtaining Form “R” has also been increased to over $25,000 (or equivalent in other currencies), providing further ease to users.
