Islamabad: The State Bank of Pakistan (SBP) has launched a set of facilitation measures to streamline export procedures for IT companies and freelancers, aiming to improve efficiency, reduce documentation, and enhance ease of doing business.
Under the new framework, IT exporters and freelancers will no longer need to submit Form “R” for every transaction. Instead, a one-time declaration of the nature of services offered abroad will be required when opening a new account or upon request for existing accounts. Banks will assign relevant service and purpose codes to simplify reporting and transaction processing.
The central bank has also introduced a maximum turnaround time of one working day for processing inward export receipts and outward remittances through Exporters’ Special Foreign Currency Accounts (ESFCAs). Documentation for outward remittances has been standardized, while reporting forms—including Form “R”, the Inward Remittance Voucher (IRV), and Form “M”—have been revised and digitised with auto-population features to reduce compliance burdens.
The threshold for mandatory submission of Form “R” has been raised to USD 25,000 or equivalent, easing requirements for smaller transactions. Banks have also been instructed to strengthen internal complaint resolution mechanisms to ensure faster handling of issues faced by IT exporters and freelancers.
SBP expects these measures to enhance operational efficiency, support freelancers, and accelerate growth in Pakistan’s IT exports sector, a key contributor to the country’s digital economy.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
