The State Bank has introduced new reforms to facilitate IT exporters and freelancers. The decision is expected to ease export procedures and improve income flows from abroad.
The State Bank of Pakistan (SBP) has rolled out a series of reforms aimed at increasing IT exports and boosting freelancers’ income.
According to officials, the core objective is to simplify export income receipts while enhancing the quality of documentation across the sector.
No more repeated form ‘R’ submissions
One of the most significant changes is the removal of the requirement to submit Form “R” for every export transaction.
Now, IT companies and freelancers will only need to provide complete details once at the time of opening their bank accounts.
As part of the new process, exporters must clearly mention the nature of services they provide internationally.
For existing IT companies and freelancers, banks may request updated details if needed.
Faster processing of export funds
Banks have been instructed to process export funds received through special foreign currency accounts within 24 hours.
Similarly, overseas remittances must also be processed within a maximum of one day.
The move is expected to reduce delays and improve liquidity for IT businesses and independent freelancers working with international clients.
Relief measures and digitalisation
The SBP has increased the limit for obtaining Form “R” to above $25,000, offering greater flexibility to exporters dealing with higher-value transactions.
Banks have also been directed to digitalize Form “R” and Form “M”, signaling a shift toward a more streamlined and tech-driven system.
The central bank has instructed financial institutions to ensure timely resolution of complaints from IT companies and freelancers.
This step aims to build trust and improve the overall banking experience for digital exporters.
