The State Bank of Pakistan (SBP) has rolled out a comprehensive set of measures aimed at simplifying processes for IT exporters and freelancers to accelerate the country’s digital services growth.
Under the new reforms, IT companies and freelancers will no longer need to submit Form “R” for every single export transaction.
Instead, a one-time declaration at the account opening or as required will suffice, with banks automatically tagging the relevant service and purpose codes for transaction processing.
Additionally, the SBP has set a strict maximum turnaround time of one working day for processing inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs). Documentation requirements for outward payments have also been standardized, promoting clarity and consistency across banking channels.
To further enhance service quality, banks have been instructed to establish internal mechanisms for timely resolution of complaints from IT exporters and freelancers.
Reporting procedures have also been simplified, with revisions to Form “R,” the Inward Remittance Voucher (IRV), and Form “M.” Notably, the threshold for submitting Form “R” has been raised to US$25,000, easing administrative burdens for many small and medium-scale exporters. SBP has also encouraged digitalization of these forms with auto-population functionality to streamline compliance and improve ease of doing business.
The central bank expects these reforms to boost operational efficiency, improve remittance flows, and provide a meaningful lift to Pakistan’s IT export sector, which has been a key driver of economic growth in recent years.
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