SBP unveils fresh initiatives to boost IT exports and empower freelancers

 

SBP unveils fresh initiatives to boost IT exports and empower freelancers  

The State Bank of Pakistan (SBP) announced a set of new measures on Monday with the objective of stimulating the exports of information technology (IT) and IT-enabled services, primarily focused on facilitating IT exporters and freelancers to enrich the export landscape.

A prominent move by the SBP involves the expansion of the permissible retention limit for IT exporters. Previously constrained to 35% of their export earnings, this limit has now been raised to 50%, enabling IT exporters to maintain a larger portion of their earnings in Exporters’ Specialised Foreign Currency Accounts (ESFCAs).

 

Bank of Punjab spearheading banking for freelancers



Furthermore, the process of accessing funds held in ESFCAs has been streamlined for IT exporters, granting them the authority to make payments directly from these accounts without requiring prior approval from the SBP or banks.

To simplify financial transactions, banks are mandated to issue debit cards to IT exporters, allowing them to make online payments using the funds available in their ESFCAs.

In addition to these revisions, the SBP has introduced a comprehensive framework tailored to freelancers. This initiative is designed to simplify the procedure of opening bank accounts for freelancers and to enable them to retain a higher portion of their funds in foreign currency (FCY) accounts.

Freelancers now have the flexibility to establish bank accounts either digitally or through conventional means, with minimal documentation requirements. Notably, freelancers will have their ESFCAs established simultaneously with the opening of their primary Pakistani rupee (PKR) accounts, streamlining the entire process.

 

Mobilink Bank joins hands with TIIES, PAFLA to empower entrepreneurs



Under the new guidelines, freelancers can retain 50% of their export earnings or a minimum of USD 5,000 per month in their ESFCAs. Importantly, they are authorized to make all necessary payments directly from these accounts, eliminating the need for approval from the SBP or banks.

These forward-looking measures not only simplify financial procedures for IT exporters and freelancers but also cultivate a favorable environment for the growth of IT exports and services in Pakistan. These measures are anticipated to significantly bolster the country's IT export sector and empower freelancers, thereby contributing to Pakistan's overall economic development.

Source: MinuteMirror

Post a Comment

Previous Post Next Post