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).
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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.
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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