SBP eases rules for IT exporters, freelancers

April 6, 2026 (MLN): State Bank of Pakistan (SBP) has rolled out a series of facilitation measures aimed at streamlining export procedures for IT companies and freelancers, with a focus on improving efficiency, reducing documentation burden, and enhancing 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 outlining the nature of services offered abroad will be required at the time of opening a new account, while existing account holders will provide it when requested.

Banks will assign the relevant service and purpose codes to streamline reporting and processing of export transactions.

To further improve efficiency, SBP has introduced a maximum turnaround time of one working day for processing inward export receipts and outward remittances through Exporters’ Special Foreign Currency Accounts (ESFCAs), ensuring faster fund flows for exporters.

The central bank has also standardized documentation requirements for outward remittances from ESFCAs when acquiring services from abroad, bringing greater clarity and uniformity across banking channels.

In addition, banks have been directed to strengthen internal complaint resolution mechanisms, enabling quicker and more effective handling of issues faced by IT exporters and freelancers.

Beyond these measures, SBP has simplified reporting requirements by revising Form “R”, the Inward Remittance Voucher (IRV), and Form “M”.

The threshold for mandatory submission of Form “R” has been increased to above $25,000 (or equivalent), reducing compliance requirements for smaller transactions.

To further enhance digital ease, banks have been instructed to digitize Form “R” and Form “M”, incorporating auto-population features for basic customer data to streamline the documentation process.

SBP expects that these reforms will significantly improve operational efficiency, support freelancers, and accelerate the growth of Pakistan’s IT exports sector, a key driver of the country’s digital economy.

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