IT industry allowed free use of up to 50% of dollars

October 05, 2023 (MLN): The information technology (IT) industry is now permitted to freely use up to 50% of the dollars, whereas previously, they were only allowed to retain 35% of the dollars, as stated in the latest post by the Ministry of IT & Telecom.

"The recent decision has fulfilled the long-standing demand of IT companies and will also increase the remittance of dollars in the country," the Caretaker IT Minister, Dr. Umar Saif said.

The decision was taken in the Special Investment Facilitation Council (SIFC) meeting held on October 04, 2023.

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— Ministry of IT & Telecom (@MoitOfficial) October 4, 2023

With the decision, IT companies will be able to transfer their accounts from foreign countries to Pakistan.

Earlier, IT companies were allowed to keep only 35% of dollars and due to this restriction, many companies had opened accounts in foreign countries.

“With the recent decision, the long-standing demand of IT companies has also been fulfilled and the remittance of dollars in the country will also increase," the Caretaker IT minister added.

Moreover, this recent development can help boost the current volume of IT exports to over $4 billion, compared to its current volume of $2.6bn.

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