SBP extends deadline for IT exporters to bring foreign exchange earnings

June 07, 2023: The State Bank of Pakistan (SBP) has extended the deadline for the mandatorily credit 35% of the exports proceeds into exporters’ special foreign currency account until June 30, 2024.

This is in reference to the circular issued earlier on January 13, 2023, instructing Authorized Dealers (ADs) to mandatorily credit 35% of the exports proceeds into these exporters’ special foreign currency account.

The exporters shall be registered with Pakistan Software Export Board (PSEB) or Pakistan Software Houses Association (PSHA), and involved in the export of Software, Information Technology (IT) services, IT Enabled Services (ITeS).

The circular was initially valid until March 31, 2023, but has now been extended for another year.

The SBP had also advised ADs to facilitate these exporters in opening their exporters’ special FCY accounts and for carrying out remittances transaction from their Exporters’ Special FCY retention accounts by issuing corporate debit cards and providing digital platforms including FX digital portal.

The ADs were also required to provide proper training to relevant staff and establish a permanent help desk to resolve the matters pertaining to account opening, retention in accounts, outward remittances, etc.

Copyright Mettis Link News