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SBP instructs ADs to facilitate freelancers, IT exporters

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January 31, 2023 (MLN): The State Bank of Pakistan (SBP) has ordered Authorized Dealers (ADs) to facilitate the freelancers, IT and ITeS for the conversion of funds available in exporters special Foreign Currency Accounts in to PKR any time upon the request of the customer, a letter issued by SBP to all the ADs of foreign exchange.

To resolve the issue of IT exporters SBP in its EPD Circular Letter No. 2 dated January 13, 2023, advised banks to mandatorily credit 35% of the exports proceeds of the exporters of IT & ITeS into the exporters' special foreign currency accounts.

“It has come to the knowledge of SBP that certain ADs are not facilitating credit/conversion of remittances received by entities/freelancers engaged in IT/ ITeS into PKR, citing the excuse of non-availability of exporters special FCY accounts with the ADs, where 35% retention has to be kept”, the letter read.

In this regard ADs are advised to, facilitate such customers in opening of their FCY retention accounts, swiftly, also ensure timely credit of remittances into PKR accounts of the exporters, as per past practice, until the exporters' special FCY accounts are opened by the AD or the exporters decline to avail the facility of FCY retention.

The above instructions should be followed in letter and spirit and disseminated to all the constituents and concerned officials in the bank.

Moreover, if any AD is found to have caused any undue delay in opening of account or credit/ conversion of remittances received by IT exporters into PKR, SBP may proceed against the delinquent ones under relevant provisions of the foreign exchange.

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Posted on: 2023-01-31T09:25:56+05:00