SBP revises regulations to aid IT exporters

MG News | July 11, 2024 at 04:58 PM GMT+05:00

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July 11, 2024 (MLN): To further facilitate export-oriented companies, particularly those operating in the IT sector, the State Bank of Pakistan (SBP) has revised its Foreign Exchange Manual (FEM).

“In order to further facilitate export oriented companies, particularly those operating in the IT sector, in expanding their footprints abroad and increase the exports of the country, the provisions of Para 13(II)A of Chapter 20 of Foreign Exchange Manual (FEM) have been revised,” said a circular issued by the Exchange Policy Department of SBP.

The major revisions include the introduction of a new EIA category for export-oriented companies operating in the IT sector.

Moreover, it includes the removal of the requirement for prior designation of a bank for exporters utilizing funds for EIA from Exporters Special Foreign Currency Accounts (ESFCAs).

Permission for export-oriented companies in the IT sector to acquire interests (percentages of shareholding) in entities abroad has also been granted.

There has been a relaxation of the restriction on establishing/acquiring only one entity per jurisdiction for export-oriented companies in the IT sector.

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