- No more submitting Form “R” for every single payment.
- Banks must process your foreign payments within one working day.
- Simple reporting is now allowed for amounts up to $25,000.
- Banks will now use auto-filled digital forms to save your time.
The State Bank of Pakistan (SBP) has simplified banking rules for the IT sector to help freelancers and companies bring dollars into the country more easily. These changes remove old paperwork hurdles and force banks to work faster.
No More Repeated Filing
Freelancers and IT firms no longer need to submit a Form “R” (a document used to report money coming into Pakistan) for every transaction. You only need to give your bank a one-time declaration about your work. After that, the bank will tag your account and handle the reporting itself.
The SBP has also increased the limit for this relaxation. You only need to deal with a full Form “R” if a single payment is above $25,000.
To make things even simpler, banks must now digitalize Form “R” and Form “M” so your basic data fills in automatically.
Faster Access to Your Money
The SBP has set a strict one-working-day deadline for banks to process money coming in or going out of Exporters’ Special Foreign Currency Accounts (ESFCAs).
Banks also have new, uniform rules for when you need to send money abroad to pay for international services. This means different banks can no longer demand different documents.
According to the State Bank of Pakistan, banks must also create better systems to solve any complaints from IT workers quickly. These measures aim to make doing business easier and help grow Pakistan’s IT exports.
