The State Bank of Pakistan (SBP) has introduced landmark reforms aimed at speeding up payments and easing operational hurdles for IT exporters and freelancers, a move that could dramatically boost Pakistan’s digital economy.
Under the new rules, freelancers and IT companies will no longer need to submit Form “R” for every individual transaction. A single declaration at account opening—or when needed for existing customers—will suffice, while banks automatically tag transactions for faster processing.
Most notably, the SBP has set a maximum turnaround of just one working day for processing inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs). Standardized documentation requirements for payments abroad have also been introduced, ensuring clarity and uniformity across banks.
To improve service quality, banks are now required to establish internal mechanisms for swift resolution of complaints from IT exporters and freelancers, reducing delays and administrative friction.
Reporting procedures have also been simplified. The threshold for submitting Form “R” has been raised to US$25,000, lightening the load for small and medium-sized exporters. The SBP has further encouraged digitalization of key forms with auto-population features to make compliance faster and more convenient.
Officials say these reforms will not only speed up payments but also enhance Pakistan’s competitiveness in global IT services, strengthening the sector’s contribution to economic growth.
