P@SHA, in collaboration with the State Bank of Pakistan (SBP), SIFC (Securities and Exchange Commission of Pakistan), MOITT (Ministry of Information Technology and Telecommunication), is proud to announce a landmark achievement that signals a brighter future for Pakistan’s thriving IT industry. This achievement reflects the dedication and hard work of the country’s IT professionals and the government’s unwavering support for IT sector growth.
Empowering IT Exporters
One of the most significant developments is the increase in the retention limit for IT exporters. Previously set at 35%, this limit has been raised to an impressive 50%. This means that IT exporters can now retain more of their foreign earnings in their accounts, providing a substantial boost to their financial flexibility and ability to reinvest in their businesses.
Seamless Online Payments
In addition to the retention limit increase, the State Bank of Pakistan has also advised banks to facilitate the issuance of debit cards to IT exporters. This move enables IT exporters to make online payments directly from the balance available in their Exporters Specialized Foreign Currency accounts (ESFCAs). It streamlines the payment process and offers greater convenience to the IT export community.
Gratitude and Trust
P@SHA extends its sincere gratitude to the State Bank of Pakistan (SBP), SIFC, and MOITT for their steadfast support in making these essential changes. This achievement is a testament to the collaborative efforts of the public and private sectors to strengthen Pakistan’s position in the global IT landscape.
A Bright Future for Pakistan’s IT Industry
With these developments, P@SHA is confident that Pakistan is poised to become a global leader in the IT sector. The increased retention limits and simplified online payment options create an environment where IT exporters can thrive, innovate, and contribute to the nation’s economic growth.
As we celebrate this milestone, we look forward to witnessing the positive impact these changes will have on the IT industry, empowering Pakistan’s IT professionals to reach new heights on the global stage.
