The State Bank of Pakistan (SBP) has introduced new measures to empower IT exporters and freelancers. In this comprehensive guide, we’ll delve into the latest initiatives designed to facilitate these vital contributors to Pakistan’s digital landscape.
Increasing Retention Limits: 50% of Export Proceeds
One of the key provisions entails raising the permissible retention limit of IT exporters to 50% of their export proceeds in the Exporters’ Specialized Foreign Currency Accounts (ESFCAs). This change grants IT exporters the flexibility to manage their earnings effectively.
Source: SBP on X.com
Streamlined Online Payments: Debit Cards
To enhance convenience, banks will now issue debit cards to IT exporters. These debit cards enable online payments using the funds available in their ESFCAs. This measure simplifies financial transactions and ensures quicker access to their earnings.
Seamless Account Opening for Freelancers
Freelancers, the driving force of the gig economy, will benefit from simplified bank account opening procedures. They now have the option to open accounts digitally or physically with minimal documentation requirements, providing flexibility in managing their finances.
Retaining Earnings: ESFCAs for Freelancers
The ESFCAs will be established simultaneously with the primary PKR account for freelancers. They can retain 50% of their export proceeds or a minimum of $5,000 per month in these accounts, streamlining their financial operations. Moreover, they can conduct transactions from their ESFCAs without requiring approval from the SBP or banks.
These SBP measures signify a positive step forward in nurturing Pakistan’s digital workforce. By promoting ease of financial management for IT exporters and freelancers, the SBP aims to strengthen the digital economy and bolster the nation’s position in the global tech market.
