P@SHA Hails SBP Reforms as Milestone Win for Pakistan’s IT Industry
The Pakistan Software Houses Association (P@SHA) has applauded the State Bank of Pakistan (SBP) for introducing landmark financial reforms that streamline operations for IT companies and tech exporters.
The Pakistan Software Houses Association (P@SHA) has applauded the State Bank of Pakistan (SBP) for introducing landmark financial reforms that streamline operations for IT companies and tech exporters.
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The reforms include a one-day transaction processing timeline, elimination of repetitive documentation, and a shift toward fully digital reporting frameworks—measures aimed at enhancing efficiency, cash flow, and global competitiveness.
P@SHA’s sustained advocacy and structural engagement with the SBP, the Ministry of IT & Telecommunication, and other stakeholders addressed long-standing bureaucratic hurdles faced by the IT sector.
Mr. Sajjad Mustafa Syed, P@SHA’s leadership, said: “These directives are a milestone for Pakistan’s IT industry, demonstrating the power of data-driven policy advocacy. By removing redundant paperwork, IT companies can now focus on scaling their businesses and expanding globally.”
Key highlights of the reforms:
- One-time digital declaration for export services, replacing repetitive Form “R” submissions.
- Processing of inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs) within one working day.
- Threshold for Form “R” increased to over USD 25,000.
- Digitalization of Forms “R” and “M” with auto-population for corporate data.
- Standardized documentation for outward remittances from ESFCAs across all banks.
P@SHA urges IT companies and exporters to leverage these reforms to accelerate growth and strengthen Pakistan’s position in the global tech ecosystem.
