Karachi, April 6, 2026: The State Bank of Pakistan (SBP) has unveiled new measures aimed at simplifying procedures for IT exporters and freelancers, enhancing efficiency, and promoting the growth of Pakistan’s IT export sector.
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Key facilitation measures include:
- Simplified Declarations: IT companies and freelancers will no longer need to submit Form “R” for every individual export transaction. Instead, a one-time declaration specifying the nature of services offered overseas will be provided when opening a new account or as required for existing customers. Banks will tag the relevant service and purpose code for reporting and processing export transactions.
- Faster Transaction Processing: A maximum turnaround time of one working day has been set for processing inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs).
- Standardized Documentation: Outward remittance documentation from ESFCAs for acquiring services abroad has been standardized across banks to ensure clarity and consistency.
- Improved Complaint Resolution: Banks are instructed to establish internal systems to ensure timely handling of complaints from IT companies and freelancers, improving service quality.
Additional reforms include simplification of reporting requirements for exporters and importers of services through revisions in Form “R”, Inward Remittance Voucher (IRV), and Form “M”. The threshold for requiring Form “R” has been raised to US$25,000 (or equivalent), and banks are encouraged to digitalize Forms “R” and “M” with auto-population of customer data to streamline operations.
SBP expects these reforms to enhance operational efficiency and support the continued growth of Pakistan’s IT exports.
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