KARACHI:The State Bank of Pakistan, Friday, notified revisions in foreign exchange regulations for export of goods from Pakistan to facilitate export transactions through the Pakistan Single Window and international platforms.
A new paragraph, Para 15B, has been added in Chapter 12 of the Foreign Exchange Manual to include instructions relating to execution of export transactions under Pakistan Single Window system while the central bank also introduced a framework for facilitating Pakistani exporters and entrepreneurs to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under Business to Business to Consumer (B2B2C) eCommerce model.
According to a press statement issued here, Para 11A pertaining to making and dispatch of shipping documents in the name of foreign buyer have been amended to allow SME as well as new exporters to use the facility.
The key changes in regulations would eliminate the requirement of Electronic Form-E (EFE) for carrying out exports from Pakistan and pave the way for Pakistani exporters particularly the SME exporters to reach out to millions of international consumers for selling their products.
It would open up the window of new opportunities for the Pakistani business community and result in boosting the economic activity and creation of new employment opportunities in the entire value chain, the SBP spokesperson said adding that, SBP was in process of revising the foreign exchange regulations, in consultation with relevant stakeholders, in a phased manner considering the market dynamics and keeping pace with changing business environment.
The primary objective of these revisions was to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorized Dealers for facilitation of the stakeholders, he said.
Earlier, SBP and Pakistan Customs had joined hands in 2015 and switched from manual export form to electronic export form by implementing EFE Module in WeBOC system. EFE is an electronic declaration submitted by exporters to the Pakistan Customs and is required before filing of Goods Declaration to the Pakistan Customs for clearance of each export consignment.
However, once the Pakistan Single Window (PSW) becomes operational, the requirement for EFE will be eliminated thus enhancing ease of doing business for exporters, the statement . PSW system is a facility that will allow parties involved in trade and transport to lodge standardized information and documents with a single-entry point to fulfill all import, export, and transit-related regulatory requirements.
The system will help reduce the time and cost of doing business by making trade related business processes more efficient, transparent and consistent.