State Bank amends rules to facilitate exports through Pakistan Single Window

Web DeskWeb Editor

02nd Jul, 2021. 07:42 pm
State Bank of Pakistan

KARACHI: The State Bank of Pakistan (SBP) has made amendments to the foreign exchange regulations for facilitating export transactions through the Pakistan Single Window (PSW), a statement issued by the bank said on Friday.

“The key changes included amendments in regulations to facilitate export transactions through the PSW when it becomes operational,” it said. This will eliminate the requirement of Electronic Form-E (EFE) for carrying out exports from Pakistan.

Another key amendment introduced to the revised export regulations is the framework for facilitating Pakistani exporters/entrepreneurs to sell their products through the international digital marketplaces, including Amazon, eBay, Alibaba under the Business-to-Business-to-Consumer (B2B2C) e-commerce model.

These regulations would pave the way for the Pakistani exporters, particularly the SME exporters to reach out to millions of international consumers for selling their products.

This would open up the window of new opportunities for the Pakistani business community and resulted in boosting the economic activity and creation of new employment opportunities in the entire value chain, it said.

Considering the market dynamics and keeping pace with the changing business environment, the State Bank of Pakistan is in the process of revising the foreign exchange regulations, in consultation with the relevant stakeholders in a phased manner.

The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the authorised dealers for facilitation of the stakeholders.

Earlier, the central bank and the Pakistan Customs had joined hands in 2015 and switched from manual export form to electronic export form by implementing EFE Module in the Web-Based One Customs (WeBOC) system.

EFE is an electronic declaration submitted by the 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 becomes operational, the requirement for EFE will be eliminated; thus, enhancing the ease of doing business for exporters.

The Pakistan Single Window system is a facility that will allow parties involved in trade and transport to lodge standardised information and documents with a single-entry point to fulfil all imports, exports, 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, it added.

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