KARACHI: Continuing with the agenda of modernizing foreign exchange regulations, the State Bank of Pakistan (SBP)on Monday proposed changes in its regulatory instructions for exports of goods from Pakistan.
These changes aim at promoting ease of doing business by simplifying the existing instructions, the central bank said in a statement.
The State Bank of Pakistan (SBP) said the key amendments proposed include framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay and Ali Baba, under Business to Business to Consumer (B2B2C) e-Commerce model.
Amendments required in export regulations to implement Pakistan Single Window Project, which would eliminate the requirement of Electronic Form-E, are also part of revised draft, it added.
Likewise, the central bank said, in some other areas, regulatory approvals required from State Bank of Pakistan (SBP) have been proposed to be delegated to banks to facilitate the business community.
It said the proposed changes are a part of SBP’s broader agenda to revise the existing foreign exchange regulations to align them with the changing market dynamics, business needs and global trade practices.
“As a part of this process, 11 chapters (out of 22) of the Foreign Exchange Manual have already been revised through a consultative process with the banking industry and the business community,” the statement read.
“The latest amendments in foreign exchange instructions pertaining to Exports are
provided in Chapter 12 of the Foreign Exchange Manual,” it said, adding the document has been placed at SBP’s website.