ISLAMABAD: In order to broaden the scope of business-to-customer transactions through home remittance channel, the State Bank of Pakistan (SBP) has enhanced payment limits against freelance services, ARY News reported on Wednesday.
According to an official notification by the SBP in this regard, computer, information systems and other freelance services remittance quota are being increased from US$ 5,000 per individual per month to US$ 25,000 per individual per month.
Read More: PSX witnesses bullish trend as 100 index gains 816 points
The enhancement in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country.
This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce. This is expected to create employment opportunities and increase foreign exchange earnings of the country.
While Export of Services has been growing in double digits, (10.5% rise registered in January, 2020), this enhancement of limits for freelancers shall further accelerate growth in Export of Services in the months ahead.
Read More: PM Imran Khan assures full support to entrepreneurs of Pakistan
Earlier in the day Prime Minister of Pakistan, Imran Khan on Wednesday addressing a gathering in Islamabad under the banner of ‘Digital Pakistan’ said that entrepreneurial activity is the way forward.
The prime minister assured that the government would support and provide apt platforms to the youth of Pakistan and would release the full untapped potential of the youth of our country.
