The State Bank of Pakistan (SBP) introduced fresh reforms on Monday to make life easier for freelancers and IT exporters. The central bank cut processing time dramatically so that inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts now reach accounts within one working day at most. This move aims to boost the country’s growing digital economy and bring faster cash flow to thousands of Pakistanis earning through online work.
No more repeated paperwork for every deal
In a welcome change, freelancers and IT companies no longer need to submit Form “R” for each and every export transaction. They only file a one-time declaration when opening the account or as needed. Banks will then automatically apply the correct service and purpose codes. The SBP also raised the threshold for submitting Form “R” to $25,000, which reduces paperwork for small and medium exporters.
The central bank further simplified documentation for outward payments and revised several forms including the Inward Remittance Voucher and Form “M”. It encouraged banks to digitalise these forms with auto-population features to save time and cut hassle.
Banks must resolve complaints quickly
To improve service, the SBP directed all banks to set up proper internal systems for handling complaints from freelancers and IT exporters without delay. These steps promote transparency and consistency across the banking sector.
Freelancers often wait weeks for their hard-earned money to arrive, which affects their ability to pay bills and grow their businesses. With these reforms, the SBP expects smoother remittance flows and stronger growth in Pakistan’s IT export sector, already a bright spot in the economy.
Many young Pakistanis working on global platforms will now receive payments faster. The changes reflect the central bank’s continued efforts to support the freelance community.
