SBP ends E-Form condition for exporters
KARACHI: The State Bank of Pakistan (SBP) on Friday eliminates the requirement of Electronic Form-E (EFE); by amending the foreign exchange regulations to facilitate exporters.
Also, Through the Pakistan Single Window and International Platforms; it notifies revisions in foreign exchange regulations for export of goods from the country the central bank says.
Moreover, Key changes include amendments in regulations to facilitate export transactions through the Pakistan Single Window when it becomes operational. “This will eliminate the requirement of EFE for carrying out exports from Pakistan,” said the SBP.
Another key amendment introduced in the revised export regulations is the framework for facilitating Pakistani exporters and entrepreneurs to sell their products through international digital marketplaces including Amazon, e-Bay and Alibaba under the Business-to-Business-to-Consumer (B2B2C) e-Commerce model.
These regulations would pave the way for Pakistani exporters particularly SME exporters to reach out to millions of international consumers for selling their products.
Earlier, the SBP and Pakistan Customs has join hands in 2015 and switches from manual export form to electronic export; form by implementing EFE Module in the WeBOC system.
The EFE is an electronic declaration submit by exporters to the Pakistan Customs and it requires; before filing of Goods Declaration to the Pakistan Customs for clearance of each export consignment.
The PSW 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 fulfill all import, export, and transit-related regulatory requirements.
