Karachi January 14 2023: State Bank of Pakistan enhance the utilization of dollars held in exports Exporters’ Special Foreign Currency Account to facilitate textile and IT exporters.
In order to facilitate exporters of goods/services, the scope of utilization of funds is being enhanced through allowing Payment of commission/discount to the overseas agents/buyers/ affiliates.
Exporters can use funds for payment for fee/expenses related to advertisement, promotion, publicity, marketing, brand building, shelf spacing etc. of products abroad through third party agent, e-commerce platforms, digital platforms or through company’s own subsidiary/liaison/marketing office abroad and Payment for import of goods by exporters for the purpose of their own business, subject to compliance with applicable Import Policy Order and related laws/regulations issued by any government department and SBP.
Exporters can use funds to make the Payments for software purchasing, hosting, licensing subscription, domestic entities to their shareholders abroad, certification fees and acquiring game development services and publishing services.
SBP also revised condition of uses of funds for operational expenses, including employee salaries, of liaison/ marketing/ representative offices abroad of local companies in accordance with the provisions of Para 13, Chapter 20 ibid; Payments on account of equity investment abroad by residents (such as establishment of subsidiary/ branch office abroad, payment of capital expenditure) in accordance with instructions stipulated in Para 13, Chapter 20 ibid and Payment for import of goods by exporters for the purpose of their own business, subject to compliance with applicable Import Policy Order and related laws/regulations issued by any government department and SBP.