State Bank proposes framework for facilitating Pakistani exporters to sell products through int’l digital marketplaces

BusinessState Bank proposes framework for facilitating Pakistani exporters to sell products through...

KARACHI, Pakistan: The State Bank of Pakistan (SBP) has proposed a framework for facilitating Pakistani exporters to sell products through international digital marketplaces including Amazon, e-Bay, Ali Baba under the Business to Business to Consumer e-Commerce model to promote ease of doing business.

In a press release issued on Monday, it was stated that continuing with the agenda of modernizing foreign exchange regulations, the SBP has 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 key amendments proposed include a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces including Amazon, e-Bay, Ali Baba under the Business to Business to Consumer (B2B2C) e-Commerce model.

The amendments required in export regulations to implement the Pakistan Single Window Project, which would eliminate the requirement of Electronic Form-E, are also part of the revised draft.

Likewise, in some other areas, regulatory approvals required from the SBP have been proposed to be delegated to banks to facilitate the business community.

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 latest amendments in foreign exchange instructions pertaining to Exports are provided in Chapter 12 of the Foreign Exchange Manual.

The document has been placed at SBP’s website inviting feedback/comments from the stakeholders and can be accessed at the following link:

https://www.sbp.org.pk/epd/Draft-Chapter-12-Exports.pdf

the State Bank encourages and welcomes feedback/suggestions from the business community, banking industry, and other stakeholders, on the revised draft of Chapter-12 (Exports) of FE Manual, for any further value addition/ improvement.

The feedback/ suggestions may please be shared at feedback.epd@sbp.org.pk latest by Sunday, June 20, 2021.

Must read

Recent News

There is no harm to change strategy in Balochistan to bring the peace

There is no harm in changing strategy in Balochistan to bring peace

0
DND ReportThere is no doubt left that Quetta Railway Station's suicide bombing targeted personnel of security forces who were leaving Quetta for their homes....

Fight against terrorism requires support of all Pakistanis, believes COAS Gen Asim Munir

0
Quetta, Pakistan:  COAS Gen Asim Munir has said that the fight against terrorism requires the support of all Pakistanis.COAS highlighted that terrorism will never...
The hidden linkages among BLA, TTP, and PTI

The hidden linkages among BLA, TTP, and PTI

0
Islamabad, Pakistan: Another targeted suicide bombing in Quetta (Railway Station) has confirmed again that enemies are not sitting idle and they do not miss...

The Ruling Elite Decides the Destiny of Poor Pakistanis: A Story of Dreams Lost...

0
By Maria HameedIn a small village on the periphery of Lahore, Muhammad Bota wakes up before dawn every day. His routine is as predictable...
Donald Trump gave a winning speech before the official results

Donald Trump gave a winning speech before the official results saying he will not...

0
Monitoring Desk: Thanking his children, wife, supporters, and all who stood with him, Donald Trump gave a winning address before official results were announced....
Advertisement