The State Bank of Pakistan (SBP) has introduced new measures to make life easier for freelancers and IT exporters. Now, banks must process inward export receipts and outward remittances from Exporters’ Special Foreign Currency Accounts (ESFCAs) within one working day at the maximum.
Previously, the process took longer and involved heavy paperwork. Under the new rules, freelancers and IT companies no longer need to submit Form “R” for every single transaction. A one-time declaration at the time of account opening is enough. Banks will automatically handle the required service and purpose codes.
The SBP has also raised the threshold for submitting Form “R” to US$25,000. This will reduce the administrative burden on small and medium freelancers. Documentation for outward payments has been standardised, and banks must set up internal systems to quickly resolve any complaints.
These reforms aim to speed up cash flow, improve ease of doing business, and boost Pakistan’s growing IT and freelance sector. Faster payments will help thousands of freelancers receive their hard-earned money quickly from international clients.
The changes are expected to strengthen remittance inflows and support the digital economy. The SBP has also encouraged banks to digitalise forms with auto-population features for even smoother operations.
This step is being welcomed by the freelancer community as a big relief that will save time and reduce hassle.