SBP Amends Policy to Facilitate Export-Oriented IT Companies

The State Bank of Pakistan (SBP) has revised Foreign Exchange Manual (FEM) to facilitate export-oriented companies. A circular issued by the Exchange Policy Department of the central bank on Thursday said that the amendments have been made to further facilitate export oriented companies, particularly those operating in the IT sector, in expanding their footprints abroad and increase the exports of the country. Under the revision, following changes have been made in provisions of Para 13(II)A of Chapter 20 of Foreign Exchange Manual (FEM): The relevant amendments have been incorporated in Para 13, Chapter 20 of FEM. The central bank has also advised Authorized Dealers to bring the above development to the notice of all their constituents and ensure meticulous compliance.