The State Bank of Pakistan has announced new measures to make it easier for IT exporters and freelancers to operate and manage their export transactions. These reforms aim to simplify procedures, standardize documentation, set clear timelines for processing, and improve complaint handling systems.
Under the new rules, IT companies and freelancers will no longer need to submit ‘Form R’ for every transaction. Instead, they will provide a one-time declaration about the type of services they offer when opening an account, and for existing users, only when required. Banks will assign the relevant service and purpose codes to accounts to process transactions unless exporters request changes.
The SBP has also introduced a maximum processing time of one working day for receiving export payments and sending outward remittances through Exporters’ Special Foreign Currency Accounts. Documentation requirements for making payments abroad have been standardized to ensure consistency across banks.
Banks have been directed to set up proper systems to resolve complaints from IT companies and freelancers quickly, improving overall service quality. The central bank also simplified reporting requirements by updating forms such as ‘Form R’, the Inward Remittance Voucher, and ‘Form M’.
The minimum limit for requiring ‘Form R’ has been increased to over $25,000, making the process more convenient. Banks have also been advised to digitalize these forms and include automatic data entry features to make transactions easier for customers.
Freelancers and small businesses continue to play an important role in driving Pakistan’s IT exports. According to the SBP, IT exports increased by 18 percent to reach $3.8 billion in the fiscal year 2025, supported by growth in software services, freelance income, and government incentives.
