In a recent meeting, a delegation representing the IT industry, led by Chairman PASHA Zohaib Khan and freelancers’ representatives, called on Governor State Bank of Pakistan (SBP) Jameel Ahmed and senior leadership to discuss crucial initiatives.
The focal point of the discussion was the introduction of a faceless banking system for outward payments, particularly for export-based companies and freelancers.
The IT companies, seeking greater efficiency in cross-border transactions, appealed for online internet banking facilities to expedite outward repatriation processes.
They emphasized the need to move away from the current practice of physically visiting dedicated branches, which is time-consuming and labor-intensive.
The delegation also underscored the importance of corporate debit cards for the IT industry, allowing the usage of 50% of export proceeds in Exporters Specialized Foreign Currency Accounts.
Governor Jameel Ahmed assured the delegation that instructions have been issued to commercial banks to issue corporate debit cards to IT companies, with two to three banks expected to implement this within a month.
Chairman PASHA Zohaib Ahmed Khan highlighted the necessity of a smooth digital banking system for the utilization of the 50% forex retention accounts.
He emphasized that a faceless digital payment system is crucial for boosting IT exports, eliminating the need for IT companies to visit bank branches.
PAFLA’s Tufail Ahmed Khan urged the Governor SBP to encourage more commercial banks to provide account facilities to freelancers, especially in smaller cities, to attract precious foreign exchange. Furthermore, he called for increased awareness and guidance from banks to freelancers on utilizing the 50% retention facility of forex exchange through designated banks.
The Governor assured the delegation that their requests would be entertained in the near future, aligning with the IT industry’s commitment to enhance export receipts and foreign investment through streamlined digital banking processes.
The move towards a faceless digital payment system aims to facilitate the IT industry, allowing for seamless transactions and a significant boost in IT exports without the necessity of physical bank visits.
