Important decision of State Bank to promote IT exports
The limit for keeping IT export earnings in foreign currency accounts has been increased to 50%
The State Bank of Pakistan has increased the limit of keeping IT export earnings in special foreign currency accounts from thirty five to fifty percent.
According to reports, State Bank of Pakistan has changed the rules for IT exporters and freelancers. The limit for keeping IT export earnings in foreign currency accounts has been increased to 50%.
State Bank says that banks will issue debit cards to IT exporters for online payments and freelancers will be able to open digital or normal accounts with minimum documentation requirements.
The State Bank of Pakistan further says that exporters specialized foreign currency accounts will be opened for freelancers. Freelancers are allowed to keep up to 50% of export earnings or 5 thousand dollars per month in their accounts. Freelancers can make payments from these accounts without prior permission from state banks.
It should be noted that according to the old rules of the State Bank of Pakistan, earlier it was 35 percent for freelancers, now they will give 50 percent to the government of Pakistan for currency conversion. 50 percent of the government of Pakistan will hire freelancers. Earlier, the government of Pakistan used to keep 65 percent and 35 percent went to freelancers.
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