KARACHI: The State Bank of Pakistan (SBP) is in the process of revising the foreign exchange regulations, in consultation with relevant stakeholders in a phased manner, to promote the ease of doing business.

“The primary objective of these revisions is to promote ease of doing business by simplifying the existing instructions, removing the redundancies and delegating more powers to the Authorised Dealers for facilitation of the stakeholders,” said the SBP on Monday.

The SBP has notified revisions in foreign exchange regulations for imports of goods into Pakistan.

The key changes include amendment in existing regulations to facilitate import transactions through the forthcoming Pakistan Single Window facilities, thereby eliminating the requirement of Electronic Import Form (EIF).

Besides, the banks have been delegated more powers to approve the import transactions which earlier required regulatory, said the SBP.

The SBP and Pakistan Customs had implemented EIF Module in WeBOC system from Sept 1, 2016.

EIF is an electronic declaration by importers approved by their bank detailing payment information for import of goods.

Published in Dawn, July 20th, 2021