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

Opinion

Editorial

On a leash
Updated 22 Feb, 2024

On a leash

Shehbaz will not find it easy to introduce the much-needed major changes to the economy without running into resistance.
Shameful veto
22 Feb, 2024

Shameful veto

THE US has scored a hat-trick by vetoing, for the third time, a resolution in the UN Security Council calling for an...
Truth under threat
22 Feb, 2024

Truth under threat

AS WikiLeaks founder Julian Assange mounts a last-ditch effort against being extradited from the UK to the US, one...
Silencing the public
Updated 21 Feb, 2024

Silencing the public

Acting as if it is unaccountable, it is now curtailing citizens’ digital rights without even bothering to come up with a justification.
Fitch’s concern
Updated 21 Feb, 2024

Fitch’s concern

It warns that “near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF to succeed the Stand-by Arrangement”.
Zoo zealotry
Updated 21 Feb, 2024

Zoo zealotry

IN a bizarre twist of faith and fur, the Indian right-wing Hindu nationalist group, Vishwa Hindu Parishad, has...