KARACHI, Jan 6: The State Bank on Friday allowed remittances up to $100,000 for utilization of information technology services without NOC from Pakistan Software Export Board (PSEB).

A circular issued in this regard said that the SBP had taken the decision to eliminate delay in the process.

In October 2004, the SBP had allowed to remit foreign exchange up to maximum $100,000 or equivalent in other currencies, per invoice for payments on account of utilization of information technology services.

The SBP said that the authorised dealers required applicants to submit an NOC of Pakistan Software Export Board resulting in unnecessary delay or complications for the remitter.

“It is, therefore, clarified that submission of NOC from PSEB is not required for remittances up to $100,000 in case of utilization of information technology services,” said the SBP circular.