KARACHI: The Pakistan Customs, State Bank of Pakistan (SBP) and commercial banks have agreed on work together for bringing transparency in the process of issuance of Form-E for goods declaration for realisation of remittances through the Bank Credit Advice (BCA).
Sources informed Customs Today that several meetings among officials of Pakistan Customs, State Bank of Pakistan (SBP) and commercial banks were arranged, in which all the functionaries finalised the entire process pertaining to cognisance of remittances for issuing Form-E.
They further informed this scribe that the bankers nominated by the Pakistan Banking Association (PBA) have unanimously appreciated the module prepared by the Directorate of Reforms and Automation (R&A) on the recommendations of Model Customs Collectorate-Export.
To a query, the sources further revealed that a final demonstration in this regard would also be held in the upcoming days, in which the authorities concerned of the SBP and commercial banks would apprise their senior management of the developments and way forward in connection with the developed mechanism.
They further informed this scribe that it is proposed that the board may consider holding a meeting of FBR Chairman Tariq Bajwa or Customs Member Nisar Muhammad Khan with SBP Governor Ashraf Wathra in order to apprise the status of the project and further linkages between the State Bank of Pakistan (SBP) and Pakistan Customs to capitalise on the hard work involved in Form-E and the BCA module.
It is pertinent to mention here that the suggestions and recommendations in order to check the veracity of Form-E from the SBP and other commercial banks through online process had been sent by then Export Collector Manzoor Hussain Memon; adding that all the stakeholders after finalising the business process in connection with issuance of Form-E have agreed upon executing the process.
