KARACHI: The Directorate General of Reforms and Automation and the State Bank of Pakistan are set to sign a Memorandum of Understanding (MoU) aimed at issuing E-Form for goods declaration for realization of remittances through the Bank Credit Advice (BCA), Customs Today learnt.
According to sources, the agreement would be signed after the Eidul Fitr after which a transparent process of E-filing would be started, according to sources.
The automation process involves attaching the approval of commercial banks with the goods declarations and the automation would help track the receiving of foreign exchange under each of the E-Form, thereby ensuring reconciliation of foreign exchange received for every export order sent from the country.
The SBP had shown keen interest in the automation of E-Form because it would not only help keep track of proceeds from exports, but also help eradicate misuse by computerization of E-Form, which is being filled manually. A two-member R&A team led by Yousfani gave a presentation to the SBP officials last year about the benefits and the technicalities of the automation of E-form that every exporter have to fill. The digitalization of the E-form process would help SBP reconcile the foreign exchange proceeds from exports and to take action in case of any discrepancies.
After which a series of meetings were held among officials of Pakistan Customs, State Bank of Pakistan (SBP) and commercial banks that finalized 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.
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 the then Export Collector Manzoor Hussain Memon; adding that all the stakeholders after finalizing the business process in connection with issuance of Form-E had agreed upon executing the process.
