KARACHI: The State Bank of Pakistan (SBP) has introduced stricter rules for exporters, requiring them to submit a new Undertaking/Declaration through the Pakistan Single Window (PSW) system for receipt of payments via Authorized Dealers (ADs).
According to the SBP circular, exporters must now comply with updated instructions under Para 5(ii) and 15B(ii) of Chapter 12 (Exports) of the Foreign Exchange Manual. The Undertaking/Declaration, previously part of the E-Form/Electronic Form-E (EFE), has been revised to align with system upgrades and evolving business dynamics.
The SBP emphasized that incorrect or false declarations constitute offenses under the Pakistan Penal Code 1860, Foreign Exchange Regulation Act 1947, Customs Act 1969, and Anti-Money Laundering Act 2010. Key undertakings include:
• Exporters must declare the value of goods accurately and deliver foreign exchange proceeds to ADs on the due date.
• For consignment sales, a fully documented account sale must be submitted.
• Exporters authorize SBP to share overdue information with banks for due diligence and assessment of export performance.
• Documents for negotiation or collection must be submitted within 14 days of shipment.
The SBP has directed ADs to obtain the revised Undertaking/Declaration at the start of each export transaction through the PSW system. To mitigate legal risks, ADs may also obtain a manual signed copy from exporters.
ADs have been advised to inform their constituents and ensure strict compliance with the new rules to avoid penalties.
