KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday welcomed the central bank’s decision to remove the condition of Form-E to facilitate small-scale exporters.
FPCCI President Mian Anjum Nisar in a statement lauded the State Bank of Pakistan (SBP) for the waiver of e-form requirement (up to $5,000 per consignment) for small industries. He said that this move will facilitate small exporters, especially women entrepreneurs, besides tremendously boosting the exchequer.
The SBP had recently exempted exports from the e-form requirement for up to the $5,000 per consignment in order to boost exports in the changing situation of global consumer markets due to the Covid-19 pandemic.
Nisar said that this exemption will facilitate the exporters in sending goods directly to consumer markets and will encourage many others who were not able to cope with the complicated documentation processes.
“The FPCCI always recommended the government for business friendly policies for the small traders and enterprises. We appreciate the government and SBP for addressing the genuine concerns [of traders] and considering the recommendations of federal chamber in this regard,” he remarked. “The FPCCI welcomes the SBP statement in the perspective of global lockdown for Covid-19 pandemic, that consumer market place has now shifted from traditional marketplace to e-commerce.”
He noted that the SBP’s collaboration with relevant stakeholders, including the business community, Pakistan Customs, Ministry of Commerce, courier companies, and banking industry, in a bid to develop a regulatory framework, is also commendable “as this will address the market needs without disturbing regulatory objectives”.