The State Bank of Pakistan (SBP) has introduced a revised format for the Export Undertaking/Declaration under the Pakistan Single Window (PSW) system, updating the procedural framework for export-related foreign exchange transactions. This revision aligns with Paragraphs 5(ii) and 15B(ii) of Chapter 12 of the Foreign Exchange Manual, which governs the regulatory requirements for exports in Pakistan.
Historically, exporters were required to submit what was known as a Form-E, or more recently the Electronic Form-E (EFE), when conducting cross-border trade. This form served as a critical instrument to document export transactions and ensure that export proceeds were routed back into the country through Authorised Dealers (ADs)—the banks approved by the SBP to handle foreign exchange transactions. The declaration ensures compliance with foreign exchange regulations and facilitates monitoring of export earnings.
In recent years, the SBP has sought to automate and digitise many of these regulatory processes, including through the integration of export declarations into the Pakistan Single Window, a trade facilitation platform intended to streamline cross-border trade by providing a unified digital interface for regulatory approvals. The latest revision in the declaration format reflects the evolving operational requirements of the trade ecosystem, and is designed to be more compatible with the PSW system and updated banking practices. The new declaration format is provided as Appendix V-10A.
Under the revised procedure, Authorized Dealers must now obtain the updated Export Undertaking/Declaration through the PSW system before processing export transactions. However, in order to mitigate legal risk and maintain documentary integrity, banks are also permitted to collect manually signed declarations from exporters alongside the electronic submission.
The SBP has directed all Authorized Dealers to communicate these changes to their clients and ensure compliance with the updated requirements. The move underscores the central bank’s broader objective of improving trade transparency, regulatory compliance, and operational efficiency through digital transformation, while also reinforcing the legal safeguards of the foreign exchange regime.
