The State Bank of Pakistan (SBP) has updated the requirements for exporters filing declarations under the Pakistan Single Window (PSW) system for receipt of payments through authorized dealers (ADs). This change, which comes after recent system upgrades and shifts in business dynamics, will affect how exporters file their documents and declarations.
As per the amendments outlined in Para 5(ii) and 15B(ii) of Chapter 12 (Exports) in the Foreign Exchange Manual, exporters are now required to submit an updated undertaking/declaration through the PSW system when receiving payments via ADs. Previously, these declarations were part of the Electronic Form-E (EFE), but the new format has been introduced to align with evolving requirements and system changes.
SBP has advised ADs to collect the revised undertaking from exporters when initiating their export transactions. To avoid potential legal issues, ADs have also been instructed to obtain manually signed declarations from exporters, in addition to the system-based submission. These changes have been communicated to ADs, with instructions to ensure full compliance across their network.
The SBP has stressed that any incorrect declaration would be considered an offense under multiple laws, including the Pakistan Penal Code, the Foreign Exchange Regulation Act, the Customs Act, and the Anti-Money Laundering Act.
The updated declaration mandates that exporters affirm the accuracy of financial instruments and the true value of goods being exported. In the case of consignment sales, exporters are required to submit a documented account sale, certified by the consignees or the Chamber of Commerce from the country of import. Furthermore, exporters must guarantee that foreign exchange proceeds are delivered to ADs as per the contractual maturity date or within a timeframe specified by the SBP.
As part of these new guidelines, exporters also authorize the SBP to share their overdue information with ADs and banks, for due diligence purposes related to export activities. Additionally, exporters must submit the required documents to ADs within 14 days of shipment.
These amendments to the undertaking/declaration process are aimed at ensuring that the export sector operates transparently and within the bounds of financial regulations.
