Banks Monitor IT Companies Finances Properly


State Bank of Pakistan has issued the directions to all commercial banks and the money transfer agencies to monitor the finances and the remittances and they need to authenticate the sources of funds and models of the transactions of the clients and the companies, which are associated with the business of software exports.

SBP has issued the circular recently and the orders are issued to the banks and foreign exchange dealers and the money transfer agencies to conduct the customer due diligence and maintain their profile and customers of IT industry after following the Anti-Money Laundering and Combating the Financing of Terrorism (AML / CFT).

SBP has advised the banks and authorized dealers to maintain the consolidated data for such transactions at the head offices and this data is produced to the teams of SBP during their inspection. They need to ensure the proper reporting of the computer and information services with the specified purpose codes in monthly foreign exchange returns to State Bank.

The banks and the authorized dealers should provide the facilities to the software exporter and the registration requirement for software houses and companies with respective area office of Foreign exchange Operations Department and they dispensed with the SBP Banking Services Corporation. They shall obtain the copy of software export agreement or the invoice after obtaining the prescribed statement of export earnings from software exporter on monthly basis. The foreign exchange Manual states that the software houses or companies will get registered with concerned area office of Foreign Exchange Operations Department, SBP Banking Services Corporation.

The exporters of software can retain the amounts up to 35% of the export earning in the Special Exporters Foreign Currency accounts, which is opened with authorized dealers for the payment of commission or discount to overseas agents and buyers and they can use the same to meet the expenses like promotional activity, foreign consultant fee and import of hardware and software.

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