KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has welcomed the State Bank of Pakistan’s decision to waive off e-form requirement for consignments for $5000 for small industries.
FPCCI President Mian Anjum Nisar and Vice President Shaikh Sultan Rehman said the move will facilitate the small exporters, especially women business entrepreneurs and will tremendously boost the national exchequer.
The State Bank of Pakistan has exempted exports from the E-form requirement for up to the $5000 per consignment in order to boost exports in the changing situation of global consumer markets due to the coronavirus pandemic.
The central bank has issued a detailed regulatory framework to facilitate business-to-consumer (B2C) e-commerce exports from Pakistan. They further said that this exemption will facilitate the exporters for sending goods directly to consumers market and will encourage many others who were not unable to face documentation complications.
FPCCI has recommended the government for business friendly policies for small traders and enterprises. FPCCI has appreciates the government and the central bank for addressing concerns and the recommendations in this regard.
The FPCCI welcomed the SBP statement in the perspective of global lockdown for COVID-19 pandemic, the consumer market place has now shifted from traditional market place to e-commerce.
Pakistan needs to adopt a modern business dynamics of e-commerce. In line with these trends, the central bank has focused on facilitating cross border trade for B2C exports from Pakistan.
The SBP collaboration with the relevant stakeholders including the business community, Pakistan Customs, Ministry of Commerce, courier companies and banking industry in a bid to develop a regulatory framework was appreciated which will not only address the market needs but also take into account regulatory objectives.
