The State Bank of Pakistan (SBP) has advised Authorized Dealers (ADs) to maintain the consolidated data of software export and obtain a copy of software export agreement, while handling the export transaction.
According to SBP FE Circular No. 02 of 2018 issued on Wednesday, in pursuance of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regulations, ADs are responsible to conduct customer due diligence, maintain customers' profile, monitor remittances and authenticate source of funds/modes of transactions etc. in line with the applicable rules and regulations.
Para 12, Chapter 12 of the Foreign Exchange Manual-2017 sets out procedure related to registration of software houses/companies with the concerned area office of Foreign Exchange Operations Department, SBP Banking Services Corporation.
In view of the Foreign Exchange Manual, role of ADs and to facilitate software exporters, the registration requirement for software houses/companies with the respective area office of Foreign Exchange Operations Department, SBP Banking Services Corporation is being dispensed with.
Accordingly, while observing ADs responsibilities, the ADs will handle transactions related to export of software themselves. They will, inter alia, obtain a copy of software export agreement or invoice, as the case may be, besides obtaining prescribed statement of export earnings from the software exporter at the revised reporting format on monthly basis.
SBP has advised ADs to maintain the consolidated data for such transactions at their head offices and produce to SBP inspection team during the course of inspection.
According to Circular ADs will also ensure proper reporting of computer and information services under the specified purpose codes in their monthly foreign exchange returns to the State Bank. All other terms and conditions on the subject shall remain unchanged.
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