Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular No. 05 of 2023
October 23, 2023

Presidents/ CEOs
All Banks



Dear Sir/Madam,

Framework for Freelancers Accounts

          To further facilitate the freelancers, the State Bank of Pakistan (SBP) has developed a comprehensive framework for opening and operations of their bank accounts. Under the framework, freelancers will be able to open an Exportersí Special Foreign Currency Account (ESFCA) as defined in the Foreign Exchange Manual for retention of export proceeds concurrently with corresponding primary PKR account, in-person or remotely through digital means.

2.      All Freelancer Digital Accounts (FDA) opened so far, shall be considered to have been opened under this framework. The banks are advised to facilitate onboarding of the prospective freelancers under the attached framework.

3.      These instructions will supersede other instructions pertaining to Freelancer Digital Account (FDA) provided in the SBP’s Customers’ Digital Onboarding Framework issued vide BPRD Circular Letter 15 of 2022.

Encl: Framework for Freelancers Accounts


Yours truly,

Sd/-

(Muhammad Javaid Ismail)
Director



       
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