All Authorized Dealers
In Foreign Exchange,

Dear Sirs,

REALISATION OF EARNINGS AGAINST EXPORT OF SOFTWARE

As Authorized Dealers are aware, exports from Pakistan are subject to 'E' Form procedure. The 'E' Form cannot, however, be made applicable to the export of computer software as these exports do not take place in the shape of shipment of goods but these are exported through the following modes:-

1. Using diskettes as storage media via mail / courier / personally,
2. Using satellite links/international data communication links of phone lines using Modems.

2. It has, therefore, been decided to adopt the following procedure to facilitate the export of computer software and realization of the export proceeds:-

1. The software houses / companies will get themselves registered with the concerned area office of State Bank of Pakistan.
2. Whenever these companies conclude an agreement with overseas buyers, they will submit a copy of the relative agreement to the concerned area office of State Bank of Pakistan for information.
3. These companies will submit a monthly statement of their exports / earnings in the following format:-

S.No. No.	Name/Address of overseas buyers	Details of Contract.	Amount of the Contract.	Value of Exports.
1.	2.	3.	4.	5.

Amount repatriated to Pakistan through banking channel	Date and name of the bank through which proceeds Realized.
6.	7.

4. These monthly statements should be accompanied by Export Proceeds Realization Certificates issued by the bank through which the value of software exported is repatriated to Pakistan.

3. The requests of the software houses/companies to make remittances of commission to the overseas buyers out of the export proceeds will be considered by the area State Bank of Pakistan offices provided the relative contract contains a provision for payment of the commission. The remittance of commission will be allowed by State Bank of Pakistan offices after realization of the export proceeds and at the rate given in the relative contract. The requests for approval of the remittances of commission will be made to State Bank of Pakistan offices through the Authorized Dealer together with the following information:-

1. Number and date of State Bank of Pakistan’s letter registering the concerned Software house / company.
2. Number and date of the letter through which the software house / company had furnished a copy of the contract to the State Bank of Pakistan office.
3. Number and date of the letter through which the Software house/company furnished the monthly statement / Export Proceeds Realization Certificates out of which the commission amount is desired to be remitted.