Circulars/Notifications - Exchange Policy Department  
 FE Circular No. 02 of 2018

March 14, 2018

The Presidents/Chief Executives of all
Authorized Dealers in Foreign Exchange

Dear Sirs/Madam,

Export of Software


Attention of the Authorized Dealers (ADs) is invited to Para 12, Chapter 12 of the Foreign Exchange Manual-2017 which, interalia, sets out procedure related to registration of software houses/companies with the concerned area office of Foreign Exchange Operations Department, SBP Banking Services Corporation.

2.         In pursuance of 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.

3.         In view of the above 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.

4.         Accordingly, while observing their responsibilities as mentioned at Para 2 above, the ADs shall handle transactions related to export of software themselves. They shall, interalia, obtain 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 Appendix V-13 (Annexure-I) on monthly basis.

5.         ADs are advised to maintain the consolidated data for such transactions at their head offices and produce to SBP inspection team during the course of inspection. They shall also ensure proper reporting of computer and information services under the specified purpose codes (Annexure-II) in their monthly foreign exchange returns to the State Bank.

6.         All other terms and conditions on the subject shall remain unchanged.

Encls: As above.

Yours truly,

(Fazal Mahmood)

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