Karachi, June 16, 2025 – In a move aimed at enhancing transparency and strengthening regulatory oversight, the State Bank of Pakistan (SBP) has issued new instructions requiring all exporters to submit updated declarations through the Pakistan Single Window (PSW) system.
This directive applies to all exporters of goods and is intended to ensure timely and accurate realization of export proceeds through authorized dealers (ADs) or banks.
The SBP stated that under the Foreign Exchange Manual, exporters are mandated to submit an Undertaking/Declaration in the PSW system at the time of initiating any export transaction. Previously, this undertaking was part of the Manual E-Form or Electronic Form-E (EFE). However, with the changing business environment and ongoing system upgrades, the SBP has amended the format of this declaration to reflect evolving compliance needs.
Exporters are now required to use the revised declaration format through the PSW platform. To reduce legal and procedural risks, banks are also advised to obtain a signed manual copy of the updated declaration from exporters in addition to the digital submission. The SBP emphasized that this measure is intended to streamline export monitoring and strengthen export-related documentation processes.
The central bank further instructed all authorized dealers to inform their clients—exporters in particular—about these changes and ensure full compliance without delay. In its communication, the SBP reminded exporters that submitting false or incomplete information in the declaration will be treated as a legal offence under multiple laws, including the Pakistan Penal Code (1860), the Foreign Exchange Regulation Act (1947), the Customs Act (1969), and the Anti-Money Laundering Act (2010).
The revised declaration contains several key undertakings by exporters. These include confirming the authenticity and full value of goods being exported, the commitment to repatriate foreign exchange proceeds on time, and the obligation to submit relevant sale documents in the case of consignment shipments. Furthermore, exporters are now required to authorize the SBP to share their overdue export receivables data with banks and allow access to this information via the SBP’s Exporter Information Portal (EIP).
This data-sharing authorization, granted under Section 3(4) of the Foreign Exchange Regulation Act, 1947, allows banks to perform thorough due diligence of exporters’ performance and compliance with repatriation timelines. By giving access to the EIP, the SBP aims to improve the monitoring of outstanding dues and overall export compliance across the banking sector.
Exporters have been reminded that failure to comply with the new directive could lead to serious legal and financial consequences. The SBP reiterated its commitment to ensuring that export proceeds are fully realized in Pakistan’s banking system and that exporters adhere to their legal and contractual obligations.
With this policy shift, the SBP has reinforced its role as a proactive regulator safeguarding the integrity of Pakistan’s foreign exchange regime. Exporters are urged to update their practices immediately to align with the SBP’s new requirements and help promote responsible trade behavior.