State Bank of Pakistan announces to further facilitate freelancers
KARACHI: The State Bank of Pakistan (SBP) has enhanced payment limits against freelance services in computer and information systems and other freelance services from US$ 5,000 per individual per month to US$ 25,000 per individual per month.
The SBP said the decision has been taken to broaden the scope of business-to-customer transactions through home remittance channel.
The enhancement in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchange flows through formal banking channels in the country.
“This would also enable freelancers to expand their business/ operations and engage new freelancers to join the workforce. This is expected to create employment opportunities and increase foreign exchange earnings of the country,” said a press release of the SBP.
While Export of Services has been growing in double digits, (10.5% rise registered in January, 2020), this enhancement of limits for freelancers shall further accelerate growth in Export of Services in the months ahead.
On Feb 7, Prime Minister Imran Khan had said the government was paying attention on provision of facilities and incentives to the freelancers.
Chairing a meeting regarding promotion of information technology in Islamabad, PM Imran Khan had directed for preparation of a roadmap based on timelines within a week related to promotion of information technology sector, including establishment of special technology zones and issuance of 5G Spectrum.