ANL 11.28 Increased By ▲ 1.00 (9.73%)
ASC 9.50 Increased By ▲ 0.41 (4.51%)
ASL 11.24 Increased By ▲ 0.25 (2.27%)
AVN 78.01 Increased By ▲ 0.41 (0.53%)
BOP 5.51 Increased By ▲ 0.11 (2.04%)
CNERGY 5.41 Increased By ▲ 0.08 (1.5%)
FFL 6.76 Increased By ▲ 0.16 (2.42%)
FNEL 5.91 Increased By ▲ 0.06 (1.03%)
GGGL 11.30 Increased By ▲ 0.21 (1.89%)
GGL 16.78 Increased By ▲ 0.25 (1.51%)
GTECH 8.99 Increased By ▲ 0.58 (6.9%)
HUMNL 7.20 Increased By ▲ 0.06 (0.84%)
KEL 2.96 Decreased By ▼ -0.04 (-1.33%)
KOSM 3.46 Increased By ▲ 0.25 (7.79%)
MLCF 27.15 Increased By ▲ 0.15 (0.56%)
PACE 3.10 Increased By ▲ 0.10 (3.33%)
PIBTL 6.11 Increased By ▲ 0.17 (2.86%)
PRL 18.06 Increased By ▲ 0.16 (0.89%)
PTC 7.08 Increased By ▲ 0.11 (1.58%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 34.75 Increased By ▲ 0.47 (1.37%)
TELE 10.94 Increased By ▲ 0.13 (1.2%)
TPL 9.40 Increased By ▲ 0.32 (3.52%)
TPLP 20.49 Increased By ▲ 0.34 (1.69%)
TREET 29.40 Increased By ▲ 0.25 (0.86%)
TRG 77.50 Increased By ▲ 0.39 (0.51%)
UNITY 20.36 Increased By ▲ 0.31 (1.55%)
WAVES 12.80 No Change ▼ 0.00 (0%)
WTL 1.37 Increased By ▲ 0.04 (3.01%)
YOUW 5.51 Increased By ▲ 0.52 (10.42%)
BR100 4,117 Increased By 16.2 (0.39%)
BR30 15,069 Increased By 42.6 (0.28%)
KSE100 41,630 Increased By 89.5 (0.22%)
KSE30 15,861 Increased By 56.2 (0.36%)

ISLAMABAD: All importers and exporters carrying out cross-border trade transactions through the Pakistan Single Window (PSW) project would be bound to provide evidence of identity by undergoing an electronic verification process.

The Federal Board of Revenue (FBR) notified a SRO 605(I)/2022 on Monday for issuing draft of the Pakistan Single Window Evidence of Identity (EOI) Rules, 2022.

The new rules shall supersede all previous instructions and orders pertaining to PSW subscription as notified by the lead agency or any other entity.

Under the new rules, the procedure shall apply to all users whether individuals, sole proprietorships or body corporates registered with the Federal Board of Revenue (FBR) or the Security and Exchange Commission of Pakistan (SECP), government organizations, diplomatic missions, foreign individuals and businesses or any other commercial and non-commercial entity engaged in cross-border trade, i.e., import, export and transit, as well as, the users involved in the provision of trade-related services such as customs clearing agents, shipping agents, bonded carriers, logistic operators, warehouse operators, transporters, or any other such business associated with cross-border trade, included or intended to be included, in the PSW system.

FBR chief lauds fast-paced infrastructure development under PSW

All persons wishing to conduct a cross-border trade transaction whether imports, exports, or transit (applicant) must provide evidence of identity by undergoing electronic verification process by subscription to the PSW system to prove their credentials, FBR said.

The applicant, upon furnishing the necessary information required by the system for the verification process and payment of subscription fee shall be issued a unique User ID. The applicant shall receive the User-ID issued electronically by the PSW system on the entail address registered with FBR, Board said.

To verify the identity of an applicant, the PSW system shall develop and implement an electronic ‘Know Your Customer’ (KYC) protocol based on system integrations or electronic data interchange with FBR, SECP, Pakistan Mobile Number Portability Database Company (PMD), National Database & Registration Authority (NADRA), commercial banks and tiny other database prescribed in the regulations.

The applicant shall be responsible for updating and correction of their particulars in FBR, SECP, PMD, NADRA, or associated bank databases in case of non-verification of given information.

The applicant shall be responsible for the authenticity of the information provided as evidence of identity and shall in no circumstances whatsoever assign, sublet, or allow in any other form the use of their credentials by another person for subscribing to the PSW system, it said.

The UID of the subscriber shall remain valid and active for a period of two years from the date of issuance or UID.

The same shall have to be renewed or revalidated upon expiry of the prescribed period of two years. The subscriber or user shall have to apply for such renewal or revalidation one month prior to expiry of the validity period of two years upon payment of prescribed subscription fee.

Access to the PSW system for the purposes or conducting cross-border trade transactions will only be allowed through the UID and password duly issued to an applicant.

The subscriber shall be responsible for the authenticity of the information provided, security of their password, safe handling of the data shared or retrieved.

The new procedure shall not apply to individuals or entities who have been barred from conducting cross border trade transactions under any applicable national or international law, legal, quasi-legal or administrative order by the authority of competent jurisdiction due to the applicant’s involvement in smuggling, commercial or customs fraud, identity theft, trade-based money laundering, terrorist financing, terrorism or contravention of any other national or international law as officially communicated to the operating entity whether through electronic or regular means of correspondence, FBR added.

The UID of an applicant may be suspended or cancelled due to non-renewal or revalidation of the UID within the prescribed period, FBR added.

Copyright Business Recorder, 2022


1000 characters