Exporters in PSW system: SBP amends ‘undertaking’ for payments via ADs

KARACHI: In light of evolving business dynamics and recent system upgrades, the State Bank of Pakistan (SBP) has amended the undertaking/declaration required from exporters in the Pakistan Single Window (PSW) system for receipt of payments through authorized dealers (ADs).

As per instructions contained in Para 5(ii) and 15B(ii) of Chapter 12 (Exports) of Foreign Exchange Manual, whereby exporters of goods are required to file Undertaking/Declaration in PSW system for receipt of payments through an AD, as prescribed by the State Bank of Pakistan.

The undertaking/declaration for exports were earlier part of the Manual E-Form/Electronic Form-E (EFE). Now, considering the evolving business dynamics and system upgradations, the SBP has decided to amend the Undertaking/Declaration and accordingly the new format has been issued.

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The SBP has advised ADs to obtain the revised Undertaking/Declaration from the exporters through the PSW system at the time of initiating their respective export transactions. Further, to mitigate any potential legal risks, ADs may obtain the revised Undertaking/Declaration duly signed by Exporters in manual form as well.

ADs are also directed to bring these instructions to the notice of all their constituents and ensure meticulous compliance. The SBP has issued the following revised undertaking/declaration:

An incorrect declaration constitutes an offence under Pakistan Penal Code 1860, Foreign ExchangeRegulation Act, 1947 (VII of 1947), Customs Act 1969, and Anti Money Laundering Act 2010.

1. I/We, hereby declare that I/We am/are the sellers/consignors/exporters of the goods described herein in respect of which this declaration is made out and that the particulars given in the Financial Instruments are true and that the invoice value declared in the Financial Instruments in case of firm contracts is full value as contracted with the buyers/in case of consignment sale is a fair value of goods which are being shipped on consignment sale.

2. I/We undertake that I/we shall deliver to the AD the foreign exchange proceeds resulting from the export of these goods, on the due date as per contractual maturity or within such time period as maybe prescribed by State Bank of Pakistan, from the date of shipment/dispatch whichever is earlier.

3. In the event of consignment sale, we undertake to furnish to the AD a fully documented account sale certified by the consignees /Chamber of Commerce of the country of import or any other documents required by the State Bank of Pakistan.

4. I/We declare that nothing material or relevant to the information has been omitted or suppressed and whatever is stated herein is true to my/our knowledge and belief.

5. I/We undertake to submit to the AD within fourteen days of shipment, the documents for negotiation/for sending on collection.

6. I/We hereby expressly authorize the State Bank of Pakistan (SBP) to share my/our outstanding overdue information with ADs/ banks, for the purpose of conducting due diligence related to my/our export activities (Irrespective of the fact whether the same is challenged before a Court or otherwise).I/We also permit the ADs/banks to access my/our outstanding overdue information available on the Exporter’s Information Portal (EIP) maintained by SBP.

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