KARACHI: The Customs authorities in consultation with bankers fraternity and State Bank of Pakistan has developed the module of E-Form/ Bank Credit Advice (BCA), which would eliminate the menace of fake and forged E-Forms saving loss of valuable foreign exchange.
In this regard, a total of nine meetings have been conducted with functionaries of State Bank of Pakistan (SBP) and representatives of various commercial banks. Director Reforms and Automation Majid Yousafani and Deputy Director Qasim Khokhar represented the Customs.
Business process right from issuance of E-form to GD Filing to realization of remittances through Bank Credit Advice (BCA) has been finalized and developed. A last representation to a house full of bankers fraternity was held in Custom House, Karachi. The PBA nominated bankers unanimously appreciated the module and agreed to work closely with SBP and Pakistan Customs.
Bankers nominated by Pakistan Banking Association (PBA) have unanimously appreciated the module and agreed to work closely with SBP and Pakistan Customs. A draft course of action and roll out plan as discussed with State Bank of Pakistan has also been prepared.
In addition, for final demonstration and whistle blowing, a session with senior management of SBP (Executive Director and Managing Director) is being held to apprise senior management about developments, way forward and further linkages — imports in few days.
It may be mentioned here that authorities have often detected fiscal fraud which the exporter committed through submission of fake E-forms, which resulted in foreign exchange worth billions of rupees. The FIA and Directorate General of Internal Audit booked several culprits even an entire chain was busted.
However, the practice was still on though on a limited scale, but the automation of E-Form and Bank Credit Advice (BCA), would eliminate this organized crime.
Sources said that the module needed approval from FBR and SBP and it is likely that it would be implemented by the fiscal year end.