KARACHI: In order to plug loss of precious foreign exchange because of non-realization of export proceeds and use of fake Form-E, the Pakistan Customs and State Bank of Pakistan are collaborating to ensure proper monitoring of flow of money and facilitate global trade.
It may be mentioned here that manual Form-E are being discontinued by the end of July 2015 and electronic E-Forms and BCAs have been jointly prepared by SBP and Pakistan Customs, which will be implemented from August 01, 2015.
An official said the two organizations had joined hands considering the need to adopt and align with the new international standards and enhance speed of transactions with minimum human interaction.
Realizing the importance of fool proof trade & facilitating the movement of international cargo through Customs; need to harmonize national Customs , banks and State Bank’s legislation and cargo movement with the WCO standards; Pakistan Customs and State Bank of Pakistan would soon enter into an agreement.
Sources informed Customnews.pk, that Customs and the central bank have agreed to cooperate with each other in the implementation of hassle free, electronic E-form and BCA standards in the launch of the new automated manifestation framework for the commercial banks operating in Pakistan. Both organizations will also cooperate in the implementation of exports transactions information exchange standards.
In order to facilitate smooth transition to electronic E-form and BCA, State Bank of Pakistan would provide a review of the technical documentation prepared by Pakistan Customs to map out its electronic connectivity in conformity with State Bank of Pakistan rules and procedures;
Provision of technical guidance on the incorporation of the various business standard operating procedures by Pakistan Customs in its automated customs clearance platform pertaining to air cargo, sea cargo and land border stations cargo thus facilitating its successful roll-out;
Resolution of technical issues faced by Pakistan Customs development team in the course of coding the relevant set financial procedures standards into its electronic application;
Rendering assistance to Pakistan Customs in testing out the exchange of XML messages in a live environment with various commercial banks for validation of the development process.
For implementation of exports transactions information exchange standards, State Bank will provide information on the existing and emerging international standards, best practices, and technical resources to Pakistan Customs; render assistance to Pakistan Customs in testing out the actions, reactions and interactions messages in a live environment with an airline for validation of the development process.
State Bank of Pakistan’s will technically assist Pakistan Customs in harmonizing its Cargo movement legislation with best international monetary transaction standards by reviewing the draft legislation prepared by Pakistan Customs in this regard.
SBP would also share existing legislation of other Customs Administrations for identification of the prevailing practices and precedents.