KARACHI: The Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) have prepared the module for digitalizing Form-E and BCA’s; an agreement to this effect, which was to be signed on October 12, has been postponed for October 26, 2015.
The agreement and simultaneously implementation of the module all over Pakistan would be signed between Chairman FBR and Governor SBP, but Governor SBP was on an official tour abroad as of October 12, the agreement would be signed in 26th.
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.
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.
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.
It may be mentioned here that Pakistan is facing several threats on all fronts. Apart from terrorism, the country is also facing economic terrorism and anti-Pakistan forces are pursuing the agenda to weaken Pakistan economically.
Money-laundering, capital flight, foreign exchange flight through over-invoicing and use of fake Form-E depriving country of export proceeds are the tools to name a few.