KARACHI: Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) are all set to implement the digitalization of Form-Es and BCAs. Around 1300 bank branches have been registered in the WeBOC system and their IDs have been notified to them.
Collector Appraisement East Majid Yousafani had formed a team of two deputy collectors including Mohammad Faisal and Asim Rehman processed the registration of 1300 bank branches nominated by SBP for the purpose. These include 250 bank branches in Karachi.
FBR and SBP are taking initiatives to eliminate fake Form-Es as they have caused irreparable loss to the economy. Moreover, Customs are preparing a database including HS Code, PCT of regularly importable items, which would be provided to the SBP so that all the transactions would be through official channel.
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.