KARACHI: Pakistan Single Window (PSW) has implemented integration of commercial banks and the requirement of filing EIF/EFE with each Goods Declaration has been dispensed with as per amendments made in the Foreign Exchange Manual issued by the State Bank of Pakistan vide FE Circular No. 5 and 6 of 2021 dated 2nd July, 2021 and 19th July, 2021 respectively.
All banks are being transitioned to new regime gradually through a phased approach. In this regard, the integration of Silkbank with PSW is scheduled to be implemented on 16th February, 2022.
The following changes will be brought about as a result of integration of Silkbank in PSW:
I. Real time electronic data interchange will be implemented between PSW and Silkbank for sharing of Financial instrument data and other ancillary information.
II. All approved Electronic Import Forms (EIFs) and Electronic Forms for Export (EFEs) of Silkbank will not be available for consumption and for filing of Goods Declaration in WeBOC after cutover of Silkbank from WeBOC to PSW.
III. Silkbank will issue fresh Financial Instruments for unutilized as well as partially consumed EIFs and EFEs to respective traders for consumption of same against Goods Declarations.
IV. EIFs and EFEs which are consumed in Goods Declarations before Cutover Date will be settled in WeBOC by Silkbank.
V. All traders conducting foreign remittances through Silkbank will require PSW Subscription and Bank Profile Registration with Silkbank for issuance of Financial Instrument.