Pakistan central bank tightens exporter declaration rules

Pakistan’s central bank has revised the declaration and undertaking requirements for exporters, directing banks to obtain a new format of exporter declarations through the Pakistan Single Window (PSW) system to ensure timely repatriation of export proceeds.

In a circular issued to authorized dealers, the State Bank of Pakistan said exporters are required to file an updated undertaking or declaration at the time of initiating export transactions. The requirement applies to receipts of export payments through authorized dealers, as laid out in the Foreign Exchange Manual.

The central bank said the undertaking and declaration were previously part of the Manual E-Form, also known as Electronic Form-E, but have now been revised to reflect changes in business practices and system upgrades. The new format has been issued as Appendix V-10A.

“Henceforth, authorized dealers are advised to obtain the revised undertaking or declaration from exporters through the PSW system,” the SBP said. To reduce legal risks, banks have also been advised to obtain a manually signed copy of the declaration from exporters.

The declaration requires exporters to confirm that the value of goods shown in financial documents represents the full and fair value of the export and that export proceeds will be delivered to the authorized dealer within the time limits prescribed by the central bank. Exporters must also submit shipping documents within 14 days of shipment.

The SBP warned that an incorrect declaration would be treated as an offence under multiple laws, including the Pakistan Penal Code, the Foreign Exchange Regulation Act, the Customs Act and the Anti Money Laundering Act.

Under the revised rules, exporters have also authorized the central bank to share information on overdue export proceeds with banks to support due diligence and monitoring of export performance.

The SBP directed authorized dealers to inform all their clients about the revised instructions and ensure strict compliance.
Analysts said the move is aimed at tightening oversight of export proceeds at a time when Pakistan is seeking to strengthen foreign exchange inflows.

“This is part of a broader effort to improve documentation and ensure export earnings are brought back into the country on time,” said a banking analyst in Karachi. “By linking declarations more closely with digital systems like PSW, the SBP is trying to reduce delays and improve transparency.”