State Bank of Pakistan (SBP) has decided to facilitate the freelancers. A directive has been issued to the commercial banks to provide services to the freelancers that allow them to receive payments of up to $1,500/month. The banks are given instructions by the central bank to serve different professionals from different industries who provide skilled services to the customers or employers based in different nations. These professionals can add significantly to the foreign exchange inflows in Pakistan. Thus banks are directed to support them & facilitate them.
Many freelancers don’t use banking services to receive money due to the complex banking procedure & hefty fee charges. Thus, the State Bank of Pakistan has made a policy to facilitate the freelancers.
It is pertinent to mention here that Pakistan has the fourth largest freelancing business industry in the world. Freelancers from all over Pakistan are working for different clients located all over the world.
State Bank of Pakistan (SBP) said, “Banks could receive remittances by resident individuals from reputed overseas IT firms and online platforms on account of freelance of the computer, information systems, and other services up to $1,500 per individual per month.”
All the transactions will be account credit and it will be paid out in PKR only.
All transactions will be account credit only and shall be disbursed in PKR only. Cash payments are not allowed for these transactions. Except for freelance payments, all payments will be made on a non-repatriable basis.