SBP to Propose Framework of Selling on E-commerce Websites
In a news release, the State Bank of Pakistan recommends a new framework to encourage Pakistani exporters’ sales on foreign digital marketplaces such as Amazon, Ali baba, eBay, etc.
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According to the news, as part of its plan to modernise foreign exchange laws, the state bank of Pakistan proposes modifying its export regulations for Pakistani goods and services. These modifications aim to facilitate business operations by streamlining the existing instructions.
According to a statement issued by the SBP, the amended draught also includes the essential adjustments to export laws to implement the Pakistan Single Window Project, which would eliminate the need for Electronic Form-E.
In addition, according to their statement, the suggested modifications are part of a larger SBP initiative to reform the current foreign exchange trade standards and adapt them to the evolving business sector, business demands, and global exchange practises.
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According to sources, Amazon, a massive online digital marketplace and e-commerce website, has included Pakistan to its list of sellers, which is believed to be the primary cause for the proposed modifications in SBP regulations.
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