Islamabad, January 23, 2026 – The State Bank of Pakistan (SBP) has introduced updated rules for exporters, requiring them to submit a revised Undertaking/Declaration through the Pakistan Single Window (PSW) system when receiving payments via Authorized Dealers (ADs). This measure aims to enhance compliance, strengthen monitoring of foreign exchange proceeds, and align export processes with the upgraded digital system.
Under the SBP circular, exporters must adhere to instructions outlined in Para 5(ii) and 15B(ii) of Chapter 12 (Exports) of the Foreign Exchange Manual. The Undertaking/Declaration, previously incorporated in the E-Form/Electronic Form-E (EFE), has been updated to reflect technological upgrades and evolving business practices.
Key requirements include accurate declaration of the value of exported goods, timely delivery of foreign exchange proceeds to ADs, and submission of fully documented account sales for consignment exports. Exporters must also authorize the SBP to share overdue or non-compliant information with banks for due diligence and assessment of export performance. All documents related to negotiation or collection of export proceeds must be submitted within 14 days of shipment.
The SBP emphasized that false or incorrect declarations constitute violations under multiple laws, including the Pakistan Penal Code 1860, Foreign Exchange Regulation Act 1947, Customs Act 1969, and Anti-Money Laundering Act 2010. These legal provisions underscore the importance of compliance and the potential consequences for non-adherence.
Authorized Dealers are instructed to obtain the updated Undertaking/Declaration at the initiation of every export transaction via the PSW system. To mitigate legal risks, ADs may also collect a manually signed copy from exporters. Banks are expected to inform their export clients about these changes and ensure full compliance with the revised rules to avoid penalties or regulatory action.
This step by the SBP reinforces the central bank’s efforts to digitize trade processes, strengthen monitoring of foreign exchange inflows, and reduce instances of regulatory violations in Pakistan’s export sector. By integrating technology with compliance requirements, the initiative aims to provide exporters and financial institutions with a transparent, efficient, and secure framework for conducting international trade.
With the implementation of this system, Pakistan’s exporters are expected to adopt more disciplined practices in reporting and remittance, contributing to greater accountability and oversight in the country’s trade ecosystem.
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