Pakistan Single Window launches Online Registration of Banking Profile. An official press statement states that Pakistan Single Window (PSW) in collaboration with the State Bank of Pakistan (SBP) successfully launched the ‘online registration of banking profile’ in Pakistan Single Window today. Dubai Islamic Bank (DIB) has become the first bank to successfully integrate with PSW. Integration of banking profile with PSW is a major reform initiative aimed at elimination of the SBP mandated ‘Electronic Import Form (EIF)’ and ‘Electronic Form-E (EFE)’ for imports and exports to reduce time and cost of doing business.
The initiative is being implemented in phases with more banks scheduled to join the system in coming weeks. The State Bank of Pakistan (SBP) and PSW have collaborated to simplify the existing procedural framework for foreign exchange regulation of cross border trade. The new system provides enhanced transparency and visibility to the SBP, Pakistan Customs and the relevant stakeholders.
Pakistan Single Window will help reduce the time and cost of doing business in Pakistan and make trade related business processes more efficient, transparent and consistent. Although the concept is primarily aimed at integrating and strengthening trade related government to government (G2G) and business to government (B2G) interactions, it also incorporates certain B2B transactions in particular those related to port operations, trucking, and warehousing.
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PSW is a collaborative effort led by customs but involving multiple public and private sector stakeholders including regulatory authorities, traders, freight forwarders, banks, terminal operators, and transporters etc.