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----- Original Message -----
From: H.K.Pasha
To: sbhutta
Sent: Saturday, September 29, 2001 11:55 AM
Subject: news - IT-enabled software services allowed export
financing IT-enabled software services allowed export financing
BUSINESS RECORDER REPORT Saturday, September 29,
2001
.......KARACHI : The State Bank of Pakistan (SBP) has made it clear that all information technology (IT) enabled software remote services will be eligible for export financing under the Export Finance Scheme in the same manner as software exports. The SBP issued a circular saying that the IT exporters desirous of availing the financing facility from their banks will have to produce a valid contract executed with their foreign buyer or export letter of credit established by the banks evidencing export or rendering of IT enabled services against which export proceeds in foreign currency will be realised through normal banking channels. .......IT enabled services would cover such type of software remote services extended by Pakistani exporters and software houses, for and on behalf of an overseas business house, where information is created, disseminated, processed or stored for commercial purposes that can create employment in the country and is used for exports. .......The SBP will provide refinance in all such cases as per usual terms and conditions contained in the earlier circular. .......The software services covered under export finance scheme are software development, web hosting and website services, medical/legal/insurance and other transcription services, medical billing, data entry, call centres, back office processing, engineering services and design, network consulting, remote education, animation, finance and accounting services, customer relationship management and customer interaction etc, archiving and data search, integration, management and backup services. .......Any other IT enabled service not listed above can be included on specific request of the IT exporter, the SBP circular concluded. .......Copyright 2001 Business Recorder |
