SBP increased payments limit for freelance services

Image

KARACHI: The State Bank of Pakistan on Wednesday increased the payments limit for freelance services in information and communication technology by five times.

In a circular issued on Wednesday, the bank said the decision has been made to broaden the scope of business-to-customer transactions through home remittance channel.

As a result, the payment limit against freelance services in the said area has been enhanced to $25,000 per individual a month from $5,000 previously.This increase in limit will facilitate freelancers to route greater value of funds through a more economical and efficient channel of home remittances and help in receiving foreign exchan

ge flows through formal banking, said the SBP.

According to the SBP, this would also enable freelancers to expand their business or operations and engage new individuals to join the workforce.

“This is expected to create employment opportunities and increase foreign exchange earnings of the country,” it added.
 

You May Also Like

Image

Ayatollah Ali Khamenei cast doubt on Baghdad commitment

TEHRAN: Iran’s supreme leader Ayatollah Ali Khamenei cast doubt on Baghdad’s commitment

Image

Less than fifty per cent Christian in England Wales

LONDON: Fewer than half of people in England and Wales identify as Christian, according

Image

Pakistan US to combat TTP: US State Dept

WASHINGTON: The United States and Pakistan have a shared interest in combating