ISLAMABAD, (Pakistan Point News - APP - 9th August, 2016) : Minister for Finance Senator Muhammad Ishaq Dar here Tuesday said the agreement between Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) on Import Form Module was "historic" which would greatly benefit the country and expedite the import-export process. He stated this while witnessing the signing of the agreement on I-Form Module in the Customs Computerized System here at FBR House.
Advisor to the Prime Minister on Revenues Haroon Akhtar Khan, FBR Chairman Nisar Muhammad Khan, SBP Governor Ashraf Mehmood Wathra, Member Customs Nasir Masroor Ahmed and other senior officials were also present on the occasion. The FBR and the SBP have jointly developed the I-Form Module in order to keep track of the value of imported goods and ensure that foreign exchange equalling to their exact value is repatriated abroad.
The soft launching of the system will be held on August 15 while it will be implemented from September 1. The launch of the Electronic I-Form will also enable the SBP plug any loopholes in the accounting system of the repatriated foreign exchange against imports. Speaking on the occasion, the Finance Minister said when the government took over after general election 2013, the economy was in a shambles and international financial institutions and organization were not ready to do business with Pakistan.
He said the PML-N government initiated reforms and was able to stabilized the national economy. He said Pakistan had for the first time completed an International Monetary Fund (IMF) programme. "We have achieved consolidation of economy and now our focus would be on enhancing economic growth for the economic prosperity of the country." International organizations, he added, were now terming Pakistan one of the emerging economies and improving its raking and position.
The minister appreciated FBR and SBP for developing the I-Form Module, which, he said, would go a long way in enabling Pakistan's customs to expedite import and exports clearance thus reducing the cost of doing business. SBP Governor Ashraf Wathra said the SBP and FBR had already launched the Electronic E-Form Module to ensure that the foreign exchange was duly remitted and the country was not deprived of its shares in foreign exchange.
The FBR Chairman said the SBP and FBR were working in close collaboration under the guidance of Finance Minister to improve the fiscal and monitory systems of the country. Briefing the participants, Member Customs FBR Nasir Masroor Ahmed said the Finance Minister had directed that the process of issuance of I-Form might be automated. He said transformation from manual to automatic, the I-Form Module would help promote transparency and check under-invoicing and help proper regulations and monitoring. Later the Memorandum of Understanding was signed by the FBR Chairman and the SBP Governor.