ISLAMABAD, SEPT 14 (DNA) – The 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.