INTERNET MERCHANT ACCOUNTS

INTERNET MERCHANT ACCOUNTS: State Bank of Pakistan

In order to promote Business-2-Commerce (B2C) e-Commerce in Pakistan banks operating in Pakistan can open and operate Internet Merchant Accounts. In this connection the following parameters are to be observed meticulously:-

1. 
   
   Merchants desirous of opening an Internet Merchant Account with a bank in Pakistan can open the same either in local currency or in US$ for the purpose and, in addition to observance of normal procedure for opening an account, will be required to submit copy of their NTN Certificate to the bank.
2. 
   
   Merchants must be engaged in a business permissible under the laws of Pakistan.
3. 
   
   Merchants must have a registered place of business in Pakistan.
4. 
   
   Merchants intending to export goods/services must provide a copy of export registration certificate from the Export Promotion Bureau (EPB).
5. 
   
   For the present, merchants desirous to undertake transactions outside Pakistan will be required to submit E-forms for transactions of value less than US$ 500 each to their bank, who shall submit the same in consolidated form on monthly basis to SBP. Each E-form for the aforesaid accounts should specially indicate the words "E-Commerce" on the upper left corner.
6. 
   
   Banks shall recover charges for Internet Merchant Accounts strictly in accordance with Prudential Regulation X. Any clarification with regard to bank charges on these accounts may be obtained from the Director, BP&RD, SBP, CD, Karachi.
7. 
   
   The banks shall be responsible for reporting business through the Internet Merchant Accounts to the Foreign Exchange Department, State Bank of Pakistan on monthly basis as per enclosed proforma.
8. 
   
   The banks shall be responsible for reporting any suspected transactions against the laws of the country, as per Prudential Regulation XII.