The IT sector, encompassing both organizations and independent contractors/freelancers, faces various challenges in their dealings with banks. Despite incentives from the State Bank of Pakistan (SBP) to support the IT industry, banks often lag in adopting these products and services. Additionally, bank branch staff may lack knowledge of these initiatives. Each bank typically has a specialized department or helpdesk, but these can also be uninformed about procedures. Sometimes, banks may not have fully developed certain processes either.

Here are some questions asked of HBL regarding ESFCA and their product offerings that were designed as per SBP circular https://www.sbp.org.pk/epd/2023/FECL17.htm:

1. **Question:** Is it possible to convert foreign currency to PKR by simply transferring money from an Exporters Special Foreign Currency Account (ESFCA) to a primary PKR account through HBL web or mobile app?
**Answer:** The ESFCA is not accessible through HBL Web or Mobile App – customers have to visit the Branch and request for transferring of funds.

1. **Question:** If direct conversion is not possible, what is the process for converting foreign currency, and how long does it typically take?
**Answer:** Customers must visit the Branch and request for transferring of funds. The transfer is real-time and will happen immediately.
**Followup question:** Could you tell me if there is a specific form that customers need to complete for this request, which can be found at https://www.hbl.com/resources/downloads?
**Answer:** [Required]

1. **Question:** What type of bank account will be opened if we set up a PKR account for a company?
**Answer:** It will be a normal Company Account like [HBL SME freedom account](https://www.hbl.com/business/business/sme-banking/hbl-freedom-account).

1. **Question:** HBL plans to launch a debit card for ESFCA accounts. What will be the Schedule of Bank Charges associated with the debit card issued on ESFCA accounts? Are they different from those for a normal debit card issued on a primary account?
**Answer:** This is covered in the attached Schedule of Bank Charges (SOBC) under the Debit Card heading (See SOBC of HBL Freedom account).
**Follow-up question:** I am not sure if the question is understood correctly because there is no mention of a debit card issued on an ESFCA FCY account. Otherwise, the response implies that there is no difference between the ESFCA FCY debit card and a regular debit card.
**Answer:** [Required]

1. **Question:** What kind of taxes or additional fees will be charged on international transactions made through the ESFCA debit card?
**Answer:** [Required]

2. **Question:** Does the bank accept digital submissions (like in PDF format) of Form R and related documents such as invoices for processing remittances?
**Answer:** Yes, online/digital submissions are accepted.

3. **Question:** Are freelancers also required to submit Form R, or is there a simplified process that eliminates the need for submitting Form R and supporting documents for freelancers?
**Answer:** For individuals, currently Form R is not required for any individuals (but it is a State Bank of Pakistan requirement. On behalf of the branch, returns are submitted). However, the customer has to inform the purpose of remittance and provide the invoice.

4. **Question:** What will be the process of inward remittance for the Freelancer account in comparison to the company account? Please review and make any corrections in the process outlined below for the company. As it is indicated that individual freelancers are not required to submit Form R, please elaborate on the remittance process in comparison to the process described below.
**Answer:** [Awaiting]

***Inward remittance process for companies***: The branch staff will contact the customer upon receiving the inward remittance and will ask for Form R & the invoice. The bank will process the remittance after receiving the documents and negotiating the FCY exchange rate with the company. USD 5000 or 50% of the remittance (whichever is greater) will be credited to the ESFCA account and the rest will be credited to the primary PKR account. If the company is registered with PSEB or PASHA, 0.25% advance tax will be deducted from the Primary PKR account otherwise 1% advance tax will be deducted.

1. **Question:** For the freelancer account, according to SBP regulations, freelancers are not obligated to register with PSEB or PASHA and only need to provide a self-declaration. Based on this self-declaration, a 0.25% advance tax will be deducted, unlike for companies, where a 1% tax deduction applies if they are not registered with PSEB/P@SHA. Please advise if this understanding is incorrect.
**Answer:** [Awaiting]

1. **Question:** How can we utilize [HBL Fusion](https://www.hbl.com/personal/digital-banking/hbl-fusion), which is apparently available? Please note that there was no response or acknowledgment after registering at the portal [here](https://hblfusion.hbl.com/customer/portal). Apparently, it is a portal where we can submit and track requests and approvals for outward foreign remittance. Please clarify.
**Answer:** [Awaiting]

2. **Question:** How is the transfer to another ESFCA account facilitated? Is it available through interbank digital transfer using the app?
**Answer:** As per State Bank of Pakistan guidelines, funds in the ESFCA can be transferred to the same exporter’s ESFCA maintained with another bank upon specific request of the exporter. For digital channels, the debit authority (customer) will visit the branch and submit an application in writing for the transfer of funds.

3. **Question:** Is it possible for an individual to open both company and freelancer accounts at the same time?
**Answer:** An individual can open multiple accounts (up to 10-12) at a bank branch on a single Customer Information Form (CIF). However, for digital account opening, only new customers to the bank (NTB) can open a digital account. Existing customers with a CIF at HBL cannot open digital accounts. This implies that current bank customers cannot open accounts online if they already have a CIF, but they can open both freelancer and company accounts simultaneously if they visit a bank branch.

4. **Question (Additional):** For Federal Board of Revenue (FBR) purposes, we are supposed to receive two documents: firstly, a PRC (Proceeds Realization Certificate), either for each remittance or as a combined document for a certain period, and secondly, an advance tax deduction certificate for 0.25% or 1% deducted on each remittance. Are both of these documents accessible through the online portal?
**Answer:** The PRC is available through HBL mobile. For the tax deduction certificate, the Credit Card tax deduction certificate is available through HBL mobile, and for further information, you can reach out to Phone Banking.
**Follow-up question:** The credit card tax deduction certificate is completely irrelevant here. The question has been rephrased so please clarify.
**Answer:** [Awaiting]