Caretaker Information Technology (IT) Minister Dr. Umar Saif said that the IT companies will now be allowed to keep 50 percent of their revenue in the form of dollars and use them freely.

Dr. Saif told a private TV channel that there are difficulties in bringing dollars to Pakistan and its utilization freely leading many IT companies in Pakistan to open dollar accounts outside the country.

He said that currently, Pakistan's IT export volume is $2.6 billion but it should be around $3.5 or $4 billion.

Dr. Saif said that the matter has been discussed for a long time, and now for the convenience of Pakistani IT companies, it has been decided recently in the meeting of the Apex Committee that the IT companies of Pakistan should have their offices in Pakistan and can keep their 50% revenue in dollar form but also use their money freely.

Dr Saif has also said that in the last 4 to 5 weeks, all stakeholders have been taken on board in this regard.

He said that earlier IT companies were allowed to keep only 35% of dollars, due to the ban many companies had opened their accounts abroad.

“In the future, there will be no restriction on any Pakistani IT company to use 50% of its revenue in dollars,” he clarified.

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