INSTRUCTION CIRCULAR NO: 2622 January 05, 2024

All Branches/Offices
Soneri Bank Limited

SOP FOR OPENING AND HANDLING OF FREELANCERS AND IT COMPANIES ACCOUNT(S)

In recent years’ exponential growth is witnessed in the field of IT and IT related services. Due to this, various platforms emerged in Pakistan
for opening new earning venues for those engaged in the field of IT, IT enabled services or as freelancer. To facilitate all such individuals
who are working as freelancer, Soneri bank is pleased to announce launch of Freelancer Account, this new account will facilitate resident
Pakistani freelancer in smooth operations of their business activities including receipt of commercial remittances in their personal accounts
and retention in Foreign Currency. However, business accounts (sole proprietorships, partnerships, companies etc.) engage in IT and IT
enables services shall be facilitated through existing regular SNBL products.

A. Freelancers
All individuals, resident in Pakistan, engaged in provision of any digital/online services, including IT and IT enabled services, against which
payments are received from outside Pakistan shall be facilitated under this SOP in addition to existing Account Opening and Amendment
SOP and SNBL Compliance Policy Document.

All existing and new accounts of Freelancers will be governed under the regulatory framework issued by State Bank of Pakistan through
SBP BPRD Circular No. 05 of 2023 dated 23 Oct 2023, for facilitation of Freelancer.

1. Target Market: All resident Pakistani individuals engaged in provision of any digital/online services, including IT and IT related services
against which payments are received from outside Pakistan.

2. Onboarding Mode: In-person through SNBL branches and SNBL digital onboarding portal available on Soneri Bank official website
www.soneribank.com.

3. Product Features of Freelancer Account: Detailed features are appended; branch may refer Key Fact Statement (KFS) separately made
for this product. Further, a separate account category has been made available in Core Banking System (T24) product menu in both
Conventional and Mustaqeem segment;

Proposition Details
Accounts Offered Freelancer Account (CA) Freelancer Account (SA)
Currency PKR PKR
Initial Deposit Requirement Nil Nil
Minimum Balance Requirement Nil Nil
/ Charges
Services / Waivers ▪ Cheque Book ▪ Cheque Book
▪ Mastercard and PayPak Debit Card ▪ Mastercard and PayPak Debit Card
▪ Free e-Statements ▪ Free e-Statements
▪ Soneri Digital Banking (Internet / Mobile) ▪ Soneri Digital Banking (Internet / Mobile)
▪ Free SMS Alerts on all Digital banking channels ▪ Free SMS Alerts on all Digital banking channels
Profit Nil Half-yearly, as per PLS Saving rate

4. Onboarding at Branches: Standard account opening form (AOF) will be used for opening Freelancer account(s), clearly mentioning the
respective product name in product section of AOF under the TAB of ‘others’. AOF will be obtained from customer along with
documents defined in the minimum documents list of Account Opening and Amendment SOP. To suffice the requirements of income

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 proof, an undertaking shall be obtained from customer as per Annexure – I. However, if customer has provided any other documentary
evidence no need to obtain this undertaking.

5. Digital Onboarding: Customer may also open freelancer account through Soneri Digital Onboarding portal, a link of which is available
on SNBL official website. All application received through digital channels shall be handled by the Digital Account Opening Unit as per
their respective SOP.

6. Account Opening

i. For each account application request received at either branch or digital portal, two (2) separate accounts will be opened,
Freelancer PKR (CA or SA) as a primary account and Exporters’ Special Foreign Currency Account (ESFCA) as secondary non-
chequing account in foreign currency (USD/GBP/EUR) for retention purpose in current category.
ii. Customer’s approaching at the branches shall be asked for signing of an additional intimation as per Annexure-I and select the
currency for their ESFCA. No other document shall be obtained for secondary account, SSC of primary account shall be used for
secondary account also.
iii. Both accounts, i.e. Freelancer and ESFCA account shall be processed in T24 and Rosetta separately, and all the documents shall
be scanned over both account on Rosetta for CASU review.
iv. Before regularization of accounts, CASU shall ensure that both accounts of a freelancer are opened in system as per process
defined in this document in addition to Account Opening and Amendment SOP and SNBL Compliance Policy Document.
v. Turnaround time (TAT) to open and activate the account or decline the request, shall be two working days from the date of AOF
submitted by customer with complete documents along with legal identity document verification.

Note: Needless to mention that if an individual is already maintaining account in any SNBL regular product or intend to open a new
account in regular product but also want to open ESFCA, shall be allowed subject to assurance that he/she qualifies as freelancer.

B. IT Companies
All such entities (sole proprietorships, partnerships, companies etc.) registered with Pakistan Software Export Board (PSEB) or Pakistan
Software Houses Association (P@SHA) and engaged in export of software, IT & IT enabled services (ITeS) shall be facilitated under this SOP
in addition to existing Account Opening and Amendment SOP and SNBL Compliance Policy Document.

1. New Account Opening

At the time of opening a new account for any IT company branches shall ensure to check with the customer whether they are registered
with the Pakistan Software Export Board (PSEB) or Pakistan Software Houses Association (P@SHA) and engaged in export of software, IT
& IT enabled services (ITeS). In case of positive response evidence of the registration shall be obtained from the customer and Exporters’
Special Foreign Currency Account (ESFCA) as secondary non-chequing account in foreign currency (USD/GBP/EUR) for retention purpose
in current category shall be opened mandatorily by adhering the following;

i. Ensure to obtain evidence of valid registration with Pakistan Software Export Board (PSEB) or Pakistan Software Houses Association
(P@SHA)
ii. Customer’s shall be asked for signing of an additional intimation as per Annexure-II and select the currency for their ESFCA along with
KFS. No other document shall be obtained for secondary account, SSC of primary account shall be used for secondary account also.
iii. Both accounts, of entity i.e. regular product and ESFCA shall be processed in T24 and Rosetta separately, and all the documents shall
be scanned over both account on Rosetta for CASU review.
iv. Before regularization of accounts, CASU shall ensure that both accounts are opened in system as per process defined in this document
in addition to Account Opening and Amendment SOP and SNBL Compliance Policy Document.
v. Turnaround time (TAT) to open and activate the account or decline the request, shall be two working days from the date of AOF
submitted by customer with complete documents along with legal identity document verification.

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2. Existing Accounts
Any business entity maintaining account may be facilitated for opening of ESFCA as and when they submit valid registration with Pakistan
Software Export Board (PSEB) or Pakistan Software Houses Association (P@SHA). Rest of the requirements shall remain same as defined
above for new accounts.

C. Exporters’ Special Foreign Currency Account (ESFCA):

All the customers whether individual or entity engaged in Export of Software, Information Technology (IT) & IT Enabled Services (ITeS) and
Freelance Services shall be mandatorily offered ESFCA as Retention account for retaining of funds in foreign currency against the
remittances received. Retention shall be allowed as per the amount/threshold defined by the SBP in FE manual time to time, currently IT
Companies and Freelancers are allowed to retain USD 5,000/- per month or 50% of the export proceeds, whichever is higher, in their
ESFCAs.

This ESFCA will be a non-chequing account and No Cheque book will be issued against this foreign currency account. However, customer’s
will be allowed to access Internet/mobile banking against these accounts to avail all services except Interbank Fund Transfer (IBFT).
Detailed features of ESFCA are appended below;

Proposition Details
Accounts Offered ESFCA Account (CA)
Currency USD / EUR / GBP
Initial Deposit Requirement Nil
Minimum Balance Requirement / Charges Nil
▪ Free e-Statements
Services ▪ Soneri Digital Banking (Internet / Mobile)
▪ Free SMS Alerts on all Digital banking channels
Profit Nil

As regulator has allowed issuance of Foreign Currency Debit cards against these accounts, soon SNBL customer’s will also be offered Debit
card for these accounts through as separate formal circulation. Till that time branches may aware the customers but no request shall be
accepted for card issuance against these ESFCA.

Any withdrawal from ESFCA within the Pakistan is allowed only in PKR, either transfer to his/her PKR account or any other PKR account in
SNBL through internet/mobile banking or written request at branch counter. For international payments in foreign currency, customers
are allowed to submit the request through Remittance application form, for branch ease and ready reference, branch may refer appended
chart;

Sr. No Legitimate Transactions Dr Cr

1 Cash / RTGS / Raast/Instruments (Local) No No
2 Fund transfer Yes (only in PKR) No
3 FDD issuance / FTT/ International Remittance Yes* Yes*
4 Internet Banking (FT/Payments with in Soneri Bank) Yes (only in PKR) No
5 Online Commerce (Including International/ DCC transactions) Yes No
6 Term deposits/locker/clearing/Investments etc. No No
7 Charges deduction /Tax Yes N/A
*only for purposes allowed as per SBP FE manual.

D. Handling of Remittances
All the foreign remittances received for freelancers and IT companies shall be handled as per the F.E manual and SNBL Foreign Remittances
SOP. For each remittance CRU shall ensure to mandatorily retain USD 5,000/- per month or 50% of the export proceeds, whichever is
higher, in the customers’ ESFCAs. However, if an exporter specifically requests in writing to the authorized dealer for less/ not crediting
the export proceeds in ESFCA shall be facilitated accordingly. Following additional requirements shall be ensured while processing the
remittances;
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 1. If a remittance is received for an account where customer is identified as Freelancer or IT company based on the remitter details or
purpose of the remittance, CRU shall ensure to mandatorily retain the amount.
2. If customer’s ESFCA does not exist, CRU shall intimate the branch to arrange opening of customer’s ESFCA.
3. Branch shall ensure to arrange the opening of ESFCA’s in adherence to the above instructions for opening of ESFCA.
4. In such exceptional cases, where branch is unable to establish the contact with customer and arrange annexure I & II from freelancer
and IT companies respectively, ESFCA can be opened on the basis of CRU intimation of received remittance. However, CASU shall
regularize the account only on receipt of Annexure I or II along with KFS.
5. Needless to mention that ESFCA for IT company shall not be opened without valid registration certificate Pakistan Software Export
Board (PSEB) or Pakistan Software Houses Association (P@SHA) in bank record.

All other instruction in relevant SOPs pertaining to account opening, issuance of Cheque book & Debit card, subsequent transactions and
salary disbursement etc. shall remain the same. In case of any query and clarification is required, branch may contact relevant product
team of the bank.

Kindly cascade this instruction to the concerned staff and ensure strict adherence.

Prepared & Initiated by:

______________________
Saad Ali Khan Suri
Manager Policy, Procedure and Operations Control

Reviewed & Recommended by:

________________________ ______________________
Anjum Asghar Shams Ud Duha
Head of Centralized Operations Head Policy & Procedure

Approved by:

______________________ ______________________ ______________________

Amin Sajid Mohammad Amin Tejani Syed Fahim Raza Zaidi
Head of Operations Head of Islamic banking Head of CRBG

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 Annexure I
Date:

The Manager,
Soneri Bank Limited,
______________ Branch, City

Undertaking of the Source of Funds from Freelance Activities & Opening of Exporter’s Special Foreign Currency Account (ESFCA)
for Retention Purpose

Dear Sir / Madam,

I, ______________________________ S/o W/o D/o ______________________________ holding CNIC/NICOP/POC No.

___________________________ declare that, I am engaged in IT and IT related digital / online services as freelancer, against which
payments and remittances shall be received from outside Pakistan. I am doing the freelance activities for ________________ years
and the expected monthly income from my business is (USD/GBP/EUR) ___________________.

Further, currently I am engaged in freelancing with appended platforms/websites/portal or companies located outside Pakistan;
1. ________________________________________________________________________________________________________
2. ________________________________________________________________________________________________________
3. ________________________________________________________________________________________________________

Please also concurrently open my account in __________ currency (please select from USD / GBP / EUR) along with this primary PKR
account for the purpose of retention of proceeds and subsequent utilization in line with the State Bank of Pakistan regulations, details
of which are as under;

1. Monthly Average Balance & Minimum Balance Charges: Not Applicable

2. Transaction/Balance Limit: Unlimited
3. Account Nature: Non-Chequing Account
4. Credit shall only be allowed against payment received from outside Pakistan against Freelancing services including IT.
5. Withdrawals in Pakistan shall only be allowed in PKR. However, for international payments, foreign currency can be remitted or
withdrawn internationally.

Electronic Fund Transfer (EFT) Consent: Activate Deactivate

By my consent above, I agree that Soneri Bank Limited may activate or deactivate (as per above selection) all the banking services
available through electronic fund transfers by using any payment instruments, channels or modes to execute all Debit/Credit
transactions for my accounts in electronic form.

I hereby declare and confirm that content to this declaration are correct and true to the best of my knowledge and nothing has been
concealed or misstated herein.

_________________________________
Customer Signature/Thumb Impression
____________________________________________________________________________________________________________
For Bank Use Only
Exporters’ Special Foreign Currency Account (ESFCA) has been opened with primary PKR account.
Account No. _______________________________

____________________ _________________________
Checked by CSO / BOM Approved by Branch Manager
 Annexure II

To be printed on Business Letterhead

Date:

The Manager,
Soneri Bank Limited,
______________ Branch, City

Undertaking for Opening of Exporter’s Special Foreign Currency Account (ESFCA) for Retention Purpose

Dear Sir / Madam,

Please concurrently open my account in __________ currency (please select from USD / GBP / EUR) along with my/our primary PKR
account for the purpose of retention of proceeds and subsequent utilization in line with the State Bank of Pakistan regulations, details
of which are as under;

1. Monthly Average Balance & Minimum Balance Charges: Not Applicable

2. Transaction/Balance Limit: Unlimited
3. Account Nature: Non-Chequing Account
4. Credit shall only be allowed against payment received from outside Pakistan against Freelancing services including IT.
5. Withdrawals in Pakistan shall only be allowed in PKR. However, for international payments, foreign currency can be remitted or
withdrawn internationally.

Electronic Fund Transfer (EFT) Consent: (applicable

Activate Deactivate
on Sole Proprietorship only)
By my consent above, I agree that Soneri Bank Limited may activate or deactivate (as per above selection) all the banking services
available through electronic fund transfers by using any payment instruments, channels or modes to execute all Debit/Credit
transactions for my accounts in electronic form.

__________________________________________
Authorized Signatory Signature/Thumb Impression

____________________________________________________________________________________________________________
For Bank Use Only
Exporters’ Special Foreign Currency Account (ESFCA) has been opened with primary PKR account and customer’s registration from
Pakistan Software Export Board (PSEB) or Pakistan Software Houses Association (P@SHA) has been obtained or is available in the bank
record.
Account No. _______________________________

____________________ _________________________
Checked by CSO / BOM Approved by Branch Manager