Tech

Govt lowers age limit for IT related businesses to avail financing

Aftab Ahmed

Islamabad: The government has approved the changes in key parameters to lower the age limit for IT related business to avail the loan under Prime Minister’s Kamyab Jawan-Youth Entrepreneurship scheme (PMKJ-YES), a move that will  help to achieve $5 billion IT export remittances target.

This step aimed at boosting IT related activities in the country to increase exports. Fiscal year 2019-20 had been a great year for IT and IT-enabled services (ITeS) exports.“A record $1.231 billion has been received in IT and ITeS export remittances at a growth rate of 23.71% as compared to FY19.The government has set a target of $5 billion for IT export remittances by FY23.

All men, women and transgender holding CNIC aged between 21 and 45 years with entrepreneurial potential are eligible. For IT/E commerce related business, the lower age limit will be 18 years, the government said in a revised ToRs.

Above age limit condition was applicable on individual and sole properties. In case of all other form of business including partnerships and companies only one of owners, partners or directors must be in the age basket.

Long term loan/working capital loan including Murabaha and leasing/financing of locally manufactured vehicles for commercial use, only one vehicle per borrower was allowed.

After consultation, the State Bank of Pakistan had proposed some changes in key parameters of the Scheme. The Economic Coordination Committee (ECC) had approved these changes to boost financing for IT and other businesses related activities in the country.

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