to Indonesian
a. that export proceeds and foreign exchange from external debt may become funding sources that is sustainable for development of national economic;
b. that export proceeds and foreign exchange from external debt may give optimum contribution on the national level in case of placed in the Indonesian banking system;
c. that export proceeds and foreign exchange from external debt are also beneficial in supporting the creation of a sounder financial market and in maintaining the stability of the rupiah.
d. that the monitoring of receiving of export proceeds and foreign exchange from external debt through Indonesian banking system should be increased the effectiveness to support optimizing use export proceeds and foreign exchange from external debt;
e. that based on consideration as intended in paragraphs a, b, c and d, it is necessary to rearrane Regulation of Bank Indonesia concerning Receipt of Export Proceeds and Withdrawall of Foreign Exchange from External Debt;
1. Law Number 10 of 1995 concerning Customs (Statute Book of the Republic of Indonesia Number 75 of 1995, Supplement to Statute Book of the Republic of Indonesia Number 3612) as amended by Law Number 17 of 2006 (Statute Book of the Republic of Indonesia Number 93 of 2006, Supplement to Statute Book of the Republic of Indonesia Number 4661);
2. Law Number 23 of 1999 concerning Bank Indonesia (Statute Book of the Republic of Indonesia Number 66 of 1999, Supplement to Statute Book Number 3843) as amended several times, the latest by Law Number 6 of 2009 concerning Stipulation of Government Regulation in Lieu of Law Number 2 of 2008 concerning the Second Amendment to the Law Number 23 of 1999 concerning Bank Indonesia to Become Law (Statute Book of the Republic of Indonesia Number 7 of 2009, Supplement to Statute Book of the Republic of Indonesia Number 4962);
3. Law Number 24 of 1999 concerning Foreign Exchange Flow and Exchange Rate System (Statute Book of the Republic of Indonesia Number 67 of 1999, Supplement to Statute Book of the Republic of Indonesia Number 3844);
REGULATION OF BANK INDONESIA CONCERNING RECEIPT OF EXPORT PROCEEDS AND WITHDRAWAL OF FOREIGN EXCHANGE FROM EXTERNAL DEBT
In this Regulation of Bank Indonesia, what is referred as:
1. Bank is a Commercial Bank as intended in Law Number 7 of 1992 concerning Banking as amended by Law Number 10 of 1998, including a branch office of a foreign bank in Indonesia and a Sharia Commercial Bank as intended in Law Number 21 of 2008 concerning Sharia Banking.
2. Foreign Exchange Bank is a Bank acquired a letter of appointment from Bank Indonesia to conduct banking business in foreign currencies, including a branch office of a foreign bank in Indonesia, but not including overseas branch office of a Bank headquartered in Indonesia.
3. Resident is a natural person, legal entity or other entity domiciled or intending to be domiciled in Indonesia for at least 1 (one) year, including diplomatic missions and staff of the Republic of Indonesia stationed overseas as stipulated in the applicable laws and regulations.
4. Export is the activity of conveying merchandise out of the customs territory as stipulated in the customs regulations.
5. Exporter is an individual, legal entity, or other entity that is not a legal entity, conducting activities in export goods from customs area.
6. Courier Company, hereinafter abbreviated as PJT is company that serves express delivery service or time sensitive, has a courier service operating license from the related agency, as well as approval to carry out the customs activities from the Head of Customs and Excise Service Office.
7. Notification of Exported Goods hereinafter abbreviated as PEB, is customs documents used to declare the export of goods, which may comprise inscription on a form or electronic media as governed in the customs regulations.
8. Export Proceed, hereinafter abbreviated as DHE is foreign exchange received by an Exporter from the proceeds of Export activities.
9. PEB Value is the free on board (FOB) value of Exports listed in the PEB.
10. Day is calendar day.
11. Working Day is a Bank Indonesia working day.
12. External Debt, hereinafter abbreviated as ULN is debt owed by a Resident to a non-Resident in foreign currency.
13. External Debtor hereinafter called as ULN debtor is a natural person, non-bank legal entity and other entity holding external debt.
14. Foreign Exchange from External Debt hereinafter abbreviated as DULN is foreign exchange acquired by an external debtor from withdrawal of External Debt.
(1) All DHE receiving should through Foreign Exchange Banks.
(2) Obligation to receive DHE through Foreign Exchange Banks as intended in paragraph (1) is not applied for:
(1) Receipt of DHE as intended in Article 2 paragraph (1) and Article 2 paragraph (2) b must be received no later than the end of the third months after month of PEB registration.
(2) Receipt of DHE as intended in paragraph (1), origin from payment by L/C, consignment, open account or collection that falls due more or same with 3 (three) months after the month of PEB registration, must take place no later than 14 (fourteen) Days after the due date of the payment concerned.
(3) In case of expired date as intended in paragraphs (1) and (2) is holiday, the receipt of DHE can be don on the next Working Day.
(1) Exporter has to submit information list in PEB related with receipt of DHE that is received to Foreign Exchange Bank.
(2) Information as intended in paragraph (1) submitted by Foreign Exchange Bank to Bank Indonesia in detail report of Export transaction as intended in provisions of Bank Indonesia that govern obligation to report foreign exchange traffics.
(3) For DHE that is received on cash fund in the country as intended in Article 2 paragraph (2) b, Exporter should submit written explanation attached with adequate supporting documents to Bank Indonesia.
(4) The obligation to submit information as intended in paragraph (1) and written explanation along with supporting documents as intended in paragraph (3) applied for PEB with value more than USD10,000.00 (ten thousand US Dollar) or equivalent.
(5) Submission of information as intended in paragraph (1) shall be done at the latest on 5 of ensuing month after receipt of DHE.
(6) Submission of written explanation along with supporting documents as intended in paragraph (3) shall be done at the latest on 5 of ensuing month after month of PEB registration.
(7) In case of expired date to submit information as intended in paragraph (5) and written explanation along with supporting documents as intended in paragraph (6) is holiday, the submission of information and/or written explanation along with supporting documents can be don on the next Working Day.
(1) Exporter who will receive DHE with payment as intended in Article 3 paragraph (2), must submit a written explanation along with supporting documents to Foreign Exchange Bank to be forwarded to Bank Indonesia.
(2) Written explanation along with supporting documents as intended in paragraph (1) shall be submitted at the latest on 5 of ensuing month after month of PEB registration.
(3) In case of expired date to submit written explanation along with supporting documents as intended in paragraph (2) is holiday, the submission of written explanation along with supporting documents can be don on the next Working Day.
(1) Receipt of DHE as intended in Article 2 paragraph (1) and Article 2 paragraph (2) b have to be equal to the PEB Value.
(2) In case of DHE is less than PEB Value with the difference in value less than or equivalent to Rp 50,000,000.00 (fifty million rupiah), the DHE receipt is considered according to the value of PEB and Exporter does not need to submit a written explanation and supporting documents.
(3) In case DHE is less than PEB Value more than equivalent to Rp 50,000,000.00 (fifty million rupiah) that is caused by:
(4) Exporter shall submit written explanation along with adequate supporting documents as intended in paragraph (3) to Foreign Exchange Bank to be forwarded to Bank Indonesia at the latest on 5 of ensuing month after Exporter received DHE through Foreign Exchange Bank.
(5) For DHE that in received in cash in the country, written explanation along with adequate supporting documents as intended in paragraph (3) shall be submitted to Bank Indonesia at the latest on 5 of ensuing month after month of PEB registration.
(6) In case of Exporter does not submit a written explanation with supporting documents as intended in paragraph (3), DHE received by Exporter deemed not equal with the PEB and Exporters considered not doing the whole DHE acceptance through Foreign Exchange Bank.
In case of any different between the PEB data that submitted by Exporter with PEB data received by Bank Indonesia from Directorate General of Customs and Excise (DJBC), Bank Indonesia can determine the PEB data will be used as a reference for compliance with DHE provisions.
(1) DHE receipt less than value of PEB due to netting between Export bill with Exporter’s obligation only be allowed to netting with goods import payment related with the Export activities, as long as there is a netting agreement between Exporter concerned with the related importer (counterparty).
(2) DHE receipt from netting proceeds as intended in paragraph (1) is considered in accordance with the PEB Value when Exporter submit written explanation accompanied by adequate supporting documents.
(1) Exporter who receives DHE through Foreign Exchange Bank with PEB Value is less than equivalent 50,000,000.00 (fifty million dollars) due to importer defaults, bankruptcy, or having the state force (force majeure), must submit a written explanation accompanied by adequate supporting documents to Foreign Exchange Bank to be forwarded to Bank Indonesia.
(2) Exporter who does not receive DHE, or receives DHE in cash less than the PEB Value by a different less than the equivalent 50,000,000.00 (fifty million dollars), caused by an importer defaults, bankruptcy, or having the state force, must submit a written explanation accompanied by adequate supporting documents to Bank Indonesia.
(3) A written explanation along with supporting documents as intended in paragraphs (1) and (2) shall be submitted at the latest on the end of the third month after the month of PEB registration.
(4) A written explanation along with supporting documents as intended in paragraphs (1) and (2) for receiving DHE derived from L/C payment, consignment, next payment, and/or collection with maturities more than or equal to 3 (three) months after the month of PEB registration, submitted no later than 14 (fourteen) days after the due date of payment.
(1) In case of the Export made through PJT, the obligation as intended in Article 2 paragraph (1), Article 2 paragraph (2) b, Article 3, Article 4, Article 5, Article 6 and Article 9 is the responsibility of the owner of the goods.
(2) PJT PEB must submit related information to the owner of the goods.
(1) ULN Debtor should withdraw each DULN through Foreign Exchange Bank.
(2) Obligation DULN withdrawal by the ULN Debtor as intended in paragraph (1) applies to DULN in the form of cash derived from:
(3) DULN Withdrawal as intended in paragraph (1) shall be reported to Bank Indonesia.
(1) DULN withdrawal accumulation value must equal the value of commitment.
(2) In case of the DULN withdrawal accumulation value through Foreign Exchange Bank by the ULN Debtor is less than commitment, ULN debtor must submit a written explanation to Bank Indonesia.
(1) Bank Indonesia conducts checking on compliance with DHE receipt obligation as intended in Article 2 paragraph (1) and Article 2 paragraph (2) b and ULN Debtor obedience to the fulfillment of obligations of DULN withdrawal as intended in Article 11 paragraph (1).
(2) In conducting the checking of compliance as intended in paragraph (1), Bank Indonesia may ask for evidence, records, and supporting documents, with or without involving the relevant agencies.
(1) Exporter who makes violation on the obligation as intended in Article 2 paragraph (1), Article 2 paragraph (2) b, and/or Article 3 shall be liable to administrative sanction in the form of fine as much as 0.5% (zero point five percent) of the DHE nominal value that has not received yet, with the maximum amount of Rp 100,000,000.00 (one hundred million rupiah) for one month of PEB registration.
(2) In case of export is made through PJT the fine sanction as intended in paragraph (1) shall be imposed on the owner of the goods.
(3) The imposition of a fine sanction made in Rupiah by using the Bank Indonesia middle rate on the date of imposition of fine sanction.
(4) In case of exporter does not pay fine sanction as intended in paragraph (1), suspended on the Export service in accordance with the regulations on the customs and related regulations.
(5) In case of exports made through PJT that the owner of the goods does not pay fine sanction as intended in paragraph (1), suspension as intended in paragraph (4) applies to the owner of the goods.
ULN Debtor makes violation to the obligation as intended in Article 11 paragraph (1) shall be a fine administration sanction in the form of fine Rp 10,000,000,00 (ten million rupiah) on each DULN withdrawal.
(1) The imposition of sanction as intended in Article 14 paragraph (1) and Article 15 does not dismiss obligation for DHE receipt in accordance with the provisions as intended in Article 2 and the DULN withdrawal through Foreign Exchange Bank in accordance with the provisions as intended in Article 11.
(2) Exporter is still not fulfill obligation of DHE receipt as intended in paragraph (1) will be fine sanction in the form of suspended the Export services in accordance with regulations on the customs and related regulations.
(3) In case of exports made through PJT, suspension as intended in paragraph (2) applies to the owner of the goods.
(1) Payment of administrative sanction in the form of fine as intended in Article 14 and Article 15 deposited to Bank Indonesia.
(2) Further provisions on the procedure for the payment of fine sanction to Bank Indonesia are governed by Bank Indonesia Circulation Letter.
Freeing suspension sanction on the Export service as intended in Article 14 paragraph (4) and Article 16 paragraph (2), performed after Bank Indonesia receives and verifies the proof of payment of fine sanction and proof of DHE receipt in accordance with Article 2 paragraph (1) and Article 2 paragraph (2) b.
(1) For the DHE receipt, procedures for information submission as intended in Article 4, as well as a written explanation and supporting documents as intended in Article 5, Article 6, Article 8, Article 9, and Article 13 conducted in accordance with Bank Indonesia provisions that govern the obligations to report foreign exchange traffic.
(2) For DULN withdrawal, procedure for report submission as intended in Article 11, as well as a written explanation and supporting documents as intended in Article 12 and Article 13 conducted in accordance with Bank Indonesia provisions that govern obligation to report DULN withdrawal.
(1) DHE receipt conducted not through Foreign Exchange Bank due to payment agreement through the trustee outside of Indonesia, is not should be received through Foreign Exchange Bank until the June 30, 2013.
(2) Exporter should report DHE receipt as intended in paragraph (1) to Bank Indonesia accompanied with a written explanation and supporting documents.
(3) Especial for DHE receipt from PEB issued in 2012, the obligation of DHE receipt through Foreign Exchange Bank applies 6 (six) months after the month of PEB registration.
(4) DULN withdrawal from ULN agreement signed before January 2, 2012 is not required to be done through Foreign Exchange Banks, except for the DULN withdrawal derived from the addition of external debt ceiling because of the amendment that was signed after January 2, 2012.
Further provisions of this Regulation of Bank Indonesia are governed in Bank Indonesia Circulation Letter.
When this Regulation of Bank Indonesia comes into force:
This Regulation of Bank Indonesia shall come into force on January 1, 2013.
For public cognizance, this Regulation of Bank Indonesia shall be promulgated by placing it in the State Gazette of the Republic of Indonesia.
Stipulated in Jakarta
On December 27, 2012
GOVERNOR OF BANK INDONESIA,
signed,
DARMIN NASUTION
Promulgated in Jakarta
On December 27, 2012
MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA,
signed,
AMIR SYAMSUDIN
STATUTE BOOK OF THE REPUBLIC OF INDONESIA NUMBER 285 OF 2012