Regulatory Alerts2015-06-01
Bank Indonesia Circular No. 17/11/DKSP on Mandatory Use of Rupiah in Indonesia
Bank Indonesia issued Circular No. 17/11/DKSP to implement the mandatory use of the Indonesian Rupiah for all transactions conducted within the territory of the Republic of Indonesia. The regulation mandates that all payments and price quotations be made in Rupiah, while specifying exemptions for state budget transactions, international commercial activities, and certain foreign currency deposits. Non-compliance with these requirements subjects parties to administrative sanctions, including financial penalties and transaction prohibitions, or criminal provisions for cash transaction violations.
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