Regulatory Alerts2019-11-29
Bank Indonesia Regulation Number 21/14/PBI/2019 on Export Proceeds and Import Payments
Bank Indonesia issued Regulation Number 21/14/PBI/2019 to consolidate and update rules regarding the receipt of foreign exchange from exports and the reporting of foreign exchange for import payments. The regulation mandates that non-SDA export proceeds and import payments be reported through banks within three months, with specific online reporting requirements for transactions exceeding USD 10,000 or involving cash and delays. It also establishes a dedicated Reksus DHE SDA account system for natural resource export proceeds and defines administrative sanctions, including warnings and service suspensions, for non-compliance by exporters and importers.
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