Regulatory Alerts2011-09-30
Bank Indonesia Regulation 13/20/PBI/2011 on Receipt of Export Proceeds and Withdrawal of Foreign Exchange from External Debt
Bank Indonesia mandates that all export proceeds and foreign exchange withdrawals from external debt must be channeled exclusively through Indonesian Foreign Exchange Banks to stabilize the rupiah and ensure sustainable economic funding. Exporters and external debtors must receive or withdraw funds within strict timelines, typically within 90 days of the export declaration, and submit comprehensive transaction data and supporting documentation to their banks for regulatory oversight. Failure to comply triggers administrative financial penalties of up to one hundred million rupiah per violation and may result in the suspension of export services, with enforcement provisions taking effect in July 2012.
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