Region

Jurisdiction

Regulator

2011-09-30

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.

Indonesia

Bank Indonesia

Turn on more accessible mode

Turn off more accessible mode

Skip Ribbon Commands

Turn off Animations

Turn on Animations

Bank Indonesia Currently selected

pbi_132011

Recent Currently selected

Regulation

Sumber Data Legal Information Team, Directorate of Legal Affairs

9/30/2011 10:25 AM

Judul Bank Indonesia Regulation Number: 13/20/PBI/2011 concerning Receipt of Export Proceeds and Withdrawal of Foreign Exchange from External Debt

Peraturan Bank Indonesia

Moneter dan Pasar Keuangan

Berlaku

Bank Indonesia Regulation

Monetary

Effective

Page Image

Page Content SUMMARY OF BANK INDONESIA REGULATION

Regulation

Bank Indonesia Regulation Number: 13/20/PBI/2011 concerning Receipt of Export Proceeds and Withdrawal of Foreign Exchange from External Debt

Dated

30 September 2011

Effective

2 January 2012

Executive Summary

Background and Objectives

The development of the national economy requires funding sources that are adequate and sustainable. However, most of the present supply of foreign currency on the domestic market originates from portfolio investment, which as a funding source for economic development is susceptible to risk of sudden capital reversal. Other funding sources that are sustainable may be derived from Export Proceeds and Foreign Exchange from External Debt (DULN). If the placement of these funds is made through the Indonesian banking system, the Export Proceeds and DULN may provide a nationally optimum contribution and also be useful in supporting the creation of a sounder financial market and measures to safeguard the stability of the rupiah.

In practice, not all Export Proceeds and DULN are placed in the Indonesian banking system and therefore regulation is needed to ensure that receipts of Export Proceeds and Withdrawal of DULN are conducted through the Indonesian banking system. These regulatory provisions shall remain based on the existing free foreign exchange system, under which each resident is free to hold and use foreign exchange as stipulated in Act Number 24 of 1999 concerning Foreign Exchange Flows and the Exchange Rate System.

II.

Regulatory Content

Requirement for Export Proceeds

to be received through Foreign Exchange Banks

Exporter must receive all

Export Proceeds through a Foreign Exchange Bank.

Export Proceeds must be received through a Foreign Exchange Bank no later than 90 (ninety) Days after the date of the Declaration of Goods Exported (PEB).

Receipt of Export Proceeds

through a Foreign Exchange Bank using payment under usance L/C, consignment, open account or collection that falls due on or after 90 (ninety) calendar days after the PEB date must take place no later than 14 (fourteen) calendar days after the due date of the payment concerned.

Exporter has to submit information in the PEB pertaining to the received Export Proceeds to the Foreign Exchange Bank. This information covers at least the PEB Date, Customs Office code number, PEB registration number and the Taxpayer ID Number (NPWP) of the Exporter. This information shall be conveyed to the Foreign Exchange Bank no later than 3 (three) working days after the

Export Proceeds are received by the Exporter through the Foreign Exchange Bank, and shall be subsequently forwarded to Bank Indonesia.

Exporter that will receive Export Proceeds through a Foreign Exchange Bank using payment under usance L/C, consignment, open account or collection that falls due on or after 90 (ninety) calendar days after the PEB has to submit a written explanation enclosing photocopies of supporting documents, including but not limited to photocopies of the PEB document, usance L/C and letter of deferred payment from the importer, to the Foreign Exchange Bank for forwarding to Bank Indonesia. The written explanation enclosing the supporting documents shall be submitted no later than 14 (fourteen) calendar days after the PEB date.

Export Proceeds

received by the Exporter have to be equal to the PEB Value.

Exporter receiving Export Proceeds in an amount less than the PEB value has to submit a written explanation enclosing the supporting documents to the Foreign Exchange Bank for forwarding to Bank Indonesia. The written explanation enclosing the supporting documents shall be conveyed to the Foreign Exchange Bank for forwarding to Bank Indonesia no later than the 5th day of the following month after the

Export Proceeds are received by the Exporter through the Foreign Exchange Bank.

In the event that shortfall between

Export Proceeds and the PEB value arises from subcontracted processing (makloon), repair services and/or operational leasing or financial leasing, the

Export Proceeds received shall be deemed to be equal to the PEB value and the Exporter has to submit a written explanation enclosing the supporting documents.

In the event that the shortfall between Export Proceeds and the PEB value attributable to administrative expenses is 10% (ten percent) of the PEB Value or equivalent to no more than Rp 10,000,000.0 (ten million rupiahs), the

Export Proceeds received shall be deemed to be equal to the

PEB Value and the Exporter is not required to submit supporting documents.

Exporter that does not receive

Export Proceeds or receives

Export Proceeds through a Foreign Exchange Bank in an amount less than the PEB value by reason of Importer on default, on bankruptcy or on force majeure condition,

has to submit a written explanation enclosing the supporting documents to the Foreign Exchange Bank for forwarding to Bank Indonesia. The written explanation with supporting documents enclosed shall be submitted no later than 90 (ninety) calendar days after the PEB date. However, for

Export Proceeds using payment by usance L/C, consignment, open account and/or collection that falls due on or after 90 (ninety) calendar days after the PEB date, the written explanation with supporting documents enclosed shall be submitted no later than 14 (fourteen) calendar days after the due date of payment.

Requirement for withdrawal of Foreign Exchange from External Debt through Foreign Exchange Banks

All Foreign Exchange from External Debt (DULN) must be withdrawn by External Debtors through Foreign Exchange Banks.

The requirement for withdrawal of DULN by External Debtors as referred to in paragraph (1) applies to DULN in cash funds originating from:

ULN based on a non-revolving loan agreement not used for refinancing;

Increment of a refinancing facility over the amount of a former ULN; and

ULN based on debt securities in the form of Bonds, Medium Term Notes (MTN), Floating Rate Notes (FRN), Promissory Notes (PN) and Commercial Paper (CP).

Withdrawal of DULN must be reported to Bank Indonesia.

The accumulated value of DULN withdrawal has to be equal to the value of commitment. In the event that accumulated value of DULN withdrawal by an External Debtor through a Foreign Exchange Bank is less than commitment, the External Debtor has to provide a written explanation to Bank Indonesia.

Monitoring of Export Proceeds and DULN

Bank Indonesia reviews documents for Exporter compliance with the requirement for receipts of Export Proceeds.

Bank Indonesia reviews the compliance of External Debtor with the requirement for withdrawal of DULN.

In reviewing the compliance of Exporters and External Debtors, Bank Indonesia may request evidences, records and/or supporting documents with or without involvement of the related Institutions.

Imposition of Sanctions

Exporter violating the requirements for receipt of Export Proceeds through a Foreign Exchange Bank shall be liable to administrative sanctions imposed as a financial penalty of 0.5% (five per mille) of the nominal Export Proceeds value not received through a Foreign Exchange Bank, calculated for a minimum amount of Rp 10,000,000.00 (ten million rupiahs) and a maximum amount of Rp 100,000,000.00 (one hundred million rupiahs).

Sanctions shall be imposed in the rupiah currency using Bank Indonesia mid rate on the date of imposition of the financial penalty.

If the Exporter does not pay the administrative sanction and/or fails to comply with the requirement for receipt of

Export Proceeds through a Foreign Exchange Bank, it shall be liable to sanctions involving suspension of Export services in accordance with the laws and regulations concerning customs and the applicable laws and regulations.

External Debtor violating the requirement for withdrawal of DULN through a Foreign Exchange Bank shall be liable to administrative sanctions imposed as a financial penalty of Rp 10,000,000.00 (ten million rupiahs) for each withdrawal of DULN.

Imposition of sanctions shall not nullify the requirement for receipt of Export Proceeds and Withdrawal of DULN through a Foreign Exchange Bank.

Payment of administrative sanctions imposed as a financial penalty shall be remitted to the account of the State Treasury at Bank Indonesia. This payment shall be made by the Exporter and/or External Debtor after receipt of written notification from Bank Indonesia with a copy to the State Treasury Office.

Waiver of sanctions involving suspension of Export services shall be granted after Bank Indonesia receives and verifies proof of payment of the administrative sanctions and/or proof of receipt of

Export Proceeds through a Foreign Exchange Bank.

Submission of information and reports

The procedure for submission of information, written explanations and supporting documents under the requirement for receipt of

Export Proceeds through Foreign Exchange Banks shall operate in accordance with the Bank Indonesia regulatory provisions governing the compulsory reporting of foreign exchange flows.

The procedure for submission of reports, written explanations and supporting documents under the requirement for withdrawal of DULN through Foreign Exchange Banks shall operate in accordance with the Bank Indonesia regulatory provisions governing the compulsory reporting of withdrawal of DULN.

Transitional provisions

Export Proceeds that is contracted not to be received through a Foreign Exchange Bank or is tied to payment of Exporter obligations signed before this Bank Indonesia Regulation comes into force shall not be subject to the requirement for receipt through a Foreign Exchange Bank until 12 (twelve) months after this Bank Indonesia Regulation comes into force. Receipt of

Export Proceeds have to be reported by the Exporter to Bank Indonesia, enclosing a written explanation and supporting documents, no later than 14 (fourteen) Days after the PEB date.

Specifically concerning Export Proceeds on an PEB issued in 2012, the requirement to receive

Export Proceeds through a Foreign Exchange Bank shall become effective 6 (six) months after the PEB date.

Receipt of

Export Proceeds on netting of Exporter claims against Exporter liabilities will be permitted only until 31 December 2012, with supporting documents required.

The requirement for withdrawal of DULN through a Foreign Exchange Bank does not apply to DULN under an ULN agreement signed before this Bank Indonesia Regulation comes into force, except for drawing of DULN on an increase in ULN ceiling by virtue of an amendment to agreement signed after this Bank Indonesia Regulation comes into force.

Concluding provisions

This Bank Indonesia Regulation comes into force on 2 January 2012.

The provisions governing sanctions come into force on 2 July 2012.

Lampiran Attachments

Lampiran 1 Bank Indonesia Regulation Number: 13/20/PBI/2011

Lampiran 2 FAQ - Bank Indonesia Regulation Number: 13/20/PBI/2011

Lampiran 3

Lampiran 4

Lampiran 5

Lampiran 6

Lampiran 7

Lampiran 8

Lampiran 9

Lampiran 10

Kontak Contact

Kontak Legal Information Team, Ph. : (021) 2310108 ext : 8737, 7993, 4838

Halaman ini terakhir diperbarui 1/27/2021 9:15 PM

Was this page useful?

Thank You! Would you like to give more detail?

What did you think of this page?

Sedang proses...