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JAKARTA (TheInsiderStories) – Bank Indonesia (BI) will allows specific person or entity carrying foreign banknotes over than Rp1 billion (US$68,965.51) with permission starting Sept. 3, said one official on Monday (03/09).

Certain financial penalties will be applied to individual or entity that do not have the permission of BI at 10 percent of the total number of foreign banknotes were taken. Meanwhile, the maximum fine amount equivalent to Rp300 million.

Sanctions are excluded for the Licensing Agency, namely the Bank and the organizer of the Non-Bank Foreign Exchange Business Activities that has obtained a permit and approval from Bank Indonesia. This is in accordance with BI Regulation No. 20/2/PBI/ 2018 concerning Amendments to BI Regulation No. 19/7 /PBI/2017 concerning the Carrying of Foreign Banknotes Into and Outside Indonesian Customs Areas.

“BI has prepared infrastructure and information technology-based remedy to process permits and approvals of the foreign banknotes carriage,” said the head of the Department of Foreign Exchange Management BI Hariyadi Ramelan.

He added, the preparation including system integration with Indonesia National Single Window (INSW). The INSW is used by the government to oversee the export and import of goods included in the category of goods prohibitions and restrictions.

In addition, Ramelan said, synergies and cross-agency coordination has been undertaken. He ensured the processing of the application for a license from foreign exchange banks and Foreign Exchange Operations is not a bank. According to him, the agency running the permit process for conducting importation exportation foreign banknotes.

In its implementation, supervision of the carrying of foreign banknotes and imposition of fines sanctions in customs areas will be carried out by the Directorate General of Customs and Excise at the Ministry of Finance. The determination of the amount of fines and the mechanism for depositing in the State Treasury is harmonized with the prevailing norms in other laws and regulations relating to the carrying out of cash, including Government Regulation (No. 99 of 2016 concerning the Transfer of Cash and/or Other Payment Instruments Into or Out of Indonesian Customs Areas.

With the implementation of new regulation its expected to support the effectiveness of monetary policy, especially in maintaining the stability of the Rupiah, said Ramelan.

US$1: Rp14,500

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