Bank Indonesia Regulation Number 21/14/PBI/2019 on Export Proceeds and Import Payments - Bank Sentral Republik Indonesia
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November 01, 2020
 
 
SUMMARY OF BANK INDONESIA REGULATION
 
Regulation     : Bank Indonesia Regulation Number 21/14/PBI/2019 on Export Proceeds and Import Payments
Effectiveness : 29 November 2019
 
1.          Background
This Bank Indonesia Regulation is issued to improve the provisions for Receipt of Foreign Exchange from Export Proceeds under BI Regulation Number 16/10/PBI/2014, incorporate provisions for Receipt of Foreign Exchange from Export Proceeds Generated from Activities of Utilization, Management, and/or Processing of Natural Resources (SDA) under BI Regulation Number 21/3/PBI/2019, and specify mandatory reporting on foreign exchange for import payments. It aims to increase efficiency in monitoring of receipt of foreign exchange from export proceeds and expenditure in foreign currency for import payments through banks in Indonesia in order to support optimization of utilization of foreign exchange from export proceeds and monitoring of foreign exchange for import payments.
2.          Key Points
a.       Non-SDA Export
1)       All DHE must be received through a Bank not later than the end of the third month after an PPE Month.
2)       If DHE is received in cash within the country, DHE must be deposited into a Bank not later than the end of the third month after an PPE Month.
3)       If DHE is received after the end of the third month after an PPE Month, DHE will be deemed to be received according to the deadline if any of the following applies:
a)       DHE is received not later than 14 (fourteen) calendar days after the payment term as specified under a contract between an Exporter and buyer; or
b)       it results from a buyer’s default, insolvency, of affected by force majeure.
4)       Any received DHE must match the Export Value or shortage difference in the maximum amount of Rp50,000,000.00 (fifty million rupiah).
5)       If an Export comes from Maklon result, the received DHE must match the Maklon Value or shortage difference in the maximum amount of Rp50,000,000.00 (fifty million rupiah).
6)       DHE reporting mechanism
a)       If DHE is received through a TT transaction, an Exporter must submit Export information (transaction purpose code, invoice information) to a buyer to be forwarded to a bank overseas and specified in a FTMS Message.
b)       If DHE is received through a Non-TT transaction, an Exporter must submit Export information (L/C or invoice information) to a Bank to be forwarded to Bank Indonesia.
7)       An Exporter must submit to Bank Indonesia DHE Report online not later than the fifth day of the following month after an PPE registration month and/or DHE receipt month, in the event of the following:
a)       change of information on PPE affecting DHE; and/or
b)       change of information on DHE.
8)       DHE Report is submitted for Export Value higher than an amount equivalent to USD10,000.00 (ten thousand United States dollars).
9)       An Exporter must submit to Bank Indonesia sufficient supporting documents by online not later than the fifth day of the following month after an PPE registration month and/or DHE receipt month, if any of the following happens:
a)       DHE is received in cash;
b)       DHE is received beyond the end of the third of PPE month after;
c)       DHE is not received;
d)       shortage difference between DHE and Export Value is higher than an amount equivalent to Rp50,000,000.00 (fifty million rupiah), and/or
e)       shortage difference between DHE and Maklon Value is higher than an amount equivalent to Rp50,000,000.00 (fifty million rupiah).
10)     An Exporter must submit to Bank Indonesia transaction evidence for netting not later than the fifth day of the following month after an DHE receipt month.
11)     In the event of change of PPE data, an Exporter must revise PPE data to the Directorate General of Customs and Excise.
12)     If an Exporter is a PJT, provisions for Exporters will apply to the Goods Owner.
13)     In the event that an Export is in the form of oil and gas, the provisions on Exporters shall apply to Exporters and/or Parties to Oil and Gas Contracts.
14)     In the event of difference between PPE data submitted by an Exporter and PPE data received by Bank Indonesia from the Directorate General of Customs and Excise, Bank Indonesia may decide which PPE data to be made as reference in fulfilment of this Bank Indonesia Regulation.
15)     A Bank may only credit DHE receipt to an Exporter’s account if a FTMS Message for all DHE receipt through a TT transaction has complete Export information.
b.       Import
1)       DPI must be reported to BI not later than the end of the third month after an PPI Month.
2)       An Importer must submit to a Bank DPI Report for:
a)       Import information in DPI paid through a TT transaction;
b)       Import information in DPI paid through a Non-TT transaction;
3)       An Importer must submit to Bank Indonesia DPI Report online not later than the fifth day of the following month after an PPI registration month and/or DPI expenditure month for:
a)       change of information in PPI affecting DPI;
b)       change of information in DPI; and/or
c)       information on DPI not through a Bank.
4)       Submission of DPI Report for Import Value higher than an amount equivalent to USD10,000.00 (ten thousand United States dollars).
5)       An Importer must submit sufficient supporting documents by online to Bank Indonesia not later than the fifth day of the following month after an PPI registration month and/or DPI expenditure month, in the event of the following:
a)       DPI is paid in cash;
b)       DPI is paid beyond the end of the third month after an PPI Month;
c)       DPI is paid not through a Bank;
d)       DPI is unpaid; and/or
e)       DPI Value is higher than Import Value with a difference exceeding 5% (five percent) of Import Value.
6)       In the event of change of PPI data, an Importer must change the PPI data to the Directorate General of Customs and Excise.
7)       A Bank may only accept DPI fund transfer and send FTMS Message for DPI expenditure through a TT transaction if a Fund Transfer Order has complete Import information.
8)       If an Importer is a PJT, provisions for Importers will apply to the Goods Owner.
c. Reksus DHE SDA
1)       All DHE SDA   is required to received through a Bank in Reksus DHE SDA not later than the third month after an PPE Month.
2)       If DHE SDA is received in cash within the country, DHE is required to be deposited into Reksus DHE SDA with a Bank not later than the third month after an PPE Month.
3)       Regulation on opening, incoming transfer, and outgoing transfer to Reksus DHE SDA
a)       Opening of Reksus DHE SDA
i.   Reksus DHE SDA may be in the form of current account, savings account, or any other account which may be used for transactions.
ii.  Reksus DHE SDA may be in the form of an exporter’s new account or existing account whose function is transferred to Reksus DHE SDA.
iii.     Exporters, goods owners, and parties to oil and gas contracts may open more than 1 (one) Reksus DHE SDA with 1 (one) bank or more.
iv.     When applying for opening of Reksus DHE SDA, an exporter must submit supporting documents and a statement letter.
v.      A Bank must give a flag for each Reksus DHE SDA in the bank’s internal system.
b)       Incoming transfer to Reksus DHE SDA
i.      Permitted incoming transfer to Reksus DHE SDA comes from:
         -    DHE SDA belongs to the same SDA Exporter in foreign currency and rupiah;
         -    fund from time deposit withdrawal and/or time deposit interest payment derives from Reksus DHE SDA of the same SDA Exporter; and
         -    incoming fund from another Reksus DHE SDA that belongs to the same SDA Exporter within another Bank or the same bank.
ii.      A Bank must ensure incoming transfer to Reksus DHE SDA only comes from the determined source.
iii.     Exporters, goods owners, and parties to oil and gas contracts must submit supporting documents to a bank which may prove that the incoming fund is DHE SDA.
iv.     Exporters, goods owners, and parties to oil and gas contracts must transfer fund from Reksus DHE SDA if, based on review of supporting documents by a bank, there is an incoming transfer to Reksus DHE SDA other than the determined source.
c)       Fund placement to a deposit account of DHE SDA
i.       Exporters, goods owners, and parties to oil and gas contracts may place fund from Reksus DHE SDA to a deposit account provided that the fund comes from DHE SDA.
ii.      A Bank must ensure that the fund placed to a deposit account only comes from DHE SDA.
iii.     A Bank must give a flag for each deposit coming from Reksus DHE SDA in the bank’s internal system.
d)       Outgoing fund transfer from Reksus DHE SDA
i.       Outgoing fund transfer from Reksus DHE SDA may be conducted for the purpose as referred to in the PP DHE SDA.
ii.      Mandatory submission of supporting documents for outgoing fund transfer from Reksus DHE SDA refers to Bank Indonesia Regulation Number 18/10/PBI/2016 on Monitoring of Foreign Exchange Flow Activities of Banks and Customers as well as its implementing regulations.
iii.     A Bank may only accept a Fund Transfer Order for outgoing fund transfer through Reksus DHE SDA provided that it has complete supporting documents.
3.          Supervision and Administrative Sanctions
a.       Non-SDA Export
1)       Administrative sanction imposition will take in the form of written warning, second written warning, and suspension of export services to a Non-SDA exporter.
2)       Exemption of suspension of export services may be applied by Bank Indonesia within 1 (one) year at the maximum as from the administrative sanction imposition in the form of suspension of export services from Bank Indonesia.
b.       SDA Export
1)       Supervision of mandatory receipt of DHE SDA is conducted by BI through the first monitoring letter and second monitoring letter to an SDA Exporter.
2)       Bank Indonesia will submit supervision result of mandatory receipt and use of DHE SDA to the Ministry of Finance and the relevant ministries and/or technical institutions to be followed up in accordance with their respective authority.
3)       Sanctions will be imposed by the competent authority under a government regulation.
c.    Reksus DHE SDA
1)       A Bank in breach of the obligation of deposit of DHE SDA will be imposed with administrative sanction in the form of a written warning.
2)       A Bank accepting Fund Transfer Order from a SDA exporter, goods owner, and/or Party to an Oil and Gas Contract for an Outgoing Transfer without complete supporting documents will be imposed with an administrative sanction under Bank Indonesia provisions on monitoring of foreign exchange flow activities of banks and customers.
d.       Import
1)       Administrative sanction imposition will be in the form of written warning, second written warning, and suspension of import services to an importer.
2)       Exemption of suspension of import services will be applied by Bank Indonesia within 1 (one) year at the maximum as from the administrative sanction imposition in the form of suspension of export services from Bank Indonesia.
3)       Provisions for administrative sanction imposition comes into force on 1 January 2021.
4.          Closing Provisions
a.       The Provisions for DHE receipt under Bank Indonesia Regulation Number 16/10/PBI/2014 are repealed except the provisions for DHE receipt reporting are declared to remain effective the receipt of until the receipt on DHE Non-SDA on 31 December 2019.
b.       Bank Indonesia Regulation Number 21/3/PBI/2019 is repealed except provisions for submission of information and reports on pertaining to DHE SDA receipt which is   declared to remain effective until the receipt of DHE SDA on 31 December 2020.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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