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.
