Summary Bank Indonesia Laws
| Regulation : | Bank Indonesia Circular Letter Number 11/6/DPM - Administration Procedures of Retail Government Sharia Securities | | Effective date : | February 10, 2009 | |
Summary :
I. Administration Procedures of Retail Government Sukuk
- Settlement of Retail Government Sukuk in the Primary Market
- It is based on selling results determined by the Director General of Debt Management for and on behalf of the Minister of Finance of the Republic of Indonesia
- It is conducted no later than 2 (two) business days after the date of determination as referred to in number 1.
- Settlement Procedures
- Selling Agent (if not a bank, it shall submit information of paying bank to Bank Indonesia, c.q. DPM-PTPM) conducts payment through the BI-RTGS System to rupiah demand deposit account of the Government with Bank Indonesia number 500.000003 “Menteri Keuangan Penerimaan Penerbitan Surat Berharga Negara” amounting to the value of allotment received, with a time limit up to 10.00 a.m. (western Indonesia standard time) on the settlement date.
- Selling Agent submits payment evidence as referred to in letter a to PTPM Division.
- Based on the payment evidence, PTPM Division registers the issuance of Retail Government Sukuk series in the BI-SSSS and credits securities account of the Sub-Registry designated by the investor buying the Retail Government Sukuk.
- The Sub-Registry registers Retail Government Sukuk ownership on behalf of investor which receives allocation of the Retail Government Sukuk on individual basis in the Sub-Registry system; and
- On the same day the Sub-Registry transmits a detailed list of Retail Government Sukuk individual investors, specifying Account Identifier (AId), name of customer, securities code, investor status, investor type, and transaction nominal value, to Bank Indonesia, c.q. DPM-PTPM, by e-mail
- Payment of Retail Government Sukuk Coupon and/or Nominal Value
- It is conducted on the maturity date of coupon and/or nominal value payment based on Retail Government Sukuk ownership position registered in the BI-SSSS on 2 (two) business days prior to the maturity date.
- It is conducted by debiting rupiah demand deposit account of the Government with Bank Indonesia and crediting rupiah demand deposit account of Bank or Sub-Registry paying Bank or Sub-Registry in Bank Indonesia.
- On the day of the payment as referred to in number 1, the Sub-Registry forwards the payment of Retail Government Sukuk Coupon and/or Nominal Value to investor registered in the Sub-Registry
- Settlement of Retail Government Sukuk Transaction in Secondary Market Settlement procedures of Retail Government Sukuk transaction in secondary market refers to Bank Indonesia provisions regulating the BI-SSSS
II. Concluding Provision
Provisions in this Circular Letter shall come into force as of February 10, 2009.
