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BI makes currency exchange easier in border areas
Bank Indonesia (BI) has eased requirements for money exchange services operating in border areas that have become the gates of transnational crimes.
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Migrant workers board the KM Thalia ship at Tunon Taka Port in Nunukan district, North Kalimantan, on Nov. 9., 2015. (Antara/Rusman)
B
ank Indonesia (BI) has eased requirements for money exchange services operating in border areas that have become the gates of transnational crimes.
“Only at the gates, and only for individuals with small trades,” said Muhammad Nur, the head of the central bank’s East Kalimantan office (BI East Kalimantan) on Wednesday.
(Read also: Bank Indonesia warns illegal money changers to apply for license)
Those who provide the exchange service are obliged to have an Indonesian ID, taxpayer identification number (NPWP) and a license from BI.
To apply for the license, the central bank, unlike for other areas, does not require them to have a company legal status (PT), an office or minimum assets of Rp 150 million.
“But it is still suggested that they have transaction counters,” said Nur.
Many individuals offer money exchange services at several border gates such as North Kalimantan’s Tunon Taka Port, between Indonesia and Malaysia; in Entikong, West Kalimantan; and a border post in Nanga Badau, West Kalimantan. They usually offer small amounts of exchange and also cell phone SIM cards, complete with phone credits and activation.
Earlier, BI East Kalimantan signed an agreement with the East Kalimantan Police to tighten security in border areas that are prone to drug trafficking, money laundering and terrorism. (wit)
