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Jakarta Post

Indonesia starts to punish violators of foreign banknotes regulation

Indonesia starts to punish violators of foreign banknotes regulation A customer holds United States dollars at a money exchange in Jakarta in March. (Antara/Sigid Kurniawan) (Antara/Sigid Kurniawan)
News Desk
Jakarta   ●   Mon, September 3, 2018 2018-09-03 09:58 982 882ab4bc56dbda08a069b30877106fe0 4 Business BI,foreign-banknotes,limitation Free

Bank Indonesia started on Monday to punish corporations or individuals who violate a Bank Indonesia regulation that limits the amount of of foreign banknotes that can be carried when crossing the Indonesian border.

With the enforcement of Bank Indonesia Regulation (PBI) No. 20/2018 on the revision of PBI No. 19/7 2017, only licensed institutions – banks and money changing institutions – are allowed to carry more than US$1 million in banknotes.

Violators of the regulation are required to pay a fine of up to 10 percent of the banknotes they carry, with the maximum fine set at Rp 300 million (US$20,299), BI head of management Hariyadi Ramelan said as reported by on Sunday.

He said Bank Indonesia had prepared information technology infrastructure to process licensing for those who wanted to import or export foreign banknotes.

He said the infrastructure was integrated into the Indonesia National Single Window (INSW), a system used by the government to supervise exports and imports of limited goods.

Hariyadi said the central bank was also coordinating with other institutions like the Customs and Excise Office, the Finance Ministry, the Financial Services Authority (OJK), the Financial Transaction Reports and Analysis Center (PPATK), the Law and Human Rights Ministry, the Foreign Ministry and authorities at airports and seaports.

“BI has also finished processing proposals for permits on exporting and importing foreign banknotes,” he added. (bbn)