Bank Indonesia (BI) has amended, for the fourth time, Regulation No. 2/24/PBI/2000 on Current Account Relationships Between Bank Indonesia and External Parties. The amendments are set out in Regulation No. 11/32/PBI/2009. The purpose of the amendments is to drive and expedite the settlement of transactions while simultaneously improving the level of service enjoyed by current account holders. Further, with the advent and greater use of technology in the settlement of current transactions BI has deemed it necessary to regulate electronic withdrawals from current accounts in foreign currencies.
The current regulation amends Articles 17 and 21 of the original regulation.
Article 17 deals with withdrawals from foreign currency current accounts government institutions. Withdrawals from these accounts will require:
a.
A standardized withdrawal system and issued by a relevant authority (account holder or government institution);
b.
A standardized withdrawal system issued by BI; and
c.
An electronic system determined by BI.
The standardized withdrawal system must first garner the approval of BI, and must include the following as a minimum:
a.
Payment orders;
b.
Name and number of the foreign currency current account to be debited at BI;
c.
Name and number of the foreign currency current account to be credited at BI or a general bank;
d.
Nominal value in both number and written form; and
e.
Location and date of withdrawal.
Article 17(3) sets out what the standardized specifications are. And, 17(4) merely states that any additional information regarding these matters will be through a BI Circular.
The amendments to Article 21 set out how the withdrawals from a foreign currency current account are to be booked and recorded. This can be done in the following ways:
a.
SWIFT (Society For Worldwide Interbank Financial Telecommunications);
b.
Telex;
c.
Other electronic methods determined by BI; or
d.
A standardized withdrawal mechanism issued by BI.
As with Article 17, any further clarification of these matters will be through a BI Circular.
The regulation was issued, and has been in force, since 30 September 2009.
Bank Indonesia (BI) has amended, for the fourth time, Regulation No. 2/24/PBI/2000 on Current Account Relationships Between Bank Indonesia and External Parties. The amendments are set out in Regulation No. 11/32/PBI/2009. The purpose of the amendments is to drive and expedite the settlement of transactions while simultaneously improving the level of service enjoyed by current account holders. Further, with the advent and greater use of technology in the settlement of current transactions BI has deemed it necessary to regulate electronic withdrawals from current accounts in foreign currencies.
The current regulation amends Articles 17 and 21 of the original regulation.
Article 17 deals with withdrawals from foreign currency current accounts government institutions. Withdrawals from these accounts will require:
a.
A standardized withdrawal system and issued by a relevant authority (account holder or government institution);
b.
A standardized withdrawal system issued by BI; and
c.
An electronic system determined by BI.
The standardized withdrawal system must first garner the approval of BI, and must include the following as a minimum:
a.
Payment orders;
b.
Name and number of the foreign currency current account to be debited at BI;
c.
Name and number of the foreign currency current account to be credited at BI or a general bank;
d.
Nominal value in both number and written form; and
e.
Location and date of withdrawal.
Article 17(3) sets out what the standardized specifications are. And, 17(4) merely states that any additional information regarding these matters will be through a BI Circular.
The amendments to Article 21 set out how the withdrawals from a foreign currency current account are to be booked and recorded. This can be done in the following ways:
a.
SWIFT (Society For Worldwide Interbank Financial Telecommunications);
b.
Telex;
c.
Other electronic methods determined by BI; or
d.
A standardized withdrawal mechanism issued by BI.
As with Article 17, any further clarification of these matters will be through a BI Circular.
The regulation was issued, and has been in force, since 30 September 2009.
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