Revised Bank Indonesia Regulation on Foreign Debt Reporting Obligations

Bank Indonesia Regulation No. 12/24/PBI/2010 on Foreign Debt Reporting Obligations (‘Regulation’) has been issued in order to revise the foreign debt reporting regime. The Regulation is the accompanying Regulation to Bank Indonesia Circular Letters on the same issue.

The Regulation, under Article 2, mandates the timely and accurate reporting of foreign debt (which is confidential pursuant to Article 5). Additionally the debtors have the obligation to assist Bank Indonesia in verifying any such reports pursuant to Article 6 (2). The types of foreign debts that have to be reported being enumerated in Article 3:

Foreign debt reports consist of basic data reports (and corrections, as required by Article 8, requiring its submission on the 20th day of the initial reporting month, according to Article 10) and realization reports, pursuant to Article 7 (1).

Basic data and realization reports have to be submitted before the 10th day (or the next business day if falling on a non-working day) of the month following the foreign debt being incurred, pursuant to Article 9. In the event of a force majeure however, an exemption from the deadlines is possible under Article 15.

The reports can be submitted online, via electronic media, or via hardcopy according to Article 11.

Sanctions are set out in Articles 12 (IDR 10 million for failing to submit a report for over 6 months from the date mentioned in Article 9) and 13 (IDR 100 thousand per day of the report submission being delayed, up to IDR 10 million). The sanctions regime applies to June 2011 reports, submission of which is due in July 2011.

The Regulation repeals and replaces Bank Indonesia Regulation No. 2/22/PBI/2000, as amended by Bank Indonesia Regulation No. 11/17/PBI/2009, on Foreign Debt Reporting Obligations.

Pursuant to Article 19, Bank Indonesia Circular Letter No.12/19/DInt of 2010 on Foreign Debt Reporting Obligations remains in force to the extent that it is not inconsistent with the Regulation.

For a brief overview of Bank Indonesia Circular Letter No.12/19/DInt of 2010 see ILB No. 1477 12 August 2010.

The Regulation has been in force since 29 December 2010.