New Bank Indonesia Circular Letter on Foreign Debt Reporting Obligations

Bank Indonesia Circular Letter No. 13/1/Dint, dated 20 January 2011 (‘Circular Letter’), has been issued to accompany Bank Indonesia Regulation No. 12/24/PBI/2010, which had been issued to revise the foreign debt reporting regime. The reporting obligation serves to collect statistics on foreign debt and payment balances so as to manage Indonesian foreign exchange and monetary policies.

In accordance with the Regulation, the Circular Letter stipulates the details of:

The Circular Letter stipulates, in Section II (A) (5), that individual foreign debt in the amount of, individually or on aggregate, USD 200,000.00 (or its equivalent in other currency) is subject to the foreign debt reporting obligation. Appendixes of the Circular Letter provide details of the information that is required to be submitted in the report.

Section III sets out the deadlines to submit each report (basic data, realization, and correction reports) to Bank Indonesia. Basic data reports have to be submitted within the first 10 days (or the next business day if falling on a non-working day) of the month following the foreign debt being incurred. In the event the debt was drawn down prior to the signing of the loan agreement, the report has to be submitted within the first 10 days of the month following such foreign debt being drawn down. Realization reports have to be submitted monthly, within the first 10 days (or the next business day if falling on a non-working day) of the following month. 

Late submission is subject to administrative sanctions, in the form of penalties in the amount of IDR 100,000.00 per day with a maximum amount of IDR 10,000,000.00. For further clarity, the Circular Letter provides an example of a violation that is subject to administrative sanction.

For a brief overview of Bank Indonesia Regulation No. 12/24/PBI/2010, see ILB No. 1580 14 January 2011.

The Circular Letter repeals and replaces Bank Indonesia Circular Letter No. 12/19/Dint, dated 22 July 2010.

The Circular Letter has been in force since 20 January 2011.