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Fathan Qorib, Robert Sidauruk
In an effort to improve the Interbank Banknote Transaction System (TUKAB system), Bank Indonesia (BI) has affirmed that banks may impose a fee of IDR 250 thousand for each banknote transaction that is cancelled by a counterparty.
Lambok Antonius Siahaan, Executive Director for Money Management at BI, said that a cancelation fee may be charged if a bank incurs a loss due to the cancellation of a banknote. “Banks are entitled to impose a cancelation fee unless the cancellation was caused by a force majeure event or an event outside the control of the parties,” said Lambok at BI’s office last week (June 7).
According to Lambok, events that are considered to be force majeure events under the TUKAB system are calculation differences on banknotes, differences in the assessment of the quantum of the number of notes or coins offered, fractional denominations, as well as money authenticity issues or physically damaged notes.
If calculations performed result in a deficiency, Lambok further explained that receiving banks may lodge a claim with theissuing bank. Thereafter, the issuing bank my cover the claim with a debit note or in cash.
Lambok further added that banks that fail to hand over abanknote must return the banknote to the receiving bank on the same day through the BI Time Gross Settlement System (BI-RTGS).
“If the issuing bank fails to return funds through the BI-RTGS, interest as compensation and profit sharing will be calculated based on the overnight interest rate”, Lambok added.
In addition to cancellation fees, BI has also indicated there will be further improvementsfor banknote distribution between banks in the TUKAB system.
“In the future, there will be an integrated information system so that banks with long positions (excesses of banknotes) can communicate with bank with short positions (shortage of banknotes),” Lambok concluded.
BI’s effort to improve the TUKAB system have been applauded by the banking sector. Marjana, Director of Information Technology and Operations at Bank Mega Syariah, commented that the TUKAB system helps the banking system to manage funds.
This system also helps banking activities, especially banks that do not have enough banknotes. For instance, Bank Mega Syariah only owns IDR 150 billion of banknotes, relatively low compared to other banks.
Bambang Setiawan, Director of Compliance and Human Resources at Bank ICB Bumiputera, also praised BI’s effort. He said that the TUKAB system will give certainty when banks are undertaking banknote transaction between themselves.
(hot/kc)
Fathan Qorib, Robert Sidauruk
In an effort to improve the Interbank Banknote Transaction System (TUKAB system), Bank Indonesia (BI) has affirmed that banks may impose a fee of IDR 250 thousand for each banknote transaction that is cancelled by a counterparty.
Lambok Antonius Siahaan, Executive Director for Money Management at BI, said that a cancelation fee may be charged if a bank incurs a loss due to the cancellation of a banknote. “Banks are entitled to impose a cancelation fee unless the cancellation was caused by a force majeure event or an event outside the control of the parties,” said Lambok at BI’s office last week (June 7).
According to Lambok, events that are considered to be force majeure events under the TUKAB system are calculation differences on banknotes, differences in the assessment of the quantum of the number of notes or coins offered, fractional denominations, as well as money authenticity issues or physically damaged notes.
If calculations performed result in a deficiency, Lambok further explained that receiving banks may lodge a claim with theissuing bank. Thereafter, the issuing bank my cover the claim with a debit note or in cash.
Lambok further added that banks that fail to hand over abanknote must return the banknote to the receiving bank on the same day through the BI Time Gross Settlement System (BI-RTGS).
“If the issuing bank fails to return funds through the BI-RTGS, interest as compensation and profit sharing will be calculated based on the overnight interest rate”, Lambok added.
In addition to cancellation fees, BI has also indicated there will be further improvementsfor banknote distribution between banks in the TUKAB system.
“In the future, there will be an integrated information system so that banks with long positions (excesses of banknotes) can communicate with bank with short positions (shortage of banknotes),” Lambok concluded.
BI’s effort to improve the TUKAB system have been applauded by the banking sector. Marjana, Director of Information Technology and Operations at Bank Mega Syariah, commented that the TUKAB system helps the banking system to manage funds.
This system also helps banking activities, especially banks that do not have enough banknotes. For instance, Bank Mega Syariah only owns IDR 150 billion of banknotes, relatively low compared to other banks.
Bambang Setiawan, Director of Compliance and Human Resources at Bank ICB Bumiputera, also praised BI’s effort. He said that the TUKAB system will give certainty when banks are undertaking banknote transaction between themselves.
(hot/kc)