Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Marcell Sihombing, Fathan Qorib
Following the enactment of the Currency Law enacted four years ago, effort to enforce the mandatory use of rupiah for transactions made in Indonesian jurisdiction have continued to increase. As part of this movement, last month Bank Indonesia (BI) issued Regulation No. 17/3/PBI/2015 on Mandatory Use of Rupiah Currency in Indonesian Territory (Regulation).As an implementing regulation to the Currency Law, the Regulation aims to ensure that every possible transaction in Indonesia uses rupiah and not foreign currencies. This also includes quotations for goods/services by businesses which is mandated under Article 11 of the Regulation.
This provision, however, is being questioned by seaport companies, who argue that export-import related services should be in USD, as set out in Minister of Transportation Regulaiton No. PM 15 of 2014 on Types, Structure and Categories of Seaport Service Tariffs.
Asep Kusnadi, a legal advisor at PT. Tanjung Priok, said that when his company provides services such as export-import activities without trans-shipments, USD is used. The Regulation, however, excludes export-import activities conducted in Indonesian from the definition for international trade transactions, and therefore such activities should be in rupiah.
“The use of USD for export-import activities is determined by the government, not us,” said Mr. Kusnadi on Monday.
To resolve this issue, Mr. Kusnadi hopes that BI will provide further clarification on the Regulation. Another related issue is the status of payments using foreign currency agreed to under contracts made before 1 July 2015.
Mr. Kusnadi further said that if the mandatory use of rupiah applies to import-export related services provided at ports, some problems are inevitable, including the problem of which exchange rate tmust be used to settle such transactions.
“The interval between a ship’s arrival and departure is significant, during whichtimethe exchange rate fluctuates on daily basis,” Mr. Kusnadi explained.
Commenting on this issue, Eko Yulianto, Acting Head of the Money Management Department at BI, said that his institution is going to monitor all transactions and the use of rupiah, including quotations.
“BI will indeed take actions onall non-compliance with the obligation,” said Mr. Yulianto.
(For further discussion on the Regulation, see ILB No. 2623)
(hot/kc)
Marcell Sihombing, Fathan Qorib
Following the enactment of the Currency Law enacted four years ago, effort to enforce the mandatory use of rupiah for transactions made in Indonesian jurisdiction have continued to increase. As part of this movement, last month Bank Indonesia (BI) issued Regulation No. 17/3/PBI/2015 on Mandatory Use of Rupiah Currency in Indonesian Territory (Regulation).As an implementing regulation to the Currency Law, the Regulation aims to ensure that every possible transaction in Indonesia uses rupiah and not foreign currencies. This also includes quotations for goods/services by businesses which is mandated under Article 11 of the Regulation.
This provision, however, is being questioned by seaport companies, who argue that export-import related services should be in USD, as set out in Minister of Transportation Regulaiton No. PM 15 of 2014 on Types, Structure and Categories of Seaport Service Tariffs.
Asep Kusnadi, a legal advisor at PT. Tanjung Priok, said that when his company provides services such as export-import activities without trans-shipments, USD is used. The Regulation, however, excludes export-import activities conducted in Indonesian from the definition for international trade transactions, and therefore such activities should be in rupiah.
“The use of USD for export-import activities is determined by the government, not us,” said Mr. Kusnadi on Monday.
To resolve this issue, Mr. Kusnadi hopes that BI will provide further clarification on the Regulation. Another related issue is the status of payments using foreign currency agreed to under contracts made before 1 July 2015.
Mr. Kusnadi further said that if the mandatory use of rupiah applies to import-export related services provided at ports, some problems are inevitable, including the problem of which exchange rate tmust be used to settle such transactions.
“The interval between a ship’s arrival and departure is significant, during whichtimethe exchange rate fluctuates on daily basis,” Mr. Kusnadi explained.
Commenting on this issue, Eko Yulianto, Acting Head of the Money Management Department at BI, said that his institution is going to monitor all transactions and the use of rupiah, including quotations.
“BI will indeed take actions onall non-compliance with the obligation,” said Mr. Yulianto.
(For further discussion on the Regulation, see ILB No. 2623)
(hot/kc)