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Ada Pertanyaan? Hubungi Kami Nadia Maharani, Kartini L. Makmur
The mandatory use of rupiah, which has been one of the most debated economic issue, is indeed causing anxiety within the business circles. Trying to make good business and investment climate, especially in the energy sector, the government—represented by the Ministry of Energy and Mineral Resources (ESDM)—requested Bank Indonesia (BI) to provide leniency on the issue.BI finally agreed to the request, by allowing certain transactions within the energy sector not to use rupiah. In other words, BI Regulation No. 17/3/PBI/2015 on the Mandatory Use of Rupiah Within Indonesian Territory, will not be applicable for these certain transactions.
Minister of ESDM Sudirman Said confirmed this agreement on Wednesday. Minister Said stated that in order to avoid transactional and operational delay within the energy sector, the government and BI are drafting mitigation steps.
According to the agreement, there are three transaction categories that are exempted. The first one is transactions that directly implement the use of rupiah obligation, such as payment for office/house/vehicle lease, paycheck, and other supporting services in the energy sector. The agreement allows the energy sector a six month period to adjust itself to the Regulation.
The second category is transactions that require more time to adjust in implementing BI Regulation such as fuel, import transactions through local agencies, long term contracts, multi-currency contracts. These transactions are exempted from the mandatory use of rupiah due to the provisions under the contract.
“For the second category, ongoing contracts are exempted from the mandatory use of Rupiah until the contract expires. There will be a possibility of change for rupiah to be drafted in the future contracts,” states Minister Said.
Lastly, transactions in which are difficult to implement the mandatory use of rupiah due to many factors like regulatory framework. For instance, expat’s salary, drilling service, and vessel lease.
“For the third category, businesses may continue transactions with foreign currency,” says the minister.
To implement the BI Regulation, ESDM and BI will form a task force to facilitate and assure the business stability. Minister Said is confident that the task force will be able to stabilize business activities in order to function normally.
“Most importantly, the government’s job is to make sure that business entities can operate smoothly. We are in agreement to draft three transaction categories,” says Mr. Said.
Minister Said underlined that he fully supports the mandatory use of rupiah. He is aware that the policy is created with positive intentions to increase Rupiah’s value to stabilize the exchange rate, therefore boosting the stability of the nation’s economy.
BI stated the mandatory use of rupiah within the Indonesian jurisdiction is to be fully implemented as of July 1st 2015. Peter Jacobs, BI Communication Director, also added that the regulation is intended to establish sovereignty of Rupiah, as well as supporting its macro economics stability.
They have already exempted certain transactions from the obligation, such as State Budget-related transactions, international trade, international payment dealing with parties located overseas, and banking business with foreign exchange rate that is done accordingly to the Law that regulates banking and syariah banking system.
The exemptions also include transactional documents by the government in foreign exchange primary market and secondary market which were regulated by the law, and every other transactional means using foreign currency that is done according to the law.
As other means to achieve a smooth operating economy and implement the mandatory use of Rupiah, as stated in Article 10 (3) and Article 16 of BI Regulation, BI is authorized to give approval to business entities. Businesses with contracts or written agreements prior July 1st 2015 will still be allowed to use foreign currency until the end of the contract.
“As long as the application is still being processed in BI, then business entities will still be able to use foreign currency. Sanction will be applied after the application is rejected,” says Peter Jacobs.
For an ease of access to information on the mandatory use of Rupiah, BI will provide a call center service by dialing 131, on Monday through Friday, from 8 a.m until 4 p.m., and collective consultation for business entities that require more information on the implementation of the regulation.
(hot/ja)
Nadia Maharani, Kartini L. Makmur
The mandatory use of rupiah, which has been one of the most debated economic issue, is indeed causing anxiety within the business circles. Trying to make good business and investment climate, especially in the energy sector, the government—represented by the Ministry of Energy and Mineral Resources (ESDM)—requested Bank Indonesia (BI) to provide leniency on the issue.BI finally agreed to the request, by allowing certain transactions within the energy sector not to use rupiah. In other words, BI Regulation No. 17/3/PBI/2015 on the Mandatory Use of Rupiah Within Indonesian Territory, will not be applicable for these certain transactions.
Minister of ESDM Sudirman Said confirmed this agreement on Wednesday. Minister Said stated that in order to avoid transactional and operational delay within the energy sector, the government and BI are drafting mitigation steps.
According to the agreement, there are three transaction categories that are exempted. The first one is transactions that directly implement the use of rupiah obligation, such as payment for office/house/vehicle lease, paycheck, and other supporting services in the energy sector. The agreement allows the energy sector a six month period to adjust itself to the Regulation.
The second category is transactions that require more time to adjust in implementing BI Regulation such as fuel, import transactions through local agencies, long term contracts, multi-currency contracts. These transactions are exempted from the mandatory use of rupiah due to the provisions under the contract.
“For the second category, ongoing contracts are exempted from the mandatory use of Rupiah until the contract expires. There will be a possibility of change for rupiah to be drafted in the future contracts,” states Minister Said.
Lastly, transactions in which are difficult to implement the mandatory use of rupiah due to many factors like regulatory framework. For instance, expat’s salary, drilling service, and vessel lease.
“For the third category, businesses may continue transactions with foreign currency,” says the minister.
To implement the BI Regulation, ESDM and BI will form a task force to facilitate and assure the business stability. Minister Said is confident that the task force will be able to stabilize business activities in order to function normally.
“Most importantly, the government’s job is to make sure that business entities can operate smoothly. We are in agreement to draft three transaction categories,” says Mr. Said.
Minister Said underlined that he fully supports the mandatory use of rupiah. He is aware that the policy is created with positive intentions to increase Rupiah’s value to stabilize the exchange rate, therefore boosting the stability of the nation’s economy.
BI stated the mandatory use of rupiah within the Indonesian jurisdiction is to be fully implemented as of July 1st 2015. Peter Jacobs, BI Communication Director, also added that the regulation is intended to establish sovereignty of Rupiah, as well as supporting its macro economics stability.
They have already exempted certain transactions from the obligation, such as State Budget-related transactions, international trade, international payment dealing with parties located overseas, and banking business with foreign exchange rate that is done accordingly to the Law that regulates banking and syariah banking system.
The exemptions also include transactional documents by the government in foreign exchange primary market and secondary market which were regulated by the law, and every other transactional means using foreign currency that is done according to the law.
As other means to achieve a smooth operating economy and implement the mandatory use of Rupiah, as stated in Article 10 (3) and Article 16 of BI Regulation, BI is authorized to give approval to business entities. Businesses with contracts or written agreements prior July 1st 2015 will still be allowed to use foreign currency until the end of the contract.
“As long as the application is still being processed in BI, then business entities will still be able to use foreign currency. Sanction will be applied after the application is rejected,” says Peter Jacobs.
For an ease of access to information on the mandatory use of Rupiah, BI will provide a call center service by dialing 131, on Monday through Friday, from 8 a.m until 4 p.m., and collective consultation for business entities that require more information on the implementation of the regulation.
(hot/ja)