Rabu, September 5, 2018

Sanctions Relating to the Unlicensed Carriage of Foreign Banknotes Come into Force

With the ultimate objectives of maintaining the stability of the rupiah currency and preventing the practice of money laundering, sanctions relating to the carriage of foreign banknotes in amounts greater than the local equivalent of IDR 1 billion without prior approval first being granted by Bank Indonesia (“BI”) came into force on 3 September 2018 across all Indonesian territory, including free-trade areas. Provisions relating to these sanctions were previously introduced under Regulation of BI No. 19/7/PBI/2017 on the Carriage of Foreign Banknotes Into and Out of Indonesian Territory, as amended by Regulation of BI No. 20/2/PBI/2018.
Sanctions are to be imposed in the form of fines amounting to 10% of the total value of the carried banknotes (up to a maximum fine of IDR 300 million). Said fines will also be imposed upon any licensed institutions which undertake the carriage of foreign banknotes in amounts which exceed the maximum amount previously approved by BI.
However, certain licensed agencies are to be exempted from the imposition of sanctions (e.g., banks and non-bank money changers), provided that they first secure both a license and official approval from BI.
For more on this story, see Hukumonline: “Ingat! Bawa Uang Asing RP 1 Miliar Lebih Tanpa Izin Bisa Kena Denda”.

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With the ultimate objectives of maintaining the stability of the rupiah currency and preventing the practice of money laundering, sanctions relating to the carriage of foreign banknotes in amounts greater than the local equivalent of IDR 1 billion without prior approval first being granted by Bank Indonesia (“BI”) came into force on 3 September 2018 across all Indonesian territory, including free-trade areas. Provisions relating to these sanctions were previously introduced under Regulation of BI No. 19/7/PBI/2017 on the Carriage of Foreign Banknotes Into and Out of Indonesian Territory, as amended by Regulation of BI No. 20/2/PBI/2018.
Sanctions are to be imposed in the form of fines amounting to 10% of the total value of the carried banknotes (up to a maximum fine of IDR 300 million). Said fines will also be imposed upon any licensed institutions which undertake the carriage of foreign banknotes in amounts which exceed the maximum amount previously approved by BI.
However, certain licensed agencies are to be exempted from the imposition of sanctions (e.g., banks and non-bank money changers), provided that they first secure both a license and official approval from BI.
For more on this story, see Hukumonline: “Ingat! Bawa Uang Asing RP 1 Miliar Lebih Tanpa Izin Bisa Kena Denda”.

......