Jumat, Januari 25, 2019

Foreign Exchange from Exports of Natural Resources Incorporated into Indonesian Financial System

On 10 January 2019, the Government issued Regulation of the Government No. 1 of 2019 on Export Foreign Exchange from Natural Resource Business, Management and/or Processing Activities (“Regulation 1/2019”) in a bid to maintain the pace of national development, as well as to improve the resilience of the national economy.
Under Regulation 1/2019, members of the general public are free to own and utilize foreign exchange. However, any Export Foreign Exchange from Natural Resources (Devisa Hasil Ekspor Sumber Daya Alam– “DHE SDE”) which is generated through several types of activity (i.e., mining, plantations, forestry and fisheries) must be deposited in special DHE SDE accounts in banks which engage in foreign-exchange activities. Said deposits must be completed by no later than the third month after the month in which the relevant export customs notifications were registered.
It should be noted that the contents of any escrow accounts which were opened abroad prior to the enforcement of Regulation 1/2019 must be transferred to banks which engage in foreign exchange activities by the relevant exporters by no later than 10 April 2019.
For more on this story, see Hukumonline: “PP 1/2019 Terbit, Devisa Hasil Ekspor SDA Wajib Masuk Sistem Keuangan Indonesia”.

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On 10 January 2019, the Government issued Regulation of the Government No. 1 of 2019 on Export Foreign Exchange from Natural Resource Business, Management and/or Processing Activities (“Regulation 1/2019”) in a bid to maintain the pace of national development, as well as to improve the resilience of the national economy.
Under Regulation 1/2019, members of the general public are free to own and utilize foreign exchange. However, any Export Foreign Exchange from Natural Resources (Devisa Hasil Ekspor Sumber Daya Alam– “DHE SDE”) which is generated through several types of activity (i.e., mining, plantations, forestry and fisheries) must be deposited in special DHE SDE accounts in banks which engage in foreign-exchange activities. Said deposits must be completed by no later than the third month after the month in which the relevant export customs notifications were registered.
It should be noted that the contents of any escrow accounts which were opened abroad prior to the enforcement of Regulation 1/2019 must be transferred to banks which engage in foreign exchange activities by the relevant exporters by no later than 10 April 2019.
For more on this story, see Hukumonline: “PP 1/2019 Terbit, Devisa Hasil Ekspor SDA Wajib Masuk Sistem Keuangan Indonesia”.

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