The Bill on the Development and Strengthening of the Financial Sector has finally been passed by Indonesia's House of Representatives and includes 341 articles that span 27 chapters

Reports should be prepared in line with metadata stipulated by BI, which can be found in the following: 1) Guidelines for the preparation of Reports; and 2) Technical metadata in the form of data structures and validation rules that are published through the BI reporting portal. The scope of Reports encompasses reports on the realization of the carriage of foreign banknotes, as undertaken by Reporting Parties, including carriages of foreign banknotes in amounts of less than Rp. 1 billion

In terms of mandatory spin-offs of conventional commercial banks that are looking to convert their sharia business units into sharia commercial banks, the Draft Bill removes the spin-off deadline and now only states that spin-offs are mandated for conventional commercial banks with sharia business units with asset values of at least 50% of the total asset values of the relevant parent banks. Previously, a deadline of 2023 was set for mandatory spin-offs

BUS and UUS are prohibited from engaging in any of the following types of Transactions: 1) Transfers of rupiah to foreign countries; 2) Foreign-currency, non-deliverable, forward Transactions against the rupiah in foreign countries; 3) Granting of overdrafts (cerukan) and credit and/or financing for Transactions that are undertaken against the rupiah; 4) Granting of overdrafts and credit and/or financing in rupiah or other foreign currencies to any non-residents; 5) Purchases of securities in rupiah that are issued by non-residents; and 6) Engaging in rupiah investments in non-residents

DNDF transactions are carried out based on contracts which must be supported by written confirmations proving that said transactions have been completed. DNDF transactions which are conducted by banks are carried out during the time window for open-market transactions through BI

The GWM fulfillment in rupiah during stages I - II should be implemented in line with the following validity periods: 1) Stage I: 1 July 2022 - 31 August 2022; and 2) Stage II: Since 1 September 2022

In essence, there are four types of transactions that are undertaken through the foreign exchange market which are recognized under this new regulation, specifically: 1) Cash transactions; 2) Exchange-rate derivate transactions; 3) Sharia hedging transactions; and 4) Other transactions, as determined by Bank Indonesia

The organization of systems by the relevant PJP and/or PIP encompasses the following matters: 1) Pricing schemes; 2) System capital obligation fulfillment; 3) Information technology auditor; 4) Development of activities, products and/or cooperation; 5) Cooperation with goods and/or service providers; 6) Sole ownership; and 7) Corporate actions that take the form of mergers, consolidations, separations and/or acquisitions

Unless Bank Indonesia sets specific applicable exceptions, then the utilization of the rupiah currency outside of Indonesian territory by both Indonesian and non-Indonesian parties is prohibited and any violation of this prohibition will result in the imposition of administrative sanctions

BUK, BUS and UUS that fail to fulfill their RPIM targets and that have RPIM fulfillment rates of less than 30% must comply with the RPIM giro, which is calculated as follows: 0.1 x the RPIM amount that has not been fulfilled