BI Introduces Further Provisions on the Reporting of the Carriage of Foreign Banknotes into and out of Indonesian Customs Areas

Provisions containing guidelines for the carriage of foreign banknotes into and out of Indonesian customs areas are set out under Regulation of the Bank Indonesia (“ BI ”) Board of Governors No. 20/12/PADG/2018 (“ Regulation 12/2018 ”). [1] However, the BI Board of Governors recently issued Regulation No. 24/15/PADG/2022 (“ Regulation 15/2022 ”), which also specifically covers the reporting of the carriage of foreign banknotes. Regulation 15/2022 has been issued in order to implement provisions originally set out under Regulation of BI No. 19/7/PBI/2017 on the Carriage of Foreign Banknotes into and out of Indonesian Customs Areas, as amended by Regulation of BI No. 20/2/PBI/2018 (collectively referred to as “ Regulation 7/2017 ”). As a result, the provisions that address said reporting, as set out under Regulation 12/2018, have now been repealed and replaced (as per data for quarter IV of 2022). [2]