BI Tightens Sanctions Relating to the Carriage of Foreign Banknotes into and out of Indonesia

With the ultimate objective of maintaining the stability of the rupiah currency, [1] Bank Indonesia (“ BI ”) has further tightened up rules for the carriage of foreign banknotes into and out of Indonesian customs territory by introducing stricter sanctions which can be imposed in relation to said activities through the issuance of BI Regulation No. 20/2/PBI/2018 (“ Amendment ”) on the Amendment to BI Regulation No. 19/7/PBI/2017 (“ Regulation 19/2017 ”) on the Carriage of Foreign Banknotes into and out of Indonesian Customs Territory.In order to achieve this goal, the Amendment alters several provisions which pertain to the following matters: