Page 1

Banking Regulations

Indonesian
Revoked by 14/25/PBI/2012
Type:

REGULATION (PER)

By:

THE GOVERNOR OF BANK INDONESIA

Number:

13/22/PBI/2011

Date:

SEPTEMBER 30, 2011 (JAKARTA)

Title:

REPORTING OBLIGATION OF THE WITHDRAWAL OF FOREIGN

EXCHANGE OF FOREIGN DEBT

BY THE GRACE OF THE ALMIGHTY GOD

THE GOVERNOR OF BANK INDONESIA,
Considering:
a.

whereas the withdrawal of foreign exchange of foreign debt is crucial to support the
availability of sustainable foreign exchange supply in domestic market and the effort
to maintain rupiah stability;

b.

whereas for optimum withdrawal of foreign exchange of foreign debt, it is necessary

to stipulate policy regarding the withdrawal of foreign exchange of foreign debt;

c.

whereas to support the implementation of policy regarding the withdrawal of foreign

exchange of foreign debt, it is necessary to conduct monitoring on the withdrawal of
foreign exchange of foreign debt through Indonesian banking;

d.

whereas based on the considerations as intended in letter a, letter b, and letter c, it is

necessary to stipulate Bank Indonesia Regulation regarding Reporting Obligation to
the Withdrawal of Foreign exchange of Foreign Debt.

In View of:
1.

Law Number 23 Year 1999 regarding Bank Indonesia (State Gazette of the Republic
of Indonesia Year 1999 Number 66, Supplement to the State Gazette of the Republic
of Indonesia Number 3843) as amended several times lastly by Law Number 6 Year
2009 regarding the Stipulation of Government Regulation in Lieu of Law Number 2
Year 2008 regarding Second Amendment to Law Number 23 Year 1999 regarding
Bank Indonesia to become Law (State Gazette of the Republic of Indonesia Year
2009 Number 7, Supplement to the State Gazette of the Republic of Indonesia
Number 4962);

2.

Law Number 24 Year 1999 regarding Foreign Exchange Traffic and Exchange Rate
System (State Gazette of the Republic of Indonesia Year 1999 Number 67,
Supplement to the State Gazette of the Republic of Indonesia Number 3844);
Penelitian Hukum Indonesia - Copyright 2014

HAS DECIDED:
To Stipulate: BANK INDONESIA REGULATION REGARDING REPORTING OBLIGATION
TO THE WITHDRAWAL OF FOREIGN EXCHANGE OF FOREIGN DEBT.
CHAPTER I
GENERAL PROVISIONS
Article 1
Referred to in this Bank Indonesia Regulation as:
1.

Foreign Exchange Bank shall be the Bank receiving an appointment letter from Bank
Indonesia to be able to conduct banking business activities in foreign exchange,
including the branch office of a foreign bank in Indonesia.

2.

Resident shall be any person, legal entity, or other agencies domiciled or planning to
domicile in Indonesia for at least 1 (one) year, including the representative and
diplomatic staff of the Republic of Indonesia in foreign country as regulated in
prevailing laws and regulations.

3.

Foreign Debt, hereinafter referred to as ULN shall be the debt of a Resident to a

non-Resident, in foreign exchange.

4.

Foreign Debt Debtor, hereinafter referred to as ULN Debtor shall be any individual,
non-bank legal entity and other agencies having ULN.

5.

Foreign Exchange of Foreign Debt, hereinafter referred to as DULN shall be the

foreign exchange obtained by ULN Debtor from ULN withdrawal.

6.

Reporting Party of DULN shall be the ULN Debtor.

7.

Days shall be the business days of Bank Indonesia.

CHAPTER II
WITHDRAWAL OF FOREIGN EXCHANGE OF FOREIGN DEBT
Article 2
Any DULN must be withdrawn by ULN Debtor through Foreign Exchange Bank as regulated
in the provisions of Bank Indonesia which set forth the withdrawal of foreign exchange of
foreign debt.

CHAPTER III
DULN WITHDRAWAL REPORT
Article 3

(1)

The withdrawal of DULN as intended in Article 2 must be reported by the Reporting

Party of DULN to Bank Indonesia correctly as well as completely and in a timely
manner.

(2)

The DULN withdrawal report as intended in paragraph (1) shall use report of data on
the realization of ULN withdrawal as set forth in the provisions of Bank Indonesia
regulating the reporting obligation of foreign debt.

CHAPTER IV
PERIOD FOR THE SUBMISSION OF DULN WITHDRAWAL REPORT
Article 4
(1)

The DULN withdrawal report as intended in Article 3 must be submitted to Bank

Indonesia on a monthly basis, with submission period from the 1st until the 10th day
of the following month.

(2)

The DULN withdrawal report as intended in paragraph (1) must be completed with
supporting documents to verify that the withdrawal of DULN has been conducted
through Foreign Exchange Bank.

(3)

If the due date as intended in paragraph (1) falls on Saturday or holiday, the DULN
withdrawal report shall then be submitted on the following business day.

CHAPTER V
PROCEDURES FOR THE SUBMISSION OF DULN WITHDRAWAL REPORT
Article 5
(1)

Submission of DULN withdrawal report to the Bank Indonesia shall be conducted

through online media, offline media or use hardcopy.

(2)

Submission of supporting documents of DULN withdrawal evidence to Bank

Indonesia shall use courier services or by mail, facsimile, email or other media.
Article 6

DULN withdrawal report containing individual data/information which is submitted to the

Bank Indonesia shall be confidential.

CHAPTER VI
RESEARCH ON THE VALIDITY OF DULN WITHDRAWAL REPORT
Article 7
(1)

Bank Indonesia shall conduct research on the validity of the DULN withdrawal report
submitted by the Reporting Party of DULN.

(2)

In the event of doubt on the validity of DULN withdrawal submitted by the Reporting
Party of DULN, Bank Indonesia can ask an explanation from the Reporting Party of
DULN.

(3)

The explanation as intended in paragraph (2) shall be submitted by the Reporting

Party of DULN to Bank Indonesia by no later than 6 (six) months as from the end of
the period for report submission obligation.

(4)

In the event that the Reporting Party of DULN does not provide any explanation until
the period as intended in paragraph (3), the Reporting Party of DULN shall be
deemed not conducting the withdrawal of DULN through Foreign Exchange Bank.

CHAPTER VII
DELAYED SUBMISSION OF DULN WITHDRAWAL REPORT
Article 8
(1)

In the event that the Reporting Party of DULN submits DULN withdrawal report and
supporting documents for DULN withdrawal after the final deadline for report
submission as intended in Article 4 paragraph (1), the Reporting Party of DULN shall
be deemed late in submitting DULN withdrawal report and supporting documents for
DULN withdrawal.

(2)

In the event that the Reporting Party of DULN fails to submit DULN withdrawal report
and supporting documents for DULN withdrawal until 6 (six) months as from the final
deadline for the submission of DULN withdrawal report as intended in Article 4
paragraph (1), the Reporting Party of DULN shall then be deemed not submitting
DULN withdrawal report and supporting documents for DULN withdrawal.

(3)

In the event that the Reporting Party of DULN is unable able to prove that the
withdrawal of DULN has been conducted through Foreign Exchange Bank until 6
(six) months as from the final deadline for the submission of DULN withdrawal report
as intended in Article 4 paragraph (1), the Reporting Party of DULN shall then be
deemed not conducting the withdrawal of DULN through Foreign Exchange Bank.

CHAPTER VIII
WRITTEN EXPLANATION IN CONNECTION WITH DULN WITHDRAWAL
Article 9
(1)

In the event that the accumulated value of DULN withdrawn by the ULN Debtor is
less than the specified commitment, the Reporting Party of DULN must then submit a
written explanation to Bank Indonesia.

(2)

The written explanation as intended in paragraph (1) must be submitted to Bank

Indonesia prior to the end of ULN period, at the latest.

(3)

In the event that the Reporting Party of DULN fails to submit the explanation within
the period as intended in paragraph (2), the Reporting Party of DULN shall then be
deemed not withdrawing the difference between the commitment and accumulation
of DULN withdrawal through Foreign Exchange Bank.

CHAPTER IX
SANCTIONS
Article 10
(1)

The Reporting Party of DULN delayed in submitting DULN withdrawal report as

intended in Article 8 paragraph (1) shall be subject to administrative sanction as
regulated in the provisions of Bank Indonesia which set forth the reporting obligation
of foreign debt.

(2)

The Reporting Party of DULN failing to submit DULN withdrawal report to Bank
Indonesia as intended in Article 8 paragraph (2) shall be subject to administrative
sanctions as regulated in the provisions of Bank Indonesia which set forth the
reporting obligation of foreign debt.
Article 11

(1)

The Reporting Party of DULN delayed in submitting supporting documents for DULN
withdrawal as intended in Article 8 paragraph (1), shall be subject to administrative
sanction in the form of penalty in the amount of Rp100,000.00 (one hundred
thousand rupiah) per day of delay for every reporting party of DULN, with maximum
penalty of Rp10,000,000.00 (ten million rupiah).

(2)

The Reporting Party of DULN failing to submit supporting documents for DULN
withdrawal as intended in Article 8 paragraph (2), shall be subject to administrative
sanction in the form of penalty in the amount of Rp10,000,000.00 (ten million rupiah).
Article 12

(1)

The payment of administrative sanction in the form of penalty as intended in Article

10 and Article 11 shall be remitted to the State Treasury Account located in Bank
Indonesia.

(2)

The payment of as intended in paragraph (1) shall be made by the Reporting Party of
DULN after receiving a written notice from Bank Indonesia with the copy to the State
Treasury Office.

(3)

The Reporting Party of DULN must submit the photocopy of payment receipt of
administrative sanction in the form of penalty to Bank Indonesia and State Treasury
Office.

CHAPTER X
TRANSITIONAL PROVISIONS
Article 13

(1)

The reporting obligation of DULN withdrawal through Foreign Exchange Bank which
arises from the ULN agreement signed prior to the coming into effect of this Bank
Indonesia Regulation shall be exempted from the reporting obligation of DULN
withdrawal.

(2)

Provisions as intended in paragraph (1) shall not be valid for the withdrawal of DULN
incurred from additional ULN ceiling due to the amendment signed after the coming
into effect of this Bank Indonesia Regulation.

CHAPTER XI
CLOSING PROVISIONS
Article 14
The sanctions as intended in Article 10 and Article 11 shall be effective for DULN withdrawal
report of June 2012 submitted on July 2012.
Article 15
This Bank Indonesia Regulation shall be effective as from January 2, 2012.
For public cognizance, ordering the promulgation of this Bank Indonesia Regulation be
placed in the State Gazette of the Republic of Indonesia.

Stipulated in Jakarta
On September 30, 2011
THE GOVERNOR OF BANK INDONESIA,
Signed
DARMIN NASUTION
Promulgated in Jakarta
On September 30, 2011
THE MINISTER OF LAWS AND HUMAN RIGHTS
OF THE REPUBLIC OF INDONESIA,
Signed
PATRIALIS AKBAR
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2011 NUMBER 95 DInt
ELUCIDATION OF
BANK INDONESIA REGULATION
NUMBER 13/22/PBI/2011
REGARDING
REPORTING OBLIGATION OF
THE WITHDRAWAL OF FOREIGN EXCHANGE OF FOREIGN DEBT

I.

GENERAL
As stipulated in Law Number 23 Year 1999 regarding Bank Indonesia as amended
lastly by Law Number 6 Year 2009, one of duties of Bank Indonesia is to stipulate
and implement monetary policy. In the context of the implementation of monetary
policy, Bank Indonesia can exercise monetary control through a number of methods
which are deemed effective. To formulate the monetary policy, it needs to be
supported with the availability of complete, accurate and timely data.
One of problems faced by Indonesia nowadays is the volatility of exchange rate due
to the instability of foreign exchange supply in the domestic market. Dominant foreign
ownership in the portfolio investment potentially increases the susceptibility of
Indonesian economy to the risk of sudden capital reversal. In anticipation of and
effort to minimize the risk, the continuity of relatively stable foreing exchange fund
supply is necesary.
Foreign exchange fund derived from the withdrawal of foreign exchange of foreign
debt is expected to be one of the alternatives to supply relatively stable fund source
that is relatively stable, if compared to the fund derived from portfolio investment of
foreign parties.
By taking into account the matters above, Bank Indonesia deems it is necessary to
issue policy which requires the withdrawal of foreign exchange of foreign debt
conducted through Foreign Exchange Bank. To ensure effective implementation of
policy on the withdrawal of foreign exchange of foreign debt, the ULN Debtor must
report the withdrawal of foreign exchange of foreign debt to Bank Indonesia.

II.

ARTICLE BY ARTICLE
Article 1
Self explanatory.
Article 2
Self explanatory.
Article 3
Self explanatory.
Article 4
Paragraph (1)
Self explanatory.
Paragraph (2)
Supporting documents include, among others, SWIFT message.
Paragraph (3)
Self explanatory.
Article 5
Paragraph (1)

Referred to as the submission of report on DULN withdrawal through

on line (web technology) and offline media is the media used for report
submission as regulated in the provisions regulating the reporting
obligation of ULN.
Paragraph (2)
The supporting documents of evidence of DULN withdrawal are
submitted to the following address:
a.

Foreign Loan Administration and Publication Division

International Directorate - Bank Indonesia
Sjafruddin Prawiranegara Tower 5th Fl.
Jalan MH. Thamrin No. 2
CENTRAL JAKARTA

b.

E-mail: aplnsiul@bi.go.id

The supporting documents of evidence of DULN withdrawal can be

submitted through facsimile, email and by courier or expedition
services. In the event of delivery by courier or expedition services, it
must be received in Bank Indonesia at 16.15 WIB, at the latest. As for
document delivery via mail, the date of receipt of document in Bank
Indonesia shall be the post stamp date.
Article 6
Self explanatory.
Article 7
Paragraph (1)
Self explanatory.
Paragraph (2)
Referred to as explanation shall be the provision of written
information completed by evidence of bookkeeping, records, and other
needed documents.
Paragraph (3)
Self explanatory.
Paragraph (4)
Self explanatory.
Article 8
Paragraph (1)
Company A realizes the withdrawal under Loan Agreement on
October 15, 2012. The time limit for the submission of DULN
withdrawal should be November 10, 2012, however, since November
10 and 11, 2012 fall on holiday, the time limit for the submission of
DULN withdrawal report falls on November 12, 2012. Company A has
just submitted DULN withdrawal report to Bank Indonesia on
November 14, 2012. Therefore, company A was late for 2 (two) days.

Paragraph (2)
Company B realizes withdrawal under Loan Agreement on June 15,
2012. The time limit for the submission of DULN withdrawal report
should be on July 10, 2012. Company B has just submitted DULN
withdrawal report to Bank Indonesia on February 5, 2013. Therefore,
Company B was late more than 6 (six) months, hence deemed not
submitting the report.
Paragraph (3)
Self explanatory.
Article 9
Self explanatory.
Article 10
Paragraph (1)
Referred to as DULN withdrawal report is report on the realization of
ULN withdrawal.
Example 1:
Company C realizes the withdrawal under Loan Agreement on
October 15, 2012. The time limit for the submission of DULN
withdrawal report should be on November 10, 2012. However, since
November 10 and 11 2012 fall on holiday, the time limit for the
submission of DULN withdrawal report falls on 12 November 2012.
Company C has just submitted the DULN withdrawal report to Bank
Indonesia on 19 November 2012. Therefore, company C was late for
3 (three) days (November 15 and 16 2012 are not calculated due to
national holidays, while November 17 and 18, 2012 are not business
days). Upon such delay, Company C shall be subject to penalty
sanction in the amount of 3 (three) days x Rp100,000.00 (one hundred
thousand rupiah) = Rp300,000.00 (three hundred thousand rupiah).
Example 2:
Company D realizes the withdrawal under Loan Agreement on June
15, 2012. The time limit for the submission of DULN withdrawal report
should be on 10 July 2012. Company D has just submitted the DULN
withdrawal report to Bank Indonesia on December 26, 2012.
Therefore, company D was late for 112 (one hundred twelve) days.
Upon such delay, Company D shall be subject to penalty sanction in
the amount of 112 (one hundred twelve) days x Rp100,000.00 (one
hundred thousand rupiah) = Rp11,200,000.00 (eleven million two
hundred thousand rupiah). However, since the maximum penalty is
Rp10,000,000.00 (ten million rupiah) per reporting party, company D
is only subject to maximum penalty of Rp10,000,000.00 (ten million
rupiah).
Paragraph (2)
Self explanatory.

Article 11
Paragraph (1)
Example 1:
Company F realizes withdrawal under Loan Agreement on October
15, 2012. The time limit for the submission of supporting documents
for DULN withdrawal should be on 10 November 2012. However,
since November 10 and 11, 2012 fall on holiday, the time limit for the
submission of supporting documents on DULN withdrawalfalls on on
November 12, 2012. Company F has just submitted the supporting
documents for DULN withdrawal to Bank Indonesia on 19 November
2012. Therefore, company F was late for 3 (three) days (November 15
and 16, 2012 are not calculated since they are national holidays, while
November 17 and 18, 2012 are not business days). Upon such delay,
Company F shall be subject to penalty sanction in the amount of 3
(three) days x Rp100,000.00 (one hundred thousand rupiah) =
Rp300,000.00 (three hundred thousand rupiah).
Example 2:
Company G realizes withdrawal under Loan Agreement on June 15,
2012. The time limit for the submission of supporting documents for
DULN withdrawal should be on July 10, 2012. Company G has just
submitted supporting documents for DULN withdrawal to Bank
Indonesia on December 26, 2012. Therefore, company G was late for
112 (one hundred twelve) days. Upon such delay, Company G should
be subject to penalty sanction in the amount of 112 (one hundred
twelve) days x Rp100,000.00 (one hundred thousand rupiah) =
Rp11,200,000.00 (eleven million two hundred thousand rupiah).
However, since the maximum penalty is Rp10,000,000.00 (ten million
rupiah) per reporting party, company G will only be subject to
maximum penalty in the amount of Rp10,000,000.00 (ten million
rupiah).
Paragraph (2)
For example:
Company H realizes the withdrawal under Loan Agreement on June
15, 2012. The time limit for the submission of supporting documents
for DULN withdrawal shall be on July 10, 2012. Company H has just
submitted supporting documents for DULN withdrawal to Bank
Indonesia on February 5, 2013. Therefore, Company H was late more
than 6 (six) months, thus deemed not submitting the supporting
documents. Accordingly, company H will be subject to maximum
penalty in the amount of Rp10,000,000.00 (ten million rupiah).
Article 12
Self explanatory.
Article 13
Paragraph (1)
Self explanatory.

Paragraph (2)
For example:
Company I obtains ULN under Loan Agreement in the amount of
USD100,000,000.00 (one hundred million US Dollar) which was
signed on August 26, 2010with maturity date on August 26, 2015. On
September 25, 2012, the agreement was amended by increasing the
ULN ceiling to USD150.000.000,00 (one hundred fifty million US
Dollar). DULN withdrawal upon the additional ULN ceiling in the
amount of USD50.000.000,00 (fifty million US Dollar) must be
conducted through Foreign Exchange Bank and reported to Bank
Indonesia.
Article 14
Self explanatory.
Article 15
Self explanatory.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER
5243
-----------------------------NOTE
Source:

LOOSE-LEAF REGULATION OF THE GOVERNOR OF BANK INDONESIA

YEAR 2011