IFCCI organized a Forum Group Discussion New Currency Regulation : Mandatory Use of Rupiah – The Implementation and Impact for Business Sectors in Indonesia on Thursday, May 21st, 2015 at Financial Club Jakarta – CIMB Niaga Building.
Rupiah is required as a legal payment instrument in economic activities nationwide. Bank Indonesia has issued regulation number 17/3/PBI/2015 concerning the Mandatory Use of Rupiah in the Territory of Indonesia (BI Regulation), on March 31st, 2015. Formerly, this act refers to the Law of Republic Indonesia Number 7 Year 2011 concerning Currency. Any individual or corporation is obliged to use IDR in any transaction made within the territory of the Republic of Indonesia. Mandatory use of Rupiah for non-cash transaction will become enforceable as of July 1st, 2015. As the time period comes closer and the use of the rupiah is still being socialized, there are a number of matters that are up for debate from many companies. The new Currency Regulation provides a transitional provision which states that written agreements for non-cash transactions using foreign currency that were made before July 1st, 2015 will remain effective until they expire.