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Client Alert

October 2011

BI Regulation on Export Revenues and Offshore


Loan Withdrawal
On 30 September 2011, Bank Indonesia (BI) issued regulations No.
13/20/PBI/2011 on Export Revenues and Offshore Loan Withdrawal and No.
13/22/PBI/2011 on Reporting Obligation of Offshore Loan Withdrawal (New
BI Regulations). These regulations were issued due to the volatility of
exchange rates as a result of the instability of foreign exchange supplies in the
domestic market. The dominant foreign participation in the ownership of
portfolio investment in Indonesias domestic market is deemed to have made
Indonesia susceptible to sudden capital reversal risks. Considering that export
revenues and offshore loans are the kinds of stable foreign exchange supplies
required to support Indonesias economic growth, these new regulations
elaborate on the obligations of exporters/debtors in receiving their export
revenues or offshore loans. These regulations will come into effect on 2
January 2012.

Key Provisions
Some of the key provisions of the New BI Regulations are the following:
Export Revenues

All export revenue must be allocated through accounts with Indonesia


banks (which include Indonesian branches of offshore banks) (Onshore
Account) within 90 calendar days after the issuance of the Export Goods
Notification (PEB). Once the revenue has been allocated to an Onshore
Account, the exporter must submit a report to the bank to which the
revenue is allocated within 3 working days.

If the payment for the export is made by letter of credit, consignation,


further payment, or collection, the due date of which is 90 calendar days
or more after the issuance of the PEB, the revenue must be made through
an Onshore Account at the latest 14 days after the due date of the
payment. In this regard, the exporter must submit a prior report to the
bank to which the revenues will be allocated at the latest 14 days after the
issuance of the PEB.

The amount of export revenues made through an Onshore Account must


equal the export value stated in the PEB. If there is any discrepancy, the
exporter must submit a written explanation and its supporting documents
to the bank.

Any export revenue that has been agreed not to be made through an
Onshore Account and/or related to the payment obligations of exporter,
which has been executed before 2 January 2012, may be made not
through an Onshore Account until 12 months after 2 January 2012. The
exporter must report that export revenue to BI and present its supporting
documents, at the latest 14 days after the date of the PEB.

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Specifically for export revenues arising out of PEB issued during 2012,
the obligation to make such revenues through Onshore Accounts will
apply 6 months after the date of the PEB.

Any export revenue arising out of the netting result of the exporters
receivables and liabilities are only permitted until 31 December 2012 and
must be presented with supporting documents.

Offshore Loan Withdrawal

Any offshore loan which has fulfilled one of the following criteria must be
withdrawn through an Onshore Account:
1. Non-revolving loan agreement; or
2. Loan agreement for refinancing purposes, whereby the amount of the
new loan is higher than the refinanced loan; or
3. Debt securities, i.e. bonds, medium term notes, floating rate notes,
promissory notes and commercial paper.

Any withdrawal of the above mentioned offshore loans will have to be


reported to BI on the 1st (first) 10th (tenth) day of the following month.
The report must include supporting documents evidencing that the
withdrawal has been made through an Onshore Account.

The accumulated amount of offshore loan withdrawal should be equal to


the total commitment provided on the loan.

If there is any difference between the total amount of offshore loan


received through an Onshore Account and the total commitment stated in
the relevant loan document, the debtor must submit its written explanation
to BI.

The withdrawal of an offshore loan arising out of a loan agreement


executed before 2 January 2012 may be made not through an Onshore
Account. This exception however is not applicable for a withdrawal of any
increase of a loan due to an amendment agreement executed after 2
January 2012

BIs Supervision

BI may scrutinize the documents evidencing exporters/debtors


compliance with the relevant export revenues/offshore loan withdrawal
requirements.

BI may request documents, records, and/or supporting documents, with or


without the involvement of relevant institutions.

Sanctions

Export Revenues
1. An exporter that fails to receive export revenues through an Onshore
Account may be sanctioned with a penalty amounting to 0.5% of the
export revenues within the range of IDR10,000,000 IDR

Client Alert October 2011

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100,000,000. The penalty shall be paid in Rupiah using Bank


Indonesia middle rate applicable on the date when the penalty is
imposed.

For further information please


contact:
Indri Pramitaswari Guritno
Partner
Tel: +62 21 515 4903
Fax: +62 21 515 4840
indri.p.guritno@bakernet.com
Elvino Martinus
Associates
Tel: +62 21 515 5090
Fax: +62 21 515 4840
elvino.martinus@bakernet.com

2. The exporter may also have its export services suspended in


accordance with prevailing laws and regulations on customs.
3. These sanctions do not release the exporter from its obligation to
receive its export revenues through Onshore Accounts.

Offshore Loan Withdrawal


1. A debtor that fails to withdraw an offshore loan through an Onshore
Account may be sanctioned with a penalty amounting to
IDR10,000,000 for each withdrawal.

Hadiputranto, Hadinoto & Partners


The Indonesia Stock Exchange
Building,
Tower II, 21st Floor
Sudirman Central Business District
Jl. Jenderal Sudirman Kav. 52-53
Jakarta 12190, Indonesia

2. This administrative sanction does not release the debtor from its
obligation to withdraw its offshore loan through an Onshore Account.
3. A debtor that fails to report its offshore loan withdrawal may be
sanctioned with a penalty amounting to IDR10,000,000.
4. A debtor that fails to meet the deadline in reporting its offshore loan
withdrawal may be sanctioned with a penalty amounting to
IDR100,000 for every day of delay, with a maximum penalty of
IDR10,000,000.

Tel: +62 21 515 5090/91/92/93


Fax: +62 21 515 4840/45/50/55

These above sanctions will be applied from 2 July 2012.

Conclusion
The enactment of the New BI Regulations shows that BI is aiming to monitor
all foreign exchange traffic activities in Indonesia. It seems that through these
regulations, the obligation to receive any export revenue and withdraw any
offshore loan through Onshore Accounts is expected to retain the stability of
Rupiah.
Clients who currently conduct export activity will have to receive their export
revenues through Onshore Accounts as of 2 January 2012 and so will clients
who intend to withdraw money from offshore loans.

This publication is intended to provide clients with information on recent legal developments and issues of significant interest. It should not be regarded as
legal advice or opinion.
2011 Hadiputranto, Hadinoto & Partners. All rights reserved. Hadiputranto, Hadinoto & Partners is a member of Baker & McKenzie International, a Swiss
Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a
partner means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an office means an office of any such law firm.
This may qualify as Attorney Advertising requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome.

Client Alert October 2011