BI raises amount of cash allowed abroad to Rp 5m
BI raises amount of cash allowed abroad to Rp 5m
JAKARTA (JP): Bank Indonesia, the central bank, has raised the
ceiling for the amount of rupiah allowed to be physically carried
out of or into the country to Rp 5 million (US$555) per person
from Rp 50,000.
Bank Indonesia said in a statement yesterday that the new
policy was aimed at stabilizing the rupiah's exchange rate and
preventing forgery of rupiah notes or coins abroad.
According to Bank Indonesia (BI) ruling No. 30/191A/KEP/DIR,
dated March 6, a person taking more than Rp 5 million across the
country's borders has to declare it to customs officials.
And anyone wanting to take more than Rp 10 million out of the
country has to get approval from the central bank.
Fines for violating these regulations are up to Rp 1 billion.
Yesterday, BI Governor Sjahril Sabirin and Director General of
Customs and Excise Soehardjo Soebardi signed a joint decree on
the enforcement of the new ruling.
Under the decree, people heading abroad and incoming travelers
are required to fill in a self-assessment declaration form.
Customs officials can inspect anyone they suspect of carrying
more than the allowed amounts.
They will impose a 50 percent fine on people convicted of
carrying more than Rp 5 million but less than Rp 7 million
without declaring it.
The fine for passengers carrying between Rp 7 million and Rp 9
million is 70 percent of the total. A 100 percent fine will be
imposed on passengers caught with between Rp 9 million and Rp 10
million.
People taking more than Rp 10 million out of the country
without declarating it and an approval letter from Bank Indonesia
could be fined as much as the amount of the money carried or up
to Rp 1 billion if the sum exceeds Rp 1 billion.
The central bank's new ruling is an elaboration of Government
Regulation No. 18/1998, which modifies Law No. 32/1964.
The 1964 law prohibits a person from physically transporting
Rp 50,000 in cash out of the country.
The issue of this limitation arose in February after customs
officers suddenly began to enforce the antiquated law and
confiscate money from travelers leaving the country.
Customs officials, based on a radiogram from the customs
director general dated Jan. 16, surprised people heading abroad
by stopping and searching them. When the officials found more
than Rp 50,000, they seized the excess.
Bank Indonesia said all money confiscated by the customs
office before the issuance of BI's new ruling would be processed
under the 1964 law. Money confiscated after the new ruling became
effective will be treated under it. (rid)