BI revises rupiah ruling

BI revises rupiah ruling

JAKARTA: Travelers who plan to carry abroad Rp 100 million (about US$10,000) in cash or more, must seek a permit from Bank Indonesia and must verify rupiah banknotes in the same amount if they bring the money into Indonesia, according to a new central bank ruling.

Bank Indonesia ruling No 4/8/2002 on the procedures of carrying rupiah in and out of Indonesia, replaces the same ruling of last year. Revisions were made to comply with the newly Anti- Money Laundering Law No. 15/2002.

The old ruling requires people carrying between Rp 50 million to Rp 100 million in cash to also report it but without a central bank permit.

Under the ruling, Bank Indonesia will allow cash in excess of Rp 100 million to leave the country only for the purpose of joining an international trade fair, testing money printing machines, or if it concerns the public interest. -- JP