Bank Indonesia New Regulation on Bilyet Giro (BG)

Bank Indonesia have published a new regulations related to Bilyet Giro (BG) which will be effective on 01 April 2017, as follows:

  1. Bank Indonesia Regulation No. 18/41/PBI/2016 issued on 22 November 2016 re Bilyet Giro
  2. Bank Indonesia Circular Letter No. 18/32/2016 issued on 29 November 2016 re Bilyet Giro
  3. Bank Indonesia Circular Letter No. 18/40/DPSP dated 30 December 2016 re Amendment of Bank Indonesia Circular Letter No. 18/7/DPSP dated 2 May 2016 re Fund Transfer and Scheduled Clearing Implementation by Bank Indonesia

What you need to know

Below are important points of the above regulations:

  • Mandatory information to be completed by Issuer from its issuance date on the BG instrument are:
    • Beneficiary's name and account number
    • Beneficiary's bank name
    • Amount – in numeric and in complete words
    • Issue date
    • Issuer's wet signature
    • Effective date
    • Issuer's name
  • Bahasa Indonesia is mandatory to be used in any BG instrument (other language can be used as reference).
  • The maximum writing error correction is three (3) times.
  • The maximum validity period of BG is 70 days from its issuance date, it cannot be cancelled and not transferable during validity period.
  • The submission of BG (through over the counter or Dropbox service) for clearing purpose has to be done and/or signed by the beneficiary or a person who receives delegated authority. Please complete and submit new Power of Attorney form in order to authorise person for BG submission.
  • The maximum nominal value of each BG that can be processed for clearing purpose is capped at IDR 500 million (please note that this change will apply to a crossed cheque as well).

What will change?

Please be advised that due to the integration of HSBC Indonesia Branch with PT Bank HSBC Indonesia (previously PT Bank Ekonomi Raharja):

  • You are required to exchange your current cheque and/or Giro with the new design as your current cheque and/or Giro can be used for transactions only until 17 July 2017.
  • Starting from 1 April 2017 please visit the branch where you first opened your account to order your new cheque and/or Giro book (replacement is free of charge).

What to do if you need help

Please contact your Relationship Manager or Client Service Manager should you need further clarification.

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