New Regulations in Relation to Export Proceed Of Natural Resources

To maintain the continuity of development and the enhancement and tenacity of the national economy from foreign exchange derived from natural resources export. In January 2019 in the government of Republic of Indonesia introduced Government Regulation No. 1 of 2019 on Export Proceeds from Exploitation, Management and/or Processing Activities of Natural Resources (GR 1/2019).

Following the issuance of GR 1/2019, Bank Indonesia have also issued Regulation No 21/3/PBI/2019 regarding export proceed from the Exploitation, Management and or Processing of Natural Resources (PBI 21/3/2019).

What you need to know

Below are important points of the above mentioned regulations that shall be at your attention:

  • Mandatory Deposit of DHE SDA – GR 1/2019 obliges Indonesian exporters to deposit their natural resource export proceeds (DHE SDA) within Indonesia’s monetary system in a Special Account maintained in bank(s) that localized in Indonesia with foreign exchange licensed.
  • DHE SDA deposit time limit – DHE SDA must be deposited in the Special Account at the end of the third month at the latest, following the relevant Customs Export Notification (Pemberitahuan Pabean Eskpor) related to mining (including coal, minerals and oil and gas), plantation, forestry and fisheries business activities.
  • Requirements on supporting/underlying documents – Both GR 1/2019 and PBI 21/3/2019 specified a number of terms and requirements for Indonesian exporters related to supporting/underlying documents for the purpose of its Special Account.
  • Supervision and sanctions by the authorities – Indonesian Government appears to demonstrate its seriousness about enforcing the regulations, for example by imposing sanctions for non-compliance.

What are the next steps

To facilitate the above requirements, you could open a new account(s) which will be your Special Account with us for DHE SDA purposes, noting on the following:

  • The Special Account is available in local currency and 4 major foreign currency i.e. USD, EUR, JPY and CNY.
  • Please find below list of document(s) that you would need to complete and provide to us for the opening of the Special Account as follow
  • Instruction Forms & Statement for Opening Export Proceeds of Natural Resources Special Account
  • Banking Relationship Opening Form

What to do if you need help

Should you have further queries, please contact your Relationship Manager or our Client Services Management.

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