Transaction in Indonesian Rupiah Must!

After a delayed twice, parliament and the government finally began discussing the draft law on Currency. At the inaugural meeting, Monday (07/06/2010), Finance Commission (XI) as the author and initiator of the House of Representatives presented an outline of the candidate's beleid.

Vice Chairman of the House of Representatives Commission IX Sohibul Iman Mohamad declared that the draft law Currency consists of 12 chapters and 45 articles. Candidate product of this law is the mandate of the Constitution in 1945. 23B Constitution Article 45 states, the prices and different currencies should be set in the Act itself, rather than part of the system of legislation other.

Currently, management of money and currency regulated Law No. 3 Year 2004 concerning Bank Indonesia (BI). Though will be arranged, the House guarantee, a number of fixed currency management authority in the hands of central banks. For example, the right to print, distribute, overseeing circulation, draw, wipe out money, until the determination of the type of transaction that may use another country's currency.

Currency bill contains a number of important points. For example, the printing of money. In Article 14 states that BI should be printing money at home and use the services of state-owned enterprises (SOEs). If the rules are approved, then the BI certainly can no longer mengorder printing of money to foreign companies as before.

In 1999, for example, the central bank to print money made from polymer fractions USD 100 000 to Securency International and Note Printing Australia, a subsidiary of Reserve Bank of Australia (RBA). BI also handed over the printing of banknotes 50,000 pictorial second President, Suharto, to De La Rue, Singapore.

Currency bill also regulates the use of liability as a means of payment or the amount of financial transactions in the territory of Indonesia. However, this rule provides an exception, namely BI can specify the use of currencies other than the amount for a specific transaction types or in certain regions.

Use of current liability amount stipulated in the Law of BI. In this beleid, central banks also require that all transactions are actually wearing Garuda currency. However, the BI provides an exception. For certain purposes or to meet liabilities in foreign currency which was agreed in writing, the rupiah should not be used.

Currency bill also regulates a matter of sanctions. Take for example, anyone who does not use the amount of money in the transaction or refuse to accept rupiah as a means to pay can be punished with the threat of a maximum of one year in prison and fined Rp 200 million.

Agus Martowardojo Finance Minister can not comment much on the Currency bill. "We will study the past and give an answer next week," said Agus