HISTORY OF BANK INDONESIA : PAYMENT SYSTEM Period from
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1 HISTORY OF BANK INDONESIA : PAYMENT SYSTEM Period from Contents : Page 1. Highlights 2 2. Focus on Policies Strategic Measures Cash Payment System 7 a. Management of Cash Payment b. Cash Payment Instrumen Non-Cash Payment System 41 a. Management of Non-Cash Payment b. Non-Cash Payment Instrumen
2 1. Highlights On 25 July 1966, the Ampera Cabinet was formed to replace the Dwikora Cabinet. The New Order had begun. The main duty of the cabinet which was lead by presidium was to run the stabilisation and rehabilitation program which concentrated in the inflation control, food resource supplies, economy facility rehabilitation, export development and clothing resource supplies. Since this moment, the economy and national development generally had become the main priority of the new order. Based on the Constitutions no. 13/1968 on Central Bank, BI was declared to have the sole right to issue banknotes and coins as the valid payment instruments. Unlike the UU No. 11/1953, in UU No. 13/1968 there was no limitation for the types and nominal value of money issued by BI. BI role in the payment system was written in UU Central Bank 1968 which mentioned that BI enhanced banking by expanding, smoothen and regulating the non-cash payment transfer and run clearing between banks. In a more specific way, BI always attempted for accessible banknotes in a sufficient amount, on time with denomination compositions that fulfil the needs in accordance with the expansion of the economy activity. In addition, the circulated money had to always be in a good condition or appropriate to circulate and safe from money duplication attempts. In this period, in line with the on going political expansion, President Soekarno Series banknotes was withdrawn from circulation and replaced with General Sudirman Series marked with the year This series was issued in 11 denominations from Rp 1 to Rp 10,000. Beside banknotes, BI also issued coins for the first time on 1 January 1971, namely coins emission 1970 made from aluminium that comprising Rp 1, Rp 2 and Rp 5 denominations. Subsequently, in regards with West Irian territory, the withdrawal of West Irian Rupiah currency since 1 May 1971 was aimed for the monetary unity in all territory of Indonesia. Prior to the withdrawal, government had initially announced the validity of the rupiah currency (public) officially in West Irian territory alongside the West Irian Rupiah that would be replaced gradually. The exchange rate at that time was for IB Rp 1 was Rp The March Decree 1967 stated the establishment of clearing organisation in Jakarta and other major cities, with Central Bank as the centre for clearing counting. Clearing Practice by the Bank Indonesia Head Office in Jakarta began on 7 March 1967 by manual system. With this change taking place, all of the bank offices became direct clearing participants and the subclearant system was revoked. Afterwards, the settlement was modified from T+1 to T+0. Within this period too, two new policies were released, namely about the UU on bad check and regulations for demand deposit issued by Bank Indonesia. For the routine and development expenditures, Office of Treasury and State Finance (KPKN) issued the Instruction to Pay Bank Demand Deposit (SPMGB) for BI as the replacement for non-cash payment instruments. Meanwhile, in the overseas payment transactions, government performed the overseas loan withdrawal via L/C. other overseas transactions also performed through LV or fund transfer and telex using travel cheque. Within this period, the regulation on compensation for the government banks, which was the transfer of all debit and credit balance from bank in region to the Bank Indonesia account in Jakarta via NDT and NKT (revoked in October 1994). In September 1981, 2
3 BI stipulated that the section responsible to run clearing in Jakarta was the Giro Traffic Sector under the Banks Supervision and Founding Affairs. In the regions, the responsibility was given to the local BI. If there was no BI branch office, BI would appoint a government bank to take the responsibility 3
4 2. Focus on Policies Upon the enactment of Act No. 13 of 1968 concerning the Central Bank, BI became the one and only institution with the exclusive right to issue banknotes and coins as the official payment system in Indonesia. Upon the enactment of Act No. 13 of 1968 concerning the Central Bank, BI became the one and only institution with the exclusive right to issue banknotes and coins as the official payment system in Indonesia. The elucidation of Article 26 paragraph (1) of Act No. 13 of 1968 states that from the economic point of view, there was not any functional difference between the money issued by Bank Indonesia and the one issued by the Government. As a result, for the sake of uniformity and efficiency, the banknotes and coins would in the future be issued by one institution only, namely Bank Indonesia as state financial institution. As a result, there was no restriction any longer on the types of currencies and their nominal value to be issued by Bank Indonesia as it used to. Besides, the Government would no longer issue banknotes and coins in the denominations below five rupiah. Pursuant to this act, Bank Indonesia was authorized to determine the types, values and features of the money to be issued. However, the Government would determine the maximum amount to be in supply within a budget year prior to the beginning of the budget year. This ruling was contained in the Financial Note in the beginning of the said budget year. While in correspond to the non-cash payment, the policies in this period were focused on the application of efficient and safe non-cash payment system upon the application of centralized clearing system that was valid throughout Indonesia. Apart from this, the Government amended the policies on banking frauds, namely bad cheques drawing. As a result, the Government issued Government Regulation in lieu of Act (Perpu) No. 1 of 1971 (which was enacted as Act No. 12 of 1971 dated 17 October 1971) concerning the Annulment of Act No. 17 of As a result, Bank Indonesia regulations on bad cheques were adjusted. 4
5 3. Strategic Measures In carrying out its role as the only institution in charge of issuing banknotes and coins as the official payment instruments in Indonesia, BI along with the Government took several important steps to prevent financial frauds or violations as this would erode the public trust in money. In carrying out its role as the only institution in charge of issuing banknotes and coins as the official payment instruments in Indonesia, BI along with the Government took several important steps to prevent financial frauds or violations as this would erode the public trust in money. These important steps were, among others, as follows: Both the Government and BI were responsible for coping with money counterfeit. The efforts to curb this were comprehensive through a coordination with the related institutions in view of speed, accuracy and secrecy. In respect to Presidential Instruction No. 1 of 1971 dated 22 March 1971, the Chief of the State Intelligence Coordinating Agency (BAKIN) was assigned to coordinate all the business undertakings and activities of institutions/agencies authorized to curb money counterfeit. Aside from that, the BAKIN Chief was responsible for carrying out intelligence activities or operations to trace the sources of counterfeit money distribution. Pursuant to Presidential Instruction No. 1 of 1971, BAKIN Chief was responsible for setting up the Coordinating Agency to Surpress Money Counterfeit (BOTASUPAL) with following duties: executive coordination, formulate implementation policies in a number of sectors and determine the further measures/actions. BOTASUPAL were made up the Chief of Indonesian Police (POLRI), Attorney General Office, the Ministry of Justice, BI as the Central Bank, State-Owned Printing House (Perum Peruri), Directorate General of Customs and Excise, Directorate of Immigration and Ministry of Information. Furthermore, at the international level, the efforts to combat money counterfeit had taken long before this, namely upon the ratification of resolution of International Convention for the Suppression of Counterfeiting Currency and Protocol through the League of Nations session held in Geneva on 20 April 1929, the League of Nations endorsed and ratified the International Convention for the Suppression of Counterfeiting Currency and Protocol, Geneve After the League of Nations was dissolved, the United Nations (UN) through its resolution dated 18 November 1963 allowed its member countries to act as the signatories of any multilateral agreement which was technical and non-political facilitated by the League of Nations. In 1932, the Government of the Dutch Kingdom ratified and implemented such Convention resolution for its country and several colonized territories that covered Suriname and Antillen, but excluded the Dutch Indies [today Indonesia]. In March 1964, the UN invited its member countries, including the Republic of Indonesia to become the signatories of the above convention. The efforts to cope with and suppress counterfeiting currency, particularly overseas, had been hurdled 5
6 by the absence of international law as its legal foundation. The Indonesian Government was of the opinion that the provision of the convention were not contradictory to those of the Criminal Code of the Republic of Indonesia. The Government therefore decided to ratify the Convention resolution through Act No. 6 of 1981 dated 21 July However, the ratification was made with one reservation against the article on the settlement of discrepancy on the interpretation or application of the convention. The Indonesian Government was of the opinion that in the event of any discrepancy on the interpretation or application of the convention, it would be referred to the arbitration body or International Court for a final judgment, or based on the agreement of the disputing parties. The Indonesian s participation as the signatories of this convention proved extremely beneficial to the National Central Bureau (NCB) Indonesia/International Criminal Police Organization (ICPO), or more popularly known as INTERPOL chaired by Indonesian Police Chief in forging joint efforts to suppress currency counterfeiting with the other convention signatories. Also in the terms of cash payment instruments, in an effort to regulate and maintain rupiah steady value, as well as to prevent from the possible intrusion of counterfeit money, Bank Indonesia deemed it necessary to issue a regulation on the procedure to bring rupiah out of the country and into the country. One of the regulations which were contained in Decree of Bank Indonesia No. 14/48/Kep/Dir/UL dated 21 October 1981, the rupiah currency could only be taken out from or brought into Indonesia through hand carry when the owner is departing or entering Indonesian territory. The maximum amount was Rp 50,000. In the terms of non-cash payment instruments, BI took two major steps, namely centralized clearing system which was valid for the entire country and Government Regulation No. 1 of 1971 (later on enacted into Act No. 12 of 1971) concerning the Annulment of Act No. 17 of The Government had to regulate the clearing system as Bank Negara Indonesia Unit I did not have a direct access to the conditions of the private commercial banks overseen by Bank Dagang Negara and Bank Negara Indonesia Unit II, Unit III and Unit IV. Apart from that, the clearing calculation process had to be carried out in stages, not directly between the participating banks. To promote and make the current account payment traffic smooth, as well as make the supervision of all commercial banks easier, the Board of Directors of Bank Negara Indonesia Unit I decided to set of a Clearing Institution and apply the centralized clearing system. In this period, the Government annulled Act No. 17 of 1964 on the Prohibition from Drawing Bad Cheques, and such violation was considered an economic crime subject to serious punishment, namely death sentence, life imprisonment or 20-year imprisonment. Apparently, such severe punishments deterred the public from using cheques as the payment instrument. In response to this, the Government issued Government Regulation in lieu of Act (Perpu) on the Annulment of Act No. 17 of As a result, Bank Indonesia had to revise its regulations on bad cheques. 6
7 4. Cash Payment System a. Management of Cash Payment As the institution with the sole right to issue and circulate banknotes as valid payment instruments all over Indonesia, the Central Bank had to guarantee the currency availability as demanded by the public. As the institution with the sole right to issue and circulate banknotes as valid payment instruments all over Indonesia, the Central Bank had to guarantee the currency availability as demanded by the public. The meeting of such needs covered the currency sufficient amount or money value, appropriate composition of denominations, appropriate place and time, and acceptable condition. All these aspects had to be maintained so they had to be carried out in view of the security and efficienty in terms of security and efficiency. The steps were, among others, intened to prevent money counterfeit and minimize the costs for the procurement and circulation of money. Basically, the money circulation management covers the activities of issue new banknotes and coins, their procurement, circualtion and annulment & withdrawal from ciruclation. On 1 December 1980, the Central Bank s Board of Directors issued Decree No. 13/52/Kep/Dir/UPU on the Main Provisions of Money Circulation which took effect from 31 December In procuring the banknote and materials and printing, BI cooperated with the State-Owned Money Printing House (Perum Peruri). The agreement was contained in the Working Agreement (PPHK) dated 23 March In circulating the money, BI adhered to the clean money policy, namely the policy to maintain the quality of the money in circulation. BI marked null and void against banknotes & coins with unaccaptable quality, as well as revoke the issued money and withdraw from circulation. The owners were able to exchange the money with the new ones in certain period of time and places as determined. 7
8 b. Cash Payment Instrumen BI s authorities to issue all types of banknotes and coins and their denominations as regulated under Act No. 13 of This act reinforced the authorities already granted by Presidential Decree No. 27 of 1965 dated 13 December 1965 on the Emission of New Rupiah Banknotes and Coins. BI s authorities to issue all types of banknotes and coins and their denominations as regulated under Act No. 13 of This act reinforced the authorities already granted by Presidential Decree No. 27 of 1965 dated 13 December 1965 on the Emission of New Rupiah Banknotes and Coins. Pursuant to this Presidential Decree, BI issued several New Rupiah denominations, including the denominations less than five-rupiah, namely the Dwikora Series at the end of 1965 in the fractions of 1 cent, 5 cents, 10 cents, 25 cents and 50 cents as well as the Army General Soedirman series in early 1968 in 1 rupiah up to 10,000 rupiah denominations. Afterwards, the Government issued other emissions, among others banknotes in three large denominations marked 1975, namely Rp 1,000, Rp 5,000 and Rp 10,000. These were intended to replace the same denominations of the Army General Soedirman series. The 1975 emission was printed using the intaglio printing technique. It felt rougher when touched to help the blind identify the value. During this period, BI issued several coins in several fractions. In addition, BI issued some commemorative banknotes and coins as to mark major national and international events. Below are the shapes and descriptions of the banknotes and coins issued in this period: 8
9 1. Banknotes of the Indonesian Central Bank of Soedirman series 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 2. Banknotes of the Indonesian Central Bank Issued Between
21 21
22 REMARK 1. The issuance of the three denominations in 1975 was meant to replace the same denominations of the Army General Soedirman series. This step was aimed to prevent and surpress money counterfeiting, particularly the large denominations. These denominations of 1975 emission were unique with their pentagon marks and the printing employed an intaglio mark which felt rough when touched. This was meant to assist those with sight problem. The sign consisted of one mark on the denomination of Rp1,000, two marks on the denomination of Rp5,000, and three marks on the donimination of Rp10,000 22
23 23
24 24
25 25
26 26
27 27
28 28
29 3. Coins of the Indonesian Central Bank Issued Between
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 REMARK 1.In this period, namely from , BI issued coins for the first time, They comprised the emission of 1970 in the denominations of Rp1, Rp2, dan Rp5. The coins were made of aluminum when then was relatively inexpensive. The metal was chosen to maintain the balance between the coins intrinsic value and their nominal value 40
41 5. Non-Cash Payment System a. Management of Non-Cash Payment In an attempt to regulate the use of cheques and crossed cheques, the Government and BI issued several regulations that addressed both instruments. In an attempt to regulate the use of cheques and crossed cheques, the Government and BI issued several regulations that addressed both instruments. 1. Bank endorsement of cheques/ crossed cheques In respect to the violation of cheque/ crossed cheques endorsement as mentioned earlier, BI in its attempt to stop such practice notified all commercial banks and development banks through Letter No. 4/108 UPPB/PbB dated 3 May This letter obligated the banks that the cheque/ crossed cheques endorsement had to meet the following requirements: a. he funds available in the customers accounts have to be sufficient; b. the banks endorsement of the cheques means that the banks are authorized to administratively set aside the funds from the said customers to pay the cheques any time; and c. the customer agrees such administrative bookkeeping by the said bank for the above purpose. Finally, in 1975 BI issued Circular No. 8/8 UPPB dated 16 May 1975 which prohibited banks from endorsing clearing or putting other similar words on cheques/crossed cheques and other cheque payment instruments. If there were customers drawing cheques/crossed cheques or other cheque payment instruments were asking for such endorsement mark, the banks were allowed to replace such cheque payment instruments with cheques/crossed cheques that were drawn by themselves over the accounts in BI or other banks. As a result, when the conversion took place, the customers accounts were debited with a certain amount exchanged with cheques/ crossed cheques of BI or other banks. 2. Bank obligations to use crossed cheques The legal formal requirements for using a cheque as a cheque payment instrument are accommodated in the Commercial Code, whereas the regulations on crossed cheques were not. Crossed cheques played an indispensable payment instrument as a customer s written instruction to transfer some fund in the current account of the recipient in the same bank or other banks. However, only a few banks issued crossed cheques. In response to this, BI regulated the crossed cheques use through a written instruction to all commercial banks and development banks, namely Letter No. 4/670 UPPB/PbB dated 24 January 1972 on Crossed cheques. 41
42 This letter among others regulated that the crossed cheques could not be cashed out directly to a bank cashier. A crossed cheque had to formally contain the following: name of the crossed cheques and its serial number, clear and unconditional instruction to transfer some fund from the current account, name and place of the drawing bank, name of beneficiary/ recipient, amount of fund to be transferred quoted in figures and words, signature of the drawer and seal of corporate entity, and effective date of instruction and other bank name. If there is any change, it had to be approved by the drawer. The recipient s name must be quoted, otherwise it the document must be rejected or returned. Crossed cheques have a time lag of 70 days from its drawing date. An instruction of current account transfer can only be made when the fund is effectively available on the effective date and before 70 days. 3. Annulment of Law No. 17 of 1964 In respect to the annulment of Law No. 17 of 1964, BI also amended the provisions pertaining to the release of bad cheques/crossed cheques. Through Circular No. 4/437/UPPB/PbB dated 5 October 1971, BI annulled all Circulars pertaining to bad cheques and regulated again the procedure for the banks to accept new customers, individual or corporate. This regulation obligated the banks to make sure that the prospective customers were not among those blacklisted bad cheques/crossed cheques drawers as announced by BI. Banks had to fully record the names of customers having drawn bad cheques/crossed cheques and their various aliases, addresses and business venues. The amendment of the provisions on bad cheques/crossed cheques continued until The regulations issued were Circular No. 8/7/UPPB dated 5 May 1975 to supercede Circular No. 4/437/UPPB/PbB, and Circular No. 12/8 UPPB dated 9 August Centralized clearing system In correspond to the clearing activities, BI set up the Clearing Institution and applied centralized clearing system for all over Indonesia. This was regulated through Decree of BI s Board of Directors No. 3/12/Kep/Dir dated 1 March 1967 on the Establishment of the Clearing Institution. All the clearing participants comprising state bank offices and private bank offices that had obtained business permits and were engaged in the commercial bank business undertakings, had to sign their written commitments to comply with the clearing regulations and meet all the obligations arising from such commitment. All clearing participants directly dealt with Bank Negara Indonesia Unit I and not through the main bank. All commercial banks as the clearing participants had to open an account in BI to pool the proceeds from clearing transactions, as bank charges or bank earnings. The accounts had to have sufficient funds. Government institutions could also open current accounts in BI as long as they could meet the requirements. 5. Early Stages of Interbank Money Market In this period, BI began to introduce the interbank money market (PUAB) to help the banks experiencing liquidity shortage and unable to cover their clearing short on the said trading day. The implementation of interbank money market was regulated 42
43 through Circular No. 6/22/UPUM dated 22 February 1974 on Interbank Money Market, which regulated the participants, supply and demand, period, procedure, transaction, clearing process, recording and release of acceptance letters. b. Non-Cash Payment Instruments The non-cash payment instruments used in this period were the same as those in the former period. However, there were several aspects concerning the use of cheques and crossed cheques which required certain attentions and actions from BI. The non-cash payment instruments used in this period were the same as those in the former period. However, there were several aspects concerning the use of cheques and crossed cheques which required certain attentions and actions from BI. 1. Bank Endorsement of Cheques/Crossed cheques In the trade sector, there is a term called endorsement of cheques and crossed cheques. This was common in the Indonesian banking practice, namely to help the public (the persons receiving the cheques) make sure that the cheques could be released as their drawers had allocated enough funds in their bank account. Unfortunately, this practice was often abused as many cheques despite their endorsement from the bank officials proved bad. 2. Obligations of banks to use crossed cheques In respect to the use of crossed cheques, in the accounting year of 1966/1977, the Minister for Scrutinizing Banks and Private Capital became aware that private commercial banks were paying extremely little attention to administer payments through current account transfer. Most private banks did not issue crossed cheques at all. In response to this, the Government through the Deputy for the Minister for Scrutinizing Banks and Private Capital through letter No. 091/DMUPBMS/66 dated 16 July 1966 reminded that all private banks were obliged to issue crossed cheques apart from other official payment instruments. The banks were requested to administer payments via transfer to current account and encourage the customers to do the same. As regards the interbank money market transactions or interbank call money, BI issued special crossed cheques to the banks participating in interbank call money. This special crossed cheques had the same shape as ordinary one, but marked with exclusively for interbank call money transaction. 43
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