Indonesia: Minimum IDR limit for cash payment transactions settled through BI-RTGS (Real Time Gross Settlement)
The Indonesia Central Bank (Bank Indonesia – BI) has issued an amendment to the previous Circular Letter that governs the implementation of BI’s payment system, Real Time Gross Settlement (BI-RTGS).
15 December 2014
BI will be imposing a minimum IDR limit for cash payment transactions settled through BI-RTGS and only IDR cash payment transactions above IDR 100 million will be processed via BI-RTGS.
IDR cash payment transactions less than or equal to IDR 100 million will be processed via the National Clearing System (BI-SKN).
Impact on instructions
Customers of Clearstream Banking1 making cash payment transactions above IDR 100 million can continue with the existing cash deadlines as shown in the Cash Timings Matrix.
Customers making cash payment transactions less than or equal to IDR 100 million are required to instruct pre-advices and cash payment by:
- VD 05:00 CET (15 December 2014 – 28 March 2015)
- VD 06:00 CET (29 March 2015 – 24 October 2015)
The foreign exchange instruction deadline remains the same:
- VD-2 10:00 CET (15 December 2014 – 28 March 2015)
- VD-2 11:00 CET (29 March 2015 – 24 October 2015)
Instructions received after these times will not be processed with good value. There is no back value in Indonesia.
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF), and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248 (CBL).