Jakarta (ANTARA) - The government will impose sanctions on exporters who fail to comply with the regulation concerning foreign exchange of export earnings (DHE) from natural resources.

Provisions on the imposition and revocation of administrative sanctions for violating the regulation concerning natural resources DHE have been outlined in the Finance Ministry's Regulation No.73 of 2023.

"The ministry's regulation outlines exporters' general obligations and regulates the results of the monitoring conducted by Bank Indonesia (BI) and the Financial Services Authority (OJK), which will form the basis for sanctions' imposition and revocation," Finance Minister Sri Mulyani Indrawati informed at a press conference in Jakarta on Friday.

In that context, the key part lies in the supervision of the financial system, whose results will be informed to the Finance Ministry's Directorate General of Customs (DJBC), including in the event of a violation, she added.

If Bank Indonesia finds exporters are violating the DHE regulation by not depositing DHE in a special bank account or any other instrument, then it will send notices to the DJBC, which will impose administrative sanctions on the exporters. The sanctions will take the form of export services suspension.

Similar administrative sanctions will also be imposed if the OJK finds exporters failing to fulfill their obligations to create or transfer escrow accounts.

The sanction notices will be conveyed by customs officials to exporters and related technical ministries/institutions.

However, if the exporters manage to prove that they have fulfilled their obligations, they will be asked to report the information to the customs officials, who will later forward it to BI and/or OJK for examination.

The DJBC will revoke the sanctions if the examiners find the information to be true.

The ministry's regulation constitutes a derivative rule of the Governmental Regulation No. 36 of 2023 regarding DHE generated from natural resources, which will come into effect starting from August 1 this year.

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Translator: Imamatul Silfia, Tegar Nurfitra
Editor: Azis Kurmala
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