JAKARTA. The Central Bank will implement new rules for the bilyet giro transaction on 1 April 2017. This new regulation will restrict the giro transaction. The rules are stipulated under BI Regulation (PBI) No. 18/41/PBI/2016 on Bilyet Giro and the BI Circulation Letter No 18/40/DSP on Funds Transfer and Scheduled Clearing by BI.Those two regulations set details on giro transaction. Under the regulations, starting from 1 April 2017, the maturity period of the bilyet giro will be extended from a maximum of 70 days plus 6 months to only 70 days. Also, the amount of bilyet giro clearing will be revised from Rp 500 million to unlimited.Head of Treasury and Loan Operations Department at BI Bramudija Hadinoto said, the rules have set a clear distinction between cheque and giro, as well as stated that the bilyet giro cannot be transferred. The previous rules had mentioned that direction. “But, at the practical level, it (the bilyet giro) could be transferred,” said Bamudija.
Bilyet giro transaction would be restricted
JAKARTA. The Central Bank will implement new rules for the bilyet giro transaction on 1 April 2017. This new regulation will restrict the giro transaction. The rules are stipulated under BI Regulation (PBI) No. 18/41/PBI/2016 on Bilyet Giro and the BI Circulation Letter No 18/40/DSP on Funds Transfer and Scheduled Clearing by BI.Those two regulations set details on giro transaction. Under the regulations, starting from 1 April 2017, the maturity period of the bilyet giro will be extended from a maximum of 70 days plus 6 months to only 70 days. Also, the amount of bilyet giro clearing will be revised from Rp 500 million to unlimited.Head of Treasury and Loan Operations Department at BI Bramudija Hadinoto said, the rules have set a clear distinction between cheque and giro, as well as stated that the bilyet giro cannot be transferred. The previous rules had mentioned that direction. “But, at the practical level, it (the bilyet giro) could be transferred,” said Bamudija.