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Indonesia’s monetary authority, Bank Indonesia, has issued regulation No. 17/3/PBI/2015 on the Requirement to Use Rupiah Within the Territory of the Republic of Indonesia (the “BI Regulation”). The BI Regulation serves as an implementing regulation to Law No. 7 of 2011 on Currency (the “Currency Law”). Bank Indonesia issued the regulation with a view of easing the pressure on the declining rupiah.
by Saudaranta Tarigan , Senior Associate, and Narada Kumara , Junior Associate
by Tony Budidjaja , Managing Principal
By Diana Kusumasari , Senior Associate
Indonesia's House of Representatives is currently considering a new draft banking bill (the Banking Bill ) which, if passed into law in its current form, will:
he House of Representatives ("DPR") recently passed the bill on Insurance. The provisions of the bill will come into force after the president assents to it or at any rate within 30 days of its passage at the DPR. The 2014 Insurance Law will replace Law No. 2 of 1992 on Insurance. Within Indonesia's legislative structure the Insurance Law regulates insurance businesses, core insurance concepts however are largely left to the Civil and Commercial Codes.
On 16 September 2014 the House of Representative revoked Law No. 19 of 2002 (" Old Copyright Law ") with the Bill on Copyright, which will become law and receive a number upon the earliest of being signed by the President or 30 days (" New Copyright Law "). The New Copyright Law is an effort from the lawmakers to protect the economic and moral rights of creators and owners as the essential element in the development of national creativity.
Negative Investment List
The Government has issued Presidential Regulation No. 39 of 2014 (PR 39/2014), which sets out the new negative investment list containing the business sectors that are closed or are partially open to foreign and domestic investment. The new negative investment list will replace the previous list under PR 36/2010, with a view of integrating Indonesia's economy to ASEAN, as well as accelerating development in the regions.
Article 35 of Law No. 2 of 2008, as amended by No. 2 of 2011, on Political Parties ("Political Party Law") provides for contributions to political parties, Articles 94 to 96 of Law No. 42 of 2008 on Presidential and Vice Presidential Elections ("Presidential Elections Law") provides for contributions to political campaigns, and Law No. 8 of 2012 on the Election of the House of Representatives, the Regional Representative Council and Regional House of Representatives (the "Legislative Elections Law") provides for contributions to House of Representatives campaigns.