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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.
Therefore, the new rules require the sender to write down the name of the receiver. In this case, BI will fine a bank, which still accepts the giro without the recipient’s name, Bramudija said, Friday (24/2).
Furthermore, the new regulations aim at protecting the interests of the user and the recipient of giro, including the bank, the issuer, and the recipient.
The Director of PT Bank Central Asia Tbk (BCA) Santoso Liem said, the new rules on the maximum of clearing bilyet giro at Rp 500 million, as well as the maximum of bilyet giro maturity in maximum of 70 days could make the customers feel inconvenient. “The customers might decide to shift to other payment methods,” Santoso said, Friday (24/2).
Conversely, the President Director of PT Bank Mayapada Tbk Haryono Tjahjarijadi said, the BI’s policy in limiting the nominal rate of bilyet giro issuance has been appropriate. “To date, the nominal rate of issued giro bilyet has been set at more than Rp 500 million. In fact, there has been a real time gross settlement (RTGS) method for a large amount of payment,” Haryono said.
The Financial and Treasury Director PT Bank Tabungan Negara Tbk (BTN) Iman Nugroho Soeko said, the new regulations can minimize the case of bilyet giro fraudulent, which includes the signature fraud, the authorized signature card fraud, and the identity fraud.
The complete identity will reduce the manipulation of giro in financila transaction. “The incomplete bilyet giro could be traded in irresponsible manner,” Iman said.
According to Bramudija, BI would suggest the use of bilyet giro for the minor transaction or the retail transaction. Meanwhile, BI would suggest the use of credit transfer for a larger transaction, on the grounds that this type of transaction provides the good funds and certainties for many participants.
(Muhammad Farid/Translator)
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