UU 7/2011 — Mata Uang / Currency
Undang-Undang Republik Indonesia Nomor 7 Tahun 2011 tentang Mata Uang
Full official text: JDIH Kementerian Keuangan · JDIH BPK RI
The reason every payment obligation in the pack settles in rupiah, whatever unit it is denominated in.
Pasal 21 — obligation to use Rupiah
Relied on by: shareholders agreement Article 4, land rights agreement §2.3 and §12, century index thesis T6.
| Bahasa Indonesia | English |
|---|---|
| Rupiah wajib digunakan dalam: a. setiap transaksi yang mempunyai tujuan pembayaran; b. penyelesaian kewajiban lainnya yang harus dipenuhi dengan uang; dan/atau c. transaksi keuangan lainnya yang dilakukan di Wilayah Negara Kesatuan Republik Indonesia. | Rupiah must be used in: a. every transaction having the purpose of payment; b. the settlement of other obligations that must be met with money; and/or c. other financial transactions carried out within the territory of the Unitary State of the Republic of Indonesia. |
Pasal 23 — prohibition on refusing Rupiah
| Bahasa Indonesia | English |
|---|---|
| Setiap orang dilarang menolak untuk menerima Rupiah yang penyerahannya dimaksudkan sebagai pembayaran atau untuk menyelesaikan kewajiban yang harus dipenuhi dengan Rupiah dan/atau untuk transaksi keuangan lainnya di Wilayah Negara Kesatuan Republik Indonesia, kecuali karena terdapat keraguan atas keaslian Rupiah. | Every person is prohibited from refusing to accept Rupiah tendered as payment, or in settlement of an obligation that must be met in Rupiah, and/or for other financial transactions within the territory of the Unitary State of the Republic of Indonesia, except where there is doubt as to the authenticity of the Rupiah. |
What this means for our documents
A sum may be denominated in any unit — US dollars, basket quantities, anything. What may not happen is settlement in a currency other than rupiah for a transaction inside Indonesia. Hence the pattern used throughout the pack: the figure is fixed in dollars, the payment is made in rupiah, converted at the JISDOR rate published by Bank Indonesia on the payment date.
JISDOR — Jakarta Interbank Spot Dollar Rate — is Bank Indonesia's official daily USD/IDR reference, which is why it is the conversion source named in every payment clause rather than a bank's own rate.