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Jakarta, CNBC Indonesia – The RI Legislative Body Expert Team of DPR (Baleg) is currently drafting a revision of Law No. 23 of 1999 relating to Bank Indonesia (BI). In this review, one of the things to do is return banking supervision to BI.
Baleg’s Team of Experts stated that in article 34 of Law 23/1999 it was stipulated that banking supervision was in the hands of the Financial Services Authority (OJK), so it will be modified in this review.
“In article 34, there is a transfer of a change of power authority. Previously, banking supervision was in charge of the OJK, so according to the bill, this is transferred to remain the authority of the Bank from Indonesia, “Baleg’s expert team said on Monday (8/31/2020).
Baleg’s team of experts said that after being amended, this article 34 will become article 31, paragraph 1, which contains the return of the authority of the OJK related to banks to BI. The maximum repayment term is 3 years.
“The task of supervising the banks which has been carried out by the Financial Services Authority has been transferred to the Bank of Indonesia. The transfer of functions to supervise the banks as mentioned in paragraph one will be carried out no later than 31 of December 2023, “said the expert team.
The process of returning this authority is done in stages after meeting all the requirements. The requirements are established from the budget, the organizational structure to the various implementation standards in the form of legal instruments.
“Everything must be reported to the Indonesian Parliament.”
Ahmad Baidhowi, deputy director of the Baleg DPR, said today that a meeting was held to draw up a temporary draft. And that is what the experts do.
“So before the inaugural AT presentation meeting [Tenaga Ahli] related to the revision of the BI Law. Subsequently, Baleg will prepare the academic manuscript and the bill. One of them is that the meaning of independence should be interpreted within the framework of the Republic of Indonesia, not as freely and independently as possible. Don’t be like a country within another country. But there is still a long way to go in preparation, “Ahmad told CNBC Indonesia.
According to Ahmad, the DPR proposed the revision of the BI Law. Later, he continued, the government will formulate a DIM or List of Inventory of Problems to respond to the formulation of the bill.
[Gambas:Video CNBC]
(dru)
