Bank Indonesia (BI) Head Marlison Hakim confirms that circulating coin rupiah remains valid for payment in Indonesia. For currency exchange, BI offers three services: exchange of damaged or withdrawn banknotes, exchange of withdrawn coins, and exchange through Bank Indonesia’s PINTAR mobile app. Marlison stresses that coins can be exchanged via Bank Indonesia’s mobile app or common banks, as per the 2011 Currency Law. Recent viral social media videos showed a BI employee denying an customer’s coin exchange, with the customer claiming they were asked to dispose of 8 kg of coins. Marlison assured that BI’s commitment to serving customers remains a priority.
Title: "Spreading Video: Citizens Exchanging OldCurrency rejected, BI Speaks Out"
Introduction
In recent days, a video has been circulating on social media platforms in Indonesia, depicting citizens attempting to exchange old IDR (Rupiah) currency notes at a bank but being turned away. The video, which appears to show a bank employee refusing to accept the old notes, has sparked outrage and confusion among the public. The Bank Indonesia (BI), the country’s central bank, has since addressed the issue, aiming to clarify the existing regulations and dispel misconceptions.
The Video
The video, which has been widely shared on platforms like WhatsApp, Facebook, and Twitter, shows a man trying to exchange a stack of old IDR 50,000 and 100,000 banknotes at a bank. The bank employee can be seen refusing to accept the notes, citing that the bank only accepts new notes. The video has raised questions about the validity of old currency notes and the regulations surrounding their exchange.
Bank Indonesia’s Statement
Bank Indonesia has swiftly addressed the issue, releasing a statement to clarify the matter. The central bank confirmed that both old and new banknotes maintain their legal tender status and can be used for transactions. However, they explained the context behind the bank employee’s action in the video.
According to BI, banks have the right to refuse old notes due to their worn-out condition, which can hamper the Automatic Teller Machine (ATM) and cash recycling process. Here are the key points from BI’s statement:
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Legal Tender Status: Both old and new banknotes are legal tender and have the same value. They can be used for transactions at any place of business.
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Refusal of Worn-Out Notes: Banks can refuse old notes that are in poor condition or torn, as they can disrupt the cash recycling process and damage ATMs. However, they must still accept new banknotes.
- Exchange at BI Offices: Citizens can exchange their old notes for new ones at Bank Indonesia offices or any commercial banks, free of charge. There is no limit to the amount that can be exchanged.
The Importance of Coins and Fungibility
Bank Indonesia also took the opportunity to remind the public of the importance of using coins, which are legal tender just like banknotes. Coins help to reduce the burden on banknotes, increase transaction efficiency, and maintain the fungibility of money – the quality of being interchangeable and divisible without losing value.
Conclusion
The spreading video has highlighted the importance of understanding the regulations surrounding currency notes and their exchange. Both old and new banknotes remain legal tender, and citizens can exchange their old notes at banks or Bank Indonesia offices without any hassle. The key takeaway is that while banks can refuse old notes in poor condition, they must still accept new notes and coins. Bank Indonesia encourages the public to use a mix of banknotes and coins to maintain the smooth flow of money in the country’s economy.
