Miners seek exemption from L/C requirement
Thursday, April 2 2015 - 02:34 AM WIB
As many as 10 mineral mining firms and 23 coal miners have requested for exemption from a new Ministry of Trade policy requiring the use of L/C payment system in export, Bisnis Indonesia reported on Thursday.
The paper quoted Director General of Mineral and Coal R. Sukhyar as saying that the mining firms are concerned that the switch to the L/C system will increase cost, and affect export amid the current downturn in global coal and mineral markets.
Sukhyar, however, said that the ministry of trade has yet to respond to the request.
The Ministry of Trade has issued a new regulation requiring the use of the L/C payment system in the export of certain commodities including coal, minerals, palm oil, and oil and gas. The policy was supposed to be effective April 1.
The ministry, however, has exempted oil and gas exports from the L/C requirement. (*)