The Inaugural Issuance of Rp. 10,000 to Mark the Indonesian Independence Day

The Inaugural Issuance of Rp. 10,000 to Mark

the Indonesian Independence Day

http://www.thejakartapost.com/news/2014/08/20/citizen-journalism-new-banknote-marks-independence-day.html

Something special is present in marking the most special day for Indonesia in my office today. Jubilant faces were lined up orderly in the field to follow the sacred procession of flag hoisting ceremony led by Agus D.W Martowardojo, the Governor of Bank Indonesia. In his speech, the Governor disclosed that this Indonesian Independence Day is also in coincidence with the inaugural issuance of Rp100,000.

The new redesigned bank notes—dubbed the Unitary State of the Republic of Indonesia (Negara Kesatuan Republik Indonesia/NKRI) money is the first bill in compliance with Law No. 7 of 2011 on Currency that seeks to promote the use of Indonesian Rupiah in domestic transaction conducted in Indonesia. The law is among others stipulated to grant the Finance Minister the right to sign banknotes together with Bank Indonesia. This new banknote with the joint signature should be printed and circulated stating Aug. 17, 2014. The law would give the government a stronger legal base for managing the rupiah in the future.

However, the new bank note will not be replacing the one currently in circulation just yet. As Peruri's printing capacity is limited, the amount of new banknote printed is still small.

The scorching heat as the sun slowly set high, did not stop the annual feast, to commemorate the day when Indonesia acquires its freedom after more than three centuries of fear, terror, tear, and blood. Yes, we may not experience the bloody history, but we learn it by heart. Therefore, we feel the joy in celebrating the day. Freedom is priceless. It is our sacred duty to honor our fallen heroes and founding fathers by doing our best for the benefit of our country.

As the governor left the field, heading for the Sacred State Flag hoisting ceremony at the Palace, we were dismissed. Many took selfie pictures, posted in their social media page fan. Some were rushing to the parking lot, avoiding the traffic around the building, by departing early. While some others went straight to the cashier counters at C Building Complex to get the new Rp. 100,000 bill. I followed the latter, curious to know the atmosphere in the bill exchange room. Yes, we had the opportunity to collect the bills for the first liners.

Excited faces have queued in front of the cashiers. To my surprise, it was not overcrowded as I expected. Only tens of BI staffs joined the line, waiting expectantly to get the bill. All were served in a timely manner. Many took pictures of the new bill, waving the money with beaming face. I just smiled seeing the action.

On closer look, the new banknotes have "Negara Kesatuan Republik Indonesia" (Republic of Indonesia) written on them, replacing the name of the current issuer, Bank Indonesia. They still have the same denominations as the current notes, still have pictures of national figures, and are claimed to be harder to counterfeit. They also have Indonesia's first president and vice president, Soekarno and Hatta, on the observe side (face).  Another new design is the elimination of BI deputy governor's signature; replaced by the signature of the Finance Minister. The bills still hold BI Governor's signature.

This joint signature of BI Governor and Finance Minister indicates that another person and another institution are now also accountable over the money issued. In plain view, there are now two parties responsible for the Indonesian money: the government and the central bank. It means that the Indonesian currency is not only supported by the monetary sector, but also by the fiscal sector.

Asked as to why my colleagues collected the new bank notes, they voiced several reasons differently. Mega and Dony, staff at the Human Resources Department wanted the bill as this is its inaugural issuance so it would be totally cool to have it first. Nuki of Assets Management Department went to a great length for the new bank note out of curiosity while some others whom I interviewed said in a chorus that they wanted to show it off.