Economic Coordinating Minister Darmin Nasution claims that he has heard about Singaporean banks striving to keep Indonesian assets from leaving their vaults to avail of the tax amnesty program.

However, the Indonesian government has decided to keep silent on the matter and prepare several measures to respond it.

"We have heard about it, but I will not comment on it right now," Darmin told thejakartapost.com at his office on Monday in Jakarta.

Several Singaporean banks are apparently offering programs aimed at discouraging Indonesian customers from repatriating their assets.

They are offering such things as zero percent interest on loans to Indonesian businesspeople, Singaporean citizenship and waiving declaration fees, according to Indonesian Employers Association (Apindo) chairman Hariyadi Sukamdhani.

Based on government data, Rp 3.14 quadrillion (US$239.89 billion) in Indonesian funds is parked abroad to evade tax and Singapore is one of the preferred destinations. There are 903 accounts in Singapore owned by Indonesian businesspeople. (ags)

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Eds note: the mistaken currency translation in the last paragraph has been corrected.