Foreign exchange control regulations : the Republic of Korea effective from March 25, 1988

목차 (Table of Contents)

• CONTENTS
• FOREIGN EXCHANGE CONTROL LAW
• Chapter Ⅰ. General Provisions
• 1. Purpose = 1
• 2. Mitigation of Restrictions = 1
• 3. Objects of Application = 1
• 4. Definitions = l
• 5. Exchange Rate = 3
• 6. Designation of Currency = 3
• 7. Emergency Suspension of Transaction = 3
• 7-2. Collateral = 3
• Chapter Ⅱ. Foreign Exchange Bank and Money Exchangers
• 8. Authorization of Foreign Exchange-Business = 4
• 9. Authorization for Creating Contracts = 4
• 10. Money Exchanger Business = 4
• 11. Duty to Confirm Business = 5
• 11-2. Supervision = 5
• 12. Revocation of Authorization, Suspension and Restrictions of Business = 5
• 13. Application of the Bank of Korea Act and the General Banking Act = 5
• Chapter Ⅲ. Foreign Exchange Deliberation Committee
• 14. Foreign Exchange Deliberation Committee = 5
• Chapter Ⅳ. Foreign Exchange Supply and Demand Plan and Foreign Exchange Equalization Fund
• 15. Foreign Exchange Supply and Demand Plan = 6
• 16. Foreign Exchange Control Special Account = 6
• 16-2. Foreign Exchange Equalization Fund = 7
• Chapter Ⅴ. Concentration of Foreign Exchange
• 17. Concentration of Residents' Foreign Means of Payment = 7
• 18. Concentration of Non-residents' Foreign Means of Payment, Etc. in Korea = 8
• 19. Concentration of Non-residents' Domestic Means of Payment, Etc. = 8
• 20. Duty to Collect Credits = 8
• Chapter Ⅵ. Restriction and Prohibition
• 21. Payment = 9
• 22. Payment for Compensation = 9
• 23. Credits = 9
• 24. Securities in Korea = 10
• 25. Securities in Foreign Countries = 10
• 26. Issuance, Flotation or Subscription for Securities = 10
• 27. Export and Import of Means of Payment, Etc. = 11
• 28. Services = 11
• 29. Acquisition and Disposal of Real Estate in Foreign Countries = 11
• 30. Acquisition and Disposal of Real Estate in Korea = 11
• Chapter Ⅶ. Report and Examination, Etc.
• 31. Reports = 11
• 32. Examination = 12
• 33. Delectation = 12
• 34. Enforcement Decree = 12
• Chapter Ⅷ. Penalties
• 35. Penalties = 13
• 36. Ditto = 13
• 36-2. Forfeiture and Additional Collection = 13
• 37. Concurrent Imposition of Penalties = 13
• 38. Corrective Fine = 14
• Addenda = 14
• ENFORCEMENT DECREE OF FOREIGN EXCHANGE CONTROL LAW
• Chapter Ⅰ. General Previsions
• 1. Purpose = 15
• 2. Definitions = 15
• 3. Ruling on Residents or Non-residents = 15
• Chapter Ⅱ. Foreign Exchange Banks and Money Exchangers
• 4. Application for Authorization for Foreign Exchange Banks = 16
• 5. Standards of Authorization for Foreign Exchange Business = 16
• 6. Restriction on Foreign Exchange Business = 17
• 7. Operating Funds of Foreign Bank Branches = 17
• 8. Establishment of Branches, Etc. of Foreign Exchange Banks = 17
• 9. (Deleted) = 18
• 10. Applications for Authorization for Money Exchangers = 18
• 11. Standards of Authorization for Money Exchanger = 18
• 12. Money Exchanger's Transactions = 18
• 13. Duty of Sales by Money Exchangers = 18
• 14. Duty of Bookkeeping = 19
• 15. Signboard for Foreign Exchange Banks and Money Exchangers = 19
• Chapter Ⅲ. Foreign Exchange Supply and Demand Plan
• 16. Formulation of Foreign Exchange Supply and Demand Plan = 19
• 17. Change of Supply and Demand Plan = 20
• 18. Request for and Submission of Data for Supply and Demand Plan = 20
• 19. Execution of Supply and Demand Plan = 21
• 20. Reserve Funds = 21
• Chapter Ⅳ. Classification of Accounts of the Fund
• 21. Classification of Accounts of the Fund = 21
• 22. Operation of the Fund = 21
• 23. Appraised Profit and Loss of Foreign Currency Fund = 22
• 24. Fund Bond = 22
• 25. Fund Bond Denominated in Foreign Currency = 22
• 26. Organization in Charge of Office Work = 22
• Chapter Ⅴ. Concentration of Foreign Exchange
• 27. Residents' Duty of Concentration of Foreign Means of Payment, Etc. = 23
• 28. Non-residents' Means of Payment in Korea = 23
• 29. Exemption from Duty of Concentration = 24
• 30. Order to Sell. Etc. = 24
• 31. Duty to Collect Credits = 25
• Chapter Ⅵ. Exemption from Restrictions and Prohibitions
• 32. Exemption from Restrictions and Prohibitions on Payment = 25
• 33. Exemption from Restrictions and Prohibitions on Credits = 26
• 34. Export and Import of Means of Payment, Etc. = 26
• 35. Securities = 27
• 35. Contract on Service = 28
• 37. Acquisition and Disposal of Real Estate = 28
• Chapter Ⅶ. Standards of Permission
• 38. Standards of Permission = 29
• 39. Additional Terms and Conditions = 30
• 40. Cases Where Permission, Etc. is not Required = 30
• 41. Furnishing of Collateral = 31
• 41-2. Revocation of Collateral to National Treasury = 32
• 42. Follow-up Control = 32
• 43. Delegation of Powers = 33
• 44. Cooperation with Ministries Concerned = 34
• 45. Enforcement Regulations = 34
• Addenda = 34
• REGULATIONS ON FOREIGN EXCHANGE DELIBERATION COMMITTEE
• 1. Purpose = 39
• 2. Functions of the Committee = 39
• 3. Duties of Chairman = 39
• 4. Meeting = 39
• 5. Method of Decision = 40
• 6. Term of Office of Entrusted Committee Members = 40
• 6-2. Allowance = 40
• 7. Secretary = 40
• 8. Subcommittee and Working-level Conference = 40
• 9. Minutes of Meeting = 41
• 10. Reports = 41
• 11. Detailed Rules = 41
• Addenda = 41
• FOREIGN EXCHANGE CONTROL REGULATIONS
• Chapter 1. General Provisions
• Section 1. Purpose and Definitions = 43
• 1-1. Purpose = 43
• 1-2. Definitions = 43
• Section 2. Exchange Rates and Commission Rates = 51
• 1-3. Basic Exchange Rate = 51
• 1-4. Foreign Exchange Buying and Selling Rates = 51
• 1-5. Inter-Bank Buying and Selling Rates = 51
• 1-6. Bank of Korea Concentration Rates = 51
• 1-7. Foreign Exchange Buying and Selling Rates Applicable to Customers = 52
• 1-8. Handling Commissions = 53
• Section 3. Designation of Currencies = 54
• 1-9. Designation of Currencies = 54
• 1-10. Use of Non-designated Currencies = 54
• Section 4. Eligibility for Residency = 55
• 1-11. National's Eligibility for Residency = 55
• 1-12. Alien's Eligibility for Residency = 56
• 1-13. Eligibility for Residency for Family = 56
• 1-14. Eligibility for Residency for Juridical Persons = 56
• 1-15. Eligibility for Residency for U.S. Forces and U.N. Forces, Etc. = 57
• 1-16. Application for Decision on Eligibility for Residency = 57
• Chapter Ⅱ. Foreign Exchange Banks
• Section 1. Classification and Authorization of Foreign Exchange Banks = 59
• 2-1. Classification of Foreign Exchange Banks = 59
• 2-2. Authorization of Foreign Exchange Banks = 59
• 2-3. Foreign Exchange Business Agencies = 61
• 2-4. Same Unity of Head Office and Branches = 61
• Section 2. Duty of Foreign Exchange Banks = 62
• 2-5. Establishment of Exclusive Department = 62
• 2-6. Disposition of Experts = 62
• 2-7. Confidentiality, Etc. of Foreign Exchange Transactions = 62
• 2-8. Maintenance of Books = 63
• 2-9. Signboard of Business Office = 63
• 2-9-2. Enactment and Operation of Handling Guidelines for Delegated Business = 63
• Section 3. Holding and Operations of Foreign Exchange = 64
• 2-10. Foreign Currency Fund Holdings by Foreign Exchange Banks = 64
• 2-11. Limits of Overbought and Oversold Positions of Foreign Exchange = 64
• 2-12. Ceiling Management, Etc. of Foreign Exchange Overbought and Oversold Positions = 65
• 2-13. Restrictions, Etc. on Operations of Foreign Currency Assets and Liabilities = 66
• Section 4. Inter-bank Transactions, Etc. = 66
• 2-14. Creation of Foreign Correspondent Agreements = 66
• 2-15. Inter-bank Foreign Exchange Buying and Selling = 66
• 2-16. Foreign Exchange Bank's Borrowing and Lending, Etc. of Foreign Currency Funds = 67
• 2-17. Foreign Currency Fund Raising and Operations Plan = 68
• Section 5. Sale and Purchase of foreign Exchange = 69
• 2-18. Sale of Foreign Exchange = 69
• 2-19. Purchase of Export Bills of Exchange = 69
• 2-19-2. Issue of Traveler's Checks Denominated in Won Currency for Non-residents = 69
• 2-20. Issue and Delivery of Certificate of Foreign Exchange Purchased = 70
• 2-21. Foreign Exchange Bank's Re-exchange = 70
• Section 6. Financial Futures Transaction, Etc. = 71
• 2-22. Forward Exchange Transaction = 71
• 2-23. Financial Futures Transaction = 71
• 2-24. Swap Transaction = 72
• 2-25. Financial Futures Transaction, Etc. of Foreign Exchange Banks = 72
• 2-26. Detailed Matters = 72
• Section 7. Foreign Currency Lending Business = 73
• Subsection 1. Payment Guarantee = 73
• 2-27. Payment Guarantee in Foreign Currency = 73
• 2-28. Payment Guarantee, Etc. Denominated in Domestic Currency = 75
• 2-29. (Deleted) = 75
• Subsection 2. Lending of Foreign Currency Funds = 75
• 2-30. Creation, Etc, of Credits Due to Lending of Foreign Currency Funds = 75
• 2-31. Disposition, Etc. of Pledge on Foreign Currency Loans = 76
• 2-32. Lending of Foreign Currency Funds = 76
• 2-33. Lending of Exim Bank Funds = 76
• 2-34. Subloans from Foreign Loan Funds = 77
• Subsection 3. Banker's Acceptance = 77
• 2-35. Acceptance, Etc. of Bills of Exchange Drawn under Exports to Korea = 77
• Section 8. Branches of Foreign Banks = 77
• 2-36. Classification of Operating Funds of Foreign Bank Branches = 77
• 2-37. Fund A = 77
• 2-35. Fund B = 75
• 2-39. Transactions between Head Office and Branches of Foreign Banks = 79
• 2-40. Settlement of Accounts, Etc. of Branches of Foreign Banks = 79
• 2-41. Appropriation of Profit and Branches of Foreign Banks = 79
• Section 9. Foreign Exchange Business of the Bank of Korea = 80
• 2-42. Foreign Exchange Business of the Bank of Korea = 80
• 2-43. Creation of Foreign Correspondent Agreements by the Bank of Korea = 81
• 2-44. Intermediation of Foreign Exchange Business = 81
• 2-45. Overseas Offices = 81
• 2-46. Foreign Exchange Market Operations = 81
• Section 10. Establishment and Operation of Overseas Offices of Foreign Exchange Banks = 82
• 2-47. Classification of Overseas Offices = 82
• 2-48. Authorization. Etc. for Establishment = 82
• 2-49. Handling Procedures for Authorization, Etc. for Establishment = 83
• 2-50. Establishment and Operating Expenses, Etc. of Overseas Offices = 83
• 2-51. Limit of Business of Overseas Branches = 84
• 2-52. (Deleted) = 85
• 2-53. Transactions of Foreign Exchange Banks with Overseas Branches = 85
• 2-54. Creation, Etc. of Credits Related to Loans by Overseas Branches to Korean Residents Overseas = 86
• 2-55. Sale and Purchase of Domestic Means of Payment by Overseas Branches = 86
• 2-56. Business of Overseas Offices = 87
• 2-57. Business Report = 87
• Section 11. Overseas Banking Corporation, Etc. = 88
• 2-58. Investment in Overseas Banking Corporation, Etc. = 88
• 2-59. Establishment, Etc. of Overseas Banking Corporation's Subsidiary = 88
• 2-60. Handling Procedure for Permission, Etc. = 89
• 2-61. Overseas Banking Corporation's Business Restriction. Etc. = 89
• 2-62. Business Report = 89
• Chapter Ⅲ. Money Exchangers
• 3-1. Authorization for Money Exchangers = 90
• 3-2. Business of Money Exchangers = 90
• 3-3. Money Exchanger's Foreign Exchange Buying and Selling Rates = 91
• 3-4. Ceiling of Money Exchanger's Foreign Currency Holdings = 91
• 3-5. Visiting Money Exchange = 92
• 3-6. Close-down of Money Exchanger = 92
• 3-7. Delegation = 92
• Chapter Ⅳ. International Postal Money Order Services by Agencies of the Ministry of Communications
• 4-1. Purchase of Foreign Postal Money Orders = 93
• 4-2. Issuance of International Postal Money Orders = 93
• 4-3. Approval of Invisible Trade Payments by Head of Issuing Agency = 94
• 4-4. Settlement, Etc. of Funds for International Festal Money Orders = 95
• 4-5. Duty of Agencies = 95
• 4-6. Handling Commission = 96
• Chapter Ⅴ. Export and Import of Means of Payment, Etc.
• 5-1. Cases Where Permission for Export and Import of Means of Payment, Etc. is not Required = 97
• 5-2. Permit for Export and Import of Means of Payment, Etc. = 99
• 5-3. Head Customs Officer's Action to Prohibit Export, Etc, = 100
• Chapter Ⅵ. Concentration of Foreign Exchange
• Section 1. Concentration by Sale and Deposit = 101
• 6-1. Sale of Foreign Exchange = 101
• 6-2. Sale of Gold = 102
• 6-3. Exemption, Etc. of Duty to Confirm = 102
• Section 2. Concentration by Registration and Custody = 103
• 6-4. Registration by Residents Who Are Nationals = 103
• 6-5. Registration of Foreign Currencies by Non-residents = 103
• 6-6. Resident's Duty of Custody = 104
• 6-7. Non-resident's Duty of Custody = 104
• 6-8. Custody Certificate. Etc. = 104
• 6-9. Disposition of Means of Payment, Etc. in the Custody = 105
• Section 3. Exemption from Duty of Concentration = 106
• 6-10. Holding of Foreign Currencies Abroad = 106
• 6-11. Exemption from Duty of Concentration = 107
• 6-12. Exemption from Duty of Collecting Credits = 108
• Chapter Ⅶ. Foreign Currency Deposits
• Section 1. General Provisions = 110
• 7-1. Kinds of Foreign Currency Deposit Accounts = 110
• 7-2. Depositary Banks = 110
• 7-3. Currencies for Deposit = 110
• 7-4. Interest Rates = 110
• 7-5. Deposit Certificates, Etc. = 111
• 7-6. Guarantee of Validity of Foreign Currency Deposits = 111
• 7-7. Payment of Agency Commission = 111
• 7-8. Ensuring of Secrecy = 111
• Section 2. Bank Accounts = 112
• 7-9. Bank Account Openers = 112
• 7-10. Deposit in Bank Accounts = 112
• 7-11. Disposition of Bank Accounts = 112
• Section 3. Foreign Currency Deposit Certificate Accounts = 113
• 7-12. Opening of Foreign Currency Deposit Certificate Accounts = 113
• 7-13. Deposit in Foreign Currency Deposit Certificate Accounts = 113
• 7-14. Disposition of Foreign Currency Deposit Certificate Accounts = 113
• Section 4. Overseas Accounts = 114
• 7-15. Overseas Amount Openers = 114
• 7-16. Deepest in Overseas Accounts = 114
• 7-17. Disposition of Overseas Accounts = 114
• Section 5. Resident Accounts = 115
• 7-18. Resident Account Openers = 115
• 7-l9. Deposit in Resident Accounts = 115
• 7-20. Disposition of Resident Accounts = 116
• 7-21. Withdrawal. Etc. from Resident Account = 116
• 7-22. Closing, Etc. of Resident Accounts = 117
• Section 6. Non-resident Won Currency Deposits = 117
• 7-23. Opening of Non-resident Won Currency Accounts = 117
• 7-24. Deposit in Non-resident Won Currency Account = 117
• 7-25. Disposition of Non-resident Won Currency Account = 118
• 7-26. Closing of Non-resident Won Currency Accounts = 118
• 7-27. Control of Non-resident Won Currency Accounts = 119
• Section 7. Overseas Emigrant Accounts = 119
• 7-28. Opening of Overseas Emigrant Accounts = 119
• 7-29. Deposit in Overseas Emigrant Accounts = 119
• 7-30. Disposition of Overseas Emigrant Accounts = 119
• 7-31. Closing of Overseas Emigrant Accounts = 120
• Chapter Ⅷ. Foreign Exchange Supply and Demand Plan, Etc.
• 8-1. Execution of Foreign Exchange Supply and Demand Plan = 121
• 8-2. Allocation of Payment Limits = 121
• 8-3. Report on Execution of Foreign Exchange Payment Programs = 121
• 8-4. Government Use of Foreign Exchange = 122
• Chapter Ⅸ. Settlement Methods
• Section 1. Kinds, Etc. of Standard Settlement Methods = 123
• 9-1. Kinds of Standard Settlement Methods = 123
• 9-2. Scope of Export Proceeds and Import Prices = 123
• Section 2. Visible Trade Standard Settlement Methods = 124
• 9-3. Export Standard Settlement Methods = 124
• 9-4. Import Standard Settlement Methods = 125
• Section 3. Invisible Trade Standard Settlement Methods = 126
• 9-5. Invisible Trade Receipt Standard Settlement Methods = 126
• 9-6. Invisible Trade Payment Standard Settlement Methods = 130
• Section 4. Non-standard Settlement Methods, Etc. = 131
• 9-7. Permission-unnecessary Non-standard Settlement Methods = 131
• 9-8. Matters Subject to License by Head of Foreign Exchange Bank = 132
• 9-9. Matters Subject to Permission by Governor of the Bank of Korea = 135
• 9-10. Handling Procedure for Non-standard Settlement = 135
• Section 5. Imports on Deferred Payment Basis = 135
• 9-11. Items Eligible for Import on Deferred Payment Basis and Period = 135
• 9-12. Applicable Interest Rates = 137
• 9-13. Import Ceiling = 137
• Section 6. Imports on Installment Payment Basis = 137
• 9-14. Eligible Items for Import on Installment Payment Basis = 137
• 9-15. Installment Payment Period = 138
• 9-16. Down Payment = 138
• 9-17. Applicable Interest Rates = 138
• 9-18. Payment Guarantee = 138
• 9-l9. Ceiling of Imports on Installment Payment Rates = 139
• Section 7. Advances for Export = 139
• 9-20. Eligibles for Receipt = 139
• 9-21. Receiving Limits = 139
• 9-22. Period for Performance of Corresponding Exports = 140
• 9-23. Applicable Interest Rates = 140
• 9-24. Fund Source = 140
• 9-25. Guarantee for Refund = 140
• 9-26. Restriction of Transactions between Head Office and Branches = 141
• 9-27. Performance of Experts = 141
• Section 8. Exports under Simple Remittance Method = 141
• 9-28. Applicable Scope = 141
• 9-29. Receiving Limits = 141
• 9-30. Provisions Applicable Mutatis Mutandis = 141
• 9-31. Receiving Method of Any Person Subjected to Limitation of Receiving Qualifications = 142
• Section 9. Down Payment for Export = 142
• 9-32. Eligible Items = 142
• 9-33. Ratio of Receipt = 142
• 9-34. Implementation of Expert = 142
• 9-35. Provisions Applicable Mulatis Mutandis = 142
• Chapter Ⅹ. Foreign Exchange Transaction Margin
• 10-1. Duty to Deposit = 143
• 10-2. Deposit Currency = 143
• 10-3. Depositaries = 143
• 10-4. Time for Deposit = 143
• 10-5. Deposit Rates = 144
• 10-6. Standard Deposit Amount = 144
• 10-7. Time for Disposition = 144
• 10-8. Management of Foreign Exchange Transaction Margins = 144
• 10-9. Exemption from Deposit of Foreign Exchange Transaction Margins = 145
• 10-10. Application, Etc. for Admission of Reasons for Exemption from Obligation of Reversion to National Treasury = 146
• 10-11. Request for Notice of Payment = 146
• Chapter XI. General Provisions for Invisible Trade Transactions
• Section 1. General Provisions = 147
• 11-1. Applicable Scope, Etc. = 147
• 11-2. Restriction-exempt Transactions = 148
• 11-3. Permission by the Governor of the Bank of Korea = 153
• 11-4. Limits of Foreign Exchange Purchased by Alien Residents = 153
• 11-5. Payment, Etc. by Non-residents = 153
• 11-6. UNESCO coupon = 154
• Section 2. Service Transactions = 154
• Subsection 1. Overseas Construction and Service Business = 154
• 11-7. Permission for Contract = 154
• 11-7-2. Confidential Limit on Orders Awarded = 155
• 11-7-3. Submission of Project Plans = 155
• 11-7-4. Feasibility Study = 155
• 11-7-5. Consultation on Fund Plans = 155
• 11-7-6. Control Organization = 156
• 11-8. Limitation of Businessmen = 156
• 11-9. Employment of Personnel in Overseas Construction and Service Business, and Payment of Wages = 156
• 11-10. Holding of Foreign Currency Funds = 157
• 11-11. Use of Foreign Currency Funds Held = 158
• 11-12. Remittance of Payments Acquired for Work or Service to Home = 158
• 11-13. Operation of Resident Accounts = 158
• 11-13-2. Limitation in Disposition of Resident Accounts = 160
• 11-13-3. Special Cases in Disposition of Resident Accounts = 161
• 11-14. Payment of Work and Service Expenses, Etc. and Payment of Overseas Loans = 161
• 11-14-2. Repayment of Domestic Loans and Payment of Domestic Expenses, Etc. = 162
• 11-14-3. Transfer of Advances to Other Works = 163
• 11-15. Overseas Credit Control-Agency = 163
• 11-16. Management of Overseas Credit Control Agency = 164
• 11-17. Dispatch of Bank of Korea's Representatives = 164
• 11-17-2. Selection of Inactive Work Projects, Etc. = 164
• 11-17-3. Fund Management for Work Expected to Sustain Losses = 165
• 11-18. Follow-up Control over Fund Management = 165
• 11-19. Establishment of Overseas Business Financial Support Working Council = 165
• 11-20. Duty to Report = 166
• 11-21. Sanctions = 166
• Subsection 2. Service Businessmen in Open Port = 166
• 11-22. Furnishing of Service in Open Port = 166
• 11-23. Methods of Receiving Service Price by Service Businessmen in Open Port = 167
• 11-24. Duty, Etc. of Service Businessmen in Open Port for Maintaining Books = 167
• Subsection 3. Other Service Transactions = 168
• 11-25. License by Head of Class A Foreign Exchange Bank = 168
• 11-26. Permission of the Governor of the Bank of Korea = 168
• 11-27. License for Payment of Service Prices = 168
• Section 3. Lease Transactions = 168
• 11-28. Permission for Contract = 168
• 11-29. Payment of Rent and Receipt of Rent = 169
• 11-30. Duty to Report = 169
• 11-31. (Deleted) = 169
• Section 4. General Invisible Trade Payments = 169
• 11-32. Confirmation by Head of Foreign Exchange Bank = 169
• 11-33. License by Head of Foreign Exchange Bank = 112
• 11-34. License by Head of Class A Foreign Exchange Bank = 175
• 11-35. Permission by the Governor of the Bank of Korea = 178
• 11-36. Advance Payment = 178
• 11-37. Comprehensive License for Invisible Trade Payments = 178
• Chapter XII. Overseas Travel Expenses, Etc.
• Section 1. Overseas Travel Expenses = 180
• 12-1. Classification of Overseas Travelers = 180
• 12-2. Classification of and Payment Procedures for Overseas Travel Expenses = 180
• 12-3. Passenger Fares = 181
• 12-4. Basic Expenses = 181
• 12-5. Monthly Sojourning Expenses = 181
• 12-6. Other Expenses = 181
• 12-7. Special Cases of Overseas Travel Expenses = 183 '
• 12-8. Designated Trading Bank, Etc. = 183
• 12-9. Issuance, Etc. of Airline Tickets by Overseas Transportation Businessmen = 184
• Section 2. Credit Cards = l84
• 12-10. Credit Card Issuers = 184
• 12-11. Payment of Overseas Travel Expenses by Credit Cards = 184
• 12-12. Classification of Credit Card Users = 185
• 12-13. Overseas Travel Expense Payment Procedures for General Users and Ceiling of Credit Card Use = 185
• 12-14. Overseas Travel Expense Payment Procedures for Special Case Users and Purpose, of Credit Card Use = 185
• 12-15. Notice of Fact of License = 186
• 12-16. License for Payment of Price for Use of Credit Cards = 186
• 12-17. Notice of Fact of Paying Prices for Use of Credit Cards = 186
• 12-18. Ex Post Facto Control = 186
• 12-19. Outward Remittance by Credit Card Issuers = 186
• 12-20. Sanctions against Credit Card Users = 186
• 12-21. Sanctions against Credit Card Issuers = 187
• 12-22. Reports, Etc. = 187
• 12-23. Domestic Use of Cards Issued in Foreign Country = 187
• Section 3. Overseas Emigration Expenses = 187
• 12-24. Scope of Persons Eligible for Payment = 187
• 12-25. Classification and Ceiling of Overseas Emigration Expenses = 187
• 12-26. Payment Procedures for Overseas Emigration Expenses = 188
• 12-27. Payment, Etc. of Overseas Travel Expenses = 189
• 12-28. Measures for Persons Already Departed from Country = 189
• Chapter XIII. Overseas Branches, Etc.
• 13-1. Establishment of Overseas Branches, Etc. = 190
• 13-2. Classification of Overseas Branches, Etc. = 190
• 13-3. Establishment of Overseas Branches = 190
• 13-4. Operating Funds of Overseas Branches = 191
• 13-5. Resident Personnel of Overseas Branch = 191
• 13-6. Exceptional Cases of Self-paying System = 191
• 13-7. Business Activities of Overseas Branches = 192
• 13-8. Settlement of Accounts of Overseas Branches and Appropriation, Etc. of Net Profit = 192
• 13-9. Establishment of Overseas Offices = 193
• 13-10. Valid Period of Establishment of Overseas Offices = 194
• 13-11. (Deleted) = 194
• 13-12. Number of Resident Personnel of Overseas Offices = 194
• 13-13. Establishment Cost for Overseas Offices = 194
• 13-14. Maintenance Activity Expenses of Overseas Offices = 195
• 13-15. Maintenance Activity Expenses of Overseas Branches of Domestic Airline Company = 196
• 13-16. Restrictions on Activities of Overseas Offices = 196
• 13-16-2. Duty to Maintain Records on Use of Expenses by Overseas Branches, Etc. and Restrictions on Transactions = 197
• 13-17. (Deleted) = 197
• 13-18. Follow-up Control on Overseas Branches, Etc. = 197
• 13-19. Close-down, Etc. of Overseas Branches, Etc. = 198
• Chapter XIV. Capital Transactions
• Section 1. Foreign Exchange Transactions Related to Inducement of Foreign Capital = 200
• 14-1. Payment of Principal and Interest under Loan Agreement = 200
• 14-2. Payment of Price under Technology Introduction Contract = 200
• 14-3. Remittance of Dividends to Foreign Investors = 200
• 14-4. Foreign Investor's Withdrawal of Investments = 201
• Section 2. Issue of Overseas Securities = 202
• 14-5. Issue, Etc. of Overseas Securities in Foreign Country = 202
• 14-6. Qualification Requirements of Issuer = 202
• 14-7. Purposes of Funds Secured by Issue = 203
• 14-8. Ceiling of Issue = 204
• 14-9. Issuing Methods = 204
• 14-10. Approval of Negotiation Plan on the Issue = 204
• 14-11. Report. Etc. on Issue = 205
• 14-12. Special Cases in Issue of Overseas Securities = 206
• 14-13. Procedures for Use of Funds Secured by Issue = 207
• 14-14. Acquisition, Etc. of Stocks by Non-residents = 208
• 14-15. Overseas Remittance, Etc. = 208
• 14-16. Restrictions and Sanctions = 279
• 14-17. Report, Etc. by Hand of Foreign Exchange Bank = 210
• Section 3. Borrowing of Overseas Funds = 210
• Subsection 1. Permission, Etc. for Borrowing = 210
• 14-18. Scope of Application = 210
• 14-19. Permission, Etc. for Resident's Borrowing in Foreign Country = 210
• 14-20. Permission, Etc. for Borrowing in Foreign Country by Overseas Corporation, Overseas Branches, Etc. = 211
• 14-21. License in Case of External Payment Guarantee Denoted in Foreign Currency as Security for Overseas Borrowing = 212
• 14-22. Matters to be Studied When Granting Permission, Etc. Related to Overseas Borrowing = 213
• 14-23. Borrowing, Etc. by Mission of Forming Syndicate = 214
• Subsection 2. Purpose of Borrowed Funds and Sorrowing Conditions = 214
• 14-24. Purpose of Borrowed Funds = 214
• 14-25. Borrowing Conditions = 216
• Subsection 3. Limit of Overseas Financing, Etc. = 216
• 14-26. Limit of Trade-related Overseas Financing, Etc. = 216
• 14-27. Calculation of Limit for Affiliate of General Trading Company = 218
• 14-28. Limit of Overseas Financing, Etc. for Overseas Construction and Service = 218
• 14-29. Limit of Overseas Financing for Deep-sea Fishery Fund and Overhead Navigational1 Expenses = 219
• 14-30. Limit of Other Overseas Financing = 219
• 14-31. Foreign Exchange Bank Controlling Limit = 220
• 14-32. Criteria, Etc. of Limit Control = 220
• Subsection 4. Follow-up Control = 221
• 14-33. Follow-up Control over Overseas Borrowing Transactions = 221
• 14-34. Follow-up Control Abroad of Overseas Financing = 221
• 14-35. Confirmation of Withdrawal, Etc. of Borrowed Funds = 221
• 14-36. Monthly Report, Etc. on Overseas Borrowing and Repayment = 221
• 14-37. follow-up Control of Transit Trade = 222
• 14-38. Consultative Council of Foreign Exchange Banks' Overseas Offices = 222
• 14-39. Permission. Etc. for Repayment of Principal and Interest = 223
• 14-40. Delegated Provisions = 224
• Section 4. Other Borrowing Transactions in Foreign Country = 224
• 14-41. Borrowing of Crude Oil Import Funds = 224
• 14-42. Sale of Promissory Notes by Resident = 224
• 14-43. Bridge Loan = 225
• 14-44. Borrowing of Other Short-term Foreign Currency Funds = 225
• 14-45. Repayment of Principal and Interest = 226
• 14-46. Delegated Provisions = 226
• Section 5. Issue of International Beneficiary Certificates = 227
• 14-47. Issue, Etc. of International Beneficiary Certificates = 227
• 14-48. Qualification Requirements for Issuer = 227
• 14-49. Permission for Issue = 227
• 14-50. Indicated Currency = 227
• 14-51. Export, Import and Opposition = 227
• 14-52. Payment of Principal and Interest. Etc. = 227
• 14-53. Reports, Etc. = 228
• Section 6. Buying and Selling, Etc. of Domestic Securities by Foreign Investment Fund = 228
• 14-54. Buying and Selling. Etc. of Securities by Foreign Investment Fund = 228
• 14-55. Permission for Buying and Selling of Securities = 228
• 14-56. Non-resident Won Currency Deposit Account = 229
• 14-57. Deposition of Securities = 229
• 14-58. Service Contract = 229
• 14-59. External Payment = 229
• 14-60. Reports, Etc. = 229
• Section 7. Participation in International Underwriting Syndicate for Securities Denoted in Foreign Currency by Domestic Securities Companies = 230
• 14-61. Securities Companies Eligible for Participation = 230
• 14-62. Securities Eligible for Underwriting = 230
• 14-63. Limit of Underwriting Syndicate's Participation = 231
• 14-64. Financial Source for Underwriting = 231
• 14-65. Procedures for Underwriting Syndicate's Participation = 231
• 14-66. Payment of Underwriting Prices and Holding of Foreign Currency = 231
• 14-67. Limit of foreign Currency Holding by Securities Company = 232
• 14-68. Reports, Etc. = 232
• Section 5. Acquisition of Head Office Stocks by Korean Employees Working at Domestic Branches of Foreign Enterprises. Etc. = 232
• 14-69. Applicable Scope = 232
• 14-70. Acquisition Limit = 233
• 14-71. Subscription Limit Per Head = 233
• 14-72. Financial Source for Paying-in = 233
• 14-73. Acquisition Procedures = 233
• 14-74. Paying-in or prices and Possession and Sale of Overseas Securities = 233
• 14-75. Report, Etc. = 234
• Chapter XV. Overseas Investment
• 15-1. Applicable Scope = 235
• 15-2. Overseas Investment Methods = 235
• 15-3. Qualification Requirements of Investors = 236
• 15-4. Qualification Requirements by Overseas Investment Method = 236
• 15-5. Business Types for Overseas Investment = 237
• 15-6. Permission for Overseas Investment = 238
• 15-7. Valid Period of Permission for Overseas Investment = 239
• 15-8. Overseas Investment Deliberation Committee = 240
• 15-9. Collection of Investments = 241
• 15-10. Control by the Governor of the Bank of Korea = 241
• 15-11. Overseas Confirmation = 242
• 15-12. Supervision by Head of Overseas Mission = 242
• 15-13. Dispatch of Resident Credit Controllers by Expert-Import Bank of Korea = 242
• 15-14. Procedures, Etc. for Liquidation = 243
• 15-14-2. Provisions Applicable Mutatis Mulands = 243
• 15-15. Reports = 243
• 15-16. Sanctions against Overseas Investors = 245
• 15-17. Exceptional Cases for Private Investment = 245
• Chapter XVI. Domestic Branches, Etc. of Foreign Enterprises
• 16-1. Applicable Scope = 246
• 16-2. Permission, Etc. for Establishment = 246
• 16-3. Criteria. Etc. of Permission for Establishment = 247
• 16-4. Inducement of Operating Funds, Etc. = 248
• 16-5. Restrictions on Non-operating Incidental Business Activities = 245
• 16-6. Submission of Reports = 249
• 16-7. External Remittance of Operating Income = 249
• 16-8. Withdrawal of Liquidation Prices = 249
• 16-9. Correction Measures = 249
• 16-10. Detailed Matters for Enforcement = 249
• Chapter XVII. Current Account
• Section 1. Current Account Between Head Office and Branches of Foreign-invested Enterprise = 251
• 17-1. Enterprises Eligible for Authorization of Current Account = 251
• 17-2. Other Parties to rind Criteria for Current Account = 252
• I7-3. Items of Credit and Debit Entries = 252
• 17-4. Time of Debit and Credit Entries = 253
• 17-5. Currency for Stating and Conversion Rate = 254
• 17-6. Limit of Debit and Credit Entries = 254
• 17-7. Settlement of Current Account = 254
• 17-8. Duty for Maintaining Books, Etc. = 255
• 17-9. Report and Examination, Etc. = 255
• 17-10. Closure of Current Account = 255
• 17-11. Exceptional Cases of Occupant Enterprises in Free Export Zone = 255
• Section 2. Domestic Corporation's Current Account between Head Office and Branches = 256
• 17-12. Eligible Enterprises for Authorization of Current Account = 256
• 17-l3. Permission for Current Account = 256
• 17-14. Other Parties to and Criteria for Current Account = 257
• 17-15. Items for Debit and Credit Entries = 257
• 17-16. Report, Etc. = 258
• 17-17. Sanctions against Eligible Persons for Authorization of Current Account = 258
• Chapter XVIII. Reporting and Examination
• Section 1. Duty to Report = 259
• 18-1. Duty to Report = 259
• 18-2. Reports by the Governor of the Bank of Korea = 259
• 18-3. Deadline for Submission of Reports = 261
• 18-4. Collection of Reports by the Bank of Korea = 262
• 18-5. Forms, Etc. = 262
• Section 2. Examination of Foreign Exchange Banks, Etc. = 263
• 18-6. Examination of Foreign Exchange Banks = 263
• 18-7. Supervision and Examination of Money Exchanger's Business = 264
• 18-8. Examination of Foreign Currency Only Sales Businessmen = 264
• 18-9. Examination of Parties, Etc. to Foreign Exchange Transactions = 265
• Chapter XIX. Follow-up Control of Foreign Exchange Transactions, and Sanctions
• Section 1. General Provisions = 266
• 19-1. Applicable Scope = 266
• 19-2. Submission. Etc. of Data = 266
• 19-3. Sanctions against the Person Who Prepared False Data = 267
• 19-4. Delegation of Authority on Follow-up Control and Procedures for Sanctions = 267
• 19-5. Notice to the Superintendent of Banks = 267
• Section 2. Follow-up Control of Foreign Exchange Transactions = 267
• 19-6. Follow-up Controllers = 267
• 19-7. Classification of Control = 267
• 19-8. Details of Follow-up Control = 268
• 19-9. Designation of Trading Foreign Exchange Banks = 268
• 19-10. Change of Designated Trading Foreign Exchange Bank = 271
• 19-11. Follow-up Control over Parties to Transactions = 271
• 19-12. Control over Foreign Exchange Banks = 271
• 19-13. Measures on Result of Follow-up Control = 272
• Section 3. Sanctions = 273
• Subsection 1. Sanctions against Parties to Foreign Exchange Transactions = 273
• 19-14. General Standards for Sanctions = 273
• 19-15. Sanctions against Overseas Financing, Etc. = 274
• 19-16. Sanctions against License for General Invisible Trade Payments = 276
• 19-17. Sanctions against Credit Card Users = 276
• 19-18. Sanctions against Credit Card Issuers = 277
• 19-19. Sanctions against Overseas Investments = 277
• 19-20. Sanctions against Eligibles for Authorization of Current Account = 278
• Subsection 2. Sanctions against Foreign Exchange Banks = 279
• 19-21. Sanctions against Foreign Exchange Banks = 279
• Chapter XX. Supplementary Provisions
• 20-1. Criteria, Etc. for Handling Work on Permission, Etc. = 283
• 20-2. Delegation, Etc. = 283
• 20-3. Permission, Etc. of the Governor of the Bank of Korea = 283
• 20-4. Permission, Etc. of the Minister of Finance = 284
• 20-5. Separate Provisions = 284
• Addenda = 285
• Append1x = 289