Article 30(Report on Capital Transaction or Transaction, etc. to be Permitted) #
(1) For the purpose of Article 21 (1) 8 of the Act, the term “outflow and inflow of funds related to the expenses for the maintenance and activities of the office or ordinary transactions as prescribed by the Presidential Decree” means the payment, etc. falling under any of the following subparagraphs:
1. Payment, etc. of the expenses necessary directly for the maintenance and activities of the office (excluding the payment, etc. of expenses for the establishment or expansion of the office);
2. Payment, etc. of the export of import prices of goods, or expenses directly incidental thereto; and
3. Payment, etc. of the prices of any service transaction and the expenses directly incidental thereto.
(2) For the purpose of Article 21 (1) 9 of the Act, the term “other transactions or acts of the types similar to those as referred to in subparagraphs 1 through 8, as prescribed by the Presidential Decree” means those falling under any of the following subparagraphs:
1. Transactions related to the creation, etc., of any obligation arising from a lease contract, contract of security, guarantee, insurance, association, and other similar contracts between a resident and a nonresident or between residents (limited to the creation, etc. of the obligation to be paid in any foreign currency, in the case of contracts between residents) other than those as provided in Article 21 (1) 1 and 2 of the Act;
2. Transactions related to the creation, etc. of any obligation to be paid in any foreign currency as a result of a donation between residents;
3. Transactions between nonresidents related to the creation, etc. of any obligation to be indicated or payable in the domestic currency;
4. Acquisition of any securities in foreign currency or any right of them by a resident from another resident;
5. Acquisition of any securities indicated or payable in the domestic currency or any right to them by a nonresident from another nonresident;
6. Transactions falling under each subparagraph of Article 7 between a resident and a nonresident or between residents, or similar transactions (limited to the transaction related to the foreign exchange, in the case of transactions between residents) other than the cases falling under Article 21 (1) 1 through 3, and 6 of the Act;
7. Receiving and giving of funds falling under Article 21 (1) 8 of the Act, between a business office or another office of an individual located in the Republic of Korea and a business office or another office in a foreign country; and
8. Other transactions as determined by the Minister of Finance and Economy, which are related to the creation, etc. of obligations payable in foreign currency between a resident and a nonresident, or payable in any foreign currency between residents.
(3) The Minister of Finance and Economy shall determine and notify publicly under Article 21 (2) of the Act, the categories and scope of the transactions or acts to be reported or permitted in accordance with the criteria falling under any of the following subparagraphs: (hereinafter in this Article referred to as “transactions, etc.”)
1. Transactions, etc. to be reported: transactions, etc. which are deemed to be in need of mitigated restriction on capital transactions, taking into consideration the impact on the domestic financial, capital and foreign exchange market, and domestic industrial activities, etc.; and
2. Transactions, etc. to be permitted: transaction etc. other than those as referred to in subparagraph 1.
(4) Transactions, etc., for which no report or permission is required under Article 21 (2) 7 of the Act, shall be those as determined and notified publicly by the Minister of Finance and Economy which do not hinder the purpose of the Act, even though such transactions, etc. are carried on without any report or permission, taking into consideration the parties to and contents of the capital transaction.
(5) The Minister of Finance and Economy shall determine and notify publicly under Article 21 (3) of the Act, the categories and scope of the transaction, etc. to be reported or permitted in accordance with the criteria falling under any of the following subparagraphs:
1. Transactions, etc. to be reported: transactions, etc. judged to achieve the purpose of the Act, even though permission is dispensed with, taking into consideration the impact on the financial, capital, and exchange market and domestic industrial activities, etc.; and
2. Transactions, etc. to be permitted: transactions, etc. other than those as referred to in subparagraph 1.
(6) Transactions, etc. in respect of which the Minister of Finance and Economy may examine whether to accept a report, under the provisions of Article 21 (4) of the Act, shall fall under any of the following subparagraphs:
1. Transactions, etc. which are not standardized and for which there is always the possibility of unlawful capital outflow or inflow;
2. Transactions, etc. which are anticipated to have an adverse impact on the domestic financial or capital market if massive capital movement takes place at one time; and
3. Other transactions, etc. as determined and notified publicly by the Minister of Finance and Economy, which are similar to those as referred to in subparagraphs 1 and 2.
[This Article Wholly Amended by Presidential Decree No. 15006, May. 31, 1996]