Article 1(Purpose) #
The purpose of this Decree is to prescribe matters necessary for the implementation of the Agreement between the Government of the Republic of Korea and the Government of the United States of America regarding the Information Media Guarantee Program (hereinafter referred to as the "Information Media Guarantee Agreement").
Article 2(Definitions) #
In this Decree, the term "information media" means general publications, periodicals, and audiovisual educational materials of the United States of America (hereinafter referred to as the "United States") imported under the Information Media Guarantee Agreement. <Amended on Jun. 9, 1964>
Article 3(Public Announcement) #
(1) The Minister of Education shall publicly announce the amount of US dollars allocated each year for the purchase of information media, categorized by import purposes such as general publications, periodicals, and audiovisual educational materials. <Amended on Jun. 9, 1964; Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) The ratio of the US dollars for importing general publications, periodicals, and audiovisual educational materials as provided in the preceding paragraph shall be 7 to 2, but the Minister of Education may adjust the ratio as necessary. <Amended on Jun. 9, 1964; Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
Article 4(Importer of Information Media) #
A person who may enter into a contract for the importation of information media with a U.S. exporter shall be a person who falls under any of the following subparagraphs: <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
1. Educational institutions and public libraries;
2. The National Assembly, the courts, and administrative agencies at all levels;
3. Public research institutes;
4. Public institutions recognized by the Minister of Education;
5. Other organizations or individuals recognized by the Minister of Education.
Article 5(Approval for concluding contract) #
(1) A person specified in any subparagraph of the preceding Article who wishes to obtain approval for concluding an import contract of information media with a US exporter (hereinafter referred to as "contract approval") shall submit a written application for contract approval as listed in Form 1, along with a pledge as listed in Form 2, to the Minister of Education. <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) A written application for contract approval under the preceding paragraph shall state the amount of the contract approval application in US dollars, which shall be at least 500 US dollars per case.
Article 6(Allocation of Purchasing Funds) #
(1) If the amount of the contract approval application under paragraph (2) of the preceding Article exceeds the publicly announced amount under Article 3, the Minister of Education shall allocate purchasing funds in the order of priority set forth in Article 4, and, in the case of equal priority, shall distribute them equally among applicants of the same rank. <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) Upon completion of the allocation under the preceding paragraph, the Minister of Education shall promptly notify the applicant and the head of the foreign exchange bank of the approved amount for the contract. <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
Article 7(Recommendation of Import) #
(1) A person who has obtained contract approval under Article 5 and intends to import information media shall, in advance, obtain an import recommendation from the Minister of Education for the relevant information media; provided, if the information media is a periodical publication, the Minister of Education shall seek the opinion of the Minister of Culture, Sports and Tourism in making such import recommendation. <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) A person who intends to obtain the import recommendation under the preceding paragraph shall submit to the Minister of Education a written application for recommendation for the import of foreign information media as listed in Form 3, along with an inventory of information media as listed in Form 4 and a pledge as listed in Form 5. <Amended on Jun. 9, 1964; Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
Article 8(Deposit of Korean won) #
(1) A person who has received a contract approval and import recommendation from the Minister of Education shall deposit an amount of Korean won equivalent to the allocated contract approval amount into the Korean won account for foreigners in the name of the exporter at a foreign exchange bank; provided, if the information media is imported in installments within the scope of the contract approval amount, the corresponding amount of Korean won shall be deposited at each time of importation. <Amended on Jun. 8, 1965; Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) When a foreign exchange bank receives the deposit under the preceding paragraph, it shall send a deposit notice to the US exporter and the US Embassy in Korea without delay.
Article 9(Customs clearance of information media) #
(1) The import customs clearance of information media shall be carried out based on a letter of import recommendation issued by the Minister of Education, and a contract confirmation and a certificate of payment issued by a foreign exchange bank. <Amended on Feb. 1, 1991; Jan. 29, 2001; Feb. 29, 2008; Mar. 23, 2013>
(2) With respect to information media cleared through customs in accordance with the Information Media Guarantee Agreement, the head of the competent customs office shall, immediately upon customs clearance, notify the head of the foreign exchange bank of the completion of customs clearance, and the head of the foreign exchange bank, upon receiving such notification, shall inform the Embassy of the United States of America in Korea.
Article 10(Use of deposited Korean won) #
The Korean won deposited in accordance with Article 8 (1) may be withdrawn and used only by the Ambassador of the United States of America to Korea after the notification of the completion of customs clearance under paragraph (2) of the preceding Article.
Article 11(Enforcement rules) #
The Minister of Education shall determine matters necessary for the implementation of this Decree. <Amended on Feb. 1, 1991; Feb. 29, 2008; Mar. 23, 2013>