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REGULATIONS ON CASH TRANSACTION OF POSTAL SERVICE AGENCY

Wholly Amended by Presidential Decree No. 4239, Nov. 10, 1969

Amended by Presidential Decree No. 7413, Dec. 12, 1974

Presidential Decree No. 8779, Dec. 24, 1977

Presidential Decree No. 8892, Mar. 20, 1978

Presidential Decree No. 14438, Dec. 23, 1994

Presidential Decree No. 20678, Feb. 29, 2008

Presidential Decree No. 24442, Mar. 23, 2013

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Decree is to provide for matters regarding the receipt and disbursement of cash by postal service agencies.
 Article 2 (Scope of Application)
(1) With respect to the tax revenues, tax expenditures, and any cash other than tax revenues and expenditures, a public official in charge of cash accounting at a postal service agency (hereinafter referred to as "accounting official") shall conduct the receipt and disbursement thereof by transferring money between the accounts thereof and calculating the amounts needed therefor, handling the cash collectively.
(2) Except as otherwise provided for in this Decree, the clerical work of receiving, paying, and keeping the cash referred in paragraph (1) shall be prescribed by Ordinance of the Prime Minister. <Amended by Presidential Decree No. 7413, Dec. 12, 1974; Presidential Decree No. 14438, Dec. 23, 1994>
 Article 3 (Receipt of Cash)
Any remaining balance or shortage in cash after the receipt and disbursement of cash for tax revenues, tax expenditures, and any cash other than tax revenues and expenditures at a postal service agency shall be handled in accordance with the following subparagraphs as prescribed by the Minister of Science, Information and Communications Technology (ICT) and Future Planning: <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
1. When any balance remains in cash, the amount of balance shall be paid as cash surplus through the Bank of Korea or any agency for the National Treasury to the Post Business Information Center;
2. When there is a shortage of cash, funds shall be supplied from the Post Business Information Center through the Bank of Korea or any agency for the National Treasury;
3. Where a postal service agency cannot conduct its duties pursuant to subparagraphs (1) or (2) because it is located not in the vicinity of the Bank of Korea or any agency for the National Treasury, the postal service agency shall cooperate with other postal service agencies or general banks, agricultural cooperatives, or fisheries cooperatives for the payment or receipt of cash surplus or funds.
[This Article Wholly Amended by Presidential Decree No. 8779, Dec. 24, 1977]
 Article 3-2 (Immediate Payment)
A refund of costs for installation of telephone facilities and overpayments or erroneous payments of tax revenues shall be paid immediately.
[This Article Newly Inserted by Presidential Decree No. 8892, Mar. 20, 1978]
 Article 4 Deleted. <by Presidential Decree No. 8779, Dec. 24, 1977>
 Article 5 (Substitution of Book of Cash Receipts and Disbursements)
The book of cash receipts and disbursements which is kept and used by an accounting official at a postal service agency may be substituted by a book designated by the Minister of Science, Information and Communications Technology (ICT) and Future Planning. <Amended by Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
CHAPTER II RECEIPT AND PAYMENT OF CASH FOR POSTAL SERVICE AGENCY
 Article 6 (Payment and Recoup of Tax Revenues for Postal Service Agency)
(1) Where the amount of tax revenues of a postal service agency is paid to a post office, the payment shall be made in accordance with the notice of payment issued by a tax collection officer of the postal service agency concerned: Provided, That this shall not apply in case of an immediate payment. <Amended by Presidential Decree No. 7413, Dec. 12, 1974>
(2) With respect to an immediate payment under Article 3-2 and any accident incurring cash shortage, the disbursement officer concerned shall pay the amount of money to an accounting official at the Post Business Information Center. <Amended by Presidential Decree No. 8779, Dec. 24, 1977; Presidential Decree No. 8892, Mar. 20, 1978; Presidential Decree No. 20678, Feb. 29, 2008>
 Article 7 (Report on Settlement of Accounts)
(1) A postal service agency shall settle the accounts of receipts and disbursements of tax revenues, tax expenditures, and any cash other than tax revenues and expenditures on a daily basis, and report it to the Post Business Information Center as prescribed by the Minister of Science, Information and Communications Technology (ICT) and Future Planning. <Amended by Presidential Decree No. 7413, Dec. 12, 1974; Presidential Decree No. 8779, Dec. 24, 1977; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
(2) Deleted. <by Presidential Decree No. 8779, Dec. 24, 1977>
 Article 8 (General Balance Settlement)
Upon receiving a report under Article 7, the Post Business Information Center shall collectively settle the balance of cash receipts and disbursements, and require an accounting official of its own to make payment of the settled amount on a daily basis by fund transfer to the Bank of Korea: Provided, That the tax revenues of postal services may be paid by fund transfer as prescribed by the Minister of Science, Information and Communications Technology (ICT) and Future Planning, through consultation with the Minister of Strategy and Finance. <Amended by Presidential Decree No. 14438, Dec. 23, 1994; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
[This Article Wholly Amended by Presidential Decree No. 8779, Dec. 24, 1977]
CHAPTER III RECEIPT AND PAYMENT OF CASH FOR GOVERNMENT AGENCY OTHER THAN POSTAL SERVICE AGENCY
 Article 9 (Payment of Tax Revenues for Other Government Agencies)
Where the amount of tax revenues of a government agency other than postal service agencies is paid to a post office, the payment shall be made in accordance with the notice of tax payment or the notice of payment issued by a tax collection officer of the agency concerned.
[This Article Wholly Amended by Presidential Decree No. 7413, Dec. 12, 1974]
 Article 10 (Payment of Tax Revenues by Taxpayers)
Where the amount of tax revenues which is paid voluntarily without receiving a notice of tax payment or other notices of payment, or where the amount of tax revenues received by an accounting official in charge of revenues is paid to a post office, the payment shall be made in accordance with the payment form issued by the government agency concerned.
[This Article Wholly Amended by Presidential Decree No. 7413, Dec. 12, 1974]
 Article 11 (Settlement for Fund Transfer Payment of Tax Revenues and Income Report)
(1) The post office shall settle the amount of tax revenues received under Articles 9 and 10 on a daily basis and report it to the Post Business Information Center as prescribed by the Minister of Science, Information and Communications Technology (ICT) and Future Planning. <Amended by Presidential Decree No. 8779, Dec. 24, 1977; Presidential Decree No. 20678, Feb. 29, 2008; Presidential Decree No. 24442, Mar. 23, 2013>
(2) The Post Business Information Center shall settle the received amount of tax revenues which is reported under paragraph (1) by fund transfer on a daily basis, and require an accounting official of its own to pay the tax revenues by fund transfer to the Bank of Korea, according to the fund transfer payment form and the aggregation table. <Amended by Presidential Decree No. 8779, Dec. 24, 1977; Presidential Decree No. 20678, Feb. 29, 2008>
[This Article Wholly Amended by Presidential Decree No. 7413, Dec. 12, 1974]
ADDENDUM
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 7413, Dec. 12, 1974>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 8779, Dec. 24, 1977>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 8892, Mar. 20, 1978>
This Decree shall enter into force from the date of its promulgation.
ADDENDA <Presidential Decree No. 14438, Dec. 23, 1994>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 20678, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 24442, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 12 Omitted.