Law Viewer

Back Home

ENFORCEMENT DECREE OF THE MANAGEMENT OF THE NATIONAL FUNDS ACT

Presidential Decree No. 17824, Dec. 30, 2002

Amended by Presidential Decree No. 18171, Dec. 30, 2003

Presidential Decree No. 18885, jun. 30, 2005

Presidential Decree No. 19806, Dec. 29, 2006

Presidential Decree No. 20326, Oct. 16, 2007

Presidential Decree No. 20720, Feb. 29, 2008

Presidential Decree No. 20947, Jul. 29, 2008

Presidential Decree No. 21043, Sep. 26, 2008

Presidential Decree No. 21201, Dec. 31, 2008

Presidential Decree No. 21866, Dec. 7, 2009

Presidential Decree No. 21973, Jan. 1, 2010

Presidential Decree No. 22228, jun. 29, 2010

Presidential Decree No. 22493, Nov. 15, 2010

Presidential Decree No. 22564, Dec. 29, 2010

Presidential Decree No. 23163, Sep. 29, 2011

Presidential Decree No. 23383, Dec. 21, 2011

Presidential Decree No. 24251, Dec. 27, 2012

Presidential Decree No. 24638, jun. 28, 2013

Presidential Decree No. 24697, Aug. 27, 2013

Presidential Decree No. 25530, Aug. 6, 2014

Presidential Decree No. 26520, Sep. 15, 2015

Presidential Decree No. 27299, jun. 30, 2016

Presidential Decree No. 27474, Sep. 2, 2016

Presidential Decree No. 28515, Dec. 29, 2017

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Decree is to provide for the matters delegated by the Management of the National Funds Act and matters necessary for the enforcement thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 2 (Definitions)
The terms used in this Decree shall be defined as follows:
1. "Special account for a government enterprise" means a special account as defined by Article 3 of the Government Enterprise Budget Act;
2. "Causative act of expenditure" means acts that a finance officer under Article 22 (1) (hereinafter referred to as "finance officer") of the Management of the National Funds Act (hereinafter referred to as the "Act") conducts to conclude contacts, etc. that give rise to expenditure under the expenditure budget, continuing expenditure, an act of paying off debts from the National Treasury, and a fund management plan;
3. "Causative act of payment" means acts that a public official in charge of the accounts of agency operation expenses conducts for the disbursement of the agency operation expenses received from the expenditure officer under Article 24 (1) of the Act or that an officer empowered to order receipts and disbursements from accounts for operating national funds conducts for the disbursement of national funds;
4. "Account" means an account opened with the Bank of Korea under the Bank of Korea Act (hereinafter referred to as the "Bank of Korea") in order to record receipts and payments of a national fund under Article 86;
5. "State and public bonds" means state bonds, bonds with guarantee of the Government for the payment of principal and interest, and bonds issued by local governments.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 3 (National Funds Equivalent to Cash)
"Assets prescribed by Presidential Decree" in subparagraph 1 (a) of Article 2 of the Act means the following assets:
1. State deposits in the Bank of Korea or any cooperative bank (hereinafter referred to as "the Bank of Korea or any cooperative bank") under Article 12 of the Act;
2. National Treasury deposits in financial companies, etc. under Article 32 (5);
3. State deposits in the Bank of Korea or any cooperative bank under Article 85;
5. Funds deposited in post offices under Article 18 of the Postal Savings and Insurance Act;
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 4 (Determination of Appropriate Fiscal Year for Revenue and Expenditure)
(1) The pertinent fiscal year for revenue under Article 4-2 (2) of the Act shall be determined as follows: <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
1. Revenue with a specified payment period: The year within which the last day of the payment due date (referring to the last day of the payment period before extension, if the payment period is extended under Article 13 (3) hereof, Article 5 (1) of the Framework Act on National Taxes, Article 8 (3) of the Customs Act, or any other Act) falls: Provided, That revenues for which no payment notice has been issued during the fiscal year within which the last day of the payment period falls shall be deemed revenues for the year within which the relevant payment notices are issued;
2. Occasional revenues for which a payment notice shall be issued: The year in which the payment notice is issued;
3. Occasional revenues for which no payment notice is issued: The year in which the payment is made.
(2) The appropriate fiscal year for expenditure under Article 4-2 (2) of the Act shall be determined as follows:
1. Principal and interest of State bonds and loans, annuities, etc.: The year in which the payment becomes due;
2. Various refunds, funds for coverage of losses, repayments, etc.: The year in which a decision is made to make the payment;
3. Salary, travel expenses, fees, etc.: The year in which the event giving rise to the payment occurs;
4. Use charges, storage fees, electricity charges, etc.: The year within which the period relevant to the cause of payment falls;
5. Construction costs, manufacturing costs, prices for purchased goods, transportation charges, subsidies, etc. which shall be paid after the other party to a contract completes performance: The year in which the decision to pay is made;
6. Other expenses: The year in which a written request for payment from a national fund or a written request for transfer from a national fund is issued.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER II DEADLINE FOR SETTLEMENT OF RECEIPTS AND DISBURSEMENT
 Article 5 (Deadline for Receipt of Revenues)
(1) The official in charge of accounts under Article 4-3 of the Act (hereinafter referred to as "official in charge of accounts") shall receive revenues for each fiscal year by the end of the pertinent fiscal year.
(2) The Bank of Korea or any cooperative bank shall receive revenues for each fiscal year by the end of the pertinent fiscal year: Provided, That they may receive revenues by January 20 of the following fiscal year in any of the following cases: <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
1. Where an official in charge of accounts deposits revenues received for the pertinent fiscal years in the Bank of Korea or any cooperative bank pursuant to Article 12 (2) of the Act;
2. Where revenues levied in addition to local taxes are received;
3. Where revenues are received for the transfer of national funds between government accounts;
4. Where a fund paid for prior use under Article 18 (1) of the Act (hereinafter referred to as "fund of prior use") is received by transferring a fund.
(3) Notwithstanding the main sentence of paragraph (2), the Bank of Korea or any cooperative bank may receive revenues for which the payment deadline has been extended under Article 13 (3) hereof, Article 5 (1) of the Framework Act on National Taxes, Article 8 (3) of the Customs Act, or any other Act by no later than the first workday of the following fiscal year of the extended payment deadline. <Newly Inserted by Presidential Decree No. 27474, Sep. 2, 2016>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 6 (Deadline for Disbursement and Payment of Expenditure)
(1) The expenditure officer under Article 22 (1) of the Act (hereinafter referred to as "expenditure officer") shall disburse expenses for each fiscal year by the end of the pertinent fiscal year: Provided, That expenses in any of the following cases may be disbursed by January 20 of the following fiscal year: <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
1. Where a disbursement is made for transferring a national fund between government accounts;
2. Where a disbursement is made in order to pay a fund disbursed for prior use by transferring a fund;
3. Where a fund raised by issuing treasury bills or borrowing loans temporarily from the Bank of Korea under Article 32 (1) of the Act is repaid with revenues for the pertinent fiscal year under Article 32 (2) of the Act.
(2) The public official in charge of the accounts of agency operation expenses under Article 24 (2) of the Act (hereinafter referred to as "public official in charge of the accounts of agency operation expenses") shall pay expenses for each fiscal year by the end of the pertinent fiscal year: Provided, That the amount payable for the use of government purchase cards (referring to the government purchase cards referred to in Article 24 (5) of the Act; hereinafter the same shall apply) during the pertinent fiscal year may be paid by January 20 of the following fiscal year. <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
(3) The Bank of Korea or any cooperative bank shall pay expenses for each fiscal year by the end of the pertinent fiscal year: Provided, That such expenses may be paid by January 20 of the following fiscal year in the case of the proviso to paragraph (1). <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 7 (Deadline for Returning Disbursements)
If it is intended to return a national fund already disbursed under Article 29 (1) of the Act to the relevant item of disbursement, the national fund shall be returned by the end of the pertinent fiscal year: Provided, That such fund may be returned by January 20 of the following fiscal year, if the public official in charge of the accounts of agency operation expenses returns agency operation expenses that he/she has received. <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER III REVENUES
SECTION 1 Collection
 Article 8 (Designation of Revenue Collection Officer)
(1) When the head of a central government agency delegates administrative work for the collection of revenues under Article 9 (1), he/she shall delegate it to the head of any of offices affiliated to the central government agency: Provided, That if the head of a central government agency deems that compelling circumstances exist, he/she may delegate such administrative work to any public official other than the head of an affiliated office.
(2) When the head of a central government agency designates a revenue collection officer under Article 9 (2) of the Act (hereinafter referred to as "revenue collection officer") to delegate administrative work under paragraph (1), he/she shall notify the designation to the Minister of Strategy and Finance, the Board of Audit and Inspection, and the Bank of Korea or any cooperative bank.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 9 (Notification of Payment)
The payment notification under Article 10 of the Act shall be given to the relevant taxpayer or obligor under the main sentence of the same Article of the Act (hereinafter referred to as "taxpayer or obligor") by a document which shall state the relevant item of revenue, the amount to be paid, the deadline for and the place of payment, and other matters specified by Ordinance of the Ministry of Strategy and Finance (hereinafter referred to as “payment notice”): Provided, That such notice may be given orally, if a person is required to pay an amount immediately to the official in charge of accounts.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 10 (Electronic Delivery of Payment Notice)
(1) "A financial company, etc. prescribed by Presidential Decree" in Article 11 (2) of the Act means a person designated by the Minister of Strategy and Finance as an electronic delivery agency under Article 11 (3) of the Act (hereinafter referred to as "electronic delivery agency") from among financial companies, etc. under Article 11 (2).
(2) When a taxpayer or obligor applies for electronic delivery of payment notices pursuant to Article 11 (3) of the Act, the revenue collection officer shall send payment notices to the electronic delivery agency by media for information and communications and programs under Article 46 of the Act (hereinafter referred to as the "digital budgeting and accounting system") and shall have the electronic delivery agency deliver the notices to the electronic mail address of the taxpayer or obligor.
(3) When a taxpayer or obligor applies for electronic delivery of payment notices pursuant to Article 11 (3) of the Act, he/she shall submit a document (or an electronic document) stating the following matters:
1. Personal information, including the applicant's name (family and first name) and resident registration number;
2. The address or the domicile of the head office and the place of business;
3. The electronic mail address available for electronic delivery;
4. Other matters specified by Ordinance of the Ministry of Strategy and Finance.
(4) If an electronic delivery agency intends to discontinue its electronic delivery service, it shall notify the Minister of Strategy and Finance of its intention one month before the scheduled date of discontinuance and shall make a public announcement thereof to the general public. In such cases, the applicants for electronic delivery under Article 11 (3) of the Act shall be notified thereof individually.
(5) When an electronic delivery agency has its designation as an electronic delivery agency revoked or discontinues electronic delivery service, it shall delete and remove personal information provided by a taxpayer or obligor to receive payment notices by electronic means from the information processing system, etc. of the agency.
(6) Expenses payable to an electronic delivery agency under Article 11 (7) of the Act shall be paid by the head of the relevant central government agency for each case of delivery by the electronic delivery agency, and matters necessary for the calculation of such expenses, the methods of payment, etc. shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
(7) Provisions of the Framework Act on National Taxes shall apply to electronic delivery of payment notices of national taxes.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 11 (Scope of Financial Companies, etc.)
(1) "A financial company or others prescribed by Presidential Decree" in the proviso to Article 12 (1) of the Act means any of the following institutions: <Amended by Presidential Decree No. 27299, Jun. 30, 2016>
1. A bank under Article 2 (1) 2 or 5 of the Banking Act (hereinafter referred to as "bank");
2. A postal service office;
3. The National Credit Union Federation of Korea under the Credit Unions Act;
4. The Korean Federation of Community Credit Cooperatives under the Community Credit Cooperatives Act;
5. The Korea Federation of Savings Banks under the Mutual Savings Banks Act;
6. The National Forestry Cooperatives Federation under the Forestry Cooperatives Act;
(2) "Financial companies, etc. prescribed by Presidential Decree" in Article 18 (3) of the Act means the institutions under paragraph (1), the Bank of Korea, national tax payment agencies under Article 46-2 of the Framework Act on National Taxes, and payment agencies for national funds other than national taxes (hereinafter referred to as "financial companies, etc.").
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 12 (Provision of Information about Notification of Payment)
The head of a central government agency shall provide the Minister of Strategy and Finance with the following information, among information about notification of a payment within his/her jurisdiction under Article 17 of the Act, via the digital budgeting and accounting system: <Amended by Presidential Decree No. 24638, Jun. 28, 2013>
1. The relevant item of revenue;
2. The amount to be paid;
3. Deadline for payment;
4. Name (or personal name) and real name verification number (referring to the resident registration number, business registration number, or the identification number under Article 12 (2) of the Enforcement Decree of the Value-Added Tax Act) of the taxpayer or obligor;
5. Payment notice number;
6. Account number of the revenue collection officer;
7. Other matters specified by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 13 (Notification, etc. of Payment Deadline)
(1) When the revenue collection officer intends to notify a payment under Articles 9 and 10, he/she shall give the notice with a specified payment deadline, which shall not exceed 15 days after the date of notification, except where the payment deadline is specified by any relevant statute or the relevant contract or such: Provided, That the foregoing shall not apply to the case of the proviso to Article 9.
(2) When the revenue collection officer notifies payment of a revenue with a payment deadline specified by any relevant statute or the relevant contract or such, he/she shall issue a written payment notice five days before the beginning of the payment period and shall deliver the notice to the relevant taxpayer or obligor.
(3) If the payment deadline under paragraph (1) is an official holiday, a Saturday, or the Workers' Day under the Designation of Workers' Day Act, the immediately following day shall be deemed the payment deadline.
(4) If electronic payment is impossible during the period under paragraph (1) due to failure of the digital budgeting and accounting system caused by power failure, an error in the media for information and communications and programs, or any event beyond control, where revenues are paid electronically by a medium for information and communications, the day immediately following the day on which recovery from failure makes electronic payment possible shall be deemed payment deadline.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 2 Receipt
 Article 14 (Procedure for Receipt by Revenue Receipt Officer)
(1) When the revenue receipt officer under the main sentence of Article 12 (1) of the Act (hereinafter referred to as "revenue receipt officer") receives a revenue, he/she shall issue a receipt to the relevant payer and shall notify the revenue collection officer of the details of the receipt, as prescribed by Ordinance of the Ministry of Strategy and Finance.
(2) Notwithstanding Article 12 (2) of the Act, if a revenue receipt officer receives a revenue from a foreign country, the head of the relevant central government agency may authorize the public official in charge of the accounts of agency operation expenses to transfer an amount after deducting agency operation expenses to the Bank of Korea or any cooperative bank, and the public official in charge of the accounts of agency operation expenses shall pay the agency operation expenses to the relevant receiving agency.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 15 (Procedure for Receipt by the Bank of Korea or Any Cooperative Bank)
(1) When the Bank of Korea or any cooperative bank (including financial companies, etc. that handle accounts of national funds on behalf of the Bank of Korea or any cooperative bank under Article 36 (2) of the Act; hereafter the same shall apply in this Article) receives a revenue, it shall issue a receipt to the relevant payer and shall notify the revenue collection officer of the details of the receipt, as prescribed by Ordinance of the Ministry of Strategy and Finance: Provided, That it does not need to issue a receipt if the relevant payer makes the payment electronically by a medium for information and communications.
(2) Where the payment deadline specified in a payment notice or the payment deadline under any relevant statute is a holiday of the Bank of Korea or the relevant cooperative bank, the payer may pay the revenue by the immediately following day.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 16 (Concurrent Office of Accounting Agencies)
If it is inevitable for one person to concurrently perform different duties because the prescribed number of personnel is too small, one and the same person may concurrently perform duties as the revenue collection officer and duties as the revenue receipt officer under the proviso to Article 13 and the proviso to Article 27 of the Act.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 3 Return, etc. of Overpayment and Erroneous Payment
 Article 17 (Return, etc. of Overpayment and Erroneous Payment)
(1) If the revenue collection officer intends to return overpaid or erroneously paid money (including interest on the overpayment or erroneous payment; hereinafter the same shall apply) under Article 15 of the Act, he/she shall verify the item of the revenue overpaid or erroneously paid, the year of revenue, the overpaid or erroneously paid amount, etc., decide whether to return the overpaid or erroneously paid amount, and notify the payer of the results thereof, without delay.
(2) When the revenue collection officer decides to return an overpaid or erroneously paid money under paragraph (1), he/she shall request the Bank of Korea or the relevant cooperative bank to refund the overpayment or erroneous payment.
(3) Article 28 shall apply mutatis mutandis to the methods, procedure, etc. for returning overpaid or erroneously paid money. In such cases, "disbursement officer" shall be construed as "revenue collection officer."
(4) Paragraphs (1) through (3) shall apply mutatis mutandis where the revenue collection officer refunds a revenue under Article 16 of the Act.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 17-2 (Interest on Overpayment or Erroneous Payment)
The interest under the main sentence of Article 15 (2) of the Act shall be calculated for the period from the day immediately after the day specified in any of the following subparagraphs until the day on which the overpayment or erroneous payment is returned by applying the interest rate under Article 43-3 (2) of the Enforcement Decree of the Framework Act on National Taxes:
1. If a payment was made mistakenly, double payment was made, or it is found according to an objection, etc. that any payment was made erroneously: The date on which the overpayment or erroneous payment was made: Provided, That the date of the last payment shall be deemed such date, if the payment has been made in two or more installments, or the date of such payment shall be calculated retroactively in the order of the dates of payment until the overpaid or erroneously paid amount reaches the amount of the last payment, and if the overpaid or erroneously paid amount exceeds the amount paid in the last installment;
2. If an amount was paid properly but shall be returned due to an amendment of any relevant statute: The enforcement date of the relevant statute;
3. If an amount was paid properly but shall be returned due to full or partial exemption from the payment: The date on which full or partial exemption is decided;
4. If an amount which has been properly paid shall be returned after paid properly due to a revision to a business plan, etc., revocation of a permit, etc. due to a cause for which the payer is liable, or any similar cause or event: The date on which the relevant administrative disposition is decided.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 18 (Notice of Return of Overpayment or Erroneous Payment by Bank of Korea or Any Cooperative Bank)
When the Bank of Korea or any cooperative bank returns an overpaid or erroneously paid money or refunds a revenue under Article 17, it shall record the results thereof for accounting purposes and shall notify the relevant revenue collection office of the return or refund.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 18-2 (Procedure for Payment of Local Consumption Tax Collected by State)
(1) In order to efficiently manage the receipt and payment of local taxes under Article 16-2 of the Act, the account of local consumption tax shall be opened with the Bank of Korea.
(2) When local consumption tax is collected, the revenue collection officer shall request the Bank of Korea to transfer the tax to the account of local consumption tax by the fifteenth day of the following month and submit a statement of collection of the tax to the Commissioner of the National Tax Service or to the Commissioner of the Korea Customs Service in the form prescribed by Ordinance of the Ministry of Strategy and Finance.
(3) When the revenue collection officer of an office affiliated to the Korea Customs Service requests the Bank of Korea to transfer local consumption tax collected by him/her to the account of local consumption tax under paragraph (2), the Commissioner of the Korea Customs Service shall send a statement of collection of the tax to the Commissioner of the National Tax Service.
(4) The Commissioner of the National Tax Service shall review the statements of collection submitted by the revenue collection officer of an office affiliated to the National Tax Service (including the statements of collection received from the Commissioner of the Korea Customs Service under paragraph (3)), determine the payable amount of local consumption tax, and request the Bank of Korea to transfer the amount to the manager responsible for the payment of local consumption tax under Article 71 of the Local Tax Act.
(5) If the revenue collection officer of an office affiliated to the National Tax Service refunds an amount in excess of the collected amount of local consumption tax, the Commissioner of the National Tax Service shall request the Bank of Korea to transfer the amount equivalent to the excess amount from the account of local consumption tax to the account of the revenue collection officer of the affiliated office.
(6) When a revenue collection officer or the Commissioner of the National Tax Service requests the Bank of Korea to transfer or pay an amount under paragraph (2), (4), or (5), he/she shall send a written request, stating the matters specified by Ordinance of the Ministry of Strategy and Finance thereon.
(7) Upon receipt of a request for transfer or payment under paragraph (2), (4), or (5), the Bank of Korea shall take necessary measures, without delay, and shall notify the revenue collection officer or the Commissioner of the National Tax Service of the results of such measures. In such cases, the deadline for disbursement of expenditure under Article 6 shall not apply.
(8) The Commissioner of the National Tax Service shall appoint an officer empowered to order receipts and disbursements from the account of local consumption tax and a public official in charge of accounts for local consumption tax, from among public officials of the National Tax Service, in order to have them perform the transfer and payment of funds to and from the account of local consumption tax under paragraph (1): Provided, That such appointment may be substituted by placing to the positions established in the relevant office.
(9) When the Commissioner of the National Tax Service appoints the officer empowered to order receipts and disbursements from the account of local consumption tax, he/she shall notify the Board of Audit and Inspection of the appointment, while he/she shall notify the Board of Audit and Inspection and the Bank of Korea of the appointment, when he/she appoints the public official in charge of accounts for local consumption tax.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER IV OPERATION OF FUND OF PRIOR USE
 Article 19 (Appointment of Officer Empowered to Order Receipts and Disbursements of Fund of Prior Use and Public Official in Charge of Accounts for Fund of Prior Use)
The appointment of an officer empowered to order receipts and disbursements of fund of prior use and a public official in charge of accounts for fund of prior use under Article 18 (2) of the Act may be substituted by placing public officials to the positions established in relevant office.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 20 (Request for Transfer of Fund of Prior Use)
(1) The head of the central government agency responsible for the special account for a government enterprise may request the Bank of Korea or any cooperative bank to transfer the fund necessary for disbursing a fund of prior use to the public official in charge of accounts for fund of prior use under Article 18 (2) of the Act (hereinafter referred to as "public official in charge of accounts for fund of prior use"). In such cases, the requested amount shall not exceed the upper limit to the disbursement of the fund of prior use under Article 21 (1).
(2) The fund transferred under paragraph (1) shall be returned within the pertinent fiscal year.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 21 (Notification of Upper Limit to Disbursement of Fund of Prior Use)
(1) When the head of a central government agency intends to use the fund of prior use for the special account for a government enterprise within his/her jurisdiction, he/she shall notify the officer empowered to order receipts and disbursements of fund of prior use under Article 18 (2) of the Act (hereinafter referred to as "officer empowered to order receipts and disbursements of fund of prior use") of the upper limit to the disbursement of the fund of prior use.
(2) The upper limit to the disbursement of the fund of prior use under paragraph (1) shall not exceed the amount allocated as the expenditure budget under Article 43 of the National Finance Act.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 22 (Procedure for Disbursement of Fund of Prior Use)
(1) When the finance officer intends to disburse the fund of prior use according to a causative act of expenditure, he/she shall send relevant documents to the officer empowered to order receipts and disbursements of fund of prior use.
(2) Upon receipt of documents relevant to a causative act of expenditure from the finance officer, he/she shall ascertain whether the fund falls within the scope of the allocated budget and the upper limit to the disbursement of the fund of prior use and whether it conforms to relevant items of budget for the pertinent fiscal year and shall request the public official in charge of accounts for fund of prior use to disburse the fund.
(3) The public official in charge of accounts for fund of prior use shall disburse the fund of prior use according to the request of the officer empowered to order receipts and disbursements of fund of prior use.
(4) When the public official in charge of accounts for fund of prior use intends to disburse the fund of prior use to creditors, etc. under Article 28 (1) or to transfer the fund of prior use to the public official in charge of the accounts of agency operation expenses for disbursement, he/she shall disburse or transfer the fund by bank account transfer.
(5) Except as otherwise provided for in this Decree, the provisions concerning the public official in charge of accounts of revenue and the public official in charge of the accounts of agency operation expenses shall apply mutatis mutandis to the public official in charge of accounts for fund of prior use.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 23 (Notice of Current Status of Accounts of Fund of Prior Use and Transfer of Such Fund)
(1) The public official in charge of accounts for fund of prior use shall notify the expenditure officer of the current status of accounts of the fund of prior use as of the end of each month by the tenth day of the following month.
(2) The expenditure officer shall transfer the amount disbursed as the fund of prior use to the revenue collection officer by the fifteenth day of the following month according to the current status of accounts of the fund of prior use as notified by paragraph (1).
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER V EXPENDITURE
SECTION 1 Causative Acts of Expenditure
 Article 24 (Delegation of Causative Act of Expenditure)
When the head of a central government agency delegates administrative work for causative acts of expenditure to a public official of the government agency under Article 21 of the Act, he/she shall notify the expenditure officer, the Minister of Strategy and Finance, and the Board of Audit and Inspection of the delegation.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 25 (Restriction on Causative Act of Expenditure)
(1) When the finance officer to whom administrative work for causative acts of expenditure is delegated under Article 21 of the Act conducts a causative act of expenditure, he/she shall not exceed the limits to the budget re-allocated under Article 17 of the Enforcement Decree of the National Finance Act when he/she conducts causative acts of expenditure.
(2) If the finance officer intends to expend revenue substitution expenses in excess of the budget pursuant to Article 53 (1) of the National Finance Act, he/she may conduct causative acts of expenditure within the upper limit to the expending of revenue substitution expenses exceeding the budget and the maximum amount of revenues exceeding the budget as notified to each finance officer under Article 24 of the Enforcement Decree of the National Finance Act, notwithstanding paragraph (1).
(3) The head of a central government agency responsible for the management of a fund may formulate monthly fund plans for the fund within the limits set by the fund management plan, and the finance officer of the fund shall conduct causative acts of expenditure within the limits set by the monthly fund plans, if he/she has monthly fund plans notified by the head of the central government agency.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 2 Methods of Disbursement
 Article 26 (Appointment of Expenditure Officer)
(1) The head of each central government agency shall appoint an expenditure officer in order to have the expenditure officer to disburse money to cover causative acts of expenditure by the finance officer of the government agency pursuant to Article 22 of the Act.
(2) When the head of a central government agency appoints the expenditure officer under paragraph (1), he/she shall notify the finance officer, the Minister of Strategy and Finance, the Board of Audit and Inspection, and the Bank of Korea or any cooperative bank thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 27 (Rules for Expenditure)
When the expenditure officer intends to disburse an amount pursuant to Article 22 of the Act, he/she shall ascertain whether the following requirements are met:
1. The causative act of expenditure has been conducted in accordance with Article 20 of the Act and Article 25 of this Decree;
2. Documents relevant to the causative act of expenditure have been sent in accordance with Article 22 of the Act;
3. The amount is within the amount specified for each item of budget in the monthly detailed fund plan for each expenditure officer under Article 50;
4. The transaction has been recorded in the register of causative acts of expenditure under Article 92 (2);
5. The fund is within the amount calculated by deducting the surplus fund in operation from the amount on hand for the fund (including the fund to be received or recovered on or before the scheduled date of disbursement), if the transaction is for a fund.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 28 (Methods of Expenditure)
(1) When the expenditure officer intends to disburse an amount pursuant to Article 22 (3) of the Act, he/she shall instruct the Bank of Korea or any cooperative bank to transfer the amount to the deposit account of the creditor or the person to whom the payment of national funds is entrusted (hereinafter referred to as "creditor or the entrusted person") in a bank or any institution engaging in financial service (hereinafter referred to as "bank or any similar institution"), as prescribed by statutes.
(2) When the expenditure officer instructs the Bank of Korea or any cooperative bank to transfer an amount to the deposit account of a creditor or the entrusted person under paragraph (1), he/she shall send a written request for deposit of a national fund or a written request for transfer of a national fund (limited to cases where a national fund is transferred between government accounts; hereinafter the same shall apply) to the Bank of Korea or the cooperative bank.
(3) If transferring an amount is impossible due to a failure of the information and communications media or program of the bank or institution with which the deposit account of a creditor or an entrusted person is opened, the expenditure officer may transfer the amount to the deposit account of another bank or institution to which the amount can be transferred, with cooperation of the creditor or entrusted person.
(4) Matters necessary for the method, procedure, etc. for transferring an amount, where an amount shall be transferred to the account of a creditor or any entrusted person under paragraphs (1) and (2) shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 29 (Processing of Disbursement by National Financial Information System)
(1) When the expenditure officer disburses an amount pursuant to Articles 27 and 28, he/she shall process the transaction with the digital budgeting and accounting system.
(2) If it is impossible to transmit a written request for deposit of a national fund or a written request for transfer of a national fund under Article 28 (2) (hereinafter referred to as "request for deposit or transfer of a national fund") by the digital budgeting and accounting system due to a failure of the information and communications media and programs, the expenditure officer may print out the request for deposit or transfer of a national fund and may send it to the Bank of Korea or other relevant bank by the means specified by Ordinance of the Ministry of Strategy and Finance, notwithstanding paragraph (1).
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 30 (Disbursement by Any Means Other Than Account Transfer)
(1) If it is impracticable to disburse an amount by bank account transfer under Article 22 (3) of the Act due to a failure of information and communications media and programs of all banks and similar institutions, which is caused by an event beyond control as referred to in Article 22 (4) of the Act, the Minister of Strategy and Finance may allow to disburse an amount by delivery of a National Treasury check or other means, as prescribed by Ordinance of the Ministry of Strategy and Finance.
(2) When an amount is disbursed by the means specified in paragraph (1), the Minister of Strategy and Finance shall notify thereof to the head of each central government agency, the Bank of Korea or any cooperative bank, and cooperative banks, or other banks and similar institutions and shall make a public notice to the general public. The same procedure shall apply where disbursement by a National Treasury check and other means under paragraph (1) is discontinued upon termination of the event beyond control under Article 22 (4) of the Act.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 3 Special Provisions concerning Expenditure
 Article 31 (Scope of Agency Operation Expenses)
The scope of agency operation expenses under Article 24 (6) of the Act is as follows: <Amended by Presidential Decree No. 28515, Dec. 29, 2017>
1. Expenses not greater than the amount specified by Ordinance of the Ministry of Strategy and Finance, among operating expenses (excluding fringe benefits, school operation expenses, general service expenses, and management service expenses), special activity expenses, security expenses, and business promotion expenses;
2. Expenses disbursed where a creditor in a foreign country wishes to be paid in the foreign country (including expenses disbursed to the relevant diplomatic mission abroad or a state agency established in the foreign country);
3. Travel expenses;
4. Other expenses specified by Ordinance of the Ministry of Strategy and Finance as those that are likely to cause a problem to execution of the relevant affair, if such expenses are disbursed in accordance with the procedure prescribed in Articles 28 through 30.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 32 (Disbursement of Agency Operation Expenses and Opening of National Treasury Deposit Account)
(1) When the expenditure officer disburses agency operation expenses, he/she shall estimate the amount that will be disbursed each month by the public official in charge of the accounts of agency operation expenses.
(2) Notwithstanding paragraph (1), if the head of a central government agency approves as necessary for the disbursement and receipt of a fund, the expenditure officer may disburse agency operation expenses for a period of not more than three months.
(3) The expenditure officer shall disburse agency operation expenses according to the written requests for deposit of a national fund under Article 28 (2) but shall determine the upper limit to the use of the disbursement for each item of budget.
(4) The public official in charge of the accounts of agency operation expenses may disburse the expenses specified in subparagraphs of Article 31 to regiments or smaller military units to allow them to use the expenses.
(5) The public official in charge of the accounts of agency operation expenses shall deposit the fund received under paragraph (1) in a deposit account opened with a financial company or any similar institution (hereinafter referred to as "National Treasury deposit account") for safekeeping, as prescribed by Ordinance of the Ministry of Strategy and Finance.
(6) The National Treasury deposit account shall be opened with a transmission system through which the Bank of Korea can be informed of transactions in the account.
(7) Matters necessary for the method for opening a National Treasury deposit account, the payment and management of interest, etc. shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 33 (Restriction on Disbursement of Agency Operation Expenses)
The public official in charge of the accounts of agency operation expenses shall disburse agency operation expenses within the upper limit to the use of the disbursement for each item of budget under Article 32 (3).
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 33-2 (Causative Act of Payment and Resolution on Payment)
(1) The public official in charge of the accounts of agency operation expenses may conduct causative act of payment within the upper limit to the use of the disbursement from the expenditure officer for each item of budget. The foregoing shall also apply where it is intended to make a resolution on payment according to the relevant causative act of Payment.
(2) Any causative act of payment under paragraph (1) shall not contravene the purpose of disbursing the fund.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 34 (Use of Government Purchase Cards)
(1) The public official in charge of the accounts of agency operation expenses may procure government purchase cards and distribute them to public officials of the relevant government agency to allow them to use the cards. In such cases, the public officials who use the government purchase cards are deemed the public official in charge of the accounts of agency operation expenses.
(2) No government purchase card may be used for any purpose other than the disbursement of agency operation expenses under Article 24 (5) of the Act.
(3) Matters necessary for the issuance, use, etc. of government purchase cards shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 35 (Conclusion of Agreement on Use of Government Purchase Cards)
A person who intends to issue and operate the government purchase cards under Article 24 (5) of the Act and Article 34 of this Decree shall meet the technical criteria prescribed by Ordinance of the Ministry of Strategy and Finance; make an agreement on the use of government purchase cards with the public official in charge of the accounts of agency operation expenses; and shall be either of the following persons: <Amended by Presidential Decree No. 28515, Dec. 29, 2017>
1. A person operating credit card business defined in subparagraph 2 of Article 2 of the Specialized Credit Finance Business Act;
2. A person operating electronic financial business defined in subparagraph 1 of Article 2 of the Electronic Financial Transactions Act.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 36 (Payment of Agency Operation Expenses by Cash, etc.)
(1) If it is impossible to pay agency operation expenses by using government purchase cards, the public official in charge of the accounts of agency operation expenses shall pay the expenses by account transfer (including the automatic transfer of public utility service charge, etc.; hereinafter the same shall apply): Provided, That expenses may be paid in cash in the following cases:
1. Where the expenses under subparagraphs 1 and 4 of Article 31 are paid for any of the purposes specified by Ordinance of the Ministry of Strategy and Finance;
2. Where the expenses under subparagraph 2 of Article 31 are paid;
3. Domestic travel expenses and overseas travel expenses paid to foreigners, out of the expenses under subparagraph 3 of Article 31;
4. Where it is impossible to use government purchase cards because no credit card member store exists in the area in which expenses are to be paid, such as an island, an isolated area, or a remote mountainous district within the jurisdiction of the relevant government agency;
5. Where agency operation expenses are re-disbursed to the assistant public official in charge of the accounts of agency operation expenses under Article 105 (2).
(2) If a creditor requests account transfer, the relevant amount shall be paid by account transfer, notwithstanding the proviso to the main sentence of paragraph (1).
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 37 (Return of Unused Remainder of Agency Operation Expenses)
(1) The public official in charge of the accounts of agency operation expenses shall return the unused remainder of agency operation expenses for each fiscal year to the relevant expenditure officer by January 20 of the following fiscal year. In such cases, Article 14 (2) may apply mutatis mutandis to the method for returning the unused remainder of agency operation expenses of a diplomatic mission abroad (including state agencies established in a foreign country; hereinafter the same shall apply). <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
(2) Notwithstanding paragraph (1), if the public official in charge of the accounts of agency operation expenses has received a fund from the officer empowered to order receipts and disbursements of fund of prior use, he/she shall return the unused remainder of agency operation expenses for each fiscal year to the officer empowered to order receipts and disbursements of fund of prior use by January 20 of the following fiscal year. <Amended by Presidential Decree No. 26520, Sep. 15, 2015>
(3) In cases of a diplomatic mission abroad or an officer stationed abroad, returning the unused remainder of agency operation expenses for each fiscal year may be substituted by deducting the unused remainder from the agency operation expenses to be disbursed to the diplomatic mission abroad or the officer stationed abroad for the following fiscal year.
(4) Notwithstanding paragraph (1), the unused remainder of agency operation expense can be carried forward with the approval of the public official in charge of the accounts to use it for the following year in the following cases:
1. The amount not paid after conducting the relevant causative act of payment;
2. The amount not paid, out of the amount of use of the government purchase cards used during the preceding fiscal year;
3. The expenses not paid after conducting the relevant causative acts of payment, out of expenses for facilities of a diplomatic mission abroad.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 38 (Disbursement of Agency Operation Expenses before Beginning of Fiscal Year)
(1) The expenses for which a fund may be disbursed to the public official in charge of the accounts of agency operation expenses before the beginning of a fiscal year pursuant to Article 25 (3) of the Act are as follows: <Amended by Presidential Decree No. 28515, Dec. 29, 2017>
1. Operating expenses (excluding fringe benefits, school operation expenses, general service expenses, and management service expenses);
2. Business promotion expenses, special activity expenses, and security expenses;
3. Expenses payable in a foreign country;
4. Domestic travel expenses.
(2) When the head of a central government agency intends to disburse a fund before the beginning of a fiscal year pursuant to paragraph (1), he/she shall make a statement of the amount to be disbursed and shall submit it to the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 39 (Use of Agency Operation Expenses by Diplomatic Missions Abroad)
(1) Notwithstanding Article 32 (5), agency operation expenses of a diplomatic mission abroad may be deposited in a local bank or any similar local institution or a foreign bank or any similar foreign institution.
(2) When the public official in charge of the accounts of agency operation expenses of a diplomatic mission abroad intends to pay agency operation expenses, he/she may pay the expenses by using a credit card (including credit cards issued by a foreign credit card business operator) or by account transfer or by cash, applying Article 24 (5) of the Act and Article 36 of this Decree mutatis mutandis.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 40 (Advance Payment)
(1) The expenses that may be paid in advance pursuant to Article 26 of the Act are as follows: <Amended by Presidential Decree No. 25530, Aug. 6, 2014>
1. Prices for machines, books, samples, or materials for experiments, which are purchased directly in a foreign country;
2. Expenses incurred in purchasing periodicals;
3. Rents of land or buildings and chartering fee;
4. Freight;
5. Wages payable to soldiers in the ranks, who are transferred to another military unit, are travelling on business, are called out in an emergency, participate in military maneuvers, or are on holidays, as on the pay reference date;
6. Expenses disbursed to state agencies, local governments, and public institutions defined by Article 4 of the Act on the Management of Public Institutions (hereinafter referred to as "state agencies and other public entities");
7. Expenses paid to persons who are engaged in research or survey in a foreign country;
8. Salaries paid to persons who work in places with limited transportation options or ship crew;
9. The national funds the disbursement of which is entrusted to a bank or any similar institution;
10. Expenses incurred in entrustment of administrative work, etc. (including cases of subparagraph 9);
11. Subsidies, charges, and grants;
12. Honorarium;
13. Expenses paid to organs of the United Nations;
14. Prices, compensations, or relocation expenses for the land purchased or expropriated by the State or objects fixed onto the land;
15. An amount not exceeding 70/100 of the contract amount as the prices for a contract for construction, manufacturing, or service;
16. Expenses paid within the Republic of Korea to foreigners invited by the Government;
17. Prices disbursed to the Public Procurement Service for commodities procured under subparagraph 1 of Article 2 of the Government Procurement Act;
18. Expenses incurred in relief and recovery from disasters.
(2) Where the payment of salaries for public officials is entrusted to a bank or any similar institution under paragraph (1) 9, the relevant amount may be deposited in the bank or institution to which the payment is entrusted in advance, at most, three days before the scheduled pay date.
(3) Where the expenses referred to in paragraph (1) 15 are paid in advance, such expenses shall be paid within 14 days after the date on which the other party to the contract requests the payment after the relevant contract is concluded: Provided, That the foregoing shall not apply where it is impossible to make a payment due to any event beyond control and the other party to the relevant contract has been notified of the reason in writing.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 41 (Approximated Payment)
The expenses that may be paid by rough approximation under Article 26 of the Act are as follows:
1. Expenses paid to State agencies and other public entities;
2. Subsidies, charges, and grants;
3. Expenses paid to organs of the United Nations;
4. Expenses incurred in relief and recovery from disasters;
5. Other expenses specified by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 42 (Expenses Paid in Excess of Unspent Amount)
The expenses that may be disbursed in excess of the unspent amount out of the finalized amount of debts that belong to the preceding year under the proviso to Article 28 of the Act are as follows:
1. Remunerations for public officials;
2. Compensations for death;
3. Compensations for disabilities;
4. Insurance premiums;
5. Damages and indemnities;
6. Refunds, compensations for losses, and repayments;
7. Insurance benefits and repayments for insurance premiums;
8. Interest;
9. Costs incurred from international treaties and agreements;
10. Compensations for farmland prices;
11. Expenses for prevention and inspection of infectious diseases;
12. Expenses for accommodation of patients.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 43 (Entrustment of Administrative Work for Payment of Expenses)
If the head of a central government agency deems it necessary for efficient payment of expenses, he/she may entrust the payment of expenses to the Bank of Korea or any cooperative bank, or a cooperative bank, or any other bank.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 44 (Keeping, etc. of Books of Accounts for Entrusted Expenses)
(1) The Bank of Korea or any cooperative bank, or any other bank or similar institution, to whom the payment of expenses is entrusted under Article 43, shall keep books of accounts of the disbursed expenses (hereafter referred to as "entrusted expenses" in this Article).
(2) The Bank of Korea or any cooperative bank, or any other bank or similar institution, to whom the payment of expenses is entrusted under Article 43, shall prepare a report on the accounts of the entrusted expenses for each fiscal year and shall submit the report, by January 31 of the following fiscal year, to the head of the central government agency that entrusts such payments.
(3) The Bank of Korea or any cooperative bank, or any other bank or similar institution shall submit a statement on the accounts of entrusted expenses for each fiscal year to the head of the central government agency that entrusts the relevant fund and the Board of Audit and Inspection, by January 31 of the following fiscal year.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 4 Return of Disbursements
 Article 45 (Return of Disbursements)
When the expenditure officer intends to recover the amount disbursed under Article 29 (1) of the Act, he/she shall notify to return the amount disbursed to the person obligated to return the amount. In such cases, the method of giving notice or payment under Article 9 shall apply mutatis mutandis to the notice of return.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 46 (Procedure for Receiving Disbursements Returned to Bank of Korea or Any Cooperative Bank)
When the Bank of Korea or any cooperative bank receives a disbursement returned under Article 45, it shall issue a receipt to the person returning the disbursement and shall send a statement of the receipt to the expenditure officer, as prescribed by Ordinance of the Ministry of Strategy and Finance: Provided, That when a disbursement is returned after the end of the fiscal year during which the disbursement was made, the revenue collection officer shall be notified thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER VI FUND MANAGEMENT
SECTION I Fund Plans
 Article 47 (Formulation of Monthly Fund Plans of Each Central Government Agency)
The monthly fund plans that the head of a central government agency shall submit to the Minister of Strategy and Finance pursuant to Article 30 of the Act (hereinafter referred to as "monthly fund plan of a central government agency") shall be clearly divided into the following:
1. Revenue plan: Division into the sections, paragraphs, and items in the national revenue budget;
2. Expenditure plan: Division into the chapters, sections, paragraphs, and subparagraphs in the national expenditure budget.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 48 (Adjustment and Amendment of Monthly Fund Plans)
(1) If the Minister of Strategy and Finance may adjust details of a monthly fund plan of each central government agency when he/she deems the adjustment is necessary for the supply and demand for funds in formulating a monthly fund plan under Article 30 (2) of the Act.
(2) The monthly fund plans under paragraph (1) shall be divided into each category of affairs and shall be stated in comparison with the amounts presented by the head of each central government agency.
(3) If the head of a central government agency finds it necessary for any compelling reason to amend the expenditure plan in the monthly fund plan formulated by the Minister of Strategy and Finance pursuant to Article 30 (2) of the Act, he/she shall submit a written request for amending the monthly fund plan to the Minister of Strategy and Finance.
(4) If the Minister of Strategy and Finance is requested to amend a monthly fund plan under paragraph (3) or any compelling reason for such amendment exists in connection with the supply and demand for funds, the Minister of Strategy and Finance may amend the monthly fund plan.
(5) When the Minister of Strategy and Finance amends the monthly fund plan under paragraph (4), he/she shall notify thereof to the head of the relevant central government agency and the Bank of Korea.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 49 (Formulation and Amendment of Detailed Monthly Fund Plans)
(1) The head of each central government agency shall formulate a detailed monthly fund plan under Article 30 (3) (hereinafter referred to as "detailed monthly fund plan of a central government agency") and shall submit the plan to the Minister of Strategy and Finance by no later than one week before the last workday of each month.
(2) The detailed monthly fund plan of a central government agency shall be formulated once in every five days according to the categorization of items of the relevant monthly fund plan of the central government agency and shall clearly state the following matters:
1. The date on which the fund is required, the amount of the required fund, and the reason why the fund is required;
2. Other matters necessary for forecasting the required fund.
(3) The Minister of Strategy and Finance shall collect detailed monthly fund plans submitted by central government agencies under paragraphs (1) and (2), formulate a detailed monthly fund plan of the Government, and notify thereof to the head of each central government agency and the Bank of Korea.
(4) When the Minister of Strategy and Finance formulates a detailed monthly fund plan and notify thereof under paragraph (3), he/she may notify thereof after adjusting the categories of items.
(5) If the head of a central government agency finds that it is necessary to amend a detailed monthly fund plan notified by the Minister of Strategy and Finance under Article 30 (4) of the Act, due to an inevitable circumstance in connection with receipts and disbursements of a fund, he/she shall prepare a written request for amending the detailed monthly fund plan and submit it to the Minister of Strategy and Finance.
(6) If the Minister of Strategy and Finance receives a request for amending a detailed monthly fund plan under paragraph (5) or finds it necessary to amend a detailed monthly fund plan for the supply and demand for funds, he/she may amend the detailed monthly fund plan. In such cases, the head of each central government agency and the Bank of Korea shall be notified of the amended detailed monthly fund plan.
(7) When the head of a central government agency is notified of the upper limit to the amount of revenue substitution expenses that may be expended in excess of the budget from each finance officer under Article 24 (3) of the Enforcement Decree of the National Finance Act, he/she shall reflect it in the detailed monthly fund plan.
(8) The detailed monthly fund plans of each central government agency, the detailed monthly fund plan, the written request for amending a detailed monthly fund plan, and detailed monthly fund plan for each expenditure officer under paragraphs (1) through (7) of this Article and Articles 48 (3) and 50 (1) shall be formulated, submitted, and notified by the digital budgeting and accounting system.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 50 (Formulation and Amendment of Detailed Monthly Fund Plans for Each Expenditure Officer)
(1) The head of each central government agency shall formulate a detailed monthly fund plan for each expenditure officer under his or her control within the limits set in the detailed monthly fund plan notified by the Minister of Strategy and Finance under Article 49 (3) and shall notify the relevant expenditure officer thereof.
(2) The head of a central government agency may amend the detailed monthly fund plan notified under paragraph (1), if he/she deems it necessary for receipts and disbursements of funds.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 1-2 Operation of Integrated Accounts
 Article 50-2 (Operation and Management of Integrated Accounts)
Pursuant to Article 31 (1) and (2) of the Act, the Minister of Strategy and Finance shall integrate funds for general accounts and special accounts into integrated accounts for management purposes: Provided, That the foregoing shall not apply to the funds of the following special accounts:
1. The Special Accounts for Postal Insurance under the Act on Special Accounts for Postal Insurance;
2. The Special Accounts for Postal Savings and the Special Accounts for Grain Management among special accounts for a government enterprise.
(2) The integrate accounts under Article 31 (2) of the Act include the amounts carried forward to the accounts subject to integration (including accounts for the settlement of receipts and disbursements of national funds) and the surplus from excess revenue and unspent expenditure.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 2 Raising of Funds
 Article 51 (Raising of Funds)
(1) If the Minister of Strategy and Finance deems it necessary for the supply and demand for funds for accounts or receives a request under paragraph (2), he/she may raise necessary funds by depositing a national fund from an account into another account, issuing treasury bills, or taking out loans temporarily from the Bank of Korea.
(2) When the head of a central government agency responsible for the management of a special account intends to raise a fund for a temporary shortfall, he/she shall request the Minister of Strategy and Finance to raise the fund, clearly stating the following matters:
1. The reason why the fund is required;
2. The required amount;
3. The date on which the fund is required;
4. The deadline for the repayment of the fund and the repayment plan;
5. Other information for reference.
(3) When the Minister of Strategy and Finance deposits a national fund from an account into another account under Article 31 (3) of the Act, he/she may charge interest on the fund, within the budget.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 52 (Repayment of Principal of Raised Funds and Interest Thereon)
(1) The head of a central government agency responsible for the management of an account for which he/she intends to use a fund temporarily borrowed from the Bank of Korea under Article 32 (4) of the Act and Article 51 (1) and (2) of this Decree shall repay the principal and interest thereon to the Bank of Korea by not later than the due date for repayment.
(2) When the head of a central government agency responsible for the management of an account uses a fund raised by issuing treasury bills for the account under Article 33 (1) of the Act and Article 51 (1) and (2), he/she shall pay expenses incurred in issuing the bills to the person designated by the Minister of Strategy and Finance by the day immediately before the issue date of the bills and shall repay the principal and interest thereon to the Bank of Korea by the day immediately before the date of redemption of the bills.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 3 Issuance of Treasury Bills
 Article 53 (Methods of Issuing Treasury Bills)
(1) Treasury bills issuable in a public market pursuant to Article 33 (2) of the Act shall be issued by public offering, sale, or bidding.
(2) If it is deemed necessary, treasury bills may be sold to financial companies, government-invested enterprises, insurance companies, and any of the following persons:
1. Investment traders, investment brokers, securities finance companies, and merchant banks defined by the Financial Investment Services and Capital Markets Act;
2. Other persons specified by the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 54 (Methods of Public Announcement)
When the Minister of Strategy and Finance makes a public announcement pursuant to Article 33 (3) of the Act, he/she shall publish it through the Official Gazette, newspapers, information and communications media, etc.: Provided, That, if treasury bills are sold under Article 53 (2), the public announcement thereof may be substituted by direct notification through the relevant institutions or its federation.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 55 (Issuance of Treasury Bills through Entrustment or Underwriting)
(1) When it is intended to issue treasury bills though public offering or sale, the Minister of Strategy and Finance may issue the bills by entrusting the bills to the person designated by the Minister of Strategy and Finance or by having such person underwrite the bills.
(2) When the Minister of Strategy and Finance issues treasury bills pursuant to paragraph (1), he/she may pay fees therefor at a rate not higher than 10/1,000 of the issue price.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 56 (Adjustment of Amount Issued of Treasury Bills)
If the total subscription amount or the total bid amount at a rate not higher than the discount rate unofficially decided by the Minister of Strategy and Finance (hereinafter referred to as "total bid amount acceptable as successful bidding") is smaller or greater than the issue amount, where treasury bills are issued through public offering or bidding, the issue amount may be adjusted within the total subscription amount or the total bid amount acceptable as successful bidding.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 57 (Types of Treasury Bills)
(1) The classes, specifications, and designs of treasury bills shall be determined by the Minister of Strategy and Finance: Provided, That the specifications and designs shall apply only where treasury bills are issued. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
(2) Each treasury bill shall be issued with an identification mark and a serial number.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 58 (Exchange, Split, and Consolidation of Treasury Bills)
Any person who holds treasury bills issued pursuant to the proviso to Article 33 (4) of the Act (hereinafter referred to as "holder of treasury bills") may request the Bank of Korea to exchange, split, or consolidate the treasury bills: Provided, That the foregoing shall apply only where the issue date, the deadline for redemption, and the conditions of issuance of treasury bills are the same. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 59 (Registration of Treasury Bills)
(1) When the Bank of Korea performs services for registration pursuant to Article 33 (9) of the Act, it shall maintain the electronic information processing system and keep the electronic register of treasury bills under the main sentence of Article 33 (4) of the Act (hereinafter referred to as "electronic register of treasury bills").
(2) Upon receipt of a request from a creditor, the Bank of Korea shall register the following matters in the electronic register of treasury bills:
1. The name (personal name) and address of the creditor (limited to creditors of registered treasury bills);
2. The registered amount (based on par value);
3. The issue number and issue date of treasury bills;
4. The maturity date for redemption of treasury bills;
5. Other matters necessary for the registration of treasury bills, including control numbers.
[This Article Wholly Amended by Presidential Decree No. 27474, Sep. 2, 2016]
 Article 60 (Exceptional Issuance of Securities)
(1) When the Minister of Strategy and Finance issues treasury bills pursuant to the proviso to Article 33 (4) of the Act, he/she shall describe the matters specified in Article 4 (1) of the Enforcement Decree of the State Bond Act on the bills.
(2) When a holder of treasury bills intends to register the bills, he/she shall file an application for registration of treasury bills with the Bank of Korea, along with the treasury bills to be registered.
[This Article Wholly Amended by Presidential Decree No. 27474, Sep. 2, 2016]
 Article 61 (Amendment of Registration)
(1) If a person registered as a holder of treasury bills under the main sentence of Article 33 (4) of the Act and Article 60 (2) of this Decree intends to amend any of the registered matters, he/she shall file an application for amendment of registration of treasury bills with the Bank of Korea. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
(2) When it is intended to amend any of the registered matters due to the transfer of any right, both parties to the transfer shall affix their signatures and seals on the application for amendment of registration.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 62 (Cancellation of Registration)
When registered treasury bills are redeemed, the Bank of Korea shall cancel the registration of such treasury bills upon receipt of the request for redemption from the person registered as the holder of the treasury bills.
[This Article Wholly Amended by Presidential Decree No. 27474, Sep. 2, 2016]
 Article 63 (Registration of Pledge)
(1) If it is intended to create a pledge or register a sub-pledge on registered treasury bills, both parties to the pledge shall affix their signatures and seals on the application for registration of the pledge and shall file the application with the Bank of Korea.
(2) Paragraph (1) shall apply mutatis mutandis where any of the matters registered with regard to a pledge is amended or the registration of a pledge is cancelled: Provided, That, if an application is accompanied by a document that demonstrates the reason for cancellation or the pledgee files an application for cancellation, the registration may be cancelled by a request from either party.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 64 (Notice of Registration)
When the Bank of Korea registers new treasury bills, amends a registration, or registers a pledge on the electronic register of treasury bills, it shall issue the notice of registration to the person registered as the holder of the registered treasury bills or the applicant. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 65 (Restriction on Registered Amount)
The amount of newly registered treasury bills, the amount of amended registration, the amount of a registered pledge, or the amount of cancellation of registration shall be dividable by the minimum par value of the treasury bills.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 66 (Perusal, etc. of Register)
A person registered as a holder of registered treasury bills may apply for perusal of the electronic register of treasury bills or the issuance of a certificate of the present balance of registered treasury bills to the Bank of Korea. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 67 (Submission of Seal Imprint)
The person registered as a holder of registered treasury bills or any person who intends to exercise a right to such bills shall submit the seal imprint as defined by the Certification of Seal Imprint Act to the Bank of Korea.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 68 (Reporting, etc. of Appointment of Agent)
When the person registered as a holder of registered treasury bills appoints his/her agent, he/she shall report it to the Bank of Korea. The same shall also apply where the agent is replaced by another or dismissed.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 69 (Notification of Treasury Bills)
(1) Notification to the person registered as a holder of registered treasury bills shall be given to the address registered in the electronic register of treasury bills. <Amended by Presidential Decree No. 27474, Sep. 2, 2016>
(2) Notification to the person registered as a holder of registered treasury bills may be substituted by public announcement.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 70 (Forms of Request for Registration, etc.)
Forms related to the registration of treasury bills, the amendment or cancellation of registration, the notification of registration, etc. shall be determined by the President of the Bank of Korea.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION IV Operation of National Funds
 Article 71 (Entrustment, etc. of Sale of State or Public Bonds, etc.)
(1) When the Minister of Strategy and Finance or the head of a central government agency intends to sell or buy state bonds, public bonds, or monetary stabilization bonds issued under the Bank of Korea Monetary Stabilization Bond Act (hereinafter referred to as "state or public bonds") pursuant to Article 34 (1) 1 or (3) of the Act, he/she may entrust the sale or purchase to the person designated by the Minister of Strategy and Finance. In such cases, fees may be paid at a rate not exceeding 10/1,000 of the sale or purchase price.
(2) "Financial companies, etc. prescribed by Presidential Decree" in Article 34 (1) 2 of the Act means banks and investment traders, investment brokers, and securities finance companies as defined by the Financial Investment Services and Capital Markets Act (hereinafter referred to as "financial companies managing national funds").
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 72 (Purchase or Sale Price, etc. of State or Public Bonds)
(1) When the Minister of Strategy and Finance or the head of a central government agency intends to sell or purchase state bonds or public bonds (including repurchase agreement transactions) at any place other than a securities market defined by Article 176-9 (1) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act in order to manage national funds, he/she shall determine the sale or purchase price by any of the following methods: <Amended by Presidential Decree No. 24697, Aug. 27, 2013>
1. If state or public bonds are issued at par value, the purchase price or sale price shall be determined by adding the amount equivalent to interest calculated on a daily basis for the period from the issue date until the purchase or sale date by applying the interest rate to the par value, while the purchase price or sale price shall be determined by adding the amount equivalent to interest calculated on a daily basis for the period from the issue date until the purchase or sale date by applying the rate of return to the par value. In such cases, the timing for paying the amount equivalent to interest may be separately determined;
2. In any case other than the case of subparagraph 1, the purchase price shall be determined by appraising state or public bonds at the rate of return on state or public bonds as on the day immediately before the purchase date, as announced by the Korea Exchange, by applying the method prescribed by the Minister of Strategy and Finance, while the sale price shall be determined by adding interest calculated on a daily basis for the period from the purchase date until the sale date at the rate or return on state or public bonds, as applied at the time of purchasing the State or public bonds, to the purchase price;
3. If State or public bonds are purchased under a resale agreement, the purchase price shall be determined with the issue price of the State or public bonds, in lieu of the methods prescribed in subparagraphs 1 and 2, while the sale price shall be determined by adding interest calculated on a daily basis for the period from the purchase date until the sale date at the interest rate determined by the Minister of Strategy and Finance to the purchase price, taking into consideration market interest rates formed in the money market.
(2) If any amount has been paid as interest during the period of resale on state or public bonds purchased under a resale agreement, the interest shall be paid to the repurchaser and shall be settled at the time of resale.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 73 (Interest on Deposit or Loan)
When the Minister of Strategy and Finance or the head of a central government agency deposits or lends a national fund under Article 34 (1) 2 or (3) of the Act, he/she shall determine the interest rate thereon, taking into consideration the interest rate applied by the Government or financial companies managing national funds to similar transactions: Provided, That a different interest rate may be applied where it is necessary to promote the issuance and circulation of state bonds.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 74 (Collateral)
If the Minister of Strategy and Finance or the head of a central government agency deems necessary in operating national funds, he/she may require the Bank of Korea to acquire State bonds, letters of guarantee for payment issued by financial companies managing national funds, or listed securities specified by the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 75 (Operation of Surplus of Funds)
The Minister of Strategy and Finance shall apply provisions of related statutes when he/she operates surplus of funds pursuant to Article 34 (1) of the Act but may operate a surplus by any of the methods prescribed in Article 34 (1) of the Act and Articles 71 through 74 of this Decree, if related statutes do not have any specific provision applicable to the operation of a surplus.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 76 (Accounting Authorities for National Fund Operation Accounts)
(1) The Minister of Strategy and Finance and the head of each central government agency shall appoint a public official as the officer empowered to order receipts and disbursements from accounts for operating a national fund (hereafter referred to as "officer empowered to order receipts and disbursements from accounts" in this Section) in order to have the public official perform administrative work for the collection of revenues and causative acts of payment relating to operating the national fund operation account under Article 34 (6) of the Act and another public official as the public official in charge of receipts and disbursements from accounts for operating a national fund (hereafter referred to as "public official in charge of receipts and disbursements from accounts" in this Section) respectively, from among public officials of the Ministry or government agency.
(2) The appointment of the officer empowered to order receipts and disbursements from accounts or the public official in charge of receipts and disbursements from accounts may be substituted by the placement of public officials to the positions created in the relevant Ministry or government agency.
(3) The Minister of Strategy and Finance shall notify the Board of Audit and Inspection of the appointment of the officer empowered to order receipts and disbursements from accounts and notify the Board of Audit and Inspection and the Bank of Korea of the appointment of the public official in charge of receipts and disbursements from accounts respectively.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 77 (Classification of Operation Accounts)
The Minister of Strategy and Finance shall classify operation accounts into national fund deposit accounts (hereinafter referred to as "deposit accounts"), accounts for detailed operation of national funds (hereinafter referred to as "detailed operation accounts"), and accounts of profits from the operation of national funds (hereinafter referred to as "profit accounts") for accounting purposes.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 78 (Revenue and Expenditure of Deposit Accounts, etc.)
(1) Deposits in accounts and refunds from accounts shall constitute revenue and expenditure of deposit accounts.
(2) Funds deposited in an operation account from other accounts for the operation of national funds and recovered operation funds shall constitute revenue of detailed operation accounts, while funds refunded out of funds deposited from other accounts and the funds disbursed to be operated by the method prescribed in any subparagraph of Article 34 (1) of the Act shall constitute expenditure of detailed operation accounts.
(3) Operating profits from operating funds under Article 34 (1) of the Act, interest accruing from funds deposited under Article 51 (3) of this Decree, and the principal of operating funds under paragraph (4) of this Article and interest thereon shall constitute revenue of profit accounts, while the funds disbursed for the purposes specified in Article 34 (2) of the Act and the interest payable for the funds deposited under Article 51 (3) of this Decree shall constitute expenditure of profit accounts.
(4) The officer empowered to order receipts and disbursements from accounts may operate funds in profit accounts in accordance with Article 34 (1) of the Act to the extent that such operation does not cause any problem in receipts and disbursement of profit accounts.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 79 (Payment Notification of Revenues of Operation Accounts)
When the officer empowered to order receipts and disbursements from accounts intends to collect revenues of operation accounts, he/she shall notify the relevant payer of payment: Provided, That such notification may be omitted, if deemed unnecessary.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 80 (Payment from Operation Accounts)
(1) When the officer empowered to order receipts and disbursements from accounts intends to disburse any amount from an operation account, he/she shall send documents relevant to the causative act of payment to the public official in charge of receipts and disbursements from accounts.
(2) When the public official in charge of receipts and disbursements from accounts intends to disburse any amount, he/she shall send a written request for deposit of a national fund to the Bank of Korea so that the amount can be transferred to the creditor's account.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 81 (Keeping and Recording of Books of Accounts)
(1) The officer empowered to order receipts and disbursements from accounts shall keep the register of collection of revenues the register of causative acts of payment, and auxiliary books of accounts and record necessary matters therein.
(2) The public official in charge of receipts and disbursements from accounts shall keep the register of receipts, the register of disbursements, and books of accounts concerning securities, and auxiliary books of accounts and record necessary matters therein.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 82 (Keeping and Entry of Record Books)
The Minister of Strategy and Finance shall keep the following record books and shall record matters necessary for the funds raised or operated in relation to related transactions:
1. Ledger of treasury bills;
2. Ledger of loans from the Bank of Korea;
3. Ledger of deposits of national funds;
4. Ledger of the detailed operation of national funds;
5. Ledger of profits from the operation of national funds.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 83 (Notification to Board of Audit and Inspection)
The Minister of Strategy and Finance shall notify the Board of Audit and Inspection of the quarterly status of operation accounts by the end of the month immediately following the month in which the pertinent quarter ends: Provided, That the notification for the fourth quarter may be substituted by the general report for the pertinent fiscal year.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 84 (Handling Fees for Administrative Work)
The Minister of Strategy and Finance may pay fees for administrative work entrusted to the President of the Bank of Korea pursuant to Article 44 of the Act within the maximum of actual expenses.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER VII HANDLING OF NATIONAL FUNDS BY THE BANK OF KOREA OR ANY COOPERATIVE BANK
 Article 85 (Deposit of National Funds)
(1) Except as otherwise provided expressly by any statute, cash in possession by the State shall be deposited in the Bank of Korea, as prescribed by Ordinance of the Ministry of Strategy and Finance.
(2) Notwithstanding paragraph (1), cash that belongs to the special account for a government enterprise or a specific fund may be deposited in a cooperative bank, as prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 86 (Receipt and Disbursement of National Funds by Bank of Korea or Any Cooperative Bank)
(1) The Bank of Korea or any cooperative bank shall perform the receipt and disbursement of national funds, as prescribed by Ordinance of the Ministry of Strategy and Finance.
(2) The national funds received by the Bank of Korea or any cooperative bank shall constitute the State's deposits, and matters necessary for the kinds of deposit and the supply and demand for the funds shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
(3) The Bank of Korea shall pay interest on the State's deposits under paragraph (2) at the rate set by agreement between the Minister of Strategy and Finance and the President of the Bank of Korea.
(4) Cooperative banks shall pay interest on the State's deposits in cooperative banks at the rate set by agreement between the head of a central government agency and cooperative banks, taking into consideration interest rates applied to similar transactions.
(5) Financial companies, etc. shall pay interest on national funds deposited in financial companies, etc. at a rate equivalent to the interest rates on general deposits handled by financial companies, etc.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 87 (Duty of Bank of Korea or Any Cooperative Bank to Make Reports, etc.)
(1) The Bank of Korea or any cooperative bank shall make reports in the forms prescribed by Ordinance of the Ministry of Strategy and Finance, including balance sheets of national funds, in handling national funds and shall submit them to the Minister of Strategy and Finance.
(2) The Bank of Korea or any cooperative bank shall make statements on the management of national funds, as prescribed separately by the Board of Audit and Inspection, and shall submit them to the Board of Audit and Inspection.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER VIII PUBLIC OFFICIALS IN CHARGE OF ACCOUNTS
 Article 88 (Duties of Public Officials in Charge of Accounts)
Public officials in charge of accounts (including public officials who perform all or some of duties of public official in charge of accounts behalf of such public official under Article 40 (2) of the Act; hereinafter the same shall apply) shall disburse, receive, and keep funds, as prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 89 (Inspection of Books of Accounts and Safes of Public Officials in Charge of Accounts)
(1) The head of a central government agency or the public official with authority delegated by the head of a central government agency shall appoint an inspection officer to authorize the officer to inspect books of accounts and funds handled by the public official in charge of accounts periodically and occasionally on December 31 each year and whenever the public official in charge of accounts is transferred to other office or is dismissed from office, or any other change occurs: Provided, That it does not need to conduct periodic inspections on the books of accounts and safes of the public official in charge of accounts, if the public official has any fund received in advance in order to appropriate the fund for special expenditure.
(2) If the Minister of Strategy and Finance or the head of a central government agency deems necessary, he/she may appoint an inspection officer from time to time to authorize the officer to inspect books of accounts and funds of a public official in charge of accounts.
(3) When an inspection is conducted under paragraphs (1) and (2), the relevant public official in charge of accounts shall be required to be present at the inspection: Provided, That, if the public official in charge of accounts is unable to be present at the inspection due to any event beyond control, his/her representative or the public official designated by the head of the relevant central government agency or by the public official with authority delegated by the head of the relevant central government agency shall be required to be present at the inspection.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 90 (Inspection of Other Official Funds)
If a public official in charge of accounts concurrently takes charge of the receipt and disbursement of any other official fund, the inspection officer under Article 89 shall also inspect the official fund.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 91 (Inspection Report)
(1) When the inspection officer under Article 89 has inspected books of accounts and safes of a public official in charge of accounts, he/she shall prepare an inspection report in duplicate, give a copy of the report to the public official in charge of accounts or the person who was present at the inspection on behalf of the public official in charge of accounts in accordance with the proviso to Article 89 (3) (hereinafter referred to as "public official in charge of accounts or his/her representative") and submit the other copy to the head of the relevant central government agency: Provided, That, if the inspection officer is appointed by the Minister of Strategy and Finance pursuant to Article 89 (2) to conduct an inspection, the inspection officer shall also submit the inspection report to the Minister of Strategy and Finance.
(2) The inspection report under paragraph (1) shall be signed and sealed by the inspection officer and the relevant public official in charge of accounts or his/her representative.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER IX PREPARATION, SUBMISSION, ETC. OF BOOKS OF ACCOUNTS AND REPORTS
SECTION 1 Keeping of Books of Accounts
 Article 92 (Books of Accounts That Accounting Officials, etc. Shall Keep)
(1) Each revenue collection officer shall keep the register of collection of revenues and shall record matters concerning collection of revenues therein.
(2) Each finance officer shall keep the register of causative acts of expenditure and shall record matters concerning causative acts of expenditure therein.
(3) Each expenditure officer shall keep the register of expenditure and shall record matters concerning expenditure.
(4) Each public official in charge of accounts shall keep the register of receipts and disbursement of funds and shall record matters concerning the receipt and disbursement of funds therein.
(5) Each officer empowered to order receipts and disbursements of fund of prior use shall keep the register of expenditure, similar to that of the expenditure officer, and shall record matters concerning disbursement orders.
(6) The books of accounts under paragraphs (1) through (4) shall be closed at the end of each month.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 93 (Keeping of Revenue Register, Expenditure Register, etc.)
(1) The head of each central government agency shall keep the revenue register and the expenditure register and shall record details of revenues and expenditure of the accounts within his/her jurisdiction: Provided, That, in the case of a fund, the head of each central government agency shall keep the revenue register and the expenditure register for the fund and shall record details of revenue and expenditure of the fund therein.
(2) The books of accounts that the head of each central government agency shall keep may be substituted by data from the reports submitted by accounting officials of the government agency through the digital budgeting and accounting system in accordance with Articles 97 (1) and (2) and 98 (3).
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 94 (Recording and Keeping of Total Revenue Register and Total Expenditure Register)
(1) The Minister of Strategy and Finance shall keep the total revenue register and the total expenditure register and shall record details of revenue and expenditure of the State therein.
(2) The total revenue register and the total expenditure register under paragraph (1) may be substituted by data from the reports submitted by the head of each central government agency through the digital budgeting and accounting system in accordance with Articles 97 (1) and (2) and 98 (3).
(3) The Minister of Strategy and Finance shall close the total revenue register and the total expenditure register for the immediately preceding fiscal year on February 10 of each fiscal year with the presence of the auditor designated by the Chairperson of the Board of Audit and Inspection and other public officials.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 95 (Methods of Recording Books of Accounts and Forms of Books of Accounts)
(1) The books of accounts under Article 92 shall be recorded whenever a cause of record occurs.
(2) Matters concerning forms of the books of accounts under Articles 92 through 94 shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 96 (Books of Accounts that the Bank of Korea or Any Cooperative Bank Shall Keep)
The Bank of Korea or any cooperative bank shall keep books of accounts for recording the receipt and disbursement of national funds, as prescribed by Ordinance of the Ministry of Strategy and Finance, and shall record receipts and disbursements of cash handled by them for the State.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
SECTION 2 Submission, etc. of Reports
 Article 97 (Reporting of Results, etc. of Collection of Revenue)
(1) The revenue collection officer, the finance officer, and the expenditure officer (hereinafter referred to as "revenue collection officer, etc.") shall prepare a report on the collection of revenue, a report of the amount of causative acts of expenditure, and a report on the amount of expenditure and submit them to the head of the central government agency to which each of them belongs, by the fifth day of the following month, and the head of each central government agency shall collect the reports and submit them to the Minister of Strategy and Finance by the seventh day of the following month.
(2) Notwithstanding paragraph (1) and Article 92 (6), the revenue collection officer, etc. shall close books of accounts as of the deadline for the settlement of receipts and disbursements and submit revised final reports to the head of the relevant central government agency by January 25, and the head of the central government agency shall collect the reports and submit them to the Minister of Strategy and Finance by January 31.
(3) The public official in charge of accounts shall prepare a report on receipts and disbursements of funds and submit it to the revenue collection officer and the expenditure officer by the third day of the following month.
(4) The Minister of Strategy and Finance may extend the deadline for the submission of reports that shall be submitted by the head of a central government agency under paragraph (1), upon receipt of a request from the head of the central government agency.
(5) The forms of the reports under paragraphs (1) and (3) shall be prescribed by Ordinance of the Ministry of Strategy and Finance.
(6) The contents of the reports under paragraphs (1) through (3) and the guidelines for preparing such reports shall be determined by the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 98 (Preparation and Submission of Books of Accounts and Reports through Digital Budgeting and Accounting System)
(1) Each revenue collection officer, each finance officer, each expenditure officer, each public official in charge of accounts, the head of each central government agency, and the Minister of Strategy and Finance shall record the books of accounts specified in Articles 92 and 94 by using the digital budgeting and accounting system and keep them in the system.
(2) The Minister of Strategy and Finance shall record the record books specified in Article 82 by using the digital budgeting and accounting system and keep them in the system.
(3) The reports under Article 97 (1) through (3) shall be submitted by transmitting them through the digital budgeting and accounting system: Provided, That, if it is impossible to use the digital budgeting and accounting system due to any event beyond control, such reports may be submitted by storing the data in diskettes, magnetic tapes, or other recording media for information and communications or in writing.
(4) Notwithstanding the main sentence of paragraph (3), if the head of a central government agency has any medium for information and communications and programs, which the government agency itself has developed and used for financial operation, he/she may submit reports by using such medium for information and communications and programs, after consulting with the Minister of Strategy and Finance thereon.
(5) When the Minister of Strategy and Finance intends to develop a new digital budgeting and accounting system or upgrade the existing digital budgeting and accounting system, he/she shall consult with the Board of Audit and Inspection thereon.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 99 (Classification Codes and Report Number)
(1) In order to process reports on the management of national funds with media for information and communications and programs, the Minister of Strategy and Finance may specify necessary classification codes separately, in addition to the classification of budgetary items under Article 7 of the Enforcement Decree of the National Finance Act.
(2) In order to process reports on the management of national funds with media for information and communications and programs, the Minister of Strategy and Finance may specify reports numbers for each revenue collection officer, each finance officer, and each expenditure officer and may cancel or adjust already specified report numbers, as necessary.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 100 (Reminder Notice of Submission of Reports)
If an official fails to submit any of the reports under Article 97 by the deadline, the head of the relevant central government agency or the Minister of Strategy and Finance shall give reminder notice of demanding submission.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 101 (Notification of Amendment of Budget, etc.)
If the budget is amended due to the use of the reserve fund, the diversion, use, transfer of the expenditure budget, overpayment of revenue substitution expenses, expenditure from excess revenue, or a revised supplementary budget or if the fund operation plan is amended under Article 70 of the National Finance Act, the head of the relevant central government agency shall notify the Minister of Strategy and Finance thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 102 (Correction of Errors)
(1) When the Minister of Strategy and Finance finds any error in the contents of a report or notice submitted under Article 97 or 101, he/she shall notify the head of the relevant central government agency for correction thereof.
(2) Upon receipt of the notification under paragraph (1), the head of a central government agency shall correct the contents of the relevant report or notice, without delay, and shall take necessary measures.
(3) When the head of a central government agency finds any error in the content of a report or notice submitted to the Minister of Strategy and Finance, he/she shall correct the error with approval thereof from the Minister of Strategy and Finance and shall take necessary measures.
(4) When a revenue collection officer, a finance officer, or an expenditure officer finds any error in the content of a report or notice submitted to the head of the relevant central government agency, he/she shall correct the error with approval thereof from the head of the central government agency.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 103 (Perusal of Statistical Financial Data)
(1) When the Minister of Strategy and Finance deems necessary for performing the management of national funds, he/she may peruse data reported by the head of any central government agency under Article 97 (1) or (2) through the digital budgeting and accounting system.
(2) Upon receipt of a request from the Chairperson of the Board of Audit and Inspection, the Minister of Strategy and Finance shall allow him/her to peruse data reported by the head of any central government agency to the Minister of Strategy and Finance under Article 97 (1) or (2) through the digital budgeting and accounting system.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 104 (Procedure for Submitting Statements)
The kinds of statements and evidentiary documents that a revenue collection officer, a finance officer, an expenditure officer, an officer empowered to order receipts and disbursements of fund of prior use, or a public official in charge of accounts shall submit to the Board of Audit and Inspection with regard to the management of national funds under Article 38 (4) of the Act, the procedure for submitting such documents, etc. shall be prescribed separately by the Board of Audit and Inspection.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
CHAPTER X SUPPLEMENTARY PROVISIONS
 Article 105 (Acting for or Assisting Accounting Officials)
(1) When administrative work of any of the following persons is entirely or partially entrusted to another public official under Article 40 of the Act, the head of the relevant central government agency or the entrusted public official shall notify thereof to the persons and institutions specified in the following subparagraphs:
1. Administrative work of a revenue collection officer: The Board of Audit and Inspection, the Bank of Korea or any cooperative bank;
2. Administrative work of a finance officer: The expenditure officer and the Board of Audit and Inspection;
3. Administrative work of an expenditure officer: The finance officer, the Board of Audit and Inspection, the Bank of Korea or any cooperative bank;
4. Administrative work of an officer empowered to order receipts and disbursements of fund of prior use: The finance officer, the public official in charge of accounts for fund of prior use, and the Board of Audit and Inspection;
5. Administrative work of a public official in charge of accounts of revenue: The revenue collection officer, the Board of Audit and Inspection, and the Bank of Korea or any cooperative bank;
6. Administrative work of a public official in charge of the accounts of agency operation expenses: The expenditure officer, the Board of Audit and Inspection, financial companies, etc.;
7. Administrative work of a public official in charge of accounts for fund of prior use: The expenditure officer, the officer empowered to order receipts and disbursements of fund of prior use, the Board of Audit and Inspection, and relevant financial companies, etc.
(2) The titles of a public official who performs entire administrative work on behalf of a revenue collection officer, a finance officer, an officer empowered to order receipts and disbursements of fund of prior use, a public official in charge of accounts of revenue, a public official in charge of the accounts of agency operation expenses, or a public official in charge of accounts for fund of prior use (hereafter referred to as "acting official" in this Article), a public official who performs part of administrative work on behalf of any of the officials specified above (hereafter referred to as "assistant official" in this Article) and a public official who performs administrative work on behalf of an assistant officer (hereafter referred to as "official acting for an assistant official") under Article 40 of the Act are as specified in the following table:
Accounting officialTitle of acting officialTitle of assistant officialTitle of official acting for assistant official
Revenue collection officerActing revenue collection officerAssistant revenue collection officerOfficial acting for assistant revenue collection officer
Finance officerActing finance officerAssistant finance officerOfficial acting for assistant finance officer
Expenditure officerActing expenditure officerAssistant expenditure officerOfficial acting for assistant expenditure officer
Officer empowered to order receipts and disbursements of fund of prior useActing officer empowered to order receipts and disbursements of fund of prior useAssistant officer empowered to order receipts and disbursements of fund of prior useOfficial acting for assistant officer empowered to order receipts and disbursements of fund of prior use
Public official in charge of accounts of revenueActing public official in charge of accounts of revenueAssistant public official in charge of accounts of revenueOfficial acting for assistant public official in charge of accounts of revenue
Public official in charge of the accounts of agency operation expensesActing public official in charge of the accounts of agency operation expensesAssistant public official in charge of the accounts of agency operation expensesOfficial acting for assistant public official in charge of the accounts of agency operation expenses
Public official in charge of accounts for fund of prior useActing public official in charge of accounts for fund of prior useAssistant public official in charge of accounts for fund of prior useOfficial acting for assistant public official in charge of accounts for fund of prior use
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 106 (Reporting of Current Status of Accounting Public Officials)
The head of each central government agency shall prepare a report on the current status of accounting officials specified in Article 105 (1) and acting and assistant accounting officials under Article 105 (2) by each class of accounting job and by a jurisdiction of the Special Metropolitan City, Metropolitan City, and Special Self-Governing City/Do and Special Self-Governing Province as of the end of each fiscal year and shall submit the report to the Minister of Strategy and Finance by January 31 of the following year.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 107 (Appointment of Public Officials from Other Central Government Agencies as Accounting Officials)
(1) In any of the following cases, the head of a central government agency shall obtain consent from the head of another central government agency in advance as to a public official to be entrusted with administrative work and the scope thereof:
1. Where it is intended to delegate administrative work of the revenue collection officer or of the finance officer to a public official of another central government agency pursuant to Article 41 of the Act or where it is intended to delegate entire or part of administrative work of the revenue collection officer or of the finance officer to a public official of another central government agency as an acting or assistant official pursuant to Article 40 of the Act;
2. Where it is intended to appoint a public official of another central government agency as the expenditure officer or a public official in charge of accounts pursuant to Article 41 of the Act or where it is intended to appoint the public official of another central government agency as an acting or assistant official who shall perform the entire or part of administrative work of the expenditure officer or a public official in charge of accounts pursuant to Article 40 of the Act.
(2) When the head of a central government agency delegates administrative work of an accounting official to a public official of another central government agency or appoints a public official of another central government agency as an accounting official pursuant to paragraph (1), he/she shall notify the Minister of Strategy and Finance and the Board of Audit and Inspection thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 108 (Handling of Administrative Affairs Related to Management of National Funds by Public Officials of Local Governments)
(1) When the head of a central government agency intends to authorize public officials of a local government, any of the public institutions as defined by the Act on the Management of Public Institutions (hereinafter referred to as "public institutions"), or executive officers and employees of any of financial companies, etc. to handle administrative affairs related to the management of national funds pursuant to Article 42 (1) of the Act, he/she shall obtain consent thereto from the relevant local government, public official, financial company, or other similar institution.
(2) When the head of a central government agency authorizes public officials of a local government, any of the public institutions, or executive officers and employees of any of financial companies, etc. to handle administrative affairs related to the management of national funds pursuant to paragraph (1), he/she shall notify the Minister of Strategy and Finance and the Board of Audit and Inspection thereof.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 109 (Financial Guarantee of Accounting Officials)
(1) The head of each central government agency shall establish and enforce rules on financial guarantee of accounting officials of the government agency under Article 45 of the Act.
(2) Matters necessary for financial guarantee under paragraph (1) in common shall be determined by the Minister of Strategy and Finance.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 109-2 (Calculation of Odd Sum of National Funds)
(1) "Cases specified by Presidential Decree" in the proviso to Article 47 (1) of the Act means either of the following cases where a fraction or an odd sum, out of a national fund collected, received, or paid in installments, shall be added to the amount initially received or disbursed:
1. Where the fraction is less than ten won;
2. Where an odd sum of the fraction is less than ten won.
(2) "Public institutions prescribed by Presidential Decree, such as the Korea Development Bank under the Korea Development Bank Act" in the proviso to Article 47 (3) of the Act means the following public institutions:
1. The Korea Development Bank;
2. The Industrial Bank of Korea.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
 Article 109-3 (Handling of Personally Identifiable Information)
If inevitable for performing any of the following administrative affairs, the head of a central government agency, a financial company, or any similar institution may handle data containing a resident registration number under subparagraph 1 of Article 19 of the Enforcement Decree of the Personal Information Protection Act:
1. Administrative affairs related to the disbursement, receipt, safekeeping of a fund under Article 4-3 of the Act;
2. Administrative affairs related to the collection of revenue under Article 10 of the Act;
3. Administrative affairs related to the electronic delivery of a payment notice under Article 11 of the Act;
4. Administrative affairs related to the return of overpayment and erroneous payment under Article 15 of the Act;
5. Administrative affairs related to the refund of revenues under Article 16 of the Act;
6. Administrative affairs related to the disbursement and receipt of funds of prior use under Article 18 of the Act;
7. Administrative affairs related to expenditure under Article 22 of the Act;
8. Administrative affairs related to the disbursement of agency operation expenses under Article 24 of the Act;
9. Administrative affairs related to the return of disbursements under Article 29 of the Act.
[This Article Wholly Amended by Presidential Decree No. 25530, Aug. 6, 2014]
 Article 110 (Matters concerning Management of National Funds)
The Minister of Strategy and Finance may determine matters necessary for the management of national funds, except as provided for in this Decree.
[This Article Wholly Amended by Presidential Decree No. 24251, Dec. 27, 2012]
ADDENDA
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2003: Provided, That the provisions to subparagraph 2 and 3 of Article 4 shall enter into force on January 1, 2004.
Article 2 (Repeal of Other Statutes)
The following Presidential Decrees shall be hereby repealed:
1. Enforcement Decree of the Treasury Bond Act;
2. Regulations on Treatment of Revenue Substitution Expenses;
3. Regulations on Special Cases for Enforcement of the Budget and Accounts Act concerning Accounting Reports, etc.
Article 3 (Transitional Measures concerning Appointment of Accounting Officials)
(1) The officers empowered to order receipts and disbursements of fund of prior use and the public officials in charge of accounts for fund of prior use at the time this Decree enters into force, who were appointed under Article 22 of the former Enforcement Decree of the Enterprise Budget and Accounts Act, shall be deemed officers empowered to order receipts and disbursements of fund of prior use and public officials in charge of accounts for fund of prior use appointed under Article 19 hereof.
(2) The public officials in charge of accounts of routine expenses at the time this Decree enters into force, who were appointed under Article 105 of the former Budget and Accounts Act and Article 51 of the Enforcement Decree of the afore-said Act, shall be deemed public officials in charge of the accounts of agency operation expenses appointed under Article 24 (2) of the Act.
(3) The persons who were appointed as public officials who should perform administrative work of an accounting official, entirely or partially, under Article 113 of the former Budget and Accounts Act shall be deemed acting or assistant accounting officials appointed under Article 105 hereof.
Article 4 (Transitional Measures concerning Withdrawal, etc. of National Funds)
(1) Relevant provisions of the former Budget and Accounts Act and its Enforcement Decree shall apply where a national fund deposited in the Bank of Korea or any other financial institution as at the time this Decree enters into force is withdrawn for the purpose of management of the national fund after this Decree enters into force.
(2) Notwithstanding Article 94 (3), Article 146 (2) of the former Enforcement Decree of the Budget and Accounts Act shall apply to the first closing date of the total revenue registers and the total expenditure registers after this Decree enters into force.
(3) The following funds may perform the management of revenue, expenditure, and funds in accordance with provisions of the former statures concerning budget and accounting until December 31, 2003:
1. The Wage Claim Guarantee Fund under Article 15 of the Wage Claim Guarantee Act;
2. The Employment Insurance Fund under Article 66 of the Employment Insurance Act;
3. The Industrial Accident Compensation Insurance and Prevention Fund under Article 80 of the Industrial Accident Compensation Insurance Act;
4. The Patriots and Veterans Fund under Article 3 of the Patriots and Veterans Fund Act.
Article 5 Omitted.
Article 6 (Relationship to Other Statutes)
A citation of the Enforcement Decree of the former Budget and Accounts Act, the Enforcement Decree of the former Treasury Bond Act, the former Regulations on Treatment of Revenue Substitution Expenses, or the former Regulations on Special Cases for Enforcement of the Budget and Accounts Act concerning Accounting Reports, etc. or any provision thereof by any other Act or subordinate statute in force at the time this Decree enters into force shall be deemed a citation of this Decree or the relevant provision of this Decree in lieu of the former provision, if such relevant provision exists in this Decree.
ADDENDUM <Presidential Decree No. 18171, Dec. 30, 2003>
This Decree shall enter into force on January 1, 2004. Provided, That amendments to subparagraph 5 of Article 2 shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 18885, Jun. 30, 2005>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2005.
Article 2 (Repeal of Other Statutes)
The Enforcement Decree of the National Treasury Fractional Calculation Act shall be hereby repealed.
Article 3 (Transitional Measures concerning Creation of Integrated Accounts)
(1) The revenue and expenditure reflected in any account that belongs to an integrated account until June 30 of fiscal year 2005 shall be deemed to have been fully reflected in the integrated account.
(2) The funds reflected, as those exclusive of the revenue and expenditure budget, in an account that belongs to an integrated account until June 30 of fiscal year 2005 shall be deemed to be reflected in the integrated account and shall be transferred to the integrated account on July 1, 2005, while the funds transferred or borrowed as those exclusive of the revenue and expenditure budget, from an account that belongs to an integrated account but not returned or repaid to the account shall be deemed to be returned or repaid on July 1, 2005.
Article 4 Omitted.
ADDENDA <Presidential Decree No. 19806, Dec. 29, 2006>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2007.
Articles 2 through 6 Omitted.
ADDENDUM <Presidential Decree No. 20326, Oct. 16, 2007>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 20720, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDUM <Presidential Decree No. 21043, Sep. 26, 2008>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 21201, Dec. 31, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2009.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 21866, Dec. 7, 2009>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 21973, Jan. 1, 2010>
This Decree shall enter into force on January 1, 2010.
ADDENDUM <Presidential Decree No. 22228, Jun. 29, 2010>
This Decree shall enter into force on January 1, 2011: Provided, That amendments to Articles 11 (1) 1 and 71 (2) shall enter into force on November 18, 2010.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22564, Dec. 29, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 30, 2010. (Proviso Omitted.)
Articles 2 through 8 Omitted.
ADDENDUM <Presidential Decree No. 23163, Sep. 29, 2011>
This Decree shall enter into force on October 5, 2011: Provided, That amendment to provisions of Article 109-3 shall enter into force on September 30, 2011.
ADDENDA <Presidential Decree No. 23383, Dec. 21, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 24251, Dec. 27, 2012>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24638, Jun. 28, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2013. (Proviso Omitted.)
Articles 2 through 17 Omitted.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDUM <Presidential Decree No. 25530, Aug. 6, 2014>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 26520, Sep. 15, 2015>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27299, Jun. 30, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2016. (Proviso Omitted.)
Articles 2 through 15 Omitted.
ADDENDUM <Presidential Decree No. 27474, Sep. 2, 2016>
This Decree shall enter into force on September 3, 2016.
ADDENDUM <Presidential Decree No. 28515, Dec. 29, 2017>
This Decree shall enter into force on the date of its promulgation.