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Conditions for exemption of collection or extension of collection period |
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This provision shall not apply to the cases where the head of a forex bank admits that the claims arising from the export of goods, which falls under one of the following subitems :
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Cases where a foreign correspondent bank, chamber of commerce and industry, or public institution which is located abroad confirms that the claims became uncollectible due to bankruptcy or missing of the transaction party, or those of force majeure similar thereto;
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Cases where an arbitration body, a court or an insurance institution, etc. decides that part of the export price is to be reduced or confirm that such export price is to be reduced as the necessary expense due to occurrence of the dispute between transaction parties;
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Cases where a foreign correspondent bank, an inspection organization, a public notary, or a public institution confirms that it is impossible to collect the export price due to non-acceptance or non-payment by the transaction party, or it is inevitable to reduce part of export price under mutual agreement between the trading parties Cases where an importer or a overseas bank requests the extension of collection period.
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Exemption or extension procedures |
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In the cases where the above-mentioned conditions are met, only the recognition of the KEB head is required. However, other cases are subject to the approval of the BOK (Bank of Korea) Governor.
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An application for exemption of claims collection (extension of collection period)
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Documents verifying the existence of claims including a contract document and a written permission.
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Documents proving that collection of claims is impossible or the extension of collection period is inevitable
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