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Designation of a bank in charge of the Management
In the case of agricultural and fisheries products, institutions in charge of the Management are as follows:
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the head of an administrative body in charge of the supervision of the products; |
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the head of an institution appointed by 1); |
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In other cases except for agricultural and fisheries products, the head of an institution which approved
the import of the Materials designated by the Person. In the case of autonomously managed companies, the heads of the companies shall take the responsibilities.. |
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Import procedure
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Import approval
The head of an institution in charge of import approval for the Materials shall confirm whether an application is filled out in a proper manner.
[Checking point] |
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An institution in charge of the Management of the Person (In the case of proxy import, an institution |
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Agricultural and fisheries products or items subject to import approval for foreign currency acquisition mentioned in the attached form 4-1 of regulations for foreign trade |
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Import clearance |
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For the import clearance of the Materials, an importer shall submit three reports of import clearance
details of the Materials to the head of customs office. The head checks the reports and submit one
of them to an importer or a consignor. Another report shall be submitted to the head of an institution
in charge of the Management within 7 days after import declaration is made. In the case of the
import of autonomously managed companies, the head submits one of the reports only to the
importer. |
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Declaration of import clearance |
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A person who imported or purchased the Materials must fill out import (purchase) declaration of the Materials (the attached form 4-6) on a quarterly basis and notify the head of an institution in charge of the Management within 20 days after the end of each quarter. |
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Filling out of the Management card |
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After receiving the reports and declaration of supply implementation, the head of an institution in
charge of the Management shall undertake the following steps: 1) check the forms by the Person
and on the order of the day when import declaration was received; 2) write down the total quantity
and amount of imported or purchased materials by HS 10 units in the card (Form 4-7) every quarter. |
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Filling out and submitting of declaration of export implementation
Declaration of foreign currency acquisition
A person required to comply with foreign currency acquisition obligation shall go through
the following procedures :
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1. Fulfill his or her liability for foreign currency acquisition |
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2. Fill out declaration of foreign currency acquisition (Form 4-8) and submit the declaration together with the following documents to the head of an institution in charge of the Management within three months after the day when exported goods are downloaded or the day of foreign currency receipt. |
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In case a person declares compliance with foreign currency acquisition in a different name from
the one in a certificate of export declaration, documents verifying the relations between the two
shall be submitted (local L/C, purchase approval, export agent contract document or purchase
contract document) |
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[Required documents for declaration of foreign currency acquisition] |
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A certificate of export declaration or a certificate of foreign currency receipt |
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A certificate of the required quantity or a tally sheet of the required quantity |
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A ready reckoner and a tabulation |
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Filling out of a foreign currency acquisition implementation card
Upon receiving a declaration, the head of an institution in charge of the Management compares
the quantity of raw materials in declaration of foreign currency acquisition with a the Management
implementation card for the Materials, strike a balance and write down the result on the back side
of a certificate of export declaration or a certificate of foreign currency receipt. |
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The Management of raw materials processed in Korea
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Declaration of supply implementation
A person who supplied raw materials processed from imported materials for foreign currency
acquisition should go through the following procedures: |
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receive the acceptor's seal or a receipt in three declarations of supply implementation
(the attached form 4-9); |
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attach the documents below; |
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submit them to the head of an institution in charge of the Management within three months after the day when the payment was made. |
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[Attached documents for declaration of supply implementation] |
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Local L/C or purchase approval |
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A certificate of the required quantity or a tally sheet of the required quantity |
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A ready reckoner and a tabulation |
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An institution in charge of the Management shall take the following measures : |
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Upon receiving a declaration, an institution in charge of the Management compares the quantity of
raw materials in a declaration of foreign currency acquisition with a the Management implementation
card for the Materials, strike a balance and write down the result of the Management on the back
side of local L/C, etc.
The head of the institution shall affix a seal to a declaration of supply implementation for itself
and the acceptor and notify the bank in charge of the Management of the acceptor immediately. |
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The method of the Management
Materials are aggregated by items (based on HS 10 unit) on a quarterly basis. Namely, the required quantity for export implementation is deducted from the quantity of imported materials.
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Exceptions of the method of the Management |
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Same items are managed in the same manner even though their HS numbers are different. |
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Zippers are managed by the total length by HS 10 unit every quarter |
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