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Payment of Treasury Funds Possible at Forestry Cooperatives Starting from June

June 05, 2012 14:04|July 04, 2012 11:05
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The Bank of Korea signed a Treasury Collection Agency Agreement with the National Forestry Cooperative Federation on May 31, 2012, making it now possible for the general public to pay Treasury funds at the forestry cooperatives starting from June 4, 2012.

The government had previously revised the “Enforcement Decree of the Treasury Funds Management Act” and its “Enforcement Rules”—which came into effect on October 5, 2011—to add the forestry cooperatives to the range of financial institutions qualified to handle the collection of Treasury funds.

Since then, the forestry cooperatives have been making necessary preparations including the establishment of computer networks to handle financial transactions.

With Treasury fund payment through the forestry cooperatives now possible, it is expected that this will enhance the convenience of their major clients including forest owners and forestry workers in making tax payments, and also contribute to facilitating their clients’ access to financial services.