(1) The Minister of Economy and Finance may, pursuant to Presidential Decree, take measures falling under any of the following subparagraphs, if such measures are deemed inevitable due to natural calamities, war, conflicts of arms, grave and sudden changes in domestic and foreign economic conditions, or other situations equivalent thereto: <Amended on Apr. 30, 2011; Jan. 17, 2017>
1. Temporary suspension, in whole or in part, of payment, receipt, or transactions to which this Act applies;
2. Imposition of obligations to safekeep, deposit or sell means of payment or precious metals in or to the Bank of Korea, government agencies, the foreign exchange equalization fund, or financial companies, etc.;
3. Imposition of obligation to residents holding claims against non-residents to collect the claims back to the Republic of Korea.
(2) Where it is deemed to fall under any of the following subparagraphs, the Minister of Economy and Finance may, pursuant to Presidential Decree, take measures to impose on any person intending to carry out capital transactions an obligation to obtain permission, or any person performing capital transactions an obligation to deposit part of means of payment acquired in connection with such transactions in the Bank of Korea, the foreign exchange equalization fund or financial companies, etc.: <Amended on Apr. 30, 2011>
1. Where balance of payments and international finance are confronted or are liable to be confronted with serious difficulty;
2. Where the movement of capital between the Republic of Korea and a foreign country creates or is liable to create serious obstacles in carrying out currency policies, exchange rate policies and other macroeconomic policies.
(3) Measures provided for in paragraphs (1) and (2) may be taken for a period not exceeding six months unless there exist special grounds to the contrary, and if reasons for such measures cease to exist, such measures shall be cancelled without delay.
(4) Measures provided for in paragraphs (1) through (3), shall not apply to foreign investment provided for in Article 2 (1) 4 of the Foreign Investment Promotion Act. <Amended on Jan. 30, 2009>
(5) Where necessary to take the measures prescribed in paragraph (1) 3, the Minister of Economy and Finance may request the head of a tax office having jurisdiction over a relevant resident to provide information on his or her overseas financial accounts under subparagraph 3 of Article 52 of the Adjustment of International Taxes Act. In such cases, the head of the tax office upon receipt of the request to provide information on overseas financial accounts shall comply with such request except in extenuating circumstances. <Newly Inserted on Jan. 17, 2017; Dec. 22, 2020>[This Article Wholly Amended on Jan. 30, 2009]