Pohang City Conducts Comprehensive Crackdown on Illegal Distribution of 'Local Love Gift Certificates' ... "Completely Blocking Illegal Transactions"

Spring Special 40 Billion Additional Issuance ... 10% Special Discount Event from the 15th

Lee Gang-deok (second from the right), mayor of Pohang, promoting local currency at an event.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Pohang City announced on the 9th that it will conduct a comprehensive crackdown from the 15th to the 31st to prevent the illegal distribution of Pohang Love Gift Certificates.

This measure is related to the social issues arising from illegal activities abusing local currencies in some local governments.

The main crackdown targets include ▲ receiving gift certificates without selling goods or providing services (commonly known as 'Kkang') ▲ receiving gift certificates through transactions exceeding actual sales amounts ▲ acting as an agent for exchanging fraudulently obtained gift certificates ▲ franchise owners continuously purchasing gift certificates under another person's name and exchanging them, among others.

The joint crackdown team, organized into on-site inspection and computer tracking units, will use the gift certificate management computer system to first extract businesses with excessive exchanges, conduct a second sample survey, and perform a third on-site inspection on franchisees suspected of unfair profits.

Those involved in illegal exchanges or fraudulent distribution of local love gift certificates will be fined up to 10 million KRW for the first violation, 15 million KRW for the second violation, and up to 20 million KRW for the third or subsequent violations.

Meanwhile, Pohang City will issue an additional 40 billion KRW worth of spring-themed Pohang Love Gift Certificates to help revive the sluggish economy, and from the 15th, it will hold a 10% special discount event until funds are exhausted.

This content was produced with the assistance of AI translation services.