Credit Cards to Also Require Identification Confirmation on the Internet

The government held a cabinet council supervised by the Acting President Goh-kun on April 13 at the Central Government Complex in Sejong St., Seoul, and deliberated and passed a revised bill of an enforcement ordinance of financial law specializing in loans which requires the identification of oneself by means of an official electronic signature when recruiting new credit card users through the Internet.

According to the revised bill, which will be enforced starting from April 21, credit card companies are required to confirm the identification and handwriting signatures of their new clients when they deliver the credit cards to applicants who don’t have official electronic signatures.

Along with this, the government has made a decision to enlarge the age range of applicants for the management-relinquishing subsidy from ages 63-69 to 72. In the case of advanced-aged farmers, those aged 70-72, who will be newly granted subsidy, they will be subsidized 2.97 million won per hectare up to two hectares when they stop managing their farms.

Meanwhile, the Budget Planning Department reported to the cabinet council that they would attain their financial execution goal of 87.2 trillion won in the first half of the year (54.8 percent of the annual plan) without trouble, keeping their early financial execution in the second quarter following the first quarter to recover the domestic economy.

Jung-Hun Kim jnghn@donga.com