Seodaemun-gu, Additional Issuance of 11 Billion Won in Local Love Gift Certificates

10% Discount Benefit Maintained... 80% Income Deduction on Gift Card Usage Until July

[Asia Economy Reporter Park Jong-il] Seodaemun-gu (Mayor Moon Seok-jin) will issue an additional 11 billion KRW worth of Seodaemun-gu local currency, 'Seodaemun Sarang Gift Certificates,' starting from the 15th of this month to help recover the local economy struggling due to the novel coronavirus infection (COVID-19).

Originally issued on January 17th this year with a scale of 7 billion KRW, these gift certificates were sold at a 10-15% discount to stimulate the domestic economy and revive local businesses, resulting in a complete sell-out by early April.

Subsequently, the first additional issuance of 2 billion KRW on May 20th was sold out by the morning of the sales day, earning an evaluation that it has been stably established within the region.

After sales were suspended due to budget shortages, Seodaemun-gu reflected this in the supplementary budget, enabling this additional issuance, bringing the total issuance amount in 2020 to 20 billion KRW.

The 10% discount benefit on gift certificate purchases will continue this time as well. Until the end of this month, individuals can purchase discounted certificates up to 1 million KRW per month, but from August, the monthly discount purchase limit will be reduced to 700,000 KRW.

The holding limit remains the same at 2 million KRW, and refunds are possible if more than 80% of the face value is used. Additionally, an 80% income deduction can be received for gift certificate usage amounts from April to July.

Seodaemun Sarang Gift Certificates can be used at Zero Pay affiliated stores within Seodaemun-gu.

Also, businesses wishing to handle these gift certificates can apply for affiliation on the Zero Pay internet site.

Mayor Moon Seok-jin of Seodaemun-gu said, “We appreciate the great interest in Seodaemun Sarang Gift Certificates, and amid the prolonged COVID-19 situation, we hope many residents will continue to participate in revitalizing neighborhood businesses by using local currency.”