The South Korean government said Monday it has decided to maintain the existing price ceiling for the controversial anti-graft law that will go into effect in late September, despite rising concerns that the new policy will weigh down spending in certain industries.

The remark came as the anti-graft law aims to limit the price of gifts exchanged among public officials, journalists and private school faculty at 50,000 won ($44.50). This will effectively ban them from receiving pricey agricultural products for gifts.

This has caused many farmers and lawmakers to call for raising the limit on gifts that can be exchanged.

The Kim Young-ran anti-graft law aims to bring more transparency among workers that should have high ethical standards and be transparent in all their dealings. The Constitutional Court gave a nod to the policy last month, paving the way for the official implementation on Sept. 28.

Under the policy, people working in government, at media outlets and schools are also banned from receiving meals priced higher than 30,000 won, or congratulations and condolence money beyond 100,000 won.

The government plans to finalize the plan on Sept. 6 before the official implementation.

The country's new police chief Lee Choel-seong also said Monday that the police have completed making draft guidelines on how to investigate people who violate the new law, with an aim to finalize it by early next month. (Yonhap)