Thai Government Advances on Beneficial Digital Wallet Aid Initiative

[snoop1130]

 

The Thailand Government is inching closer to implementing a highly anticipated digital wallet scheme which offers promising financial aid to its citizens. The eligibility criteria for this groundbreaking initiative have been decided, with a deposit cap, income threshold, and age limit ensuring the aid is solely received by those in need.

 

Applicable only to Thai citizens aged 16 or over as of September 30, 2021, born before October 1, 2005, the scheme further requires that the individual's bank savings - whether commercial or state-owned - not exceed 500,000 baht as of March 31. The government has exempted its savings bonds from this count, indicating that only baht-denominated deposits count towards this cap.

 

The income cap, another significant eligibility criterion, is set at a yearly 840,000 baht, which will be cross-checked with the Revenue Department’s tax records for the year 2023. Multiple income sources such as salaries, contractor payments, rent, or interest will collectively contribute to this cap.

 

The much-awaited registration process is set to commence in 2023's third quarter, with the funds become spendable in the last quarter. The eligible spending categories remain limited to select products, and spending on services, a few online purchases, or any prohibited items are excluded.

 

At the helm of this initiative is Deputy Finance Minister Phaiboon Rojanasakul, whose repeated focus on intricate discussions regarding the scheme's systems and conditions has been instrumental in its careful refinement.

 

The digital wallet project, by bridging the economic divide and stimulating local economies, shows immense potential in catalysing financial growth for smaller vendors and citizens with less financial flexibility. Phaiboon reiterated the importance of fine-tuning mechanisms for identity verification and agency-linked data for efficient operation.

 

As the project gears up for launch, those who stand eligible should prepare their documents and heed the criteria to make the best of this monetary relief. When referring to Thai individuals, use their full Thai name on the initial reference. On subsequent mentions, use just the Thai first name.

 

The digital wallet aid initiative signals a promising step by the Thai government towards aiding citizens in need, with a blend of stringent guidelines and technological convenience. As it moves towards implementation, the nation holds its breath, waiting to reap the benefits of this financial windfall.

 

Photo courtesy of The Thaiger

 

-- 2024-05-09

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[Robert Paulson]

I know a girl who doesn’t qualify so her plan is to set it up for her mom and pocket the funds. You know, Thais always family first

[hotchilli]

14 hours ago, snoop1130 said:

The eligibility criteria for this groundbreaking initiative have been decided, with a deposit cap, income threshold, and age limit ensuring the aid is solely received by those in need

Goalposts are moving.

[Ben Zioner]

Obscene vote buying. 

[newbee2022]

16 hours ago, snoop1130 said:

 

The Thailand Government is inching closer to implementing a highly anticipated digital wallet scheme which offers promising financial aid to its citizens. The eligibility criteria for this groundbreaking initiative have been decided, with a deposit cap, income threshold, and age limit ensuring the aid is solely received by those in need.

 

Applicable only to Thai citizens aged 16 or over as of September 30, 2021, born before October 1, 2005, the scheme further requires that the individual's bank savings - whether commercial or state-owned - not exceed 500,000 baht as of March 31. The government has exempted its savings bonds from this count, indicating that only baht-denominated deposits count towards this cap.

 

The income cap, another significant eligibility criterion, is set at a yearly 840,000 baht, which will be cross-checked with the Revenue Department’s tax records for the year 2023. Multiple income sources such as salaries, contractor payments, rent, or interest will collectively contribute to this cap.

 

The much-awaited registration process is set to commence in 2023's third quarter, with the funds become spendable in the last quarter. The eligible spending categories remain limited to select products, and spending on services, a few online purchases, or any prohibited items are excluded.

 

At the helm of this initiative is Deputy Finance Minister Phaiboon Rojanasakul, whose repeated focus on intricate discussions regarding the scheme's systems and conditions has been instrumental in its careful refinement.

 

The digital wallet project, by bridging the economic divide and stimulating local economies, shows immense potential in catalysing financial growth for smaller vendors and citizens with less financial flexibility. Phaiboon reiterated the importance of fine-tuning mechanisms for identity verification and agency-linked data for efficient operation.

 

As the project gears up for launch, those who stand eligible should prepare their documents and heed the criteria to make the best of this monetary relief. When referring to Thai individuals, use their full Thai name on the initial reference. On subsequent mentions, use just the Thai first name.

 

The digital wallet aid initiative signals a promising step by the Thai government towards aiding citizens in need, with a blend of stringent guidelines and technological convenience. As it moves towards implementation, the nation holds its breath, waiting to reap the benefits of this financial windfall.

 

Photo courtesy of The Thaiger

 

-- 2024-05-09

Get our Daily Newsletter - Click HERE to subscribe

So they tight up the conditions. But still a lot of Baht for the next voters. To reduce the amount maybe restricted only to blond or blue eyed Thai nationals? Then it's just pocket money😂

[DPKANKAN]

And still no mention of the neediest, poor, old, jobless, living in the boonies, no electric, no WIFI, no mobile phones,,,,,,------- How are they going to get this money?????😒😒😒😒

[bamnutsak]

17 hours ago, snoop1130 said:

As it moves towards implementation, the nation holds its breath, waiting to reap the benefits of this financial windfall.

 

OMG, who wrote this? It is definitely not translated from Thai.

 

 

This reads like a seventh-grade book report, plagiarized from a fifth-grade report.

 

 

 

 

 

 

[mancub]

18 hours ago, Robert Paulson said:

I know a girl who doesn’t qualify so her plan is to set it up for her mom and pocket the funds. You know, Thais always family first

How's that work then ? Does her Mum qualify twice then ?

[thainet]

18 hours ago, snoop1130 said:

 

The Thailand Government is inching closer to implementing a highly anticipated digital wallet scheme which offers promising financial aid to its citizens. The eligibility criteria for this groundbreaking initiative have been decided, with a deposit cap, income threshold, and age limit ensuring the aid is solely received by those in need.

 

Applicable only to Thai citizens aged 16 or over as of September 30, 2021, born before October 1, 2005, the scheme further requires that the individual's bank savings - whether commercial or state-owned - not exceed 500,000 baht as of March 31. The government has exempted its savings bonds from this count, indicating that only baht-denominated deposits count towards this cap.

 

The income cap, another significant eligibility criterion, is set at a yearly 840,000 baht, which will be cross-checked with the Revenue Department’s tax records for the year 2023. Multiple income sources such as salaries, contractor payments, rent, or interest will collectively contribute to this cap.

 

The much-awaited registration process is set to commence in 2023's third quarter, with the funds become spendable in the last quarter. The eligible spending categories remain limited to select products, and spending on services, a few online purchases, or any prohibited items are excluded.

 

At the helm of this initiative is Deputy Finance Minister Phaiboon Rojanasakul, whose repeated focus on intricate discussions regarding the scheme's systems and conditions has been instrumental in its careful refinement.

 

The digital wallet project, by bridging the economic divide and stimulating local economies, shows immense potential in catalysing financial growth for smaller vendors and citizens with less financial flexibility. Phaiboon reiterated the importance of fine-tuning mechanisms for identity verification and agency-linked data for efficient operation.

 

As the project gears up for launch, those who stand eligible should prepare their documents and heed the criteria to make the best of this monetary relief. When referring to Thai individuals, use their full Thai name on the initial reference. On subsequent mentions, use just the Thai first name.

 

The digital wallet aid initiative signals a promising step by the Thai government towards aiding citizens in need, with a blend of stringent guidelines and technological convenience. As it moves towards implementation, the nation holds its breath, waiting to reap the benefits of this financial windfall.

 

Photo courtesy of The Thaiger

 

-- 2024-05-09

Get our Daily Newsletter - Click HERE to subscribe

Well luckily its not a complicated process........amazing

[thesetat]

On 5/9/2024 at 4:03 PM, snoop1130 said:

Applicable only to Thai citizens aged 16 or over as of September 30, 2021, born before October 1, 2005, the scheme further requires that the individual's bank savings - whether commercial or state-owned - not exceed 500,000 baht as of March 31.

This would be most of the people in Thailand i would think. There surely are not many in Thailand who can lay claim to having a half million baht in the bank account or earning more than half a million per year. I can't wait to see the fallout from the country borrowing so much money from the Bank. I hope it makes the baht drop even more though.