Thailand postpones legal consultation on funding for digital wallets

[snoop1130]

 

The Thai government has not yet requested legal guidance from the Council of State about using money from the Bank for Agriculture and Agricultural Cooperatives (BAAC) to partially fund a digital wallet program. This was confirmed by the Secretary-General of the Council, Pakorn Nilprapunt. Pakorn explained that the government does not need approval from the council to use the national budget for the program as it has the freedom to manage its budget.

 

He also pointed out that the Budget Bureau checks the potential use of the national budget's central fund, which is reserved for emergencies. The bureau will assess if the request to use this aligns with its guidelines.

 

The government planned to use 172 billion baht from the BAAC as a primary funding source for the digital wallet plan. However, this faces legal issues as the BAAC is legally limited to providing financial support to farmers only, not for wider economic stimulus.

 

On May 28, the Cabinet approved a 3.75 trillion baht budget for the fiscal year 2025, which starts on October 1 and ends on September 30 the following year. Out of this, 152.7 billion baht from the central fund will partially fund the handout scheme.

 

 

Rudklao Intawong Suwankiri, Deputy Government Spokesperson, disclosed that the government additionally approved a bill on July 9 to assign 122 billion baht from the 2024 fiscal budget to the same scheme. The bill is set to be presented in Parliament next week for its initial reading.

 

Out of the 122 billion baht, 111 billion baht will come from a budget deficit, with the rest of the money diverted from other parts of the 2024 spending, as explained by the Budget Bureau.

 

According to Lavaron Sangsnit, permanent secretary for finance, the government has to wait for the budget bill for fiscal year 2025 to pass through Parliament before asking for advice from the Council of State on the handout scheme.

 

The 3.75-trillion-baht budget bill for fiscal year 2025 successfully passed its first reading in the House of Representatives on June 21 and is currently being reviewed by the vetting committee.

 

File photo for reference only

 

-- 2024-07-10

 

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[hotchilli]

13 hours ago, snoop1130 said:

He also pointed out that the Budget Bureau checks the potential use of the national budget's central fund, which is reserved for emergencies. The bureau will assess if the request to use this aligns with its guidelines.

Is this an "emergency" 

[jippytum]

Stupidity is doing the same thing and expecting a different result. Phu Thai should have learned a lesson from populist schemes like the Rice disaster  not to buy votes and damage the finances of the country. 

Edited July 10 by jippytum

[john donson]

a loan , thai style = never give back

 

why from these banks?

[Thingamabob]

This vote-buying scam is a waste if time and money.

[Almer]

This will put money into the economy, if everybody goes out and puts a down payment on a Honda. Wave or it is. Spent on booze, disaster looks. 

[lordgrinz]

The corrupt wheels of Thailand hard at work trying to rob Peter to pay Paul, Nice!

[Captain Flack]

Off topic reported post removed.

[Moonlover]

36 minutes ago, Almer said:

This will put money into the economy, if everybody goes out and puts a down payment on a Honda. Wave or it is. Spent on booze, disaster looks. 

You obviously don't much about this topic.

 

'They can’t simply spend the money. The main idea of the digital wallet was to spread the cash evenly across the economy. So the beneficiaries need to spend the money within six months in the area where they are domiciled and they can buy goods from small shops registered under the program. Also, buying alcohol, cigarettes, fuel and online purchases aren’t allowed'. 

 

https://time.com/6965705/thailand-srettha-digital-wallet-cash-handout-srettha-economy/

[lordgrinz]

3 minutes ago, Moonlover said:

You obviously don't much about this topic.

 

'They can’t simply spend the money. The main idea of the digital wallet was to spread the cash evenly across the economy. So the beneficiaries need to spend the money within six months in the area where they are domiciled and they can buy goods from small shops registered under the program. Also, buying alcohol, cigarettes, fuel and online purchases aren’t allowed'. 

 

https://time.com/6965705/thailand-srettha-digital-wallet-cash-handout-srettha-economy/

 

I'll bet anything that most of this money ends up in the pockets of the CP group.

[Moonlover]

3 minutes ago, lordgrinz said:

 

I'll bet anything that most of this money ends up in the pockets of the CP group.

Another one who doesn't have a clue what he's talking about.

[phetphet]

Many governments want to introduce these Digital Currency Schemes. That way they can see what you spend, and control what you spend it on. 

 

Be a naughty boy or girl? No buying bus, train or flight tickets for you. Only allowed to buy food in your local supermarket.

 

Obese or ill health? No buying chocolate or cigarettes. You can only buy what we the government consider healthy food.

 

But this one? I would describe it as Yingluckesque.

[lordgrinz]

13 minutes ago, Moonlover said:

Another one who doesn't have a clue what he's talking about.

 

Uhunh....

[Moonlover]

12 minutes ago, lordgrinz said:

27 minutes ago, Moonlover said:

Another one who doesn't have a clue what he's talking about.

 

 

12 minutes ago, lordgrinz said:

 

Uhunh....

Is that the best grunt you can come up with? Sad!

[lordgrinz]

38 minutes ago, Moonlover said:

 

Is that the best grunt you can come up with? Sad!

Welcome to the "ignore" list 😉

[Almer]

1 hour ago, Moonlover said:

You obviously don't much about this topic.

 

'They can’t simply spend the money. The main idea of the digital wallet was to spread the cash evenly across the economy. So the beneficiaries need to spend the money within six months in the area where they are domiciled and they can buy goods from small shops registered under the program. Also, buying alcohol, cigarettes, fuel and online purchases aren’t allowed'. 

 

https://time.com/6965705/thailand-srettha-digital-wallet-cash-handout-srettha-economy/

And you think that is how it will work 555

[Almer]

2 hours ago, Moonlover said:

You obviously don't much about this topic.

 

'They can’t simply spend the money. The main idea of the digital wallet was to spread the cash evenly across the economy. So the beneficiaries need to spend the money within six months in the area where they are domiciled and they can buy goods from small shops registered under the program. Also, buying alcohol, cigarettes, fuel and online purchases aren’t allowed'. 

 

https://time.com/6965705/thailand-srettha-digital-wallet-cash-handout-srettha-economy/

I think you live in the big city, come to Issan and ask if you can by beer with your digital wallet, it won't be no it will be how many you want, so the money goes to the intended few

[Moonlover]

2 minutes ago, Almer said:

I think you live in the big city, come to Issan and ask if you can by beer with your digital wallet, it won't be no it will be how many you want, so the money goes to the intended few

No I do not live in a big city. I also live in rural Issan. And I already know the the shop where they will be able to redeem their handout. It will be the same one that they already use to 'spend' the money on their welfare cards to which the same rules apply. And it sells neither alcohol nor tobacco.

[Almer]

13 minutes ago, Moonlover said:

No I do not live in a big city. I also live in rural Issan. And I already know the the shop where they will be able to redeem their handout. It will be the same one that they already use to 'spend' the money on their welfare cards to which the same rules apply. And it sells neither alcohol nor tobacco.

Do you not think that the 10.000  digi money will buy the food which leaves 10.000 cash that is normally spent for other less nutritional purchases. 

[Moonlover]

9 minutes ago, Almer said:

Do you not think that the 10.000  digi money will buy the food which leaves 10.000 cash that is normally spent for other less nutritional purchases. 

This conversation is going nowhere.

[watchcat]

3 hours ago, lordgrinz said:

 

I'll bet anything that most of this money ends up in the pockets of the CP group.

Much likely.

[phetphet]

How will they stop some little minimart from giving the customer sayTHB 10,000 cash for the digital currency?

Less of course a 10% fee for doing so.