Government Curtails 10,000-Baht Handout on Tech Buys

[webfact]

 

In a move to boost local commerce, recipients of the new 10,000-baht government handout are now barred from spending these funds on mobile phones, electronics, and electrical appliances. Announced by Deputy Finance Minister Julapun Amornvivat, this policy directs the use of funds to small, local businesses rather than large department stores or electronics giants.

 

The decision emerges as part of a broader effort to ensure that the stimulus package, aimed at 50 million beneficiaries, bolsters small-scale retailers and service providers throughout the country.

 

It marks a pivot from the initial plans which allowed unrestricted use of the distributed funds. The government believes this targeted approach will prevent the large-scale capital drain to multinational corporations and instead foster local economic growth.

 

Digging into the fiscal logistics revealed by Julapun, it’s clear the government is treading cautiously with its budgeting. Initially set at 500 billion baht (US$ 13.7 billion), the handout budget has been adjusted down after insights from the Fiscal Policy Office suggested that not all eligible individuals would register.

 

This reduction in the predicted uptake of the handout has allowed for financial recalibrations, lessening the expected burden on public coffers.

 

Highlighting the budgetary shifts, Julapun pointed out that only 80-90% of the originally anticipated funds might be needed, alleviating the need for additional loans from the Bank for Agriculture and Agricultural Cooperatives (BAAC).

 

The entirety of the program is now slated to be covered by the national budgets of 2024 and 2025, ensuring that the money remains within government-controlled parameters without the necessity of external borrowing.

 

Looking ahead, the sub-committee’s plan is awaiting a nod from Prime Minister Srettha Thavisin’s main panel, scheduled for July 8, before proceeding to a cabinet review.

 

The Prime Minister is expected to unveil the final details on July 24, including registration processes and disbursement schedules aimed to commence in the final quarter of the year.

 

This financial maneuver has garnered mixed reactions, facing scrutiny over its scale and handling from various economic experts and former officials, keeping the debate on fiscal responsibility versus economic stimulation very much alive.

 

TOP: File photo courtesy: Wikimedia

 

-- 2024-07-11

 

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[PingRoundTheWorld]

A new day, a new joke. How exactly are they going to implement this? even if they were able to magically prevent it being used at big retailers, it'll just create a black market where small biz owners will buy using other forms of payment then resell it.

 

Also- money is money. If someone uses 10k a month on groceries paying cash receives "digital money" even if they can't pay for a new phone with it they'll simply use the digital money to pay for food and cash to pay for the phone. 🤦‍♀️

[Karma80]

Why don't they only allow you to spend it on government fees, RTP "donation points", or politician campaign funding - just cut out the middleman 😉

 

1 hour ago, PingRoundTheWorld said:

If someone uses 10k a month on groceries paying cash receives "digital money" even if they can't pay for a new phone with it they'll simply use the digital money to pay for food and cash to pay for the phone.

 

Exactly. This shows the lack of thought behind this whole circus, which is descended into facesaving for this pathetic government.

[dinsdale]

18 minutes ago, Karma80 said:

Why don't they only allow you to spend it on government fees, RTP "donation points", or politician campaign funding - just cut out the middleman 😉

 

 

Exactly. This shows the lack of thought behind this whole circus, which is descended into facesaving for this pathetic government.

This is what happens with populist policies from idiots.

[brianthainess]

The whole thing is un-workable, as with many things here nothing is thought through to obvious conclusions. 

[hotchilli]

You know the end is near when they start telling you what you spend your bribe money on

[patman30]

This is exactly what CBDCs will be about
you will be told what you can and cannot spend your money on.

[Snackbar]

Disaster waiting 

[jippytum]

they shoud curtail this ill fated project  permamently. 

[shackleton]

Lots of negative vibes on this subject

I am sure those in need will welcome the 10,000 baht to spend on groceries 

Ect 

If people feel that strong against having the 10,000 digital wallet money don't take it  😤 

[john donson]

sounds more like CBDC ... we tell you how, where and when you can spend your money

 

just cancel this clearly ILLEGAL VOTE BUYING