In a bid to rejuvenate the Thai economy, Prime Minister Srettha Thavisin has announced that registration for a 10,000-baht digital wallet scheme will open on August 1st. This initiative, designed to boost local spending and aid economic recovery, is marked by strategic planning and significant budget adjustments.

 

During a recent announcement, Prime Minister Thavisin stated that the program aims to distribute financial aid directly to the citizens, ensuring swift and substantial economic stimulus.

 

The move came after a Digital Wallet Policy Committee meeting which focused heavily on the integrity and execution of the program. Measures have been put in place to monitor and prevent irregularities, and thorough checks will ensure that only eligible recipients benefit.

 

Finance authorities have opted against borrowing from the Bank for Agriculture and Agricultural Cooperatives, instead reducing the total budget from 500 billion baht to 450 billion baht.

 

This adjustment will not impact the program’s reach; it still targets 50 million people. The Deputy Finance Minister, Julapun Amornvivat, who is also overseeing the scheme’s financial management, explained that the revised budget would be sourced from the fiscal budgets of 2024 and 2025.

 

The reductions and fiscal strategies have been designed to sustain the program and handle any potential over-registration, which has been a challenge in similar past initiatives. This pragmatic approach also extends to vendor participation, with those previously involved in breaches of state project conditions being potentially excluded.

 

The government is scheduled to release further details on July 24, including comprehensive guidelines for registration and criteria for the selection of vendors. These details are crucial as they will dictate the operational framework of the scheme.

 

Chief Government Whip Wisut Chainaroon emphasized the importance of passing the related budget bill swiftly to facilitate the timely disbursement of funds.

 

Despite opposition objections and potential legal challenges, the government remains committed to implementing the digital wallet scheme by the end of the year, aiming to bolster the grassroots economy effectively.

 

Image courtesy: Bangkokbiz News

 

-- 2024-07-16

 

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10 minutes ago, webfact said:

Measures have been put in place to monitor and prevent irregularities, and thorough checks will ensure that only eligible recipients benefit.

How will that be carried out ? As I've said before so many here work in the black economy, Grass cutting, street vendors and the like, the day they get their 10k they will all be pissed, having a party and gambling it away. Its just unworkable end of.

1 hour ago, brianthainess said:

How will that be carried out ? As I've said before so many here work in the black economy, Grass cutting, street vendors and the like, the day they get their 10k they will all be pissed, having a party and gambling it away. Its just unworkable end of.

Can't agree more.. The Government has no clue who is living where, is doing what how much they earn and even if they are still alive....

Prices will jump...even if only temporarily.....as will CP's profits... CP and like will be the main (sole) beneficiaries.

So when the budget was  500 billion baht it paid 50 million people. Now it is reduced to 450 billion baht it still pays 50 million people. 50 million times 10,000 Baht is 500 million Baht.

 

What have I misunderstood? Or is it about the source of funding only?

3 minutes ago, Purdey said:

50 million times 10,000 Baht is 500 million Baht.

500 billion.

1 minute ago, chickenslegs said:

500 billion.

Sorry, typo.

3 hours ago, webfact said:

Measures have been put in place to monitor and prevent irregularities

Hopefully they will be better than the measures used by his tailor.

3 hours ago, webfact said:

In a bid to rejuvenate the Thai economy, Prime Minister Srettha Thavisin has announced that registration for a 10,000-baht digital wallet scheme will open on August 1st. This initiative, designed to boost local spending and aid economic recovery

 

Shouldn't this have come with the votebuing scheme when you lost and the right man was the winner? You can thank Tony for this.

If you follow the economic orthodoxy that a weaker currency boosts exports and so is good for the economy (an orthodoxy that hasn't really worked very well since the financial crisis, BTW), then this scheme should be effective. Unfunded spending equal to around 15% of the total budget should spook the currency markets and hit the Baht where it hurts.

Senior citizens receiving the goverment funded monthly stipend paid into a bank account, should not have to register. It is eligible people with no bank account who are most likely to be swindled by local agents.

It is unlikely that the full 10k will be issued as a one time payment but will be issued in monthly increments.

 

 

will issued in monthky increments

26 minutes ago, PETERTHEEATER said:

Senior citizens receiving the goverment funded monthly stipend paid into a bank account, should not have to register. It is eligible people with no bank account who are most likely to be swindled by local agents.

It is unlikely that the full 10k will be issued as a one time payment but will be issued in monthly increments.

 

 

will issued in monthky increments

 

So that leaves him with about 2 years of swindling the money. He has learnt quickly staying with Tony.

A post with an altered quote has been removed

4 hours ago, webfact said:

This initiative, designed to boost local spending and aid economic recovery, is marked by strategic planning and significant budget adjustments.

Economic recovery... with just a 10K handout...

Pure lunacy

Will vendors have to pay VAT as the increase in sales may take many over the VAT threshold? Why would sellers currently under the tax radar join the scheme if they then get a large tax bill as a thank-you?

Highly inflationary, plan future investments accordingly.  On top of that the Thai government will have to recoup the money they are giving away.  Taxes anybody?  Then come the next election cycle every party will be promising to empty the Thai Treasury into the pockets of the public if only the public will vote "their party" into power.  It celebrates the power of corruption and money to influence the voters, and it will damage the economy in the long-run.  Yep - inflation on steroids.  Then the political whinging, "We never saw it coming!" 

A bt 10000 payout to those who need it is not going to mean they'll be spending it in addition to, but rather instead of. their normal expenditure.

So not going to be such an injection as touted.

next election,   50.000 baht per voter, tax payer or not, right ?

7 hours ago, webfact said:

Finance authorities have opted against borrowing from the Bank for Agriculture and Agricultural Cooperatives, instead reducing the total budget from 500 billion baht to 450 billion baht.

Isn't 50,000,000 people x 10,000 baht equal to 500 billion baht?  Not the 50 billion they are claiming. Thus reducing the total budget from 500 billion baht to 0 baht.  Or perhaps increasing the 500 billion baht budget to a 1 trillion baht budget.

5 hours ago, watchcat said:

Shouldn't this have come with the votebuing scheme when you lost and the right man was the winner? You can thank Tony for this.

 

I don't think they secured enough votes to fully take over and just do whatever they want.  They're in bed with the military, so they have to be a bit more cautious.

8 hours ago, brianthainess said:

the day they get their 10k they will all be pissed, having a party and gambling it away. Its just unworkable end of.

 

How can that be so? The money cannot be drawn in cash and it cannot be used to purchase alcohol.

 

1st prize for the most ill-informed comment of the day.

14 hours ago, Moonlover said:

 

How can that be so? The money cannot be drawn in cash and it cannot be used to purchase alcohol.

 

1st prize for the most ill-informed comment of the day.

And first prize to you for cutting out most of my quote, you wouldn't be so

'ILL Informed' if you had digested and read my full post. Here read it Again. It is obvious to most I was referring to those working in the black economy.

23 hours ago, brianthainess said:

As I've said before so many here work in the black economy, Grass cutting, street vendors and the like, the day they get their 10k they will all be pissed, having a party and gambling it away. Its just unworkable end of.

 

24 minutes ago, brianthainess said:

And first prize to you for cutting out most of my quote, you wouldn't be so

'ILL Informed' if you had digested and read my full post. Here read it Again. It is obvious to most I was referring to those working in the black economy.

 

It wouldn't matter how much anyone read of what was an "ill informed" post.

You talk as though there has never been previous initiatives of a similar nature. With the experience of the WTT and 50/50 schemes many of the fraudulant practices have been eliminated. It can never be a 100%, but those vendors that bend the rules do so at a risk and they raise their prices for doing so, only a small part of the overall picture.

1 minute ago, sandyf said:

It wouldn't matter how much anyone read of what was an "ill informed" post.

You talk as though there has never been previous initiatives of a similar nature. With the experience of the WTT and 50/50 schemes many of the fraudulant practices have been eliminated. It can never be a 100%, but those vendors that bend the rules do so at a risk and they raise their prices for doing so, only a small part of the overall picture.

Guess you don't live in a small village then, even without the 10K they drink everyday, it will just be a bonus to them, they are earning well above the average wage doing work and never pay any tax. 1k to cut 1 ria of grass all done in 3 hrs. While drunk.....

I hope they enjoy their 10K, I know my wife and her mates will. 

4 hours ago, brianthainess said:

Guess you don't live in a small village then, even without the 10K they drink everyday, it will just be a bonus to them, they are earning well above the average wage doing work and never pay any tax. 1k to cut 1 ria of grass all done in 3 hrs. While drunk.....

I hope they enjoy their 10K, I know my wife and her mates will. 

Villages don't come any smaller than where I live.

There is more to Thailand than what you see.

1 minute ago, sandyf said:

Villages don't come any smaller than where I live.

There is more to Thailand than what you see.

And don't forget all the bar girls will get this hand out too.........

20 hours ago, Moonlover said:

The money cannot be drawn in cash and it cannot be used to purchase alcohol.

 

Indirectly it can. Just a case of knowing the right people.

16 minutes ago, brianthainess said:

And don't forget all the bar girls will get this hand out too........

Not true. Conditions have to be met to get the payment

On 7/16/2024 at 1:58 PM, hotchilli said:

Economic recovery... with just a 10K handout...

Pure lunacy

500 billion THB handout.

Math problem.

20 minutes ago, IvorBiggun2 said:

Not true. Conditions have to be met to get the payment

How do they not meet all the conditions ?