26-10-2023 (BAGNKOK) The Thai government’s plan to provide 10,000 baht in digital money to its citizens is on track to commence in April or May next year, coinciding with the implementation of the Fiscal 2024 Act, as stated by Deputy Finance Minister Julapun Amornvivat on Wednesday.
Julapun, who oversees a subcommittee responsible for working out the scheme’s specifics, indicated that multiple aspects have been discussed during a meeting with subcommittee members. These details will be presented at a forthcoming ministry meeting, chaired by Prime Minister and Finance Minister Srettha Thavisin.
The primary goal of the scheme is to bolster the economy. It involves the distribution of 10,000 baht in digital money to all Thai citizens aged 16 and above, enabling them to spend it within their registered district over a six-month period, rather than restricting them to a 4-kilometre radius around their address, as initially proposed.
Julapun also revealed that the meeting reached a consensus to narrow down the pool of recipients to focus on those who genuinely require the support, excluding high-income earners. This adjustment is an effort to reduce the funding needed for the scheme, which was initially estimated at 560 billion baht if extended to all Thai citizens over 16. The following approaches are being considered:
- Limiting the handout to 15-16 million state welfare cardholders, which would amount to 160 billion baht.
- Excluding individuals earning more than 25,000 baht per month or those with over 100,000 baht in their bank account, reducing the eligible recipients to 43 million people and costing 430 billion baht.
- Excluding individuals earning more than 50,000 baht per month or those with over 500,000 baht in their bank account, resulting in 49 million eligible recipients and a budget of 490 billion baht.
The meeting also concurred that the verification process for recipients will adhere to the regulations established by the Bank of Thailand. Therefore, individuals who have already verified their identity through a government application to receive benefits under any state campaign will not need to verify their identity again.
Regarding business participation in the campaign, Julapun noted that both individuals and legal entities, such as juristic persons, village funds, or community enterprises, can take part.
