PUBLISHED: 4 May 2024 at 06: 23
The National Anti-Corruption Commission ( NAC ) will continue to monitor the government’s approach to digital wallets, particularly the proposed use of funds from the Bank for Agriculture and Agricultural Cooperatives ( BAAC ) to finance the initiative.
The organization has been cautioned about the possible bone and legal risks linked to the 10,000-baht handout plan, according to Niwatchai Kasemmongkol, NACC’s secretary-general and spokesman, and will check to see if the government takes any steps to address its concerns.
The NACC’s actions are intended to stop and deter problem, and if specifics come to its notice, the company will verify the details and make more suggestions to the government, he said.
In its recommendations to the government, the agency warned about potential violations of economic and fiscal control regulations and abuse by corrupt actors. The company established a section in October of last year to examine the system.
” The NACC ca n’t prohibit the government from implementing policies. According to Mr. Niwatchai, the government is in charge of running the nation and deserves good treatment in the process.
He claimed that the company will check whether the organized use of the BAAC’s funds to finance the digital wallet system is in line with the laws governing the company’s operations.
The government made the decision to use three sources of funding, estimated at 500 billion baht, to finance the scheme instead of applying for loans. The structure of the funds comprises 175 billion baht from the fiscal 2024 budget, 153 billion baht from the budget expenditure for fiscal 2025, and 172 billion baht from the BAAC to be given to 17.23 million farmers.
Mr. Niwatchai noted that there are areas of concern, such as potential collusion, even though the digital wallet policy and the Yingluck government’s corruption-hit rice pledging scheme are different.
” The fund]for farmers ] is initially earmarked for purchases of agriculture- related supplies, so we have to examine if there are many suppliers available and if farmers are required to buy from certain suppliers”, he said.
The digital wallet initiative, which was recently appointed Deputy Finance Minister Paopoom Rojanasakul, said it is intended to” create economic whirlwinds” to awaken the Thai economy. Speaking at the Pheu Thai Party’s” 10 Months Without Waiting, Moving Forward to Achieve 10 out of 10″ event, he explained how the economy will be stimulated as people spend their 10, 000 baht.
He claimed that the manufacturing industry will increase production, creating more jobs, as a result of the increased customer activity and participating stores. This, in turn, generates more income, more purchasing power and higher overall spending.