Minister says more time is needed to create a secure system, but the plan should begin in Q1 of the following month.
According to assistant fund minister Julapun Amornvivat, it will take longer to develop a secure system, so the government cannot distribute 10,000 ringgit in online currency to people on February 1 as planned earlier.
He stated on Thursday that although it requires the highest level of security, we will complete it in time for the release to begin in the first quarter of the following year.
The program, the centerpiece of the Pheu Thai Party’s effort to revive the market, was scheduled to begin on February 1 by Prime Minister Srettha Thavisin.
” The prime minister gave us the go-ahead to distribute the funds by February 1; however, I’m prepared to inform him that we are unable to do so because it will take time for us to establish a reliable and secure method.” Mr. Julapun, who is also a Pheu Thai MP for Chiang Rai, said,” We may trade the system for day.”
Additionally, he acknowledged that a subcommittee investigating the program’s funding options was unable to come to an agreement on Thursday. On Tuesday, it did reconvene.
Every Thai person 16 years of age and older will receive 10,000 baht in online currency from the Srettha government, at an estimated price of 548 billion Baht. A new” super app ,” according to the government, could be used for distribution.
According to Mr. Srettha, the market could expand by up to 5 % in the coming year as a result of increased consumption saving. He contends that increased tax revenue from financial activity may contribute to the scheme’s partial funding.
However, a growing number of academics, including two former governors of the Bank of Thailand, have argued that the plan poses an excessive risk to the market as the public debt is approaching acceptable levels.
The government has proposed that funding for the plan come from borrowing by several state entities so that it won’t be considered common debt.
The government has acknowledged that the plan may be changed to exclude the wealthy, and many critics have argued that only those who truly need it may receive the funds.
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In a related development, former legislator Rosana Rositrakul asked the State Audit Office( SAO) to review and halt the modern budget program on Thursday, claiming that it could be harmful.
According to her, the State Audit Act of 2018 allows the president of the state audit committee to request a joint investigation by the minds of both the Election Commission and the National Anti-Corruption Commission if the program is found to violate the constitution and associated rules or harm the monetary and fiscal systems.
She said they may ask the House of Representatives and the Senate to stop the system if at least two of the three bureau chiefs agree it is too difficult.
Ms. Rosana claimed that her request made the following six points:
- The plan is deplorable.
- It is prohibited by the Currency Act.
- It may add unnecessarily heavy financial obligations to the nation.
- The idea of state funds paying is avoided.
- It entails hiding people loan.
- It violates the State Fiscal Discipline Act of 2018’s Area 9.
According to Ms. Rosana, the government of Yingluck Shinawatra’s rice-pledging scheme, which resulted in the imprisonment of many cabinet ministers, can be compared to the 10, 000-baht online wallet scheme.
But since we lost our wealth, that was unnecessary. I’m calling for troubled organizations to look into this matter as a taxpayer and carrying out my civic duty.
House council hears opinions
However, on Thursday, the House Economic Development Committee heard what a Bank of Thailand standard and others thought about the qualities of the flyer.
The primary objective of the release is to encourage consumption, according to Daranee Saeju, associate chancellor for payment systems policy and financial customer protection at the central bank. However, in the eyes of the central bank, it is not required to do so given that the labor market is recovering and private business use is rising. The scheme, she claimed, might not be beneficial.
The committee’s president, MP Sithipol Wibulthanakul of the Move Forward Party, claimed that a Finance Ministry agent was unable to give the committee any information regarding the source of funding for the program.
Mr. Sithipol requested that the government consider the scheme’s benefits and drawbacks, potential financial resources, and potential little – and long-term effects on the economy.