Digital handout scheme could start April/May, may exclude the rich
The government scheme to hand out 10,000 baht in digital money to Thais is expected to start in April or May next year, in line with the period in which the Fiscal 2024 Act will come into effect, Deputy Finance Minister Julapun Amornvivat said on Wednesday.
Julapun, who heads a subcommittee in charge of working out details of the scheme, said after meeting with subcommittee members on Wednesday that several details have been discussed and will be presented to the ministry meeting next week, to be chaired by Prime Minister and Finance Minister Srettha Thavisin.
The scheme, aimed at stimulating the economy, calls for 10,000 baht in digital money to be distributed to all Thais aged 16 and above for them to spend at shops within a 4-kilometre radius of their registered address within a six-month period.
Julapun, however, said that the stipulation on the 4km radius will be replaced by spending within the district of the recipient’s address instead.
He also added that the meeting agreed to narrow down the scope of recipients to only those who need it, which means excluding high-income earners. This is in a bid to save the funding needed for the scheme originally estimated at 560 billion baht if all Thais over 16 were to receive the money.
Three approaches have been proposed under this effort:
- Limiting the handout to 15-16 million state welfare card holders, which would cost 160 billion baht.
- Excluding those who earn more than 25,000 baht per month or have over 100,000 baht in their bank account. This would bring down the eligible recipients to 43 million people and will use 430 billion baht.
- Excluding those who earn more than 50,000 baht per month or have over 500,000 baht in their bank account. This would bring the eligible recipients down to 49 million people and will use 490 billion baht.
The meeting also agreed that the verification method of recipients will follow the regulations laid down by the Bank of Thailand. This means those who have already confirmed their identity via government application to receive benefits under any state campaign need not verify their identity again.
Businesses to participate in the campaign can be either an individual, a juristic person, a village fund, or a community enterprise, Julapun added.
