NACC probes Thai government’s 10,000-baht digital handout amid corruption fears

The National Anti-Corruption Commission (NACC) initiated an in-depth study into the Thai government’s policy for a 10,000-baht digital currency handout. This step comes as the agency intensifies its examination of the key policies of the ruling Pheu Thai Party.

According to a source within the NACC, the decision was made following a suggestion from the agency’s corruption monitoring and appraisal panel. Supa Piyajitti, an NACC member, will oversee the committee, which comprises representatives from various government departments.

The committee’s objective is to collect, inspect, and analyse data regarding the 10,000-baht digital currency handout scheme and devise countermeasures to avert any potential policy-oriented corruption resulting from the scheme. The committee will also collaborate with other relevant agencies and individuals to support its study and gather opinions and suggestions from various sectors on preventing potential policy corruption tied to the scheme.

However, the Deputy Finance Minister, Julapan Amornvivat, announced yesterday that there could be a delay and a reduction in the scope of the digital currency handout, as it may likely only cover the poor.

Following a sub-committee meeting overseeing the project implementation held on Wednesday, October 25, Amornvivat revealed that the sub-committee recommended narrowing down the handout to 15 to 16 million people who possess state welfare cards or individuals who meet specific wealth criteria based on income or savings.

Amornvivat further explained that if the handout is limited to the 15 to 16 million welfare cardholders, the scheme will cost the state 150 to 160 billion baht. The sub-committee also suggested expanding eligibility to those meeting specific salary or savings criteria.

Digital currency handout criteria

If the digital currency handout excludes individuals earning more than 25,000 baht monthly or having at least 100,000 baht in deposits, the scheme will cover approximately 43 million people, costing nearly 430 billion baht.

The sub-committee also proposed an alternative scheme that excludes individuals earning over 50,000 baht monthly or having savings exceeding 500,000 baht. If this scenario is adopted, the digital currency handout would cover 49 million recipients, costing the state 490 billion baht.

The government initially planned to distribute 10,000 baht worth of digital money to each Thai aged 16 years and over. However, with 54.8 million people meeting the original condition, concerns were raised about the burden of over 500 billion baht affecting the country’s financial stability.

The sub-committee concluded that the digital currency handout scheme should be primarily funded by the national budget, approximately 100 billion baht annually, beginning from the 2024 fiscal year.

Under this condition, the digital currency handout scheme would be postponed until April or May next year, contingent upon approval of the 2024 national budget, Amornvivat said. The government had initially intended to distribute the digital money on Feb 1 next year.

Prime Minister and Finance Minister Srettha Thavisin stated yesterday that he had received the proposals from the sub-committee. He will discuss these proposals with relevant authorities, including the secretary-general of the National Economic and Social Development Council, reported Bangkok Post.

“At this stage, I have not yet concluded whether or how the handout scheme would be downsized. To avoid confusion, I would like all the details of the project to be finalised before making an official announcement.”

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