Ministry of Finance, 'Digital Wallet Subcommittee' adjusts conditions after NACC - Budget Bureau object, agrees to borrow money from BAAC, sets a budget of 450 billion baht, prohibits the purchase of mobile phones, electronic products, waiting for the Prime Minister to make a major announcement on July 24. Mr. Chulaphan Amornvivat, Deputy Minister of Finance, and Mr. Paopum Rojanasakul, Deputy Minister of Finance, attended the meeting of the Subcommittee on the 10,000-baht top-up project via digital wallets, together with relevant agencies. Today's meeting concluded and adjusted conditions in many areas, including citizen registration, participating merchants, review of product lists, application usage patterns, and credit limit frameworks. They are prepared to submit them to the large digital wallet board meeting chaired by Mr. Settha Thavisin, Prime Minister, on July 15, 2024. The Prime Minister will then announce details of the entire project on July 24, 2024, and submit them to the Cabinet for approval on July 30, 2024. The meeting discussed the recommendations of the NACC and the Budget Bureau, as well as the additional study results of the Fiscal Policy Office, without setting too much budget to support it, in order to use it to restore the economy in other areas. Therefore, the budget framework for supporting the digital wallet was set at 450 billion baht, from the original framework of 500 billion baht. The sources of funds were divided into the 2024 budget, the management of the unexpended budget of 43 billion baht, and the additional budget adjustment of 122 billion baht, and the 2025 expenditure budget of 285 billion baht, for a total of 450 billion baht. The government has also set a target group of 50 million people. When the government opens for people to register for the rights no later than September 30, 67, we must see a clear summary of how many people are interested in joining the project. If the target of 50 million people is reached, we will try to allocate a budget to support it to 500 b illion baht. Later, it is expected that all aspects of the system will be completed within the third quarter of this year. For the spending requirements of the people with small shops that have registered to join the project, the money must be used within the district as shown on the ID card to buy products within 6 months. People cannot transfer it to others or exchange it for cash. It must be used to buy consumer products only. It cannot buy products online. It is forbidden to buy electronic products or electrical appliances. It cannot buy vices such as alcohol and cigarettes. It cannot buy gift cards, cash cards, diamonds, gems, gold, or gemstones to create employment and stimulate the economy in the area. For the second round of product trading between shops, expand the area to be able to trade products nationwide and purchases from large department stores. Shops that bring digital money to convert to baht must be in the tax base, and shops that convert to baht must link their mobile phone numbers to re gister for monthly payments. Prepaid SIM cards are prohibited and must support security systems. As for borrowing money from the BAAC, it depends on whether the large board meeting will choose the original path or not. Mr. Pao Bhumi said that the qualifications of the recipients of the 10,000 baht digital money transfer are Thais aged 16 years and over (counting age 30 September 2024), except for those with an income of more than 70,000 baht per month, an annual income of 840,000 baht, or deposits of more than 500,000 baht (deposit amount as of 31 March 2024), covering 50 million Thais. As for registration or identity verification through any system or app, government agencies have now created a system to support this. Waiting for the Prime Minister to make a clear announcement. Source: Thai News Agency