Gift cheques won't overwhelm system

Gift cheques won't overwhelm system The Bank of Thailand has given assurances the cheque clearing system will not be disrupted by the distribution of more than 10 million 2,000-baht government gift cheques.

About 10.4 million workers earning up to 15,000 baht a month and registered with the Social Security Office, pensioners and civil servants are entitled to the "save-the-nation'' 2,000-baht cashier cheque being issued from March 26 to April 8, either through their employers or the Social Security Office.

The cheques are part of the government's 117-billion-baht economic stimulus package aimed at boosting domestic consumption.
 
Bangkok Bank won the sole right to issue the cheques by tendering a bid of 20 million baht. It will charge two baht for each cheque issued for a total of about 20.8 million baht.

There have been concerns the cheque clearing system could be overwhelmed by the heavy workload.

Chim Tantiyaswasdikul, the Bank of Thailand's assistant governor and adviser to the Information Technology Group, said Bangkok Bank would bypass the central clearing system to avoid possible glitches.

The bank already has the cash to pay the cheque holders. The funds were transferred from the Comptroller General's Office.