The name itself, the rice pledging scheme, is misleading. It is not at all a pledging scheme because every grain of harvested paddy "pledged" by farmers is actually bought by the government.
There is no requirement that farmers redeem their rice. And what farmer would be foolish enough to take back his crop when he is already being paid well over the market price for his grain?
It should rightly be renamed the rice purchasing scheme. And because of this mega-generous scheme, the Thai government has ended up being probably the world’s biggest rice buyer and the biggest rice stockpiler, with about 16 million tonnes in warehouses and no serious buyers on the horizon.