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Debt collection law goes into force

The debt-collection law passed by the National Legislative Assembly is now in effect.

The maximum punishment is a Bt500,000 fine and five years in jail.

Debt collectors have to be registered and obtain a permit from authorities before they can take any action.Conditions include collecting debt only from the debtor or the guarantor – not from the family or any other person who knows the debtor. Debt can only be collected from a place and time designated by the debtor and nowhere else unless the debtor cannot be contacted.

The debt collector cannot ask money all day and Evidence must be provided once the debt has been collected.

The collector cannot intimidate or insult the debtor or reveal the details of the debt to a third party.

The debt collector cannot use a disguise or financial intimidation.

The collection fee should not exceed the amount set by the Debt Collection Regulation Committee.

Government authorities should never get involved in any type of debt-collection method.

Disbursement on rise

By the second quarter of this fiscal year, 40 per cent or Bt180 billion of the investment budget is expected to be disbursed, exceeding the 30-per-cent target, according to the Comptroller-General’s Department.

The estimate came after the prime minister and the department asked all state agencies to accelerate their investment.

Manas Jamve-a, the comptroller-general, yesterday expressed confidence that disbursement could meet its target of 85 per cent of the Bt449-billion investment budget this fiscal year.

The department also asked all state agencies, particularly the 41 units that have seen delayed disbursement, to accelerate their spending, while procurement requirements have also been relaxed. Those 41 state agencies have a combined investment budget of about Bt300 billion.

Bt15.7 bn outflow

Foreign capital worth Bt15.7 billion net flowed out of the Thai bond market in the first two months of this year, leaving foreign holdings of Thai bonds at Bt667 billion, according to the Thai Bond Market Association.

Ariya Tiranaprakit, executive vice president of ThaiBMA, said yesterday that in February alone, Bt3.68 billion of foreign capital withdrew from Thai bond market after Bt15.1 billion of short-term bonds were sold and Bt11.5 billion of long-term bonds were bought. About 89 per cent of foreign holdings of Thai bonds are in long-term bonds and 11 per cent in short-term bonds.