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Senate endorses Student Loan Fund Bill with reductions in interest rate and fines

13 Sept 08:51 Key points summarised by AI

The Senate approved the Student Loan Fund Bill but many senators strongly opposed provisions exempting interest and fines, fearing a breakdown in financial discipline and depletion of the fund.
Senators raised critical concerns, including the absence of loan guarantors, the necessity of prioritizing principal repayment, and the high 26% default rate that threatens the fund's long-term viability.
The Fund manager revealed that eliminating fines would cause a 6 billion baht annual revenue loss and noted a significant increase in default rates since the proposed exemptions were reported.
If enacted, the Bill will apply to all loans, new and old, removing the current 1% interest and 7.5% fine, which could lead to the fund's rapid depletion within a few years.

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.