Central bank probes alleged malpractice by some commercial banks

The Bank of Thailand is investigating to find out whether some commercial banks or their staff are engaged in a malpractice of advising their customers with big cash deposits to avoid paying income tax on bank interests which exceed 40,000 baht.

Mr Ronnadol Noomnont, the central bank’s deputy governor supervising financial institutions, said Monday (Sept 25) that the central bank was told about the alleged malpractice by the Finance Ministry and has been investigating the issue.

He said that the central bank was trying to find out whether the alleged malpractice was widespread or limited within some commercial banks or among some bank staffers who wanted to take special care of their VIP customers.

He added that the central bank would also coordinate with the Revenue Department to look into the matter as well.

If the alleged malpractice was verified, Mr Ronnadol said that the central bank would warn the banks concerned to fix the problem and to strictly adhere to good governance. He did not spell out what punitive measures to be taken against the banks in question.

The post Central bank probes alleged malpractice by some commercial banks appeared first on Thai PBS English News.

Read more here: Thai PBS – Business News

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