STREET WISE
Wary bankers to crimp XXX sales
If you were upset by the Draconian capital-control requirement, wait until you read about the latest piece of legislation, which will hit many executives closer to home.
The 30-per-cent capital-control rule pales in comparison with the Thai banks' plan to introduce tough measures to block payments for pornography. In short, in the near future you may not be able to buy specialised VCDs or subscribe to some of the bedtime magazines online (see the full story on 2B). The Thai Bankers' Association last week held a meeting to discuss the social problem caused by the rising popularity of pornography after the banks noticed a sharp rise in porn purchases. At first, the bankers were pleased to see the hefty fee that they gain from transmitting the customers' money for online purchases. But later the details of payments showed that most of the services related to porn transactions. Although bankers should be pleased, as the rising earnings from porn purchases should offset the income lost from capital-control regulations, banking executives feel that clients might be enjoying themselves too much. The bankers thus have to stop the flow of cash for pornographic material, because of fears that these private habits can become addictive. To find out the extent to which the ban will be effective in stopping the flood of porn purchases, we have interviewed some of the banks' clients who have purchased erotic material online. "Bad! Bad! This is a human rights violation," one porn purchaser said, predicting that when this measure becomes effective the SET Index is likely to plunge by more than 100 points because investors will be too depressed to trade shares. Another client said he didn't care. "I will be spared because I normally order these items by post," he said. Nonetheless, the bankers may find it hard to verify the purpose of the transaction because these items can come under 'innocent' titles. Once I mail ordered "Snow White and the Seven Dwarfs" because I was a big Disney fan. When the video arrived I was pleased to read on the receipt "Snow White and the Seven Dwarfs (Special)". I thought the 'special' would mean behind-the-scenes footage, but when I opened it I was surprised to see the different version of the heart-warming tale. First, it was not an animated Disney movie at all, and secondly … well, I'll leave it to you to figure out.
Jeerawat@nationgroup.com
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