within one year after the Minister of Finance’s approval, except under necessary
circumstances, the Bank of Thailand may grant a waiver but not more than six
months. On the other hand, full branches must begin operations within six months
from the date of the Minister of Finance’s approval.
B. Business groups that have more than one type of deposit-taking financial
institutions with no IBFs must comply with the One-presence policy within a year
from the date of the Minister of Finance’s approval.
C. Commercial banks or full branches with IBFs must receive transfers of
assets and liabilities into the commercial banks or full branches and return the IBFs
licenses within 6 months after both the Minister of Finance has approved the plans
and the law to revoke IBFs tax benefits is effective.
D. Business groups with more than one form of deposit-taking financial
institutions, as well as IBFs, must return the IBFs licenses within 6 months after both
the Minister of Finance has approved the plan and the law to revoke IBFs tax benefits
is effective. The rest of the process must be completed within one year from the date
of the Minister of Finance’s approval