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Hong Kong Finalises Arrangements For Cash Handout

July 2011 - Finance. Legal Developments by Hassans.

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Following Legislative Council approval on July 8, Hong Kong's Secretary for Financial Services and the Treasury, Prof KC Chan, has outlined the series of measures the government will undertake in the coming weeks to launch its cash handout scheme.

HKD38.5bn (USD5bn) will be required to fund the scheme, which envisages the payment of HKD6,000 each to all Hong Kong permanent identity card holders aged 18 or above, which was announced in changes following the 2011-12 Budget.

Speaking on a radio programme, Chan disclosed that a dedicated government website will be launched shortly providing information on the scheme. Workshops will also be organised for public officials and those from non-government organisations, who will help in registering the public to receive the handout.

From early August, application forms for the handout will be provided at local banks, and Home Affairs Department and Social Welfare Department offices. On August 28, banks will open to collect the completed forms, which can also be submitted by post.

This is quite an immense scale operation, Chan said, involving more than 6m Hong Kong residents. We have to put together a central data base and system for handling these applications and processing them. The scale itself is a big challenge. What we have got now is easy to understand and the process is quite easy for people to apply and get the money.

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