Thai Senate Speaker Nikom Wairatpanich said the Senate will not accept in principle the amnesty bill, which is designed to grant blanket pardon to those involved in previous unrests and bloodsheds, local media reported on Wednesday.

He made the announcement with a group of elected senators in a rare press conference Tuesday night, saying the move is aimed "to seek a way out for the country and to defuse political tension," according to Bankok Post.

Following Monday's massive protests against the passing of the amnesty bill in the House of Representatives, hundreds of business and academic associations have been continuously handing petition letters to the upper house to encourage the latter to shoot down the amnesty bill.

Elsewhere in the country, students and various sectors continued their rallies against the bill.Nikom said the Senate has been keeping an eye on public outcry on the amnesty bill for the past few days and some elected and appointed senators have concluded with him during recent discussions that they will not pass the bill in the first reading.

Several senators have also assured the public that the upper house will deliberate the bill thoroughly with the public interest in mind and to move the country forward.

According to procedure, the bill, if rejected by the Senate, must then be returned to the lower house.

In a nationally-televised address earlier on Tuesday, Thai Prime Minister Yingluck Shinawatra softened her stand on the amnesty bill, urging the Senate to exercise full discretion in its deliberation of the bill based on national reconciliation and mercy.

She reiterated her government will acknowledge and accept the outcome no matter what, for the sake of national reconciliation.