During Cabinet Briefing, Union Minister Ashwini Vaishnaw has announced plans to introduce PAN 2.0. It is pushed as an upgrade to Permanent Account Number (PAN)- the unique taxpayer identification number.
According to Vaishnaw, PAN 2.0 will be an advanced iteration of the country’s PAN system, aimed at streamlining business and citizen-centric operations.
Vaishnaw informs that PAN has been in use since 1972 under Section 139A of the Income Tax Act, and has seen widespread adoption, with 78 crore PANs issued, covering 98 per cent of individuals.
As per its ‘Key Features’, PAN 2.0 will bring to the table:
System Upgrade: A completely revamped, tech-driven framework to enhance operational efficiency.
Common Business Identifier: Integration of PAN as a single identifier for business-related activities across specified sectors.
Unified Portal: A one-stop platform for all PAN-related services.
Cybersecurity Measures: Implementation of robust safeguards to protect user data; and,
PAN Data Vault: Mandating secure storage systems for entities using PAN data.
As per its benefits to be brought to the citizens, the revamped system is hailed as a seamless, technology-driven, paperless experience, aligning with the Modi Government’s Digital India initiative.
Citizens can also expect from it simplified processes for businesses and individuals; Unified identification through the Common Business Identifier; and, an efficient grievance redressal mechanism powered by advanced tech solutions. With PAN 2.0, the Centre aims to bolster transparency, enhance user experience, and ensure robust data security, marking a significant leap towards a fully digital financial ecosystem.
However, there is no word yet on when the revamped PAN 2.0 system will become effective. Minister Vaishnaw also said that citizens need not change their PAN number. PAN 2.0 will come as an upgrade to the existing PAN system. The new card will come with a QR code for quick scans and will be “fully online”. Moreover, Minister Vaishnaw assured that the upgrade to PAN 2.0 will be implemented free of cost. The financial implications for the PAN 2.0 Project will be Rs 1,435 crore, as per an official press release.
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