The Union Cabinet made several important decisions in its meeting on Monday (November 25). In the meeting, the PAN 2.0 project, worth ₹1,435 crore, was approved. The aim of this project is to make the Permanent Account Number (PAN) a ‘universal business identifier’ for all digital systems of government agencies. Under the PAN 2.0 project, the PAN card will be upgraded with a QR code free of charge.
Union Minister for Electronics and IT, Ashwini Vaishnaw, stated that the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the PAN 2.0 project of the Income Tax Department. The PAN 2.0 project will cost ₹1,435 crore.
Upgraded Version of the PAN/TAN 1.0 Ecosystem
The purpose of this project is to provide better quality services with easy access and faster delivery. It is an e-governance project aimed at re-engineering the business process of taxpayer registration services through technology, which will provide a better digital experience for taxpayers. According to the statement, this will be an upgraded version of the current PAN/TAN 1.0 ecosystem.
Around 78 Crore PAN Cards Issued So Far
Currently, about 78 crore PAN cards have been issued in the country. Of these, 98% have been issued at the individual level.
What is a PAN Card?
It is important to note that a Permanent Account Number (PAN) card is a 10-digit number issued by the Income Tax Department, which is an essential document for all Indian citizens. PAN cards are not only used as identification cards but also in financial matters. If you want to open a bank account or purchase property, having a PAN card is mandatory.
Tighter Security for PAN
He mentioned that people provide their PAN details in several places. The data vault system will ensure that those who have collected PAN details will keep them secure. There will be a unified portal, and complete attention will be given to addressing complaints. If people face any issues, they will be resolved promptly.