In a bid to turn the Permanent Account Number (PAN) into a 'common business identifier' for all digital systems across government agencies, the Centre announced the PAN 2.0 Project worth rupees 1,435 crores.
Union Information and Broadcasting Minister Ashwini Vaishnaw said the approval for the project came from the Cabinet Committee on Economic Affairs (CCEA) which is chaired by Prime Minister Narendra Modi. So far, approximately 78 crore PANs have been issued by the Centre, with 98 percent of them belonging to individuals.
In a bid to turn the Permanent Account Number (PAN) into a 'common business identifier' for all digital systems across government agencies, the Centre announced the PAN 2.0 Project worth rupees 1,435 crores.
Union Information and Broadcasting Minister Ashwini Vaishnaw said the approval for the project came from the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi. So far, approximately 78 crore PANs have been issued by the Centre, with 98 percent of them belonging to individuals.
According to the official press release issued by the Centre, "This will be an upgrade of the current PAN/TAN 1.0 eco-system consolidating the core and non-core PAN/TAN activities as well as PAN validation service."
"The PAN 2.0 Project resonates with the vision of the Government enshrined in Digital India by enabling the use of PAN as Common Identifier for all digital systems of specified government agencies," the release further added.
According to Vaishnaw, through the new initiative, the existing PAN system will undergo complete updation. The project will also revamp the IT infrastructure, and establish PAN as a universal business identifier across various digital platforms of designated government agencies.
The project will also introduce a technology-driven transformation of taxpayer registration services. The planned changes are designed to increase the ease of access and speedy service delivery as well.
The other benefits of the project include single source of truth and data consistency, eco-friendly processes, cost optimization, security, and optimisation of infrastructure for greater agility.
As per the blue print of the new e-Governance project, all Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and Taxpayer Identification Number (TIN) will be clubbed to establish the common business identifier under a single digital portal. It will also enable paperless services.
The Centre will also improvise the 10-digit alphanumeric PAN by including a QR code.
"One of the most important features would be a PAN data vault system. The PAN-related information is used by many entities such as banks, and insurance companies. We give details of PAN at various places. So, those (entities) who take details of PAN, they will have to keep PAN data safely, mandatorily through the data vault system,” Vaishnaw said on Monday.
PAN 2.0: FAQs
Does one need to apply for a new PAN?
According to an Indian Express report, fresh applications won't be required for the existing PAN holders for a new PAN. However, they will have the provision to get the new PAN 2.0 card. The government has confirmed in validation of the existing cards even after the upgrade.
What about the charges for getting a new PAN card?
No charges will be applicable. As per the project, the new upgraded PAN cards with enhanced features, such as a QR code for better security, will be provided free of charge.