PAN to be used as common identifier for digital systems

PAN to be used as common identifier for digital systems

Daily Current Affairs   /   PAN to be used as common identifier for digital systems

Change Language English Hindi

Category : Business and economics Published on: February 04 2023

Share on facebook
  • Union Minister of Finance Nirmala Sitharaman while presenting Budget 2023 has proposed usage of Permanent Account Number (PAN) card as a common identifier for all digital systems at government agencies.
  • PAN is a Permanent Account Number issued by the Income Tax Department of India. It is a ten-digit alphanumeric number.
  • The initiative is being launched to increase the PAN user base and also to simplify access to systems working under government entities.
  • PAN is compulsory for the sale or purchase of vehicles, opening an account, cash payment and transactions of more than Rs 50,000, the purchase of securities, the sale or purchase of properties, and lots more. 
  • By making PAN compulsory, the tax norms are being made stricter.
  • The move is expected to simplify the KYC process and make it easier for the Income Tax Department and other government agencies to manage documents of PAN cardholders.
  • The Finance Minister has said that the KYC (Know Your Customer) process will be simplified by adopting risk-based criteria.
  • This will be used as the basic identity proof of Aadhaar. Arrangements will be made for this under DigiLocker. The Finance Minister further said that PAN will be accepted as a personal identity card for business establishments that are required to have PAN.
Recent Post's
  • Veteran ‘Don’ (1978) director Chandra Barot dies at 86 due to cardiac arrest in Mumbai.

    Read More....
  • M. Sreeshankar wins gold with 7.75m jump at World Athletics meet in Portugal.

    Read More....
  • Kerala launches Cy-TB test to detect latent TB infections under NTEP.

    Read More....
  • ISRO chief announces India’s plan for space station by 2035, moon mission by 2040.

    Read More....
  • July 20 celebrated as UN’s International Moon Day to mark Apollo 11 landing.

    Read More....
  • Koneru Humpy becomes first Indian woman to reach FIDE Women’s World Cup semifinals.

    Read More....
  • India sets record with four players in 2025 FIDE Women’s World Cup quarterfinals.

    Read More....
  • Saudi ‘Sleeping Prince’ Al-Waleed dies at 36 after 19 years in coma.

    Read More....
  • NCLT approves merger of Adani Cementation with Ambuja Cements.

    Read More....
  • Anvesh Tiwari launches India’s first fully AI-powered fintech platform ‘Nxtbanking’.

    Read More....