The Union Cabinet, in its meeting on Monday (November 25), approved several key decisions, including the PAN 2.0 project with a budget of ₹1,435 crore. The project aims to make the Permanent Account Number (PAN) a ‘Common Business Identifier’ for all government digital systems. As part of this initiative, PAN cards will be upgraded with QR codes free of charge.
Union Electronics and IT Minister Ashwini Vaishnaw announced that the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the Income Tax Department’s PAN 2.0 project. The project will involve an expenditure of ₹1,435 crore.
An Advanced Version of the PAN/TAN 1.0 Ecosystem
The project is designed to enhance accessibility, improve quality, and ensure faster service delivery. It is an e-governance initiative aimed at transforming the PAN/TAN services using technology to provide a seamless digital experience for taxpayers. The new system will revamp the business processes of taxpayer registration services, making it a more advanced version of the existing PAN/TAN 1.0 ecosystem.
Approximately 780 Million PAN Cards Issued
Currently, around 780 million PAN cards have been issued in India, with 98% of them issued at the individual level.
Also Read- How to Apply for a PAN Card for Children
What is a PAN Card?
A Permanent Account Number (PAN) is a unique 10-digit alphanumeric number issued by the Income Tax Department. It is an essential document for all Indian citizens, serving not only as an identity proof but also as a crucial tool in financial transactions. Whether opening a bank account or purchasing property, having a PAN card is mandatory.