PAN 2.0 Project Approved by Union Cabinet

The Union Cabinet has recently approved an upgrade to the Permanent Account Number (PAN) system. This upgrade introduces a QR code feature on PAN cards and also establishes PAN as a common identifier for businesses.

PAN 2.0 Project Overview

The upgrade is part of the PAN 2.0 Project, which will cost Rs 1,435 crore. Its aim is to completely modernize the current system, which will enhance the digital infrastructure. The Income Tax Department is leading this initiative.

Key Features of the Upgrade

The new PAN system will be paperless and online, which will simplify access to services for both businesses and individuals. A unified portal will replace the outdated system, which is 15 to 20 years old.

Benefits for Taxpayers

The upgrade will be free for existing PAN holders, which aims to improve the registration process for taxpayers. The new system will ensure that PAN is a reliable data source. It will also enhance security and provide faster service.

Current PAN Statistics

Approximately 78 crore PAN cards have been issued to date. Most of these cards belong to individuals. Businesses have expressed a need for a single identification number. The new upgrade will cater to this requirement.

The upgraded system will focus on resolving complaints effectively. It aims to enhance the overall service experience for users.

Important Facts for Exams:

1. PAN 2.0 Project: This initiative modernises the Permanent Account Number system. It costs Rs 1,435 crore. The Income Tax Department leads the project to enhance digital infrastructure.
2. QR Code Feature: The new PAN cards will include a QR code. This feature aims to streamline identification processes. It enhances security and facilitates easier access to services for users.
3. Unified Portal: A unified portal will replace the outdated PAN system. The old system has been in place for 15 to 20 years. This transition aims to improve user experience .
4. 78 Crore PAN Cards: Approximately 78 crore PAN cards have been issued. Most cards belong to individuals rather than businesses. The upgrade will address the need for a single identification number.

Month: Current Affairs - November, 2024

Category: Government Schemes Current Affairs