Tue Nov 26 09:17:47 UTC 2024: **India Approves ₹1435 Crore PAN 2.0 Project to Upgrade National Tax System**

NEW DELHI – The Indian Cabinet approved a ₹1435 crore (approximately $173 million USD) project to modernize the Permanent Account Number (PAN) system, Union Minister of Electronics and IT Ashwini Vaishnaw announced on Monday. The PAN 2.0 project aims to transform the PAN card into a common business identifier across all government digital systems.

Key features of the upgrade include incorporating QR codes into PAN cards, improving accessibility and service delivery, and streamlining taxpayer registration processes. The initiative is designed to enhance the digital experience for taxpayers. This project represents an upgrade to the existing PAN/TAN 1.0 ecosystem.

Currently, approximately 78 crore (780 million) PAN cards have been issued in India, with 98% allocated to individuals. The PAN card serves as a crucial identification document and is essential for various financial transactions, including opening bank accounts and purchasing property. The government anticipates the improvements will significantly improve efficiency and ease of use within the tax system.

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