PAN 2.0: The Narendra Modi government has made an important decision about PAN cards to help taxpayers, protect their financial security, and make transactions easier. The PAN 2.0 project has been given the go-ahead by the government for upgrading PAN cards, with a budget of 1435 crores rupees.
Sparked numerous inquiries among individuals
The PAN card will have a QR code included in its design. This has sparked numerous inquiries among individuals. The inquiries revolve around the obsoletion of their existing PAN cards, the necessity of applying for a new PAN card with a QR code, the method and timeline for obtaining the new PAN card, and the cost associated with it.
Union Minister Ashwini Vaishnaw stated…
Union Minister Ashwini Vaishnaw stated that only new features will be included in the updated PAN card, known as PAN Card 2.0. People’s PAN numbers will not be altered; your PAN number will stay unchanged. This card will possess a QR code that will encompass the complete information of the taxpayers. Ashwini Vaishnaw stated that the addition of a QR code on the new PAN card will simplify processes such as tax payment, company registration, and bank account opening.
The new PAN card technology will undergo a complete upgrade to enhance usability and security. A unified system will be developed for all PAN-related services. Additional security measures will be included in the new PAN card to prevent fraud against cardholders and safeguard financial security. Ashwini Vaishnaw mentioned that no action will be required by individuals for the issuance of the new PAN card.
How much will have to pay?
There is no requirement to submit an application or make any payments. The Income Tax Department will deliver the new PAN card to your registered address. This indicates that your current PAN will be updated automatically.