The government will enhance the outdated PAN card to increase transparency in financial activities, annual earnings, banking industry, government initiatives, and income tax filings. The PAN 2.0 project will be initiated by the central government for this purpose. Presently, numerous queries may be emerging in the minds of individuals, such as if they will have to request a new PAN card, if the existing PAN cards will be deemed obsolete as a result of the PAN 2.0 initiative, and in what manner transparency will be achieved with the updated PAN card.
It is only natural to have all these inquiries, but the main concern is if the new PAN card will serve a similar purpose as Aadhaar. If you have related inquiries, we are furnishing details on this topic here. Following the 2007 Mumbai attacks where Pakistani terrorists utilized fake Indian identity cards, there was a recognized necessity by the government for a distinct identification number for each citizen. Afterwards, the federal government established the Aadhaar card, which is now considered the most crucial document in present times.
To grasp the importance of the Aadhaar card in a straightforward manner, consider it essential for various purposes like accessing subsidized government food and obtaining a passport for international travel. When opening an account at a bank or post office, the Aadhaar card is required. Linking the PAN card with the Aadhaar card is now a requirement set by the government. PAN 2.0 will have greater technological advancements compared to the Aadhaar card.
PAN 2.0 will have several features
Additionally, PAN 2.0 will have several features that will help prevent financial fraud. If you already have a PAN card, there will be no need to get a new one, and the old PAN card will remain valid. The new PAN 2.0 will be an upgraded version of the old PAN, and people will not need to change their PAN number.