GUWAHATI, Nov 26: The Union Cabinet on Monday (Nov 25) approved the PAN 2.0 Project with a view to making PAN “the common identifier for businesses” and to make PAN the “single source of truth and data consistency”.
What actually is PAN 2.0 Project?
- The PAN 2.0 Project, which comes with a financial implication of Rs 1,435 crore, was approved by the Union Cabinet on Monday.
- PAN cards will now feature an embedded QR code for enhanced security.
- PAN will be a universal identifier for businesses across specified government digital systems.
As news of PAN 2.0 began to spread, the question that is now being asked is whether our existing PAN cards will become invalid and will we require to re-apply?
Existing PAN holders can upgrade their cards although there will be no change in the existing PAN numbers and that it will remain the same for existing users. It’s only the card will get an upgrade, which the government said, would be free of cost for users.
However, details about the application process to shift to PAN 2.0 and the deadline for applications to be made are yet to be released by the Income Tax Department.
