What is the new in PAN Card 2.0? Know here

PAN Card 2.0- Big news for PAN Card holders. The central government has recently launched the PAN 2.0 project, under which an initiative has been taken to make the Indian financial system more advanced and digital. Under this project, the Permanent Account Number (PAN) system is to be made more advanced and secure with the help of new technology. Under this, PAN will be integrated with Aadhaar and other digital identity systems. This project has been started at a cost of Rs 1,435 crore.

With the help of this initiative, various financial transactions will be easy. Let us tell you that the PAN 2.0 project will give priority to data security and under this, state-of-the-art security standards are being adopted to prevent fraud.

What is PAN 2.0 project?

PAN 2.0 is a plan by the government to shift the existing Permanent Account Number (PAN) system to an advanced level. This will help in simplifying the registration process as well as making the service simple and secure for taxpayers. So far, about 78 crore PANs have been issued, of which 98 percent are with individual taxpayers. This project will also strengthen the digital infrastructure of the Income Tax Department.

What changes will happen in PAN 2.0?

QR Code: QR code will be added to the new PAN card, making access to services faster.

Improved security: Card information will be made more secure through the PAN data vault system.

Digital Integration: PAN and TAN services will be integrated and taxpayer registration will be upgraded.

Reduction in paperwork: The new changes will eliminate unnecessary paperwork and reduce costs.
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What is PAN Data Vault System?

PAN 2.0 is also going to include a data vault system to keep PAN related information secure. As banks and insurance companies use PAN information, they will be required to store it securely.

Benefits of PAN 2.0:

Speed ​​and transparency in services.
Increased data security.
Promotion of digital infrastructure.
Reduction in paperwork and costs.

Do you need to apply for a new PAN card?

No, existing PAN holders do not need to apply for a new card. This is an optional facility and new card holders will be given advanced facilities under PAN 2.0.