PAN 2.0- Big news for PAN Card holders. PAN is a unique 10-digit number issued by the Income Tax Department. It includes English letters along with numbers. This number is uniquely issued to Indian taxpayers. The central government has implemented the QR code based system under PAN 2.0. This scheme has been brought with the aim of improving the existing system of issuing PAN.
Ashwini Vaishnav said, there were security flaws in the old PAN card. Due to which cases of fraud were increasing. The identity of the person was also being stolen through the PAN card. Also, the software operating the old card is also 15 to 20 years old. Which causes problems many times.
The existing PAN cards will remain valid even after the new system is introduced. These cards will continue to work until a new card is made. After PAN 2.0 is made, the use of the new card will be mandatory.
Quick Loan
The new PAN can be better integrated with your financial records (such as credit score, income history). This will make it easier for banks and loan companies to check your creditworthiness and the loan approval process can be much faster.
Security
PAN 2.0 may have advanced security features like biometric linking or real-time verification. This will make it easier to prevent misuse of PAN card (like someone else taking a loan on your PAN) and will increase your financial security.
Easy access for all ID’s
In future, PAN card can be more deeply linked with Aadhaar, DigiLocker and other government IDs. This can reduce the need to submit documents repeatedly for different government schemes or services and make work easier.
Tracking System
PAN 2.0 may allow you to track all your major financial transactions or investments in one place (with your consent). This will help you keep an eye on your financial health.