The cabinet headed by Prime Minister Narendra Modi has announced the implementation of PAN 2.0 project last Monday. In such a situation, many people are wondering whether they will have to apply for PAN card again. So understand clearly here that it is not mandatory to apply. Yes, if you want to upgrade your PAN card then you can do so. According to Union Minister Ashwini Vaishnav, the Cabinet has approved the Rs 1,435 crore PAN 2.0 initiative, which ensures that your current PAN remains valid even as the system undergoes a significant digital transformation.
The upgrade will be available for free
The government has said that the upgrade, including adding QR code to PAN, will be made available to all taxpayers free of cost. This initiative is in line with the government’s Digital India vision, which makes Permanent Account Number (PAN) a common business identifier in the digital systems operated by government agencies. According to the government, the common taxpayer will benefit from the PAN 2.0 initiative.
Objective of PAN 2.0 Initiative
The objective behind the PAN 2.0 project being launched by the government is to improve the experience of taxpayers through faster services and better efficiency. Through this project, the service of easy registration and immediate processing will be available to the taxpayer. It is also intended to serve as a single source of truth for information integrated into the system. Under this initiative, paperless system and cost-effective infrastructure will be created.
