PAN Card: On 1 February 2023, Finance Minister Nirmala Sitharaman presented the full budget of the budget 2023-24. This was the last full budget of the Modi government 2.0. Many announcements were made by the Finance Minister in this budget, including Railways, PM Awas Yojana, Mota Anaj, Tax, etc. One such announcement was also made in this budget 2023-24 regarding PAN cards, which is being discussed a lot. , Actually, the Finance Minister had announced in the budget that now the PAN card will also work like a normal identity card. In such a situation, it becomes necessary to know what are the benefits of this step of the government. So let’s know about it without delay.
These will be the advantages: –
Will be able to use it as an identity card
After this announcement made in the budget of 2023-24, now PAN cards can be used as a common identity in all digital systems of government agencies. It can also be understood in simple language that if you do not have Aadhaar yet, then you will be able to use a PAN card as a normal identity card.
Start a business with a pan card
Since a PAN card is recognized as an identity card, any business can start with a PAN card. Also, this move of the government is also expected to increase financial inclusion for individuals and business owners.
After the PAN card is recognized as a common identity card, now KYC can be done with a PAN card instead of an Aadhaar card. The Finance Minister said in the budget that the KYC process will be simplified by adopting risk-based criteria. Also, KYC norms will be simplified, allowing for a unified filing system. Till now, where both an Aadhaar card and PAN card were required for KYC, after this decision of the government, KYC can be done only with a PAN card.
Giving information in his budget, the Finance Minister said that Permanent Account Number ie PAN card will be used for common identification for all digital systems of government agencies. It will happen that now Ease of Doing Business will get a boost from this. Also, a PAN card can be used as a basic document for business establishments.
Read More: Railway Budget 2023: Railways gets Rs 2.40 lakh crore capital outlay
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