No more delays, now get your PAN instantly

To push PM Modi's Digital India drive,  the Central Board of Direct Taxes is working on issuing the Permanent Account Number (PAN) instantly using Aadhaar's e-KYC facility, reports the Times of India.
The e-KYC allows the user to verify details through a biometric identification features.

Quoting an official from the concerned department, the report said that the new decision will minimise the whole process to few minutes from the existing time span of two to three weeks. The officer said,"If a SIM can be issued through e- KYC, then the same can be done for PAN". He also added that though the number will be granted instantly but the card delivery will take time.

The Income Tax Department is also mulling over the option of developing a smartphone app so that the citizens can pay their taxes on the go. The same app will also allow them to track their returns and an option to apply for PAN card.

Last month, the Government decided to issue newly designed PAN (Permanent Account Number) cards that have added security features to make them tamper-proof and with contents written in both Hindi and English.

The distribution of new-look PAN cards, being printed by NSDL and UTIITSL (UTI Infrastructure Technology and Services Ltd), started since January 1. The cards are being issued to new applicants but existing ones can also apply.

"The distribution of new PAN cards kicked off on January 1. However, these are only for the fresh lot of PAN card applicants," the official said.  

PAN cards are mandatory for any transaction above Rs 2 lakh and as identity proof for a lot of other activities such as opening a bank account. There are currently more than 25 crore PAN card holders in the country.
As per government estimate, every year 2.5 crore people across the country apply for PAN cards.

Those cheating the banking system will be chased down: Arun Jaitley

New Delhi: Finance minister Arun Jaitley said that the state will chase down those who cheat the banking system on Thursday. He added that auditors ha...

Odisha govt exploring new opportunities in cooperative sector

Bhubaneswar: The Odisha government has initiated the process for exploring new opportunities in the cooperative sector for generation of new employmen...

Following Rs 11,000 cr scam, Fitch places PNB on 'Rating Watch Negative'

New Delhi: Following the fraud worth over Rs 11,000 crore in Punjab National Bank, the global ratings agency Fitch has placed the state-run bank's via...

Rotomac scam: CBI raids three places, FIR filed

New Delhi: The Central Bureau of Investigation (CBI) has conducted raids at three properties belonging to the Rotomac Pen company's owner in the early...