Business

FM Sitharaman launches facility of instant PAN through Aadhaar based e-KYC

New Delhi: In line with the announcement made in the Union Budget, Finance Minister Nirmala Sitharaman on Thursday formally launched the facility for instant allotment of PAN on a near-to-real-time basis.

The facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.

The allotment process is paperless and an electronic PAN (e-PAN) is issued to the applicants free of cost.

The launch of the instant PAN facility is yet another step by the Income Tax Department towards Digital India, thereby creating further ease of compliance to the taxpayers, according to an official statement.

As on May 25, a total of 50.52 crore PANs have been allotted to the taxpayers of which about 49.39 crore are allotted to the individuals and more than 32.17 crore are seeded with Aadhaar so far.

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