There is no timeline for launch of PAN 2.0 project.
The central government’s approval of Rs 1,435 crore for a new project to revamp the existing system of issuing permanent account number – dubbed PAN 2.0 – has sparked a buzz on social media. Users are discussing the new features of the revamped card, particularly the QR code. Users have posted queries seeking to know if this indeed is a new feature – something that the Central Board of Direct Taxes (CBDT) has addressed. In a statement, CBDT said that QR codes have been part of PAN cards since 2017-18, but the new system has advanced features.
Also Read | PAN 2.0: Will Your Old PAN Still Work? All Your Questions Answered
Social media buzz
Users on platforms like X are pasting screenshots of their PAN cards issued 3-4 years ago having QR codes. Some of them sought to know how the latest technological upgrade will help them since PAN card is not “physically used or swiped”.
Others want to know if they can present their new PAN cards while opening a bank account, will bank employees be able to get all the details by scanning it?
What does the QR code in PAN 2.0 mean?
CBDT said in its November 26 statement that the QR code they are using in the new PAN card will have enhancements. The code will be dynamic one, which will display latest data present in PAN database.
“The QR code helps in validating the PAN and PAN details. Presently, a specific QR reader application is available for verification of QR code details. On reading through the reader application, complete details, i.e., photo, signature, Name, Father’s Name / Mother’s Name and Date of Birth is displayed,” the statement further said.
The department also said that existing users will be able to upgrade to PAN 2.0 free of cost.
The PAN data vault
Government’s new project also aims to set up a “mandatory PAN data vault system” for all entities using PAN data, including financial institutions, government agencies, and central and state government departments through an online validation service.
“The PAN related information is used by many entities such as banks, insurance companies… So, those (entities) who take details of PAN, they will have to keep PAN data safely, mandatorily through the data vault system,” Union minister Ashwini Vaishnaw said while unveiling PAN 2.0.
