No. PAN itself will be used as a Common Business identifier.
A revamped permanent account number (PAN) 2.0 will have a common business identifier for all their activities as well as a robust system for individual taxpayers.
This offers an opportunity to reflect on how PAN card issuance has evolved over the years.
Under the new project, the existing system will be upgraded. It will become Common Business identifier for all business-related activities in specified sectors. There will be a unified portal.
Cyber security measures will be robust and PAN Data Vault system mandatory for all entities using PAN data.
This means “data submitted by a user with bank or any other agency will need to be kept in a data vault to ensure safety,” the minister said. There will no need to apply for fresh card under the new system. QR-based new card will be issued.
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