• Source:JND
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The Ministry of Finance has announced the PAN 2.0 project, which upgrades the existing 10-digit alphanumeric Permanent Account Number (PAN) by incorporating a QR code. This move is part of India’s Digital India initiative, aimed at enhancing the efficiency and accuracy of financial transactions. The QR code will facilitate the validation of PAN details and improve the overall security and accessibility of the PAN system.

Following the government's announcement about the upgraded PAN card, many PAN cardholders have expressed concerns about whether their current PAN card will remain valid or not. Clarifying the confusion, the Ministry of Finance has said that the existing PAN cards will remain operational and can be used for all financial transactions such as tax payments, TDS/TCS credits and income tax returns.

The Ministry assured that no changes will be made to the PAN card unless the holder requests updates or corrections. Therefore, existing valid PAN cards will continue to be accepted under the PAN 2.0 framework. However, individuals who wish to have a PAN card with the QR code can apply for a new one on the official website without any cost.

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PAN 2.0: Why This Change?

The Ministry of Finance mentioned that the QR code will help in validating the details of PAN card holders. At present, a specific QR reader application is available for verification of QR code details. A QR reader application can be used to scan the code, which will reveal complete PAN cardholder details such as photo, signature, Name, Father’s Name/ Mother’s Name and Date of Birth.

The Ministry also emphasised that the QR code is not a new feature but has been in use since 2017-18. The inclusion of the QR code is intended to enhance the verification process. A QR reader application can be used to scan the code, revealing complete PAN cardholder details. Currently, there are approximately 78 crore PAN cardholders and 73.28 lakh TAN holders.

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PAN 2.0: How To Update Your Existing PAN Card?

PAN cardholders who wish to update their address can do so online using their Aadhaar Card details. The update can be processed through the following official websites:

1. www.pan.utiitsl.com/PAN_ONLINE/homeaddresschange
2. www.onlineservices.nsdl.com/paam/endUserAddressUpdate.html.

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