PAN Cards to Feature QR Code Upgrade Under PAN 2.0 Project

Indian Cabinet has concluded the PAN 2.0 Project as a step towards the process of entirely reshaping the Permanent Account Number (PAN) in India. One of the striking features of the project is that the PAN cards will come with QR codes to add more security and help the much more smoother verification process.
The PAN 2.0 Project is going to modernize the current PAN system according to the growing demand for digitization and anti-fraud while dealing with money transactions. The QR-coded PAN cards will allow the essential facts to be instantly accessible, thereby making the process of comparison regarding any identity verification much faster and trustworthy as well.

Important Features of the New QR-Coded PAN Cards:
Securely Held Data: It will be encrypted, so the tampering or forging of the cards will be difficult
On the spot verification: On scanning the QR code all vital details about the cardholder will effortlessly be displayed for the banks, financial institutions and government departments to refer to hence making their process easier.
Digital Integration. The QR code is made with a strong interface with the digital end, thus having less paperwork and less human error.
Benefits of PAN 2.0 :
Prevention of Fraud: With improved security checks there would be less identity theft and abuse of information pertaining to the PAN number
Ease of Verification: Verification for both the applicant and the institutions involved, will be simpler and quicker.
Boost Digital Economy: The initiative also facilitates the momentum towards a totally digital financial infrastructure of India.

Implementation Timeline
This would be done in phases, and all current holders of PAN can be permitted to upgrade their cards, while new issuances of PAN cards automatically include the QR code.

The PAN 2.0 initiative is yet another milestone initiative by the government towards financial and tax infrastructure modernization in India, providing enhanced security, efficiency, and convenience to the citizens and businesses alike.