Finance Minister Nirmala Sitharaman has proposed to use PAN card as as a common identifier for all digital systems at government agencies in Union Budget 2023. This move is expected to simplify the KYC process and enable PAN cardholders to update their KYC and income tax documents by simply updating their digital locker where they have kept their PAN card. It would also facilitate the building of a centralized KYC database that could significantly lower KYC costs for banks and other financial institutions when onboarding smaller businesses. Experts have welcomed the move, saying it has the potential to simplify KYC processes, streamline access to public goods and make it easier to do business.
Today: December 10, 2023