In her FY24 Budget speech, Finance Minister Nirmala Sitharaman on Wednesday announced PAN card will used as common ID for all digital systems of specified government agencies. "For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies," said Sitharaman in her speech.
This is expected to ease the compliance burden of businesses.
For enhancing ease of doing business, more than 39,000 compliances have been reduced, over 3,400 legal provisions have been decriminalised.
Scope of documents available in DigiLocker to be enhanced to boost fintech services, said Sitharaman.
Using the DigiLocker service and Aadhaar as the foundational identity, a one-stop solution for reconciling and updating the identity and address of individuals maintained by various government agencies, regulators, and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity, the minister said.
'Entity Digilocker' will be set up for MSMEs large businesses and charitable trusts.
An entity DigiLocker will be setup for MSMEs, large business and charitable trusts for storing and sharing documents online securely with various authorities, banks, other businesses, regulators.
"The legalisation of PAN as single business identification for seeking clearance from government agencies is a welcome step towards ease of doing business This decision in Budget 2023 shall make the process of getting clearance not only efficient and less cumbersome ,additionally shall help the companies in compliance of legal formalities and rules with less hassle," said Ruby Singh Ahuja, Senior Partner, Karanjawala & Co.