PAN card
PAN Card will now be used as an identity verification. In fact, according to the revised technical guidelines issued by the Insolvency Regulator on Wednesday, the Insolvency and Bankruptcy Code includes the PAN card equal to other legitimate documents, so that the identity of the users can be verified. Information utilities stores financial information about the debtors in the electronic database and eliminate the Gutle information, and the insolvency proceedings delay and reduce disputes. Experts say that the financial process will be easily completed by making the PAN card for identification verification. This will benefit a large scale.
As per the revised guidelines issued by the Indian Disability Board (IBBI), the information utility is required to obtain a sub-discipline user agency license from the Unique Identification Authority of India (UIDAI) for demographic certification of users during the registration process.
Government has brought PAN 2.0
The Modi government has brought PAN 2.0. PAN 2.0 M will be the same as E-Aadhaar or e-Aadhaar system. Now the question in your mind is whether PAN 2.0 will have dynamic QR code for KYC, identity verification or proof purposes of address? Let us tell you that the PAN card acts as both identifier and physical identity proof. Under the new PAN 2.0 project, the system is converting to digital format. The government has allocated Rs 1,435 crore for the widespread upgrade of the current PAN infrastructure. The government has said that PAN 2.0 will be an advanced version that will increase the user’s convenience. Currently, the electronic version of PAN 1.0 has a limited KYC application and it cannot serve as a proof of the address in any form.
Experts believe that additional clarification about dynamic QR code features of PAN 2.0 is required, especially its ability to display residential information. “In its current form, PAN is essential but not enough for KYC. It is not classified as OVD (officially valid document); rather it is a specific to be used for tax and money laundering purposes In addition to collecting PAN (i.e. number), the regulated unit will still have to collect an ID card. Can do.
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