People will soon get a new PAN within minutes using Aadhaar verification. The Income Tax department is in the process of developing an application that will also enable assessees to apply for PAN using smartphones. This project will enable IT department to issue PAN to assessees within minutes by way of e-KYC authentication using Aadhaar.
PAN cards are mandatory for any transaction above Rs 2 lakh and as identity proof for a lot of other activities such as opening a bank account. There are currently more than 25 crore PAN card holders in the country.
As per government estimate, every year 2.5 crore people across the country apply for PAN cards.