The Cabinet Committee on Economic Affairs (CCEA) has approved the PAN 2.0 initiative. Under PAN 2.0, the users will have a new OR code feature that will provide additional features with improved digital services. All the existing users will get the chance to upgrade to new PAN cards at no additional cost. The NRIs can also apply with the fee and documents for the new card. We will share details about the PAN 2.0 requirements below.
CCEA Approves PAN 2.0 Initiative with New Features And Free Upgrade for Existing Users
PAN 2.0 is a new initiative by the government to enhance the features of the PAN Card and provide more facilities to taxpayers. The Cabinet Committee on Economic Affairs (CCEA) approves PAN 2.0 with Rs. 1,435 crores of allocation for upgradation in the PAN/TAN system. Those who are residents of India and have existing PAN cards will have the option to upgrade their PAN. One can upgrade at no additional cost. You will have a QR code on the new PAN cards that will help improve the users’ digital services and convenience.
The older and existing PAN cards will remain valid, Union Minister Ashwini Vaishnaw clarifies. Thus, the citizens will not need to apply for new PAN numbers. The existing ones will remain valid with an option to upgrade. If we talk about the NRIs, they can also apply for their PAN card by submitting the documents and the fee under form no. 49A. To create a new NRI PAN card, one needs to pay Rs. 994 (application fees + dispatch charges) for those having communication addresses outside India. Following are the documents list, an NRI needs to submit to apply for a new PAN card:
- Copy of passport
- Copy of bank account statements in the country of residence
- Copy of NRE bank account statement
Important Things To Know Before Applying For NRI PAN Card
The NRE bank account statement must show at least two transactions in the last six-month period and duly attested by the Indian Embassy/Consular office/high commission or Apostille or by the manager of the bank in which the account is held. The applicant may be a joint holder in the account. In case, they don’t have an Indian address for communication, they can also give their foreign address.
Penalty
The PAN card holder must carry only one PAN card. In case, they have more than one PAN, they will have a penalty of Rs. 10,000 under section 272B of the Income Tax Act, 1961. Stay tuned for more information on our website.