Digital PAN 2.0: Will You Need Physical PAN Card For KYC And ID Proof? Check Fees For Domestic And International Delivery
PAN 2.0 is going digital now and it will likely to support advanced functions like KYC procedures and identity verification, similar to m-Aadhaar and e-Aadhaar. However, physical PAN remains essential but not sufficient for KYC and ID proof, as it is not classified as an Officially Valid Document (OVD).
It is an ID card that is required for KYC (Know Your Customer) purposes. PAN is a unique identifier used for tax and money laundering purposes. Apart from collecting PAN (i.e. the number) the regulated entity has to still collect an ID card (OVD). Notably, Aadhaar is a type of OVD.
The electronic version of PAN in its initial form has restricted utility for KYC purposes and cannot be used as address proof. Aadhaar, on the other hand, is universally accepted across all formats for these purposes.
If your PAN card doesn’t have a QR code, you can apply for an updated one. For a physical card, the fee is Rs 50 for delivery within India. For international delivery, the fee is Rs 15 plus postage charges.
PAN 2.0 delivers several benefits, including faster service processing, enhanced security through QR-enabled features, and cost savings for taxpayers. Additionally, the updated system improves grievance redressal mechanisms, ensuring quicker and more user-friendly resolution of issues.
Step 1: Visit the NSDL website and enter your PAN, Aadhaar (for individuals), and date of birth.
Step 2: Confirm details by checking applicable boxes and verifying them with the Income Tax Department records.
Step 3: Select your preferred OTP delivery method, enter the OTP, and validate your details.
Step 4: Agree to the terms, choose a payment mode, and confirm the payment amount.
Step 5: Upon successful payment, your PAN 2.0 will be sent to the registered email address.
