Finance Minister Nirmala Sitharaman announced Wednesday that the PAN card will be used as a common ID for all digital systems of specified government agencies in her FY 24 budget speech. The PAN will be used as a common identification for business establishments that have a permanent account number, as stated by Sitharaman in her speech.
The compliance burden of businesses is expected to be eased by this.
More than 39,000 compliances have been reduced for ease of doing business and over 3,400 legal provisions have been decriminalised.
Sitharaman said that the Scope of documents available in DigiLocker could be enhanced to boost fintech services.
The minister said that DigiLocker service and Aadhaar will be used as the foundational identity, as a one-stop solution for reconciling and updating the identity and address of individuals maintained by various government agencies, regulators, and regulated entities.
Entity Digilocker'' will be set up for MSMEs large businesses and charitable trusts.
An entity called digilocker will be set up for MSMEs, large businesses and charitable trusts to securely share documents online with various authorities, banks, other businesses, regulators.