PAN common ID for businesses: FM's announcements on ease of doing biz

Feb 01, 2023 11:50 AM IST

Budget 2023: Making PAN the common identifier for all digital systems of specified government agencies will bring ease of doing business and this will be done through a legal mandate, finance minister Nirmala Sitharaman announced.

PAN, the Permanent Account Number, will be used as a common identifier for all digital systems of specified government agencies, finance minister Nirmala Sitharaman announced in her Budget 2023 speech as part of the government move to ensure ease of doing business. This will bring ease of business and will be facilitated through a legal mandate, Sitharaman said. “The KYC process will be simplified adopting a risk-based instant instead of one size fits all approach. The financial sector regulators will be encouraged to have a KYC system fully amenable to meet the needs of digital India,” Sitharaman said.

Budget 2023 announcements for ease of doing business made by finance minister Nirmala Sitharaman.(PTI)
Budget 2023 announcements for ease of doing business made by finance minister Nirmala Sitharaman.(PTI)

A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using Digilocker service and Aadhaar as foundational identity, the minister announced.

For obviating the need for separate submission of same information to different government agencies, a system of a unified filing process will be set up. Such filing of information on a common portal will be shared with other agencies, as per the filer's choice.

If MSMEs fail to execute contract, 95 pc of performance security will be returned to small business as part of Vivad Se Vishwas, Sitharaman said adding that another dispute resolution scheme is being brought under Vivad se Vishwas-2 to settle commercial disputes.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Saturday, June 03, 2023
Start 14 Days Free Trial Subscribe Now
Register Free and get Exciting Deals