The upcoming budget may drop the requirement of quoting the Permanent Account Number (PAN) for certain financial transactions if Aadhaar is available, as financial institutions have been making a case for simplified rules.
Banks have approached the government, saying that since accounts are seeded with Aadhaar, there is no need for PAN as well. “We have received representations in this regard, and they are being examined,” said an official aware of the matter.
Source:
Economic Times
