The Importance of PAN Card

blog 17oct main

The PAN Card acronym for Permanent Account Number is an identity card that we all have but apart from a simple KYC document hardly do we know the full extent of its importance. We recently launched the PAN card service which facilitates simplicity of its creation to the general public. Pay1 merchants will now be able to assist their customers in issuing the PAN card on a basic fee; this will also help the same merchants to earn more commissions on the same.

The government of India started publishing the PAN Cards in the year 1964 and one of the Primary purposes of the PAN card was to reduce tax evasion and help the government better track monetary transactions of the citizens of India. The primary motive of PAN Card remains the same even after 55 years of it being in the market. But there are other uses of the service apart from filing tax returns, bank account opening or loan application that many of us are not aware of.

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  1. Purchasing of Vehicles – Any person is planning to purchase a 4 wheeler it becomes necessary for the person to present his/her PAN Card.
  2. Purchase of Jewellery – While buying jewellery which costs more than 2 lakhs, it is mandatory for the person to present the PAN Card during the purchase.
  3. Investments – Investing in securities, mutual funds, bonds and debentures with the transaction of more than Rs 50,000 will require PAN Details.
  4. Identity Proof – The PAN Card is a widely accepted proof of identity. Creation of Driving License or Passport etc. optionally requires a PAN Card.
  5. Currency Exchange – Any foreign exchange with Indian currency will require PAN card details.
  6. Renting/Selling/Buying a Property – Anything in relation to the aforementioned point needs a proof of PAN Card.
  7. Fixed and Cash Deposit – Any deposits valuing more than Rs 50,000 or above will require a PAN Card Copy.
  8. Payment of Insurance premiums – Payment made towards Insurance premiums that are exceeding more than Rs 50,000 requires PAN details.

There are many use cases of PAN Card for businesses and an individual alike but as with many identity cards, many Indians are bereft of the benefits that these ID cards provide. The Primary motive for us to introduce PAN Card service is to create awareness of it specifically in the markets where the importance of such IDs has not been understood to its full extent. Pay1 Merchants will facilitate the promotion of the PAN Card service in such markets. This will not only add one more service to the collection of a wide range of services that the Pay1 merchant has but will also help them earn more commissions.

We will have more communication on the benefits of the PAN Card service for the retailers in detail in the near future, along with the benefits of the other services that we are planning to launch in the coming months.