Budget 2023: PAN To Be Common Identifier For Specified Govt. Digital Systems
Sitharaman added that the KYC process will now be adopting a risk-based approach rather than a one-size-fits-all measure.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday. She said that DigiLocker will be the one-stop know-your-customer (KYC) maintenance system, adding that Personal Account Number (PAN) will be used as a common identifier now.
The Union Minister said that for business establishments required to have PAN, it will become the "common identifier" for all digital systems of specified government agencies.
Sitharaman added that the KYC process will now be adopting a risk-based approach rather than a one-size-fits-all measure.
Highlighting the benefits of digital payments in the country, the Union Minister said that the national economy has become "more formalised", leading to a significant enhancement in digital payments.
Sitharaman said, "The Indian economy has become more formalised as witnessed by a significant enhancement in digital payments."
This comes under the backdrop of the Economic Survey 2022-23, tabled on Tuesday, which noted that between 2019 and 2022, UPI-based transactions grew 121 per cent in value and 115 per cent in volume. Developed by the National Payments Corportation of India (NPCI), the instant real-time payment service was first introduced by former Reserve Bank of India (RBI) governor Raghuram Rajan on April 11, 2016.
In terms of digital public goods, the Survey noted that several government schemes have transformed the country’s marketplace, enabling citizens to access services across multiple sectors. These schemes include the likes of MyScheme, TrEDS, GEM, e-NAM, and UMANG.
Furthermore, Sitharaman said that the Indian economy is on the right track, and heading toward a bright future.
Nirmala Sitharaman said, "Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this 'janbhagidari' through 'sabka saath, sabka prayaas' is essential."
Sitharaman said, "During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months."
In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order, FM said.
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