Finance Minister Nirmala Sitharaman has formally launched the facility for instant allotment of PAN on near to real time basis. This facility is now available for those PAN applicants who possess a valid Aadhaar number and have a mobile number registered with Aadhaar.
The allotment process is paperless and an electronic PAN, (e-PAN) is issued to the applicants free of cost. The beta version of the facility of instant PAN through Aadhaar based e-KYC was started on 12th of Feburary on the e-filing website of Income Tax Department.
Since then, over 6.77 lakh instant PANs have been allotted with a turnaround time of about 10 minutes, till 25th of this month. A total of 50.52 crore PANs have been allotted to the taxpayers, out of which, around 49.39 crore are allotted to the individuals and more than 32.17 crore are seeded with Aadhaar so far.