PAN card is used as an important identity card in India. Many people use PAN card as an identity card to buy a SIM card or book a hotel room. But it is mainly linked with the Income Tax Department and is essential for various tax related tasks. Central government is going to bring a big change regarding this PAN card. In fact, many companies are doing illegal business using PAN card. To deal with this situation, the central government is now going to take a major decision, which is important for the citizens of the country.
Sometimes we see loan offers on our phone or WhatsApp, where it is said that quick home loan or personal loan will be available. But if you search, you will see that these offers are sent by various organizations without your knowledge. The main problem here is that these companies are sending these offers using your PAN card information. This is known as PAN enrichment, whereby institutions send various loan offers based on your PAN information, even without your consent.
The Indian government is going to take a big step to prevent such activities. The government is going to introduce a new law, called the Digital Personal Data Protection Act 2023, under the supervision of India's Cybercrime Department and other concerned authorities. Under this law, if any institution wants to use your PAN card information to process any loan or credit, they will have to get your permission first. If you don't give permission, that organization can no longer use your PAN information. Besides, this Act will strengthen the security of your personal information and if any organization uses your information illegally, strict action will be taken against it.
