Permanent Account Number or PAN card, which earlier was less employed in financial transactions and bank assignments, has gained back its significance after the bold move of Demonetisation, taken by the Indian government, back in November 2016. A new survey report, given by UTI Infrastructure Technology and Services Limited (UTIITSL), published recently, shown how the impacts of demonetisation have influenced the figure of PAN card applications in last three months.
As the Indian government has tensed up the rules and norms on both the lower and higher value financial transactions and has declared PAN card a mandatory document for conducting big financial operations, it is influencing the application number, not only in Kolhapur but also across the country. Moreover, PAN card is also now obligatory to open new accounts in the bank and to file income tax returns. It also can be used as a general identity card, and henceforth, people are applying for the card in higher numbers. After applying for PAN card, one can also learn how to check pan card status on the official website and several other blogs.
According to the figures, published by the UTI Infrastructure Technology and Services Limited (UTIITSL) over this weekend, the number PAN card applications in Kolhapur region has experienced a twofold hike since November. The number of PAN card appliance, which earlier was 15,000 applications per month, has now doubled after demonetisation. Now, in Kolhapur province, the application amount of PAN card has gone up to around 30,000 per month.
The PAN card is one of the most important official documents, needed for carrying out higher value banking transactions in India. The UTI Infrastructure Technology and Services Limited (UTIITSL) is a government-backed firm that issues PAN cards in aid of the Income-tax (IT) department in the Kolhapur region, which consists of Kolhapur, Sangli, Satara, Ratnagiri, Sindhudurg district.
According to Shreya Vadarkar, manager of UTIITSL (Kolhapur), the bold step of Indian Government – the demonetisation has created a substantial impact on the applications and connotation of PAN card in higher value financial transactions in the country. In comparison to the time ahead of demonetisation, in last three months, the number of applications for PAN card has doubled up.”
Taking the statement further, the UTIITSL manager said, since the last three months, we have been receiving two times more PAN card applications than the general application figure, which is quite notable. Earlier, the number of PAN card requests received from the five districts of Kolhapur was 15, 000 per month, while now it is nearly 30, 000. In last three months, more than 90, 000applications for PAN card have submitted at UTIITSL. The statistical figure of UTIITSL also shows that, in last three months, nearly 10,000 new bank accounts have been opened in Kolhapur district.