In order to provide PAN-related services for PayNearby‘s retail partners through Aadhaar and biometric or SMS-based OTP authentication for their clients, Protean eGov Technologies Ltd (previously NSDL e-Governance Infrastructure Ltd) and PayNearby have formed a cooperation. For millions of citizens, the cooperation seeks to improve service delivery.
- It would make it simpler and faster for local businesses to offer affordable online PAN services, doing away with the need to submit paper applications and supporting documentation.
- A digital copy of the ePAN will be generated shortly after the online application form is submitted, and a physical copy will be given to the clients at their preferred address in 4-5 working days.
- For the Government of India’s Income Tax Department, Protean accepts and handles PAN applications. PayNearby will serve as Protean‘s PAN Service Agency (PSA) as part of the agreement.
- Retailers may now accept PAN applications in paperless mode because PayNearby serves over 75% of the Indian market, and Protean will be able to significantly expand PAN service coverage throughout the nation, particularly to distant places, through a PayNearby store.
- The cooperation will increase the country’s tax revenue and give microbusiness owners another source of income by bringing the underbanked and unbanked parts of the population into the tax system through dependable local touchpoints.
Important Takeaways For All Competitive Exams:
- Founder, managing director and CEO, PayNearby: Anand Kumar Bajaj
- Managing director and CEO, Protean eGov Technologies: Suresh Sethi