New Delhi: Amid high expectations, Finance Minister Nirmala Sitharaman presented the Union Budget 2020-2021 on Saturday in Parliament.Also Read - Union Budget 2020: Government Proposes Cut in Tax on Cooperative Societies to 22 Per Cent

While presenting the budget, Sitharaman announced that a new system will soon be launched for instant online allotment of PAN (Permanent Account Number) on the basis of Aadhaar. For the convenience of citizens, there will be no need for filling any application form. Also Read - Union Budget 2020: Sitharaman Hails 'Beti Bachao, Beti Padhao', Says It Achieved 'Tremendous Results'

The Finance Minister said that the new scheme is aimed at further easing the process of allotment of PAN by eliminating the need to fill up detailed documents. Also Read - Union Budget 2020: Government Introduces Five Tax Slabs With Lower Rates For Those Foregoing Exemptions

“In order to further ease the process of allotment of PAN, soon we will launch a system under which PAN shall be instantly allotted online on the basis of Aadhaar without any requirement for filling up of detailed application form,” Sitharaman said.

Sitharaman noted that in her last budget speech, the government had introduced the interchangeability of PAN and Aadhaar, for which necessary rules were accordingly notified at the time.

PAN is a 10-digit alphanumeric number allotted by the I-T department to a person, firm or entity and is required for various purposes like filing ITR, opening bank account, conducting financial transactions etc.