The reports from reliable source burst our bubble by putting out some figures. The population of India has a total of 47 crore individual out of which 29 crore people possess a PAN card. But there are 90% of Indians who possess Aadhaar card. Government ‘s plan of letting people use Aadhaar card instead of the PAN card was done so that investments in the financial assets can be made a bit easier.
Statement of Nirmala Sitharaman in the budget speech
She stated that the interchangeability of the identification proof Aadhaar and PAN card enables people to use Adhaar card where the PAN card is required. But the vice-versa is not yet allowed. The PAN card shall be allotted to people based on the Aadhaar card. This can be done after the collection of the demographic data from the UIDAI. This is also proposed so that an individual with PAN card linked with Aadhaar Card can use Aadhaar in place of Pan wherever required.
PAN card is one of the requirements where one requires to invest the mutual funds. These days, individuals with Aadhaar Card can invest in mutual funds. This is easier to invest in mutual funds. But making smart approaches is still an important thing. The decision of investment must never be based on the ease of investment.