National Single Window System

National Single Window System

Subject: Economy

Context:

PAN could become a single ID for investment approvals.

Details:

Investors may soon no longer have to fill in multiple identity details for accessing the National Single Window System for project-related clearances and approvals.

Concept:

National Single Window System?

• The platform was soft launched in September 2021 by the Ministry of Commerce and Industry.
• It is a one-stop digital platform that aims at allowing investors to apply for various pre-operations approvals required for commencing a business in the country.
• It makes the business registration process easier, allowing the beneficiary to get significant approvals online, without having to run to the government offices for approvals and can avail themselves of services with just a click.
•  The portal hosts applications for approvals from 26 Central Departments and 16 State Governments. 
• These approvals can be applied through NSWS.
• The National Single Window System (NSWS) is a digital platform for guidance
  • Central Approvals
  • State Approvals
  • Government Schemes
• The platform is built to serve as an advisory tool to identify approvals based on user input and is to be used for guidance purpose only.
• Services includes:
  • All approvals in one place
  • Real-time status tracking
  • Secure document repository
  • Easy renewal
  • Fast query management
  • Know your approvals

Permanent Account Number:

• The PAN is a 10-digit alphanumeric number allotted by the tax department to an individual, company or entity.
•  PAN card comes in a tangible form in that the specific PAN number is assigned, including Organization Name, DOB, and a photo that can also be provided as identification proof and for several other regulatory standards.
• The PAN card provides the following pieces of information:
  • Individual’s Name
  • Name of the applicant’s father
  • The applicant’s Birth Date and Registration date with the appropriate authority in the case of non-individuals.
  • PAN number
• Importance of PAN Card
  • PAN number is required to prove identity and file an income tax return.
  • For bank purposes such as opening an account, getting a loan or credit card, etc., a PAN number is required.
  • A PAN is an essential document for selling or purchasing a property worth more than five lakh.
  • PAN number is necessary when buying or selling automobiles, etc.