Delhi: The Union Budget 2023-24, presented by Finance Minister Nirmala Sitharaman, introduced several measures aimed at promoting digitalization and ease of doing business. In line with COVID-19 protocols, the budget was presented electronically, with the documents being made available on the government website and a special app.
The finance minister has expanded the scope of Digilocker, a digital platform for storing important documents, to enable more fintech services to access and leverage the platform.
PAN announced as common identifier for digital systems
In her budget speech, the finance minister announced that the Permanent Account Number (PAN) will be used as the common identifier for digital systems for specified government agencies. This move will simplify the process of maintaining important documents for businesses, as all changes made to the documents stored in Digilocker will be reflected in all linked documents. The government has reduced more than 39,000 compliances to enhance the ease of doing business, according to the finance minister.
DigiLocker to serve as one-stop KYC maintenance system for MSMEs
DigiLocker will serve as a one-stop KYC maintenance system for micro, small and medium enterprises (MSMEs), trusts and other entities. The use of DigiLocker and Aadhaar will simplify the process of updating one's identity in a risk-based manner. This development is expected to promote fintech innovation and streamline the process of maintaining important business documents.
The Union Budget 2023-24 introduces several measures aimed at promoting digitalization and ease of doing business. The expanded scope of Digilocker and the use of PAN as a common identifier for government agencies is expected to simplify the process of maintaining important documents and promote fintech innovation.
