How to prevent Pan Card fraud - Article from Alankitby Mona Singh Writer
PAN card is a mandate in India for taxpayers and other financial transactions. It is now announced as the tamper-proof and is a mandate for over Rs. 20,000, big deposits and for filing the tax returns. This is a welcoming step by the government and is well used as the ID proof. However, with the excessive use of the PAN card, its misuse is also increased. The government should ensure that PAN usage is friendly and can deter fraud. It is a common question “Can PAN card promote fraud?” This is obvious that it can lead to fraud as we can facilitate any individual PAN card for the purchases made in different shops.
This can be avoided if the government make the PAN card a swipe card with a magnetic stripe back. If no PAN transactions can be made unless the card is swiped, there will be no point of sale terminal and PAN details must be entered on the government website within 24 hours of the transaction. This should be done as it is done with the debit and credit cards. In this case, if a PAN holder finds his card is misused, he can immediately email his protest. This will definitely save PAN fraud to great extent.
As per Alankit fraud PAN report, each year the number cases are increasing and reported. The government should also provide the timely acknowledgement to all the PAN holders when any transaction is done using the PAN card. This is also needed in case of protest filed to ensure that the same is registered. This proof should facilitate as the innocence of the Indian citizens as they have not done this use. In case the protest is registered, the government should forward this information to the concerned Police station for the verification and take action against the fraud.
This action will definitely put a check on the fraudulent use of PAN and will de-motivate such fraud users. However, this loophole in use of PAN is promoting PAN misuse and anyone else can use the PAN details of another person. Such people also provide false PAN details and skip the tax scrutiny. In India, a proper system of the check is needed to prevent such frauds and use of others PAN by any other individual. Thus, it is a high need of the time to have a tamper proof PAN card to protect it.
Alankit is one of the best servicing companies that help Indian citizens to get details on ways to prevent PAN card misuse. In case of any fraud, this company also helps to file for the complaint to the concerned authorities. The agency also keeps updating needed information’s for people to stay safe from any fraudulent activities that are most common with PAN and Aadhaar card. Thus, in any adverse situation, it is best to take help of these experts and find the solution to get the things resolved. Thus, it is the time for the government to take corrective steps and deal with them on priority.
Created on Jan 28th 2019 02:15. Viewed 215 times.