when did pan card started in india

The Permanent Account Number (PAN) system in India was first introduced in 1972 in a basic format to improve tax administration. The allotment of PAN was made statutory under Section 139A of the Income-tax Act, 1961, effective from April 1, 1976. However, the modern, standardized 10-digit alphanumeric PAN, which ensures a unique identifier for taxpayers across the country, was officially launched in 1995. This revamped system enabled better tracking of financial transactions and enhanced tax compliance.