Permanent Account Number (PAN) is mandatory requirement for almost all Indian citizens and judicial entities, especially those who pay income tax and are identifiable under the Income Tax Act, 1961. PAN card is issued by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT). It’s a unique identification code through which all the monetary transactions are tracked. Thereby, it reduces the tax evasion by keeping record of all financial transactions. PAN card is also issued to foreign nationals (such as foreign investors) who are permitted with valid visa.