Permanent Account Number (PAN) is a unique code that acts as an identification for Indian citizens who pay Income Tax. This 10-character alphanumeric identifier is assigned to all individuals identifiable under the Income Tax Act, 1961. An example is BJSPK7865D. This is issued by the Income Tax Authority of India and acts as a proof of identification. The primary usage of PAN is to identify and track all financial transactions and ensure the absence of tax evasion by tracking all economic transactions, especially those of high net worth individuals (HNI). PAN has become an indispensable tool for KYC for India focused applications.