The next time you buy an insurance policy your may have to quote your PAN number compulsorily. Taking forward its budget announcement, the government has kicked off inter-ministerial consultations in this regard.

In line with finance minister P Chidambaram’s budget 2008-09 announcement, the finance ministry has sought views of the concerned departments — banking, insurance and postal — on making permanent account number (PAN) mandatory for these instruments. At present, large number instruments such as bank account, insurance products, financial instruments sold by postal department like National Savings Certificate, Indira Vikas Patra do not require quoting of PAN.