Government to introduce Business Identification Number for companies

To improve ease of doing business, the government is all set to introduce Business Identification Number (BIN) for companies.

• The BIN would act as an identification number for different regulatory purposes and do away with the need for procuring separate registration numbers.
• Normally, a company is required to obtain 18 different registration numbers.

As per the proposal, the permanent account number (PAN) may become the BIN for companies.