I would recommend you to update your PAN card. If not, you will face the following disadvantages:
1. TDS will be recovered at 20% (as against 10%)
2. NO TDS credit from the Income Tax department
3. NO TDS certificate will be issued (As per CBDT circular no: 03/11)
4. Form 15G/H and other exemption certificates will be invalid and penal TDS will apply.