Abstract: We propose a new interpretation of Peccei-Quinn symmetry within the Standard Model, identifying it with the axial B+L symmetry i.e. U (1)(PQ) equivalent to U (1)(gamma 5)(B+L). This new interpretation retains all the attractive features of Peccei-Quinn solution to strong CP problem but in addition also leads to several other new and interesting consequences. Owing to the identification U (1)(PQ) equivalent to U (1)(gamma 5)(B+L) the axion also behaves like Majoron inducing small seesaw masses for neutrinos after spontaneous symmetry breaking. Another novel feature of this identification is the phenomenon of spontaneous (and also chiral) proton decay with its decay rate associated with the axion decay constant. Low energy processes which can be used to test this interpretation are pointed out.