The current research on privacy assurance in Vehicular Ad hoc Networks (VANETs) by pseudonym generation and network accountability through revocation has not achieved the desired results. Our research has identified the problems associated with the current techniques. We have revisited the pseudonym generation concept to address the privacy need of the network. In order to improve the efficiency of network and restricting misbehaving / faulty nodes, we have also proposed a more practical approach for certificate revocation. The work has enhanced the role of a certification authority in all network activities. This has restricted the disputed independence of network nodes and now the nodes are bound to approach certification authority regularly for necessary updates and changes. This would also ensure timely revocation of faulty nodes and increase network security.