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of <h1>Reserve Bank Requires LEI for Cross-Border Transactions Over Rs. 50 Crore; Applies to Resident Non-Individuals from Oct 2022.</h1> The Reserve Bank has mandated the use of the Legal Entity Identifier (LEI) for cross-border transactions by resident entities (non-individuals) engaging in capital or current account transactions of Rs. 50 crore and above, effective October 1, 2022. This requirement aims to enhance financial data accuracy and applies to transactions under FEMA, 1999. Non-resident entities lacking LEI information may still have their transactions processed to prevent disruptions. Authorized Dealer Category I banks must ensure systems are in place to capture and validate LEI data. Entities can obtain LEI through accredited Local Operating Units like Legal Entity Identifier India Ltd.
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