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          FEMA

          Should an AD bank obtain a valid LEI for transactions less than INR 50 crore even if the customer has not done any transaction of INR 50 crore or above on or after October 1, 2022?

          Introduction of Legal Entity Identifier for Cross-border Transactions - As on Feb 07, 2023

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          Legal Entity Identifier requirement: AD banks must record and report LEIs for cross border transactions and all subsequent transactions. An Authorised Dealer bank must obtain and record a valid LEI for cross border transactions that meet or exceed the specified monetary threshold undertaken through it on or after October 1, 2022, and must thereafter report the valid LEI for all cross border transactions regardless of value; where the AD bank already holds a valid LEI for an entity it must report that LEI for all transactions of that entity irrespective of threshold.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Legal Entity Identifier requirement: AD banks must record and report LEIs for cross border transactions and all subsequent transactions.

                                  An Authorised Dealer bank must obtain and record a valid LEI for cross border transactions that meet or exceed the specified monetary threshold undertaken through it on or after October 1, 2022, and must thereafter report the valid LEI for all cross border transactions regardless of value; where the AD bank already holds a valid LEI for an entity it must report that LEI for all transactions of that entity irrespective of threshold.


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