Introduction of Legal Entity Identifier for Cross-border Transactions

Dear Customer, This is to inform you that RBI with circular dated Dec 10, 2021 has introduced the Legal Entity Identifier (LEI) which is a 20-digit number used to uniquely identify parties to financial transactions worldwide to improve the quality and accuracy of financial data systems. Additionally, RBI is introducing fields/options containing LEI numbers for resident entities and non-resident counterparts in both Inward Remittance Messages (IRMs) and Outward Remittance Messages (ORMs) to be reported in EDPMS/IDPMS. As per RBI's Directions, the Bank is required to obtain Legal Entity Identifier (‘LEI’) number from all resident entities (non-individual) undertaking Capital or Current Account transactions of ₹50 crore and above (per transaction) under FEMA, 1999 with effect from Oct 01, 2022. The Bank has received another direction from RBI dated Oct 25, 2023 stating that the new format of regularisation of bills will have the LEI number as a mandatory field. If the same is not filled, bills will not be regularised. Provide the LEI number and refer to the below limits while undertaking transactions:   Sr. No. Type of Transactions Limit for LEI Number Applicability (per Transaction) 1 Cash, Tom and Spot Forex Transactions Amount equivalent to or exceeding USD 1 million or equivalent thereof 2 Capital or Current Account Transactions under FEMA, 1999 Amount equivalent to or exceeding ₹50 crore   You may obtain LEI from any of the Local Operating Units accredited by the Global Legal Entity Identifier Foundation. In India, LEI can be obtained from Legal Entity Identifier India Ltd. available at https://www.ccilindia-lei.co.in Ensure that the LEI number provided to the bank has not expired and is currently valid for hassle-free processing of transactions. For any further information, contact your Relationship Manager or visit any ICICI Bank Trade Desk Branch.   Sincerely, Team ICICI Bank   Need assistance?     Access your account     T&Cs Disclaimer   This is a system generated e-mail. Please do not reply.