Allahabad HC: Person Reposing Faith in Islam Cannot Claim Right in Nature of Live-in-Relationship  ||  Bom. HC: Renaming of Aurangabad and Osmanabad to Chhatrapati Sambhajinagar And Dharashiv Upheld  ||  SC: Time Limit u/s 14(3) of JJ Act to Ascertain Physical & Mental Health of Juvenile is Directory  ||  SC: History Sheets Shouldn’t Contain Name of Innocent Indiv. Solely Because of their Caste or Backg.  ||  Centre to Withdraw Letter Asking States to Not Take Action Against Ayurvedic & Ayush Products Ads  ||  Centre to Withdraw Letter Asking States to Not Take Action Against Ayurvedic & Ayush Products Ads  ||  Directions Against Misleading Advertisements Issued by Supreme Court  ||  Del. HC: Rs. 1 Lakh Cost Imposed on Person Who Made Lord Hanuman Party in Property Dispute  ||  Ker. HC: Termination of 27 Weeks Pregnancy Citing Foetal Abnormalities Permitted  ||  SC: Inclined to Hold That Accused in One Case Shouldn’t be Denied Anticipatory Bail in Another Case    

Introduction of legal entity identifier for large value transactions in centralised payment systems- (Reserve Bank of India) (05 Jan 2021)

MANU/RMIC/0001/2021

Banking

1. The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis.

2. LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.

3. It has now been decided to introduce the LEI system for all payment transactions of value Rs. 50 crore and above undertaken by entities (non-individuals) using Reserve Bank-run Centralised Payment Systems viz. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).

4. In preparation for the wider introduction of LEI across all payment transactions, member banks should:

i. advise entities who undertake large value transactions (Rs. 50 crore and above) to obtain LEI in time, if they do not already have one;

ii. include remitter and beneficiary LEI information in RTGS and NEFT payment messages (details of the identified fields in the messaging structures of RTGS and NEFT for inclusion of LEI information are at Annex);

iii. maintain records of all transactions of Rs. 50 crore and above through RTGS and / or NEFT.

5. Entities can obtain LEI from any of the Local Operating Units (LOUs) accredited by the Global Legal Entity Identifier Foundation (GLEIF), the body tasked to support the implementation and use of LEI. In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL) (https://www.ccilindia-lei.co.in), which is also recognised as an issuer of LEI by the Reserve Bank under the Payment and Settlement Systems Act, 2007.

6. These directions are issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007) and shall be effective from April 1, 2021.

Tags : INTRODUCTION   LEGAL ENTITY IDENTIFIER   TRANSACTIONS  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved