Legal Entity Identifier (LEI) vs Permanent Account Number (PAN)
The Legal Entity Identifier (LEI) is a standard identifier that provides verified data on legal entities and is registered on a centralized system, the Global LEI System. The Tax Identification Number (TIN) in India is officially called Permanent Account Number (PAN). Every individual or entity who has a taxable income in India must obtain a PAN.
Legal Entity Identifier (LEI) in India
The LEI is a 20-character alphanumeric code that is based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). LEI number is used as a reference to important information that offers transparency when taking part in financial transactions such as trading with stocks, bonds, or forex.
LEI connects to key reference information that enables a clear and unique identification of legal entities participating in financial transactions on a global scale. Each LEI contains well-structured reference data which is categorized into 2 sections: Level 1 – who is who and Level 2 – who owns whom.
Level 1 data includes entity registration details, such as legal name, number of registration, legal and HQ address, etc. Level 2 contains information about an entity’s ownership structure and thus answers the question of who owns whom.
Simply put, the publicly available LEI data pool transfers unstructured entity registration data into a standardized global directory, which helps to enhance transparency in the global marketplace.
How to get an LEI in India?
An LEI number needs to be obtained through an LEI service provider, this could be a Local Service Provider (LOU) or a Registration Agent (RA). The Global LEI System (GLEIS) is designed to encourage competition between LEI issuers and registrators for the benefit of legal entities seeking to obtain an LEI. Generating a price for issuing and maintaining an LEI has therefore been left to the organizations themselves. This explains why some companies charge double the price of their competitors.
Where to find LEI-s in India?
Any interested party can access and search the complete global LEI data pool free of charge. You’ll be able to quickly source information on who is who and who owns whom.
LEI Register – Number One Registration Agent Worldwide
LEI Register is an official Registration Agent – we have been helping legal entities apply for new LEI codes or transfer and renew existing LEI codes since early 2018. We have successfully pursued our goal to make the LEI registration process simple, automated, fast, and affordable. At LEI Register we keep our profit margins low and believe in building long-term business relationships.
LEI Register has built a loyal customer base by offering the lowest prices on the market, all whilst keeping active 7 days a week customer support in a local language in 35 countries.
Tax Identification Number (TIN) in India
Permanent Account Number (PAN)
TIN in India is called Permanent Account Number (PAN). PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is not mandatorily issued to all residents or all nationals. Every individual or entity who has a taxable income must obtain PAN. Once PAN is allotted, it remains the same forever. PAN is used only for the purpose of Income Tax.
How to get a PAN?
When applying for PAN, one has to apply either to UTI or NSDL and they process PAN applications on behalf of the Income Tax Department.
Where to find PAN-s in India?
TIN verification facility is also publically available through the “Know your PAN” facility.
India TIN (2022) [online].
Available at: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/India-TIN.pdf [Accessed 5th April 2022]