What is beneficiary LEI?
What is beneficiary LEI?
RBI has introduced LEI in a phased manner for participants in the Over The Counter (OTC) derivative and non-derivative markets. RBI introduced LEI first through a circular issued in June 2017 for participants in the OTC derivatives market. That was followed by RBI extension of LEIs for large corporate borrowers. In June 2020, the Insurance Regulatory and Development Authority of India issued a circular for insurers to obtain LEI.
As per the RBI circular, the introduction of LEI applies to all payment transactions of value Rs.50 crore or more by entities using Reserve Bank-run centralized payment systems, i.e. National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS). This circular applies to entities who are non-individuals.
The member banks need to include remitter and beneficiary LEI information in NEFT and RTGS payment messages. They should maintain records of all transactions of Rs.50 crore or more through NEFT or RTGS.
When you come across the statement “Please enter a valid 20-digit alphanumeric beneficiary LEI” thus means to enter the LEI of your counterparty or the LEI of the legal entity that will receive money or other benefits from the transaction.
How to find beneficiary LEI?
Any company’s LEI data will be publicly available, completely free of charge, and can be accessed by anyone through LEI database. This provides a more transparent global marketplace and offers businesses a one-stop approach to identifying legal entities, which has the potential to take the complexity out of business transactions.
You’ll be able to find the transactions beneficiary LEI, through an LEI number search using the name of the company. From there the search tool will automatically display all the LEI information that is accessible through the database. You’re also able to filter the results of a legal entity identifier search by country. This will ensure that there are fewer results that need to be explored.
LEI Register — The leading LEI service provider
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 in India and worldwide by offering the lowest prices on the market, whilst keeping active 7 days a week customer support in a local language in 35 countries.