The RBI has, by way of its Circular dated December 10, 2021, made applicable legal entity identifier (‘LEI’), which is 20-digit number used to identify parties in financial transactions, for cross border transactions. With effect from October 1, 2022, authorised dealer category I banks (‘AD Banks’) are required to obtain the LEI number from resident entities (non-individuals) undertaking capital or current account transactions of Rs 500,000,000 (approx. US$ 6.7 million) and above. However, the AD Banks may encourage concerned entities to furnish LEI while undertaking transactions even before October 1, 2022. In case of non-availability of LEI information for non-resident counterparts or overseas entities, the AD Banks may process the transactions to avoid disruptions. Once an entity has obtained a LEI number, it must be reported in all transactions of that entity, irrespective of transaction size. Entities can obtain LEI from any local operating units accredited by the Global Legal Entity Identifier Foundation. In India, LEI can be obtained from Legal Entity Identifier India Limited.