Current Affairs

GK MCQs Section
Q. The Legal Entity Identifier (LEI) is mandated for cross-border transactions of above which limit?
Answer: Rs 50 crore
Notes: The Reserve Bank of India (RBI) has made Legal Entity Identifier (LEI) mandatory for cross-border transactions for capital or current account transactions of Rs 50 crore and above, from October 1 next year. LEI is a 20-digit number used to identify parties to financial transactions worldwide to improve the accuracy of financial data systems. Banks should obtain LEI numbers from local companies undertaking capital or current account transactions of Rs 50 crore and above, for each transaction.
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