The Reserve Bank of India (RBI) has decided to introduce the ‘Legal Entity Identifier’ 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).
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021135/rbi-introduces-‘legal-entity-identifier’-for-large-value-transactions-in-centralised-payment-systems.aspx
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