2024 Global Wires Payments Formatting Requirements Guide
For the most up-to-date version, please visit jpmorgan.com/visit/guide
Last Updated: February 16, 2024
Beneficiary is individual -
Rem LEI XXXXXXXXXXXXXXXXXXXX
Ben LEI NABENINDIVIDUAL00000
<<Any Additional Details>>
Remitter is individual -
Rem LEI NAREMINDIVIDUAL00000
Ben LEI XXXXXXXXXXXXXXXXXXXX
Beneficiary/Remitter is individual -
Rem LEI NAREMINDIVIDUAL00000
Ben LEI NABENINDIVIDUAL00000
Reason for Payment (SWIFT MT103 F72): Payment purpose code
is mandatory. Payments received without a specific purpose code
will be cancelled and returned to the remitter.
Please refer to the Reserve Bank of India’s payment purpose
codes, beginning with “P”:
http://rbidocs.rbi.org.in/rdocs/notification/PDFs/ASAP840212FL.p
df
Format: /ACC/PURPOSE/IN<Purpose code><Country code
providing ultimate service>*
If in case of space limitation in field 72, the purpose code in the
above format can be mentioned in field 70.
For specific purpose codes, the country code where the ultimate
service was provided must be included. Please refer to the
following link for impacted purpose codes.
https://www.jpmorgan.com/visit/inpop-feb2020
Include individual’s account type in the payment details field.
Please contact the beneficiary to determine the type of account
held by the beneficiary. Account types include:
Non-Resident Emigrant (NRE) - Format: /NRE/
Non-Resident Ordinary Account (NRO) - Format: /NRO/
Note: In order to avoid any delay in processing your
transactions, kindly map the appropriate purpose code from the
above link instead of using ‘P1099’ (Other services not included
elsewhere), as we may seek further information on the
transactions before applying the credits.
Additional Information
In addition to the purpose code, you may also provide purpose of
remittance within the narrative of the payment, to avoid potential
issues.
If the RTGS IFSC or NEFT IFSC is missing or invalid, or the sending
or receiving banks are not RTGS-enabled, a draft will be issued and
mailed if the full beneficiary bank branch name, building, street,
location, and PIN (Postal Identification Number) are provided in the
Beneficiary Bank Field.
LEI applicable for Cross border transactions for accounts with JPMCB
India
Banks in India are required to obtain the LEI from all resident
entities (non-individuals) and non-resident counterparts and
overseas entities for all cross-border transactions into and out of
India from your accounts with transaction values of INR 500 Million
and above.
The LEI will also be validated before a cross-border transaction is
processed. Once the LEI is made available to J.P. Morgan Chase
Bank N.A., India (JPMCB India), it will be validated for all
subsequent transactions, irrespective of the transaction size.
For clients holding accounts with JPMCB India, provide your valid
LEI to our JPMCB India's relationship team. This information shall
be stored and applied to all future payments and receipts
.Transactions with missing/invalid LEI shall be kept on hold. For
clients holding accounts with JPMCB India are not required to
include their LEI in the payment message
Kindly also provide the LEI of your counterparties (i.e. non-resident
counterparts/overseas entities, resident entities located in Special
Economic Zone etc.) for payments. Use the formatting guide when
providing the LEI of counterparties for payments.
Ask remitters to include their LEI while sending payments into your
account with JPMCB India as outlined in the formatting guide:
INR Vostro transactions processed through JPMCB India, the onus
of ensuring Compliance to RBI’s LEI regulations for cross border
transactions is that of the bank of the resident entity in India i.e.
bank of the Indian beneficiary and not J.P. Morgan India. In case
the end beneficiary in India banks with J.P. Morgan India, then the
remitter is requested to include their LEI in the payment message
as per the formatting guide .
Formatting guide:
https://pages-jpmcib.jpmorgan.com/rs/726-
KZY-402/images/India_Formatting_Guide_for_LEI.pdf
Tax Applicable at source applicable for ESOP/ESPP remittances
Employee Share Options Program (ESOP) and Employee Share
Purchase Program (ESPP) cross-border remittances done from
accounts with JPMCB India for which contributions are being made
by the employees must have
additional declarations and a debit
authority signed in wet ink by your authorized signatories and be
submitted with the
Annexure that contains employee details on
the remittances. Payments without such documentation shall be
kept on hold. JPMCB India shall rely on the Tax Collected at Source
(TCS) amount stated in these declarations/Annexure for collection
and deposit to tax authorities.
Overview
Information provided by the Beneficiary: Remitter should
obtain all required bank information from the Beneficiary (e.g.
SWIFT BIC, account number, and beneficiary bank address).
Central Bank: For additional information, please refer to
https://www.bi.go.id/en/default.aspx.
Country Requirements/Restrictions
Currency & Clearing Information: Real Time Gross Settlement
(RTGS) is the domestic high value clearing system with minimum
transaction of IDR 100,000,000. Transactions above IDR
250,000,000 and up to IDR 1,000,000,000 are processed via
Sistem Kliring Nasional (SKN), while transactions up to IDR
250,000,000 are processed via Real Time Payment (BI-FAST) with
additional Purpose Code mandatory to be provided.
Payment Restrictions: All foreign currency movements are
subject to reporting. IDR transfers and deposits must be held-in
country.
IDR receipts in excess of USD 1,000,000 equivalent to IDR Non-
Resident accounts must be accompanied with supporting
documents.
Additional Documentation: Declaration letter is required for
conversion from IDR to Foreign Currency and additional supporting
document for conversion greater than USD 100,000 equivalent.
Supporting document to show the economic activities of the FX
transactions and meet prevailing Bank Indonesia requirements.
Payment Formatting Rules for IDR
Ordering Customer (SWIFT MT103 F50): Include account
number, full name (no initials), and address of the ordering
customer. Use of initials can delay receipt of funds by the
beneficiary.
Beneficiary Customer (SWIFT MT103 F59): Include account
number, full name (no initials), address, and telephone number of
the beneficiary customer. Use of initials may delay receipt of funds
by the beneficiary.
If the beneficiary name is not an exact match, or initials are used,
the payment will be returned by beneficiary bank.
Beneficiary address is mandatory for all IDR payments
Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with
branch identifier (where required), full name, and address of the
beneficiary bank.
SWIFT BIC is 8 or 11 alphanumeric characters: xxxxIDxx or
xxxxIDxxxxx.
(Continued on next page)
The following character representations and length indications are used: N Digits numeric characters c Upper and lowercase alphanumeric a Uppercase letter alphabetic e Blank space
characters (A-Z, a-z, and 0-9) characters (A-Z only) n Maximum length nn! Fixed length
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