Nirmala Sitharaman Launches Foreign Currency Settlement System At GIFT City

Finance Minister Nirmala Sitharaman has launched the Foreign Currency Settlement System (FCSS) at GIFT City, a landmark move set to transform foreign currency transactions within India’s International Financial Services Centre (IFSC). The FCSS will enable real-time or near real-time settlement of foreign currency trades, replacing the previous system that involved a 36 to 48-hour lag through multiple banking intermediaries. With this development, GIFT-IFSC joins leading global financial hubs such as Hong Kong, Tokyo and Manila. The initiative enhances liquidity management, operational efficiency and regulatory oversight, reaffirming India’s ambition to emerge as a global fintech leader.