Mumbai, Oct 7 (IANS) With an aim to boost international trade, investment, and ease of doing business, Finance Minister Nirmala Sitharaman on Tuesday unveiled foreign currency settlement system in GIFT City.

Addressing the ‘Global Fintech Fest 2025’ here, Sitharaman said that “foreign currency settlement system to solve the problem of facilitating seamless transactions on real-time basis, enhance liquidity management, and ensuring compliance.”

She further informed that the FCSS will be a payment system within IFSC designed for settling transactions in foreign currency on a real-time basis or near real-time basis. “GIFT IFSC joins select group of financial centres that include Hong Kong, Tokyo, Manila, and so on, having infrastructure to settle foreign currency transactions locally,” the

See Full Page