Union Finance Minister Nirmala Sitharaman on Monday inaugurated a new platform for settling foreign currency transactions at Gujarat’s GIFT City, aimed at cutting down processing delays and strengthening India’s international financial services ecosystem.

Speaking at the launch, Sitharaman noted that cross-border payments currently face delays of 36–48 hours due to routing through multiple banking channels. The new system, she said, will enable faster, more efficient settlements. With this launch, GIFT City joins a select group of global financial hubs—including Hong Kong, Tokyo, and Manila—that have the infrastructure to handle such transactions locally.

The finance minister added that steps are underway to further improve the efficiency of Global Corporate Centres (GCCs) operating acro

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