MUMBAI: Union Finance Minister Nirmala Sitharaman announced the launch of the Foreign Currency Settlement System (FCSS) at Gujarat International Finance Tec-City (GIFT City) on Tuesday.

Speaking at the inaugural speech at Global Fintech Fest (GFF) 2025 in Mumbai, Sitharaman said it is a significant step in India’s journey toward becoming a global financial and fintech hub.

The system will allow real-time settlement of foreign currency transactions within the International Financial Services Centre (IFSC), reducing the existing lag of up to 48 hours, she added.

Sitharaman described the initiative as “a forward-looking step” that places GIFT-IFSC among select financial centres such as Hong Kong, Tokyo, and Manila with localised foreign currency settlement systems.

She said that the new s

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