Finance Minister Nirmala Sitharaman on Tuesday announced the launch of a foreign currency settlement system (FCSS), a platform to enable the seamless and efficient settlement of foreign currency transactions within the IFSC framework in real time. The system enables real-time or near real-time settlement of foreign currency transactions initiated within the GIFT IFSC, replacing the traditional correspondent banking route that typically took up to 48 hours for settlement.

Additionally, UPI payments will soon be possible through smart glasses. The system is set to make purchasing foreign currency much simplier and more convenient, enabling the user to pay the order payment through UPI and then collect the currency from the bank.

This is an example of forex retail on Bharat Connect, NPCI's

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