Finance Minister Nirmala Sitharaman launched the foreign currency settlement system (FCSS) in GIFT IFSC on Tuesday. This will facilitate seamless transactions on a real-time basis instead of the lag of 36-48 hours that foreign currency transactions took to get settled. It will also enhance liquidity management, and ensure compliance. Advertisement

Speaking at the Global Fintech Fest 2025, Sitharaman said that GIFT City now joins a list of financial centres like Hong Kong, Tokyo, Manila, and some other centres which have the infrastructure to settle foreign currency transactions locally.

The finance minister said fintech has democratised finance in India. India ranks third in the number of fintech companies and accounts for half of the world's real-time digital transactions, she said. T

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