FM Nirmala Sitharaman Launches Foreign Currency Settlement System in GIFT IFSC

FM Nirmala Sitharaman Launches Foreign Currency Settlement System in GIFT IFSC October 07, 2025

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday launched the foreign currency settlement system (FCSS) at GIFT IFSC, enabling real-time transactions, improving liquidity management, and ensuring regulatory compliance. Currently, foreign currency settlements take 36 to 48 hours to process.

The FCSS will serve as a payment system within IFSC, designed to settle transactions in foreign currencies on a real-time or near real-time basis.

Addressing the Global Fintech Fest 2025, Sitharaman stated that with the operationalization of the FCSS, GIFT IFSC joins a select group of global financial centres—including Hong Kong, Tokyo, and Manila—that have the infrastructure to settle foreign curr