Foreign Currency Settlement System for GIFT IFSC
On 7th October 2025, Centre launched a Foreign Currency Settlement System (FCSS) at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City).
About FCSS
- The FCSS is a real-time payment and settlement mechanism for transactions conducted in foreign currencies (initially in USD) within GIFT IFSC.
- It replaces the older correspondent banking model, which required multiple intermediaries and 36–48 hours to process global transactions.
- Regulatory Framework: Under the Payment and Settlement Systems (PSS) Act, 2007, and regulated by the International Financial Services Centres Authority (IFSCA).
How the New System Works
- The FCSS appoints a single commercial bank as a ....
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