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Foreign Currency Settlement System
October 13 , 2025
14 hrs 0 min
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- The finance minister launched a foreign currency settlement system (FCSS) in GIFT City, Gujarat.
- The system enables real-time or near real-time settlement of foreign currency transactions within the IFSC (International Financial Services Centre).
- FCSS eliminates reliance on multiple intermediaries in cross-border payments currently handled through correspondent banking.
- Standard Chartered Bank's India unit was selected to handle US dollar clearance under the new system.
- FCSS is regulated under the Payment and Settlement Systems Act to ensure compliance and operational oversight.
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