THE JHARKHAND STORY DESK
Mumbai, Oct 7: Union Finance Minister Nirmala Sitharaman on Tuesday inaugurated the Foreign Currency Settlement System (FCSS) at Gujarat International Finance Tec-City (GIFT City) during the Global FinTech Fest 2025.
The system will enable foreign currency transactions to be settled in real time within the International Financial Services Centre (IFSC), cutting down the current delay of up to 48 hours.
She stated that GIFT IFSC has now joined a select group of financial centers equipped with the infrastructure to settle foreign exchange transactions locally.
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Sitharaman highlighted that this development will strengthen India’s global financial position. She added that efforts are underway to enhance the operations of Global Capability Centers (GCCs) in India, noting that there are currently around 1,800 such centers in the country.
The Finance Minister advised that technology should not be weaponized but should instead be used for public welfare.
She pointed out that the Direct Benefit Transfer (DBT) system has led to savings of ₹4.31 lakh crore, ensuring public funds reach the intended beneficiaries rather than shell entities.
Sitharaman further stated that India has made a decisive entry into the global AI sector with the India AI Mission, valued at $1.3 billion. She emphasized that this reflects the nation’s commitment to innovation and technology.
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The launch of the foreign exchange settlement system at GIFT City aims to facilitate international trade, investment, and business.
