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Sitharaman unveils forex settlement in GIFT IFSC
The Statesman Bhubaneswar
|October 08, 2025
Union Finance Minister Nirmala Sitharaman launched the foreign currency settlement system in GIFT IFSC, which will facilitate seamless transactions on real-time basis, enhance liquidity management, and ensure compliance.
At the Global Fintech Fest 2025, Sitharaman said with the operationalisation of the foreign currency settlement system, GIFT City joins a select list of financial centres that include Hong Kong, Tokyo, Manila,and some other centres which have the infrastructure to settle foreign currency transactions locally.
Currently foreign currency transactions usually get settled with a lag of 36 to 48 hours.
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