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News: Recently, Finance Minister Nirmala Sitharaman launched the foreign currency settlement system in GIFT City.
About Foreign currency settlement system (FCSS)
- Launched by: The International Financial Services Centres Authority (IFSCA)
- The IFSCA has authorised CCIL IFSC Limited (CIL) to operate the FCSS under the relevant provisions of the Payment and Settlement Systems Act, 2007.
- Standard Chartered Bank, IBU (SCB), will act as the designated Settlement Bank.
- Objective: To boost international trade, investment, and ease of doing business.
- The system will be starting initially with the United States Dollar (USD) and operates on a gross settlement procedure during its business hours on all business days.
- Role: Foreign currency settlement system (FCSS) facilities seamless and efficient settlement of foreign currency transactions within IFSC on a real-time basis.
- This is to enhance liquidity management and operational resilience and ensure compliance with regulatory oversight under PSS Act.
- The FCSS platform is built to comply with the ISO 20022 messaging standards, ensuring compatibility and standardisation in communication formats.
