{"id":347662,"date":"2025-10-09T15:40:31","date_gmt":"2025-10-09T10:10:31","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=347662"},"modified":"2025-10-09T15:40:31","modified_gmt":"2025-10-09T10:10:31","slug":"foreign-currency-settlement-system-fcss","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/foreign-currency-settlement-system-fcss\/","title":{"rendered":"Foreign Currency Settlement System (FCSS)"},"content":{"rendered":"<p><b>News: <\/b><span style=\"font-weight: 400\">Recently, Finance Minister Nirmala Sitharaman launched the foreign currency settlement system in GIFT City.\u00a0<\/span><\/p>\n<h2>About Foreign currency settlement system (FCSS)<\/h2>\n<figure style=\"width: 276px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/tse4.mm.bing.net\/th\/id\/OIF.7sPyb19N7Ius7hbH9Kjuow?cb=12&amp;rs=1&amp;pid=ImgDetMain&amp;o=7&amp;rm=3\" alt=\"Foreign Currency Settlement System Launched\" width=\"276\" height=\"206\" \/><figcaption class=\"wp-caption-text\">Source: Fintechbiz<\/figcaption><\/figure>\n<ul>\n<li style=\"font-weight: 400;text-align: justify\"><b>Launched by: <\/b><span style=\"font-weight: 400\">The International Financial Services Centres Authority (IFSCA)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The <\/span><b>IFSCA has authorised CCIL IFSC Limited (CIL)<\/b><span style=\"font-weight: 400\"> to operate the FCSS under the relevant provisions of the <\/span><b>Payment and Settlement Systems Act, 2007.\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\"><strong>Standard Chartered Bank, IBU (SCB)<\/strong>, will act as the<\/span><b> designated Settlement Bank.\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><b>Objective: <\/b><span style=\"font-weight: 400\">To boost international trade, investment, and ease of doing business.<\/span><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The system will<\/span> be starting<span style=\"font-weight: 400\"><strong> initially with the United States Dollar (USD)<\/strong> and <\/span><b>operates on a gross settlement procedure<\/b><span style=\"font-weight: 400\"> during its business hours on all business days.<\/span><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\"><strong>Role: <\/strong>Foreign currency settlement system (FCSS)\u00a0<\/span><b>facilities seamless and efficient settlement of foreign currency transactions<\/b><span style=\"font-weight: 400\"> within IFSC on <\/span><b>a real-time basis.<\/b>\n<ul>\n<li style=\"font-weight: 400;text-align: justify\"><b>This is to enhance liquidity management and operational resilience <\/b>and <strong>ensure<\/strong><span style=\"font-weight: 400\"><strong>\u00a0compliance with regulatory oversight<\/strong> under PSS Act.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;text-align: justify\"><span style=\"font-weight: 400\">The FCSS platform is<strong> built to comply<\/strong> with the <\/span><b>ISO 20022 messaging standards<\/b><span style=\"font-weight: 400\">, ensuring compatibility and standardisation in communication formats.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: Recently, Finance Minister Nirmala Sitharaman launched the foreign currency settlement system in GIFT City.\u00a0 About Foreign currency settlement system (FCSS) Launched by: The International Financial Services Centres Authority (IFSCA)\u00a0 The IFSCA has authorised CCIL IFSC Limited (CIL) to operate the FCSS under the relevant provisions of the Payment and Settlement Systems Act, 2007.\u00a0 Standard&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/foreign-currency-settlement-system-fcss\/\">Continue reading <span class=\"screen-reader-text\">Foreign Currency Settlement System (FCSS)<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,12039],"tags":[11872,10596],"class_list":["post-347662","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-knolls","tag-9pm-daily-factly","tag-economic-times","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/347662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=347662"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/347662\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=347662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=347662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=347662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}