The International Financial Services Centres Authority (IFSCA) on July 07, 2026, issued a Consultation Paper for issuing a Circular on the Foreign Currency Settlement System (FCSS) to International Banking Units (IBUs) in GIFT IFSC.
The following has been stated:-
•The International Financial Services Centres Authority (IFSCA) has issued a consultation paper inviting public comments until July 24, 2026, on a draft circular prescribing operational requirements for the Foreign Currency Settlement System (FCSS) applicable to International Banking Units (IBUs) in GIFT IFSC.
•The draft proposes mandatory settlement of inter-bank transactions between FCSS member IBUs through the FCSS platform and requires IBUs to promote real-time USD payment services to customers through their websites and banking channels.
•It also mandates recipient IBUs to credit customer accounts within one hour of settlement and advises non-member IBUs to expedite onboarding to FCSS.
•The proposed directions are intended to enhance the adoption and efficient utilisation of the FCSS for real-time USD settlements in GIFT IFSC.
The detailed circular is given in the document below.
