Last year, the Clearing Corp. of India Ltd., which acts as the depository for all onshore forex and bond trading, set up an unit in GIFT City to facilitate local clearing services.
At present, settlement of trades between different banks in the hub is not instantaneous. According to Bloomberg, depending on the currency and the time a trade is initiated, time taken to settle can vary from a few hours to more than a day.
Globally too, efforts are underway to make cross-border trades faster and less complicated. According to Bloomberg, currently, such transactions rely on a network of correspondent banks, which make settlements expensive and lead to delays.
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