what is sattlement process for currency option trading?

what is sattlement process in currency (usd/inr) trading if i will not square off my position on expiry.
what things i have to keep in mind?

Currency F&O are cash settled.

If your Option position expires OTM, it’ll expire worthless, while if your position expires ITM, it’ll be settled at intrinsic value and any profit or loss you will be making will be credited to / debited from your account.

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How moneyness of the option contract is decided?
If expiry is at 12:30 and reference rate is set at 1:30, wouldn’t it be risky to hold short positions in currency options?
I don’t understand this mechanism