It's UTC+5:30. This is just an issue with the prompt, times are actually converted properly.
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https://secure.phabricator.com/source/phabricator/browse/master/src/applications/settings/controller/PhabricatorSettingsTimezoneController.php if someone wants to dive into the code.
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@Aklapper: Hold on, isn't that screenshot saying that Kolkata is now *negative* 5:30, and Monaco *negative* 1?
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Hold on, isn't that screenshot saying that Kolkata is now *negative* 5:30, and Monaco *negative* 1?
Thanks! This (and one vaguely related issue in Settings) should be fixed in the upcoming 2019 Week 13 release. See https://secure.phabricator.com/D20314 for particulars.