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already booked, he may seek extension in the due date of the contract. In both these cases, they may approach their bank with which they have entered into forward contracts to postpone the due date of the contract. When a forward contract is sought to be extended. Watch Queue, queue _count total loading. Cancellation of, forward, contract.
However, it is observed that banks do include margin for cancellation and rebooking as in any other case. If a forward sale contract is cancelled earlier than the due date, the cancellation would be done at the forward purchase rate prevailing on that date with due date to fall on the due date of the original forward sale contract. Early Extension When the request for extension is received earlier to the due date, it would be cancelled at the relevant forward rate (as in the case of cancellation ) and rebooked at the current rate.
Fedai Rules-8 Early Delivery Extension and Cancellation
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Such requests for cancellation or extension can be made by the customer on or before the maturity of the forward contract. On 12th November, the customer comes to intraday trade forex friday the bank and requires cancellation of the forward contract. This video explains the concept and treatment. This feature is not available right now. For example, assume that on 12th September a three months forward purchase contract is entered into with a customer for USD 10,000. The customer remains liable for the exchange difference arising there from, but if it results in profit it need not be passed on to the customer. It shall be cancelled and rebooked for the new delivery period at the prevailing exchange rates. The difference between the rate under the original forward purchase contract and forward TT selling rate applied on the date of cancellation is payable/receivable by the customer. Extension on Due Date An exporter finds that he is not able to export on the due date but expects to do so in about two months. In case of delivery subsequent to automatic cancellation, the appropriate current rate prevailing on such delivery shall be applied.
Forex forward contract cancellation