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A forward exchange contract, commonly known as a FEC or forward cover, is a contract between a bank and its customer, whereby a rate of exchange is fixed. A Forward Contract is an arrangement that allows you to transfer money at some time (up to 12 months) in the future at an exchange rate that you agree to. regulation of short duration forward foreign exchange contracts as derivatives is unlikely to contribute to transparency. Customers are likely to understand.

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contract is for foreign exchange). This determination provides a method of accruing for taxation purposes the income or expenditure under a forward contract. Forward Exchange / option contracts can be used to cover exchange risk between an overseas currency and local currency or between two overseas currencies. Exchange rates move constantly. Forward contracts give your business the freedom and flexibility to take the unpredictability out of currency conversion and.

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Forward Contract is a binding obligation to buy or sell a specific amount of foreign currency at a predetermined exchange rate on an agreed future date. Forward. Forward contract is used for hedging the foreign exchange risk for future settlement. For example, An importer or exporter having FX contract limit may lock in. A type of forward contract in which you agree to buy or sell a given amount of foreign currency at a pre-determined rate on a specific time in the future.