Incidentally, such simultaneous cancellation and rebooking of forward contracts for rollover is exempted from the RBI restrictions introduced on 15th December, 2011. Of course, precisely the same strategy can be replicated in the exchange-traded foreign currency futures markets as well. Contrary to the popular perception, this strategy is fairly simple and perfectly do-able and locks in the original starting spot exchange rate.
This should balance the rights of creditors visà-vis debtors. I hope CMAP will support this as well. Another area for cooperation with CMAP is financial education. In this regard, I am pleased to inform you that the Bangko Sentral and the Department of Education are principal partners in the incorporation of money management in elementary curriculum.