Cancellation and rebooking of forward contracts: exporters get expanded flexibility and importers permitted limited rebooking for hedging. The circular permits exporters to cancel and rebook forward contracts for hedging contracted export exposures up to 50 percent of contracts booked in a financial year, and permits importers to cancel and rebook forward contracts for hedging contracted import exposures up to 25 percent of contracts booked in a financial year, with Authorised Dealer Category I banks required to notify constituents; directions issued under FEMA subject to other statutory permissions.