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An Indian importer has a payable of C$ 5,00,000 due on 31.3.2002. On 01.01.2002, the importer covers the payable through forward buying of C$ at Rs.30.34 from his banker. On 31-3-2002, he requests the banker to extend the contract till 30-4-2002. The exchange rates as on 31-3- 2002 are Rs./C$ Spot 30.54/63 1 month forward 30.56/68 You are required to find out the net cash outflow for the importer. Also state how the bank will cover this extension of forward contract