TERMS AND CONDITIONS

A. Introduction

Senco Gold Limited (“SGL”) has introduced an initiative called My Digi Gold under which SGL shall provide a digital platform to customers for the purchase, redemption and sale of the gold.

A Customer (defined hereinafter) can by way of the Platform, purchase through a single transaction, a minimum quantity of 50 (fifty) milligrams of gold or gold equivalent to a value of INR 250 (Indian Rupees Two Hundred and Fifty) whichever is lower. The Customer Purchased Gold (defined hereinafter) shall be 24 carat gold of 995% purity. Post receipt of the payment by the Customer, an invoice will be generated for the purchase made and the title for such relevant Customer Purchased Gold will be transferred to the Customer. Considering the Customer Purchased Gold is not being delivered immediately, SGL will ensure that the Custodian (defined hereinafter) holds the Customer Purchased Gold on behalf of and for the benefit of the Customer and SGL shall ensure that transfer the Customer Purchased Gold is safely and securely stored with the Custodian.

With respect to the Customer Purchased Gold, the Customer shall have the option to request for adjustment of the Customer Purchased Gold in the form of jewellery available in any of the designated SGL stores (defined hereinafter) or such other form as may be prescribed by SGL, or alternatively to sell the same to SGL on the Platform.

The mechanism being followed through the My Digi Gold platform, allows for Customers to purchase gold from the comfort of their homes. Detailed terms of the process are provided herein below. The Customers are advised to read and understand these terms of the process carefully before using the Platform.

B. Definitions

  1. Business Day” means any day from Monday to Saturday, excluding national / regional holidays observed by the Parties.
  2. Customer” shall mean a resident individual or an HUF who avails the Services using the Platform and is registered as a Customer on the Platform.
  3. Customer Account” shall mean the account created by the Customer with SGL on the Platform, in accordance with these T&Cs.
  4. Customer Information” shall mean the information provided by the Customer in connection with creation and operation of the Customer Account and billing information as may be required by the Platform from time to time, which shall include, the following: name, mobile number, e-mail address, date of birth, permanent account number (“PAN”), Know Your Customer (“KYC”) documentation, Aadhar Card, and any other information deemed necessary by SGL.
  5. Customer Purchased Gold” shall mean the designated quantity of gold purchased by the Customer by way of a Purchase Request (defined hereafter) raised on the Platform for such price as may be indicated on the Platform (from time to time).
  6. Custodian” shall mean a reputed independent custodian appointed by SGL on behalf of the Customer(s), for the purpose of providing vaulting, storage and safe custody services for the Customer Purchased Gold.
  7. Equivalent e-document” shall mean the relevant OVD (defined hereafter), in electronic form, issued and certified by the relevant issuing authority (for example e-PAN card issued by National Securities Depositories Limited (NSDL)), in accordance with the provisions of the Information Technology Act, 2002.
  8. Force Majeure Events” shall include but not be limited to acts of God, natural calamities, rains, bad weather conditions, terrorist strikes, public health emergencies, epidemics, pandemic, acts of rioting and violence, public disorder, rules/decisions/directives of government and quasi-governmental bodies, court/arbitrator/tribunal orders, legal compliances, civic agencies etc.
  9. HUF” shall mean a Hindu Undivided Family.
  10. Intellectual Property Rights” shall mean and include any and all (by whatever name or term known or designated) tangible and intangible and now known or hereafter existing (i) rights associated with works of authorship world-wide; including but not limited to copyrights, moral rights, and mask-works; (ii) trademark and trade name rights and similar rights; (iii) trade secret rights, (iv) patents, designs, algorithms and other industrial property rights; (v) all other intellectual and industrial property rights (of every kind and nature world-wide and however designated) (including logos, “rental” rights and rights to remuneration), whether arising by operation of law, contract, license, or otherwise; and (vi) all registrations, initial applications, renewals, extensions, continuations, divisions or reissues thereof now or hereafter in force.
  11. Nominee Information” shall mean the information provided by the Customer in connection with the appointment of the Nominee (defined hereafter) which shall include, the following: name, mobile number, e-mail address, date of birth, permanent account number (“PAN”), Know Your Customer (“KYC”) documentation, and any other information deemed necessary by SGL.
  12. KYC Documentation” shall mean the documents (including the Equivalent e-documents) required to be provided in connection with the verification of Customer Information, pursuant to the requirements prescribed under the Reserve Bank of India (Know Your Customer) Directions, 2016 (as amended and modified from time to time). Such documents shall include officially valid documentation (“OVD”) such as proof of possession of Aadhar number, PAN card, Voter’s Identity Card issued by the Election Commission of India and passport.
  13. Platform” shall mean the domain name My Digi Gold, owned by SGL and/ the SGL mobile as well as on website application named My Digi Gold through which the Customer may avail the Services.
  14. Proof of Identification” shall include passport, driving license, Aadhar card, PAN card or such other proof of identification as may be accepted by SGL.
  15. Services” shall mean the services of buying, safe custody/vaulting and delivery/fulfillment of gold that may be offered by SGL to Customers through the Platform from time to time.
  16. T&Cs” means the terms and conditions towards the operation and utilisation of the Platform as specified in this document.

C. Purpose of the Platform

The Platform has been established to facilitate the transactions in the purchase, sale and transfer of the Customer Purchased Gold. The process adopted by the Platform is as indicated below:

  1. to avail the Services on the Platform, a Customer would be required to create a Customer Account creating a unique identity for the Customer on Platform. In order to complete the process of creating a Customer Account, the Customer would be required to submit the applicable KYC Documentation and additional information including Nominee (defined hereafter) details.
  2. a Customer, on examination on activation of the Customer Account, may place a purchase request for the purchase of a designated quantity of Customer Purchased Gold (“Purchase Request”), being not lower than the minimum quantity of 50 (fifty) milligrams or gold equivalent to a value of INR 250 (Indian Rupees Two Hundred and Fifty). The Customer would not be permitted to purchase greater than such maximum value of gold as indicated under clause F (1) of these T&Cs.
  3. on receipt of the Customer’s purchase request, the Platform will display the market linked purchase price of the designated quantity of Customer Purchased Gold. The Customer would be required to make payment for the designated quantity of Customer Purchased Gold through such recognised digital payments interface/ gateway as indicated on the Platform.
  4. on receipt of the purchase consideration from the Customer, the Platform will update the relevant Customer Account by indicating the purchased balance of the Customer Purchased Gold.
  5. the Customer Purchased Gold, shall be transferred to the Custodian within 2 (two) Business Days in the form of bars or such other form as may be prescribed by SGL, to be stored in a secured vault for secure storage of the Customer Purchased Gold.
  6. a Customer would not be permitted to undertake any sale of the Customer Purchased Gold on the Platform or redemption of the Customer Purchased Gold through purchase of any jewellery item at a designated SGL store, prior to the expiry of 2 (two) days after the date of the purchase of the designated quantity of Customer Purchased Gold.
  7. On redemption or sale of the Customer Purchased Gold, the Account Balance in the Customer Account would be adjusted to reflect the balance Customer Purchased Gold held by the Customer.
  8. The Customer would be permitted to retain the Customer Purchased Gold in the secured vault for a period of 3 (three) years without the payment of any additional charges or interest. Upon expiry of the designated storage period indicated above, the Customer would be required to pay such charges as may be designated by SGL from time to time.

D. Usage of the Platform by the Customer

While using the Platform, the Customer hereby undertakes the following:

  1. The Customer shall at all points of time, comply with the provisions contained in these T&C’s.
  2. The Customer further acknowledges that SGL shall have the right, but not an obligation, to review the Customer’s conduct on the Platform at any point in time for compliance purposes.
  3. The Customer shall not host, display, upload, transmit or share any information that:
    • belongs to any other person or entity, and to which the Customer does not have any right;
    • is grossly harmful, harassing, blasphemous, defamatory, obscene, pornographic, paedophilic, libellous, invasive of another person's privacy, hateful or racially or ethnically objectionable, or encouraging money laundering or gambling, or otherwise unlawful in any manner whatsoever;
    • is misleading in any way;
    • involves the transmission of "junk mail", "chain letters", or unsolicited mass mailing or "spamming";
    • infringes upon or violates any third party's rights including, but not limited to, intellectual property rights, rights of privacy (including without limitation unauthorized disclosure of a person's name, e-mail address, physical address or phone number) or rights of publicity;
    • tries to gain unauthorized access or exceeds the scope of authorized access to the Platform or to profiles, blogs, communities, account information, bulletins, or other areas of the Platform or solicits passwords or personally identifying information for commercial or unlawful purposes from other users of the Platform;
    • interferes with another user’s/ Customer’s use of the Platform;
    • refers to any website or URL that, in SGL’s sole discretion, contains material that is inappropriate for the Platform, contains content that would be prohibited or violates the letter or spirit of these T&Cs;
    • deceives or misleads the addressee/ users about the origin of such messages or communicates any information which is grossly offensive or menacing in nature;
    • contains software viruses or any other computer codes, files or programs designed to interrupt, destroy or limit the functionality of any computer resource; or contains any trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, diminish value of, covertly intercept or steal any system, data or personal information;
    • violates any law for the time being in force.
  4. The Customer hereby agrees and undertakes that the Customer will not undertake or refrain from taking any such action as may be regarded as violative of the security of the Platform, including but not limited to:
    • Attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization;
    • attempting to interfere with service to any other user, host or network, including, without limitation, via means of submitting a virus to the Platform, overloading, "flooding," "spamming," "mail bombing" or "crashing";
    • sending unsolicited email, including promotions and/ or advertising of products or services; and
    • forging any header or any part of the header information in any email or newsgroup posting.
    • Violations of system or network security may result in civil or criminal liability.
  5. The Customer shall acknowledge that the Services and the information available on the Platform are for the Customer’s personal use only (subject to the information being available to SGL as per clause (L) hereunder, and the Customer shall not publish any information made available on the Platform, including but not limited to the prices of gold or the descriptions of gold, on any other medium.
  6. The Customer shall not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, create derivative works from, transfer, or sell any information, software, products or services obtained on account of availing the Services.
  7. The Customer hereby agrees that the Customer shall be liable for any applicable fees and charges associated with the Customer’s use of the Platform and the Services, as may be applicable from time to time. Further, the fees and charges may be revised from time to time, and it would be the Customer’s responsibility to view the Platform to check the prevailing fees and charges payable. The fees and charges once paid, shall not be refunded and all payments shall compulsorily be made in Indian Rupees.

E. Creation of the Customer Account

  1. In order to avail the Services on the Platform, each Customer must create a Customer Account.
  2. Persons who fulfil the following criteria will be considered eligible to register as a Customer on the Platform:
    • the person is the age of 18 or above;
    • the person is of sound mind;
    • the person is a resident of India;
    • the person is eligible to enter into a contract under the Indian Contract Act, 1872.
  3. At the time of creation of the Customer Account, the Customer will be required to provide certain Customer Information and other information as may be required by SGL in the form and manner as it deems fit. The Customer shall be solely responsible for the accuracy and authenticity of the Customer Information and all other documentation or information provided by the Customer to SGL from time to time. If the Customer has reason to believe that there is an error in any such information furnished to SGL, the Customer shall immediately notify SGL of the same in writing and forthwith provide correct/updated information.
  4. The Customer agrees and acknowledges that pursuant to the creation of the Customer Account, continued use of the Platform by the Customer is contingent upon the Customer Information being verified by SGL. Verification of the Customer Information and the Nominee Information (if applicable) shall be conducted by SGL at the time of creation of the Customer Account on a real time basis, on the Platform.
  5. The Customer will, at the time of creation of the Customer Account, be required to provide the necessary KYC Documentation in order to enable SGL to verify the Customer Information. The Customer hereby grants SGL the permission to conduct the verification of such relevant Customer Information (and Nominee Information if applicable) in the form and manner prescribed under the extant regulatory framework for verification of KYC information, as prescribed from time to time under the Reserve Bank of India (Know Your Customer) Directions, 2016 as may be amended from time to time.
  6. SGL shall be responsible for maintaining the confidentiality of the Customer Information, and the activities that occur under the Customer Account. SGL undertakes to engage all necessary and appropriate measures in order to maintain the confidentiality of Customer Information and shall be liable for any loss or damage arising from any unauthorised use of the Customer Information.
  7. The Customer Account is not transferable from one person to another unless specifically permitted by SGL in writing.
  8. The Customer would not be required to furnish any fees, costs, charges or provide any deposit towards the establishment and operation of the Customer Account on the Platform.
  9. Upon creation of the Customer Account, the Customer will receive a notification from the Platform through the provision of an email, SMS and Whatsapp notification, confirming the creation and activation of the Customer Account.
  10. The Customer may at the time of creation of the Customer Account, appoint a nominee(s) who would be such person appointed by the Customer or any other person as per applicable law (“Nominee”). The Nominee of the Customer shall be permitted to undertake actions on behalf of the Customer and would be required to adhere to the provisions of these T&Cs as if the T&Cs set forth herein had been acceded to by the Nominee in their own capacity. The Nominee shall hereby undertake to carry out all actions in relation designated Customer Account subject to the provisions of these T&Cs.
  11. The Customer will be required to provide certain Nominee Information and any other information as required by SGL in such form and manner as it deems fit. Addition/modification/deletion of the nomination can be made as many times as desired by the Customer.
  12. The Customer may access the details of the Customer Purchased Gold in the Customer Account and such other details pertaining to the transactions of the Customer from time to time. The Platform will, on receipt of request from a Customer, generate a transaction statement of the relevant Customer Account and provide the same to the Customer by way of SMS/email on the Customer’s registered email address and mobile number respectively.
  13. In the event that the Customer wishes to discontinue such use of the Platform, the Customer would be required to delete the Customer Account on the Platform. The Customer would be able delete the Customer Account on placing a request in the manner indicated on the Platform. The Customer hereby agrees that the Customer shall continue to be bound by the confidentiality and data protection obligations of the Platform even after the deletion of the Customer Account.

F. Gold Purchase Process

  1. Once the Customer Account has been activated, the Customer can initiate a Purchase Request on the Platform for the purchase of a designated quantity of gold. Such purchase of gold shall under no circumstance be lesser than the minimum quantity of 50 (fifty) milligrams or gold equivalent to a value of INR 250 (Indian Rupees Two Hundred and Fifty) whichever is lower, being 24 carat gold of 995% purity. The aggregate purchase(s) made by a Customer on the Platform, in a day, shall not exceed an aggregate weight of 200 (two hundred) grams and/or having an aggregate maximum value of INR 10,00,000 (Indian Rupees Ten Lakhs) for every transaction, whichever is higher. The Customer may at no time and under no circumstance, be permitted to hold in the Customer Account, an aggregate quantity of Customer Purchased Gold exceeding 10 (ten) kilograms in weight and/or having an aggregate value of INR 5,00,00,000 (Indian Rupees Five Crores) as may be applicable. In the event that the Customer holds an aggregate quantity of Customer Purchased Gold exceeding 10 (ten) kilograms and/or have Customer Purchased Gold exceeding an aggregating to INR 5,00,00,000 (Indian Rupees Five Crores), the Customer would be required to realize the Customer Purchased Gold in the manner indicated under clause (H) (1) hereunder.
  2. The designated quantity of the Customer Purchased Gold would require to be purchased by the Customer on any Business Day during daily trading hours between 10:00 am – 10:00 p.m. (“Daily Trading Hours”) or such other designated trading hours as may be indicated by SGL on the Platform.
  3. The price at which the gold will be sold shall be displayed by SGL on the Platform (“Gold Selling Price”). The Gold Selling Price being a market linked value is subject to multiple market price fluctuations, in a single day. The Gold Selling Price displayed would be subject to market price conditions persisting at the time of the transaction. The Gold Selling Price displayed on the Platform at the time of the transaction shall be final, binding and would be determined in accordance with extant pricing guidelines and regulations. By continuing to use the Platform, the Customer agrees that, at no point or under no circumstance, would such Gold Selling Price be subject to any further challenge by the Customer. The Gold Selling Price displayed at the time of the transaction shall be considered as an invitation to offer to all the Customers, to purchase gold at the Gold Selling Price.
  4. Once the Customer has reviewed the Gold Selling Price, the Customer would be required to indicate the designated quantity of Customer Purchased Gold proposed to be purchased from the Platform. On receipt of the Purchase Request of the Customer, SGL will display the final updated Gold Selling Price to the Customer (which shall be subject to the market price fluctuations as may be applicable). The Customer, on receipt of the updated Gold Selling Price, would be required to confirm the final quantity of Customer Purchased Gold within such permitted time as may be indicated on the Platform. If the Customer fails to confirm the purchase of the Customer Purchased Gold for any reason whatsoever, the Customer would be required to place a fresh Purchase Request. In such cases, the Customer would be re-directed to the Purchase Request section of the Platform to place a fresh Purchase Request. The fresh Purchase Request (and the updated Gold Selling Price generated thereto) would be subject to market price fluctuations prevailing at the time of the generation of the Purchase Request.
  5. The Gold Selling Price shall be excluding all applicable taxes. At the time of the sale, the Customer shall not get any GST benefit unless it is a registered GST customer. The Customer acknowledges that such taxes and GST paid at the time of the purchase of gold will not be reimbursed to the Customer in the event of Sale of Gold to SGL.
  6. On confirmation of the Purchase Request, the Customer would be provided with a GST sales invoice indicating the details of the Customer Purchased Gold purchased (“GST Sales Invoice”) indicating the complete payment amount that would require to be remitted by the Customer. On selecting the option to make a payment, the Customer shall make payment for the designated quantity of Customer Purchased Gold through an electronic payment gateway indicated on the Platform or through such other digital payment method as may be prescribed by on the Platform including payment by way of debit/credit card, internet banking, Unified Payments Interface (UPI).
  7. The Customer will not be able to modify or cancel a Purchase Request once; (a) the Purchase Request has been confirmed; (b) the payment has been made. However, any order by the Customer shall stand automatically cancelled and the purchase shall not be considered to be final, in the event the payment for the gold is not received by SGL for any reason whatsoever including but not limited to dispute or error raised by the designated payment gateway. The purchase of gold shall be considered complete only upon SGL receiving the payment for the gold (“Purchase Completion”). In view of the extant provisions of the Income Tax Act, 1961 (and rules thereunder), it should be noted that in each transaction where the aggregate value of the Customer Purchased Gold is equivalent to or exceeds INR 2,00,000 (Indian Rupees Two Lakhs) the Customer would be required to provide its PAN details while processing the payment for an order on the Platform.
  8. Further, the Customer Account shall be updated, on a real time basis, within 24 (twenty four) hours from the receipt of payment by SGL, to reflect the updated gold balance of the Customer (“Account Balance”).
  9. SGL reserves the right to cancel or reject any order placed by a Customer at its sole discretion for any reason whatsoever. In the event a Customer’s order is cancelled or rejected by SGL, any amount received from the Customer with respect to the said order, shall be refunded to the Customer, to the bank account provided by the Customer.
  10. Upon Purchase Completion, the risks, rights, title and interest in the Customer Purchased Gold (as defined hereinafter) shall stand transferred from SGL to the Customer. The amount received by SGL for an order shall at no point of time and under no circumstance be considered as an advance but shall be considered as consideration for purchase of the Customer Purchased Gold.

G. Vaulting and Custody of the Gold

  1. Upon Purchase Completion, the Customer Purchased Gold, shall be transferred to the Custodian in the form of bars from any of the SGL stores or such other form as may be prescribed by SGL, to be stored in a secured vault. The Customer hereby authorises SGL to appoint the Custodian to store the Customer Purchased Gold.
  2. SGL has entered into an arrangement with the Custodian for the appointment of the Custodian (“Custodian Agreement”) and shall agree to bear the costs for such appointment of the Custodian. The Custodian shall, under the Custodian Agreement, be required to act in the best interests of the Customer(s) and will be liable to ensure to the protection of Customer Purchased Gold, at all times.
  3. SGL hereby undertakes to ensure that the Custodian shall obtain the necessary insurance policies and take all such measures as may be required to ensure the protection and security of the Customer Purchased Gold. SGL shall further ensure that SGL shall obtain all necessary insurance policies required for the transfer and transportation of the Customer Purchased Gold.

H. Customer Purchased Gold

  1. The Customer shall have the following options with respect to its Customer Purchased Gold:
    • Sale of the Customer Purchased Gold (or such designated quantity of the Customer Purchased Gold) over the Platform to Senco at such prevailing gold rates displayed on the Platform and in accordance with the procedure prescribed under the provisions of these T&Cs.
    • Redemption of Customer Purchased Gold through the purchase of any jewellery item against the Customer Purchased Gold that is sold at any SGL Store as indicated on the Platform. The price at which such jewellery items may be purchased from the designated SGL stores, would be subject to multiple market price fluctuations as applicable on the date of the purchase of the jewellery item from such designated SGL store.
  2. The Customer hereby agrees that each of the aforesaid options is subject to following terms and conditions as indicated hereto.
  3. In the event of death of the Customer, the title to the Customer Purchased Gold shall transfer to the Customer’s Nominee only after the required due diligence has been conducted. In the event that the Customer fails to appoint a Nominee, the title to the Customer Purchased Gold shall be transferred to the Customer’s designated heirs and successors, after the required due diligence has been conducted by SGL. The necessary information and documents as may be requested by SGL shall be provided by the Customer’s Nominee/heirs and/or successors to SGL for the same. Upon such confirmation, the Customer’s Nominee/heirs and/or successors shall be regarded as the Customer for the purpose of the Customer Purchased Gold and the Customer Account, and these T&Cs shall be applicable to the Nominee/heirs and/or successors, and the options available with respect to the Customer Purchased Gold, shall apply to the Nominee heirs and/or successors as well.

I. Redemption of Customer Purchased Gold

  1. The Customer shall have the option to request for adjustment of a minimum quantity of 50 (fifty) milligrams gold or gold equivalent to a value of INR 250 (Indian Rupees Two Hundred and Fifty), against purchase of any jewellery item (collectively, “Redemption Item”), sold at the prevailing rate of the SGL stores as provided on the Platform, (“Redemption of Gold”). However, a Customer may place a request for redemption of multiple quantities of Customer Purchased Gold. It is hereby clarified that, a Customer cannot place a request for Redemption of Gold prior to the expiry of 2 (two) days from the date of purchase of the Customer Purchased Gold.
  2. The value of the Customer Purchased Gold for the purpose of redemption shall be determined on the basis of the prevailing Gold Purchase Rate as applicable on the day of Redemption of Gold at the SGL store.
  3. A request for the Redemption of Gold to a Redemption Item, would require to be placed by the Customer on any Business Day during Daily Trading Hours or such other designated trading hours as may be indicated by SGL on the Platform.
  4. The Customer may choose to have the Redemption Item collected from one of the SGL stores. The process for collection of the Redemption Item shall be the same as that of Collection of Gold. On provision of the relevant Proof of Identification and collection receipt, the Customer would receive a one-time password on their registered mobile number, which would require to be provided to the relevant SGL store personnel to complete the process for Redemption of Gold. Such OTP would be valid for a period of 48 (forty eight) business hours from the time of placing the request for the Redemption of Gold, after which the Customer would be required to place a fresh request for the Redemption of Gold.
  5. All applicable making charges, taxes and other relevant charges on the Redemption Item shall be payable by the Customer, either at the SGL store in such manner as may be prescribed by SGL or on the Platform through payment gateway or in such other manner as may be prescribed by SGL, as applicable. The price at which such jewellery items may be purchased from the designated SGL stores, would be subject to multiple market price fluctuations as applicable on the date of the purchase of the jewellery item from such designated SGL store. Additionally, at the time of making any payment towards the Redemption Item, the Customer would also be required to provide details of any promotional codes, promotional offers and unique identifications codes, which may be provided to the Customer from time to time.
  6. Upon completion of Redemption of Gold by the Customer, the Account Balance shall be modified to reflect the change. It is hereby clarified that the Customer would be required to utilise the entire Customer Purchased Gold proposed to be redeemed, towards a Redemption Item and no adjustment would be permitted towards the Account Balance of the Customer.
  7. SGL shall be entitled to reject a request for Redemption of Gold request which is not in compliance with the T&Cs hereof and shall intimate the Customer of the reasons for the same.

J. Sale of Customer Purchased Gold

  1. The Customer may place a request on the Platform, to sell the quantity of the Customer Purchased Gold to SGL (“Sale of Gold”) at the Gold Purchase Price (defined hereinafter). It is hereby clarified that, a request for Sale of Gold will not be placed prior to the expiry of 2 (two) days from the date of purchase of the Customer Purchased Gold
  2. At the time of making a request for Sale of Gold, the Customer shall be required to specify the (a) quantity of the Customer Purchased Gold that the Customer wishes to sell to SGL; and (b) the bank account details into which the amount payable by SGL to the Customer for Sale of Gold shall be transferred. The Customer shall be solely responsible for ensuring the correctness of the bank account details specified at the time of making the request for Sale of Gold, and the Customer shall not be permitted to alter the bank account details once the request for Sale of Gold has been made.
  3. A request for the Sale of Gold would require to be placed by the Customer on any Business Day during Daily Trading Hours or such other designated trading hours as may be indicated by SGL on the Platform.
  4. The price at which the Customer Purchased Gold will be purchased by SGL shall be displayed on the Platform (“Gold Purchase Price”). The Gold Purchase Price being a market linked value, is subject to multiple fluctuations, in a single day. The Gold Purchase Price displayed on the Platform at time of transaction which shall be final and binding and shall be in accordance with prevailing gold pricing guidelines and regulations The Gold Purchase Price would be considered as an invitation to offer to all the Customers, to sell the Customer Purchased Gold at the Gold Purchase Price. The Gold Purchase Price shall not be inclusive of all applicable taxes and GST.
  5. The amount payable by SGL to the Customer with respect to Sale of Gold shall be transferred directly into the designated bank account of the Customer, within 2 (two) Business Days of the completion of Sale of Gold.
  6. Upon completion of Sale of Gold by the Customer, the Account Balance shall be modified to reflect the change. in the Customer’s portfolio and the Account Balance held in the designated Customer Account. SGL shall be entitled to reject a request for Sale of Gold request which is not in compliance with the T&Cs hereof and shall intimate the Customer of the reasons for the same.

K. Storage of Gold purchased on the Platform

  1. The Customer Purchased Gold purchased by a Customer from time to time, shall be stored in the designated vaults with the Custodian. The Customer acknowledges that SGL shall continue to store the gold in the designated vaults, operated and managed by the Custodian, until the Customer places a request for sale or collection of the Customer Purchased Gold.
  2. The Customer Purchased Gold stored in the designated vaults with the Custodian would be stored free of any additional storage and custody charges for 3 (three) years from the date of purchase of the designated quantity of the Customer Purchased Gold. However, pursuant to the expiry of 3 (three) years after the purchase of Customer Purchased Gold by the Customer, the quantity of Customer Purchased Gold stored for the Customer in the designated vaults would be subject to a storage and holding charge payable at the rate of 1% quarterly (one per cent quarterly) of the total Customer Purchased Gold stored by the Customer in the designated vaults, in the manner as designated by SGL from time to time.

L. Privacy and Data Protection

  1. The Customer hereby grants to the Platform, the right to collect, store, transmit or share the Customer Information to the extent necessary to provide the Services to the Customer. The Customer hereby agrees that the Customer Information contains the personal data of the Customer and provides the consent for SGL to use such Customer Information for commercial purposes including the purchase and sale of gold under the Platform.
  2. The Customer confirms that all necessary rights, releases and permissions required to provide the Customer Information to the Platform have been obtained by the Customer. Further, the grant of authorization by the Customer to the Platform, to use the Customer Information in accordance with these T&Cs do not violate any laws or rights of any third party, including without limitation any Intellectual Property Rights, rights of privacy, or rights of publicity.
  3. The Platform shall endeavour to keep the Customer Information as confidential and shall not disclose it to anyone except to the extent required to provide the Services to the Customer, and except if such disclosure is required pursuant to application of law or order by any court or governmental authority within the territory of India.
  4. The Platform acknowledges that its employees, directors, agents and contractors shall use the Customer Information only for the intended purpose for which it is provided. SGL shall use all reasonable endeavours to ensure that its employees, directors, agents and contractors acknowledge and comply with the provisions of these T&Cs.
  5. The Platform shall not be held liable for any loss of data, information or particulars, technical or otherwise, provided by the Customer, including the Customer Information, due the reasons beyond its control like corruption of data, delay or failure to perform as a result of a Force Majeure Event.
  6. Apart from the security obligations of the Platform under these T&Cs, the Platform assumes no responsibility or liability for the Customer Information and the Customer shall be solely responsible for the same, and the consequences of using, disclosing, storing, or transmitting it.
  7. The Customer will be required to sign the Customer declaration indicated under Annexure 1 hereunder.

M. Intellectual Property Rights

  1. All Intellectual Property Rights in relation to the Platform and the Services are solely and exclusively owned by SGL.
  2. Any materials downloaded or procured by the Customer from the Platform shall be utilized solely for the purpose of availing the Services in accordance with these T&Cs, and for no other reason whatsoever.
  3. SGL shall have the right to initiate appropriate legal proceedings against a Customer in the event of any infringement or unauthorized use of SGL’s Intellectual Property Rights by the Customer.

N. Indemnity

  1. The Customer hereby agrees to indemnify and keep indemnified, SGL, from and against any and all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly whatsoever (“Losses”), which SGL and/or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising directly or indirectly out of: (i) the usage of the Platform by the Customer; (ii) by reason of SGL acting in good faith and taking or refusing to take or omitting to take action on the Customer's instructions; (iii) negligence, mistake or misconduct of the Customer; (iv) breach or non-compliance of the T&Cs by the Customer; and/or (v) fraud or dishonesty relating to any transaction by the Customer.

O. Limitation of Liability of SGL

  1. Although there is considerable effort undertaken to ensure that the Platform has reliable content, there may still be some inadvertent errors found in the information on the Platform. SGL is not providing any representation, warranty or confirmation on the correctness and the veracity of the content provided on the Platform. Under no circumstances shall SGL be held liable for direct or indirect damage/loss resulting from accessing the Platform or using the information contained therein (e.g.: errors, omissions, inaccessibility, data loss, damage, destruction or viruses liable to affect the user's equipment). Therefore, the Customer accepts to use the information under his/her sole liability and is invited to make any necessary checks.
  2. The Customer hereby acknowledge that SGL shall not be held liable to the Customer or any other person for any direct, indirect, special, consequential, incidental, exemplary or punitive damages, or loss of profit or revenues.
  3. SGL shall also not be liable under any circumstances for damages arising out or related in any way to the Customer’s inability to access, or the Customer’s difficulty in accessing the Platform to avail of any of the Services, any bugs, viruses, or the like, which may be transmitted to or through the Platform by any third party, any loss of the Customer’s Information, any claim relating to the Customer’s Information or content from the Services, the Customer’s failure to keep the Customer Information secure and confidential.
  4. The use of the Platform and/or provision of the Services may be interrupted from time to time, including for maintenance, repairs, upgrades, or network or equipment failures. SGL strives to keep the Platform and Services up and running. It is however clarified that SGL shall not be liable for any disruption or loss that may be suffered by the Customer on account of disruption in utilization of the Platform or in availing the Services for any reason whatsoever.
  5. SGL shall not be liable for any cyber crime committed on the Platform using the Customer Account, the Customer Information and/or the Customer’s debit card, credit card, net banking facilities or other payment facilities.
  6. While availing any of the payment methods available on the Platform for availing the Services, SGL shall not be responsible for or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to the Customer due to: (a) lack of authorization for any transactions, (b) any limits imposed on the Customer by its bank being exceeded, (c) any payment issues arising out of the transaction, (d) rejection of transaction/failure of payment for any reason whatsoever; (e) misrepresentation or the provision of incorrect payment details.
  7. The Customer further acknowledges and agrees that SGL shall not be held liable or responsible in any manner whatsoever, for any and all actions or in actions of the Custodian. Further, it is clarified that SGL is merely a facilitator, and the vault and custodian services shall be governed by the terms of the agreements entered into with the Custodian. Accordingly, SGL would not be liable for any loss of deterioration of the value of the Customer Purchased Gold arising due to any actions of the Custodian (including their authorised representatives, agents, employees and service providers).

P. General

  1. This document contains the T&Cs introduced by SGL and shall constitute an electronic record within the meaning of the Information Technology Act, 2000, the rules made thereunder, and all other applicable laws as amended from time to time.
  2. It is clarified that this electronic record is generated by a computer system and does not require any physical or digital signatures by SGL, the Customer, the Custodian, or any other persons. Further, there is no requirement for this electronic record to be stamped and the Customer hereby undertakes not to use any defence of stamping for admissibility and binding nature of these T&Cs.
  3. Investment in gold is subject to market fluctuations and risks. SGL does not offer any guaranteed rate of return on investment in gold by availing the Services on the Platform. The Customer shall be solely responsible for undertaking appropriate and effective due diligence and related analysis before undertaking any transactions pursuant to these T&Cs. The Customer further acknowledges that SGL and its officers, directors, employees, agents and affiliates will have no liability for any purchase or other decisions made by the Customer using the Platform.
  4. Accessing, browsing or otherwise using the Platform is indicative of the Customer’s agreement to all the provisions contained under these T&Cs. The Customer is advised to read these T&Cs carefully before proceeding. By impliedly or expressly accepting these T&Cs, the Customer also accepts and agrees to be bound by all SGL policies, as amended from time to time.
  5. SGL reserves the right to change, modify or amend these T&Cs at any point of time at its sole discretion by posting a notification to that effect on the Platform (including but not limited to the sale of gold and jewellery products manufactured by other service providers, through the Platform). It shall be the Customer’s responsibility to review such revised terms and conditions. The Customer shall be deemed to have accepted the amended terms and conditions by continuing the use of the Platform.
  6. If SGL is of the opinion that the Customer Account is being used by the Customer or by any person on behalf of the Customer, with or without the Customer’s consent, for any unlawful purpose, SGL shall have the right to take all action available to it, including black-listing or blocking the Customer from availing the Services on the Platform, or blocking access of the Customer to the Services through the Platform or intimating the relevant authorities of such unlawful activities.
  7. The locations, pin codes, addresses, devices, applications and platforms on/for which SGL shall provide the Services, shall be at SGL’s sole discretion. SGL reserves the right to make alterations to the same at any point in time.
  8. SGL shall have the right to discontinue or alter some or all of the Services or make modifications to certain features made available on the Platform, at any point of time.
  9. It is hereby expressly specified that SGL may assign or transfer all or part of its rights or duties under these T&Cs without such assignment being considered a change to these T&Cs and without notice to the Customer, except to the extent required under any applicable law.
  10. In the event of any queries with respect to these T&Cs, SGL may be contacted at the following email address: customerfeedback@sencogold.co.in.

Q. Termination of Customer Account

  1. SGL reserves the right to terminate any Services provided to the Customer’s/ its Nominee’s on occurrence of the following termination events (“Termination Events”):
    • If it is discovered or brought to the attention of SGL that Customer/ its Nominee is not eligible to use the Platform and/or any Service;
    • any Customer Information provided is false, misleading or inaccurate;
    • the provisions of these T&Cs have been breached, violated and/or not been complied with for a period exceeding 5 (five) days;
    • the Customer has been in violation of any provisions of applicable law (as amended, notified or promulgated from time to time), including in relation to the Prevention of Money Laundering Act, 2002 and the Income Tax Act, 1961;
    • any legal proceeding in relation to insolvency or winding up is initiated against the Customer under the applicable laws;
    • an investigation has been initiated against the Customer by any public agency and/or governmental authority;
    • a FIR/ charge sheet has been filed against the Customer; and
    • any Customer Account which has been unutilised for a period exceeding 2 (two) years.
  2. On occurrence of a Termination Event, SGL would be entitled to undertake the following actions:
    • terminate the Customer’s Account
    • refuse to provide to any person or Customer/ its Nominee, with access to the Platform and/or any Services;
    • freeze the Customer’s Account until an order is received from an appropriate statutory authority.
  3. In the event of any termination of the Services provided by SGL by way of the Platform, the Customer Account will be closed and the Customer would be required to collect the Customer Purchased Gold (in accordance with the process indicated under clause (I) hereinabove), subject to the deduction for any losses, damages, costs and expenses as may be incurred by SGL on occurrence of any Termination Event(s).

R. Grievance Redressal

  1. The Customer may raise any complaints, queries and concerns (“Customer Complaint”) regarding the provision of Services on the Platform, determination of the Gold Selling Price, determination of the Gold Purchase Price, payment details and such other compliant or grievance arising in connection with the Customer’s utilization of Services on the Platform.
  2. Such Customer Compliant may be raised by way of raising a complaint with the customer care executives of the Platform (“Customer Care Executive”) and record a grievance through dialing the customer care number 18001030017 (or) may write to Senco at: customerfeedback@sencogold.co.in
  3. The Customer hereby agrees that any toll, data charges or additional call charges arising from raising a telephonic/email grievance will be borne by the Customer.
  4. Additionally, the Customer may through accessing the “Help” section on the Platform raise a Customer Compliant which shall be responded to by the Customer Care Executives of the Platform. The Customer hereby understands that in order to address the Customer Complaint raised the relevant Customer Care Executive may require the Customer to provide supporting details (including but not limited to details of the Customer Purchased Gold held by the Customer on the Platform, payment details and such other details as may be required by the customer service representative) in order to appropriately address the Customer Complaint raised by the Customer.
  5. All Customer Complaints raised by the Customer (s) shall be appropriately resolved (including the resolution of any follow up queries to the Customer Complaint raised by any Customer) within a period not exceeding 2 (two) Business Days.
  6. In the event the Customer is dissatisfied with the response provided by the relevant Customer Care Executive (including but not limited to any delay in the resolution of the Customer Complaint, provision of inadequate response) or any additional issues faced by the Customer regarding the conduct of the relevant Customer Care Executive and issues regarding the nature of response provided to the Customer Complaint, the Customer may contact the following grievance redressal representative (“Grievance Redressal Representative”):
    Name: Sanjukta Bhowmick
    Designation: Senior Manager Of Customer Care
    Email Address: customerfeedback@sencogold.co.in
    Contact No.: 18001030017

The Grievance Redressal Representative hereby agrees that the grievances raised by the Customer (s) shall be duly acknowledged within 2 (two) Business Days of the receipt of such Customer grievance and the Grievance Redressal Representative shall undertake to redress all grievances raised by the Customer (s) within a period of 30 (thirty) days from the receipt of Customer grievance.

S. Governing Law and Dispute Resolution

  1. These T&Cs shall be governed by and interpreted and construed in accordance with the laws of India.
  2. In the event of any dispute or difference arising under these T&Cs, the matter shall be referred to arbitration by a sole arbitrator to be appointed mutually by the Customer and SGL. The venue of the arbitral proceedings shall be in Kolkata, India and shall be conducted in accordance with the Arbitration and Conciliation Act, 1996 as amended from time to time. The language to be used in the arbitration proceedings shall be English.
  3. Subject to the above, the courts at Kolkata. shall have sole and exclusive jurisdiction in relation to all matters arising out of or in connection with these T&C’s, the Platform or the Services.

Annexure 1

Customer Declaration

The Customer hereby agrees and acknowledges that the provisions of the following declaration are true and correct to the best of the knowledge of the Customer and shall continue to remain so during the term of the operation of the Customer Account on the Platform:

Declaration

I (indicate name) in my capacity as the Customer referred hereinabove, hereby agree that all information, content, materials and services included on or otherwise made available to me through the Platform (collectively, the "Contents") are provided to the Platform on an "as is," "as available" basis, without representations or warranties of any kind. I hereby agree and acknowledge that I have read and understood the T&Cs of the Platform (including any amendments thereto) and agree that the Platform and SGL make no representations or warranties of any kind, express or implied, as to the operation of the Platform, the accuracy or completeness of the Contents and the accuracy of the information.

I acknowledge that the Platform and SGL shall have no responsibility for any damage to my computer system or loss of data that results from the download of any content, materials, document or information or any other losses incurred by me for use of the Platform. I hereby agree and acknowledge that SGL will not be held liable and responsible for any access delays or interruptions to the Platform. I expressly agree that the use of the Platform is at my sole risk. The Platform and SGL will not be liable for any damages of any kind arising from the use of the Platform or the Services or the Contents including, without limitation, direct, indirect, consequential, punitive, and consequential damages, unless otherwise specified in writing. to the full extent permitted by law. Further, I hereby agree and acknowledge that SGL will not be liable for any liabilities, losses and damages arising in relation to or out of the use of the Platform by me and due to events beyond the reasonable control of SGL including but not limited to viruses, system failures, malfunctions, data non delivery, data misdelivery, loss of data or corruption of data in relation to the utilisation of the Platform by me.

The Platform and SGL disclaims any and all representations and warranties with respect to the platform (or any part thereof) and its Contents, whether express or implied, including, without limitation, warranties of title, merchantability, and fitness for a particular purpose or use.

I further acknowledge and agrees that a failure by one or more of the commercial internet service providers may affect internet-based order entry. I hereby acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of the Platform and SGL. Therefore, the Platform and SGL shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery or execution of order due to breakdown or failure of transmission or communication facilities (including in any device used to connect to the Platform), or to any other cause beyond the Platform’s and SGL’s control or anticipation.