1.1. M/s. Kundan Gold Private Limited (hereinafter referred to as the “Company”) owns and operates the Digital Partner Platform, namely ‘My Gold Kart’ (hereinafter referred to as “MGK”), Website and Mobile Application (as defined herein below).
1.4. This electronic record is generated by a computer system and does not require any physical or digital signatures.
1.6. The term ‘Company’ and ‘MGK’ can be interchangeably be used to refer to My Gold Kart Private Limited.
a. “Customer” shall mean any individual, who makes a transaction using the Partner Platform for buying Gold/Silver (as defined herein below), taking delivery of Gold/Silver and/or selling back the Gold/Silver to MGK or any other buyer or dealer as outlined in these Terms;
b. “Gold/Silver” shall mean digital Gold/Silver or paperless Gold/Silver available through online Partner Platform of MGK Private Limited known as MGK;
c. “Gold/Silver Account” shall mean the account created by the Customer, in accordance with these Terms;
d. “Force Majeure Event” shall mean any event that is beyond the reasonable control of the Company and shall include, without limitation, sabotage, fire, flood, pandemic, explosion, act of God, civil commotion, strikes, lockouts or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, civil disturbances, unauthorised access to computer data and storage device, computer crashes, virus attacks, breach of security and encryption, and any other similar events which the Company is not able to overcome;
e. “MGK Wallet” shall mean an electronic wallet created under the account of the Customer that shall show the Gold/Silver and/or Silver balance. The balance shall be the total net of all the Gold/Silver purchases and sales done by the Customer on the MGK Partner Platform.
f. “Mobile Application” shall mean an Android based or iOS-based software application developed for facilitating the buying/selling of digital Gold/Silver on MGK Partner Platform which a Customer may download from the Google Play Store or Apple Store, as the case may be.
g. “MGK Platform” shall mean the Partner Platform created by the Company for its Customers to buy and sell Gold/Silver online.
h. “No Lien Account” shall mean a bank account on which a bank cannot enforce any security on the account holder.
i. “Payment Instrument” shall mean any cash, electronic wallet-based application like UPI or BHIM App, Google pay, Phonepe, Debit Card, Credit Card or Net Banking that a Customer may use to buy Digital Gold/Silver on the MGK Platform.;
j. “Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization and any other legal entity;
k. "Partner Platform" shall mean, and include, the Website and the Mobile Application by the name and style of MGK, that the Customer accesses for the transactions, including all contents, services and technology offered;
l. “Services” means selling Gold/Silver and providing services of safe keeping/vaulting and delivery/fulfilment of Gold/Silver and related services thereto to the Customers, on or through the Partner Platform;
m. “Silver” shall mean digital silver or paperless silver available through online Partner Platform of MGK Private Limited known as MGK;
n. “Terms” shall mean specific terms, guidelines and conditions, laid down hereunder, applicable to the Partner Platform;
o. “Transfer” refers to a facility to transfer Gold/Silver from a Gold/Silver Account to another Gold/Silver Account; and
p. “Website” shall mean HTML or PHP based web pages developed electronically and hosted under the domain name “www.mygoldkart.com ” and available for access by public from any public IP Address through internet from anywhere globally.
2.2. In addition to the terms defined in Clause 2.1, additional terms used herein shall have the respective meanings assigned thereto in the relevant Clauses contained hereinafter.
2.3. The expressions like You/Your, with grammatical variations and cognate expression refers to the Customer who visits, uses or in any manner transacts with MGK Platform. You hereby acknowledge that You shall be solely responsible for undertaking appropriate and effective due diligence and other related analysis before undertaking any transactions pursuant to these Terms.
2.4. We/Our/Us, with its grammatical variations and cognate expressions shall mean and include MGK, and/or its affiliates, subsidiaries, holding companies or other entities in which the Company is substantially interested, directly controls or be controlled.
3. TERMS AND CONDITIONS OF SERVICES BEING RENDERED
3.1. M/s. Kundan Gold Private Limited, a Company incorporated under the provisions of the Companies Act, 2013 and having its Registered Office at Flat No - 4, Second Floor-3, Scindia House, New Delhi-110001, inter alia, will be providing Services to the Customer, on or through MGKPartner Platform.
3.2. The Customers are advised to read and understand these Terms carefully before using the Services.
3.3. MGK does not guarantee any returns, on any transactions consummated vis-à-vis the Partner Platform, to any person, either directly or indirectly unless the said goods are defective or damaged. The Services by MGK shall commence from the date of creation of the Customer Account.
3.4. Our Partner Platform is for us to advertise, exhibit, make available and to sell products to the Customer and for the Customer to accept the offer(s) given by us.
3.5. The Customer understands and acknowledges that the Services that are being provided and made available through the MGK Platform are on an “AS AVAILABLE” and “AS IS” basis. The Partner Platform may contain errors or inaccuracies that could cause failures, corruption or loss of data and/or information from the Customer’s device and from peripherals (including, without limitation, servers and computers) connected thereto. The Customer assumes all risks and costs associated with the Customer’s use of the Services, including without limitation, any costs incurred for the use of the Customer’s device and any damage to any equipment, software or data.
3.7. The Customer confirms that the Customer is not registered under the Goods and Services Tax Act, 2017 and if, in the course of your relationship with the Company, you become registered under the Goods and Services Tax Act, 2017, You are required to inform the Company of your change in status immediately, and provide all relevant information and document(s), as may be requested.
3.8. In event, the Customer is not an individual, but a person who is required to comply with the Goods and Services Tax Act, 2017, then the Person is required to provide all relevant information and document(s) at the time of creation of the Gold/Silver Account.
4. INTERMEDIARIES, SECURITY TRUSTEE AND SAFE KEEPING
4.1. Appointment of Intermediaries
4.1.1. To facilitate transactions on the MGK Platform, the Company will enter into a separate agreement with Brink’s India Pvt. Limited (hereinafter referred to as the “Custodian”). The Customer hereby consents to the appointment of the Custodian, for and on behalf of the Customer, by the Company.
4.1.2. The Customer understands and acknowledges that the Custodian has been appointed to ensure that the Customer Orders/Customer Requests are duly complied with in accordance with these Terms. The Customer hereby additionally acknowledges that certain payments will have to be made to the Custodian for its appointment and services in relation thereto, which shall be borne by the Company, on the Customer’s behalf, unless otherwise indicated in these Terms.
4.2. SAFE KEEPING OF GOLD AND SILVER
4.2.1. Gold/Silver purchased by the Customer shall be stored with the Custodian in a vault on behalf of the Customer.
4.2.2. The Gold/Silver stored shall be in the form of coins or bars, depending upon the weight., i.e., at a minimum of 1 gm and of 99.99% purity. The total amount of Gold/Silver stored shall be equal to the cumulative/total weight of Gold/Silver of 99.99% sold through MGK Platform.
4.2.3. You understand that, although the Custodian has taken the necessary insurance(s), in case of occurrence of an event not covered in such insurance(s), the Customer’s Gold/Silver may be at risk. The insurance(s) obtained by the Custodian are in line with the global industry practices and cover losses due to fire, lightning, theft, cyclone, earthquake, flood, etc. but do not cover losses due to events such as war, revolution, derelict weapons of war, nuclear radiation, etc.
5. TRANSFER AND STORAGE OF GOLD AND/OR SILVER
5.1. Transfer of Gold/Silver
5.1.1. MGK may offer the Customer the ability to Transfer their Gold/Silver to another person (hereinafter referred to as the “Recipient”) by means of the “gift” feature available on the Partner Platform.
5.1.2. MGK shall not be responsible for the acceptance or rejection of the “gift” by the intended Recipient, or for verifying the correctness of the mobile number or other identification information provided for the intended Recipient by the Customer.
5.1.3. Gold/Silver gifts shall be final, and MGK shall not be responsible for amending, altering or reversing the transaction in case the gift is delivered to an unintended Recipient due to any error on the part of the Customer. However, in case the intended Recipient does not accept the “gift” within a period of 7 days, the Gold/Silver balance shall revert to the Customer’s Gold/Silver Account. Value of the gift shall not be more than Rs. 50,000/-.
5.2. Exchange for Jewellery
5.2.1. MGK may also offer Customers the ability to exchange their purchased Gold/Silver in digital form for jewellery through a partnership with jewellery chains (hereinafter referred to as the “Jeweller Partner”). This will be offered as part of the “exchange for jewellery or Offline Redemption” feature available on the Partner Platform. The transaction shall only be initiated upon the express instructions of the Customer to the Jeweller Partner. Any additional charges, including but not limited to designing charges, for the jewellery product selected shall be borne by the Customer.
5.2.2. Customers will scan a unique QR code for the selected Jeweller Partner by MGK to verify the transaction and confirm that the Customer wishes to proceed with the Transfer of Gold/Silver balance to the selected Jeweller Partner. By scanning a unique QR code for the selected Jeweller Partner, the Customer agrees to allow MGK to debit your Gold/Silver Account balance to the extent required for the purchase of Customer’s chosen jewellery product. Once a transaction has been deemed to be final and an invoice generated for the transaction, Customers shall not have the ability to cancel or request for a refund, unless specifically allowed by MGK or the Jeweller Partner.
5.3. Storage of Gold/Silver
5.3.1. The Customers are required to take delivery of the Customer’s Gold/Silver within such period (hereinafter referred to as the “Storage Period”) as shall be specified for this purpose by MGK from time to time on the Partner Platform. For the purposes of making delivery to the Customer, the Customer is required to provide a valid address and/or any other information that may be specified in this regard by MGK Partner Platform from time to time.
5.3.2. The Customer hereby accepts that the maximum Storage Period available would be for 5 years and an additional grace period of 1 year, after the expiry of the maximum Storage Period, can be availed by the Customer. Hereinafter, the Customer shall be charged 0.5% of the Gold/Silver Account balance or Rs. 200/- per year, whichever is lower.
5.3.3. In the event that no valid address has been provided by the Customer, then MGK shall, for a period of 1 year, commencing from the date of expiry of the Storage Period, attempt at least once to contact the Customer, using the contact information provided by the Customer to obtain either an address to which the Customer would require the Gold/Silver in question to be delivered or the Customers’ bank account details into which sale proceeds of the Customer Gold/Silver shall be deposited. In the event that MGK has not been able to contact The Customer after the expiry of the grace Storage Period using the contact information provided by You, then the quantity of Gold/Silver in Customer’s Gold/Silver Account shall be purchased by the Company at the prevailing market rate and the final sale proceeds, after deduction of applicable fees and charges, shall be transferred to a No Lien Account maintained specifically for handling claim related transactions and only once the Customer contacts Us, the sale proceeds shall be transferred to the Customer, provided the Customer proves his/her identity through requisite document(s) and provides the verified Gold/Silver Account details. The said sale proceeds shall only be available for a period of 3 years from the expiry of grace period, after which the Company will solely take a decision about the proceeds in the No Lien Account.
6. CREATION OF GOLD/SILVER ACCOUNT
6.1. For joining the Partner Platform and before availing the Services, the Customer shall complete the MGK registration process, as may be prescribed from time to time. The Customer shall follow the instructions given on the Partner Platform for opening a Gold/Silver Account.
6.2. The Customer agrees that MGK shall be entitled to collect and store relevant information and documents provided by the Customer to the Partner Platform for KYC purposes. As and when required by MGK Platform, the Customer will be required to provide additional documents for fulfilling the KYC requirements. The Customer authorises MGK to make such enquiries as may be necessary to be satisfied about the validity of the Customer’s identity. The Customer shall be responsible for the correctness of information provided to MGK. If the Customer has reason(s) to believe that there is an error in the information furnished by the Customer, the Customer shall immediately provide correct / updated information.
6.3. The Customer hereby agrees that MGK reserves its right to terminate any Gold/Silver Account, with notice to the Customer, in the event the KYC documents and/or the information is found to be incorrect or authenticity of the documents and/or the information is found to be dubious. The Customer hereby undertakes to indemnify and keep indemnified MGK, against any and all losses, claims, liabilities costs etc. which arise out of or relating to the Customer’s failure to identify the Customer and validate the Customer’s Account promptly and / or due to incorrect KYC documents and/or information.
6.4. At the time of creation of Gold/Silver Account, the Customer shall be required to provide his/her, name, email address, and mobile number.
6.5. Know Your Customer (KYC) and Verification
6.5.1. Prior to placing an order, the Customers may be required to provide certain KYC documentation and other information as may be required by MGK in such form and manner as it may deem fit. This information may be requested from the Customer at the time of registration, or at a later stage.
6.5.2. Once such documentation and other information is provided by the Customer and the same has been verified by MGK in any manner it deems fit, the Customer shall be entitled to place an order on the Partner Platform (hereinafter referred to as “Customer Order”).
6.6. Customer’s Obligations
6.6.1. The Customer will be responsible for maintaining the confidentiality of the Gold/Silver Account Information, and shall be fully responsible for all activities that occur under Your Gold/Silver Account. The Customer agrees to immediately notify MGK of any unauthorised use of the Gold/Silver Account Information or any other breach of security.
6.6.2. MGK cannot and will not be liable for any loss or damage arising from Your failure to comply with Clause 6.5. The Customer will be held liable for losses incurred by MGK due to unauthorised use of the Gold/Silver Account, as a result of your failure in keeping the Gold/Silver Account Information confidential.
6.6.3. The Customer shall ensure that the Gold/Silver Account Information provided by the Customer in the registration form is complete, accurate and up-to-date. Use of another Customer’s account information for availing of any of the Services and/or for use of the Partner Platform is expressly prohibited.
6.6.4. The Customer agrees that if the Customer provides any information that is untrue, inaccurate, not current or incomplete, (or becomes untrue, inaccurate, not current or incomplete) or if MGK has reasonable grounds to suspect that such information is untrue, inaccurate, not current, incomplete, or not in accordance with these Terms, MGK shall have the right to indefinitely suspend or terminate or block access to the Gold/Silver Account on the Partner Platform and refuse any and all, current or future, access to the Partner Platform (or any portion thereof) without any liability to the Customer.
7. PURCHASE OF GOLD/SILVER
7.1. The Customer can offer to buy Gold worth Rs. 1/- and above incremental value thereof at the live purchase price of Gold/Silver of 99.99% purity shown on the Partner Platform. Where errors have occurred in the pricing of transactions displayed by Partner on Partner Platform to the Customer, MGK, reserves the right to not be bound by such a quote or transaction. Due to delayed transmission between the Customer and Partner, the price offered on Partner Platform may have changed before an order from the Customer is received by Partner. MGK reserves the right to cancel or reverse the transaction whether before or after transaction confirmation. MGK further reserves the right to credit / debit Gold/Silver balance in your Gold/Silver account on account of cancellation or reversal of any transaction(s).
7.2. The Market related prices means that these quotes are linked to the prices of Gold/Silver in the commercial market in India. There is no upper limit on the purchase quantity, provided KYC is done. The limit of purchase with minimum KYC formalities is Rs. 1,99,000/-, either purchased in a single transaction or cumulatively over a period of 1 financial year.
7.3. It is hereby clarified that such market linked prices of Gold/Silver shall constitute fully binding offers and would be an invitation to offer to purchase Gold/Silver at the said market prices to all Customers. Notwithstanding the foregoing, the Customer understands that these prices may vary multiple times within a day, and accordingly the Customer’s payment obligations for any order will depend on the market linked prices then prevailing.
7.4. Payment will be accepted only through the payment options made available on the Partner Platform, which may include redirection to a Payment Gateway hosted by another third-party website or Partner Platform, including by MGK. At the time of purchase / redemption / transfer of Gold/Silver /sale-back, the relevant taxes will be chargeable, as applicable under the Government regulations. It is hereby clarified that once a Customer Order is placed, the Customer is not entitled to cancel his/her Order, provided in case of payment failure, the Customer Order shall stand cancelled. Upon successful execution, the purchased Gold/Silver will reflect in the Customer Gold/Silver Account.
7.5. MGK will not be responsible for any wrong / erroneous credit / debit from Customer’s bank account / wallet and / or services provided by the payment solution engaged by Partner Platform.
8.1 Delivery by the logistics partners designated by MGK from time to time shall be completed only after verification through an OTP (One-Time Password) sent to the registered mobile number or such other verification / authentication system that may be adopted by MGK from time to time for delivery of Gold/Silver. In case the Customer wishes to change the mobile number or address provided, a formal request shall be raised for the same via Partner Platform. The logistics partner of MGK will make a maximum of three attempts to deliver your order. After three attempts Gold/Silver coin will be delivered back to MGK and Customer will need to put the fresh request for the redemption.
8.2 In case the Customer doesn’t get the delivery due to any reasons attributed to MGK or its delivery partner then the Customer will get the refund of making and delivery charges.
9.1 At the time of redemption, the Customer can select redeemable product for redemption from catalogue of redeemable products. These redeemable products will be hosted on the Partner Platform. The list of redeemable products may be altered, changed and amended by MGK from time to time at its sole discretion.
9.2 At the time of redemption, in physical deliverable product form, the Customer will pay additional manufacturing and delivery charges and applicable taxes on the same. The redeemable product selected from the catalogue for delivery shall be subject to availability of stock with the MGK.
9.3 For each confirmed purchase of Gold/Silver by the Customer, MGK will be the custodian of the Gold/Silver, till such Gold/Silver is lying in your Gold/Silver account subject to terms herein. The Gold/Silver purchased by you will be allocated and stored in a highly advanced and secured vault of MGK, with full insurance cover.
9.4 The Customer will have the option of redeeming and asking for physical delivery of the full or part of the accumulated Gold/Silver holding, in the form of redeemable products starting from 0.25 gm and above. The residual fractional Gold/Silver remaining, upon redemption by you of the entire Gold holding, can be sold back by you to us at the live sell-back price of Gold of 99.99% purity and the corresponding amount against the residual fractional Gold sold by you will be credited to your designated bank account.
9.5 Once the redemption has been initiated by you and payment received, then your Gold/Silver grams will be debited accordingly from your Gold/Silver account.
9.6 It is hereby clarified to the Customer after purchasing Gold/Silver, the same cannot be redeemed for the next 48 hours and the Gold/Silver can only be redeemed by the Customer after the lapse of 48 hours.
9.7 The payment made by the Customer for the product purchased will be made directly to the bank account of the company and simultaneously the Gold/Silver purchased by the Customer will be deposited with the custodian.
9.8 In case of rejection of a Customer Order in accordance with these Terms, where payments have been received by MGK, such payments shall be returned to the Customer’s bank account linked to your MGK Account, subject to the terms and conditions indicated on the Partner Platform.
9.9 MGK may also, from time to time, in future, offer / permit the Customer to sell-back its Gold to MGK at prevailing live sell-back price of Gold of 99.99% purity, during the offer period as may be announced / permitted by MGK. The money against the Gold/Silver sold by a Customer would be credited to the Customer’s bank account as per the details provided by the Customer.
9.10 All redeemable products selected for delivery by Customer for redemption, shall be delivered within India as per instructions of the Customer through our logistics partners. All deliveries where applicable shall be made on a best efforts basis, and while MGK will endeavour to deliver the products on the dates intimated, MGK disclaims any claims or liabilities arising from any delay in this regard.
10.1 MGK reserves the right to cancel a Customer Order, at its sole discretion, if the information provided prior to placing the Customer Order is not found acceptable and MGK is of the opinion that the Customer is not eligible to purchase Gold/Silver. The Gold/Silver Account shall accordingly stand amended, until MGK receives KYC and other documentation in a form and manner satisfactory it.
10.2 Once the payments are received by MGK and the KYC information, if requested, is found acceptable, MGK shall issue an invoice to the Customer confirming the Customer Order placed within a period of three (3) days of placing such order. In case of any technical issue or Partner Platform being rendered non-functional due to some major technical issue, an invoice shall be generated in seven (7) days.
10.3 Notwithstanding anything to the contrary contained in these Terms, MGK shall be entitled to accept or reject a Customer, for any reason whatsoever, at its sole discretion.
10.4 Upon MGK confirming the purchase, redemption, sale-back of Gold/Silver in his / her Gold/Silver account by Customer, the order / request of Customer to purchase / redemption / sale-back / Transfer of Gold/Silver, as the case may be, shall be binding on the Customer and cannot be cancelled. The Customer shall inform immediately, in any case no later than 30 days of the transaction, of any irregularities or discrepancies that may exist in his / her Gold/Silver account, failing which it shall be deemed that there is no error or discrepancies in the account. All records maintained by MGK / Partner, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions.
11 DELIVERY OF GOLD/SILVER
11.2 Upon placing the Delivery Request, the Customer shall be required to pay the applicable charges and confirm the Delivery Request. Your Gold/Silver Account shall be debited corresponding to the quantity of the Customer Gold/Silver sought to be delivered. In case, the balance of the customer’s Gold/Silver Account is insufficient for the purpose for paying delivery charges, the Customer shall be liable to pay the requisite amount in the account before placing the Order.
11.3 Within a period of 7 days of the Delivery Request being confirmed, or such further period as may be required by MGK, MGK shall arrange for delivery of the Customer Gold/Silver at the shipping address indicated by the Customer. The Customer shall be solely responsible for ensuring that the correct address is furnished on the Partner Platform for processing such Delivery Request. The Customer shall not be entitled to change the shipping address after the Delivery Request is processed by MGK.
11.4 The Customer should carefully examine the package delivered and should not accept deliveries where the packaging has been tampered with. If, however, the Customer is of the view that the package delivered has been tampered with, the Customer shall be required to intimate MGK immediately about the same, and provide such other information as may be required by MGK in this regard (hereinafter referred to as “Return Request”). The return pickup, after the return request being approved by MGK, will be arranged from the address of the customer, within 7 working days of the approval of the request and the re-delivery of the returned Gold/Silver shall be done within 10 working days thereafter. The costs for such shipping shall be borne by MGK. However, in the event of frivolous and unjustified Return Requests made by the Customer, MGK reserves the right to take all action available under law, including black-listing or blocking the Customer from using the Services on the Partner Platform.
11.5 The Customer upon signing the delivery receipt acknowledges the receipt of the Customer Gold/Silver in terms of the Delivery Request placed with MGK.
11.6 Upon receipt of the Delivery Request by MGK, the Gold/Silver Account shall be debited from the delivered Customer Gold/Silver from the Gold/Silver Account.
11.7 It shall be the Customer’s responsibility to ensure that the Customer is available to receive the delivered Customer Gold/Silver at the time of delivery. If the Customer is not available at the time of delivery, MGK courier agent may try and deliver the item again before returning the same to MGK. In case of return of the delivered Customer Gold/Silver to MGK, Gold/Silver Account shall be credited for the un-delivered Customer’s Gold/Silver, after deducting the charges (if any) due from the Customer provided however that MGK is of the opinion that the packaging has not been tampered with. It is hereby clarified that should a request for re-delivery be made by the Customer, the Customer shall be solely liable to incur the applicable charges for the delivery of the same.
11.8 Notwithstanding anything to the contrary contained in these Terms, MGK shall be entitled to reject a Customer’s Request which is not in compliance with the Terms hereof, and shall intimate the Customer of the reasons for the same.
11.9 It is hereby clarified that the Customer Gold/Silver cannot be pledged or transferred by the Customer to any other user, and the Gold/Silver Account is non-transferrable, unless specifically allowed by MGK. In the event of the Customer’s death, the title to such Customer’s Gold/Silver lying in the vault and the Gold/Silver Account shall be transferred to the Customer’s heirs, only after the required due diligence has been conducted or relevant court documents have been provided to establish the same. Subsequent to this, the Customer’s legal heir(s) shall be regarded as the Customer for the purpose of the Customer Gold/Silver and Gold/Silver Account thereafter and the Terms shall be applicable to the Customer’s legal heir(s).
11.10 The prices quoted on the Partner Platform are fixed and not negotiable. The prices on the Partner Platform are also subject to change without notice to the Customer.
12 SALE OF CUSTOMER GOLD/SILVER
12.1 The Customer may be provided with an option to sell the Customer Gold/Silver during market hours based on the sale prices on the Partner Platform. If the prices are found acceptable to the Customer, the Customer shall confirm the sale request, in a form and manner acceptable to MGK. The Customer’s Gold/Silver Account shall be debited corresponding to the quantity of the Customer Gold/Silver sought to be sold vide the Sale Request (hereinafter referred to as “Sold Customer Gold/Silver”).
12.2 Within a period of 5 working days of the Sale Request being confirmed or such further period as may be required, the payment, pursuant to the sale request, shall be disbursed by MGK at the sale prices indicated at the time of placing such sale request. MGK shall arrange for such payments to be made to the Customer’s bank account, details of which are provided by the Customer.
12.3 It is hereby clarified that MGK will provide this service on a best efforts basis and only when the commercial bullion market is in operation. MGK does not in any way guarantee that this option will be available to the Customer at all times.
12.4 While reasonable efforts will be made to offer the Customer a competitive price for the Customer Gold/Silver, there is no guarantee that the price offered to the Customer will be close to or comparable with other prices available in the market.
12.5 MGK may, at its discretion, close down, suspend and / or migrate the Gold/Silver account of Customer(s), if
(a) the Custody Period has expired; and / or
(b) MGK decides to discontinue the MGK scheme and / or
(c) any other reason(s) as may be determined by MGK.
In such event(s) the Customer can redeem the Gold/Silver accumulated by him/her in his/her Gold/Silver account, and take delivery of the redeemable products and sell back to MGK the residual fractional Gold/Silver lying in his / her Gold/Silver account at the live sell-back price of Gold/Silver. Further, if the open sale back window is made available by MGK, then the Customer may sell back the product in his/her Gold/Silver account in whole or in part. The redemption and sell back by the Customer shall be as per terms prescribed by MGK in the notice given for exercising the right to close, under this clause. For the purpose of this clause, ‘Custody Period’ shall mean a period of 5 years from the date of last purchase / receipt of Gold/Silver in the Gold/Silver account of the Customer. In the event the Customer(s) fails, neglects or chooses not to redeem and / or sell-back, as applicable, their Gold/Silver holdings within the time prescribed, then MGK will be entitled to levy on Customer(s), custody charges at the rate of up to 0.5% (zero point five percent) per annum of the value of the Gold/Silver balance of the Customer held in the custody of MGK. The custody charges will be deducted from the Gold/Silver balance of the Customer as per frequency determined by MGK. In the event that MGK does not exercise its’ discretion to close down the Gold/Silver account of Customer(s) in terms of this clause, Customer(s) can continue their Gold/Silver account by paying the custody charges as provided above.
13 MGK WALLET
13.1 Any sale of Gold or Silver made on the MGK Partner Platform, the Customer shall have the option to transfer the proceeds of the sale of Gold/Silver sold by the Customer to the Company that can be credited to the MGK Wallet of the Customer and not to their bank account. Further, money in the MGK Wallet can be used only in the future to purchase Gold/Silver from MGK, application offered by Kundan.
13.2 The money shall be available in the MGK Wallet for a period of 90 days (as stipulated by the Reserve Bank of India) after which the money shall be credited to the bank account of the Customer, as per the details furnished by the Customer.
14 FORCE MAJEURE
14.1 In case of inability of the Company to make delivery of Gold/Silver due to Force Majeure reasons and any other reason beyond the Company’s control and which could not be prevented, the Company may require that the deliveries be effectuated through specific modes. In such a case, the Customer agrees to bear any additional costs and fees necessary for the delivery to be complete.
15 TERMINATION OF SERVICES
15.2 These Terms shall further stand terminated:
i. if the Company is adjudged bankrupt or declared insolvent;
ii. if the Company ceases to carry on its business or has communicated any intention to cease to carry on its business;
iii. upon any corporate action (excluding any third-party corporate action), legal proceedings or other procedures or steps being taken in relation to the suspension of payments, winding up, dissolution, administration, provisional supervision or reorganisation or restructuring (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Company;
iv. upon the Company commencing a voluntary proceeding under any applicable bankruptcy, insolvency, winding up or other similar applicable law now or hereafter in effect, or consenting to the entry of an order for relief in an involuntary proceeding under any such applicable law, or consenting to the appointment or taking possession by a receiver, liquidator, assignee (or similar official) for the whole or a substantial part of its property or takes any action towards its re-organization, liquidation or dissolution;
v. upon an order being made for the winding up, bankruptcy or dissolution of the Company, or an application is admitted for initiating any corporate insolvency resolution process against the Company in accordance with Applicable Law;
vi. upon any encumbrancer lawfully taking possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee having been appointed, as per applicable law, in respect of the whole or a substantial part of the property of the Company, or an attachment, confiscation, distress or execution being levied or enforced upon or issued against whole or a substantial part of the assets or property of the Company, or any action has been taken or suffered against the Company towards liquidation or dissolution or similar reorganization; or
vii. Upon a liquidator or provisional liquidator being appointed to the Company or a receiver, receiver and manager, trustee or similar official being appointed in respect of the Company or any of its assets, or an event analogous.
15.3 In the event of termination / expiry of MGK’s arrangement with the Partner, the Customer will be notified and the Customer will have the option to either:
(i) continue with its Gold/Silver account with MGK- If the Customer chooses to continue with the Gold/Silver account of the Customer, their Gold/Silver account will be migrated in the manner notified by MGK to the Customer and Customer agrees to provide such support and information as may be required for the purpose of transition / migration; or
(ii) discontinue with its Gold/Silver account with MGK. If Customer chooses to discontinue with the Gold/Silver account of the Customer, then the Customer shall have the option to redeem the entire product in his Gold/Silver account and take delivery of redeemable product and sell-back residual fractional Gold/Silver at the live sell-back price of Gold/Silver.
In case of open sale back window, may sell-back the entire product in his/her Gold/Silver account, at the then prevailing live sell-back price of Gold/Silver. In addition, MGK may notify the Customer on other available similar options / plans on the Partner Platform, and the Customer, may choose to avail of any of such options provided by MGK by following simple steps notified in that regard. If the Customer fails to redeem the product in the Gold/Silver account within the prescribed time, MGK will be entitled to charge custody charges as per Clause 11.5 of these Terms. MGK will not be liable for any loss, claim, demand, liability etc. arising on account of termination / expiry of MGK’s arrangement with Partner.
16 CONSEQUENCES OF TERMINATION OF SERVICES
16.1 Upon such termination for any reason whatsoever, subject to these Terms and Conditions:
i. Fractional amounts for Gold/Silver holdings of 1gram may be sold and cash in pursuance thereto will be sent directly to the Customer’s bank account, after deducting all the requisite charges relating to appointment of Intermediaries (hereinafter referred to as “Charges”).
ii. For larger Gold/Silver holdings, MGK/the Custodian (to the extent You have not already paid for all the Charges) shall be allowed to sell part of the Customer’s Gold/Silver to pay for all the Charges to all the Intermediaries. The remaining portion of the Gold/Silver shall be delivered to the Customer in accordance with these Terms, along with the details of the deductions made and the quantum of Gold/Silver that You are entitled to receive.
16.2 The Customer acknowledges that the termination of the Customer’s access to the Partner Platform and Services may be effected without any prior notice, and the Gold/Silver Account may be immediately deactivated or deleted and all related information and/or bar any further access to the Gold/Silver Account, the Partner Platform or the Services. Further, the Customer agrees that the Company shall not be liable for any discontinuation or termination of Services by any third party. Further, the Customer agrees that MGK shall not be liable towards the Customer or any third-party for any termination of your access to the Service.
16.3 None of the Customer’s content shall remain accessible on the Partner Platform upon termination. This information cannot be recovered by the Customer, once the Customer Account is terminated.
16.4 The Disclaimer of Warranties, the Limitation of Liability, and the Governing Law provisions shall survive any Termination of these Terms.
17 FRAUDULENT TRANSACTIONS
17.1 The Customer should not share their mobile wallet details, personal UPI pin or OTP with any third party intentionally or unintentionally. The Company never solicits payment information over a call or otherwise. The Company/Partner Platform/Third Party Services/Payment Gateway partners shall not be liable for any fraud due to the sharing of such details.
17.2 In the event that an individual’s Payment Instrument is fraudulently utilised to purchase Gold/Silver on the Partner Platform (hereinafter referred to as “Fraudulent Transaction”) from MGK, then the Company may share relevant information of such transaction if the victim approaches the Company via proper channels, including MGK customer support number and email, along with supporting documentation from the relevant public authority or Cyber Cell.
17.3 In the event that MGK and/or the Partner Platform Partner have flagged any transaction or Customer account as suspicious, as per their internal guidelines, or where it is found that a Customer has utilised the Payment Instrument(s) in an unauthorised or fraudulent manner to purchase Gold/Silver or undertake any other transaction on the Partner Platform, MGK and/or the Partner Platform Partner shall be entitled to:
i. request further KYC information or other documentation from the Customer to verify the flagged transaction;
ii. pending further verification, block such fraudulent user, and/or freeze any accounts associated with them;
iii. reverse any such Fraudulent Transaction, to the extent possible, including the sale of any Gold/Silver purchased by such fraudulent user, at the prevailing rate;
iv. provide information on such fraudulent user, along with any other transaction details, to the relevant authorities.
17.4 However, it is clarified that MGK shall not obligated to reverse any transaction where the fraudulent user has already sold the Gold/Silver purchased through the Fraudulent Transaction, and received the funds against such sale; or where the fraudulent user has chosen to take delivery of the Gold/Silver so purchased. In this event, MGK shall, to the best of its ability, provide any information on the fraudulent User, including the bank account or Mobile Wallet account to which funds have been settled, or the physical address to which the Gold/Silver has been delivered, to the victim or the relevant authorities.
17.5 You understand that, in order to protect you, if MGK suspects that fraudulent activity has taken place within your Gold/Silver account, we may temporarily freeze your Gold/Silver account to prevent any further or continuing unauthorised activity.
18 USE OF PARTNER PLATFORM AND SERVICES
18.1 The Customer acknowledges that the Services are for the Customer’s personal use and agree not to publish the Gold/Silver prices or descriptions of Gold/Silver and/or any other information displayed on the Partner Platform (in lieu of Your access to the Partner Platform) on any other medium. 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 from the Services.
i. collect, store and transmit the Customers data, in each case solely to the extent necessary to provide the Services to the Customer, and
ii. share the Customers data or interact with other people, to distribute and publicly perform and display the Customers data as the Customer directs or enable through the use of the services provided through this Partner Platform.
18.4 The Customer represents and warrants that:
(i) the Customer has obtained all necessary rights, releases and permissions to provide the requisite data to MGK and to grant the rights granted to MGK in these Terms and
18.5 The Services provided by MGK may be interrupted, including for maintenance, repairs, upgrades, or network or equipment failures. MGK strives to keep the Services up and running; however, all online services suffer occasional disruptions and outages. MGK is not liable for any disruption or loss to the Customer, which the Customer may suffer as a result of MGK’ discontinuation of some or all of the Services, including certain features and the support for certain devices and Partner Platforms, at any time.
18.6 The Customer is responsible for maintaining the confidentiality of their Account and password and for restricting access to the Customer’s computer and mobile, to prevent unauthorised access to the Customer’s account. The Customer hereby agrees to accept full responsibility for all activities that occur under the Customer’s account or password. The Customer should take all necessary steps to ensure that the password is kept confidential and secure and should inform MGK immediately if the Customer has any reason to believe that the Customer password has become known to anyone else, or if the password is being, or is likely to be, used in an unauthorised manner.
19 SUSPENSION OR CLOSURE OF ACCOUNT
19.1 MGK has the right to take all actions to suspend the Customer’s Account, blacklist or block the Customer from using MGK services through its Partner Platform if there appears to be a fraudulent or suspicious activity with respect to the Customer’s Account.
19.2 The Customer must not use the Partner Platform in any way that causes, or is likely to cause, the Partner Platform or access thereto to be interrupted, damaged or impaired in any way. The Customer understands that the Customer, and not MGK, is responsible for all electronic communications and content received by MGK from the Customer’s computer and mobile and the Customer must use the Partner Platform for lawful purposes/ activities only. The Customer must not use the Partner Platform for any of the following:
i. For fraudulent purposes, or in connection with a criminal offence(s) or other unlawful activities;
ii. To send, use or reuse any material that does not belong to you; or is illegal, offensive (including but not limited to material that is sexually explicit content or which promotes racism, bigotry, hatred or physical harm), deceptive, misleading, abusive, indecent, harassing, blasphemous, defamatory, libellous, obscene, pornographic, paedophilic or menacing; ethnically objectionable, disparaging or in breach of copyright, trademark, confidentiality, privacy or any other proprietary information or right; or is otherwise injurious to third parties; or relates to or promotes money laundering or gambling; or is harmful to minors in any way; or impersonates another person; or threatens the unity, integrity, security or sovereignty of India or friendly relations with foreign States; or objectionable or otherwise unlawful in any manner whatsoever; or which consists of or contains software viruses, political campaigning, commercial solicitation, chain letters, mass mailings or any spam.
iii. To cause annoyance, inconvenience or needless anxiety to other users, visitors or members of the Partner Platform or the general public.
19.3 In any case pertaining to the above, the Customer’s Gold/Silver balance shall be accessible on the MGK Platform for which a requisite request, via e-mail, can be raised with Us by sharing Your details as stipulated under the KYC guidelines issued by the regulatory authority. Once verified, we may continue to provide the Services and the customer support or facilitate the delivery or sale of the Customer’s Gold/Silver balance.
19.4 The Customer hereby agrees that MGK shall not be held liable in any manner whatsoever for any loss arising out of or relating to any technical failure of the Partner Platform and or acts not attributable to it.
19.5 The Customer shall inform immediately, and in any case, no later than 10 days of the transaction, of any irregularities or discrepancies that may exist in the Gold/Silver Account, failing which it shall be deemed that there is no error or discrepancy in the Account. All records maintained by MGK, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall, as against the Customer, be deemed to be conclusive evidence of such instructions.
20.1 The Customer hereby agrees that the Customer shall be liable for all fees and charges associated with the use of the Partner Platform and Services. Further, details of the fees payable (including, but not limited to the terms pertaining to such fees and the quantum thereof), have been set out on the Partner Platform. Please note that the fees and charges may be revised from time to time and it would be the Customer’s responsibility to view the Partner Platform to check the then current fees and charges payable.
20.2 It is hereby clarified that fees and charges, once paid, are non-refundable.
20.3 All payments made for the use of the Partner Platform and/or purchase of Customer Gold/Silver by the Customer shall be compulsorily in Indian Rupees.
20.4 For certain transactions, the Customer shall bear fees and charges in addition to payment for prices displayed on the Partner Platform. Such additional fees and charges shall be as are stated on the Partner Platform. The Customer is required to pay attention to the details of their transactions, because the total price for a transaction may include taxes, fees and shipping costs, which the Customer is responsible for paying.
20.5 While availing any of the payment method(s) available on the Partner Platform for availing the Services, MGK 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:
i. Exceeding the present limit mutually agreed by You and between bank/s and/or other institutions used by you in making payment, or
ii. Lack of authorization for any transaction(s), or
iii. Any payment issues arising out of the transaction, or
iv. Rejection of transaction for any other reason(s) whatsoever.
20.6 MGK may temporarily/permanently suspend/terminate the Gold/Silver Account or refuse access thereto in case of non-payment of Fees due by the Customer. Without limitation to the other rights and remedies available to MGK, it also reserves the right to take legal action for the same.
21 MEMBER ELIGIBILITY
21.1 Use of the Partner Platform and/or the Services is available only to persons who can enter into legally binding contracts under the Indian Contract Act, 1872 and to persons resident in India. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents and persons of unsound mind are not eligible to use the Partner Platform or the Services. Any person under the age of 18 shall not register on the Partner Platform and shall not transact on or use the Partner Platform in relation to or for any Services. MGK reserves the right to terminate any Person’s membership and/or refuse to provide such Person with access to the Partner Platform and/or any Services if it is brought to the notice of MGK or if it is discovered that such Person is not eligible to use the Partner Platform and/or any Service.
22 ABSENCE OF RELATIONSHIP
22.1 The Customer represents and warrants to MGK that the Customer has appropriate experience and knowledge to make informed decisions to purchase and/or sell Gold/Silver. The Customer acknowledges that the Customer has not relied on any information made available by MGK and that MGK is not making any recommendation with respect to such purchases and/or Transfer/Sale of Gold/Silver. No relationship other than seller-purchaser, including, without limitation, any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between the Customer and MGK.
22.2 The Customer acknowledges that MGK is not providing / dealing in / offering any investment product and does not offer any guarantee / assured returns. The Customer further acknowledges that value of Gold/Silver may vary depending on various factors and forces.
23 ELECTRONIC ORDER RISKS
23.1 Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based Customer Request. The Customer acknowledges that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of MGK. Therefore, MGK 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 Partner Platform), or to any other cause beyond the control or anticipation of MGK.
25 GOVERNING LAW AND JURISDICTION
25.1 In the event any dispute arises out of or in connection with the Terms herein vis-à-vis the Customer, including the validity hereof, the Parties hereto shall endeavour to settle such dispute amicably in the first instance. The attempt to bring about an amicable settlement shall be treated as having failed as soon as one of the parties hereto, after reasonable attempts, which shall continue for not less than 15 (Fifteen) calendar days, gives a notice to this effect, to the other party in writing.
25.2 These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The Customer hereby agrees that the courts of New Delhi, India shall have exclusive jurisdiction to resolve any dispute. The Customer hereby also agrees to be bound by the applicable Indian laws and State laws, including those pertaining to taxation.
25.3 Any dispute or claim relating in any way to your visit to the Partner Platform or in relation to Services offered by MGK will be resolved first by arbitration. The Indian Arbitration and Conciliation Act, 1996 and amendments made to the Act thereof apply to these Terms. In order to initiate arbitration proceedings, the Customer must send a letter requesting arbitration and describing the claim in detail to our address available on the Partner Platform. The arbitration will be conducted in New Delhi by an independent arbitrator appointed by MGK. The costs of arbitration proceedings will be borne by the party so instructed by the arbitrator, on merits of the case. We each agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action.
26 INTELLECTUAL PROPERTY RIGHTS
26.1 MGK solely and exclusively owns respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by MGK and displayed and accessed on the Partner Platform and is protected under Indian law.
26.2 The display of any of Our trade names, trademarks, designs, patents within the Website Materials does not imply that any license has been granted to any third party in respect of the same. However, all content included on the website, such as text, graphics, logos, button icons, images, audio clips, digital downloads, data compilations, and software, is the property of MGK, its affiliates or its content suppliers and is protected by India and international copyright, authors' rights and database right laws.
26.3 Trademark law requires that we not only protect against improper use of the MGK trademarks, but also protect against the use of confusingly similar marks. The appearance or absence of products, services, companies, organisations, home pages or other websites on this website does not imply any endorsement or non-endorsement thereof by us.
26.4 Any infringement shall lead to appropriate legal proceedings against the Customer at appropriate forum for seeking all available remedies under applicable laws of the country.
27 LINKS TO THIRD PARTY WEBSITES
27.2 MGK is not responsible for and does not have any liability for the functionality, actions, inactions, privacy settings, privacy policies, terms, or content of any such websites. Before enabling any sharing functions to communicate with any such website or otherwise visiting any such website, MGK strongly recommends that the Customer reviews and understands the terms and conditions, privacy policies, settings, and information-sharing functions of each such third-party website.
28.1 The Customer shall indemnify and hold harmless MGK, from any claim or demand, or actions including reasonable attorney's fees, made by any third party or penalty imposed due to or arising out of the Customer’s breach of these Terms or any document incorporated by reference, our business policies, and the development, operation, maintenance, use and contents of this Partner Platform.
28.2 The Customer hereby agrees to indemnify and keep MGK indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly, whatsoever which MGK 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 out of:
i. by reason of MGK acting in good faith and taking or refusing to take or omitting to take action on the Customer's instructions, and in particular arising directly or indirectly out of the negligence or misconduct of the Customer;
ii. the usage of the Partner Platform and/or any device used by the Customer to access the Partner Platform;
iii. breach or non-compliance of the Terms and relating to the Gold/Silver Account; and/or
iv. fraud or dishonesty relating to any transaction by the Customer.
28.3 MGK shall not be liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / issue in Partner Platform and / or acts / omission. MGK shall not be liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / any issues related to MGK Services and / or acts / omission attributable to Partner.
29 GRIEVANCE REDRESSAL
29.1 Adhering to the Information Technology Act, 2000 and Rule 3(11) of The Information Technology (Intermediaries Guidelines) Rules, 2011, contact details of Grievance Officer for the purposes of MGK are:
Name: Yudhisthir Sharma
E-mail ID: Yudhisthir@kundangroup.com
Address: Flat No. 4, 2nd Floor, 3 Scindia House, 2nd Floor, Janpath, Connaught Place, New Delhi - 110001
30 DISCLAIMER OF WARRANTIES
30.1 The Partner Platform and all information, content, materials, products (including software) and services included on or otherwise made available to the Customer through the Partner Platform are provided by MGK on an "as is" and "as available" basis, unless otherwise specified in writing. MGK makes no representations or warranties of any kind, express or implied, as to the operation of the Partner Platform, the accuracy or completeness of the contents and the accuracy of the information. MGK shall have no responsibility for any damage to your computer system or mobile device or loss of data that results from the download of any content, materials, document or information or any other losses incurred by the Customer for use of the Partner Platform. You expressly agree that the use of the Partner Platform is at the Customer’s sole risk. MGK will not be liable for any damages of any kind arising from the use of the Partner Platform or the services or the contents thereof including, without limitation, direct, indirect, consequential, punitive, and consequential damages, unless otherwise specified in writing.
31 LIMITATION OF LIABILITY
31.1 The Customer expressly agrees that use of the Partner Platform is at your sole risk. The Customer hereby acknowledges that MGK (including but not limited to its, directors, employees, agents or partners) shall not be held liable to the Customer for any special, consequential, incidental, and exemplary or punitive damages, or loss of profit or revenues. In no event shall MGK be liable for any direct, indirect, incidental, special, punitive, consequential damages, or any damages whatsoever, including, but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses resulting from:
i. The use or the inability to use our services or access content;
ii. The cost of procurement of substitute goods and services resulting from transactions entered into through or from the Partner Platform;
iii. Viruses or other malicious software obtained by accessing or linking to our Services and glitches, bugs, errors, or inaccuracies of any kind in our Services;
iv. The unauthorised access to or alterations of your transmissions or data;
v. Statements or conduct of any third party on the service; or
vi.Any other matter relating to any service or product offered, delivered, or agreed to be delivered, even if MGK has been advised of the possibility of damages.
32 AMENDMENT AND ACCEPTANCE TO THE TERMS
32.1 MGK reserves the right to make changes to our Partner Platform, policies, and these Terms at any time. Such changes shall be posted on the Partner Platform and shall be notified to the Customer prior to making such changes. Notwithstanding anything to the contrary, Customer shall be responsible for regularly reviewing the Terms, including amendments thereto as may be posted on the Partner Platform and shall be deemed to have accepted the amended Terms by continuing the use of Partner Platform.