Terms and Conditions

1. INTRODUCTION

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 hereinbelow).

1.2. Please read these ‘Terms of Use’ carefully before using the MGK Website and Mobile Application. By using and/or accessing the MGK Website and/or Mobile Application, the Customer signifies that he has agreed to be bound by these Terms of Use. The Customer will enter into a binding contract with the Company and if the Customer does not wish to be bound by these Terms of Use, he/she must not access and/or use the Platform in any manner whatsoever. 

1.3. This is an Electronic Record as defined under the Information Technology Act, 2000 and Rules thereunder. This document is issued in accordance with the provisions of Rule 3(1) of the Information Technology (Intermediaries Guidelines) Rules, 2011 that requires publishing the terms of use for access or usage of the Partner Platform.

1.4. This Electronic Record is generated by a computer system and does not require any physical or digital signatures.

1.5. Violation of the Terms of Use constitutes an unauthorized use of the MGK’s Website and/or Mobile Application and may also give rise to an actionable cause/claim in favour of MGK or its affiliates, against the violator. MGK reserves its right to take suitable action against such violator in accordance with the applicable law for the time being in force.

1.6. The term ‘Company’ and ‘MGK’ can be interchangeably be used to refer to Kundan Gold Private Limited.

2. DEFINITIONS

2.1. For the purpose of these Terms of Use, wherever the context so requires, the term:

a. Customer” shall mean any individual, who makes a transaction using the Partner Platform for buying Gold and/or Silver (as defined hereinbelow), taking delivery of Gold and/or Silver and/or selling back the Gold and/or Silver to MGK or any other buyer or dealer as outlined in these Terms.

b. Gold and/or Silver” shall mean digital Gold and/or Silver or paperless Gold and/or Silver available through online Partner Platform of Kundan Gold Private Limited known as MGK.

c. Gold and/or 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 and/or Silver balance. The balance shall be the total net of all the Gold and/or 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 and/or Silver on MGK Partner Platform which a Customer may download from Google Play Store or Apple Store.

g. MGK Platform” shall mean the Partner Platform created by the Company for its Customers to buy and sell Gold and/or 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, or Net Banking that a Customer may use to buy Digital Gold and/or Silver on 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 and/or Silver and providing services of safe keeping/vaulting and delivery/fulfilment of Gold and/or 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 Kundan Gold Private Limited known as MGK.

n. Terms” shall mean specific terms, guidelines and conditions, laid down hereinunder, applicable to the Partner Platform.

o. Transfer” refers to a facility to transfer Gold and/or Silver from a Gold and/or Silver Account to another Gold and/or 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 is 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 MGK Partner Platform.

3.2. The Customers are advised to read and understand these Terms of Use 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.

3.6. These ‘Terms of Use’ as mentioned herein are subject to revision and as such the Company reserves the right to alter, change, modify, add or remove portions in whole or in part of these Terms of Use at any time,  without serving the Customer, a notice. Such changes shall be effective as and when posted on the MGK Platform. The Customer is advised to carefully read these Terms of Use on a timely basis before using the MGK Platform. Notwithstanding anything to the contrary, the Customer shall be responsible for regularly reviewing the Terms of Use, including amendments thereto as may be posted on the platform and shall be deemed to have accepted the amended terms by continuing the use of MGK Platform.

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, by the Company in this regard.

3.8. In event, the Customer is not an individual, but a person who would require to comply with the Goods and Services Tax Act, 2017, then such Person is required to provide all the relevant information and document(s) at the time of creation of the Gold and/or Silver Account, to the Company.

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 separate agreements with, namely the Brink’s India Private. Limited (hereinafter referred to as the “Custodian”) and IDBI Trustee Services Limited (hereinafter referred to as the “Security Trustee”). The Customer hereby consents to the appointment of such Intermediaries, for and on behalf of the Customer by the Company.

4.1.2. The Customer understands and acknowledges that the Intermediaries have been appointed to ensure that the Customer Orders/Customer Requests are duly complied with in accordance with these Terms of Use. The Customer hereby additionally acknowledges that certain payments will have to be made to these Intermediaries for their appointment and services in relation thereto, which shall be borne by the Company on the Customer’s behalf unless otherwise indicated in these Terms of Use.

4.2. Appointment of Security Trustee

4.2.1. You hereby acknowledge and agree that in order to ensure that Your Orders are processed correctly, IDBI Trusteeship Services Limited or any successor Person will be appointed as the Security Trustee who shall manage the Escrow Account through which the transactions/payments shall take place.

4.2.2. The Security Trustee shall issue a ‘certificate’ to the Customer acknowledging the acceptance of payment by such Customer and the deposition of Gold/Silver so purchased by the Company which will be departed with the Custodian.

4.2.3. The Customer, by accepting the instant Terms of Use also agrees to the terms and conditions as mentioned in the agreement entered between the Company and the Security Trustee as if the same has been entered into by the Customer as the first party itself.

4.2.4. The actions of the Security Trustee shall be guided by and in accordance with the relevant applicable laws, for the time being in force.

4.3. SAFE KEEPING OF GOLD AND SILVER

4.3.1. Gold and/or Silver purchased by the Customer shall be stored with the Custodian in a vault on behalf of the Customer.

4.3.2. The Gold and/or 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 and/or Silver stored shall be equal to the cumulative/total weight of Gold and/or Silver of 99.99% sold through MGK Platform. 

4.3.3. Although the Custodian has taken the necessary insurance(s), still in case of occurrence of an event not covered in such insurance(s), the Customers Gold and/or 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 and/or Silver

5.1.1. MGK may offer the Customer the ability to Transfer their Gold and/or 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 information for identification provided for the intended Recipient by the Customer.

5.1.3. Gold and/or 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 and/or Silver balance shall revert to the Customer’s Gold and/or Silver Account. Value of gift shall not be more than Rs. 50,000/- (Rupees Fifty Thousand) from one customer to the other customer in a financial year.

5.2. Exchange for Jewellery

5.2.1. MGK may also offer Customers the ability to exchange their purchased Gold and/or 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” 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 such transfer of Gold and/or 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 and/or Silver Account balance to the extent required for the purchase of Customer’s selected jewellery product. Once a transaction has been final and an invoice is generated for such transaction, Customers will not be able to cancel or request for a refund, for such transaction, unless otherwise specifically allowed by MGK or the Jeweller Partner.

5.3. Storage of Gold and/or Silver

5.3.1. The Customers are required to take delivery of the Customer’s Gold and/or 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, which can be availed by the Customer, would be for 5 years along with an additional grace period of 1 year, after the expiry of the maximum Storage Period. Hereinafter, the Customer shall be charged 5% of the Gold and/or Silver Account balance or Rs. 200/- per year, whichever is lower, after the expiry of maximum Storage Period and additional grace period.

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 and/or Silver in question to be delivered or the Customers bank account details into which sale proceeds of the Customer Gold and/or 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 and/or Silver in Customer’s Gold and/or 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 that the Customer proves his/her identity through requisite document(s) and provides the verified Gold and/or Silver Account details. The same 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 AND/OR SILVERACCOUNT

6.1. For joining the Partner Platform and before availing the Services, the Customer shall complete 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 and/or 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 authorizes 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, from time to time. If the Customer has reasons to believe that there is an error in the information furnished by the Customer, the Customer shall immediately thereafter provide MGK with the correct / updated information.

6.3. The Customer hereby agrees that MGK reserves its right to terminate any Gold and/or 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 doubtful. 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 and/or 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”).

6.5.3. The Customer hereby authorises MGK to engage with any third-party service provider for verification of the Customer’s KYC documentation to ascertain Customer’s eligibility. Any processing undertaken by MGK to process KYC documents shall be in accordance with its Privacy Policy and these Terms of Use. It is hereby clarified that as far as the permission to access the KYC documents by a third-party service provider is concerned, the same shall be governed by the Privacy Policy of such third-party service provider.

6.6. Customer’s Obligations

6.6.1. The Customer will be responsible for maintaining the confidentiality of the Gold and/or Silver Account Information, and shall be fully responsible for all activities that occur under Your Gold and/or Silver Account. The Customer agrees to immediately notify MGK of any unauthorised use of the Gold and/or 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 may be held liable for losses incurred by MGK or any user or visitor of the Partner Platform due to authorised or unauthorised use of the Gold and/or Silver Account, as a result of your failure in keeping the Gold and/or Silver Account Information confidential.

6.6.3. The Customer shall ensure that the Gold and/or 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 of Use, MGK shall have the right to indefinitely suspend or terminate or block access to the Gold and/or 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 AND/OR SILVER

7.1. The Customer can offer to buy Gold worth Re. 1/-and above incremental value thereof at the live purchase price of Gold and/or 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 confirmation of the transaction of the Customer. MGK further reserves the right to credit / debit Gold and/or Silver balance in your Gold and/or Silver account on account of cancellation or reversal of any transaction(s).

7.2. Also, the Market related prices means that these quotes are linked to the prices of Gold and/or 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 year.

7.3. It is hereby clarified that such market linked prices of Gold and/or Silver shall constitute fully binding offers and would be an invitation to offer to purchase Gold and/or 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 and/or Silver / sale-back, the relevant taxes will be chargeable, as applicable under the applicable Government regulations for the time being in force. 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 and/or Silver will reflect in the Customer Gold and/or Silver Account.

7.5. The Customer will provide details of his/her bank account for the purposes of purchase and sale of Gold and/or Silver on the MGK Platform. MGK will not be responsible, in any manner whatsoever 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. My Gold Kart PLAN

8.1. My Gold Kart Plan (MGK Plan) is a disciplined accumulation of Gold and/or Silver. MGK Plan enables the Customer to buy Gold and Silver at a certain fixed amount every week or every month and accumulate Gold and Silver at periodic intervals at a fixed price, the accumulated Gold and Silver will be stored in the Gold and/or Silver Account of the Customer.

8.2. To start a sale/purchase under the MGK Plan, the Customer needs to log in to his/her account on the MGK Platform and select MGK Plan option and fill in all the details of the MGK Plan scheme and submit the same on the MGK Platform. 

8.3. The Customer can start the MGK Plan with a minimum amount of Rs. 500/(Five hundred only)- and can invest in multiples thereafter. The Customer can invest such fixed amounts every week or month, according to his/her needs and requirements. The Customer can also upgrade the amount being invested under the MGK Plan and the same can be done by contacting the customer help desk.

8.4. The Customer can either pay such weekly or monthly instalments under the MGK Plan on his own or the Customer can opt for the auto-debit facility under the MGK Plan. For auto-debit facility, the Customer will give standing instructions to its bank to debit a weekly or monthly amount, whichever is the amount under the MGK Plan, for the Customer to invest on MGK Platform, for investment into Gold and/or Silver. If the Customer wishes to stop the auto-debit facility, he/she can instruct its bank to stop the same.  

8.5. The Customer can choose the period/duration of his/her investment under MGK Plan, which can range from 3 months to 3 years. The MGK Plan period/duration has to be specified by the Customer. 

8.6. The Customer can choose the his/her MGK Plan investment cycle date, at which date a fixed amount of money under MGK Plan, which has been selected by the Customer, will be deducted from the bank account of such Customer and be used for purchase of Gold and/or Silver as per the instructions of the Customer. In case of a Customer choosing to invest in the MGK Plan immediately, the first debit, for such customer, under the MGK Plan shall be carried out on the 12:00 noon of the next day.

8.7. The Customer can request for termination/cancellation of his/her existing investment under the MGK Plan by logging into his/her account or by contacting the customer help desk. The MGK Plan will be automatically terminated upon the completion of the current MGK Plan investment cycle.

8.8. In case the Customer defaults on the investment amount or the auto debit facility in not able to debit such Customer’s account in 3 (three) attempts, for purchasing Gold and/or Silver under the MGK Plan, such Customer will not be given any grace period for such default amount and the defaulted amount will be skipped and the next instalment shall become due as per the Customer’s selected investment cycle under the MGK Plan. 

8.9. At the end of MGK Plan investment tenure or termination of the MGK Plan or deactivation done voluntarily by the Customer, all the Gold and/or Silver will be accumulated in the Gold and/or Silver Account and the Customer can request for delivery of such accumulated Gold and/or Silver or the Customer can sell the Gold and/or Silver at prevalent market price, as per the terms and conditions given under the Terms of Use.

8.10. The MGK Plan is neither a financial product nor a deposit scheme but a disciplined method of accumulating Gold and/or Silver in the Gold and/or Silver Account. The Company on MGK Platform does not offer any investment advice or any assured returns while promoting investment under the MGK Plan. 

9. DELIVERY

9.1 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 and/or 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 and/or Silver coin will be delivered back to MGK and Customer will need to put the fresh request for the redemption.

9.2 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.

10. REDEMPTION

10.1 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.

10.2 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 MGK.

10.3 For each confirmed purchase of Gold and/or Silver by the Customer, MGK will be the custodian of the Gold and/or Silver, till such Gold and/or Silver is lying in Your Gold and/or Silver account subject to terms herein. The Gold and/or Silver purchased by you will be allocated and stored in a highly advanced and secured vault of MGK, with full insurance cover.

10.4 The Customer will have the option of redeeming and asking for physical delivery of the full or part of the accumulated Gold and/or Silver holding, in the form of redeemable products starting from 1 (One) gm and above. The residual fractional Gold and/or 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.

10.5 Once the redemption has been initiated by you and payment received then your Gold and/or Silver grams will be debited accordingly from your Gold and/or Silver account.

10.6 It is hereby clarified to the Customer after purchasing Gold and/or Silver, the same cannot be redeemed for the next 48 hours and the Gold and/or Silver can only be redeemed by the Customer after the lapse of 48 hours.

10.7 The payment made by the Customer shall be first received in the Escrow Account maintained by the Security Trustee and shall be paid to the Company only when the Gold and/or Silver purchased by the Customer is deposited with the Custodian.

10.8 In case of rejection of a Customer Order in accordance with these Terms of Use, 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.

10.9 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 and/or Silver sold by a Customer would be credited to the Customer’s bank account as per the details provided by the Customer.

10.10 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.

11 CANCELLATION

11.1 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 and/or Silver. The Gold and/or Silver Account shall accordingly stand amended, until MGK receives KYC and other documentation in a form and manner satisfactory it.

11.2 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 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.

11.3 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.

11.4 Upon MGK confirming the purchase, redemption, sale-back of Gold and/or Silver in his / her Gold and/or Silver account by Customer, the order / request of Customer to purchase / redemption / sale-back / Transfer of Gold and/or 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 and/or Silver Account, failing which it shall be deemed that there is no error or discrepancies in the Gold and/or Silver 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 of Use, shall as against the Customer, be deemed to be conclusive evidence of such instructions.

12 DELIVERY OF GOLD AND/OR SILVER

12.1 This Partner Platform offers to the Customers who wish to procure delivery of the Customer Gold and/or Silver purchased in accordance with these Terms of Use. You shall be entitled to procure delivery of the Customer Gold and/or Silver using the Partner Platform (hereinafter referred to as “Delivery Request”).

12.2 Upon placing the Delivery Request, the Customer shall be required to pay the applicable charges and confirm the Delivery Request. Your Gold and/or Silver Account shall be debited corresponding to the quantity of the Customer Gold and/or Silver sought to be delivered. In case, the balance of the Customer’s Gold and/or 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.

12.3 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 and/or 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.

12.4 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 days of the approval of the request and the re-delivery of the returned Gold and/or Silver shall be done within 10 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 action available under law, including black-listing or blocking such Customer from using the Services on the Partner Platform.

12.5 The Customer upon signing the delivery receipt acknowledges the receipt of the Customer Gold and/or Silver in terms of the Delivery Request placed with MGK. 

12.6 Upon receipt of the Delivery Request by MGK, the Gold and/or Silver Account shall be debited from the delivered Customer Gold and/or Silver from the Gold and/or Silver Account.

12.7 It shall be the Customer’s responsibility to ensure that the Customer is available to receive the delivered Customer Gold and/or 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 and/or Silver to MGK, Gold/Silver Account shall be credited for the un-delivered Customer Gold and/or 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.

12.8 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 of Use thereof, and shall intimate the Customer of the reasons for the same.

12.9 It is hereby clarified that the Customer Gold and/or Silver cannot be pledged or transferred by the Customer to any other user, and the Gold and/or 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 and/or Silver lying in the vault and the Gold and/or 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 and/or Silver and Gold and/or Silver Account thereafter and the Terms shall be applicable to the Customer’s legal heir(s).

12.10 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.

13 SALE OF CUSTOMER GOLD AND/OR SILVER

13.1 The Customer may be provided with an option to sell the Customer Gold and/or 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 and/or Silver Account shall be debited corresponding to the quantity of the Customer Gold and/or Silver sought to be sold vide the Sale Request (hereinafter referred to as “Sold Customer Gold and/or Silver”).

13.2 Within a period of 5 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. If there is any mistake in the account number, IFSC code etc. provided by You, MGK would not be held responsible for the same, in any manner whatsoever. Once the Payment is made on the Customer’s instructions to the Customer’s bank account, the same cannot be reversed at the option of either the Customer or the Company and/or MGK.

13.3 It is clarified that the Company and/or MGK will not be liable in any manner whatsoever if the Customer provides incorrect or inaccurate details of his/her bank account through which the sale and purchase of Gold and/or Silver will be done through the Partner Platform. If the Customer believes that the information provided by the Customer to the Company and/or MGK is inaccurate or incorrect, the Customer should immediately inform the Company and/or MGK about the same. 

13.4 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.

13.5 While reasonable efforts will be made to offer the Customer a competitive price for the Customer Gold and/or 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.

13.6 MGK may, at its discretion, close down, suspend and / or migrate the Gold and/or 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 and/or Silver accumulated by him/her in his/her Gold and/or Silver account, and take delivery of the redeemable products and sell back to MGK the residual fractional Gold and/or Silver lying in his / her Gold and/or Silver account at the live sell-back price of Gold and/or 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 and/or Silver account in whole or in part. The redemption and sell back by the Customer shall be as per terms prescribed by MGK’s 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 and/or Silver in the Gold and/or 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 and/or 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 and/or Silver balance of the Customer held in the custody of MGK. The custody charges will be deducted from the Gold and/or 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 and/or Silver account of Customer(s) in terms of this clause, Customer(s) can continue their Gold and/or Silver account by paying the custody charges as provided above.

14 MGK WALLET

14.1 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 and/or 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 and/or Silver from MGK, application offered by the company.

14.2 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.

15 FORCE MAJEURE

15.1 In case of inability of the Company to make delivery of Gold and/or 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.

16 TERMINATION OF SERVICES

16.1 MGK, in its sole discretion, may modify, suspend, or terminate access to, all or any portion of the Partner Platform, or the Customer’s ability to access any Services through the Partner Platform at any time, without any notice, for any reason including termination for breach of any of these Terms of Use or occurrence of a Customer default under the Security Trustee Agreements or the Privacy Policy.

16.2 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 to the Security Trustee any intention to cease to carry on its business;

iii. if the Company breaches any of the terms and conditions under the Security Trustee Agreements or Terms and the Company does not remedy such breach within 30 days of being called upon to do so by the Security Trustee;

iv. 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 reorganization or restructuring (by way of voluntary arrangement, scheme of arrangement or otherwise) of the Company;

v. 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;

vi. 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;

vii. upon any encumbrancer lawfully taking possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee having been appointed 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

viii. 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.

16.3 Upon the happening of any of the events referred to hereinabove, and where there is any insufficiency of the Company funds required to pay any costs and expenses to be incurred in relation to providing delivery of the purchased Gold and/or Silver to the Customer, then in such an event the Customer does hereby authorise the Security Trustee to sell any part of the Customer Gold and/or Silver, that is necessary or required to defray such costs and expenses.

16.4 In the event of termination / expiry of MGK’s arrangement with Partner, the Customer will be notified and the Customer will have the option to either:

(i) continue with its Gold and/or Silver account with MGK. If Customer chooses to continue with the Gold and/or Silver account of the Customer, their Gold and/or 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 and/or Silver account with MGK. If Customer chooses to discontinue with the Gold and/or Silver account of the Customer, then the Customer shall have the option to redeem the entire product in his Gold and/or Silver account and take delivery of redeemable product and sell-back residual fractional Gold and/or Silver at the live sell-back price of Gold and/or Silver. In case of open sale back window, may sell-back the entire product in his/her Gold and/or Silver account, at the then prevailing live sell-back price of Gold and/or 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 and/or 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.

17 CONSEQUENCES OF TERMINATION OF SERVICES

17.1 Upon such termination for any reason whatsoever, subject to these Terms read with the Security Trustee Agreements:

i. Fractional amounts for Gold and/or Silver holdings of 1 gram 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 and/or Silver holdings, the Security Trustee shall (to the extent You have not already paid for all the Charges) be allowed to sell part of the Customers Gold and/or Silver to pay for all the Charges to all the Intermediaries. The remaining portion of the Gold and/or 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 and/or Silver that You are entitled to receive.

17.2 The Customer acknowledges that the termination of the Customer’s access to the Partner Platform and Services may be affected without any prior notice, and the Gold and/or Silver Account may be immediately deactivated or deleted and all related information and/or bar any further access to the Gold and/or 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.

17.3 None of the Customers content shall remain accessible on the Partner Platform upon termination. This information cannot be recovered by the Customer, once the Customer Account is terminated. 

17.4 The Disclaimer of Warranties, the Limitation of Liability, and the Governing Law provisions shall survive any Termination of these Terms.

18 FRAUDULENT TRANSACTIONS

18.1 The Customer should not to 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.

18.2 In the event that an individual’s Payment Instrument is fraudulently utilised to purchase Gold and/or 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.

18.3 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 Payment Instrument in an unauthorised or fraudulent manner to purchase Gold and/or 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 and/or 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.

18.4 However, it is clarified that MGK shall not obligated to reverse any transaction where the fraudulent user has already sold the Gold and/or 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 and/or 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 and/or Silver has been delivered, to the victim or the relevant authorities.

18.5 If MGK suspects that fraudulent activity has taken place within your Gold and/or Silver account, in order to protect you, you understand that we may temporarily freeze your Gold and/or Silver account to prevent any further or continuing unauthorized activity.

19 USE OF PARTNER PLATFORM AND SERVICES

19.1 The Customer acknowledge that the Services are for the Customers personal use and agree not to publish the Gold and/or Silver prices or descriptions of Gold and/or Silver 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.

19.2 Subject to these Terms and the Privacy Policy, the Customer hereby grants to MGK a non-exclusive, worldwide, right to:

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.

19.3 The Customer will provide consent to MGK as may be required under applicable law for the use and/or sharing of any data generated by the Customer when purchasing Gold/Silver or otherwise using the Partner Platform for any services related to the purchasing of the Gold/Silver in such manner as MGK may stipulate in this regard. MGK may share the Customers data with the Security Trustee, as required, to fulfil their obligations as a Security Trustee. The Customers data will continue to be governed by confidentiality obligations outlined under the Terms of Use. It is hereby clarified that MGK would be the owner of all and/or any data generated by the Customer when purchasing the Gold and/or Silver on the Partner Platform.

19.4 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

(ii) the Customers data and its transfer to and use by MGK as authorized by the Customer under these Terms of Use 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, and any use, collection and disclosure authorized herein is not inconsistent with the terms of any applicable privacy policies. Other than its security obligations under these Terms and the Privacy Policy, MGK assume no responsibility or liability for the Customers data, and the Customer shall be solely responsible for this data and the consequences of using, disclosing, storing, or transmitting it.

19.5 The Services provided by 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 some or all of the Services, including certain features and the support for certain devices and Partner Platforms, at any time.

19.6 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 unauthorized 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 have 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.

20 SUSPENSION OR CLOSURE OF ACCOUNT

20.1 MGK has the right to take all actions to suspend the Customer’s Account, black-list 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.

20.2 The Customer must not use the Partner Platform in any way that causes, or is likely to cause, the Partner Platform or access to it 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 offense 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.

20.3 In any case pertaining to the above, the Customer’s Gold and/or Silver balance shall be accessible on MGK Platform for which a requisite request with us via e-mail can be raised 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 and/or Silver balance.

20.4 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.

20.5 The Customer shall inform immediately, in any case no later than 10 days of the transaction, of any irregularities or discrepancies that may exist in the Gold and/or 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 of Use, shall as against the Customer, be deemed to be conclusive evidence of such instructions. 

21 FEES

21.1 The Customer hereby agrees that the Customer shall be liable for all fees and charges associated with the use of the Partner Platform and its 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.

21.2 It is hereby clarified that fees and charges, once paid, are non-refundable.

21.3 All payments made for the use of the Partner Platform and/or purchase of Customer Gold and/or Silver by the Customer shall be compulsorily in Indian Rupees.

21.4 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.

21.5 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. 

21.6 MGK may temporarily/permanently suspend/terminate the Gold and/or Silver Account or refuse access 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.

22 MEMBER ELIGIBILITY

22.1 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.

23 ABSENCE OF RELATIONSHIP

23.1 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 and/or 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 and/or 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.

23.2 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 and/or Silver may vary depending on various factors and forces.

24 ELECTRONIC ORDER RISKS

24.1 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 CONFIDENTIALITY

25.1 As elaborated under the Privacy Policy, MGK shall keep all confidential information confidential, including the Customer’s personal information, and shall not disclose it to anyone except as required by law, and shall ensure that such confidential information is protected with security measures and a degree of care that it would apply to its own confidential information.

26 GOVERNING LAW AND JURISDICTION

26.1 In the event any dispute arises out of or in connection with the Terms of Use 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.

26.2 These Terms of Use 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.

26.3 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 applies to these Terms. In order to initiate an arbitration proceeding, 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. Both You and the Company and/or MGK Platform agree that any dispute resolution proceedings will be conducted only on an individual basis and not in a class, consolidated or representative action.

27 INTELLECTUAL PROPERTY RIGHTS

27.1 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.

27.2 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.

27.3 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, organizations, home pages or other websites on this website does not imply any endorsement or non-endorsement thereof by us.

27.4 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.

28 LINKS TO THIRD PARTY WEBSITES

28.1 The MGK Platform used by the Customer, may contain links and interactive functionality interacting with the websites of third parties. The Customer may also be using the services of one or more third parties, such as a wireless carrier or a mobile Partner Platform provider, or an API provider. The Customer’s use of these third -party services may be subject to the separate policies, terms of use, and fees of these third parties.

28.2 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.

29 INDEMNIFICATION

29.1 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 of Use or any document incorporated by reference, our business policies, and the development, operation, maintenance, use and contents of this Partner Platform. 

29.2 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 and/or Silver Account; and/or

iv. fraud or dishonesty relating to any transaction by the Customer.

29.3 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.

30 GRIEVANCE REDRESSAL

30.1 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

31 DISCLAIMER OF WARRANTIES

31.1 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 including, without limitation, direct, indirect, consequential, punitive, and consequential damages, unless otherwise specified in writing.

32 LIMITATION OF LIABILITY

32.1 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 unauthorized 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. 

33 AMENDMENT AND ACCEPTANCE TO THE TERMS

33.1 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 of Use, including amendments thereto as may be posted on the Partner Platform and shall be deemed to have accepted the amended Terms of Use by continuing the use of Partner Platform.

32.2 Accessing, browsing or otherwise using the Partner Platform indicates the Customer’s consent to all the terms and conditions under these Terms. The Customer is advised to read these Terms of Use carefully before proceeding. By impliedly or expressly accepting these Terms of Use, the Customer also accepts and agrees to be bound by all policies, including but not limited to MGK’s Privacy Policy, as amended from time to time. 

34 GENERAL CONDITIONS 

34.1 Accessing, browsing or otherwise using the Partner Platform indicates the Customer’s consent to all the terms and conditions under these Terms. The Customer is advised to read these Terms of Use carefully before proceeding. By impliedly or expressly accepting these Terms of Use, the Customer also accepts and agrees to be bound by all policies, including but not limited to MGK’s Privacy Policy, as amended from time to time. 

34.1 The headings and captions under this Terms of Use are provided for convenience only and are intended to have no effect in construing or interpreting these Terms of Use. The language in all parts of this Terms of Use shall be in all cases construed according to its fair meaning and not strictly for or against Company and/or MGK. 

34.2 The parties are independent contractors. These Terms of Use do not create a partnership, franchise, joint venture, agency, fiduciary or employment relationship among the parties.

34.3 If any part of these Terms of Use is determined to be indefinite, invalid, or otherwise unenforceable, the rest of these Terms shall continue to be in force.

34.4. Any failure or delay by a party to enforce or exercise any provision of these Terms of Use, or any related right, shall not constitute a waiver by such party of that provision or right.