MMTC – PAMP Terms and Conditions

These “Terms and conditions” (“Terms”) legally bind and constitute an electronic record within the meaning of the applicable laws between MMTC-PAMP, PhonePe and the CUSTOMER (PARTIES). This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms shall be in addition to and not in derogation to any other terms as stipulated from time to time between one or more of the Parties. By the hosting/displaying/publishing of these Terms and Conditions on the Platforms (website, mobile apps, others) MMTC-PAMP and the MMTC-PAMP Partner are agreeing to and accept the same. By accessing and transacting on the Platform the CUSTOMER hereby agrees to and accepts these Terms and Conditions.

1. In these Terms and Conditions references to:

(a) “GAP” shall mean Gold Accumulation Plan offered by MMTC-PAMP.

(b) “MMTC-PAMP PARTNER” refers to PhonePe which is the entity facilitating collection of payments for GAP as offered by MMTC-PAMP on the Platform.

(c) “PLATFORM” shall mean, mobile apps and such other electronic Platforms of PhonePe which the Customer accesses for making payments for any products and services offered by MMTC-PAMP.

(e) “You/you/Your”, or “CUSTOMER” shall mean the Counter Party who transacts on the Platform for GAP offerings by MMTC-PAMP.

(e) “We”, “us” and “our” shall mean MMTC-PAMP India Private Limited.

(f) “Service Providers” shall mean independent third party service providers to MMTC-PAMP or MMTC-PAMP PARTNER.

2. We reserve the right to change these Terms at any time. Such changes will be effective and deemed to be notified to the Customer when posted on the Platform. Notwithstanding anything contrary, CUSTOMER shall be responsible for regularly reviewing the Terms and Conditions including amendments thereto as may be posted on the Platform and shall be deemed to have accepted the amended Terms and Conditions by continuing the use of the Platform.

3. MMTC-PAMP/ MMTC-PAMP PARTNER shall be entitled to collect and store relevant information and documents provided by the CUSTOMER as required by law.

4. As and when required by MMTC-PAMP / MMTC-PAMP Partner, the CUSTOMER will be required to provide additional documents for fulfilling the KYC requirements. You authorize MMTC-PAMP and MMTC-PAMP PARTNER to make such enquiries as they may feel necessary to satisfy themselves about the validity of Your identity. You undertake the responsibility to update MMTC-PAMP and MMTC-PAMP PARTNER in case of any change(s) in your existing information or verification documents provided by You.

5. You shall be responsible for the correctness of information to MMTC-PAMP / MMTC-PAMP PARTNER from time to time. If you have reasons to believe that there is an error in the information furnished to MMTC-PAMP / MMTC-PAMP PARTNER You shall immediately advice MMTC-PAMP / MMTC-PAMP PARTNER in writing and forthwith provide correct / updated information.

6. You hereby authorize the MMTC-PAMP Partner to initiate the opening of a Gold Accumulation Plan (GAP) Account in the name of the Customer at MMTC-PAMP’s end. All the amount(s) paid by You subject to applicable taxes/charges shall reflect towards allocating gold to the said Gold Accumulation Plan (GAP) Account. Upon instructions of the Customer to MMTC-PAMP/MMTC-PAMP Partner, the GAP Account maybe debited for redeeming the gold balance into redeemable products.  At the time of redemption, the Customer can select a product for redemption from the catalogue of redeemable products. The catalogue shall contain the list and particulars of these redeemable products and will be reflected on the Platform. The list of redeemable products may be altered, changed and amended by MMTC-PAMP from time to time at its sole discretion.

7. MMTC-PAMP in conjunction with the MMTC-PAMP PARTNER reserves the right to terminate any Gold account, with or without notice to You, in the event the KYC documents / information are found to be incorrect or authenticity of the documents / information is found to be doubtful. You hereby undertake to indemnify and keep indemnified MMTC-PAMP and MMTC-PAMP PARTNER against any and all losses, claims, liabilities costs etc. which may arise out of, or relating to, Your failure to identify yourself and validate Your account promptly and / or due to any incorrect KYC documents / information.

8. You can offer to buy Gold as per the minimum value and at the live purchase price of Gold of 999.9 purity as displayed on the Platform.

9. Payment may be accepted through Your Card, Wallet, UPI or such payment options as may be made available and accepted on the Platform. You can also opt for Gold SIPs and make recurring payments by opting for Gold SIP and such payment shall be accepted through the UPI payment option. At the time of purchase / redemption / sale-back, the relevant taxes will be chargeable as applicable and in accordance with the Government regulations.

10. At the time of redemption in physical deliverable product form, the CUSTOMER will have to pay an additional making and delivery charges and the applicable taxes on the same. The redeemable product selected from the Catalogue, for delivery shall be subject to availability of stock with MMTC-PAMP.

11. For each confirmed purchase of Gold by the CUSTOMER, MMTC-PAMP will be the Custodian of the Gold, till:
    (a)sell-back by the CUSTOMER,
    (b) redemption by the CUSTOMER, or
    (c) expiry of Custody Period.
For the purpose of these Terms, ‘Custody Period’ shall mean a period for which MMTC-PAMP stores the Gold.  “Free Custody Period” shall mean a period of 5 years from each separate purchase of Gold by the CUSTOMER, where no storage related charges shall be applicable. Post completion of the Free Custody Period, applicable charges may be levied by MMTC-PAMP. The Gold purchased by You or transferred to Your Gold account will be allocated and stored in a highly advanced and secured vault of MMTC-PAMP, with full insurance cover.

12. The CUSTOMER will have the option of redeeming and asking for physical delivery of the full or part of the accumulated Gold holding, in the form of redeemable products as offered by MMTC-PAMP. The residual fractional Gold remaining, upon redemption / Transfer by You of the entire Gold holding, can be sold back by You to us at the live sell-back price of Gold of 999.9 purity and the corresponding amount against the residual fractional Gold sold by You will be credited to your designated Bank Account.

13. Once the redemption has been initiated by You and payment received, then equivalent weight of Gold will be debited accordingly from Your Gold account.

14. MMTC-PAMP may also, from time to time in future, offer/permit the CUSTOMER to sell-back its Gold in fractional amounts to MMTC-PAMP at prevailing live sell-back price of Gold of 999.9 purity, during the offer period as may be announced / permitted by MMTC-PAMP. The money against the fractional Gold sold by a CUSTOMER would be credited to the CUSTOMER.

15. Live purchase price of Gold as made available by MMTC-PAMP will be displayed on the Platform and is subject to change from time to time. The Price indicated on the Platform shall be valid for such duration as indicated on the Platform through MMTC-PAMP.

16. While availing any of the payment method/s available on the Platform, MMTC-PAMP/ MMTC-PAMP Partner will not be responsible or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to the CUSTOMER due to:
(a) Lack of authorization for any transaction/s,
(b) Exceeding the pre-set limit mutually agreed by and between the CUSTOMER and concerned banks of the CUSTOMER,
(c)  Any payment issues arising out of the transaction,
(d)  Illegitimacy of the payment methods (credit/debit card frauds etc.) being used by a CUSTOMER,
(e)  Temporarily discontinuation of invitation to offer, and / or
(f)   Decline of transaction for any reason(s) whatsoever.

17. MMTC-PAMP may, at its discretion or due to some regulatory order or provisions, prescribe maximum individual/cumulative limits for Customers to accumulate Gold or transfer Gold through this scheme from time to time, and reserves the right to refuse to accept order exceeding such limit.

18. At any point of time on any day MMTC-PAMP may temporarily discontinue the invitation to offer for any reason whatsoever.

19. The Gold account of Customers may be closed upon intimation to the Customer;
      (a) if their Custody Period has expired and / or
      (b) if MMTC-PAMP decides to discontinue the scheme and / or.
      (c) termination/expiry of MMTC-PAMP’s arrangement with the MMTC-PAMP PARTNER.
In such an event, accumulated Gold may be sold back/redeemed or necessary measures may be taken to ensure continuity of your Gold Account. You shall be notified for redemption in case the aforementioned events were to happen.

20. The CUSTOMER will not be entitled to make a Redemption request, if the postal pin code of delivery address is outside the serviceable areas. At the time of redemption, the customer will be required to provide full delivery address.

21. All redeemable products selected for redemption by the customer shall be delivered in the serviceable areas within India as per the instructions of the customer through our logistics partners. All deliveries where applicable shall be made on a best effort basis, and while MMTC-PAMP appointed logistics partner will endeavour to deliver the products on the dates intimated, MMTC-PAMP disclaims any claims or liabilities arising from any delay/non-serviceability in this regard. Serviceable areas are subject to revision from time to time. Any dispute with regards to the delivery of the shipment(s) shall be addressed to MMTC-PAMP.

22. The logistics partner of MMTC-PAMP will make a maximum of three attempts to deliver Your order. After three attempts MMTC-PAMP redeemable product/Gold coin will be delivered back to MMTC-PAMP and MMTC-PAMP shall update the gold balance in the GAP Account with the equivalent gold amount and the CUSTOMER will need to request afresh for redemption. In case due to an unforeseen reason, the delivery is not fulfilled and the Gold returns back to MMTC-PAMP, Your gold balance in Your GAP account shall be updated to include such gold.

23. MMTC-PAMP shall not be liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / issue in Platform and / or acts / omission not attributable to MMTC-PAMP.

24. Notwithstanding anything contrary contained herein, the service, the interface and API work, and their respective information, pricing and data, and availability are subject to at any time and from time to time to human, mechanical , typographic, or other errors, oversights, mistakes, limitations, delays, service interruptions, including, without limitation, as may be due in whole or in part to, related to or arising out of computer hardware and software, telecommunication and operating systems, databases, or business processes and procedures, other problems inherent in, or which may be associated with, the use of the internet and electronic communications including, without limitation, force majeure event , Government / Regulatory actions, orders, notifications etc. and / or and acts and omissions of third parties etc. affecting or impacting the service, the interface or the API work, its information and data, or such communications. CUSTOMER acknowledges and agrees that MMTC PAMP is not responsible or liable whatsoever for delays, failures, or other loss due to, caused by or resulting from any such problems, in whole or in part. If Your Gold account is over credited or wrongfully credited / debited due to the abovementioned eventualities, then MMTC PAMP has the right to reverse / cancel without notice, or may require cancellation / reversal of such transaction at its sole discretion and debit / credit the Gold to / from Your Gold account, as the case may be. MMTC-PAMP shall not be liable for any wrong transfer of Gold by you to another account (including but not limited to transfer to a different user / CUSTOMER etc.) and the Gold grams shall not be reversed to you in case of an erroneous transfer and / or in case the transferee has already transacted the Gold transferred.

25. Upon MMTC-PAMP confirming the purchase, redemption, sale-back of Gold by CUSTOMER in his / her Gold account, the order / request of CUSTOMER to purchase / redeem/ sale-back / transfer, as the case may be, shall be binding on the CUSTOMER and cannot be cancelled.

26. 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 account, failing which it shall be deemed that there is no error or discrepancies in the account. All records maintained by MMTC-PAMP, in electronic or documentary form of the instructions of the CUSTOMER and such other details (including, but not limited to payments made or received) shall as against the CUSTOMER, be deemed to be conclusive evidence of such instructions.

27. The CUSTOMER understands and acknowledges that any purchase, redemption, sale-back or transfer from / to Gold account will be on instructions received from the CUSTOMER, and the CUSTOMER will not violate any applicable laws or regulations for the time being in force in or outside India. The CUSTOMER shall be responsible for complying with applicable laws in respect of purchase, redemption, sale-back to and from the Gold account including but not limited to the Prevention of Money Laundering Act, 2002, the Prohibitions of Benami Property Transactions Act, 1998, Income Tax Act, 1961 etc including amendment thereof. CUSTOMER also agrees and undertakes that he /she will not open any account in the name of any minor. MMTC-PAMP will not be liable in any manner in this regard.

28. The CUSTOMER feedbacks pertaining to products shall be deemed to be non-confidential and non-compensatory in nature. MMTC-PAMP reserves the right, at its sole discretion to use such information for its internal purposes.

29. These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts in New Delhi shall have exclusive jurisdiction in respect of any matters arising therefrom.

30. In the event any dispute arises out of or in connection with the Terms herein, including the validity hereof, the parties hereto shall endeavor 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.

31. Waiver: Any failure or delay by MMTC-PAMP/ MMTC-PAMP Partner to enforce or exercise any provision of these Terms and Conditions or any related right, shall not constitute a waiver by MMTC-PAMP/ MMTC-PAMP Partner of that provision or right. The exercise of one or more of a MMTC-PAMP/ MMTC-PAMP Partner’s rights hereunder shall not be a waiver of, or preclude the exercise of, any rights or remedies available to MMTC-PAMP under these Terms or in law or at equity. Any waiver of any provision shall only be effective if made in writing and executed by a duly authorized officer of MMTC-PAMP.

32. Force Majeure: If performance under these Terms by MMTC-PAMP/ MMTC-PAMP Partner is prevented, restricted, delayed or interfered with by reason of labour disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the Platform, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or any other act whatsoever, whether similar or dissimilar to those referred to in this clause, which are beyond the reasonable control of MMTC-PAMP/ MMTC-PAMP Partner and could not have been prevented by reasonable precautions, then MMTC-PAMP/ MMTC-PAMP Partner shall  be excused and discharged from such performance to the extent of and during the period of such force majeure event, and such non-performance shall, in no manner what so ever, amount to a breach by MMTC-PAMP/ MMTC-PAMP Partner of its obligations herein.

33. Absence of relationship: You represent and warrant to MMTC-PAMP/ MMTC-PAMP Partner that You have sufficient experience and knowledge to make informed decisions to purchase/ redeem/ sale-back Gold/redeemable products. You acknowledge that You are making all of Your own decisions in connection with purchases or redemption or sale-back and that You have not relied on any information made available by MMTC-PAMP/ MMTC-PAMP Partner. Further that MMTC-PAMP/ MMTC-PAMP Partner is not making any recommendation with respect to such purchases/redemption/sale-back/ of Gold/redeemable products. 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 You and MMTC-PAMP.

34. Electronic Order Risks: Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of MMTC-PAMP/ MMTC-PAMP Partner. Therefore, MMTC-PAMP Partner &MMTC-PAMP 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, or to any other cause beyond MMTC-PAMP/ MMTC-PAMP Partners control or anticipation. You acknowledge that pricing or typographical errors may occur and that therefore, in the event that a product is listed at an incorrect price or with incorrect information due to an error in pricing or product information, MMTC-PAMP/ MMTC-PAMP Partner reserves the right, at our sole discretion, to refuse or cancel or reject any orders placed for the products. Furthermore, MMTC-PAMP reserves the right to deny refuse or cancel or reject any orders placed in case of market volatility and/ or unusual circumstances or conditions. This includes, without limitation, unexpected unavailability of MMTC-PAMP product/Gold.

35. CUSTOMER responsibility for taxes, tariffs and duties: You acknowledge that You are solely responsible for all taxes, tariffs and duties that may be incurred as a result of purchase/redemption/ of Gold/redeemable products. MMTC-PAMP/MMTC-PAMP Partner will only collect taxes, tariffs and duties on transactions to the extent explicitly required by law. It is Your responsibility to be aware and properly address any taxes, tariffs and duties to which You may be subject by any local, state and/ or Central governments. If You have any questions about taxes, tariffs and duties, You should consult a tax or other Professional about Your unique circumstances. MMTC-PAMP/ MMTC-PAMP Partner does not represent to provide advice or recommendations about Your specific taxes, tariffs and duties

36. Indemnification: CUSTOMER hereby agrees to indemnify and keep MMTC-PAMP/MMTC-PAMP Partner indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses, directly or indirectly, whatsoever (‘Losses’) which MMTC-PAMP/MMTC-PAMP Partner 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,

(a)  the usage of the Platform by the CUSTOMER;
(b) by reason of MMTC-PAMP ‘s acting in good faith and taking or refusing to take or omitting to take action on the CUSTOMER’s instructions arising directly or indirectly out of the negligence, mistake or misconduct of the CUSTOMER;
(c) breach or noncompliance of the Terms and relating to the Gold account; and/or
(d)  fraud or dishonesty relating to any transaction by the CUSTOMER.

Without prejudice to the foregoing, neither Party shall be under any liability whatsoever to the CUSTOMER in respect of any loss or damage arising directly or indirectly out of:
(i) effecting transaction based on instructions received from Customers,
(ii) the instruction of a CUSTOMER to transfer Gold from his / her Gold account to another Gold account,
(iii) the exercise by MMTC-PAMP of its right to terminate / exercise the facility/services provided on the Platform,
(iv) any injury to the credit, character and reputation of the CUSTOMER due to use of facility/ services on the Platform,
(v) receipt of any process, summons, order, injunction, execution distrait, levy lien, information or notice by MMTC-PAMP/MMTC-PAMP Partner, wherein MMTC-PAMP/MMTC-PAMP Partner may, at its option and without liability to the CUSTOMER or such other person, decline to allow the CUSTOMER to obtain any portion of his Gold, or may handover such Gold to an appropriate authority and take any other steps required by applicable law.

37. Disclaimers and limits of liability: MMTC-PAMP/ MMTC-PAMP Partner does not make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of Gold/ whether for Gold SIPs or otherwise, with respect to future prices or any return on investment. MMTC-PAMP/ MMTC-PAMP Partner will not be liable to any CUSTOMER (including but not limited to Transferee) for any Losses caused by or relating to transfer/deposit of Gold to Gold account of any other CUSTOMER. MMTC-PAMP/ MMTC-PAMP Partner explicitly requires all its Customers to inspect the package for any damage or tamper before receiving or signing for receipt. If You find any tampering, do not accept the parcel and return the same. MMTC-PAMP will not be liable for any loss or damage caused if the CUSTOMER accepts the parcel in spite of it being damaged or tampered. The duty to verify the parcel for any damages or tampering is of the CUSTOMER and if the CUSTOMER accepts the parcel and later comes to know of any damage or tampering, MMTC-PAMP/ MMTC-PAMP Partner shall not be liable for any loss or damage to CUSTOMER. The Customer may approach MMTC-PAMP/MMTC-PAMP Partner within 10 days of receipt of the Gold/product in case the Customer has any complaint/grievance pertaining to the Gold/product and an appropriate resolution may be provided by MMTC-PAMP upon investigation.

38. You acknowledge that MMTC-PAMP/ MMTC-PAMP Partner will not be liable to You or any other person as a result of Your access or use of Gold for indirect, consequential, special, incidental, punitive, or exemplary damages, including, without limitation, lost profits, lost savings and lost revenues (collectively, the “excluded damages”), whether or not characterized in negligence, tort, contract, or other theory of liability. In no event will MMTC-PAMP/ MMTC-PAMP Partner or any of its Directors, employees shall be liable. The total liability to You for all the damages, losses, liabilities and causes of action under these Terms and the facility/ services provided by MMTC-PAMP/ MMTC-PAMP Partner shall not collectively exceed the total amount paid by You, if any.

39. The foregoing limitation of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction.

40. You declare that You are an individual not having registration and neither required to take registration under Central Goods and Service Tax Act 2017, State Goods and Service Tax Act 2017, Integrated Goods and Service Tax Act 2017 and Union Territory Goods and Service Tax Act 2017.

41. You declare that Gold that You are selling was previously owned by You in your Account for personal use.

42. You declare that You are not an unregistered dealer of Gold and silver or any other precious metal ornament or any related product.

43. If any misrepresentation done by You is found, then You would be solely responsible for all types of penalty, levy, tax, charges, interest or taxes as may become due to any Authority, Entity or to the Government, at any given point of time.