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DIGITAL GOLD – TERMS AND CONDITIONS

DIGITAL GOLD 

TERMS AND CONDITIONS

1. INTRODUCTION

THIS DOCUMENT IS AN ELECTRONIC RECORD IN TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.

THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 THAT REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM.

The terms (“Terms”) govern the purchase and sale of digital gold from SafeGold facilitated through the online platforms – www.finity.in (“Finity Website”), and the iOS and Android mobile application – “Finity” (“App”). The Platform (defined below) is owned and operated by Finwizard Technology Private Limited, a private limited company incorporated under the Companies Act, 2013 with its registered office at Queens Paradise, 1st Floor, Curve Road Shivajinagar, Bangalore- 560052, Karnataka, India (“Finity”).

Subject to the foregoing, this Terms shall be read in conjunction with the General Terms and Conditions of the Platform, shall govern your access and use of the Platform with respect to the SafeGold Services available on the Platform

 

2. SERVICES BY SAFEGOLD

Finity provides a technology facilitation service to Digital Gold India Private Limited, a company incorporated under the Companies Act, 2013 with its registered office at 1902 Tower B, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai, Maharashtra 400013, (“SafeGold“) to offer gold for sale, delivery and repurchase and other related services of safe keeping/vaulting to the Customers under SafeGold’s brand name  (hereinafter referred to as the “Services”). As used herein “You”. “Your” and “User” shall mean any person who accesses or uses the Platform to avail the Services.

Finity is only a technology platform service provider to SafeGold. 

 

3. ACCOUNT ON THE PLATFORM

You represent and warrant that you:

  1. are at least 18 years old; 
  2. competent to form a binding contract under the Indian Contract Act, 1872; 
  3. have not previously been suspended or removed from using Finity’s Services and/or the Platform or any part thereof. 

 

  1. For Transacting through the Platform in accordance with these Terms, you authorize and request Finity to create an account with the Website through the Platform (“Account”), on your behalf, prior to Transacting through the Platform. As part of the registration process, you will be required to provide certain information and details, including your mobile number, an e-mail id, password and any other information deemed necessary by SafeGold / Finity from time to time.
  2. You understand and agree to provide the necessary information and documents as per the Know Your Customer (“KYC”) guidelines and/or any other applicable guidelines issued under applicable laws, as may be specified from time to time. Currently, you are required to provide the following details:

Grivance

 

3. You further understand that you are responsible for maintaining the confidentiality and security of your Account including log-in details and the password. Activities and Transactions that occur in or through your Account will be considered your instructions by Finity. 

4. You represent and warrant that all information, data and document provide by you (i) for creating of the Account; and/or (ii) through your Account are true, correct, accurate and up to date. In the event of any change, you agree to update the details on the Account in a prompt and swift manner.

 

4. DEFINITIONS 

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

  1. “Customer” or “you” shall mean any individual, who as the counterparty transacts using the Platform for buying Gold from SafeGold, taking delivery of Gold and/or selling back the Gold to SafeGold, as outlined in these Terms.
  2. “Gold” means either: (i) 995 pure 24 karat gold offered to the retail Customers under Digigold’s brand “SafeGold” or (ii) 999 or 999.9 pure 24 karat gold offered to the retail Customers under Digigold’s brand “SafeGold”; as shall have been mutually agreed from time to time.
  3. “Customer Request” shall mean a delivery request, sale request or exchange request placed by you in relation to the Customer Gold.
  4. “Force Majeure Event” shall mean any event that is beyond the reasonable control of Finity and/or SafeGold and shall include, without limitation, sabotage, fire, flood, 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 not within the control of Finity and/or SafeGold and which Finity and/or SafeGold is not able to overcome.
  5. “Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization and any other legal entity.
  6. “Transaction or Transact” means buying Gold from SafeGold, taking delivery of Gold and/or selling back the Gold to SafeGold, as outlined in these Terms
  7. “Platform” means collectively: (i) the Website; and (ii) Finity Website and App.
  8. “Website” shall mean the domain name www.safegold.com owned and operated by SafeGold.

In addition to the terms defined above, additional terms used herein shall have the respective meanings assigned thereto in the relevant sections contained hereinafter.

 

5. USER ACKNOWLEDGEMENTS

You, as a Customer, acknowledge, understand and agree that:

  1. Finity is merely enabling you to avail the Services from SafeGold. 
  2. Finity assumes no liability for the Services except for providing payment services and Customer assistance in addressing the preliminary queries related to the Services.
  3. Subject to the foregoing, any and all the Transactions relating to the Services are being rendered by SafeGold in association with the Intermediaries (namely the Custodian and Vault Keeper) with whom separate agreements have been entered by SafeGold.
  4. SafeGold and/or Finity do not guarantee any returns, on any transactions consummated vis-à-vis the Platform, to any person, either directly or indirectly. 
  5. You further acknowledge and agree that SafeGold and/or Finity and its officers, directors, employees, agents and affiliates will have no liability for your purchase or other decisions using the Account and the same have been made by you after due consideration and risk analysis.
  6. Finity/SafeGold may revise these Terms from time-to-time and it is your responsibility to view the Platform to check such updates.
  7. The Services by SafeGold shall be provided for a term commencing from the date of acceptance of the Terms.
  8. You acknowledge and accept that the Services are for Customer’s personal use.
  9. That the Services are being provided and made available on an “AS IS” and “AS AVAILABLE” basis. The Platform may contain errors or inaccuracies that could cause failures, corruption or loss of data and/or information from your device and from peripherals (including, without limitation, servers and computers) connected thereto. You assume all risks and costs associated with your use of the Services, including without limitation, any costs incurred for the use of your device and any damage to any equipment, software or data.

 

6. SECURITY TRUSTEE, INTERMEDIARIES, SAFE KEEPING AND STORAGE ARRANGEMENT

  • Appointment of Intermediaries

SafeGold may from time to time appoint intermediaries who shall assist SafeGold in providing the Services to you. The term, “Intermediaries” shall mean the Security Trustee, Vault Keeper and shall include any and all Persons appointed by SafeGold or by individuals/entities as authorised by SafeGold (as the case may be) upon placement of a Customer Request (and successful payment of monies in lieu thereof) till the consummation of the Customer Requests placed by you in accordance with these Terms. You hereby consent to the appointment of such Intermediaries, for and on your behalf, by SafeGold or the Custodian (as the case may be).

  1. You acknowledge and understand that these Intermediaries have been appointed to ensure that your Customer Orders/Customer Requests are duly complied with in accordance with these Terms. 
  2. You additionally acknowledge that certain payments will have to be made to these Intermediaries for their appointment and services in relation thereto, which shall be borne by SafeGold on your behalf unless otherwise indicated in these Terms.
  • Appointment of Security Trustee
  1. Currently, Brink’s India Private Limited., has been appointed by SafeGold as a Custodian.
  2. You hereby acknowledge and agree that in order to ensure that your Customer Orders/Customer Requests are fulfilled in all circumstances, a first and exclusive charge on the Customer Gold  by way of hypothecation will be created in favour of Custodian or any successor Person (“Security Trustee”).
  3. By accepting these Terms, you further agree to accede to the terms for such arrangement with the Custodian (i.e., a Custodian Agreement) and for creation of the charge over the Customer Gold  by way of a deed of hypothecation or the like (collectively, “Custodian Agreements”). By accepting to this Terms, you acknowledge that you will accede to the Custodian Agreements (upon such date) as if you had been named as an original party to the same and had executed each of such Custodian Agreements; and will be bound by all the terms and conditions of the Custodian Agreements.
  4. In the event of any expenses or charges remaining payable to any Intermediaries or otherwise till actual delivery or fulfilment of any of your /Customer Requests for any reason, including where SafeGold is unable to pay these expenses or charges for any reason whatsoever, thereby adversely effecting or jeopardizing the fulfilment of your / Customer Requests, then the Custodian will be entitled to sell part of the Customer Gold  and satisfy such outstanding expenses or charges as required.
  5. The sums due to you and/or gold to be delivered (as the case may be), after settling the aforementioned charges, would be dealt with in accordance with these Terms read with the Custodian Agreements. By way of these Terms, you authorize the Custodian to act on your behalf to ensure that your interests are adequately protected.
  • Safe Keeping/Vaulting of Gold
  1. Gold purchased by you corresponding to the Customer Request shall be stored with a Custodian in a vault on your behalf (“Vault Keeper”). Currently, IDBI Trusteeship Services Limited (IDBI) is the Vault Keeper.
  2. You hereby authorize (i) appointment of such Vault Keeper to safe keep the gold purchased; and (ii) SafeGold to store such gold products purchased by you, including, but not limited to, bullion, coins or jewellery (as the case may be) in the secured vault on your behalf (“Customer Gold ”). 
  3. It is hereby clarified that your purchase of the Gold shall be deemed to be completed and title in relation thereto shall be deemed to have been passed upon such relevant portion of the Customer Gold being stored in the vault with the Vault Keeper on your behalf or upon a final invoice being issued by SafeGold in accordance with these Terms, subject to applicable laws.
  4. To ensure that the Customer Gold stored in such vault is adequately protected, necessary insurance policy/ies has been obtained by the Vault Keeper, where the cost of insurance to safe keep the same will be borne by the Vault Keeper. Pursuant to such insurance policy/ies, for any loss or damage to the Customer Gold stored in the vault, you further authorize the Custodian to act as your beneficiary under the insurance policy/ies and to take all steps necessary to protect your interests.
  5. While the Vault Keeper has taken the necessary insurance policy/ies, in case of occurrence of an event not covered in such insurance policy/ies, the Customer Gold may be at risk. The insurance policy/ies obtained by the Vault Keeper 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.

 

7. STORAGE PERIOD FOR DIGITAL GOLD

  1. You are required to take delivery of your Customer Gold within such maximum period as shall be specified for this purpose by SafeGold from time to time in the Pricing and Fees section (“Maximum Storage Period”). 
  2. For the purposes of making delivery to you, you are required to provide a valid address and/or any other documents/information that may be specified in this regard by Finity and/or SafeGold on the Platform. 
  3. You may provide such address at any time during the Maximum Storage Period. In the event that no valid address has been provided by you during the Maximum Storage Period or the documents so provided become redundant during the said period, then Finity and/or SafeGold shall for a period 1 (one) year commencing from the date of expiry of Maximum Storage Period (such period being the “Grace Period”) attempt at least once to contact you, using the contact information provided by you to obtain either (i) an address to which you would require the gold in question to be delivered or (ii) your bank account details into which sale proceeds of the Customer Gold  shall be deposited. In the event that Finity and/or SafeGold has not been able to contact you during the applicable Grace Period using the contact information provided by you or where you shall during the Grace Period either fail to:

a. take delivery of the gold in question for any reason whosoever (including where you shall not have provided any address to take delivery of such Gold); or

b. provide the details for a valid bank account into which the proceeds of any sale of such Customer Gold is to be deposited;

  1. Upon expiry of the applicable Grace Period for the Customer Gold in question, SafeGold shall purchase such Customer Gold with the purchase price being the applicable prevailing price displayed on the Platform for purchase of gold from Customers. The purchase proceeds realized from such sale (“Final Sale Proceeds”) after deducting any amounts payable to SafeGold as storage charges for storage of such gold after the Free Storage Period, shall be deposited into a no-lien bank account operated by the Custodian who shall be the sole signatory to such bank account. 

 

  1. In the event that you shall during a period of three (3) years commencing from the date of expiry of the applicable Grace Period (such period being the “Final Claim Period”) notify either Finity, SafeGold and/or the Custodian that you are claiming the applicable Final Sale Proceeds, the Custodian shall issue suitable instructions to transfer the Final Sale Proceeds to such bank account as you shall notify for this purpose. Please note that to claim the Final Sale Proceeds, you will be required to provide details of a valid bank account and that the Final Sale Proceeds will not be transferred in the absence of such details. You may also be required to provide additional documents and information for Know Your Customer requirements as per the extant laws at the time of taking delivery.
  2. At no time will the Final Sale Proceeds be paid to you in cash. 
  3. In the event that you shall not claim your Final Sale Proceeds within the Final Claim Period, then the Final Sale Proceeds shall be transferred to the Prime Minister’s Relief Fund or such other fund as you may designate for this purpose at any time prior to the expiry of the Grace Period.

 

8. KNOW YOUR CUSTOMER REQUIREMENT

  1. Finity and/or SafeGold reserves the right to terminate any 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 Finity against any and all losses, claims, liabilities costs etc. which arise out of or relating to your failure to identify yourself and validate your account promptly and / or due to incorrect KYC documents / information.
  2. Know your Customer (KYC) and Verification:
  3. On receipt of such documentation and other information as provided by you, you shall be entitled to place an order on the Platform (“Customer Order”).
  4. You agree that your continued use of the Platform, consequent upon the creation of the Account, is subject to verification by SafeGold / Finity, of the information and documentation provided by you. You hereby grant Finity permission to conduct such verification, in such form and manner as it may deem fit.
  5. You further acknowledge that SafeGold / Finity reserves the right for such verification either on registration of the Customer Account or at any time thereafter.

 

  1. Subject to these Terms and the Privacy Policy, you hereby grant to Finity a non-exclusive, worldwide, royalty-free right to (i) collect, store and transmit your data, in each case solely to the extent necessary to provide the Services to you, and (ii) share your data or interact with other people, to distribute and publicly perform and display your data as you direct or enable through the Services. Finity may share your data with SafeGold, who, in turn, may share your data with the Custodians required to fulfil their obligations as a Security Trustee and/or Vault Keeper. 

 

9. PURCHASE OF GOLD

  1. In consonance with SafeGold’s policy, Customer can buy Gold worth Rs.1.00 (Rupee One Only) and above incremental value thereof at the market linked prices of Gold shown on the Platform. Market linked prices are the quotes linked to the prices of gold in the commercial bullion market in India.
  2. It is hereby clarified that such market linked prices of Gold shall constitute fully binding offers and would be an invitation to offer to purchase Gold at the said market prices to all Customers. 
  3. Notwithstanding the foregoing, you understand that these prices may vary multiple times within a day, and accordingly your payment obligations for any order will depend on the market linked prices prevailing at that particular time. While reasonable efforts will be made to offer you a competitive price for the Gold, there is no guarantee that the price offered to you will be close to or comparable with other prices available in the market.
  4. Once the payments are received by Finity and the KYC information is found acceptable, SafeGold shall issue an invoice to you confirming the Customer Order placed within a period of 3 (Three) business days of placing such order, in a manner it may deem fit.
  5. Notwithstanding anything to the contrary contained in these Terms, Finity and/or SafeGold shall be entitled to accept or reject a Customer Request, for any reason whatsoever, at its sole discretion.
  6. In case of rejection of a Customer Order in accordance with these Terms, where payments have been received by Finity, such payments shall be returned to you to the bank account linked to your Account, subject to the pricing mechanism as mentioned on the Pricing and Fee section of the Terms. 

 

10. DELIVERY OF GOLD

  1. As per the policy of SafeGold, the Platform offers Services for Customers who wish to procure delivery of the Customer Gold from SafeGold in accordance with the terms of the Platform.
  2. You shall be entitled to procure delivery of the Customer Gold using the Platform (“Delivery Request”).
  3. Upon placing the Delivery Request, you shall be required to pay for the applicable charges and confirm the Delivery Request. Your Account shall be provisionally debited corresponding to the quantity of the Customer Gold sought to be delivered (“Delivered Customer Gold”).
  4. Within a period of 7 (Seven) business days of the Delivery Request being confirmed or such further period as may be required by SafeGold, SafeGold shall arrange for delivery of the Delivered Customer Gold at the shipping address indicated by you. You shall be solely responsible for ensuring that the correct address is furnished by you on the Platform for processing such Delivery Request. You shall not be entitled to change the shipping address after the Delivery Request is processed by SafeGold.
  5. You should carefully examine the package delivered and shall not accept deliveries where the packaging has been tampered with. If, however, you are of the view that the package delivered has been tampered with, you shall be required to intimate Finity immediately of the same, and provide such other information as may be required by Finity in this regard (“Return Request”). Within a period of 10 (Ten) business days of Return Request being placed (with the original package of Delivered Customer Gold  being delivered to SafeGold, in a manner indicated by SafeGold), and the same being approved by SafeGold, SafeGold shall arrange for re-delivery of the Delivered Customer Gold at the shipping address indicated by you. The costs for such shipping shall be borne by SafeGold alone, and not by you. However, in the event of frivolous and unjustified Return Requests made by you, Finity and/or SafeGold reserve the right to take all action available to it, including black-listing or blocking you from using the Services.
  6. You, upon signing the delivery receipt, acknowledge the receipt of the Delivered Customer Gold in terms of the Delivery Request placed with SafeGold. Finity and/or SafeGold shall not be liable to you for any refund/replacement, under any circumstance, for any subsequent complaints with respect to such deliveries and/or any failure on your part (as the case may be) to comply with the Terms.
  7. Upon receipt of the Delivery Request by Finity, the Account shall be debited for the Delivered Customer Gold from the Customer Account.
  8. It shall be your responsibility to ensure that you are available to receive the Delivered Customer Gold at the time of delivery. If you are not available at the time of delivery, SafeGold courier agent may try and deliver the item again before returning the same to SafeGold. In case of return of the Delivered Customer Gold to SafeGold, Account shall be credited for the Delivered Customer Gold, after deducting the charges (if any) due from you, provided however that SafeGold 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 you, you shall be solely liable to incur the applicable charges for delivering the Delivered Customer Gold.
  9. In case of SafeGold’s inability to make deliveries of Delivered Customer Gold due to a Force Majeure Event, SafeGold shall intimate you of the same and may require that the deliveries be effectuated through specific modes. In such a case, you hereby agree to bear any additional costs and fees necessary for the delivery to be complete.
  10. SafeGold will not be able to deliver a fractional quantity of gold below such threshold as SafeGold shall notify for this purpose even if a Customer Request is made for such fractional quantity (“Threshold Quantity”). You are advised to check the Platform periodically to determine the Threshold Quantity as the same may be revised from time to time. In the event that any Gold below the Threshold Quantity is to be delivered to you, then please note that such Customer Gold  shall instead be sold by SafeGold, based on the sale prices displayed on the Platform and you will instead receive the applicable sale proceeds in your bank account, details of which shall be provided by you. If there is any mistake in the account number provided by you, Finity and/or SafeGold would not be held responsible for the same.
  11. Notwithstanding anything to the contrary contained in these Terms, Finity / SafeGold shall be entitled to reject a Customer Request which is not in compliance with the Terms and shall intimate the Customer of the reasons for the same.
  12. It is hereby clarified that the Customer Gold cannot be pledged or transferred by you to any other user, and the Customer account is non-transferrable, unless specifically allowed by SafeGold and Finity. In the event of death, if specifically allowed by SafeGold and Finity, the title to such Customer Gold lying in the vault and the Account shall transfer to your legal heirs only after the required due diligence has been conducted. Subsequent to this, your legal heir(s) shall be regarded as the Customer for the purpose of the Customer Gold and Account thereafter and the Terms shall be applicable to your legal heir(s).
  13. Due to reasons not directly attributable to SafeGold or Finity, data may be inaccurately displayed on the Platform due to some system errors on the Platform. Finity / SafeGold reserves the right to correct any and all errors when they do occur, at its sole discretion, and Finity or SafeGold shall be entitled to not honour any requests/orders placed by you based on any inaccurate or erroneous prices.
  14. The prices quoted on the Platform are fixed and non-negotiable. The prices on the Platform are also subject to change without notice.

 

11. SELL THE CUSTOMER GOLD 

  1. As per the terms of the Platform, you may be provided an option to sell the Customer Gold during market hours based on the sale prices on the Platform. If the prices are found acceptable to you, you shall confirm the sale request, in a form and manner acceptable to Finity (“Sale Request”). Your Account shall be debited corresponding to the quantity of the Customer Gold sought to be sold vide the Sale Request (“Sold Customer Gold”).
  2. Within a period of 5 (Five) business 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 Finity at the sale prices indicated at the time of placing such Sale Request.
  3. Finity shall arrange for such payments to be made to your bank account, details of which shall provided by you. If there is any mistake in the account number provided by you, Finity or SafeGold would not be held responsible for the same.
  4. It is hereby clarified that SafeGold and/or Finity will provide this service on a best effort basis and only when the commercial bullion market is in operation. SafeGold and Finity do not in any way guarantee that this option will be available to you at all times. 
  5. The buyer of the Sold Customer Gold may be either SafeGold or another party (being interested in buying the Sold Customer Gold). Finity and/or SafeGold shall not be held liable for any actions of such third-party purchaser.
  6. You will be provided with free storage for your Customer Gold for such period as more particularly stipulated by SafeGold in this regard from time to time at its sole discretion and notified to Customers in the Pricing and Fees (“Free Storage Period”). Currently, secure storage of Gold is free for the first two years. After that, SafeGold may levy a charge of up to 0.03% per month of the Customer’s gold balance at the end of each month till the maximum storage period of 7 years is completed. Thereafter, a Customer will have to sell their gold or take delivery.
  7. After the expiry of the Free Storage Period, SafeGold shall be entitled to levy storage charges for such Customer Gold at such rate as would be specified in the Pricing and Fees on the Platform / Website. The charges would be levied by deducting the gold balance at the end of each month by a percentage amount at the specified rate. You are advised to periodically check the Pricing and Fees section of the Website to understand these storage charges. In the event, SafeGold is not able to deduct the storage charges because your gold balance is too low, then SafeGold shall be entitled to sell such portion of your Customer Gold stored with the Vault Keeper that is necessary or required to recover the unpaid storage charges in question.

 

12. SUSPENSION/CLOSURE OF ACCOUNT

Finity may suspend your Account:

  1. If there appears to be a fraudulent or suspicious activity in the Account either by you or any third party. In the event of any suspected suspicious activities, you may inform Finity with 10 (ten) days of occurrence of such activity. 
  2. If arrangement between SafeGold and Finity is terminated or Finity decides to discontinue the relationship with SafeGold. In such an event, your gold balance may be accessible through the Website and Finity shall provide you reasonable assistance to access your account on the Website.

 

13. TERMINATION OF SERVICES BY FINITY VIS-À-VIS SAFEGOLD

  1. Finity and/or SafeGold, in its sole discretion, may modify, suspend, or terminate access to the Services or may require the Platform to modify, suspend, or terminate access to the Services or any part thereof of the Platform or your ability to access any Services through the Platform, at any time and for any reason, including termination for breach of any of these Terms or occurrence of a Customer EoD or the Privacy Policy. The term “Customer EoD” shall mean any default by a Customer of its obligations owed to the Security Trustee, under the Custodian Agreements provided that for the purposes of enforcing the hypothecation created by you in favour of the Security Trustee, the Custodian would be required to first obtain a suitable order / direction passed in its favour from a competent judicial or statutory authority having jurisdiction in the matter.
  2.  These Terms shall further stand terminated:

 

  1. if SafeGold is adjudged bankrupt or declared insolvent;
  2. if SafeGold ceases to carry on its business or has communicated to the Custodian any intention to cease to carry on its business;
  3. if SafeGold breaches any of the terms and conditions under the Custodian Agreements or Terms and SafeGold does not remedy such breach within 60 (Sixty) days of being called upon to do so by the Security Trustee;
  4. 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 SafeGold;
  5. upon SafeGold 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;
  6. upon an order being made for the winding up, bankruptcy or dissolution of SafeGold, or an application is admitted for initiating any corporate insolvency resolution process against SafeGold in accordance with applicable law;
  7. upon any encumbrancer lawfully taking possession, or a liquidator, judicial custodian, receiver, administrative receiver or trustee or any analogous officer having been appointed in respect of the whole or a substantial part of the property of SafeGold, or an attachment, sequestration, distress or execution (or analogous process) being levied or enforced upon or issued against whole or a substantial part of the assets or property of SafeGold, or any action has been taken or suffered against SafeGold towards liquidation or dissolution or similar reorganization; or
  8. upon a liquidator or provisional liquidator being appointed to SafeGold or a receiver, receiver and manager, trustee or similar official being appointed in respect of SafeGold or any of its assets, or an event analogous.
  9. Upon termination of Services as mentioned herein, and where there is any insufficiency of SafeGold funds required to pay any costs and expenses to be incurred in relation to providing delivery of your Customer Gold to you, then in such an event you do hereby authorise the Custodian to sell any part of the Customer Gold , that is necessary or required to defray such costs and expenses.

 

  1. Pursuant to the Custodian Agreements, SafeGold has created a charge by way of hypothecation in favour of the Custodian for the benefit of the Customers over: (a) the monies lying in the Collection Account from time to time; and (b) gold purchased by SafeGold from time to time and lying with the Vault Keeper or in transit and, which is the property of SafeGold (collectively “Security”). Upon the occurrence of any of the events detailed in sub-clause 13 (a) and (b) as mentioned above, the Custodian under the Custodian Agreements is to: (i) declare all outstanding amounts as due and payable to the Custodian forthwith; and (ii) take charge and/or possession of, seize, recover, receive and remove the Security and use the same to discharge any liability of SafeGold to the Customers. 
  2. You however expressly understand and acknowledge that any enforcement of the Security would always be subject to and undertaken in accordance with the provisions of applicable law and therefore: 
  3. it is not possible to accurately predict the time required to make any such distribution; and/or 
  4.  the amount received by you from such distribution may not be sufficient to completely extinguish SafeGold’s liability to you; 
  5. consequently, no liability shall accrue to the Custodian in relation to the above.

 

14. CONSEQUENCES OF TERMINATION OF SERVICES

  1. Upon such termination for any reason whatsoever:
  2. Fractional amounts for gold holdings of less than 1 (One) gram may be sold and cash in pursuance thereto will be sent directly to your bank account, after deducting all the requisite charges relating to appointment of Intermediaries (including but not limited to charges due and payable to Intermediaries and any other out of pocket expenses, custody charges, minting and delivery charges) (“Charges”).
  3. For larger gold holdings, the Custodian shall (to the extent you have not already paid for all the Charges) be allowed to sell part of your gold to pay for all the Charges to all the Intermediaries. The remaining portion of the gold shall be delivered to you in accordance with these Terms, along with the details of the deductions made and the quantum of gold that you are entitled to receive.
  4. You acknowledge that the termination of your access to the Services may be affected without any prior notice, and the Account may be immediately deactivated or deleted and all related information and/or bar any further access to the Account / Services. Further, you agree that Finity and/or SafeGold shall not be liable for any discontinuation or termination of Services by any third party.
  5. None of your content shall remain accessible on the Platform upon termination. This information cannot be recovered by you, once the Account is terminated.
  6. The disclaimer of warranties, the limitation of liability, and the governing law provisions shall survive any termination of these Terms.

 

15. FEES

  1. You hereby agree that you shall be liable for all fees and charges associated with the use of the Platform and Services. 
  2. It is hereby clarified that fees and charges, once paid, are non-refundable.
  3. All payments made for the use of the Platform and/or purchase of Customer Gold by you shall be compulsorily in Indian Rupees.
  4. While availing any of the payment method/s available on the Platform for availing the Services, Finity/SafeGold shall not be responsible for or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to you due to:
  5. Lack of authorization for any transaction(s), or
  6. Exceeding the present limit mutually agreed by you and between bank/s and/or other institutions used by you in making payment, or
  7. Any payment issues arising out of the transaction, or
  8. Rejection of transaction for any other reason(s) whatsoever, or
  9. Finity / SafeGold may temporarily/permanently suspend/terminate the Account or refuse access in case of non-payment of fees due by you. Without limitation to the other rights and remedies available to Finity, it also reserves the right to take legal action for the same.

 

16. FEEDBACK

  1. The Platform may allow you to post your review and experience of using the Platform (“Reviews“) in order to improve the Platform and the Customer’s experience.
  2. You, being the originator of the Reviews, are responsible for the Reviews that you upload, post, publish, transmit or otherwise makes available on the Platform. You represent that all such Reviews will be in accordance with applicable law. You acknowledge that Finity does not endorse any Reviews on the Platform and is not responsible or liable for any Reviews. Finity reserves the right to disable access to the Reviews on the Platform.
  3. You hereby grant Finity and SafeGold a perpetual, non-revocable, worldwide, royalty-free and sub-licensable right and license to use, copy, distribute, display, publish, transmit, make available, reproduce, modify, adapt the Reviews in any manner as deemed appropriate by Finity / SafeGold in any form including but not limited to print, broadcast, online and across any and all websites and Apps owned by Finity / SafeGold.
  4. You further represent and warrant that while posting any Reviews on the Platform you shall not use any offensive, libellous, derogatory, hateful or racially or ethnically objectionable language. Further, you shall not post any content on any part of the Platform that is obscene, pornographic, constitutes an “indecent representation of women” as provided in the Indecent Representation of Women (Prohibition) Act, 1986.
  5. You agree not to use or access the Platform or any Service: 

 

  1. for any unlawful purpose; 
  2. to solicit others to perform or participate in any unlawful acts; 
  3. to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances in India; 
  4. to infringe upon or violate Finity’s intellectual property rights or the intellectual property rights of others; 
  5. to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; 
  6. to submit false or misleading information; 
  7. to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; 
  8. to collect or track the personal information of others; 
  9. to spam, phish, pharm, pretext, spider, crawl, or scrape; 
  10. for any obscene or immoral purpose; or 
  11. to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet. 

Finity reserves the right to terminate your use of the Service or any related website for violating any of the prohibited uses.

 

17. CONFIDENTIALITY

Finity and SafeGold will keep all confidential information confidential, including your personal information, and shall not disclose it to anyone except as required by applicable 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. Finity and SafeGold acknowledges that its employees, directors, agents and contractors shall use the confidential information only for the intended purpose for which it is provided. Finity and SafeGold shall use all reasonable endeavours to ensure that its employees, directors, agents and contractors acknowledge and comply with the provisions of these Terms of confidentiality as if such person was subject to these Terms of confidentiality.

 

18. CONTENT AND INTELLECTUAL PROPERTY RIGHTS

  1. Finity and SafeGold solely and exclusively owns respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by SafeGold and displayed on/accessed on the Platform and is protected under Indian law.
  2. You hereby acknowledge that the Services constitute original works and have been developed, compiled, prepared, revised, selected, and arranged by Finity and SafeGold respectively through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Finity and SafeGold respectively and such others. You thereby agree to protect the proprietary rights of Finity and SafeGold respectively during and after the term of these Terms. You may not selectively download portions of the Platform without retaining the copyright notices. You may download material from the Platform only for the purpose intended by these Terms. Any infringement shall lead to appropriate legal proceedings against you at appropriate forum for seeking all available remedies under applicable laws of the country.

 

19. INDEMNIFICATION

You hereby agree to indemnify and keep Finity and SafeGold indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly, whatsoever (“Losses”) which Finity and/or SafeGold 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) the usage of the Platform by the Customer; (ii) by reason of Finity and/or SafeGold 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, mistake or misconduct of the Customer; (iii) breach or non-compliance of the Terms; and/or (iv) fraud or dishonesty relating to any transaction by the Customer.

 

20. LIABILITY

SafeGold and/or Finity shall also not be liable under any circumstances for damages arising out or related in any way due to:

  1. To your inability to access, or your difficulty in accessing the Platform to avail of any Services due to any bugs, viruses, trojan horses, or the like, which may be transmitted to or through the Platform by any third party, any loss of your data, any claim relating to your data or content from the Services, your failure to keep the confidential information secure and confidential. You further agree that SafeGold shall not be held responsible in any manner whatsoever for any and all acts of Finity or other Intermediaries. Likewise, Finity shall not be held responsible in any manner whatsoever for any and all acts of SafeGold or other Intermediaries.
  2. Functionality, actions, inactions, privacy settings, privacy policies, terms, or content of any third-party links.

 

21. GOVERNING LAW AND DISPUTE RESOLUTION

These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts of Bangalore shall have exclusive jurisdiction over any disputes arising under these Terms. In the event of any dispute arising out of these Terms the same shall be settled by a binding arbitration conducted by a sole arbitrator, appointed jointly by both parties and governed by the Arbitration and Conciliation Act, 1996. The venue of arbitration shall be Bangalore, Karnataka, India.

 

22. DISCLAIMER OF WARRANTIES

  1. ALL INFORMATION, CONTENT, MATERIALS AND SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THE PLATFORM (COLLECTIVELY, THE “CONTENTS”) ARE PROVIDED BY SAFEGOLD AND FINITY ON AN “AS IS,” “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND. SAFEGOLD AND/OR FINITY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE OPERATION OF THE PLATFORM, THE ACCURACY OR COMPLETENESS OF THE CONTENTS AND THE ACCURACY OF THE INFORMATION. SAFEGOLD AND/OR FINITY SHALL HAVE NO RESPONSIBILITY FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT, MATERIALS, DOCUMENT OR INFORMATION OR ANY OTHER LOSSES INCURRED BY YOU FOR USE OF THE PLATFORM / PLATFORM. YOU EXPRESSLY AGREE THAT THE USE OF THE PLATFORM / SERVICES IS AT YOUR SOLE RISK. SAFEGOLD AND/OR FINITY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF THE PLATFORM OR THE SERVICES OR THE CONTENTS INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING. TO THE FULL EXTENT PERMITTED BY LAW, SAFEGOLD AND/OR FINITY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE PLATFORM (OR ANY PART THEREOF) AND ITS CONTENTS, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE OR USE.
  2. 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 Finity or SafeGold. Therefore, Finity or SafeGold 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 Finity’s or SafeGold’s control or anticipation.