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TERMS AND CONDITIONS of MMTC – PAMP

These “Conditions of Use” constitute an electronic record within the meaning of the applicable law. This electronic record is generated by a computer system and does not require any physical or digital signatures.
1. In these Terms, references to “you”, “Customer” shall mean the counterparty who transacts the purchase using the PayTM “Platform”, being a natural person, buying Gold and redeeming Gold in the form of minted products. “Platform” shall mean the platforms (website, mobile apps, others) of One97 Communications, that the Customer accesses for the transactions, including all contents, Services and technology offered through the platform. “Service Providers” mean independent third party service providers, and references to the “Seller”, “MMTC-PAMP”, “we”, “us” and “our” shall mean MMTC-PAMP India Private Limited.
2. We reserve the right to change these Terms at any time. Such changes will be effective when posted on the Platform and shall be deemed to be notified to the Customer accordingly. Notwithstanding the foregoing, by continuing to use the Platform after we post any such changes, you accept the Terms as modified.
3. MMTC-PAMP shall be entitled to collect and store relevant information and documents provided by the Customer to the Platform for KYC purposes. Further, as and when required by MMTC-PAMP, the Customer will be required to provide additional documents for fulfilling the KYC requirements of MMTC-PAMP.
4. You can offer to buy minimum 1 gram gold of 999.9 purity and in multiples of 1 gram at the Live prices of Gold of 999.9 purity displayed on the Platform.
5. Customer has to make one physical redemption in the first year of account opening
6. Payment will be accepted only through your PayTM wallet or other payment options made available on the Platform. At the time of purchase of Gold, the relevant taxes will be applicable as per the Government regulations.
7. MMTC-PAMP will provide a catalogue of minted products that the customer can select for redemption. These minted products will be hosted on the platform.
8. 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 minted product selected from the catalog for deliver shall be subject to availability of stock with the MMTC-PAMP.
9. For each confirmed purchase of Gold by the Customer, MMTC-PAMP India will be the custodian till delivery as per your instructions or up to a period of 5 (five) years from the date of purchase (“Custody Period”), whichever is earlier. The Gold purchased by you will be allocated and stored in a highly advanced and secured vault of MMTC-PAMP, with full insurance cover. If you redeem your gold after the Custody Period, additional charges will be levied
10.The Customer will have the option of asking for physical delivery of the full or part of the accumulated gold holding, in the form of minted products starting from 1gm and multiples thereof.
11. The customer cannot buy and redeem Gold on the same day. After confirmation of payment, MMTC-PAMP will debit the customers gold account, and deliver the coins to the customer
12. Live prices of Gold will be displayed on the Platform and are subject to change from time to time. The live prices of Gold may be different from that available in the open market and/or in any other retail outlet. Your offer may be rejected irrespective of whether an item has been earmarked/wish listed by a Customer. In such an event if you still wish to offer to purchase Gold, you may make another offer at the changed price. MMTC-PAMP disclaims any and all claims and/or liabilities arising from such non acceptance of offer or revision in prices.
13. While availing any of the payment method/s available on the Platform, MMTC-PAMP 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:

• Lack of authorization for any transaction/s, or
• Exceeding the preset limit mutually agreed by and between the Customer and relevant banks of the Customer, or
• Any payment issues arising out of the transaction, or
• Illegitimacy of the payment methods (credit/debit card frauds etc.) being used by a Customer; or
• Temporarily discontinuation of invitation to offer; or
• Decline of transaction for any reason(s) whatsoever.

14. MMTC-PAMP may, at its discretion, prescribe maximum individual/cumulative limits for Customers to accumulate gold through this scheme.
15. At any point of time on any day MMTC-PAMP may temporarily discontinue the invitation to offer for any reason whatsoever.
16. MMTC-PAMP will, at its discretion, close down inactive accounts, as defined by MMTC-PAMP, or accounts for which Custody Period. Customers will be requested to redeem their gold holdings. In the event the customer chooses not to respond, MMTC-PAMP reserves the right to repurchase the Customers gold holding at the prevalent gold purchase price offered on the Platform, after deducting applicable charges. For the purpose of this Clause ‘Inactive Account’ shall mean an account in which there has not been any operation for a period of 6 (six) months.
17. The Customer will not be entitled to make an offer if the zip code of delivery address is outside serviceable areas. At time of redemption the customer will be required to provide full delivery address.
18. In the event the delivery address selected by the Customer falls in a non-serviceable area, then the Customer shall be liable and responsible to collect the minted products from an MMTC-PAMP designated outlet. In case the customer requests a change of address, delivery will be only be made to serviceable areas.
19. In the event the account of customer has become inactive and the customer has not provided an operational bank account, MMTC-PAMP reserves the right to liquidate the Gold holding and treat the proceeds in accordance with applicable laws.
20. All minted Products selected for delivery by customer for redemption, shall be delivered within India as per instructions of the Customer to the Customer through Our logistics partner. All deliveries where applicable shall be made on a best efforts basis, and while MMTC-PAMP will endeavor to deliver the Products on the dates intimated, the MMTC-PAMP disclaims any claims or liabilities arising from any delay in this regard.
21. The logistics partner of MMTC-PAMP will make a maximum of three attempts to deliver your order. In case the Customer is not reachable or does not accept delivery of products in these attempts, the Customer shall be responsible for collecting the minted product from the designated outlets of MMTC-PAMP.
22. 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.
23. Upon MMTC-PAMP confirming the purchase or redemption of Gold by Customer, the order / request of Customer to purchase / redemption, as the case may be, shall be binding on the Customer and cannot be cancelled.
24. You agree and undertake that you will not violate any applicable laws or regulations for the time being in force in or outside India. You also agree and undertake that you will not open any account in the name of any minor.
25. 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 and such use shall be entirely unrestricted.
26. In the event of termination / expiry of MMTC-PAMP’s arrangement with One97 / PayTM or otherwise at any point of time, MMTC-PAMP reserves the right to migrate your GAP account to an alternative platform and continue with GAP on such alternative platform (as decided by MMTC-PAMP). MMTC-PAMP shall also be entitled to notify the customer for redemption of the Products within the time lines as specified in the notice sent by MMTC-PAMP in this regard.
27. 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 herefrom.
28. 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.
29. Waiver: Any failure or delay by a party to enforce or exercise any provision of these Terms, or any related right, shall not constitute a waiver by such party of that provision or right. The exercise of one or more of a party’s rights hereunder shall not be a waiver of, or preclude the exercise of, any rights or remedies available to such party under these Terms or in law or at equity. Any waiver by a party shall only be made in writing and executed by a duly authorized officer of such party.
30. Force Majeure: If performance under these Terms by MMTC-PAMP is prevented, restricted, delayed or interfered with by reason of labor 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 the MMTC-PAMP and could not have been prevented by reasonable precautions then the MMTC-PAMP shall in toto 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 whosoever, amount to a breach by the MMTC-PAMP of its obligations herein.
31. Absence of relationship: You represent and warrant to MMTC-PAMP that you have sufficient experience and knowledge to make informed decisions to purchase/redeem Gold/Minted Products. You acknowledge that you are making all of your own decisions in connection with purchases or redemption and that you have not relied on any information made available by MMTC-PAMP, and that MMTC-PAMP is not making any recommendation with respect to such purchases/redemption of Gold/Minted Products. No relationship other than seller-purchase, 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.
32. 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. Therefore, 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’s 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 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 product/Gold.
33. 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/Minted Products. MMTC-PAMP 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 federal 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 does not represent to provide advice or recommendations about your specific taxes, tariffs and duties and any statements made by us are only for the purpose of raising issues for you to discuss with your tax or other professional.
34. Indemnification: You agree to indemnify, defend and hold MMTC-PAMP harmless from and against any and all claims, damages, losses, costs (including reasonable attorneys’ fees), or other expenses that arise directly or indirectly out of or from (a) your breach of this Agreement; (b) any allegation that any materials that you submit to us; and/or (c) your activities in connection with any MMTC-PAMP products or services.
35. Disclaimers and limits of liability: MMTC-PAMP does not make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of its Gold/Minted Products with respect to future prices or any return on investment. MMTC-PAMP will not be liable for any loss or damage caused by reliance on information obtained in any of our newsletters, literature, reports, e-mail correspondence, website, or any other communication from MMTC-PAMP. MMTC-PAMP explicitly urges to 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 inspite 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 shall not be liable for any loss or damage to customer. If such loss is later reported and approved by logistics partner and Insurance Company, the limit of liability shall be restricted to the amount paid by the logistic partner for such loss or damage in transit as per their terms and conditions and the same shall be binding upon the customer.
36. You acknowledge that MMTC-PAMP will not be liable to you or any other person as a result of your access or use of Gold/Minted Product 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, even if MMTC-PAMP has been advised of the possibility of or could have foreseen any of the excluded damages, and irrespective of any failure of an essential purpose of a limited remedy. You agree that the maximum liability of MMTC-PAMP for all damages, losses, and causes of action under this agreement shall be the total amount paid by you, if any, for access to any MMTC-PAMP products or services. The foregoing limitation of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction.