TERMS AND CONDITIONS
1.1. This document is an electronic record in terms of the information technology act, 2000, Edition 2022 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.
2.1. For the purpose of these Terms, wherever the context so requires, the term:
2.1.1. “Customer” shall mean any individual, who as the counter-party transacts using the Platform for buying AriGold (as defined below), or selling back the AriGold to Platform.
2.1.2. “Customer Request” shall mean a Purchase Request, Sale Request or Exchange Request placed by You in relation to the Customer AriGold balance.
2.1.3. “https://gold.ariinv.com” shall mean the information provided by You for the purpose of creation of the AriGold Account.
2.1.4. “https://gold.ariinv.com” shall mean the website or application offered and maintained by ARIINV which is accessible through the URL https://gold.ariinv.com
2.1.5. “Force Majeure Event” shall mean any event that is beyond the reasonable control of the Platform Provider and/or ARIINV 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, government orders or restrictions to movement applicable, including as a result of any pandemic, and any other similar events not within the control of the Platform Provider and/or ARIINV and which the Platform Provider and/or ARIINV is not able to overcome
2.1.6. “Payment Instrument” shall mean any electronic modes of payment for the transmission or payment of money.
2.1.7. “Person” shall mean an individual, a corporation, a partnership, a joint venture, a trust, an unincorporated organization and any other legal entity.
2.1.8. “Platform” shall mean, and include, the mobile application, website and retail stores operated by Aristo Investment Company Limited and its affiliates, through which the Customer accesses any content, services and technology pertaining to transactions in AriGold.
2.1.9. “AriGold” shall mean 24 karat gold of 99.5% purity or higher, offered to the Customer by ARIINV under the brand name “AriGold”.
2.1.10. “https://gold.ariinv.com” shall mean the account created on the Platform whether by You or otherwise, in accordance with these Terms.
2.1.11. “Transfer” refers to a facility to transfer Gold from AriGold Account to another AriGold Account.
In addition to the terms defined in Section 2.1, additional terms used herein shall have the respective meanings assigned thereto in the relevant sections contained hereinafter.
- TERMS AND CONDITIONS OF SERVICES BEING PROVIDED BY ARIINV
3.1. The gold is being offered for purchase and/or sale by ARIINV under its brand name “AriGold”. The Services are being provided by ARIINV. https://gold.ariinv.com is the “Platform Provider”, working with ARIINV to offer AriGold as a digital product through its Platform. The Platform Provider may provide payment services, fulfilment services and Customer Support in addressing customer queries. Transactions relating to the Services are being rendered by ARIINV in association with the Intermediaries (namely the Security Trustee and Vault Keeper) with whom separate agreements have been entered into by ARIINV.
3.2. The Customers are advised to read and understand these Terms carefully before using the Services.
3.4. The Services by ARIINV shall be provided for a term commencing from the date of creation of the AriGold Account.
3.5. You understand and acknowledge 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/or any device used by You to connect to the Platform as well as from peripherals (including, without limitation, servers and computers) connected to any of the above-mentioned devices. You assume all risks and costs associated with Your use of the Services and the Platform, including without limitation, any costs incurred for the use of Your device and any damage to any equipment, software or data.
3.6. You confirm that you are not registered under the Goods and Services Tax Act, 2017 and that if, in the course of your relationship with ARIINV, you become registered under the Goods and Services Tax Act, 2017, you shall inform ARIINV of your change in status immediately, and provide any relevant information and documents, as may be requested.
- SECURITY TRUSTEE, INTERMEDIARIES AND SAFE KEEPING ARRANGEMENT
4.1. Appointment of Intermediaries
4.1.1. ARIINV or the Security Trustee (as the case may be) may from time to time appoint intermediaries who shall assist ARIINV in providing the Services to You (“Intermediaries”). The term, “Intermediaries” shall mean the Security Trustee, Vault Keeper and shall include any and all Persons appointed by ARIINV or the Security Trustee (as the case may be) upon placement of a Customer Order 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 ARIINV or the Security Trustee (as the case may be).
4.1.2. 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. 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 ARIINV on Your behalf unless otherwise indicated in these Terms.
4.2. Appointment of Security Trustee
4.2.1. You hereby acknowledge and agree that in order to ensure that Your Customer Orders/Customer Requests are fulfilled in all circumstances, (“Security Trustee”) shall be authorised to act on your behalf with respect to Your AriGold Balance.
4.2.2. By accepting these Terms, You further agree to accede to the terms for such arrangement with the Security Trustee (collectively, “Security Trustee Agreements”). By clicking on “I Accept”, You acknowledge that You will accede to the Security Trustee Agreements (upon such date) as if You had been named as an original party to the same and had executed each of such Security Trustee Agreements; and will be bound by all the terms and conditions of the Security Trustee Agreements.
4.2.3. 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 Orders/Customer Requests for any reason, including where ARIINV is unable to pay these expenses or charges for any reason whatsoever, thereby adversely effecting or jeopardizing the fulfilment of Your Customer Orders/Customer Requests, then the Security Trustee will be entitled to sell part of the Customer Gold and satisfy such outstanding expenses or charges as required in accordance with these Terms read with the Security Trustee Agreements. The sums due to You and/or Customer AriGold Balance 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 Security Trustee Agreements.
4.2.4. By way of these Terms, You authorize the Security Trustee to act on Your behalf to ensure that Your interests are adequately protected.
4.3. Safe Keeping/Vaulting of Customer AriGold Balance
4.3.1. AriGold purchased by You corresponding to the Customer Order shall be stored with a custodian in a vault on Your behalf (“Vault Keeper”).
4.3.2. You hereby authorize (i) appointment of such Vault Keeper to safe keep the gold purchased; and (ii) ARIINV to store such AriGold products purchased by You, including, but not limited to, bullion or coins (as the case may be) in the secured vault on Your behalf (“Customer Gold”). It is hereby clarified that Your purchase of the gold corresponding to the Customer Order 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 ARIINV in accordance with these Terms, subject to applicable laws.
4.3.3. 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 Security Trustee to act as Your beneficiary under the insurance policy/ies and to take all steps necessary to protect Your interests.
4.3.4. 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.
- TRANSFER OF AriGold BALANCE
5.1. ARIINV may offer You the ability to transfer your gold to another recipient, by means of the “gift” feature, or as part of another product function such as exchanging your AriGold Balance purchased through the Platform for jewellery.
5.2. It is expressly clarified that functionality for exchanging your AriGold Balance purchased on the Platform for jewellery shall be available only at retail stores or platforms offered by ARIINV.
5.3. Any such transfer of gold from you to another recipient shall only be valid if exercised through a method or functionality offered by ARIINV.
5.4. Gifting Gold:
5.4.1. ARIINV may offer Customers the ability to gift Gold purchased by the Customer, to a recipient of their choice. This will be offered as the “gift gold” feature.
5.4.2. Neither ARIINV nor the Platform Provider shall be responsible for the acceptance or rejection of the “gift” by the intended recipient, or for verifying the correctness of the mobile number or other identification information provided for the intended recipient by the Customer.
5.4.3. Gold gifts shall be final, and ARIINV shall not be responsible for amending, altering or otherwise reversing the transaction in case the gift is delivered to an unintended recipient due to any error on the part of the Customer.
5.4.4. However, in case the intended Recipient does not accept the “gift” within the prescribed time, the Customer AriGold balance shall revert to the Customer’s Account.
5.5. Exchange for Jewellery
5.5.1. Customers shall be able to exchange their AriGold Balance for jewellery exclusively through the Platform Provider, i.e. through retail stores or platforms offered by ARIINV. This will be offered as part of the “exchange for jewellery” feature.
5.5.2. Customers may opt for this functionality by following the procedure described on the Platform, as offered by ARIINV. The transaction shall only be initiated upon the express instructions of the Customer to the Platform Provider.
5.5.3. Customers will be sent an OTP by ARIINV to verify the transaction and confirm that they wish to proceed with the transfer of AriGold Balance to the Platform Provider. By communicating the OTP to the Platform Provider, You agree to allow ARIINV to debit your AriGold account balance to the extent required for the purchase of your chosen jewellery product.
5.5.4. Any additional charges for the jewellery product selected shall be borne by the Customer.
5.5.5. You may note that the gold rate as applicable in the AriGold retail stores or platforms will be applicable for the purchase of jewellery. Further, other purchase terms and conditions may be imposed by the Platform Provider for purchase of jewellery.
5.5.6. Once a transaction has been deemed to be final and an invoice generated for the transaction, Customers shall not have the ability to cancel or request for a refund, unless specifically allowed by ARIINV or the Platform Provider.
5.5.7. The Platform Provider at its sole discretion may extend discounts for purchase of jewellery.
5.5.8. Once a transaction is deemed to be final, any disputes with respect to the jewellery product selected shall be resolved directly between the Platform Provider and the Customer.
- STORAGE OF GOLD
6.1. You are required to take delivery of Your Customer Gold within such maximum period as shall be specified for this purpose by ARIINV from time to time on the Platform (“Maximum Storage Period”), which is currently limited to 10 years from the time of purchase of AriGold.
6.2. For the purposes of making delivery to You, You are required to provide a valid address and/or any other documents/information/ biometric identification that may be specified in this regard by the Platform Provider and/or ARIINV on the Platform from time to time.
6.3. 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, then the Platform Provider and/or ARIINV shall for a period 1 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 AriGold Balance in question to be delivered or (ii) Your wallet details into which sale proceeds of the Customer Gold shall be deposited.
6.4. In the event that the Platform Provider and/or ARIINV have 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 wallet into which the proceeds of any sale of such Customer Gold is to be deposited;
then upon expiry of the applicable Grace Period for the Customer Gold in question, ARIINV shall purchase such Customer Gold with the purchase price being the applicable prevailing price displayed on the Platform for purchase of AriGold from Customers and will be sold by ARIINV.
6.5. The purchase proceeds realized from such sale (“Final Sale Proceeds”) after deducting any amounts payable to ARIINV as storage charges for storage of such gold after the Free Storage Period, shall be deposited into a wallet operated by the Security Trustee who shall be the sole signatory to such wallet.
6.6. In the event that You shall during a period of 3 years commencing from the date of expiry of the applicable Grace Period (such period being the “Final Claim Period”) notify either The Platform Provider, ARIINV or the Security Trustee that You are claiming the applicable Final Sale Proceeds, the Security Trustee shall issue suitable instructions to transfer the Final Sale Proceeds to wallet as You shall notify for this purpose.
6.7. Please note that to claim the Final Sale Proceeds You will be required to provide details of a valid wallet and that the Final Sale Proceeds will not be transferred in the absence of such details. At no time will the Final Sale Proceeds be paid to you in cash.
- FORCE MAJEURE
If performance under these Terms 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, pandemic, government mandated lockdown, Trojan virus 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 failure of any device used to access the Platform, or any other act whatsoever, whether similar or dissimilar to those referred to in this section, which are beyond the reasonable control of the Platform Provider and/or ARIINV and could not have been prevented by reasonable precautions then the Platform Provider and/or ARIINV shall be discharged from such performance to the extent of and during the period of such force majeure event. Such non-performance by the Platform Provider and/or ARIINV shall, in no manner whosoever, amount to a breach of its obligations herein.
- TERMINATION OF SERVICES BY ARIINV
8.2. The term “Customer EoD” shall mean any default by a Customer of its obligations owed to the Security Trustee, under the Security Trustee Agreements.
8.3. These Terms shall further stand terminated:
8.3.1. if ARIINV is adjudged bankrupt or declared insolvent;
8.3.2. if ARIINV ceases to carry on its business or has communicated to the Security Trustee any intention to cease to carry on its business;
8.3.3. if ARIINV breaches any of the terms and conditions under the Security Trustee Agreements or Terms and ARIINV does not remedy such breach within 60 (Sixty) days of being called upon to do so by the Security Trustee;
8.3.4. 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 ARIINV;
8.3.5. upon ARIINV 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;
8.3.6. upon an order being made for the winding up, bankruptcy or dissolution of ARIINV, or an application is admitted for initiating any corporate insolvency resolution process against ARIINV in accordance with Applicable Law;
8.3.7. 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 ARIINV, 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 ARIINV, or any action has been taken or suffered against ARIINV towards liquidation or dissolution or similar reorganization.
8.3.8. upon a liquidator or provisional liquidator being appointed to ARIINV or a receiver, receiver and manager, trustee or similar official being appointed in respect of ARIINV or any of its assets, or an event analogous.
8.4. Upon the happening of any of the events referred to in Section 8.2 2, and where there is any insufficiency of ARIINV 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 Security Trustee to sell any part of the Customer Gold, that is necessary or required to defray such costs and expenses.
8.5. Pursuant to the Security Trustee Agreements, ARIINV has created a charge by way of hypothecation in favour of the Security Trustee for the benefit of the Customers over: (a) the monies lying in the Collection Account from time to time; and (b) gold purchased by ARIINV from time to time and lying with the Vault Keeper or in transit and, which is the property of ARIINV; (collectively “Security”).
8.6. Upon the occurrence of any of the events detailed in Section 8.1 and 8.2, the Security Trustee under the Security Trustee Agreements is to: (i) declare all outstanding amounts as due and payable to the Security Trustee 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 ARIINV to the Customers. 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:
(i) it is not possible to accurately predict the time required to make any such distribution; and/or
(ii) the amount received by You from such distribution may not be sufficient to completely extinguish ARIINV’s liability to You;
and consequently, no liability shall accrue to the Security Trustee in relation to the above.
8.7. The Platform Provider may, with or without notice to you, discontinue to make the Services available through the Platform and in such case Your AriGold Account may be closed and will be dealt with the in the manner specified in Section 18.2 of these Terms.
- CONSEQUENCES OF TERMINATION OF SERVICES BY ARIINV.
9.1. Upon such termination for any reason whatsoever, subject to these Terms read with the Security Trustee Agreements:
9.1.1. Fractional amounts for AriGold Balance holdings of less than 1 (One) gram may be sold and cash in pursuance thereto will be sent directly to Your Wallet, 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”).
9.1.2. For larger AriGold Balance holdings, the Security Trustee shall (to the extent You have not already paid for all the Charges) be allowed to sell part of Your AriGold to pay for all the Charges to all the Intermediaries. The remaining portion of the AriGold Balance 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.
9.2. You acknowledge that the termination of Your access to the Platform and Services may be affected without any prior notice, and the AriGold Account may be immediately deactivated or deleted and all related information and/or bar any further access to the AriGold Account, the Platform or the Services. Further, You agree that the Platform Provider and/or ARIINV shall not be liable for any discontinuation or termination of Services by any third party.
9.3. None of Your content shall remain accessible on the Platform upon termination. This information cannot be recovered by You, once the account is terminated.
9.4. The disclaimer of warranties, the limitation of liability, and the governing law provisions shall survive any termination of these Terms.
- GOVERNING LAW AND DISPUTE RESOLUTION
These Terms shall be governed by and interpreted and construed in accordance with the laws of United State. The court 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, 2000, edition 2022.
- CREATION OF AriGold ACCOUNT AND REGISTRATION OBLIGATIONS
11.1. Before availing the Services, the Customer shall complete registration process as may be prescribed from time to time. The Customer shall follow the instructions given on the Platform for opening a AriGold Account.
11.2. As and when required by ARIINV and/or the Platform Provider, the Customer will be required to provide additional documents for fulfilling the KYC requirements. You authorize ARIINV and the Platform Provider to make such enquiries as may be necessary to satisfy about the validity of your identity. You shall be responsible for the correctness of information provided to ARIINV and the Platform Provider from time to time. If You have reasons to believe that there is an error in the information furnished by You, You shall immediately provide correct / updated information.
11.3. The Platform Provider and/or ARIINV through the Platform Provider, reserves the right to terminate any AriGold Account, with or without notice to You, in the event that 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 the Platform Provider and/or ARIINV 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.
11.4. Know Your Customer (KYC) and Verification
11.4.1. Prior to placing an order, You may be required to provide certain KYC documentation and other information as may be required by the Platform Provider and/or ARIINV in such form and manner as it may deem fit. This information may be requested from you at the time of registration, or at a later stage.
11.4.2. Once such documentation and other information is provided by You to The Platform Provider, You shall be entitled to place an order on the Platform (“Customer Order”).
11.4.3. You agree that Your continued use of the Platform, consequent upon the creation of the AriGold Account, is subject to verification by ARIINV and/ or the Platform Provider (on behalf of ARIINV), of the information and documentation provided by You. You hereby grant ARIINV and/ or the Platform Provider permission to conduct such verification, in such form and manner as it may deem fit.
11.5. Customer’s Obligations
11.5.1. You will be responsible for maintaining the confidentiality of AriGold Account Information, and shall be fully responsible for all activities that occur under your AriGold Account. You agree to immediately notify the Platform Provider and/or ARIINV of any unauthorised use of the AriGold Account Information or any other breach of security. ARIINV or the Platform Provider cannot and will not be liable for any loss or damage arising from Your failure to comply with this section. You may be held liable for losses incurred by ARIINV or the Platform Provider or any user or visitor of the Platform due to authorised or unauthorised use of the AriGold Account, as a result of your failure in keeping the AriGold Account Information confidential.
11.5.2. You shall ensure that the Digital Gold Account Information provided by You 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 Platform is expressly prohibited.
11.5.3. You agree that if You provide any information that is untrue, inaccurate, not current or incomplete, (or becomes untrue, inaccurate, not current or incomplete) or if the Platform Provider and ARIINV have reasonable grounds to suspect that such information is untrue, inaccurate, not current, incomplete, or not in accordance with these Terms, the Platform Provider and ARIINV through the Platform Provider shall have the right to indefinitely suspend or terminate or block access to the AriGold Account on the Platform and refuse to provide You with access to the Platform.
- PURCHASE OF GOLD
12.1. You can offer to buy 1 gram of Gold and above incremental value thereof at the market linked prices of gold shown on the Platform. Market linked prices means that these quotes are linked to the prices of gold in the global market.
12.2. 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. 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 then prevailing. While reasonable efforts will be made to offer You a competitive price for the Customer Gold, there is no guarantee that the price offered to You will be close to or comparable with other prices available in the market.
12.3. Payment will be accepted through the payment options made available on the Platform, which may include redirection to a Payment Gateway hosted by other third party website or platform, including by ARIINV. At the time of purchase / fulfilment / sale-back / transfer of AriGold, the relevant taxes will be chargeable as applicable as per the Government regulations.
12.4. It is hereby clarified that once a Customer Order is placed, You are not entitled to cancel a Customer Order, provided however that a Customer Order shall stand cancelled if the payment fails for any reason whatsoever.
12.5. The Platform Provider and/or ARIINV reserves the right to cancel a Customer Order, at its sole discretion, if Your information, provided prior to placing the Customer Order, is not found acceptable and the Platform Provider and/or ARIINV are of the opinion that You are not eligible to purchase AriGold. The AriGold Account shall accordingly stand amended. The Platform Provider as well as ARIINV shall have the right to freeze the AriGold Account until it receives KYC and other documentation in a form and manner satisfactory to The Platform Provider and ARIINV.
12.6. Once the payments are received by ARIINV and the KYC information is found acceptable, ARIINV 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.
12.7. Notwithstanding anything to the contrary contained in these Terms, the Platform Provider and/or ARIINV shall be entitled to accept or reject a Customer, for any reason whatsoever, at its sole discretion.
12.8. In case of rejection of a Customer Order in accordance with these Terms, where payments have been received by ARIINV, such payments shall be returned to You to the wallet linked to your account. subject to the terms and conditions as may be indicated on the Platform.
- DELIVERY OF GOLD
13.1. You shall be entitled to procure delivery of the Customer Gold using the ARIINV Platform (“Delivery Request”), by logging in through Your registered mobile number and utilising your Digital Gold Balance.
13.2. Upon placing the Delivery Request, You shall be required to pay for the applicable charges and confirm the Delivery Request. Your Digital Gold Balance shall be provisionally debited corresponding to the quantity of the Customer Gold sought to be delivered (“Delivered Customer Gold”).
13.3. Within a period of 7 (Seven) business days of the Delivery Request being confirmed or such further period as may be required by ARIINV, ARIINV 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 ARIINV.
13.4. 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 ARIINV immediately of the same, and provide such other information as may be required by ARIINV in this regard (“Return Request”). Within a period of 14 (Fourteen) business days of the original package of Delivered Customer Gold being delivered back to ARIINV, in a manner indicated by ARIINV, and the Return Request being approved by ARIINV, ARIINV 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 ARIINV. However, in the event of frivolous and unjustified Return Requests made by You, ARIINVs reserve the right to take all action available to it, including black-listing or blocking You from using the Services.
13.5. You, upon signing the delivery receipt, acknowledge the receipt of the Delivered Customer Gold in terms of the Delivery Request placed with ARIINV. ARIINV 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 these Terms.
13.6. Upon receipt of the Delivery Request by ARIINV, the Digital Gold Balance shall be debited for the Delivered Customer Gold from the Gold Account.
13.7. 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, ARIINV courier agent may try and deliver the item again before returning the same to ARIINV. In case of return of the Delivered Customer Gold to ARIINV, Gold Account shall be credited for the Delivered Customer Gold, after deducting the charges (if any) due from You, provided however that ARIINV 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.
13.8. In case of ARIINV’s inability to make deliveries of Delivered Customer Gold due to a Force Majeure Event, ARIINV 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.
13.9. ARIINV will not be able to deliver a fractional quantity of gold below such threshold as ARIINV 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 ARIINV based on the sale prices displayed on the Platform and You will instead receive the applicable sale proceeds in Your wallet, details of which are provided by You. If there is any mistake in the account number provided by You, The Platform Provider and/or ARIINV would not be held responsible for the same.
13.10. Notwithstanding anything to the contrary contained in these Terms, ARIINV shall be entitled to reject a Customer Request which is not in compliance with the Terms hereof, and shall intimate the Customer of the reasons for the same.
13.11. Based on the changes made to the Gold Account (in lieu of the Customer Orders and/or Customer Requests), if You are of the opinion that the changes made thereto do not tally with the orders and/or Customer Requests placed by You, You may contact ARIINV at Support@ariinv.com (or such other address as may be communicated on the ARIINV Platform Provider in this regard), who shall accordingly take all necessary actions for taking care of any such identified discrepancies.
13.12. It is hereby clarified that the Customer Gold cannot be pledged or transferred by You to any other user, and the Gold Account is non-transferrable, unless specifically allowed by ARIINV. In the event of Your death, if specifically allowed by ARIINV, the title to such Customer Gold lying in the vault and the Gold 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 Gold Account thereafter and the Terms shall be applicable to Your legal heir(s).
13.13. It is hereby clarified that the Platform displays the articles that are available for shopping. Some items may appear slightly larger or smaller than actual size due to screen defaults and photography techniques. The Platform Provider and ARIINV shall not be liable for any legal action on this account. It shall be the endeavour of The Platform Provider to ensure that all details regarding the product are clearly displayed on the Platform.
13.14. Due to reasons not directly attributable to ARIINV or the Platform Provider, data may be inaccurately displayed on the Platform due to some system errors on the Platform or any device used to access the Platform. The Platform Provider reserves the right to correct any and all errors when they do occur, at its sole discretion, and the Platform Provider or ARIINV shall be entitled to not honour any requests/orders placed by You based on any inaccurate or erroneous prices.
13.15. The prices quoted on the Platform are fixed and not negotiable. The prices on the Platform are also subject to change without notice to You.
- SALE OF CUSTOMER GOLD
14.1. 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 ARIINV (“Sale Request”). Your AriGold Account shall be debited corresponding to the quantity of the Customer Gold sought to be sold vide the Sale Request (“Sold Customer Gold”).
14.2. Within a period of 2 (Two) 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 ARIINV at the sale prices indicated at the time of placing such Sale Request. ARIINV shall arrange for such payments to be made to Your wallet, details of which are provided by You. If there is any mistake in the account number, IFSC code etc. provided by You, ARIINV would not be held responsible for the same.
14.3. It is hereby clarified that ARIINV and/or the Platform Provider will provide this service on a best efforts basis and only when the commercial bullion market is in operation. ARIINV and the Platform Provider do not in any way guarantee that this option will be available to You at all times. Further, the buyer of the Sold Customer Gold may be either ARIINV or another party (being interested in buying the Sold Customer Gold). The Platform Provider and/or ARIINV’s responsibilities shall be restricted to ensuring that funds against the Sale of Customer Gold to such Third Party are remitted to Your wallet.
- STORAGE OF CUSTOMER GOLD
15.1. You will be provided with free storage for your Customer Gold for one year, or for such period as more particularly stipulated by ARIINV in this regard from time to time at its sole discretion and notified to Customers on the Platform (“Free Storage Period”).
15.2. After the expiry of the Free Storage Period, ARIINV shall be entitled to levy storage charges for such Customer Gold at such rate as would be specified on the Platform, and which may be revised from time to time. The charges would be levied by deducting the AriGold Balance at the end of each month by a percentage amount at the specified rate. You are advised to periodically check the Platform to understand these storage charges.
15.3. In the event that ARIINV is not able to deduct the storage charges because Your gold balance is too low, then ARIINV 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.
15.4. While reasonable efforts will be made to offer You a competitive price for the Customer Gold, there is no guarantee that the price offered to You will be close to or comparable with other prices available in the market.
- FRAUDULENT TRANSACTIONS
16.1. The Customer should take care not to share their mobile wallet details, personal UPI pin or OTP (“Payment Information”) with any third party intentionally or unintentionally. ARIINV/Platform Provider never solicits Payment Information over a call or otherwise. ARIINV/Platform Provider/Third Party Services/Payment Gateway partners shall not be liable for any fraud due to the sharing of such details.
16.2. In the event that an individual’s Payment Information or Payment Instrument is fraudulently utilised to purchase gold on the Platform (“Fraudulent Transaction”) from ARIINV, then the Platform Provider may share relevant information of such transaction if the victim approaches the Platform Provider via proper channels including ARIINV’s customer support number and email (Support@ariinv.com), along with supporting documentation from the relevant public authority.
16.3. In the event that ARIINV and/or the 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 Information or a Payment Instrument in an unauthorised or fraudulent manner to purchase AriGold or undertake any other transaction on the Platform (Fraudulent User), ARIINV and/or the Platform Partner shall be entitled to:
16.3.1. request further KYC information or other documentation from the User to verify the flagged transaction;
16.3.2. pending further verification, block such Fraudulent User, and/or freeze any accounts associated with them;
16.3.3. reverse any such Fraudulent Transaction, to the extent possible, including the sale of any Digital Gold Balance purchased by such Fraudulent User, at the prevailing rate;
16.3.4. provide information on such Fraudulent User, along with any other transaction details, to the relevant authorities.
16.4. In the event of a Fraudulent Transaction as per Section 16.2, ARIINV and/or the Platform Provider, shall make a reasonable effort to assist the Customer or victim in recovering their funds, subject to supporting evidence and documentation being provided upon request. The Platform Provider or ARIINV shall be entitled to transfer the Customer or victim’s funds, less any payment gateway charges that are not refunded by third party payment service provider or wallet.
16.5. However, it is clarified that ARIINV and/or the Platform Provider shall not obligated to reverse any transaction where the Fraudulent User has already sold the AriGold Balance purchased through the Fraudulent Transaction, and received the funds against such sale; or where the Fraudulent User has chosen to take delivery of the AriGold Balance so purchased. In this event, ARIINV shall, to the best of its ability, provide any information on the Fraudulent User, including the wallet or Mobile Wallet account to which funds have been settled, or the physical address to which the AriGold Balance has been delivered, to the victim or the relevant authorities.
- USE OF THE PLATFORM AND SERVICES
17.1. You acknowledge that the Services are for Your personal use and agree not to publish the AriGold prices or descriptions of AriGold and/or any other information displayed on the Platform (in lieu of Your access to the Platform) on any other medium. You shall not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, reverse engineer, create derivative works from, transfer, or sell any information, software, products or services obtained from the Services.
17.4. The Platform Provider and/or ARIINV shall not be held liable for any loss of data, technical or otherwise, information, or for particulars supplied by You, due to the reasons beyond its control like corruption of data or delay or failure to perform as a result of a Force Majeure Event.
17.5. ARIINV shall have the sole discretion to determine the locations and pin codes it may want to serve.
17.6. The provision of Services through the Platform may be interrupted, including for maintenance, repairs, upgrades, or network or equipment failures. The Platform Provider and ARIINV strives to keep the Services up and running; however, all online services suffer occasional disruptions and outages. The Platform Provider and ARIINV are not liable for any disruption or loss You may suffer as a result.
17.7. ARIINV may discontinue some or all of the Services, including certain features and the support for certain devices and platforms, at any time.
- SUSPENSION / CLOSURE OF GOLD ACCOUNT
18.1. ARIINV and/or Platform Provider may, at its discretion, suspend AriGold Account of Customers, if there appears to be a fraudulent or suspicious activity in the account. If the Platform Provider and/or ARIINV are of the opinion that You are involved in any unlawful activity or the AriGold Account is used for any unlawful purpose, the Platform Provider and/or ARIINV shall have the right to take all actions available to it, including black-listing or blocking You from using the Services on the Platform or blocking Your access to the Services through the Platform or intimating the relevant authorities of such unlawful activities.
18.2. Your AriGold Account may be closed in the event that the arrangement between ARIINV and the Platform Provider is terminated or otherwise the Platform Provider decides to discontinue the relationship with ARIINV. In such an event, Your AriGold balance may be accessible on https://gold.ariinv.com and ARIINV may continue to provide the Services and the customer support or facilitate the delivery / sale of Your AriGold balance.
18.3. Each of the Platform Provider and ARIINV shall not be held 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 it.
18.4. You shall inform immediately, in any case no later than 10 (ten) days of the transaction, of any irregularities or discrepancies that may exist in Your AriGold Account, failing which it shall be deemed that there is no error or discrepancy in the account. All records maintained by the Platform Provider and/or ARIINV, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions.
19.1. You hereby agree that You shall be liable for all fees and charges associated with the use of the Platform and Services, as may applicable. 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 Platform. Please note that the fees and charges may be revised from time to time and it would be Your responsibility to view the Platform to check the then current fees and charges payable.
19.2. It is hereby clarified that fees and charges, once paid, are non-refundable.
19.3. All payments made for the use of the Platform and/or purchase of Customer Gold by You shall be compulsorily in ARII Token.
19.4. While availing any of the payment method/s available on the Platform for availing the Services, the Platform Provider and ARIINV 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:
19.4.1. Lack of authorization for any transaction(s), or
19.4.2. Exceeding the preset limit mutually agreed by You and between wallet/s and/or other institutions used by you in making payment, or
19.4.3. Any payment issues arising out of the transaction, or
19.4.4. Rejection of transaction for any other reason(s) whatsoever.
19.5. ARIINV and/or the Platform Provider may temporarily/permanently suspend/terminate the AriGold Account or refuse access in case of non-payment of fees due by You. Without limitation to the other rights and remedies available to ARIINV and/or the Platform Provider, it also reserves the right to take legal action for the same.
- MEMBER ELIGIBILITY
Use of the Platform and/or the Services is available only to Persons who can enter into legally binding contracts under the Contract Act, 2000, Edition 2022. Persons who are “incompetent to contract” within the meaning of the Contract Act, 2000, Edition 2022 including minors, un-discharged insolvents and persons of unsound mind are not eligible to use the Platform or the Services. ARIINV reserves the right to terminate any Person’s membership and/or refuse to provide such Person with access to the Platform and/or any Services if it is brought to ARIINV’s notice or if it is discovered that such Person is not eligible to use the Platform and/or any Service.
- ABSENCE OF RELATIONSHIP
21.1. You represent and warrant to the Platform Provider and ARIINV that you have sufficient experience and knowledge to make informed decisions to purchase / sell Gold. You acknowledge that you have not relied on any information made available either by the Platform Provider or ARIINV and that the Platform Provider or ARIINV is not making any recommendation with respect to such purchases / sale-back of Gold. 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 the Platform Provider and/or ARIINV.
21.2. You acknowledge that ARIINV and the Platform Provider are not providing / dealing in / offering any investment product and does not offer any guarantee / assured returns. You further acknowledge that value of Gold may vary depending on various factors and forces.
- ELECTRONIC ORDER RISKS
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 the Platform Provider or ARIINV. Therefore, the Platform Provider or ARIINV 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 Platform), or to any other cause beyond Platform Provider’s or ARIINV’s control or anticipation.
23.1. The Platform may allow You, solely at the Platform Provider’s discretion, to post Your review and experience of using the Platform (“Reviews”) in order to improve the Platform and the user experience.
23.2. You hereby grant the Platform Provider and/or ARIINV 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 the Platform Provider and/or ARIINV in any form including but not limited to print, broadcast, online and across any and all websites and platforms owned by the Platform Provider.
23.3. 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.
- CONTENT AND INTELLECTUAL PROPERTY RIGHTS
25.1. ARIINV solely and exclusively owns its respective copyrights, trademarks, service marks, logos, trade names, and other intellectual and proprietary rights associated with the Services provided by ARIINV and displayed on/accessed on the Platform and is protected under law.
25.2. You hereby acknowledge that the Services constitute original works and have been developed, compiled, prepared, revised, selected, and arranged by ARIINV 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 ARIINV and such others. You thereby agree to protect the proprietary rights of ARIINV 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.
25.3. Any infringement shall lead to appropriate legal proceedings against You at appropriate forum for seeking all available remedies under applicable laws of the country.
- LINKS TO/FROM THIRD-PARTIES’ WEBSITES/APPLICATIONS
The Platform may contain links and interactive functionality interacting with the websites of third parties. Neither the Platform Provider, nor ARIINV, is responsible for and or has 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, ARIINV and the Platform Provider strongly recommend that You review and understand the terms and conditions, privacy policies, settings, and information-sharing functions of each such third-party website.
You hereby agree to indemnify and keep the Platform Provider and ARIINV indemnified from and against all actions, claims, demands, proceedings, losses, damages, costs, charges and expenses, directly or indirectly, whatsoever (“Losses”) which the Platform Provider and/or ARIINV 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 and/or any device used by You to access the Platform; (ii) by reason of the Platform Provider and/or ARIINV acting in good faith and taking or refusing to take or omitting to take action on Your instructions, and in particular arising directly or indirectly out of Your negligence, mistake or misconduct ; (iii) breach or non-compliance of the Terms and relating to the Gold Account; and/or (iv) fraud or dishonesty relating to any transaction by You.
- DISCLAIMER OF WARRANTIES
28.1. ALL INFORMATION, CONTENT, MATERIALS AND SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THE PLATFORM (COLLECTIVELY, THE “CONTENTS”) ARE PROVIDED BY ARIINV AND THE PLATFORM PROVIDER ON AN “AS IS,” “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND. ARIINV AND/OR THE PLATFORM PROVIDER MAKE 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. ARIINV AND/OR THE PLATFORM PROVIDER 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. YOU EXPRESSLY AGREE THAT THE USE OF THE PLATFORM IS AT YOUR SOLE RISK. ARIINV AND/OR THE PLATFORM PROVIDER 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, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING. TO THE FULL EXTENT PERMITTED BY LAW, ARIINV AND/OR THE PLATFORM PROVIDER 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.
- LIMITATION OF LIABILITY
You hereby acknowledge that ARIINV and/or the Platform Provider (including but not limited to its, directors, employees, agents or partners) shall not be held liable to You for any special, consequential, incidental, and exemplary or punitive damages, or loss of profit or revenues. ARIINV and/or the Platform Provider shall also not be liable under any circumstances for damages arising out or related in any way to Your inability to access, or Your difficulty in accessing the Platform to avail of any Services, 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 and/or Your failure to keep the AriGold Account Information secure and confidential. You further agree that ARIINV shall not be held responsible in any manner whatsoever for any and all acts or omissions of the Platform Provider, any Intermediaries or any other third party whosoever including (but not limited to) any person whose device has been used by You to access the Platform and/or any person appointed/nominated by the Platform Provider for the purposes of accepting/collecting any payments from You for the purchase of Gold. Likewise, the Platform Provider shall not be held responsible in any manner whatsoever for any and all acts of any third party, ARIINV or other Intermediaries.
- GRIEVANCE REDRESSAL MECHANISM
30.1. In accordance with the Information Technology Act, 2000 , Edition 2022 and Rules made thereunder:
30.1.1. the contact details of Grievance Officer for the purposes of the Platform Provider are:
E-mail ID: email@example.com
30.1.2. the contact details of Grievance Officer for the purposes of ARIINV is:
E-mail ID: firstname.lastname@example.org
31. AMENDMENTS, ACCEPTANCE OF TERMS
31.1. ARIINV reserves the right, to change, modify, add or remove portions of these Terms at any time. Such changes shall be posted on the Platform and shall be notified to the Customer prior to making such changes. Notwithstanding anything to the contrary, Customer shall be responsible for regularly reviewing the Terms, including amendments thereto as may be posted on the Platform and shall be deemed to have accepted the amended Terms by continuing the use of Platform.
31.3. You may not use the Platform or avail of the Services if You do not accept the Terms or are unable to be bound by the Terms. As a condition of Your access to and use of the Platform or the provision of any Services to You using the Platform, You agree that You will comply with all applicable laws and regulations when using the Platform. If ARIINV is of the opinion that the AriGold Account is being used by You for any unlawful purpose, ARIINV shall have the right to take all actions available to it, including black-listing or blocking You from using the Services through the Platform or intimating the relevant authorities of such unlawful activities.