Terms and Conditions

Terms of Use – Precious Metal(s) (Gold and Platinum) 

This document is an electronic record in terms of the Information Technology Act, 2000 including any amendments thereof, from time to time, the rules thereunder as applicable, and the amended 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.

These Terms of Use (“Terms”) will govern Your usage of PhonePe Platform for the purposes of offerings in relation to Product(s) and Gold Scheme(s) facilitated on PhonePe Platform as provided under these Terms by PhonePe Limited (formerly known as ‘PhonePe Private Limited’), a company incorporated under the Companies Act, 1956 with its registered office at  Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring  Road, Bellandur, Bangalore, Bangalore South, Karnataka, India, 560103 (hereinafter referred to as “PhonePe”/ “We”/ “Us”/ “Our”), and are enabled by Our Partner(s) (as defined hereinunder).  

Whenever the context requires “Customer”/ “User”/ “You”/ “Your”/ “Yourself” will refer to the registered user of PhonePe Platform who is accessing/ using PhonePe Platform for purchase, sale, redemption in relation to various offering(s) of Products, by Our Partner(s) as facilitated by PhonePe, in accordance with these Terms. This document should be read in conjunction with PhonePe’s general Terms and Conditions which includes without limitation PhonePe’s Privacy Policy and other policies/terms and conditions made available on the PhonePe Platform, as may be amended from time to time including the FAQs pertaining to Precious Metal(s) (together referred to as the “PhonePe T&Cs”). All capitalised terms used herein but not otherwise defined will have the meanings ascribed to them in the PhonePe T&Cs.

In case of any conflict between the PhonePe T&Cs and these Terms, these Terms will prevail to the extent of such conflict. We reserve the right, at Our sole discretion, to change, modify, add or remove portions of these Terms, at any time without giving any prior written notice to You, which changes will be effective immediately upon the posting of such Terms on the PhonePe Platform. It is Your responsibility to review these Terms periodically for updates / changes. Your continued use of PhonePe Platform will mean and signify that You agree and accept the revised Terms. By downloading, accessing or using PhonePe Platform, You agree to comply with and be bound by the Terms.

1. DEFINITIONS

1.1. “Gold” will mean gold of such specification, fineness and quality, made available in digital form(or physical form where specifically mentioned under these Terms) by the relevant Partner, as per these Terms.

1.2. “Platinum” will mean platinum of such specification, fineness and quality, made available in digital form by SafeGold or other relevant Partner as enabled by PhonePe, as per these Terms.

1.3. “Precious Metal(s)” will mean Gold and/or Platinum, as applicable.

1.4. “Product(s)” will mean Precious Metal related products as offered to or made available to You by the Partner(s) facilitated on PhonePe Platform, which includes: (i) lumpsum purchase of Precious Metal(s), or (ii) systematic investment plan (“SIP”) in Precious Metal(s) at such frequencies enabled via PhonePe Platform (i.e. daily, weekly or monthly), (iii) sale of Precious Metal(s) or (iv) Platform Redemption of Gold, or (v) CaratLane Redemption, or (vi) products offered pursuant to enrolment in a Gold Scheme, subject to the terms and conditions of the Partner.

1.5. “Partner” will mean the entity which is offering/ providing the Product(s) to You via the PhonePe Platform and is utilizing PhonePe Services for processing/facilitating payments for transactions as per the terms and conditions agreed between PhonePe and such Partner. Partner(s) will include following partners, and other such partner(s) as PhonePe may enable from time to time (and available on the PhonePe Platform):

1.5.1. 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 operating under the brand name “SafeGold”. The terms and conditions of Safegold applicable to You can be accessed here. 

1.5.2. MMTC-PAMP India Private Limited, a company incorporated under the Companies Act, 1956 with its registered office at C-27, 3rd Floor, Qutub Institutional Area, New Delhi – 110016 operating under the brand name “MMTC-PAMP”. The terms and conditions of MMTC-PAMP (with respect to Gold) applicable to You can be accessed here.

1.5.3. CaratLane Trading Private Limited, a company incorporated under the Companies Act 1956 and having its registered office at 727, Anna Salai, Pathari Road Thousand Lights, Chennai, Tamil Nadu 600006 operating under the brand name “CaratLane”. The terms and conditions of CaratLane (with respect to Gold) applicable to You can be accessed here.

1.5.4. Jar Gold Retail Private Limited, a company incorporated under the Companies Act, 2013 and having its registered office at No 752, Vasantham Building, 18th main,6^th Block,5th Cross Koramangala Bangalore -560095, operating under the Brand name “Jar/ Jar Gold/ Change Jar”. The terms and conditions of Jar (with respect to Gold) applicable to You can be accessed here.

1.6. “Gold Scheme” shall have the meaning set out under Paragraph 7(B) of these Terms.

1.7. Redemption related definition(s) i.e. “Platform Redeemed Products”, “Platform Redemption” shall have the meaning set out under Paragraph 6(a) of these Terms, as enabled by the relevant Partner, and “CaratLane Redemption” shall mean such redemption by Caratlane as more particularly set out under Paragraph 7(A) of these Terms.

2. USER REGISTRATION

2.1. In order for You to purchase or sell the Precious Metal(s) and/or redeem Gold or enrol into Gold Schemes through the PhonePe Platform, You should be a registered User on the PhonePe Platform. You hereby confirm that You fulfil the eligibility criteria specified in the PhonePe T&Cs and by the Partner(s).

2.2. You further agree that in order to process, or fulfil Your order (in relation to purchase, sale, Platform Redemption/CaratLane Redemption, Gold Scheme or any other related services for the Product(s)), the Partner may require You to submit additional information/documents (including but not limited to KYC documents), which may be verified by the Partner. PhonePe would only act as a facilitator for the said purpose, if such information passes through or via the PhonePe Platform. The responsibility of collection, verification, handling, storage etc. of all Your information/documents would be with the Partner and the same will be governed by the terms and conditions agreed between You and the Partner.

2.3. You hereby declare that You are not a dealer of Gold/Platinum or any other precious metals/ ornament or any related product, and that You are purchasing/selling/redeeming the Product or entering into Gold Schemes only for Your personal use/ consumption.

3. PHONEPE’S ROLE AND USER AGREEMENT

3.1. PhonePe provides an online platform to the Partners, who offer their Products for purchase (either through a SIP or lumpsum purchase or any other form as provided), sale, Platform Redemption, CaratLane Redemption and/or Gold Scheme, and who also provide other related services to You in relation to the Product. You agree and understand that Our role in this arrangement is limited to processing of payments and facilitating access to the Products of the Partner on an as is basis only. We are not the seller of the Product and are not responsible for order fulfilment to Customer(s). You agree and acknowledge that all transactions in relation to the Product(s) and/or associated services provided by the Partner(s) is executed directly between You and the relevant Partner. Such Partner is solely responsible for complying with applicable laws, regulations and standards governing the Product(s), Platform Redeemed Products, CaratLane Redeemed Products and/or physical Gold bought by You pursuant to a Gold Scheme, including laws pertaining to taxation and hallmarking.

3.2. You agree and understand that the terms and conditions specified by the Partner govern Your relationship with the Partner. You agree to carefully read such applicable terms and conditions before initiating any transaction with the Partner. However, in the event of any conflict between these Terms and the terms and conditions specified by the Partner, these Terms will prevail to the extent of conflict.

3.3. You agree and understand that We do not determine, advise or in any manner control the price of Product and the associated services offered by the Partners. Live price of the Products will be displayed on the PhonePe Platform, in the manner as provided by the Partner (for purchase and sale transaction(s)), which may change from time to time. You hereby expressly waive any right to dispute the live price of Precious Metal(s) as appearing on the PhonePe Platform on the selected purchase or sale date(s). You further acknowledge and understand that the purchase price of Precious Metal(s) and the sale price of Precious Metal(s) may differ. These prices are not set by Us but are determined and quoted by the Partners, which are displayed as is by Us. The onus to check and verify the prices before You proceed with any transaction is on You.

3.4. You agree and understand that the concerned Partner is solely responsible for: (a) quoting the process (for purchase, sale, Platform Redemption, CaratLane Redemption, Gold Scheme etc.), (b) order fulfilment, (c) storage of Precious Metal(s) in physical form equivalent to the digital Product purchased by You; (d) ensuring safety of the Precious Metal(s) during storage, transportation and delivery. Please note that digital Precious Metal(s) operates entirely outside Securities and Exchange Board of India’s (SEBI) jurisdiction. You are directly dealing with the Partner, and the Partner is the seller of the Product (and purchaser, if You choose to subsequently sell it to the Partner), and is solely responsible for any defect, deficiency or damage in the Product and/or services (including warranties/warranty card, post-sale support, etc). PhonePe will not be responsible for the Product and/or services offered by the Partner in any manner whatsoever, including for any defect, deficiency, damage(s) and/or non-delivery. You will not hold PhonePe liable for any, quality/quantity-related issues of the Product or for non-delivery/delayed delivery of the Product by the Partner.

3.5. PhonePe makes no representations or warranties (express or implied) as regards the Precious Metal(s)Partners, the Product(s) and/or associated services offered by the Precious Metal(s)Partner, its condition, its fitness for a particular purpose, etc.

3.6. You agree and understand that the Precious Metal(s)Partner is solely responsible for the quality (purity and all related aspects) of the Product, its accuracy in weight, measurement, gold/platinum content or fineness, nature and authenticity of the Product, and its pricing.

3.7. You agree to release PhonePe, its affiliates, group companies, their directors, agents, officers, employees and contractors, from all claims, demands and damages arising out of or in any way connected with a dispute or a complaint related to the Product and/or the Partner. You agree that You will not involve PhonePe in any litigation or dispute arising out of or related to the Product, Partner or any transaction with a Partner.

4. PURCHASE OF PRODUCTS

Upon fulfilment of the eligibility criteria/ registration process specified by PhonePe and Partner, You can choose to purchase the Products via PhonePe Platform in accordance with these Terms. You can choose to make a lump-sum payment for purchasing the Product, or enable an SIP plan at such a frequency opted by You and as offered by the Partner, in the manner provided below:

4.1. Lumpsum purchase:

4.1.1. PhonePe Platform facilitates Your purchase of the Product from the Partners. All such transactions will be on a pre-payment basis. Once You place a purchase order and confirm the transaction, Your payment for the Product (including any applicable taxes and charges as per Paragraph 8 of these Terms), will be collected and processed by PhonePe.

4.1.2. Kindly note that once the purchase order is placed by You, You may not cancel such an order. However, if there is a failure in processing the payment by Us for any reason whatsoever, due to reasons beyond Our control, the purchase order placed by You will stand cancelled, and You would be notified of the same. In the event of such a cancellation due to payment or system failure, any amount debited from Your account will be credited back to the original mode of payment in accordance with PhonePe’s policies.

4.1.3. PhonePe/Partner reserves the right to reject or cancel the purchase order, at its sole discretion, if any information provided by You prior to placing the order is not found acceptable, or is incorrect/insufficient, and/or if We or the relevant Partner are of the opinion for any reason whatsoever, that You are not eligible to purchase the Products.

4.1.4. Upon successful payment, and on receipt of the confirmation from the Partner, the order will be executed by the Partner, and an invoice for the purchase of the Product will be issued to You by the Partner, which will be made available via the PhonePe Platform.

4.2. SIP

4.2.1. You will also have the option to create a SIP on Precious Metal(s) with the relevant Partner using the PhonePe Platform. If you avail this option, You would, at the time of setting up this instruction, be required to select a periodicity (daily/weekly/monthly as enabled by PhonePe) and specify the instalment amount (in INR). If You are setting up a SIP against a goal (as enabled by PhonePe/Partner), You would, at the time of setting up this instruction, be required to specify a fixed amount that You desire to save, the relevant time period required for achieving the desired fixed amount and the periodicity (daily/weekly/monthly as enabled by PhonePe). You understand that the SIP amount (if in decimals) will be rounded up to the next higher whole number, and will be displayed to You while You set up the instruction. Based on Your instructions, the SIP would then be successfully set up and processed.

4.2.2. Upon setting up a mandate/instruction, You hereby authorise PhonePe to execute the payment towards the SIP (via UPI Autopay mandate (which will be governed by the Autopay Terms) or any other mode of recurring payment) as maybe enabled by PhonePe on the PhonePe Platform.

4.2.3. The amount towards Your Precious Metal(s) SIP will be deducted from Your bank account on the scheduled date as per Your standing instructions.

4.2.4. In the event the processing of the payment instruction fails on the scheduled date for a daily SIP (“DSIP”) for any reason whatsoever, including due to technical reasons beyond Our control, We will attempt to process the payment instruction again on the same day. If the payment is still not successful, on the next day Your bank with whom Your DSIP mandate is registered, may intimate You about re-attempting the payment. PhonePe will not be liable for any loss You may incur as a result of timing of such charge to Your bank account.

4.2.5. In the event the processing of the payment instruction fails on the scheduled date for a monthly SIP (“MSIP”) for any reason whatsoever, including due to technical reasons beyond Our control, We will attempt to process the payment instruction on the same day. If the payment is still not successful, Your bank with whom Your MSIP mandate is registered may intimate You about re-attempting the payment and We will continue to initiate re-attempts for upto the next 4 (four) days. PhonePe will not be liable for any loss You may incur as a result of timing of such charge to Your bank account.

4.2.6. The prevalent live price of Precious Metal(s) at the time of actual debit from Your bank account will be applied for allocating proportionate grams of Precious Metal(s) against the said Precious Metal(s) SIP transaction and the respective amount of Precious Metal(s) will be reflected on Your locker on the PhonePe Platform. PhonePe will not be liable for any price/rate changes impacting Your purchase in such a case.

4.2.7. You are advised to keep sufficient balance in the bank account in which You’ve registered the SIP mandate, prior to the scheduled date.

4.2.8. If We are unable to process Your payment instruction for DSIP or MSIP for reasons mentioned above, that particular transaction will be considered as “failed”. Please note this will not impact Your SIP itself. However, if We are unable to process Your payment instruction for Your SIP against Your goal(s), there may be an impact to the timeline set by You for achievement of Your Goal. Kindly check the details of Your goal available on PhonePe Platform.

4.2.9. The status of all Your SIP mandate execution(s) will be visible in the “transaction history” section on the PhonePe Platform.

4.2.10. You will have an option of modifying, altering, temporarily pausing Your Precious Metal(s) SIP or permanently revoking Your Precious Metal(s) SIP in case You do not wish to continue investing via Precious Metal(s) SIP, as per the terms of the Partner. PhonePe and/or its Partners will not be responsible for any losses arising due to Your action in relation to modifying, altering, pausing or revocation of the Precious Metal(s) SIP at Your end. The consequence of any such action on the SIP and/or Precious Metal(s) purchased by You will be governed solely by the terms agreed between You and the Partner.

4.2.11. The quantity of Precious Metal(s) accumulated through the Precious Metal(s) SIP will be reflected in Your locker on the PhonePe Platform, at any point in time.

4.2.12. Please note that neither PhonePe nor its Partners guarantee any fixed returns on Precious Metal(s) transactions.

4.3. Other Terms

4.3.1. Any order for lumpsum purchase or instructions/SIP may be subjected to certain limitation(s) (i.e. minimum/maximum amount/value of Precious Metal(s) permissible to be purchased, in accordance with applicable laws, NPCI guidelines, as mandated by the Partner or as per any PhonePe policies). Such limits may be displayed upfront to You at the time of setting up these instructions, which may be subject to modification from time to time.

4.3.2. The accumulated value of the Product purchased by You (either through lumpsum purchase or through SIP), will be reflected in Your locker on PhonePe Platform. The Partner will retain such quantity of physical Precious Metal(s), equivalent to the Precious Metal(s) reflected in Your locker, in a separate vault (either by itself or through its vault custodians), in accordance with the terms agreed between You and the Partner. While the Precious Metal(s) is maintained by/with the Partner, the title in relation to the Precious Metal(s) purchased by You, will remain with You.

5. SALE OF PRODUCTS

5.1. You acknowledge that the sale of Precious Metal(s) held by You is subject to certain limits (i.e. a minimum monetary value of Product balance that You will have to hold, minimum/maximum amount/value of Precious Metal(s) permissible to be sold, in accordance with applicable laws, as mandated by the Partner or as per any PhonePe policies) as prescribed by the Partner. Such limits would vary depending on the Partner with whom You want to initiate a sale transaction. In the event You do not comply with such limits, You would not be eligible to sell Your Product. Such limits would be displayed upfront to You at the time You initiate a sale transaction and may be subject to modification from time to time.

5.2. Your eligibility for any order for sale is strictly limited by the available Precious Metal(s) balance recorded in Your account with that respective Partner (and displayed in Your locker on the PhonePe Platform) at the time of placing the order. You will not be able to make a joint sale of Precious Metal(s) that is held by You with different Partners.

5.3. You will have an option to sell the Precious Metal(s) held by You, via the PhonePe Platform. The live sell price will be displayed on the PhonePe Platform ‘as is’ as provided by the Partner. In the event You choose to sell Your whole or part of Your accumulated Precious Metal(s), please check and verify the prices before initiating the sell transaction. Please note that the live purchase price of Precious Metal(s), and live sale price of Precious Metal(s) may vary, and may be different from that available or offered on the open market, on other online platforms and/or at any retail outlets.

5.4. Upon confirmation of the sale request by the Partner, PhonePe will disburse/process the payment in relation to the sale transaction to Your primary bank account registered on the PhonePe Platform. If the credit/settlement to Your primary bank account cannot be completed for any reason beyond Our control, We will not be liable for any resulting loss, including but not limited to financial loss, interest, or changes in Precious Metal(s) rates during the intervening period. Such credit/settlement shall be subject to successful verification and PhonePe’s internal processes, and You agree that PhonePe’s liability is limited solely to the disbursement of the original sale amount.

5.5. We will subsequently debit Your Precious Metal(s) balance available from Your accumulated Precious Metal(s) balance as reflected in Your locker on PhonePe Platform, with the corresponding quantity of Precious Metal(s) which has been confirmed by the Partner to process the sale transaction. There may be a lead time between the completion of the sale transaction and the reflection of the updated Product balance on the PhonePe Platform.

5.6. The ownership and title of any Precious Metal(s) that is sold by You shall transfer to the Partner upon completion of the sale transaction.

6. PLATFORM REDEMPTION

6.1. You have an option to redeem Gold in physical form in lieu of the accumulated Gold held by You, via the PhonePe Platform as per the terms provided herein, and requirements by the eligible Partners (“Platform Redemption”). You may choose to apply for Platform Redemption by converting Your accumulated Gold Product balance into physical Gold Products like coins, bars etc., as offered by the relevant Partner (“Platform Redeemed Product”).

6.2. You acknowledge that Platform Redemption of Gold held by You is subject to certain limits (i.e. minimum value of Gold Product that You will have to hold in terms of weight) as prescribed by the Partner. Such limits would vary depending on the Partner with whom You redeem the Gold Product, in accordance with these Terms. In the event You do not comply with such limits, You would not be eligible to apply for Platform Redemption. Such limits would be displayed upfront to You at the time You initiate a Platform Redemption transaction and may be subject to modification from time to time.

6.3. You may redeem physical Gold Products by placing an order for Platform Redemption on the PhonePe Platform and selecting any physical Gold Product (s) from the catalogue of redeemable physical Gold Products offered by the Partner for Platform Redemption. The list of redeemable physical Products may be altered, changed and amended by the Partner from time to time at its discretion. This will be displayed by PhonePe as is, and PhonePe is not responsible/ liable for the same in any manner.

6.4. Once You have placed an order for Platform Redemption and We have received a confirmation from the Partner, You would be redirected to the payment page wherein the details of making charges and delivery charges (inclusive of applicable taxes) as levied by the Partner towards Platform Redemption would be displayed to You. At the time of placing an order for Platform Redemption, You will also be required to provide certain personal information, including Your delivery address and location, for delivering the Platform Redeemed Products. You hereby provide Your consent to PhonePe for collecting, storing, processing and/or sharing such information with the Partner for the purpose of facilitating the delivery of the Platform Redeemed Product(s).

6.5. Once You pay the charges displayed to You on the payment page, and such payment is collected and processed by PhonePe, the order will be executed, and an invoice for the Platform Redeemed Products will be issued to You by the Partner, which will be made available via the PhonePe Platform.

6.6. We will debit Your Gold balance available from Your accumulated Gold Product balance as reflected in Your locker on the PhonePe Platform, with the corresponding quantity of Gold which has been confirmed by the Partner to process the Platform Redemption transaction. There may be a lead time between the completion of the Platform Redemption transaction and the reflection of the updated Gold balance on the PhonePe Platform.

6.7. The Partner is solely responsible for any issues in relation to the Platform Redeemed Products including its delivery to You and shall bear all responsibility and liabilities until the Platform Redeemed Products have been successfully delivered to You. PhonePe is not liable for any incomplete delivery or non-delivery or faulty delivery of the Platform Redeemed Products. You may reach out to the Partner as they are directly responsible for the Platform Redemption of the Gold Products, and You will be accordingly governed by their terms and conditions.

6.8. Delivery of Platform Redeemed Products will only be made within such locations as determined and notified by the Partner as serviceable and deliverable. You will be able to track the delivery timeline and status of delivery of the Platform Redeemed Products, as passed on/informed to PhonePe by the Partner, through the PhonePe Platform. It is clarified that the delivery timelines and/or tracking facility is provided for Your convenience only and PhonePe does not warrant the accuracy, completeness, or timeliness of the delivery timelines and/or the tracking information and that We are merely relaying the data received from the Partner.

6.9. In certain exceptional scenarios, the Platform Redeemed Products may (i) not be available with the Partner or (ii) may not be delivered to You by the Partner due to any issues at their end. In such cases, You will be governed by the terms and conditions of the relevant Partner. Based on the resolution provided by the Partner to You and once We receive confirmation from the Partner about the same, (i) the Gold balance that was debited for the Platform Redemption transaction may be restored/credited back to Your locker on the PhonePe Platform, and (ii) any charges collected in accordance with Paragraph 6(d) of these Terms may be refunded to You.

6.10. You agree and understand that the Partner is solely responsible for the quality (purity and all related aspects), accuracy, authenticity, nature, weight, measurement, gold content, fineness, packaging, certification, etc. of the Platform Redeemed Product.

6.11. Other Terms

6.11.1. You acknowledge that Platform Redemption can only be processed against the specific quantity of Gold You hold with the Partner facilitating that order for Platform Redemption. Your eligibility for any order for Platform Redemption is strictly limited by the available Gold Product balance recorded in Your account with that respective Partner (and displayed in Your locker on the PhonePe Platform) at the time of placing the order. You will not be able to utilize a balance held with one Partner to place an order for Platform Redemption being processed by a different Partner.

6.11.2. Kindly note that once the Platform Redemption order is placed, You may not cancel such an order. However, if there is a failure in processing the payment by Us for any reason whatsoever beyond Our reasonable control, the order placed by You for Platform Redemption will stand cancelled, and You would be notified of the same.

6.11.3. All Platform Redemption requests are subject to receipt of order confirmation from the Partner. In the event We do not receive such a confirmation from the Partner due to system delays/glitches, connectivity issues, or third-party system downtime or for other reasons, the Platform Redemption transaction initiated by You will be considered as ‘failed’. In such a scenario, no Gold balance will be debited from Your locker, or if debited, will be restored to Your locker and/or any charges (including applicable taxes) will be refunded back in accordance with PhonePe policies.

7. SPECIFIC OFFERING(S) BY CARATLANE:

7.1. CARATLANE REDEMPTION

7.1.1. You may also choose to redeem Your consolidated Gold balances (held with SafeGold and/or CaratLane through the PhonePe Platform) for jewellery or other articles as offered by CaratLane. This can be done (i) by choosing the “Convert to CaratLane Jewellery” option on the PhonePe Platform (in which case You would be re-directed to the website of CaratLane via PhonePe Platform), or (ii) through the iOS/Android mobile application of CaratLane, or (iii) by visiting any official CaratLane physical store. (“CaratLane Redemption”).

7.1.2. To initiate a CaratLane Redemption, You must first select Your desired items for purchase and finalize Your selection for checkout (“CaratLane Redeemed Products”). You will also be required to provide necessary identifying information (e.g., Your registered phone number) to allow CaratLane to fetch Your Gold balances available with PhonePe. Once the identifying information is authenticated, You may use Your Gold balances for adjusting against the purchase price of the CaratLane Redeemed Products and will have to make payment for the balance amount payable on the CaratLane Redeemed Products, if any. PhonePe does not collect, process, or hold any payments made on CaratLane’s platforms or in their stores for any CaratLane Redeemed Products.

7.1.3. You understand that for the purposes of CaratLane Redemption, PhonePe acts solely as a technology intermediary (redirecting You to the CaratLane website for transactions initiated through PhonePe Platform and/or adjusting Your Gold balances basis confirmation received from CaratLane) and that it neither sells/hallmarks/delivers any CaratLane Redeemed Products, nor does it control the CaratLane Redemption. Specifically, any activity, data, or information shared by You with Caratlane shall be governed by Caratlane’s terms and conditions. Accordingly, the CaratLane Redemption process and all transactions associated therewith shall be governed by the terms and conditions and/or policies of CaratLane including policies on refunds, returns, exchanges or buy-back of CaratLane Redeemed Products.

7.1.4. You may use up to the entirety of Your accumulated Gold balances (of CaratLane and/or SafeGold), in lieu of making payment for the CaratLane Redeemed Products. In the event: (i) the monetary value of the CaratLane Redeemed Products are higher than the value of Gold available with You or (ii) You choose to do a partial CaratLane Redemption, then You will be required to pay the outstanding amount equal to the difference between the CaratLane Redeemed Products and the Gold redeemed (including applicable taxes).

7.1.5. We will debit Your Gold balance available from Your accumulated Gold balance as reflected in Your locker on the PhonePe Platform, with the corresponding quantity of Gold which has been confirmed by CaratLane to process the CaratLane Redemption transaction. There may be a lead time between the completion of the CaratLane Redemption transaction and the reflection of the updated Gold balance on the PhonePe Platform.

7.1.6. Subject to any confirmation received from CaratLane on resolution provided with respect to a specific CaratLane Redemption transaction, the Gold balance that was debited for such transaction will be restored/credited back to Your locker by PhonePe.

7.2. GOLD SCHEME

7.2.1. PhonePe, through the PhonePe Platform, offers an option for Customers to enrol themselves into various Gold investment and/or savings schemes offered by CaratLane from time to time, including the Treasure Chest Scheme (“Gold Scheme”).

7.2.2. Upon fulfilment of the eligibility criteria and completing the requisite registration process for the Gold Scheme, You may enrol in the Gold Scheme by selecting a fixed instalment amount that will be payable periodically (as specified under the Gold Scheme), tenure and providing other details necessary for enrolment.

7.2.3. You may pay the initial instalment and/or subsequent periodic instalments for the Gold Scheme using any payment mode supported and offered on the PhonePe Platform.

7.2.4. Please note that You may be required to pay all periodic instalments for the Gold Scheme within the specified due date in order to maintain the validity of the Gold Scheme during its tenure and/or receive any benefits of the Gold Scheme. PhonePe’s responsibility is limited to the secure processing of these payments and shall not be liable for any loss that You may incur due to failure to pay periodic instalments within the due date and/or termination of the Gold Scheme by CaratLane due to non-payment of the periodic instalment amounts.

7.2.5. Upon completion of the tenure of the Gold Scheme, the accumulated balance from the instalment payments (“Accumulated Balance”), along with any offers/discounts offered by CaratLane as part of the Gold Scheme, may be redeemed against jewellery offered by CaratLane.

7.2.6. The redemption of the Accumulated Balance for jewellery is a transaction exclusively between You and CaratLane. You acknowledge that the Accumulated Balance is maintained and managed solely by CaratLane. Such redemption may be executed through CaratLane’s official website, mobile application, or physical retail stores, as specified by CaratLane under the Gold Scheme terms. PhonePe does not participate in the final purchase, product selection, or delivery of jewellery pursuant to the redemption of the Accumulated Balance. Any request for refunds or cancellations of instalments and/or Accumulated Balance must be directed to CaratLane directly.

7.2.7. You acknowledge that for the purposes of the Gold Scheme, PhonePe acts strictly as a technology interface and payment facilitator of the Gold Scheme instalments. PhonePe is not a custodian or seller of the Gold and does not operate or manage the Gold Scheme in any manner. Any disputes regarding redemption of Accumulated Balance, gold purity, making charges, product quality, or the final valuation of the Accumulated Balance must be resolved directly with CaratLane.

7.2.8. PhonePe disclaims all liability in relation to, the Gold Scheme by CaratLane, including for its management, modification, or termination, and PhonePe is not responsible for any defaults by CaratLane in relation to the Gold Scheme, including failure to provide any promised discounts or bonuses.

8. CHARGES

You agree and accept that PhonePe, may levy certain fee(s) (including applicable taxes) in relation to Your Precious Metal(s) lumpsum purchase transactions. Such charges would be clearly displayed to You on the payment page before You make any payment for purchase of Product(s) using the PhonePe Platform.

9. GENERAL TERMS

9.1. You acknowledge that from the time of Product purchase confirmation provided to You, You will not be able to initiate any sale/Platform Redemption/CaratLane Redemption transactions for the quantity of Precious Metal(s) purchased, for a period of up to 5 (five) days (“Holding Period“). This Holding Period will be based on Partner’s policies, and Our internal risk assessment(s). Upon expiry of the Holding Period and subject to these Terms, You would be entitled to sell/redeem the Products through the PhonePe Platform.

9.2. You hereby agree that You have sufficient experience and knowledge to make informed decisions to purchase or sell the Precious Metal(s) or redeem the Gold or enrol into Gold Schemes. You hereby acknowledge that You are making all decisions on Your own and have not relied on any information made available by PhonePe, and/or by the Partner for making any decision. Please note that PhonePe is not making any recommendation with respect to any purchase sale Platform Redemption, CaratLane Redemption, Gold Schemes or associated services of the Products.

9.3. For the purpose of processing a lumpsum purchase/SIP, sale, Platform Redemption, CaratLane Redemption or Gold Scheme transaction(s) via PhonePe Platform, You hereby authorize Us to access, fetch, use and store the information provided by You on an ongoing basis and share such information with the Partners, in accordance with Our Privacy Policy.

9.4. If You choose to upgrade the amount You are investing via SIP as maybe provided to You, and with a different Partner, You explicitly provide Your consent to PhonePe to cancel Your existing mandate / SIP with the concerned Partner. By doing so, You also agree to set up a new mandate / SIP with the new Partner as maybe displayed to You. Basis such consent, PhonePe will execute the mandate cancellation and enable You to set up the new mandate /SIP as per Your choice, subject to these Terms.

9.5. You understand that correctness of information is of utmost importance, and You will be solely responsible for the correctness of the information provided by You to Us. If You have reasons to believe that there is an error, mistake, or incorrectness, in the information furnished by You to Us then You will immediately inform Us in writing and forthwith provide correct/updated information.

9.6. You agree and understand that We may review the data/information provided by You and undertake appropriate due diligence, including risk management. We may also fetch data from other sources available in public or through Our business partners or service providers which may pertain to You as part of due diligence and risk management. We will not be liable for any loss or damage caused to You due to submission of incorrect or insufficient information.

9.7. You agree and understand that We may access, store, display and use information relating to Your Precious Metal(s)transactions (including Your accumulated Precious Metal(s)balance reflected on the locker) on PhonePe Platform. You also agree and acknowledge that We may from time to time, display such information on PhonePe Platform as may be provided and/or updated by the Partner. We will neither be liable nor be responsible for accuracy or authenticity of any such information.

9.8. You will be solely responsible for providing accurate information for each payment instruction. You agree and understand that We cannot reverse a payment once the same is initiated as per Your instructions. We will not be liable for any loss incurred by You as a result of a transaction processed by Us in accordance with Your payment instructions.

9.9. You understand that the payment instruments/ mode(s) made available for Precious Metal(s) transactions shall be at the sole discretion of PhonePe and/or its Partners. PhonePe reserves the right to add, restrict, or disable specific payment modes for Precious Metal(s) transactions at any time without prior notice.

9.10. If a Product purchase, sale, Platform Redemption, and/or Gold Scheme transaction cannot be processed by Us due to system delays/glitches, connectivity issues, third-party system downtime, or any other reasons— including failures by any payment facilitators who are involved in facilitating the relevant transaction or issues with Your chosen payment instrument, the transaction will be considered ‘failed’. In such a scenario, We shall not be responsible for any loss You may suffer, including any changes in Precious Metal(s) rates or missed investment opportunities.

9.11. If You erroneously process a payment for the wrong amount (for instance a typographical error at Your end), Your only recourse will be to contact the Partner and/or Your bank. PhonePe will not reimburse You or reverse a payment that You have erroneously made.

9.12. Transfer of Precious Metal(s) balances between Users and/or between different User registered accounts is not permitted. However, PhonePe may, at its sole discretion, consider requests placed by You for such transfers in exceptional circumstances. Any such request may be raised with Us and will be subject to the submission of satisfactory documentation and verification by PhonePe. We reserve the right to provide guidance, set specific conditions for such Precious Metal(s) balance transfer(s), or refer You to the respective Partner for further resolution based on the nature of the request.

9.13. We may, from time to time, in Our sole and absolute discretion (or as required by Partner), prescribe maximum individual/cumulative limits on the number of transactions and/or the value of such transactions, during any time period in respect of the Products. We also reserve the right to refuse, block or cancel any order (in relation to the Products) exceeding such limits as mentioned above. You agree that this action would be subject to PhonePe’s internal risk assessment, and We may change/modify limits (as mentioned above) and apply an appropriate cooling period (as applicable). You understand that We may or may not communicate the above action to You.

9.14. We reserve the right to report You or any of Your transactions to the relevant authorities if it is deemed suspicious or fraudulent, in accordance with PhonePe policies, and/or applicable laws. We will not be held liable for any consequences or losses incurred by You due to such reporting by Us.

9.15. If PhonePe discovers or comes to know or is intimated about any statutory or judicial or administrative action(s), proceeding(s), litigation(s)  investigation(s) (civil or criminal), order / direction / regulatory mandate of a law enforcement agency, regulator/authority, or under any applicable law (pending, or threatened) against any Partner due to which PhonePe at its own discretion may be required to take any action against the Partner, there may be an impact on Your ability to purchase, sell, redeem or avail any associated offering(s) by the Partner to You via PhonePe Platform or in third party app and that any liability  or risk arising from such action is solely between You and the Partner. PhonePe may facilitate You by re-directing Your queries or requirements to the Partner to enable a resolution between You and the Partner. You acknowledge and understand that such facilitation is merely a mechanism to connect You with the Partner. Please note that the Partner shall be solely responsible for addressing Your issues or any related requirements and You accept that PhonePe has no liability or role whatsoever in such determination.

9.16. In such events, PhonePe also reserves a right to take any action(s) (including limiting /stopping Your access of such Product(s) or Partner’s services) without any intimation to You (until the time such issue is resolved, or for such timeline as required by the relevant authority).

9.17. You agree that We, Partner(s) or Our bank(s), card network(s), financial institution(s) facilitating the  transaction for any Product(s), may from time to time (i) seek additional information from You, (ii) conduct various verifications to validate the information provided by You, and/or (iii) initiate legal action against You, in case We/ they, are of the view that You have submitted any misleading, fraudulent, untrue, insufficient and/or incorrect details.

10. GRIEVANCE REDRESSAL

10.1. You can raise all disputes/complaints/grievances with respect to the Products (including issues relating to non-fulfilment, quality of the Product, deficiency of services, etc.) with the Partner directly. If you raise such issues with PhonePe, We will facilitate resolution of Your grievances/complaints with the Partner. Please however note that We are not liable for any issues in relation to the Product/services provided by the Partner.

10.2. You can reach to Us for any disputes/complaints/grievances on the processing of payments in relation to the Products through the Help & Support section available on the PhonePe Platform and We will reach out to You to resolve any such grievances.

11. INDEMNITY AND LIABILITY

11.1. You agree to indemnify and hold PhonePe, its affiliates, group companies, their directors,  officers, agents, employees and representatives, harmless, from any and all losses, damages, actions, claims and liabilities (including legal costs) which may arise from the Partners, and/or breach of these Terms, and/or purchase of Product(s) (including availing associated services from the Partner(s), in any manner whatsoever.

11.2. In no event will PhonePe be liable for any indirect, consequential, incidental, special or punitive  damages, including without limitation damages for loss of profits or revenues, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether arising in contract, negligence, tort, warranty or otherwise, arising from the use of or inability to use the information provided, however caused. The liability of PhonePe, if any, shall in no event exceed the amount of the relevant Product transaction giving rise to the cause of action, or Indian Rupees One Hundred (INR 100), whichever is lesser.

11.3. You further consent that in case PhonePe suffers losses, not limited to monetary losses, due to Your actions/ inactions, We can take any and all measures as available to Us and  deemed necessary within the said circumstances.

12. SUSPENSION AND TERMINATION

12.1. PhonePe and/or Partner, in its sole discretion, may suspend/discontinue, either temporarily or permanently, Your account, or Your usage to  the PhonePe Platform, or take such other action as We /Partner may deem fit at any time, without notice and without any further liability on PhonePe/Partner, if We/Partner determine(s) that You have/may have violated any applicable law(s), or breached these Terms, or any other terms and conditions as applicable to You on the PhonePe Platform, or terms of the Partner, or if We are directed to do so by regulators/governmental or other authorities, or for any other reasons as PhonePe may deem fit. However, it is clarified that Your existing relationship with the relevant Partner would be governed as per their terms and conditions as binding on You. Further, We may evaluate and investigate any of Your transactions in case We are of the view that the same is suspicious, irregular, illegal or fraudulent.

12.2. You acknowledge that the Partner(s) reserves a right to close down/deactivate any offerings, product(s) and/or associated services enabled by them to You for any reasons whatsoever. You agree that this action, including any consequences thereof, would be solely governed by the terms and conditions agreed between You and the Partner. In such an event, PhonePe shall notify You in advance based on the receipt of requisite information from the Partner. PhonePe assumes no liability for any delay or failure in providing such notification if the same is not communicated to PhonePe by the Partner in a timely manner.

13. CHARGEBACK

Any disputes, claims, or requests for chargebacks related to Your purchase or sale of Precious Metal(s) or Platform Redemption will be handled strictly in accordance with Our Grievance Policy. We encourage You to review the Grievance Policy to understand the applicable timelines, resolution process and Customer responsibilities for any such disputes.

14. GOVERNING LAW AND JURISDICTION

These Terms and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with these Terms, including the construction, validity, performance or termination thereunder will be governed by the laws of India, without respect to its conflict of laws principles. Any claim or dispute between You and PhonePe that arises in whole or in part from in relation to these Terms will be decided exclusively by a court of competent jurisdiction located in Bangalore.

15. DISCLAIMERS

15.1. You agree that all risks arising from online transactions will be solely borne by You. We do not warrant that the PhonePe Platform and/or the platform of the Partner will be uninterrupted, error-free or will be without viruses or other harmful components. While the Products are being availed by You using the PhonePe Platform, You are aware that the Products are being provided by the Partners and PhonePe is only facilitating the transactions and hence cannot be held responsible for any glitches, downtimes etc, at the Partner’s end including in case of CaratLane Redemption or Gold Scheme transactions. All data that is made available on the PhonePe Platform is on an “as is”, “as available” and “with all faults” basis and without warranties or representations of any kind, either express or implied. To the fullest extent permissible under applicable law, PhonePe disclaims all warranties or guarantees, whether statutory, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement of proprietary rights. No advice or information, whether oral or written, obtained by You through the PhonePe Platform will constitute any representation or warranty not expressly provided herein. It is Your responsibility to evaluate the accuracy, completeness and usefulness of all information provided by the Partner on PhonePe Platform or information provided by CaratLane in case of CaratLane Redemption or Gold Scheme transactions.

15.2. Commercial internet service providers are not 100% (one hundred percent) 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 PhonePe and/or the Partner. Therefore, PhonePe or the Partner will 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 PhonePe or Partner’s control or anticipation.

Terms and Conditions

Terms of Use – Silver 

This document is an electronic record in terms of the Information Technology Act, 2000 including any amendments thereof, from time to time, the rules thereunder as applicable, and the amended 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.

These Terms of Use (“Terms”) will govern Your usage of PhonePe Platform for the purposes of purchase and sale of Silver Product(s) facilitated on PhonePe Platform as provided under these Terms by PhonePe Limited (formerly known as ‘PhonePe Private Limited’), a company incorporated under the Companies Act, 1956 with its registered office at  Office-2, Floor 5, Wing A, Block A, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Outer Ring  Road, Bellandur, Bangalore, Bangalore South, Karnataka, India, 560103 (hereinafter referred to as “PhonePe”/ “We”/ “Us”/ “Our”), and are enabled by Our Silver Partner(s) (as defined hereinunder).  

Whenever the context requires “Customer”/ “User”/ “You”/ “Your”/ “Yourself” will refer to the registered user of PhonePe Platform who is accessing/using PhonePe Platform for purchase and/or sale of Silver Products, by Our Silver Partner(s), as facilitated by PhonePe, in accordance with these Terms. This document should be read in conjunction with PhonePe’s general Terms and Conditions which includes without limitation PhonePe’s Privacy Policy and other policies/terms and conditions made available on the PhonePe Platform, as may be amended from time to time including the FAQs pertaining to Silver (together referred to as the “PhonePe T&Cs”). All capitalised terms used herein but not otherwise defined will have the meanings ascribed to them in the PhonePe T&Cs.

In case of any conflict between the PhonePe T&Cs and these Terms, these Terms will prevail to the extent of such conflict. We reserve the right, at Our sole discretion, to change, modify, add or remove portions of these Terms, at any time without giving any prior written notice to You, which changes will be effective immediately upon the posting of such Terms on the PhonePe Platform. It is Your responsibility to review these Terms periodically for updates / changes. Your continued use of PhonePe Platform will mean and signify that You agree and accept the revised Terms. 

By downloading, accessing or using PhonePe Platform, You agree to comply with and be bound by the Terms:

1. DEFINITIONS

The following words and expressions, unless repugnant to the meaning or context thereof, will have the following meanings:

1.1. “Product(s)” or “Silver Product” will mean Silver, as offered to or made available to You by Silver Partner(s) facilitated on PhonePe Platform, which includes: (i) lumpsum purchase/sale of Silver; and (ii) systematic investment plan (“SIP”) in Silver at such frequencies enabled via PhonePe Platform (i.e. daily, weekly or monthly), subject to terms and conditions of the Silver Partner.

1.2. “Silver” will mean silver of such specification, fineness and quality, made available in digital form by the relevant Silver Partner, for purchase, or sale by the Customer.

1.3. “Silver Partner” will mean the entity which is offering/providing the Product(s) to You via the PhonePe Platform and is utilizing PhonePe Services for processing/facilitating payments for transactions as per the terms and conditions agreed between PhonePe and such Silver Partner. Silver Partner(s) will include following partners, and other such partner(s) as PhonePe may enable from time to time (and available on the PhonePe Platform):

1.3.1. MMTC-PAMP India Private Limited, a company incorporated under the Companies Act, 1956 with its registered office at C-27, 3rd Floor, Qutub Institutional Area, New Delhi – 110016 operating under the brand name “MMTC-PAMP”. The terms and conditions of MMTC-PAMP applicable to You can be accessed here.

1.3.2. 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 operating under the brand name “SafeGold”. The terms and conditions of SafeGold applicable to You can be accessed here.

2. USER REGISTRATION

2.1. In order for You to purchase/sell the Products through the PhonePe Platform, You should be a registered User on the PhonePe Platform. You hereby confirm that You fulfil the eligibility criteria specified in the PhonePe T&Cs and by the Silver Partner(s).

2.2. You further agree that in order to process, or fulfil Your order (in relation to purchase, sale, or any other related services for the Product(s), the Silver Partner may require You to submit additional information/documents (including but not limited to KYC documents), which may be verified by the Silver Partner. PhonePe would only act as a facilitator for the said purpose, if such information passes through or via the PhonePe Platform. The responsibility of collection, verification, handling, storage etc. of all Your information/documents would be with the Silver Partner and the same will be governed by the terms and conditions agreed between You and the Silver Partner.

2.3. You hereby declare that You are not a dealer of Silver or any other precious metals/ ornament or any related product, and that You are purchasing/ selling the Product only for Your personal use/ consumption.

3. PHONEPE’S ROLE AND USER AGREEMENT

3.1. PhonePe provides an online platform to the Silver Partners, who offer their Products for purchase (either through a SIP or lumpsum purchase or any other form as provided), and/or sale, and who also provide other related services to You in relation to the Product. You agree and understand that Our role in this arrangement is limited to processing of payments, and facilitating access to the Products of the Silver Partner on an as is basis only.  We are not the seller of the Product and are not responsible for order fulfilment to Customer(s). You agree and acknowledge that all transactions in relation to the Product(s) and/or associated services provided by the Silver Partner(s) is executed directly between You and the relevant Silver Partner. Such Silver Partner is solely responsible for complying with applicable laws, regulations and standards governing the Product(s) including laws pertaining to taxation and hallmarking.

3.2. You agree and understand that the terms and conditions specified by the Silver Partner, govern Your relationship with the Silver Partner. You agree to carefully read such applicable terms and conditions before initiating any transaction with the Silver Partner. However, In the event of any conflict between these Terms and the terms and conditions specified by the Silver Partner, these Terms will prevail to the extent of conflict.

3.3. You agree and understand that We do not determine, advise or in any manner control the price of Product and the associated services offered by the Silver Partners. Live price of the Products will be displayed on the PhonePe Platform, in the manner as provided by the Silver Partner (for purchase and sale transaction(s), which may change from time to time. You hereby expressly waive any right to dispute the live price of Silver as appearing on the PhonePe Platform on the selected purchase/ sale date(s). You further acknowledge and understand that the purchase price of Silver and the sale price of Silver may differ. These prices are not set by Us but are determined and quoted by the Silver Partners, which are displayed  as-is by Us. The onus to check and verify the prices before You proceed with any transaction is on You.

3.4. You agree and understand that the concerned Silver Partner is solely responsible for: (a) quoting the process (for purchase and sale), (b) order fulfilment, (c) storage of Silver in physical form equivalent to the digital Product purchased by You. Please note that digital Silver operates entirely outside Security Exchange Board of India’s (SEBI) jurisdiction. You are directly dealing with the Silver Partner, and the Silver Partner is the seller of the Product (and purchaser, if You choose to subsequently sell it to the Silver Partner) and is solely responsible for any defect, deficiency or damage in the Product and/or services (including warranties, warranty card, post-sale support, etc). PhonePe will not be responsible for  the Product and/or services offered by the Silver Partner, in any manner whatsoever, including for any defect, deficiency, damage(s) or non-delivery. You will not hold PhonePe liable for any, quality/quantity-related issues of the Product or for non-delivery/delayed delivery of the Product by the Silver Partner.

3.5. PhonePe makes no representations or warranties (express or implied) as regards the Silver Partner(s), the Product(s) and/or associated services offered by the Silver Partner, its condition, its fitness for a particular purpose, etc.

3.6. You agree and understand that the Silver Partner is solely responsible for the quality (purity and all related aspects) of the Product, its accuracy in weight, measurement, silver content or fineness, nature and authenticity of the Product, and its pricing.

3.7. You agree to release PhonePe, its affiliates, group companies, their directors, agents, officers, employees and contractors, from all claims, demands and damages arising out of or in any way connected with a dispute or a complaint related to the Product and/or the Silver Partner. You agree that You will not involve PhonePe in any litigation or dispute arising out of or related to the Product, Silver Partner or any transaction with a Silver Partner.

4. PURCHASE OF PRODUCTS

Upon fulfilment of the eligibility criteria(s)/registration process specified by PhonePe and Silver Partner, You can choose to purchase the Silver Products via PhonePe Platform in accordance with these Terms. You can choose to make a lump-sum payment for purchasing the Product, or enable an SIP plan at such a frequency opted by You and as offered by the Silver Partner, in the manner provided below:

4.1. Lumpsum purchase:

4.1.2. PhonePe Platform facilitates Your purchase of the Product from the Silver Partners. All such transactions will be on a pre-payment basis. Once You place a purchase order and confirm the transaction, Your payment for the Product (including any applicable taxes and charges as per Paragraph 6 of these Terms), will be collected and processed by PhonePe.

4.1.2. Kindly note that once the purchase order is placed by You, You may not cancel such an order. However, if there is a failure in processing the payment by Us for any reason whatsoever, due to reasons beyond Our control, the purchase order placed by You will stand cancelled, and You would be notified of the same. In the event of such a cancellation due to payment or system failure, any amount debited from Your account will be credited back to the original mode of payment in accordance with PhonePe’s policies.

4.1.3. PhonePe/Silver Partner reserves the right to reject or cancel the purchase order, at its sole discretion, if any information provided by You prior to placing the order is not found acceptable, or is incorrect/ insufficient, and/or if We or the relevant Silver Partner are of the opinion for any reason whatsoever, that You are not eligible to purchase the Products.

4.1.4. Upon successful payment and on receipt of the confirmation from the Silver Partner, the order will be executed by the Silver Partner, and an invoice for the purchase of the Product will be issued to You by the Silver Partner, which will be made available via the PhonePe Platform.

4.2. SIP

4.2.1. You will also have the option to make a SIP on Silver with the relevant Silver Partner using the PhonePe Platform. If you avail this option, You would be required to select a periodicity (daily/weekly/monthly as enabled by PhonePe) and instalment amount at the time of setting up this instruction. This instruction can be modified, altered, or revoked at any time at per Your requirement, or Your discretion (as enabled by PhonePe), and as per the terms of the Silver Partner.

4.2.2. Upon setting up a mandate/instruction, You hereby authorise PhonePe to execute the payment towards the SIP (via UPI Autopay mandate (which will be governed by the Autopay Terms) or any other mode of recurring payment) as may be enabled by PhonePe on the PhonePe Platform.

4.2.3. The amount towards Your Silver SIP will be deducted from Your bank account on the scheduled date as per Your standing instructions.

4.2.4. In the event the processing of the payment instruction fails on the scheduled date, for any reason whatsoever, including due to technical reasons beyond Our control, We will attempt to process the payment instruction again on the same day. If the payment is still not successful, on the next day Your bank with whom Your SIP mandate is registered, will intimate You about re-attempting the payment. PhonePe will not be liable for any loss You may incur as a result of timing of such charge to Your bank account.

4.2.5. The prevalent live price of Silver at the time of actual debit from Your bank account will be applied for allocating proportionate grams of Silver against the said Silver SIP transaction and the respective amount of Silver will be reflected on Your locker on the PhonePe Platform. PhonePe will not be liable for any price/rate changes impacting Your purchase in such a case.

4.2.6. You are advised to keep sufficient balance in the bank account in which You’ve registered the SIP mandate, prior to the scheduled date.

4.2.7. If We are unable to process your payment instruction for SIP for reasons mentioned above, that particular transaction will be considered as “failed”. Please note this will not impact Your SIP itself.

4.2.8. The status of all Your SIP mandate execution(s) will be visible in the “transaction history” section on the PhonePe Platform.

4.2.9. You will have an option of temporarily pausing Your Silver SIP or permanently revoking Your Silver SIP in case You do not wish to continue investing via Silver SIP. PhonePe and/or its Silver Partners will not be responsible for any losses arising due to pausing/revocation of the Silver SIP at Your end. The consequence of such pausing or revocation on the SIP and/or Silver purchased by You will be governed solely by the terms agreed between You and the Silver Partner.

4.2.10. The quantity of Silver accumulated through the Silver SIP will be reflected in Your locker on the PhonePe Platform, at any point in time.

4.2.11. Please note that neither PhonePe nor its Silver Partners guarantee any fixed returns on Silver transactions.

4.3. Other Terms

4.3.1. Any order for lumpsum purchase or instructions/SIP may be subjected to certain limitation(s) (i.e. minimum/maximum amount/value of Silver permissible to be purchased, in accordance with applicable laws, NPCI guidelines, as mandated by the Silver Partner or as per any PhonePe policies). Such limits may be displayed upfront to You at the time of setting up these instructions, which may be subject to modification from time to time.

4.3.2. The accumulated value of the purchased Silver Product by You (either through lumpsum purchase or through SIP), will be reflected in Your locker on PhonePe Platform. The Silver Partner will retain such quantity of physical Silver, equivalent to the Silver Product reflected in Your locker, in a separate vault (either by itself or through its vault custodians), in accordance with the terms agreed between You and the Silver Partner. While the Silver is maintained by/with the Silver Partner, the title in relation to Silver purchased by You will remain with You.

5. SALE OF PRODUCTS

5.1. You acknowledge that the sale of Silver held by You is subject to certain limits (i.e. a minimum monetary value of Silver Product balance that You will have to hold, minimum/maximum amount/value of Silver permissible to be sold, in accordance with applicable laws, as mandated by the Silver Partner or as per any PhonePe policies) as prescribed by the Silver Partner. Such limits would vary depending on the Silver Partner with whom You want to initiate a sale transaction. In the event You do not comply with such limits, You would not be eligible to sell Your Silver Product. Such limits would be displayed upfront to You at the time You initiate a sale transaction and may be subject to modification from time to time.

5.2. Your eligibility for any order for sale is strictly limited by the available Silver balance recorded in Your account with that respective Silver Partner (and displayed in Your locker on the PhonePe Platform) at the time of placing the order. You will not be able to make a joint sale of Silver that is held by You with different Silver Partners.

5.3. You will have an option to sell the Silver held by You via the PhonePe Platform. The live sell price will be displayed on the PhonePe Platform ‘as is’ as provided by the Silver Partner. In the event You choose to sell Your whole or part of Your accumulated Silver, please check and verify the prices before initiating the sell transaction. Please note that the live purchase price of Silver, and live sale price of Silver may vary and may be different from that available or offered on the open market, on other online platforms and/or at any retail outlets.

5.4. Upon confirmation of the sale request by the Silver Partner, PhonePe will disburse/process the payment in relation to the sale transaction to Your primary bank account registered on the PhonePe Platform. If the credit/settlement to Your primary bank account cannot be completed for any reason beyond Our control, We will not be liable for any resulting loss, including but not limited to financial loss, interest, or changes in Silver rates during the intervening period. Such credit/settlement shall be subject to successful verification and PhonePe’s internal processes, and You agree that PhonePe’s liability is limited solely to the disbursement of the original sale amount.

5.5. We will subsequently debit Your Silver balance available from Your accumulated Silver balance as reflected in Your locker on PhonePe Platform, with the corresponding quantity of Silver which has been confirmed by the Silver Partner to process the sale transaction. There may be a lead time between the completion of the sale transaction and the reflection of the updated Silver Product balance on the PhonePe Platform.

5.6. The ownership and title of any Silver that is sold by You shall transfer to the Silver Partner upon completion of the sale transaction.

6. CHARGES

You agree and accept that PhonePe, may levy certain fee(s) (including applicable taxes) in relation to Your Silver lumpsum purchase transactions. Such charges would be clearly displayed to You on the payment page before You make any payment for purchase of Silver Product(s) using the PhonePe Platform.

7. GENERAL TERMS

7.1. You acknowledge that from the time of Product purchase confirmation provided to You, You will not be able to initiate any sale transactions for the quantity of Silver purchased, for a period of up to 5 (five) days (“Holding Period“). This Holding Period will be based on Silver Partner’s policies, and Our internal risk assessment(s). Upon expiry of the Holding Period and subject to these Terms, You would be entitled to sell/redeem the Products through the PhonePe Platform.

7.2. You hereby agree that You have sufficient experience and knowledge to make informed decisions to purchase / sell the Silver Products. You hereby acknowledge that You are making all decisions on Your own and have not relied on any information made available by PhonePe, and/or by the Silver Partner for making any decision. Please note that PhonePe is not making any recommendation with respect to purchases, sale, or associated services of the Silver Products.

7.3. For the purpose of processing a lumpsum purchase/SIP or sale transaction(s) via PhonePe Platform, You hereby authorize Us to access, fetch, use and store the information provided by You on an ongoing basis and share such information with the Silver Partner(s), in accordance with Our Privacy Policy.

7.4. If a Silver Product purchase or sale transaction cannot be processed by Us due to system delays/glitches, connectivity issues, third-party system downtime, or any other reasons— including failures by any payment facilitators who are involved in facilitating the relevant transaction or issues with Your chosen payment instrument, the transaction will be considered ‘failed’. In such a scenario, We will not be responsible for any loss You may suffer, including any changes in Silver rates or missed investment opportunities.

7.5. You understand that correctness of information is of utmost importance, and You will be solely responsible for the correctness of the information provided by You to Us. If You have reasons to believe that there is an error, mistake, or incorrectness, in the information furnished by You to Us then You will immediately inform Us in writing and forthwith provide correct/updated information.

7.6. You agree and understand that We may review the data/information provided by You and undertake appropriate due diligence, including risk management. We may also fetch data from other sources available in public or through Our business partners or service providers which may pertain to You as part of due diligence and risk management. We will not be liable for any loss or damage caused to You due to submission of incorrect or insufficient information.

7.7. You agree and understand that We may access, store, display and use information relating to Your Silver transactions (including Your accumulated Silver balance reflected on the locker) on PhonePe Platform. You also agree and acknowledge that We may from time to time, display such information on PhonePe Platform as may be provided and/or updated by the Silver Partner. We will neither be liable nor be responsible for accuracy or authenticity of any such information.

7.8. You will be solely responsible for providing accurate information for each payment instruction. You agree and understand that We cannot reverse a payment once the same is initiated as per Your instructions. We will not be liable for any loss incurred by You as a result of a transaction processed by Us in accordance with Your payment instructions.

7.9. You understand that the payment instruments/mode(s) made available for Silver transactions shall be at the sole discretion of PhonePe and/or its Silver Partner(s). PhonePe reserves the right to add, restrict, or disable specific payment modes for Silver transactions at any time without prior notice.

7.10. If You erroneously process a payment for the wrong amount (for instance a typographical error at Your end), Your only recourse will be to contact the Silver Partner and/or Your bank. PhonePe will not reimburse You or reverse a payment that You have erroneously made.

7.11. Transfer of Silver Product balances between Users and/or between different User registered accounts is not permitted. However, PhonePe may, at its sole discretion, consider requests placed by You for such transfers in exceptional circumstances. Any such request may be raised with Us and will be subject to the submission of satisfactory documentation and verification by PhonePe. We reserve the right to provide guidance, set specific conditions for such Silver Product balance transfer(s), or refer You to the respective Silver Partner for further resolution based on the nature of the request.

7.12. We may, from time to time, in Our sole and absolute discretion (or as required by Silver Partner), prescribe maximum individual/cumulative limits on the number of transactions and/or the value of such transactions, during any time period in respect of the Products. We also reserve the right to refuse, block or cancel any order (in relation to Silver Products) exceeding such limits as mentioned above. You agree that this action would be subject to PhonePe’s internal risk assessment, and We may change/modify limits (as mentioned above) and apply an appropriate cooling period (as applicable). You understand that We may or may not communicate the above action to You.

7.13. We reserve the right to report You or any of Your transactions to the relevant authorities if it is deemed suspicious or fraudulent, in accordance with PhonePe policies, and/or applicable laws. We will not be held liable for any consequences or losses incurred by You due to such reporting by Us.

7.14. If PhonePe discovers or comes to know or is intimated about any statutory or judicial or administrative action(s), proceeding(s), litigation(s)  investigation(s) (civil or criminal), order / direction / regulatory mandate of a law enforcement agency, regulator/authority, or under any applicable law (pending, or threatened) against any Silver Partner due to which PhonePe at its own discretion may be required to take any action against the Silver Partner, there may be an impact on Your ability to purchase, sell, redeem or avail any associated offering(s) by the Silver Partner to You via PhonePe Platform or in third party app and that any liability  or risk arising from such action is solely between You and the Silver Partner. PhonePe may facilitate You by re-directing Your queries or requirements to the Silver Partner to enable a resolution between You and the Silver Partner. You acknowledge and understand that such facilitation is merely a mechanism to connect You with the Silver Partner. Please note that the Silver Partner shall be solely responsible for addressing Your issues or any related requirements and You accept that PhonePe has no liability or role whatsoever in such determination.

7.15. In such events, PhonePe also reserves a right to take any action(s) (including limiting /stopping Your access of such Product(s) or Silver Partner’s services) without any intimation to You (until the time such issue is resolved, or for such timeline as required by the relevant authority).

7.16. You agree that We, Silver Partner(s) or Our bank(s), card network(s), financial institution(s) facilitating the  transaction for any Silver Product(s), may from time to time (i) seek additional information from You, (ii) conduct various verifications to validate the information provided by You, and/or (iii) initiate legal action against You, in case We/ they, are of the view that You have submitted any misleading, fraudulent, untrue, insufficient and/or incorrect details.

8. GRIEVANCE REDRESSAL

8.1. You can raise all disputes/complaints/grievances with respect to the Products (including issues relating to non-fulfilment, quality of the Product, deficiency of services, etc.) with the Silver Partner directly. If you raise such issues with PhonePe, We will facilitate resolution of Your grievances/complaints with the Silver Partner. Please however note that We are not liable for any issues in relation to the Product/services provided by the Silver Partner.

8.2. You can reach to Us for any disputes/complaints/grievances on the processing of payments in relation to the Products through the Help & Support section available on the PhonePe Platform and We will reach out to You to resolve any such grievances.

9. INDEMNITY AND LIABILITY

9.1. You agree to indemnify and hold PhonePe, its affiliates, group companies, their directors, officers, agents, employees and representatives, harmless, from any and all losses, damages, actions, claims and liabilities (including legal costs) which may arise from the Silver Partner(s) and/or breach of these Terms and/or purchase of Product(s) (including availing associated services from the Silver Partners), in any manner whatsoever.

9.2. In no event will PhonePe be liable for any indirect, consequential, incidental, special or punitive  damages, including without limitation damages for loss of profits or revenues, business interruption,  loss of business opportunities, loss of data or loss of other economic interests, whether arising in contract, negligence, tort, warranty or otherwise, arising from the use of or inability to use the information provided,  however caused. The liability of PhonePe, if any, shall in no event exceed the amount of the relevant Silver transaction giving rise to the cause of action, or Indian Rupees One Hundred (INR 100), whichever is lesser. 

9.3. You further consent that in case PhonePe suffers losses, not limited to monetary losses, due to Your actions/ inactions, We can take any and all measures as available to Us and deemed necessary within the said circumstances.

10. SUSPENSION AND TERMINATION

10.1. PhonePe and/or Silver Partner, in its sole discretion, may suspend/discontinue, either temporarily or permanently, Your account, or Your usage to  the PhonePe Platform, or take such other action as We  / Silver Partner may deem fit at any time, without notice and without any further liability on PhonePe / Silver Partner, if We/ Silver Partner determine(s) that You have/ may have violated any applicable law(s), or breached these Terms, or any other terms and conditions as applicable to You on the PhonePe Platform, or terms of the Silver Partner, or if We are directed to do so by regulators/ governmental or other authorities, or for any other reasons as PhonePe may deem fit. However, it is clarified that Your existing relationship with the relevant Silver Partner would be governed as per their terms and conditions as binding on You. Further, We may evaluate and investigate any of Your transactions in case We are of the view that the same is a suspicious, irregular, illegal or fraudulent.

10.2. You acknowledge that the Silver Partner(s) reserves a right to close down/deactivate any offerings, product(s) and/or associated services enabled by them to You for any reasons whatsoever. You agree that this action, including any consequences thereof, would be solely governed by the terms and conditions agreed between You and the Silver Partner. In such an event, PhonePe shall notify You in advance, based on the receipt of requisite information from the Silver Partner. PhonePe assumes no liability for any delay or failure in providing such notification if the same is not communicated to PhonePe by the Silver Partner in a timely manner.

11. CHARGEBACK

Any disputes, claims, or requests for chargebacks related to Your purchase or sale of Silver Products will be handled strictly in accordance with Our Grievance Policy. We encourage You to review the Grievance Policy to understand the applicable timelines, resolution process and Customer responsibilities for any such disputes.

12. GOVERNING LAW AND JURISDICTION

These Terms and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with these Terms, including the construction, validity, performance or termination thereunder will be governed by the laws of India, without respect to its conflict of laws principles. Any claim or dispute between You and PhonePe that arises in whole or in part from in relation to these Terms will be decided exclusively by a court of competent jurisdiction located in Bangalore.

13. DISCLAIMERS

13.1. You agree that all risks arising from online transactions will be solely borne by You. We do not warrant that the PhonePe Platform and/or the platform of the Silver Partner will be uninterrupted, error-free or will be without viruses or other harmful components. While the Products are being availed by You using the PhonePe Platform, You are aware that the Products are being provided by the Silver Partners and PhonePe is only facilitating the transactions and hence cannot be held responsible for any glitches, downtimes etc, at the Silver Partner’s end. All data that is made available on the PhonePe Platform is on an “as is”, “as available” and “with all faults” basis and without warranties or representations of any kind, either express or implied. To the fullest extent permissible under applicable law, PhonePe disclaims all warranties or guarantees, whether statutory, express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, and non-infringement of proprietary rights. No advice or information, whether oral or written, obtained by You through the PhonePe Platform will constitute any representation or warranty not expressly provided herein. It is Your responsibility to evaluate the accuracy, completeness and usefulness of all information provided by the Silver Partner on PhonePe Platform.

13.2. Commercial internet service providers are not 100% (one hundred percent) 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 PhonePe and /or the Silver Partner. Therefore, PhonePe or the Silver Partner will 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 PhonePe or Silver Partner’s control or anticipation.