MMTC – PAMP, GAP PARTNER and CUSTOMER Terms and Conditions.

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

  1. In these Terms and Conditions references to:
    • “GAP” shall mean Gold Accumulation Plan as hosted on the GAP PARTNER Platform.
    • “GAP PARTNER”shall mean an Entity who shall provide a Platform on which the GAP shall be hosted and where the Customer(s) would visit to access and transact/undertake the activity of buying/redeeming/selling back Gold.
    • “GAP PARTNER PLATFORM”shall mean websites, mobile apps and such other electronic Platforms belonging to the GAP PARTNER including all contents, services and technology offered through the Platform and where the GAP is hosted for use by the Customer and where these Terms and Conditions are hosted/displayed/published.
    • “Transfer”shall mean a facility to transfer Gold from a Gold account of a CUSTOMER to the Gold account of another CUSTOMER(s).
    • “You/you/Your”, or “CUSTOMER”shall mean the Counter Party who transacts using the GAP PARTNER Platform, being a natural person, buying Gold, redeeming Gold in the form of Redeemable Products, selling back Gold to MMTC-PAMP. “including all contents, services and technology offered through the Platform.
    • we”, “us” and “our”shall mean MMTC-PAMP India Private Limited.
    • “Service Providers”shall mean independent third party service providers to MMTC-PAMP or the GAP PARTNER.

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

  3. MMTC-PAMP/GAP PARTNER shall be entitled to collect and store relevant information and documents provided by the CUSTOMER for cumulative lifetime purchases of Rs. 50,000/- and above and subsequently from time to time.

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

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

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

  7. You can offer to buy Gold worth Rs. 1.00 (Rupee One Only) and above incremental value(s) thereof, at the live purchase price of Gold of 999.9 purity displayed on the Platform.

  8. Payment will be accepted through Your Card,Wallet, UPI or such payment options as May be made available on the Platform. At the time of purchase / redemption / sale-back / transfer of Gold, the relevant taxes will be chargeable as applicable and in accordance with the Government regulations.

  9. At the time of redemption, the CUSTOMER can select a Product for redemption from the Catalogue of Redeemable Products . The Catalogue shall contain the list and particulars of these Redeemable Products will be hosted on the Platform. The list of Redeemable Products may be altered, changed and amended by MMTC-PAMP from time to time at its sole discretion.

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

  11. For each confirmed purchase of Gold by the CUSTOMER , MMTC-PAMP will be the Custodian of the Gold, till:
    • sell-back by the CUSTOMER,
    • redemption by the CUSTOMER, or
    • expiry of Custody Period. For the purpose of this clause, ‘Custody Period’ shall mean a period of 5 years from each separate purchase of Gold by the CUSTOMER. The Gold purchased by You or transferred to Your Gold account will be allocated and stored in a highly advanced and secured vault of MMTC-PAMP, with full insurance cover. If You redeem Your Gold after the Custody Period, additional charges will be levied.

  12. The CUSTOMER will have the option of redeeming and asking for physical delivery of the full or part of the accumulated Gold holding, in the form of Redeemable Products starting from 1 (One) gm and above. The residual fractional Gold remaining, upon redemption / Transfer by You of the entire Gold holding, can be sold back by You to us at the live sell-back price of Gold of 999.9 purity and the corresponding amount against the residual fractional Gold sold by You will be credited to your designated Bank Account.

  13. The CUSTOMER cannot buy and redeem Gold on the same day.

  14. You need to pay the applicable making and delivery charges in order to redeem the Redeemable Product of Your choice.

  15. Once the redemption has been initiated by You and payment received, then Your Gold grams will be debited accordingly from Your Gold account.

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

  17. Live purchase price of Gold will be displayed on the Platform and is subject to change from time to time. At the time You make request for redemption / sell-back, the value of Gold / quantity of Gold to be redeemed / sold back will be displayed based on live sell-back price of Gold. The live purchase price of Gold and live sell-back price of Gold may vary and also may be different from that available in the open market and/or in any other retail outlet. Your offer may be rejected irrespective of whether an item has been earmarked/wish listed by a CUSTOMER. In such an event, if You still wish to offer to purchase Gold or sell-back residual fractional Gold, You may make another offer at the changed price. MMTC-PAMP disclaims any and all claims and/or liabilities arising from such non acceptance of offer or revision in prices.

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

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

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

  21. MMTC-PAMP will, at its discretion, close down Gold account of Customers, if;
    • they are “Inactive accounts”,
    • their Custody Period has expired and / or
    • if MMTC-PAMP decides to discontinue the scheme.

    In such an event, Customers will be required to redeem and / or sell-back their Gold holdings. In the event the CUSTOMER chooses not to respond, then

    • in case of expiry of Custody Period, MMTC-PAMP reserves the right to repurchase the Gold holding of the CUSTOMER at the then prevalent live sell-back price, after deducting applicable charges and taxes,
    • in case of Inactive GAP account, MMTC-PAMP reserves the right to repurchase the Gold holding of the CUSTOMER, on the expiry of Custody Period, at the then prevalent live sell-back price,
    • in case of discontinuation of scheme by MMTC-PAMP, MMTC-PAMP reserves the right to repurchase the Gold holding of the CUSTOMER, on the expiry of Custody Period, at the then prevalent live sell-back price

    For the purpose of this Clause ‘Inactive Account’ shall mean an account in which there has not been any transaction for a period of 6 (six) months or more.


  22. All the proceedings of such buy back (as stipulated in the preceding clause no.21) by MMTC- PAMP shall be kept in a dedicated GAP account and the CUSTOMER or the CUSTOMER’s successors can claim it after providing sufficient proofs (legal right to succession,Id, relationship etc).

  23. The CUSTOMER will not be entitled to make an offer if the postal PIN CODE of delivery address is outside the serviceable areas. At the time of redemption, the CUSTOMER will be required to provide full delivery address.

  24. All Redeemable Products selected for for redemption by the CUSTOMER for shall be delivered in the servicible ares within India as per the instructions of the CUSTOMER through our logistics partners. All deliveries where applicable shall be made on a best efforts basis, and while MMTC-PAMP will endeavor to deliver the Products on the dates intimated, MMTC-PAMP disclaims any claims or liabilities arising from any delay in this regard.At the time of delivery, the CUSTOMER shall immediately open the Package and satisfy himself about the contents in the presence of the delivery Boy. Any complaint post delivery shall not be entertained by MMTC-PAMP/GAP PARTNER.

  25. The logistics partner of MMTC-PAMP will make a maximum of three attempts to deliver Your order. After three attempts MMTC-PAMP Redeemable Product/Gold coin will be delivered back to MMTC-PAMP and the CUSTOMER will need to put a fresh request for the redemption.

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

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

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

  29. The CUSTOMER shall inform immediately, in any case no later than [30] days of the transaction, of any irregularities or discrepancies that may exist in his/her Gold account, failing which it shall be deemed that there is no error or discrepancies in the account. All records maintained by MMTC-PAMP, in electronic or documentary form of the instructions of the CUSTOMER and such other details (including, but not limited to payments made or received) shall as against the CUSTOMER, be deemed to be conclusive evidence of such instructions.

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

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

  32. In the event of termination / expiry of MMTC-PAMP’s arrangement with GAP PARTNER or otherwise at any point of time, it may be neccessary to migrate Your Gold account to an alternative platform and continue with Gold account on such alternative platform (as decided by MMTC-PAMP). MMTC-PAMP/GAP PARTNER shall also be entitled to notify the CUSTOMER for redemption of the products if that were to happen.

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

  34. In the event any dispute arises out of or in connection with the Terms herein, including the validity hereof, the parties hereto shall endeavor to settle such dispute amicably in the first instance. The attempt to bring about an amicable settlement shall be treated as having failed as soon as one of the parties hereto, after reasonable attempts (which shall continue for not less than 15 fifteen calendar days), gives a notice to this effect, to the other party in writing.

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

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

  37. Absence of relationship:You represent and warrant to MMTC-PAMP/GAP PARTNER that You have sufficient experience and knowledge to make informed decisions to purchase/ redeem/ / sale-back Gold/Redeemable Products. You acknowledge that You are making all of Your own decisions in connection with purchases or redemption or sale-back and that You have not relied on any information made available by MMTC-PAMP/ GAP Partner. Further that MMTC-PAMP/ GAP PARTNER is not making any recommendation with respect to such purchases/redemption/sale-back/ of Gold/Redeemable Products. No relationship other than Seller-Purchaser, including, without limitation, any Agent-Principal relationship, any Advisor-Advisee relationship, any Employee-Employer relationship, any Franchisee-Franchisor relationship, any Joint Venture relationship or any Partnership relationship, exists between You and MMTC-PAMP.

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

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

  40. Indemnification:CUSTOMER hereby agrees to indemnify and keep GAP PARTNER indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses, directly or indirectly, whatsoever (‘Losses’) which GAP PARTNER or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out the usage of the Platform by the CUSTOMER;
    • by reason of MMTC-PAMP ‘s acting in good faith and taking or refusing to take or omitting to take action on the CUSTOMER’s instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the CUSTOMER;
    • breach or noncompliance of the Terms and relating to the Gold account; and/or
    • fraud or dishonesty relating to any transaction by the CUSTOMER.

    Without prejudice to the foregoing, GAP PARTNER shall be under no liability whatsoever to the CUSTOMER in respect of any loss or damage arising directly or indirectly out of:

    • effecting transaction based on instructions received from Customers,
    • the instruction of a CUSTOMER to transfer Gold from his / her Gold account to another Gold account,
    • the exercise by MMTC-PAMP of its right to terminate / exercise the facility/services provided on the Platform,
    • any injury to the credit, character and reputation of the CUSTOMER due to use of facility/ services on the Platform,
    • any mis-statement, misrepresentation, error or omission in any details disclosed by MMTC-PAMP/GAP PARTNERif it receives any process, summons, order, injunction, execution distrait, levy lien, information or notice which MMTC-PAMP/GAP PARTNERin good faith believes/ calls into question the CUSTOMER’s ability, or the ability of someone purporting to be authorised by the CUSTOMER, to make the transfer, MMTC-PAMP may, at its option and without liability to the CUSTOMER or such other person, decline to allow the CUSTOMER to obtain any portion of his Gold/ Product, or may handover such Gold/Product over to an appropriate authority and take any other steps required by applicable law.


  41. Disclaimers and limits of liability:MMTC-PAMP/GAP PARTNER does not make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of its Gold/Redeemable Products with respect to future prices or any return on investment. MMTC-PAMP/ GAP PARTNER will not be liable to any CUSTOMER (including but not limited to Transferee) for any Losses caused by or relating to transfer/deposit of Gold to Gold account of any other CUSTOMER. MMTC-PAMP/ GAP PARTNER explicitly requires all its Customers to inspect the package for any damage or tamper before receiving or signing for receipt. If You find any tampering, do not accept the parcel and return the same. MMTC-PAMP will not be liable for any loss or damage caused if the CUSTOMER accepts the parcel in spite of it being damaged or tampered. The duty to verify the parcel for any damages or tampering is of the CUSTOMER and if the CUSTOMER accepts the parcel and later comes to know of any damage or tampering, MMTC-PAMP/GAP PARTNER shall not be liable for any loss or damage to CUSTOMER. If such loss is later reported and approved by logistics partner and Insurance Company, the limit of liability shall be restricted to the amount paid by the logistic partner for such loss or damage in transit as per their terms and conditions and the same shall be binding upon the CUSTOMER.

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

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

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

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

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