These rules are the business rules of www.bullionindia.in (hereinafter, “the Website”), a business owned and operated by Finkurve Bullion Private Limited and/or its affiliates (jointly "Finkurve"). For the sake of brevity, these business rules are referred to as “Business Rules”. These Business Rules are to be read in conjunction with the other applicable provisions, articles, terms, conditions, stipulations and rules of Finkurve and Bullion India. We, Finkurve, provide certain services and products to you, the user, subject to these Business Rules. Finkurve may revise these Business Rules from time to time and at any time, without notice to you.
The section titles in these Business Rules are for convenience only and have no legal effect.
The Website shall facilitate purchase and sale of Gold and Silver with each of its specific users (such users are referred to as “Registered Members”).The Bullion can be bought and sold online using the Website’s buying / selling platform. You can buy / sell gold in multiples of 100mg and silver in multiples of 1gm. The value of Bullion is in INR terms and includes VAT and other applicable taxes. Both Buy and Sell prices of Bullion will be quoted inclusive of VAT. Finkurve shall raise e-invoices for the Bullion sold.
Registered Members may buy and sell Bullion on the Website. Finkurve shall provide buy / sell rates of Bullion . Registered Members shall have the the option to either sell the Bullion to Finkurve at the prevailing market prices or allow the custodian to store the bullion in the designated vaults or to use the Gold/Silver bought to shop for coins, bars and jewellery online with us or offline with any empaneled jeweller across India.
Business Days and Hours
The Website shall facilitate buying and selling of Bullion on all days except Sundays and such other days as the Website may specify. The business hours for buy and sell operations shall be as under.
Monday to Friday: IST 10.15 hours to IST 20.00 hours
Saturday: IST 10.15 hours to IST 14.00 hours
In the event of a major breakdown of the system or failure of communication link, Finkurve or the Website may decide to extend the business hours or to allow buying & selling outside the business hours. Such decisions will be taken considering the overall interests of the registered members. In the event that the breakdown of the system or communication link is severe, the website will see some downtime and will be up and working after the problem is resolved.
Other operations such as deposit of funds, shop function, change of registered address, registration of new SIP, etc can generally be conducted on any day and at any time throughout the year. The processing of these operations will however happen only during working days and hours.
Finkurve and the Website reserve the right to accept or reject a member’s application for membership, without providing any reason for its decision. All Registered Members shall be subject to and shall follow the rules which are made applicable by Finkurve and/or the Website from time to time. The login id provided to the member cannot be changed. In the interest of security and account integrity, each member should change her/his password periodically. In case a member forgets her/his password, the member may seek to retrieve the password through the ‘Forgot Password’ link provided on the Website.
TRANSFER OF FUNDS
A Registered Member’s account (“Account”) shall always reflect the advance balance in his website account and the balance of net bullion purchased by him lying in the vault. The Registered Member may deposit advance money with Finkurve and withdraw the same from the website Account as and when he/she requires.
By clicking on the ’Deposit Funds’ tab, you will be provided with various options for depositing advance money like Net Banking, Debit Card, RTGS, NEFT, ECS, Cheque and DD. By Clicking on Net Banking or Debit Card, you will be redirected to the online payment gateway. You can, then, transfer such advance to Bullion India and the same will reflect in your website account immediately. In case of payments done by RTGS, NEFT, Cheque or DD, your Website account will be credited within 48 Hours of receipt of such advance by Bullion India. You can start buying gold and silver on our website once you have received the credit in your website account.
Surplus funds lying in an website Account of a Registered Member shall remain with Finkurve.. The Registered Member may place a request for withdrawal of a specific amount from the advance with Finkurve. Finkurve shall transfer such amount to the bank account of the concerned Registered Member within seven working days from the date of receipt of such withdrawal request. In case such surplus funds are lying with Finkurve for a period of more than 180 days, the system shall generate a withdrawal request of such surplus funds and the same shall be transferred to the bank account of the concerned Registered Member within seven working days from the date of receipt of such withdrawal request.However, Bullion India may deduct charges for generating such withdrawal request as per its own discretion.
BUYING / SELLING
The common parameters with respect to buying / selling are as follows:
Buy / Sell Price Spreads: The Website will continuously provide buy / sell prices for the gold / silver on the platform. The buy / sell prices and the spread between them could change on the basis of various factors including price volatility, supply factors, external market conditions, etcetera.
Price Quote Requests: Registered Members could request market price quotes for gold / silver they wish to buy / sell in, and could buy and sell at the quoted price by placing orders. Currently this facility is not available.
An order which does not confirm to the specifications laid down by Finkurve and the Website shall be considered as void.
Buying / selling Functions
Following functions can be performed by the Registered member:
Buy: A Registered member can buy gold in multiples of 100mg (0.1 gm) and silver in multiples of 1 gm. There is no upper limit on purchase quantity. Registered member can buy / sell upto the advance balance available in his/ her website account. Upon successful execution of buying , the purchased Bullion will reflect in the Registered Member’s website Account and the appropriate amount of funds will be reduced from her/his advance balance . On execution of every buy order, Finkurve / the Website will purchase corresponding quantity of physical Bullion(as the case may be) and deliver it to the Agent who stores their bullion in the designated secured vaults.
Hold: The Bullion purchased by a Registered Member can be stored with the custodian in a designated vault.
Sell: The gold and silver held by a Registered Member can be sold back to Finkurve in multiples of 100mg (0.1 gm) and 1 gm respectively. Registered member can sell only the bullion which is lying in the vault on his/her behalf. Upon successful execution of sale, the sold quantity of Bullion will be deducted from the Registered Member’s website Account and the appropriate amount of funds will be added to her/his Account.
SYSTEMATIC INVESTMENT PLAN
Systematic Investment Plan (henceforth referred to as “SIP") is a disciplined accumulation of Gold/Silver. The SIP enables the member to buy gold and silver of a certain fixed amount every month and accumulate Gold/Silver at periodic intervals at a “Configured Price”.
The Configured Price for SIP shall be calculated by the Website on every Business Day and shall be displayed on the Website before 1 pm which shall be final and binding for everyone. A Business Day means any day other than Saturday or Sunday or a day declared as holiday under the Negotiable Instruments Act, 1881 or a day on which normal business could not be transacted due to storms, floods, strikes, riots or any other events as Finkurve may specify from time to time.
To start the SIP, the member needs to log in to his/her account, click on the SIP link and fill in a simple form specifying the choices and submit. After successfully submitting SIP application, the member will get a confirmation sms/email.
align="JUSTIFY">The member can start their SIP with the minimum amount of Rs. 1000 per month and can invest in multiples of Rs. 1000 thereafter.
The member can choose the duration of this SIP which can range from 6 to 36 months.
The member gets an option to choose the SIP date cycle from the four options viz. 5th/12th/19th/26th of every month. e.g. If the member submits the SIP application on 7th October and selects the SIP cycle date as 12th of each month, then the SIP will initiate on 12th October. However, if they choose the SIP cycle date as 5th of each month, then the SIP start date will be 5th November.
One cannot change the amount of SIP, duration and cycle date once the request is submitted. In order to change one has to terminate the existing SIP and register for a new one. There are no charges currently for doing the same.
The frequency of buying is 20 days per month. So, if the member chooses the SIP amount to be Rs 1000 per month in SIP, Rs. 1000 is divided by 20 days and Rs. 50 per day is utilized for next 20 working days for purchasing the Gold/Silver.
In SIP, since the member is contributing a fixed amount for buying gold and silver, it is possible that certain buying will be in fractions as well. So if 1.6 grams of silver is bought today, we term the 1 gram as a Whole part and 0.6 grams as a Fractional part.
While the whole parts are transferred to the main Bullion India Gold or Silver balance at end of each day along with the physical delivery to the designated vaults, the fractional parts get displayed in the SIP section. The member will only be able to request for physical delivery of the whole Parts bought under SIP.
e.g if 1.60 gm Silver is bought on day 1, 1 gm Silver will get reflected in the main balance while remaining 0.60 gm Silver will get reflected in fractional balance. Now on day 2 if 1.70 gm Silver gets bought, than this 1.70 gm Silver and previous fractional balance of 0.60 gm Silver will get added up and from the total 2.30 gm Silver, 2gm Silver will be transferred to the main balance and remaining 0.30 gm Silver will be reflected in fractional balance and the process will continue till the end of the tenure.
The Registered Member can request for termination of his existing SIP by contacting the customer help desk. SIP will be terminated only upon the completion of the current SIP cycle month. e.g. If the member has selected 5th of every month as his SIP cycle date and his SIP is active, and the member decides to exit the SIP on 10th of the month, the cycle will continue till 4th of next month and then terminate.
At the end of SIP tenure or on SIP termination, the member may buy the additional fractional Parts at the market price displayed on Bullion India platform to complete one whole part of gold (100mg) or silver (1g). Alternatively the member can request for termination of his account with us in which case the fractional parts shall get sold at the market rate and the proceeds shall be remitted to the member's bank account.
You may not sell Gold / Silver under SIP but you can use these to shop for coins, bars and jewelry during the tenure of the SIP. Alternately you may sell the gold and silver under the SIP at the end of the tenure.
In case you miss your monthly SIP installment, you will be given a grace period of 5 days. Within the grace period, if you do not transfer sufficient funds in your account, then your SIP will be treated as ’defaulted’ and your SIP will be irreversibly terminated.
The SIP is neither a financial product nor a deposit scheme but a disciplined method of accumulating Gold/Silver. Bullion India offers no investment advice or any assured returns while promoting the SIP.
The following rules will apply regarding replacement of articles delivered to the customers:
Replacement shall be sought in writing no later than three business days from date of delivery to the Registered Member;
Replacement shall be subject to return of the delivered articles at Finkurve’s office address stated for this purpose on the Website;
It shall be the responsibility of the Registered Member to ensure safe delivery of articles to Finkurve’s custody. Till such time that the receipt of Bullion is acknowledged as “received” by Finkurve, the risk of loss of the article shall remain with the concerned Registered Member;
Replacement shall be subject to handover of the delivered article in its original tamper-proof packing, if any, in an intact, un-opened and non-mutilated condition. Decision of Finkurve regarding the condition of the tamper-proof packing shall be final and conclusive;
While Finkurve shall try to replace a returned piece with a close substitute, Finkurve shall have the right to replace the returned piece with any piece which is similar in composition and equal in market value on the date of replacement (although not necessarily similar in shape or in design) with the returned piece.
Taxes, brokerage and other charges
No brokerage will be charged to Registered Members for any buy and sell done by them. For each buy and sell conducted by a Registered Member, an e-invoice will be generated in the name of “VAT Agent for Member Account”.
In case of profit made by the Member by selling saleable quantity, applicable rate of tax on sale side (presently, 1%) of the sale value will be transferred to the Registered Member’s VAT agent towards VAT payment. The remaining amount (presently, 99%) will be credited in the Registered Member’s Account. In case of loss made by the Member, Finkurve will not retain any part of the sale consideration and the entire sale amount will be credited to the Registered Member’ Account.
All taxes, duties, levies etcetera, as applicable, will be borne by the concerned Registered Member. Finkurve shall not be responsible for such statutory taxes.
Platform Operations on the Website shall be conducted on an automated web based platform - Bullion India Platform (BIP” or “Website")Registered Members will be required to connect to the Website and to BIP over the Internet.
Operations on the Website shall be allowed through suitable internet-connected devices of a Registered Member. Each Registered Member shall have a unique identification number provided by the Website to log-on (gain access) to BIP. A Registered Member shall have a non-exclusive permission to use BIP as provided by the Website in the ordinary course of business. A Registered Member shall not have any title, rights or interest with respect to the Website, BIP, its facilities, software and the information provided by Finkurve and the Website. The permission to use BIP shall be subject to payment of such charges as Finkurve and the Website may prescribe from time to time.
A Registered Member shall not, by herself/himself or by through any other person(s), directly or indirectly:
Use the Website and BIP for any purpose other than that approved and specified by the Website;
Copy, alter or modify the Website, or make the Website available to any other person;
Use the Website in any manner other than the manner as specified by Finkurve;
Attempt - directly or indirectly - to decompile, dissemble or reverse engineer the Website or BIP;
Publish, supply, show or make available to any other person or reprocess, retransmit, store or use the facilities of BIP or the information provided by BIP.
Risk Management System
A Registered Member shall be allowed to operate upon compliance of all requirements of the Website and of Finkurve, including availability of 100% advance funds for buying. Neither the Website not Finkurve shall provide credit facility to a Registered Member. At all points in time, the buying limit available to a Registered Member shall be equal to the amount of advance funds available in the concerned Registered Member’s Account.
CONTROL & REPORTING SYSTEMS
The Website may, at the decision of Finkurve, cease operations in Bullion (Selected denominations of Gold and Silver as specified by the Website) on the system for such amount of time and for such reasons as it may deem fit in the best interests of the Registered Members and the overall markets. Orders, if any, in violation of a operation cease, will be rejected by BIP.
Details of transactions conducted by Registered Members would be updated with the back-office systems of Finkurve on a real time basis. Registered Members can access the reports of their transactions over the Website. Finkurve may record such additional information about the buying and selling conducted on BIP as it may consider relevant or necessary for its own use.