These terms and conditions (“Terms”) contain important information pertaining to your interest with GoldZouq(hereinafter collectively referred to as “GoldZouq'', “our” or “us”). The Terms govern the relationship between “GoldZouq” and you, the user (“You” or “Client”).
GoldZouq is registered as sole proprietorship under Akkara Innovations having its GSTIN No. 32EQHPA6742J1ZW at 30/268, Akkara towers, Main Road, Ollur, Thrissur, Kerala- 680306.
The website and the mobile applications named “GOLDZOUQ”, (collectively referred to as the “Apps”; Website and Apps collectively referred to as the “Platform”) is owned, operated and maintained by GOLDZOUQ, a Sole Proprietor incorporated under the Companies Act 2013 with GSTIN No. 32EQHPA6742J1ZW at 30/268, Akkara towers, Main Road, Ollur, Thrissur, Kerala- 680306.
2. Disclaimer
2.1 The Client understands and agrees that all deposit decisions are based on the Client's own objectives and evaluation of prevailing financial circumstances regarding such a scheme portrayed by “GoldZouq”. This extends to all decisions made by the Client on the basis of any information that may be available on the Platform. The Client understands that “GoldZouq” is merely a facilitator providing access to its Clients to participate in the scheme, and that “GoldZouq” does not seek to influence or otherwise affect the decision-making process of its Clients in any way whatsoever.
2.2 The Client shall not hold nor seek to hold “GoldZouq” or any of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates liable for any losses or damages incurred as a consequence of relying upon any information, opinions, advice or any other material whatsoever on the Platform or in any brochures, promotional material or any other literature promulgated by “GoldZouq” or any of its affiliates or partners.
2.3 The Client shall seek independent advice from professionals on the suitability regarding depositing in the scheme. The Client acknowledges that employees and representatives of “GoldZouq” are not authorized to give any such advice, and that the Client shall not solicit or rely upon any such advice from “GoldZouq” or any of its employees or representatives. Any advice of this nature inadvertently given by any employee or representative of “GoldZouq” shall strictly be construed as being in their personal capacity, and “GoldZouq” disclaims any liabilities arising thereto.
2.4 The redeeming policy available to the customers will be only in terms of jewelry or other products displayed in the platform and no means of return via cash, cheque or anything related thereto shall be provided by the firm.
2.5 “GoldZouq” shall not held liable for any issues related to jewelry quality, delivery,authenticity of gold, fluctuation in rate due to GST guidelines,RBI guidelines, or other practices of seller.
2.6 At a point of time “GoldZouq’s” offer to the gold rate used for adding money to or redeeming from the scheme will be identical.
2.7 Consenting to the terms and conditions includes implied acceptance to every condition incorporated herein.
3. Scheme Overview
3.1 The scheme allows users to deposit money, which will be converted into gold weight based on the prevailing gold rate at the time of deposit. The accumulated gold can be redeemed through an offer at any of our partner jewelry stores, where the user has an option to redeem the accumulated gold multiplied by the prevailing gold rate or the total amount deposited by the user whichever is pertained to be higher.
3.2 The maximum amount that can be deposited to the scheme at any given time is Rs 99,999 (Ninety nine thousand nine hundred and ninety nine only).
3.3 The choice of the amount to be redeemed in terms of jewelry or other products displayed in the platform from the scheme is vested with the customer provided that the maximum amount that can be redeemed at any given time is Rs 99,999 [Ninety nine thousand nine hundred and ninety nine only].
3.4 The scheme offers the customer to redeem the above said deposit in terms of jewelry or other products displayed in the platform from Akkara Jewellers, Ollur, Thrissur. The displayed products may change from time to time.
3.5 In case the customer chooses to redeem a partial amount from the scheme in terms of jewelry or other products displayed in the platform, that particular scheme as a whole will conclude and whatsoever left will be transferred to the opening balance of the new scheme after computing the value of the scheme and redeeming the amount paid to the jeweler by the customer.
3.6 The customers can redeem the above said deposit in terms of jewelry or other products displayed in the platform through a QR code provided by the respective partner jewelers.
3.7 To avail the offer outlined above, users are required to pay a one-time registration amount at the time of joining the program which is non refundable.
3.8 Customers are to comply with certain requirements at the time of registration as to the authenticity to the documents uploaded, reliability of the details furnished by the customer, related liabilities such as income tax liabilities etc.
3.9 It is to be duly noted by customers that they cannot avail multiple schemes at a given time as only one scheme will be active at a time.
3.10 The gold rate at which a customer will be enabled to add and redeem money from the wallet in terms of jewelry or other products displayed in the platform at a given time will remain unaltered.
3.11 Customers will have to bear the complete liability while choosing to purchase goods for the partner jeweler as that does not constitute a part of the scheme.
3.12 Outstanding amounts due in the scheme can only be removed via sellers and the customers don't have the right to withdraw the amount any time at their inclination.
3.13 There will be no liability with respect to the net cash inflow that will be put into the scheme such as Income tax, International payment or anything related thereto and the details of the same will be open for inspection by government officials in case of requirement.
3.14 The scheme is open only for Indian nationals and customers who are not a citizen of India cannot avail the benefits of the same.
3.15 Minors cannot be enrolled as part of the scheme and customers must have passed 18 years of age.
3.16 Customers are required to observe a waiting period which shall be notified by the entity through the means mentioned under the terms and condition following their most recent deposit on the scheme before they may initiate redemption of their accumulated amount.
4. Modification of Terms
4.1 The platform reserves the right to modify, alter, or terminate any part of the scheme including but not limited to redemption terms, partner jewelry stores, and applicable fees.
4.2 Notice of any changes will be communicated to users via email or through the “GoldZouq's” official communication channels. Continued participation in the scheme after such modifications shall constitute acceptance of the updated terms by the user.
4.3 The gold rate used by ‘GoldZouq’ will be in terms of the 24 carat gold rate prevailing in a particular market. The above said factor may fluctuate depending on regional variations and the same will be updated as and when altered. The ultimate and complete right to modify the gold rate will be vested with ‘GoldZouq’ .
4.4 In addition to the above stated condition the platform reserves the right to showcase the gold rate which the firm decides to put forth and the same need not be directly related with the market rate but it will be a near approximation.
5. Limitation of Liability
5.1 Our firm and its affiliates shall not be liable for any indirect, consequential, or incidental damages arising out of or related to the scheme, including but not limited to loss of profits, loss of business opportunities, or loss of data, even if advised of the possibility of such damages. The total liability of the firm for any claims arising under the scheme shall not exceed the total outstanding amount deposited by the user into the scheme.
5.2 The total liability claim upon the firm will be the outstanding amount in the scheme at a given point of time and not the amount deposited by the customer.
5.3 “GoldZouq” shall also not held liability mentioned under Article (2) of this terms and condition.
6. Account Security And Password
6.1. OTP verification is implemented at the time of user login to the app.
6.2. The OTP is generated and sent to the registered mobile number or email address provided by the user.
6.3. Users are required to enter the OTP to authenticate their identity and access the app.
6.4. OTPs are single-use and time-sensitive for security purposes.
6.5. Users are responsible for ensuring the confidentiality and security of the OTP received.
6.6. KYC (Know Your Customer) registration is mandatory for all users.
6.7. Users must provide valid identification and address proof during the KYC registration process.
6.8. KYC documents provided by users are verified by the app administration for authenticity.
6.9. Access to certain features or services within the app may be restricted until KYC verification is completed.
6.10. Users agree to comply with KYC requirements and provide accurate information during registration and verification processes.
6.11. The app reserves the right to suspend or terminate accounts with incomplete or fraudulent KYC information.
6.12. Users must update their KYC information promptly in case of any changes.
6.13. KYC information provided by users is subject to the app's privacy policy and data protection regulations.
6.14. Users acknowledge that failure to comply with OTP verification and KYC requirements may result in restricted access to the app's services.
6.15 Without prejudice to the provisions above, Clients agree to immediately inform “GoldZouq” in writing if they suspect or discover any unauthorised use of the Client’s ID, password or login credentials, or notice any discrepancies that may be attributable to such unauthorised access, or discover a security flaw in “GoldZouq’s” service system available on the Platform (“Scheme System”). Clients shall provide “GoldZouq” with complete details of such unauthorised use, including the date of such unauthorised use, the manner in which it occurred, the transactions effected pursuant to such unauthorised use, etc. Clients also agree to inform “GoldZouq” immediately if they are unable to retrieve their password or login credentials even after going through with the ‘Forgot Password” reset procedure.
6.16 Clients agree to notify “GoldZouq” immediately on a priority basis in case they discover any security flaws or vulnerabilities in the Platform or any other components of the Platform.
7. Termination And Suspension
7.1 There may be circumstances, including but not limited to the breach of applicable law and the Terms, wherein “GoldZouq” will be required to suspend/terminate services offered to the Client, which will prevent the Client from utilizing certain/all/any features available on the Platform.
7.2 Upon suspension/termination of “GoldZouq’s” services, regardless of the reason’s, the Client’s right to use the services immediately ceases. “GoldZouq”will not be liable to the Client or any third party for any claims or damages arising out of any suspension/ termination of services or any other actions taken in connection with such suspension/termination.
7.3 The right of “GoldZouq” to terminate or suspend the Client’s account is in addition to any remedy or obligation prescribed by applicable law. If the Client is aggrieved by any act of “GoldZouq” in this regard, the Client may write to “GoldZouq” as per the grievance redressal policy as laid down in these Terms, with supporting documentation/evidence. “GoldZouq” may deal with the grievance in accordance with applicable law. The decision of “GoldZouq” to reinstate services is final.
8. Grievance Redressal Mechanism
8.1 Customer Satisfaction is of utmost importance to “GoldZouq”, for which we have implemented the necessary mechanisms and systems.
8.2 The grievance officer shall be the Compliance Officer of GoldZouq,
Name: Paulochen Joseph Akkara
Email: hello@goldzouq.com
All the grievances are monitored and redressed by the Compliance Officer (or CEO) who reports directly to the sole proprietor of the firm. This essentially takes care of the necessary escalation in case of any long pending and serious complaint, otherwise the same are taken care of by the Compliance Officer with the support of the team.
8.3 The clients can email their grievances to the Compliance Officer on the email ID [.] which is displayed on our Platforms and the same also mentioned on the contract notes and other correspondence if any sent to the client from time to time. The grievances will be acknowledged within 24 hours of the complaint and disposed of within 15 days of receipt.
8.4 All the emails received are duly monitored and redressed by the “GoldZouq” team. The register of grievances is centrally maintained for better control and monitoring, Thus the grievances received in writing, mail, verbally, etc. are centrally monitored and redressed and recorded with all the necessary steps taken for redressal of the same. Proper analysis is undertaken to analyze the nature of complaints received, pattern of complaints and concentration if any at a particular location so that every effort is taken to remove the root cause of the grievance by the client. Depending on the feedback received, necessary corrective steps are introduced into the system.
8.5 For ensuring that the funds received from the particular clients are properly accounted for, no cheques and cash are collected, where centralized accounting is maintained, by which it is ensured that the funds are credited to the account of the correct client and also from the particular accounts mentioned in the client account master in the Back office software maintained centrally. No other separate software is maintained for maintaining client account details. Thus every attempt is made to redress the grievance/problems of the clients and introduce systematic changes into the processes so that such instances are avoided.
8.6 ‘GoldZouq’ will not be held liable for any kind of dispute that may arise between the seller (partner jeweler) and the client as the same will not be covered under the dispute redressal realm of ‘GoldZouq’.
9. Notices
9.1 All notices, correspondences or communications issued under these Terms shall be served in any one or more of the following modes of communications, and such notices or correspondence shall be served at the last known email address/ residential address/ ordinary place of business of all parties to these terms.
The modes of communication include:
1.Delivery by hand
2.Delivery by registered/unregistered post
3.Delivery under certificate of posting
4.Delivery by email or fax
5.By affixing on the door at the last known business or residential address.
6.By oral communication to the party or on the last known telephone number or on the recording machine of such a number.
7.By advertising in at least one prominent daily newspaper having circulation in the area where the last known business or residential address of the party is situated.
8.By notice posted on the notice board of “GoldZouq” if no address is known.
9.2 Any communication sent by “GoldZouq” to the Client shall be deemed to have been properly delivered or served, if such communication is returned to “GoldZouq” as unclaimed/refused/undelivered, if such communication was sent in any of the modes illustrated above.
9.3 Communication received by clients of “GoldZouq” through registered email IDs and phone numbers have to be obliged that the information is limited for consumption of the client only, and these emails should not be reshared with others.
10. Confidentiality
10.1 Client hereby agree that if any of us receives notice that it may be required or ordered by any judicial, governmental, or other judicial or regulatory entity to produce any information which is construed as confidential under this Agreement or any of its terms or any such confidential information is required or ordered to be produced under any law, order, rule or regulation, such Parties shall be obligated to comply with the same with notice thereof to the other Parties and it shall not be construed to be a breach pursuant to this Term's And Conditions.
11. Indemnification
11.1 “GoldZouq” shall not be responsible for any breach from the end of the Client in performing the obligations under scheme. The client hereby agrees and undertakes to indemnify and hold, the other harmless and indemnified against all adjudicated losses, damages, charges and expenses that such indemnified party may sustain, incur or suffer or be put to or become liable for by reason of or by consequences of any breach of representation, warranties hereof or any action or omissions of the provisions of this Terms And Condition with M/s “GoldZouq”.
11.2 This indemnification shall survive the termination of any agreement between the “GoldZouq” and the “Client” and shall be binding upon the parties and their respective successors, assigns, and legal representatives.
11.3 By agreeing to use the Platform, the Client agrees to indemnify and hold “GoldZouq”, its affiliates, partners, directors, employees, and agents harmless from any losses or harms that may arise due to: (i) breach by the Client of any applicable laws, rules or regulations that may have been applicable to their transactions on the Platform; (ii) breach by the Client of any of the clause contained in these Terms; and (iii) any act, neglect, misconduct or fraud by the Client.
12. Severability
12.1 In the event that any one or more of the provisions contained in these Terms become invalid, illegal or unenforceable in any respect under any law or regulations for the time being in force, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be prejudiced or affected thereto.
13. Force Majeure
13.1 In the event that any one or more of the provisions contained in these Terms become invalid, illegal or unenforceable in any respect under any law or regulations for the time being in force, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be prejudiced or affected thereto.
14. Refund & Cancellation Policy
The refund & cancellation policy for all payments made or fees paid towards account opening or availing of any other services from “GoldZouq” shall be as follows:
a. The fees paid towards account opening charges to enable the Scheme accounts is non-refundable. This fee is used towards initiation of an account by a client and there are various charges involved even if the account is not completely opened and activated as well. The initiation of an account includes charges for electronic data entry & maintenance, KYC, e-signing, the printing of any documents, and operational costs of the business.
b. In case a Client has paid the charges relating to account opening multiple times, such Clients are requested to create a ticket here. Upon being so intimated, “GoldZouq” shall initiate the necessary procedure to refund these amounts to the Client.
c. In case the account opening fee is paid, but the account has not been activated (a Client ID and password have not yet been generated), a request to initiate a refund with a clear reason can be sent by the Client to “GoldZouq” redressal email ID. As the account opening fee includes various charges to initiate the account opening process itself, as stated in the first point above, no charges are refunded automatically. All refund requests will be considered by “GoldZouq” on a case to case basis.
15. Programmes And Scheme Education
15.1“GoldZouq”may, from time to time, run some initiatives, programmes or offers to promote Client engagement and Client education. The Client agrees that participating in such an offer is subject to their agreement to the respective offer terms and conditions, if any, in addition to these Terms. The Client further agrees that offers provided may vary from client to client.
15.2 “GoldZouq” decisions on the manner of operation of any such initiatives or programmes shall be final and binding. “GoldZouq” reserves the absolute right to change, withdraw, modify or suspend the entirety or any part thereof of any such initiative or programme, or add new initiatives or programmes, without any prior notice to any Client or user.
15.3 “GoldZouq” also reserves the right to disqualify the Client from any programme or offer in case the Client does not meet the eligibility criteria or any other reasons thereof, including but not limited to misuse of offer, misrepresentation, fraud or suspicious transactions/activities, at the sole discretion of “GoldZouq” without further notice.
15.4 “GoldZouq” runs a client referral program wherein “GoldZouq” encourages Clients to refer their friends and family to the scheme with “GoldZouq”. The terms of this referral programme may change from time to time at the sole discretion of “GoldZouq” with or without prior intimation to the client.
16. Miscellaneous
16.1 “GoldZouq” does not warrant that the services provided on the Platform will be uninterrupted or error-free. All services on Platform are provided to the Client on an "as is" and "as available" basis, without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose.
16.2 The Client acknowledges that online scheme over the internet involves several uncertainties and complexities with respect to hardware, software, computer systems, communication lines, peripherals, etc., all of which are susceptible to interruptions and dislocations, and which may result in the Platform being unavailable without prior notice. Neither “ GoldZouq” nor the Exchange make any representations or warranties to the Client that online trading facilities on the Platform shall be available to the Client at all times without any interruptions. Clients agree that they shall not pursue any claims against “GoldZouq” or the Exchange on account of any suspensions, interruptions, malfunctioning or non-availability of the services offered on the Platform or any part thereof, for any reason whatsoever.
16.3 Clients hereby confirm that they have authorised “GoldZouq” to take all such steps on the Client’s behalf as may be required to complete or settle any transactions executed with “GoldZouq” or executed by “GoldZouq” on behalf of the Client. However, no clause herein shall create an obligation upon “GoldZouq” to take any such steps.
17. Jurisdiction, Governing Law & Dispute Resolution
17.1 The Terms and the use of the website are governed by and construed in accordance with the laws of India.
17.2 In the event any dispute or difference arises between the User and “GoldZouq” in connection with the validity, interpretation, termination and implementation or alleged breach of any provision of the Terms (“Dispute”), both Parties hereto shall endeavor to settle such Dispute within a period of 30 days, amicably with each other and in good faith.
17.3 Upon failure to amicably settle any Dispute, the User must give written notice to “GoldZouq” and refer the Dispute to be resolved by arbitration and it shall be conducted by a sole arbitrator, mutually appointed by both parties to settle the Dispute. The arbitration proceedings shall be conducted in accordance with the rules of the India at Center of Arbitration and Conciliation, Thrissur . If both Parties are unable to mutually agree upon an arbitrator, the parties shall appoint the sole arbitrator. The venue and seat of arbitration shall be at Thrissur, India. The arbitration proceedings shall be conducted in English. The arbitral award shall be substantiated in writing.
17.4 Subject to the arbitration clause above, the court of Thrissur shall have the exclusive jurisdiction over all matters connected with these Terms and Conditions and use of the platform.
18. GST and Other Tax Regimes
18.1 ‘GoldZouq’ reserves the right to charge for any tax or other levies in case of imposing such tax or levies in future for net cash inflow to the scheme as per the guidelines of RBI or any other governing institution.
