This document is an electronic record in terms of Information Technology Act, 2000 and rules there under 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.
The domain name www.moneyhop.co (hereinafter referred to as “Website”) is owned by Unobanc Private Limited, a company incorporated under the Companies Act, 2013 with its registered office at office at No.84/2, Shop No.1, First Floor, Clement Town, Lane No.11, Dehradun, Uttarakhand, India - 248002 (hereinafter referred to as “us” , “we, “our”, “Company” or “moneyHOP”).
The use of the Website, services including Remittance Facility (defined hereinafter) and tools are governed by the following terms and conditions (hereinafter these terms and conditions shall be referred to as “Terms and Conditions” or “T&C”) as applicable to the Website including the applicable policies which are incorporated herein, by way of reference.
By using the website, you agree to be subject to the policies that are applicable to the Website for such transaction. By mere use of the Website, you shall be contracting with the Company and these terms and conditions including the policies constitute Your binding obligations, with the Company.
The Company allows the User to browse the Website but does not allow the user to make purchases, sale and remittance without providing the information as required from a natural or legal person for transactions qua 'Foreign Exchange products' on the Website or otherwise.
When a user uses any of the services provided by the company through the Website, the user will be subject to the rules, guidelines, policies, terms, and conditions applicable to such service, and they shall be deemed to be incorporated into these Terms and Conditions and shall be considered as part and parcel of these Terms and Conditions.
The company reserve the right, at our sole discretion, to change, modify, add or remove portions of these Terms and Conditions, at any time without any prior written notice to the user. It is user’s responsibility to review these Terms and Conditions periodically for updates changes. User’s continued use of the Website following the posting of changes will mean that the user accepts and agrees to the revisions or updates as the case may be. As long as the user complies with these Terms and Conditions, the company grant the user a personal, non-exclusive, non-transferable, limited privilege to enter and use the Website.
Overview of Remittance Facility
The Remittance Facility on the Website (as defined below and elsewhere in these T&C), is made available by the company and is processed by Banks or authorised dealers who are lawfully authorised under applicable law to process such remittance transaction (hereinafter referred to as ‘authorised partners’) and the company provides the User with a technology platform to place requests for Remittance Facility which can be entertained by one its authorised partners and also to track the status of such requests through the Website on a no-liability and no-obligation basis.
In order to avail the facilities described above, the User should make the transfer of funds from the User’s own resident individual account maintained with his/her bank in India and subject to other applicable laws and internal rules of the company and its authorised partner. Remittance Facility requests can only be made by the User for the purposes permitted by the authorised partner.
The Company can set its own fees and charges for facilities (including the Remittance Facility) and may revise the same at any time and the availability of facilities displayed or offered on or through the Website are subject to change. Nothing contained on the Website constitutes an offer, promise or commitment to grant or provide any facility. While the authorised partners endeavours to post accurate and updated information on the Website, the User must verify the same before taking any action or entering into any transaction. The Company and referrer may charge a commission conveyance fee which may or may not be specifically mentioned in the price breakup but which shall be included in the total cost shown to the User before initiating the transaction.
The Company does not control and is not responsible in any manner for any fees or charges, if any, that may be imposed by any authorised partners involved in the international wire transfer, including but not limited to correspondent or Beneficiary Bank or such financial institution(s) or any other third parties in connection with the wire transfer.
Users acknowledge and understand that when the funds are remitted by a User, the company would be required to affect the conversion at the applicable exchange rate prevailing on the day of conversion, subject to availability of exchange rate. The User agrees that the prevailing exchange rate is the exchange rate applicable at the time of conversion of funds which will be applicable for processing the user`s transaction request.
Neither the User nor the Beneficiary recipient will be entitled to any interest for the period during which the funds to be remitted are with the authorised partner, are in the course of remittance, or for any other period.
The Referrer shall be given an option to fix their charges for each transaction in the K2 portal subject to a capping limit.
The Customer may cancel the request before initiating the transaction/paying the amount to be remitted. Any cancellation done after the initiating the transaction will not be refunded if such transaction amount has reached our Authorised Partner/virtual Bank account. Company will provide it’s fullest support to convey the issue of the User to it’s authorised partner on best effort basis, however the customer understands that the refund process will be at the sole discretion of the Authorised Partner Bank. The Commitment from the Company would only be to transfer the amount refunded by our Authorised Partner to such User. User shall not be entitled to claim refund of Bank charges, Nostro charges, processing fee, GST or for damages for delay etc.
In order to access and use the product and avail of the Remittance Facility, the User must be an individual of at least 18 years of age having the capacity to enter into legally binding contracts under the law applicable to the User. The User must be a resident individual holding a bank account with any bank in India, must hold a Pan card and Aadhaar card. Further the customer’s whose account has been classified as delinquent PEP High Risk by any the company, authorised partner, any Bank Financial institution regulator, shall not be eligible to avail the Remittance Facility. Residents of India (collectively, Residents) shall access, use and avail of the Website and the remittance facilities only to the extent the domestic laws of India and such countries permit them to access, use and avail of the Website and the facilities.
All non-residents understand that by accessing, using and availing of the Website and the facilities, they may be violating local laws in India and such other countries. The User agrees to have read all the declarations given in subsequent portions of these T&C and has agreed to give such declarations. The User agrees that it will be solely and absolutely liable for any liability incurred in this regard and the User will indemnify the company and it’s authorised partner against any liability incurred by the company and it’s authorised partner in this regard.
The User undertakes that the bank account, details provided to the bank, pertain to his/her own resident savings bank account, and the funds being remitted are his/her own funds and such funds and are not originating from an NRO (non-resident ordinary) account. The User agrees that it will not request a remittance payment that would result in a violation of the laws or regulations of India and applicable law in the country of the Beneficiary.
Only limited access to the Website is available to non-Users (visitors). Non-Users are not permitted to avail the Remittance Facility. In order to obtain increased access to the Website and in order to avail of the Remittance Facility, every Person who is desirous of availing such facilities is required to register on the Website as a Registered User (referred as “user” in these T&C). Subject to other T&C, upon registration as a User, the Website will register the relevant User ID and User Password. The User hereby agrees that he shall not get registered more than once in the Website for availing the Remittance Facility.
The User agrees to provide true, accurate, current and complete information, as prompted by the registration form (for self or Beneficiary) on the Website, and to update this information to keep it true, accurate, current and complete at all times. If, in the judgment of or to the knowledge of the authorised partner , any information provided by the User is untrue, inaccurate, not current or incomplete, the company and it’s authorised partners retain the right to terminate the User`s registration and refuse the User access to or use of the Website or any facilities, including the cancellation of pending transactions.
The company and it’s authorised partners reserve the right to request the User, at any time and from time to time, for additional information and proof of authenticity of any information; the Users continued access to the Website and the facilities, including the completion of any ongoing transaction, may be subject to the receipt by the company and it’s authorised partner of such additional information or proof thereof.
The User will be solely and absolutely responsible for maintaining the secrecy and confidentiality of all User IDs and User Passwords and be fully responsible and liable for all transactions and activities that occur under the Users ID and using the Users Password, including any unauthorised use or misuse of such User ID and User Password and the company and it’s authorised partner shall have no obligation to verify the authenticity of any such transaction or activity.
In consideration of the company and it’s authorised partner agreeing to provide the Remittance Facility as per the applicable T&C, the User hereby unconditionally agrees to indemnify the company and it’s authorised partner and hold the company and it’s authorised partner harmless against any liability, costs, damages, claims, suits, and proceedings based upon or relating to such unauthorized access and use. Without prejudice to the aforesaid, the User agrees to log out from his or her User Account at the end of each session and to immediately notify the company and it’s authorised partner via E-mail on the Website, or through the Call Centre, or registered post address of any suspected loss, theft, unauthorised usage of the User ID or Users Password, any other breach of security, or any receipt by the User of confirmation of a transaction, funds or other activity which the User did not authorise; or any inaccurate information in the Users account balances or transaction history.
You agree that by informing company and it’s authorised partner, you will not be absolved of your duties and liabilities.
If the User forgets his/her User Password, the company and it’s authorised partner may, subject to verification and satisfaction as to the Users identity, allow the User to reset his/her password or enable user ID as per the process.
The company and it’s authorised partner reserves the right to reject registration of remitter as a User if the company and authorised partner is not satisfied with results of the Know Your Customer (“KYC”) and anti-money laundering diligence checks conducted by the company and it’s authorised partner. The company retains the right to terminate the registration of any User and refuse the User access to or use of the Website or any facilities, including the cancellation of pending transactions, as per its discretion.
A User/Visitor shall not:
Use or access the Website or any facility to do, facilitate or support any act that violates the any T&C or any rules and regulations of any jurisdiction, including but not limited to rules and regulations relating to money laundering, illegal gambling activities, fraud, or funding of terrorist organizations.
The company and it’s authorised partner shall not be under any duty to assess the prudence or otherwise of any instruction or transaction given or entered by the User. Nothing provided on the Website should be construed as advice of any nature and the Users are advised to consult professionals in this regard prior to taking any decision.
The User hereby authorizes the company and it’s authorised partner to verify any information provided and to share such information with third parties for lawful purposes. The company and it’s authorised partner shall not be responsible for any error or omission made by the User in keying in or otherwise providing the information required to avail of the Remittance Facility or any consequences as a result of such error or omission.
If you provide an incorrect account number for the Beneficiary recipient or an incorrect identification number for the Beneficiary/recipients financial institution, you may lose the entire amount of the funds transferred and the company and it’s authorised partner will not be liable for the same in any manner whatsoever.
The company and it’s authorised partner shall endeavour to carry out the requests received under the Remittance Facility, however, the company and it’s authorised partner shall be entitled, in its sole and absolute discretion, to refuse to comply with all or any of a Users instructions or requests without assigning any reason.
The User cannot amend, cancel or revoke any request made to the company under the Remittance Facility on submitting the transaction request and successfully transferring the funds to the advised account of the company or its authorised partner. In the event the User desires to revoke/cancel after successfully submitting the transaction for processing, the company or it’s authorised partner may accept such cancellation at its discretion and on a best effort basis, provided that exchange loss incurred by the company or it’s authorised partner in this connection shall be reimbursed.
The company will be entitled to debit such amounts due to it from the funds paid to the the authorised partner by the User for executing such transaction. Any scheme for awarding or securing reward points or other rewards or prizes (by whatever name called) is available only to Persons who are eligible for the same under the rules of the concerned scheme and the applicable laws of India and other concerned jurisdictions. The User is therefore required to verify the eligibility before participating in any such scheme.
The company and it’s authorised partner is not responsible or liable for the performance, quality or any other aspect of any rewards, prizes or items manufactured or supplied by third parties against any redemption of the points or otherwise pursuant to such scheme, and the User`s recourse for the same will be only against the Persons who have manufactured or supplied the same.
The company shall be entitled to have more than one promotional offer in existence and applicable at any given time. However, a User shall be entitled to avail of only one offer per transaction and in case of multiple transactions under a given offer, he/she shall be eligible only for the first eligible transaction. It shall be entirely at the discretion of the company to consider any exceptions to the above.
The user understands that the company authorised partner bank financial institution regulator involved in the processing the remittance, whether in Indian or in recipient country may put the remittance request and the fund transferred, on hold, if, in its sole discretion, it finds that the remitter beneficiary transaction as suspicious, without disclosing the reason for such suspicion. The user also understands that the company or the authorised partner shall not be responsible to get the transaction completed in such a scenario.
The company and it’s authorised partner has no control over, and is not responsible for, the quality, safety, legality, or delivery of any goods or services that the User may pay for using the Website and the facilities. Such use will be at the Users own risk.
In order to avail of specific facilities, the User may have to agree to other terms and conditions in addition terms and conditions contains herein and may also have to execute agreements, undertakings, declarations, powers of attorney and other writings and abide by the procedures as may be specified by the company and it’s authorised partner.
The company retains the right to terminate the registration of any User and refuse the User’s access to or use of the Website or any facilities, including the cancellation of pending transactions, as per its discretion.
The Website, all information on or available through the Website and the facilities provided by company are made available to the Users as is and without any representation or warranty of any kind, either express or implied, including without limitation, any representation or warranty for accuracy, continuity, uninterrupted access, timeliness, sequence, quality, performance, fitness for any particular purpose, completeness, title, compatibility, warranty of non-infringement, freedom from computer virus, warranties of merchantability or fitness for a particular purpose, each to the extent permissible by applicable law.
Although the company adopts security measures that it considers appropriate for the Website, it does not represent or warrant that the Website is immune from denial of service attacks, unauthorised access or other illegal subversion of these security measures that might impair the working of the Website, the availability of the facilities or the integrity and confidentiality of User’s personal and login information or accounts and the company disclaims liability arising from any such acts or occurrences.
Furthermore, while the company and its authorised Partners takes reasonable precautions to avoid such eventualities, the User understands that communications through internet are not always secure and agrees that the Company shall not be responsible for any unauthorised or illegal interception of E-mail or other communication to or from the company and it’s authorised partner.
Services are subject to the activities taken by other international banks and Service Providers involved in the wire transfer. The Company disclaims any responsibility for any delay or failure caused due to any action of any authorised Partners, international banks and Service Providers, regulators involved in the remittance.
Information and facilities on the Website may be displayed and offered in a phased manner at the discretion of the Company. The company shall have the right to, from time to time and in its discretion, introduce new information and facilities and add to, modify, or withdraw any information or facility or the terms thereof in whole or in part. While the Company makes every endeavour to ensure that the facilities are offered to a User without interruption or delay, continued provision of the facilities may be impractical or impossible due to the failure of operational systems for reasons including but not limited to virus attacks, natural calamity, floods, fire and other natural disasters, legal restraints, faults in the telecommunication network or network failure, system maintenance, software or hardware error, labour problems, strikes or any other reason beyond the control of the Company, and the Company makes/provides no guarantee that any instructions or transactions will definitely be communicated, processed or performed using the Website or the facilities.
The Company operates and offers the Website and the facilities strictly on a no-liability and no-obligation basis. The Company shall not be liable to the User or any other third party for any claim for direct, indirect, incidental, special, exemplary, punitive, consequential or other damages (including, without limitation, loss of profits, loss or corruption of data, loss of profit or goodwill, work stoppage, computer failure or malfunction, or interruption of business) whether arising under contract, tort or any other theory arising out of or in connection with the Website, the inability to access the Website or any facilities, products or services mentioned or advertised on or accessed or availed on or through the Website. The Users remedies for errors or unauthorized transactions shall be limited to those arising under the applicable laws and regulations, and as described on the Website and in the communications provided by the company to the User.
Notwithstanding anything, the maximum liability of the company and it’s authorised partner to the User shall not exceed the amount of fees paid/payable by the User to the company and it’s authorised partner for the specific facility availed by the User through the Website and under an issue.
The User/Visitor Referrer shall ensure that he/she shall not be in violation of any data protection laws in force at the time of referring potential users for the service to the company or when registering for the Remittance Facility (as the case may be).
Some of the facilities mentioned or offered on or through the Website require the User to independently contract for and use services provided by third party Service Providers and the company makes no warranty on behalf of such third parties. The company shall not be liable for any loss or damage of any sort incurred as a result of any transactions or dealings between the Users and such third-party Service Providers.
The User may be charged for such transactions/dealings by such third-party Service Provider. Such third-party Service Providers may have their own agreements, terms and conditions which will govern the services provided by them, which may be specific to each such Service Provider and vary from facility to facility. The company recommends that the User obtain the full text of such terms and warranties from such Service Providers before availing of any such service. All of the User`s rights and remedies and all maintenance, update, warranty, liability or any other obligations related to any such services shall be governed by the applicable terms, policies and procedures of the concerned Service Provider and the company shall not be liable or responsible for the same in any manner.
The User shall have no claim, rights or remedies whatsoever against the company in respect of any such services availed or sought to be availed by the User from any such Service Provider. The User agrees not to hold the company liable for any loss or damage of any sort incurred as a result of any such dealings with any Service Provider.
The following (among other) facilities are proposed to be offered on the Website. However, all the facilities or all the various components and features of a facility may not be offered at all times. The Company may discontinue, modify, change, and alter any of the features of the facility at its sole discretion.
Alerts:the Company shall endeavour to ensure that Alerts are communicated to the User in accordance with the User`s instructions. However, neither the company nor authorised partners would be responsible or liable for non-dispatch or delay in dispatch of the Alerts or any delay in receipt or non-receipt of the Alerts for any reason whatsoever.
Under no circumstances shall the company and authorised partners be liable for any costs, damages or other amount whatsoever for such non-dispatch or delay in dispatch or any non-receipt or delay in receipt of the Alerts. Non- receipt of Alerts will not discharge or reduce the User`s liability to pay any amount to the company or its authorised partners which would have been payable in the event of proper receipt of the Alerts.
Remittance Facility: Subject to the relevant regulatory approvals, terms and conditions imposed while granting the necessary approvals and other terms of the Remittance Facility, such facility enables the User to avail of a technology platform for initiating outward remittances. The authorised partners shall, under the Remittance Facility, convert the funds received from the User in to the relevant currency of the Beneficiary as instructed by the Register User. The User should pay the total remittance amount including any charges and taxes as may be applicable, as per the instructions stated on the Website by an acceptable mode described on the Website.
The funds will be remitted from India only after matching the name of the User against the sender’s (Remitter’s) name as mentioned in the electronic fund transfer message received by the authorised partner. Thereafter, after deducting the appropriate charges/fees as may be applicable at the time of remittance, the money will be remitted to the Beneficiary Bank account in the Relevant Country as designated by the User.
The authorised partner will process the request only upon receipt of clear funds from the remitters account and a swift message will be sent to the correspondent bank. The authorised partner will provide confirmation on processing the transaction, which shall mean that the bank has sent the swift message to the correspondent bank. The authorised partner will not be able to confirm whether the Beneficiary account has been credited, however, if the funds are returned, then status will be updated accordingly and the funds will be refunded to the same account from which funds were received after deducting applicable charges.
The authorised partner will process the remittance request only if the funds are received in the designated account of the bank within the validity period as mentioned on submitting the transaction along with the transaction`s unique reference number. In the event, the funds are received after the validity period the company and its authorised partner reserve the right to cancel the transaction as per its sole discretion. Validity period for the purpose of this clause shall mean the period up to which the funds are received by the authorised partner for processing the transaction. On expiry of the validity period, the company and its authorised partner reserves the right to either process the transaction on receiving the funds at the prevailing exchange rate applicable at the time of conversion or may reject the transaction and return the funds to the remitting account at its sole discretion.
While it shall be the company’s endeavour to adhere to the time schedule indicated by it on the Website, the company and its authorised partner hereby disclaims liability or responsibility for any changes in the time schedule for execution of the User`s instructions or remittance or credit of funds for any reason, except as otherwise required by applicable law or regulation and as described to the User on the Website and in communications provided by the company and its authorised partner to the User. The company and its authorised partner shall in no way be held responsible and be liable for any queries, errors, disputes or delays in messaging, money transmission, currency conversion, conversion rates offered, payment to the beneficiaries of the remittances or any other query, claim or dispute.
The company will, however, use reasonable efforts to assist the User in contacting the authorised partner or any third party to facilitate resolution of such queries, claims and disputes. The User hereby authorizes the bank to check or to use a third-party agency to check the User`s credit history/identity details at the time of and prior or subsequent to enrolment. The User hereby agrees that, where the authorised partner so deems advisable or necessary as per its due diligence criteria, it may hold the money (to be remitted to the Relevant Country) for longer than the usual time for remittance, and may delay the remittance. The User hereby agrees that the company or is authorised partner has no control over when the Beneficiary`s financial institution (through whom the Beneficiary chooses to receive the remittance) makes such funds available for the Beneficiary`s use and the bank shall not be responsible for any delay or default on the part of such financial institution.
The User hereby agrees that the purpose of the remittances supported by the Remittance Facility will be strictly limited to the purposes as permitted by law at the time of using the Remittance Facility. The purpose declared by the User while using the Remittance Facility will be treated as final and binding and cannot be changed at a later date by the User or the intended Beneficiary.
The regulatory reporting by the authorised partner in India will be done on the basis of the purpose selected by the User through the Remittance Facility. The User shall provide to the bank all the information as may be required, in absence of which the User shall not avail of the Remittance Facility. The User hereby undertakes that by sending funds to the Relevant Country, he/she is not violating any exchange control laws stipulated by the Government of India and the Reserve Bank of India and the rules prevailing in such destination country.
The User agrees to keep the company and its authorised partner indemnified for any such violation the User hereby acknowledges that the obligation shall lie on the User to ensure that there are no violations of any law, regulation, authorization including the limits on outward remittances listed in the Foreign Exchange Management Act, of India or exchange control and the User shall be solely liable for any violation thereof.
The User hereby agrees and acknowledges that the maximum value for any remittance transaction or the cumulative values of a number of remittance transaction using the Remittance Facility shall not exceed the limit of USD 250,000 for a particular financial year or such other limit that may be communicated by the company or it’s authorised partner to the User from time to time. Besides, the User will be able submit requests for foreign outward remittance through net-banking within the applicable third-Party funds transfer limit only, as applicable to his/her account.
The company or it’s authorised partner may specify to the User through the Website from time to time the limit on the funds that can be transferred from the Users account to the Beneficiary account. The User acknowledges that he/she has read, understood and complied with all laws and regulation including those mentioned in the Declaration and the bank shall not be responsible for any non-compliance of the limits mentioned therein by the User.
The company or it’s authorised partner shall assume no responsibility for the performance of any entity involved in the process; and for any loss or damage incurred or suffered by the User for any error, defect, failure or interruption of the facility or consequences arising out of delayed payments. The company or it’s authorised partner shall not be responsible for impounding of funds by any regulators/regulatory authority in the Relevant Country.
The User understands that submission of request does not necessarily imply processing of the transaction. The company and it’s authorised partner has full rights to reject the transaction based on regulatory and internal guidelines. The User will ensure that the limit submitted is correct and has not been exhausted in the current financial year for any of the accounts held individually or collectively with any bank. The User understands that on submitting the request if the service request number is not displayed then he should check if the email confirmation is received for successful submission of the request and should check if the debit is posted in the account. Any re-initiation without confirming will result in duplicate debit into his/her account. The User agrees to adhere to the turn-around time and cut off timings for raising the request.
Funding the account for remittance to be processed as per informed timelines on the Website the above cut off timing is applicable on working days (presently Monday to Friday excluding bank holidays in India and the country of remittance). The User confirms that he/she is not a foreign national. Further, this facility is only for telegraphic transfer/wire transfer. The User agrees and acknowledges that the company or it’s authorised partner is not liable in case the funds are not credited or credited with the delay for any reason at Beneficiary Bank/intermediary bank`s end for any query or suggestion kindly contact our customer service desk.
The exchange rate applicable to the remittance request will be applicable only if the designated account of the bank is funded by the User within the validity period. The authorised partner will process the transaction request only if the funds are transferred from a self-resident savings account of the remitter, in case the funds are transferred from a joint account, the User must be the primary account holder and does not require any permission from the joint account holder. If the funds are received from an account where the User is not primary account holder and the name does not appear in the fund transfer details received from his/her bank, bank would reject such transaction and return the funds within 10 working days.
User will be responsible for correctness of the information provided for the Referral Transaction, any rejection/delay due to incorrect details provided, will not be the responsibility of the company or its authorised partner.
The customer declaration taken from the User, shall be correct and the customer shall be responsible for the correctness of the same.
The transactions in relation to the recommendations and referrals made by the Referrer will be authorised partner’s transactions (“Referral Transactions”) and the Referrer understands that any decision made by the authorised partner in relation to the Referral Transactions shall be final.
The Referrer agrees to assist and conduct its searches to confirm the legality and validity of the KYC documents in relation to the Referral Transactions in accordance with the instructions provided by the authorised partner and shall ensure the remitters referred by such Referrer have gone through these T&C and agree to them unconditionally. The authorised partner will be responsible for the compliance of the KYC Master Directions (Master Direction DBR.AML.BC. No.81/14.01.001/2015-16) for the purpose of such Referral Transactions.
The Referral Transactions will be subject to applicable Nostro Account charges for the payments made to the Beneficiary.
The Company will not be held liable for any claims/complaints or liabilities arising in relation to the Referral Transactions.
If a Person/customer Referrer’s complaint comes to the Company, the Company will within 1 (one) business day transfer the complaint to the authorised partner.
Any refund under the Referral Transaction will be on the basis of return credit received in the Nostro Account, and subject to deduction of any conversion charges. In case of any refunds due to return from overseas, the customer fee, GST, Tax Collected at Source (“TCS”) or any other amounts will not be refunded.
Standard charges applicable and also corresponding taxes will be applicable upon refunds, while converting the amount back to Indian currency.
TCS collected by the authorised partner under the Referral Transactions, will not be refunded under any circumstances and the customer/User Person may adjust the same during their ITR filing.
The Company is the owner and authorized user of any trademark, registered trademark and service mark appearing on the Website, and is the copyright owner or licensee of the content and information on the Website including but not limited to any text, links, images, logos, illustrations, audio clips, video clips, screens and product and Users or any Visitor shall not download and save a copy of the Website or any part thereof including any of the screens or part thereof and reproduce, store it in a retrieval system or transmit it in any form or by any means - electronic, electrostatic, magnetic tape, mechanical printing, photocopying, recording or otherwise including the right of translation in any language without the express permission of the Company (except as otherwise provided on the Website or in the T&C for any purpose) or use or modify it in any manner that is likely to cause confusion or deception among Persons or in any manner disparages or discredits the bank or any Service Providers.
However, Visitors may print a copy of the information on this Website for the Personal use or records. The Company does not grant any license or other authorization to, and none should be implied or presumed, for use of their respective trademarks, registered trademarks, service marks, or other copyrightable material or other intellectual property by placing them on the Website.
This Website is for the Visitors personal use. If the Visitor makes any other use of this Website, except as otherwise provided above, the Visitor may violate copyright, trademark and other laws of India and other countries, and may be subject to penalties.
The User/Visitor undertakes and authorises the company, its group companies to exchange, share or part with all the information, data or documents relating to his/her application any of its authorised partners, financial institutions, credit bureaus, agencies, statutory bodies,tax authorities,central information bureaus such other Persons as the Company , its group companies may deem necessary or appropriate as may be required for use or processing of the said information/data by such Person's or furnishing of the processed information/data/products thereof to other banks/financial institutions/credit providers/users registered with such Persons and shall not hold the Company and its group companies liable for use of this information.
You hereby irrevocably authorise the Company to extract your call records or related information as may have been disclosed by you with any third-party Service Providers in relation to services and facilities offered to the User by such third party Service Providers on account of User’s existing business relationship with the Company.
From time to time, it will be necessary for User(s)/Visitors to supply the company with necessary additional and updated data in connection with the provision of services and facilities. Failure to supply such data may result in the Company being unable to provide any of the above services or facilities. It is also the case that data is collected from User/Visitors in the ordinary course of usage of the website.
The purpose(s) for which User/Visitor data may be used are as follows: i. Verification ii. Designing financial services or related products for User/Visitors use; iii. Marketing financial services or related products to User/Visitors; iv. Meeting the requirements to make disclosure under the requirements of any law, rule, regulation, order, ruling, judicial interpretation or directive (whether or not having the force of law) applicable to the Company or (any of its branches) and its agents and affiliates; v. Any other purposes permitted by law; and vi. Purposes relating to any of the above.
Data held by the Company relating to User/Visitors will be kept confidential but it may, at its sole discretion, provide such information to the categories of Persons set out below.
The User/Visitor hereby agrees and consents that the company shall be entitled, in connection with the User/Visitor`s application for any account, facilities or services provided by the company, or during the course of the User/Visitor`s relationship with the company , to obtain and procure information pertaining to the User/Visitor any of his/ her its accounts, legal or financial position from whatever sources available to the company.
Data may be transferred overseas pursuant to the provisions of this clause. The information disclosed pursuant to this clause may be subject to further disclosure by the recipient to other parties in accordance with the laws of the country in which the recipient is located. Such laws may be wider in scope and implemented under less restrictive terms than would otherwise be the case in India due to the difference in applicable laws and regulations.
The T&C and the use by the User or access to the Website or any facilities are not intended to create an agency, partnership, joint-venture, employer-employee or banker-customer relationship between the User or the Beneficiary of the one part and the company/authorised partner of the other part, except where otherwise specifically agreed or appointed. Specifically, the use of Remittance Facility does not establish a checking account or any other form of a bank account for the User or the Beneficiary with the company/authorised partner and neither does it constitute or create a fiduciary or escrow capacity between the Visitor or the Beneficiary and the Company.
Funds held while processing a remittance payment request are not insured by any government authority. None of the facilities offered hereby is a funds transfer or transmission service, and a User’s request or instruction while using a facility is not a payment order or other request for a funds transfer.
Each Visitor and User agrees to defend, indemnify and hold the Company, and authorised partners and each of their respective affiliates, directors, officers and employees, harmless from any and all claims, liabilities, damages, costs, expenses and proceedings, including reasonable attorneys fees, arising in any way from the Visitors or User`s use of the Website, whether in India or any other jurisdiction, the inaccuracy or incompleteness of registration information, or the placement or transmission of any message, information, software or other materials through the Website by the Visitor, the User or users of the User`s ID and password or related to any violation of the T&C by the Visitor or User or users of the User`s ID and password, and any claims dispute or differences between the Visitor or User and any supplier of services that are part of the facilities. The User hereby agrees unconditionally to indemnify the hold the Company, and authorised partners and hold the hold the Company, and authorised partners harmless against any liability, costs, damages, claims, suits, and proceedings based upon or relating to such untrue/false/misleading information.
The User acknowledges and agrees that the Company may hold, without notice, suspend or terminate the User`s ID, password or account or deny the User access to all or part of the Website or any facilities if the User engages in any conduct or activity that the Company, in its sole discretion, believes violates any of the T&C, violates the rights of the Company, or is otherwise inappropriate for continued access, or if the Company learns of the User`s death, bankruptcy or lack of legal capacity or of circumstances that impact the User`s creditworthiness or for any other reason which the Company thinks fit and proper. Until suspension or termination of the User’s ID takes effect, the User will remain responsible for any transactions entered into using the User’s ID and all obligations incurred thereby or otherwise by the User.
The Website, the facilities, the T&C, all transactions entered into on or through the Website or through the availment of any facility and the relationship between the User/Visitor and the Company shall be governed by and construed in accordance with the laws of India and no other nation, without regard to the laws relating to conflicts of law. The User and the Company agree that all claims, differences and disputes (collectively, “Disputes”) arising under or in connection with or pursuant to the Website, the availment of any facility, this T&C, any transactions entered into on or through the Website or through the availment of any facility or the relationship between the User and the Company shall be subject to the exclusive jurisdiction of the competent courts located in the city of Bangalore, Karnataka, India and the User hereby accedes to and accepts the jurisdiction of such courts.
Notwithstanding the aforementioned, if the Company thinks fit, the Company may institute proceedings against a User in any other court or tribunal having jurisdiction under applicable law. Disputes shall include not only claims made directly by the Visitor, but also made by anyone connected with the Visitor or claiming through a Visitor, such as a recipient of funds. Disputes include not only claims that relate directly to the Company , but also its successors, assignees, employees, and agents, and claims for which the Company may be directly or indirectly liable, even if it is not properly named at the time the claim is made.
Disputes include claims based on any theory of law, contract, statute, regulation, tort (including fraud or any intentional tort), or any other legal or equitable ground. Disputes include claims made as part of a class action or other representative action, it being expressly understood and agreed to that the resolution of such claims must proceed on an individual (non-class, non-representative) basis.
The Company hereby disclaims all liability, direct or indirect, for non-compliance with the laws of any jurisdiction other than India. The fact that it is technologically possible to access or use the Website and avail of any facility in any jurisdiction other India should not in itself suggest that it is legal to do so.
It shall be the sole responsibility of the Visitor to verify whether the Website and the facilities can be legally and legitimately accessed, utilized and availed in the relevant jurisdiction and the Visitor understands that by accessing, using and availing of the Website and the facilities, he or she may be violating the local laws in India and such jurisdiction. Further, the Company hereby explicitly disclaims any responsibility, direct or indirect, for non-compliance by a Visitor of the laws of any jurisdiction whatsoever.
The failure or delay of the Company to exercise or enforce any right or provision of the T&C shall not constitute a waiver of such right or provision. No waiver on the part of the Company shall be valid unless it is in writing signed by or on behalf of the Company . A waiver of any right or provision by the Company on a particular occasion shall not prevent the Company from enforcing such right or provision on a subsequent occasion.
If any provision of the T&C shall be held to be invalid or unenforceable by reason of any law or any rule, order, judgement, decree, award or decision of any court, tribunal or regulatory or self-regulatory agency or body, such invalidity or unenforceability shall attach only to such provision or condition, and the Visitor, User, the Company, the court, tribunal or regulatory or self-regulatory agency or body should endeavour to give effect to the parties intentions as reflected in the provision to the extent possible. The validity of the remaining provisions and conditions shall not be affected thereby and these T&C shall be carried out as if any such invalid or unenforceable provision or condition was not contained herein.
Notwithstanding any statute or law to the contrary, but to the extent permitted by law, any claim or cause of action arising out of or related to access or use of the Website or any facility or the T&C must be filed within three (3) months after such claim or cause of action arose failing which it shall be forever barred.
The Company may give notice to the User by E-mail, letter, telephone or any other means as the bank may deem fit to the address last given by the User. Notices under the T&C may be given to the Company by the User in writing by sending them by post to the registered and corporate address of the Company as mentioned on the Website. The Company may, but shall not be bound to, act upon notices and instructions given by the User to the Company by E-mail, letter, telephone or any other means as the Company may deem fit.
In addition, the Company may (but shall not be bound to) also publish notices of general nature, which are applicable to all Visitors and Users in a newspaper circulating in India and on its Website. Such notices will have the same effect as a notice served individually to each Visitor and User. Documents which may be sent by electronic communication between the parties may be in the form of an e-mail, an e-mail attachment, or in the form of an available download from the Website.
The Company shall be deemed to have duly communicated and delivered any communication or document to the User if such communication or document is sent via e-mail to the e-mail address provided by the User. The Company shall also be entitled to act on the basis of any instructions received or purported to be received from the User by e-mail or other electronic means or via the internet. The Company shall also be entitled (but not bound) to act upon fax instructions and communications.
The Company may sub-contract or employ agents to carry out any functions or services relating to the Website, any facility or any of its obligations under the T&C. In order to access the Website and avail of the facilities, the Visitor will, at their own cost, have to:
The content presented on or through the Website may vary depending upon the Visitors browser limitations and the bank disclaims any responsibility for the unavailability of any facility or any error in processing of a transaction through the Website caused by the Visitors browser limitations.
All communications under these T&C shall be conducted in the English language.
In these T&C, unless the context otherwise requires, the following words and phrases shall have the meanings assigned to them hereunder:
Alerts means notices relating to various matters issued or to be issued by the bank to the Visitor from time to time e.g. notices of market information, reminders for bill payments, etc.
Beneficiary means a person resident outside India as defined in Foreign Exchange Management Act (FEMA), 1999, for all purposes except for remittance to own account abroad and whose details have been provided by the User to the company for the transfer of funds.
Beneficiary Bank means the bank in the Relevant Country, with whom the Beneficiary holds an account, and which has been so mentioned by the User.
Call Centre means the call centre which may be set up by the Company to assist Visitors/Users in connection with the Website including the facilities displayed or offered thereon and any transactions entered into or proposed to be entered into by the Visitors in respect of such facilities.
Declaration means a declaration submitted by the User at the time of registration and transaction in the form and manner acceptable to the bank.
Nostro Account means a bank account established in a foreign country usually in the currency of that country for the purpose of carrying out transactions there.
Person includes a resident individual.
Referrer means an individual or a Person, who may be an existing User, who refers/recommends/suggests to another individual or Person the services offered by the bank, irrespective of whether the concerned individual/Person avails the service.
User means any Visitor who has registered himself, herself with the Website in the appropriate manner or utilises service offered through this Website or notand shall have the same meaning as Visitor.
User Account means an online account created by User on the Website to avail the Remittance Facility.
User ID means the username that is chosen by the User and registered by the Website which, along with the User Password, will enable the User to - Avail of facilities and enter transactions in respect of the facilities; Access its User Accounts, download application forms for facilities and register a change in address; and Do any other acts as the Website may permit.
User Password means the password that is chosen by the User and registered by the Website for access to the Website which, along with the User ID, will enable the User to - Avail of facilities and enter transactions in respect of the facilities offered on the Website; Access its User Accounts, download application forms for facilities change in nominee details, payments, payment of dues, bill payments, trading and make online applications register a change in address; and Do any other acts as the Website may permit.
Relevant Country means a country where the User may transfer funds to the Beneficiary under the Remittance Facility.
Remittance Facility means an instruction for transfer of funds from the Users account in India to a Beneficiary in Relevant Country through the Website for select purposes detailed herein, the services provided by the bank on the Website for the transmission of funds by a User to a Beneficiary in the Relevant Country.
Service Provider means a Person who provides a service to the bank in order to enable the bank to operate and maintain the Website, provide any feature on the Website or provide any facility which is provided by the bank.
Visitor means any Person who accesses or visits the Website, whether utilises the facilities or not.
In these T&C, unless the context otherwise requires: Words of any gender are deemed to include each other gender; Words using the singular or plural also include the plural or singular, respectively; The terms hereof , herein , hereby , hereto and derivative or similar words refer to this entire Website; The term article refers to the specified clause of these T&C; Headings and bold typeface are only for convenience and shall be ignored for the purposes of interpretation;
Reference to any legislation or law or to any provision thereof shall include references to any such law as it may, after the date hereof, from time to time, be amended, supplemented or re-enacted, and any reference to a statutory provision shall include any subordinate legislation made from time to time under that provision; Any term or expression used but not defined herein or under the terms shall have the same meaning attributable to it under applicable law; References to the wordinclude or including shall be construed without limitation.
I hereby declare that: I am a resident Indian.
The total amount of foreign exchange purchased from or remitted through, all sources in India during this financial year including this proposed remittance is within USD 250,000 (USD two hundred and fifty thousand only) the limit prescribed by Reserve Bank of India for the said purpose under the Foreign Exchange Management Act, 1999.
Foreign exchange proposed to be remitted by me is for the purpose mentioned in this application.
The transaction, details of which are specifically mentioned in the application, does not cross the limit for the financial year or any other limit prescribed by the Reserve Bank of India under the Foreign Exchange Management Act, 1999 for the said purpose.
I am aware that the Finance Act, 2015 has amended Section 195(6) of the Income Tax Act, 1961 whereby the person responsible for making any payments to non-residents, whether or not chargeable to tax in India, is compulsorily required to furnish information in such form and manner as may be prescribed. I am aware of the penal provisions that would be applicable to me/us as a remitter in case of non-compliance. However, the rules prescribing the forms have not been notified by Central Board of Direct Taxes (CBDT)/Finance Ministry.
Currently, Rule 37bb prescribing requirement for furnishing of Form 15ca and certificate in Form 15cb is applicable only in respect of payment chargeable to tax. In my view, the current Rule 37 bb is not applicable for payments which are not chargeable to tax and hence, I am unable to comply with the requirement for the payment not chargeable to tax until the new rules are notified by the CBDT/Finance Ministry.
I hereby confirm that amount to be remitted is not chargeable to be taxed in India. Therefore, Form 15ca and Form 15cb as per provisions of Rule 37bb of the Income Tax Rules, 1962 are not required to be submitted. In the event if there is any income tax query/inquiry/notice demanding details/information in India in respect of this particular remittance, I/we undertake to provide all the necessary information/document to SBM Bank India as required by the Income Tax Department. Further, I shall indemnify the Company and its authorised Partner for any tax/interest or penalty levied by the Income Tax/Income Tax Appellate Authorities/courts in India for non-deduction of tax or non-compliance with the relevant provisions of income tax law in regard to this remittance.
I, hereby confirm that in case it has been identified at any time during the financial year, that I have breached the permissible limit of remittances under the extant regulations then Company and its authorised partners will not be responsible for any such breach by me and I agree to adhere to the penal provisions prescribed by the Reserve Bank of India in this regard.
In the event if there is any enquiry from any statutory/regulatory authorities in respect of this particular remittance, I undertake to provide all the necessary information/document(s) to company as may be required in this regard.
Further, I undertake to indemnify company and authorised partners for any tax/interest or penalty levied by the Income Tax/Income Tax Appellate Authorities/courts in India for non-deduction of tax or non-compliance with the relevant provisions of income tax law with regard to this remittance.
I, being a Person resident in India, hereby declare that transaction proposed to be done under the liberalized remittance scheme, issued and amended by the Reserve Bank of India from time to time, is not in the nature of remittance for margins or margin calls to overseas exchanges/overseas counter party or for purpose prohibited transactions under the Foreign Exchange Management Act, 1999 or any rules, regulations or guidelines issued under the said act, like remittances for purchase of FCCBs issued by Indian companies in overseas secondary markets, remittance for foreign exchange trading abroad, etc. I hereby declare that the proposed remittance does not involve, and is not designed for any purpose for which the drawal of foreign exchange is prohibited viz travel to Nepal and Bhutan, a transaction with a Person resident in Nepal or Bhutan and those under Rule 3 and transactions which require prior approval of the Central Government under Rule 4 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 read with Schedule I and Schedule II thereof viz,
I hereby declare and affirm that the remittances initiated/requested by me are not Prohibited Transactions or transactions requiring prior approval of the central government.
I hereby declare that the purpose of remittance and transaction details as mentioned above are true to the best of my knowledge and does not involve, and is not designed for the purpose of any contravention or evasion of the provisions of the Foreign Exchange Management Act, 1999 or any rule, regulation, notification, direction or order made thereunder. I agree that I shall be responsible and liable for any incorrect detail provided by me.
I also hereby agree and undertake to give such information/documents as will reasonably satisfy the company about this transaction in terms of the above declaration. I further agree that once the funds remitted by me have been transmitted by company or authorised partner to the correspondent and Beneficiary Banks, company or authorised partner shall not be responsible for any delays in the disbursement of such funds including the withholding of such funds by the correspondent and Beneficiary Banks.
I agree that in the event the transaction gets rejected by the Beneficiary Bank because of any incorrect information submitted by me then any charges levied by the Beneficiary Bank and intermediary bank and exchange loss incurred in this connection can be recovered by company or authorised partner from the amount returned by the correspondent bank. I also understand that if I refuse to comply with any such requirement or make any unsatisfactory compliance therewith, company or authorised partner may refuse to undertake the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report that matter to the Reserve Bank of India.
I agree that in the event the transaction is cancelled or revoked by me after submitting the request for processing to company or authorised partner, which the company or authorised partner may accept at its discretion and on a best effort basis, any exchange loss incurred in this connection can be debited from the funds paid to company or authorised partner for executing the transaction.
Remittance out of lottery winnings. Remittance of income from racing/riding etc. or any other hobby. Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc. Payment of commission on exports made towards equity investment in joint ventures/wholly owned subsidiaries abroad of Indian companies. Remittance of dividend by any company to which the requirement of dividend balancing is applicable. Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco. Payment related to Call Back Services of telephones. Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.
Advertisement in foreign print media for the purposes other than promotion of tourism, foreign investments and international bidding (exceeding USD 10,000) by a State Government and its public sector undertakings. Remittance of freight of vessel chartered by a public sector undertaking. Payment of import through ocean transport by a Government Department or a public sector undertaking on C.F.I basis (i.e. other than F.O.B. and F.A.S basis). Multi-modal transport operators making remittance to their agents abroad. Remittance of hiring charges of transponders by
a) tv channels
b) internet service providers.
Remittance of container detention charges exceeding the rate prescribed by the Director General of Shipping. Remittance of prize money/sponsorship of sports activity abroad by a person other than international/national/state level sports bodies, if the amount involved exceeds USD 100,000. Remittance for membership of P&I Club.