` Terms & Conditions - Wishfin Gold


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Augmont Terms & Conditions

These “Terms” and “Conditions of Use” (“Terms/Augmont Terms and Conditions”) constitute an electronic record within the meaning of the applicable laws. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms shall be in addition to and not in derogation to any other terms as stipulated from time to time. By using this facility on the Wishfin/Wishfin.Gold Platform, You are agreeing to and accept these Terms. 

Please read these Terms carefully.

  1. In these Terms, references to “You/you/Your”, or “Customer” shall mean the counterparty who transacts using the Wishfin.Gold Platform, being a natural person, buying Gold, redeeming Gold in the form of redeemable products, selling back Gold to Augmont. “Platform” shall mean, and include, the platforms (website, mobile apps, others) of Wishfin that the Customer accesses for the transactions, including all contents, services and technology offered through the Platform. “Service Providers” mean independent third party service providers, and references to the “Seller”, “Augmont”, “we/We”, “us” and “our” shall mean Augmont Goldtech Private Limited. “Customer’s Account” shall mean digi-gold account of the individual Customer identified through his/her Wishfin.Gold account based on the registered mobile number present in records of Wishfin. “Transfer” refers to a facility to transfer Gold from a gold account to another Customer’s gold account.
  2. Augmont or Wishfin may revise these Terms from time to time and at any time. Such changes shall be effective when posted on the Platform and shall be deemed to be notified to the Customer. If you do not agree to be bound by these Terms and Conditions of Access and Use, as modified from time to time, you should leave the Platform immediately.
  3. Augmont/Wishfin shall be entitled to collect and store relevant information and documents provided by the Customer. Further, as and when required by Augmont / Wishfin based on the government regulations, the Customer will be required to provide additional documents for fulfilling the KYC requirements. You authorize Augmont and Wishfin to make such enquiries as they may feel necessary to satisfy themselves about the validity of Your identity. You undertake to update us and Wishfin in case of change of Your existing information or verification documents provided by You.
  4. You agree to provide true, accurate, current and complete information about yourself as prompted by the Platform and maintain and promptly update to keep it true, accurate, current and complete. If You have reasons to believe that there is an error in the information furnished to Augmont /Wishfin You shall immediately advice the Augmont / Wishfin in writing and forthwith provide correct / updated information.
  5. If you provide any information that is untrue, inaccurate, not current or incomplete, or Augmont/Wishfin has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, Augmont/Wishfin has the right to suspend or terminate your account/Gold account and refuse any and all current or future use of the Platform (or any portion thereof) without any liability to you. You hereby undertake to indemnify and keep indemnified Wishfin against any and all losses, claims, liabilities costs etc. which arise out of or relating to Your failure to identify Yourself and validate Your account/gold account promptly and / or due to incorrect KYC documents / information.
  6. You can offer to buy Gold worth Rs. 100.00 (Rupee One Hundred Only) and above in increments of Rs 1 thereof at the live purchase price of Gold of 99.9% purity displayed on the Platform.
  7. Payment will be accepted only through payment options made available on the Platform. At the time of purchase / redemption / sale-back / transfer of Gold, the relevant taxes will be chargeable as applicable as per the Government regulations.
  8. For each confirmed purchase of Gold by the Customer, Augmont will transfer the metal to the vaulting agencies and it will be held there, under the supervision of an independent trustee, till (a)) sell-back by the Customer, (b) redemption by the Customer.
  9. The Customer will have the option of redeeming and asking for physical delivery of the full or part of the accumulated gold holding, in the form of redeemable products made available on the Platform from time to time. The residual fractional gold remaining, upon redemption / Transfer by You of the entire gold holding, can be sold back by You to us at the live sell-back price of gold of 99.9% purity and the corresponding amount against the residual fractional gold sold by You will be credited in Your Bank Account within 7 working days. In case redemption options are not available on the platform, Augmont will also, from time to time in future, offer/permit the Customer to sell-back its gold in fraction to Augmont at prevailing live sell-back price of gold of 99.9% purity, during the offer period as may be announced / permitted by Augmont. The money against the fractional gold sold by a Customer would be credited to the Customer within 7 working days.
  10. Once the sale-back has been initiated by You and payment received then Your gold grams will be debited accordingly from Your gold account.
  11. Live purchase price of Gold will be displayed on the Platform and is subject to change from time to time. At the time You make request for redemption / sell-back, the value of Gold / quantity of Gold to be redeemed / sold back will be displayed based on live sell-back price of Gold. The live purchase price of Gold and live sell- back price of Gold may vary and also may be different from that available in the open market and/or in any other retail outlet. Your offer may be rejected irrespective of whether an item has been earmarked/wish listed by a Customer. In such an event if You still wish to offer to purchase Gold or sell-back residual fractional Gold, You may make another offer at the changed price. Augmont/Wishfin disclaims any and all claims and/or liabilities arising from such non acceptance of offer or revision in prices.
  12. While availing any of the payment method/s available on the Platform, Augmont/Wishfin will not be responsible or assume any liability, whatsoever in respect of any loss or damage arising directly or indirectly to the Customer due to:
    1. Lack of authorization for any transaction/s,
    2. Exceeding the preset limit mutually agreed by and between the Customer and relevant banks of the Customer,
    3. Any payment issues arising out of the transaction,
    4. Illegitimacy of the payment methods (credit/debit card frauds etc.) being used by a Customer;
    5. Temporarily discontinuation of invitation to offer; and / or
    6. Decline of transaction for any reason(s) whatsoever.
  13. Augmont may, at its discretion, prescribe maximum individual/cumulative limits for Customers to accumulate gold or transfer Gold through this scheme from time to time, and reserves the right to refuse to accept order exceeding such limit.
  14. At any point of time on any day Augmont may temporarily discontinue the invitation to offer for any reason whatsoever.
  15. Augmont will, at its discretion, close down gold account of Customers, if (a) they are inactive accounts,(for six months) (b) if Augmont decides to discontinue the scheme. In such an event, Customers will be required to redeem and / or sell-back their gold holdings. In the event the Customer chooses not to respond, then Augmont reserves the right to repurchase the gold holding of the Customer, at the then prevalent live sell-back price.
  16. Any Gold lying in vault, and business deposit is non transferrable unless specifically allowed by Augmont. However in case of death or insanity, Augmont shall transfer such Gold, and advance balance to Your legal heir(s) after the required due diligence and Your legal heir(s) shall be regarded as the registered user thereafter.
  17. Augmont/Wishfin shall not be liable / responsible, in any manner whatsoever, for any loss / liability arising out of or relating to any technical failure / issue in Platform and / or acts / omission not attributable to Augmont/Wishfin.
  18. Notwithstanding anything contrary contained herein, the service, the interface and API work, and their respective information, pricing and data, and availability are subject at any time and from time to time to human, mechanical, typographic, or other errors, oversights, mistakes, limitations, delays, service interruptions, including, without limitation, as may be due in whole or in part to, related to or arising out of (i) computer hardware and software, telecommunication and operating systems, databases, or business processes and procedures, other problems inherent in, or which may be associated with, the use of the internet and electronic communications including, without limitation, force majeure event , government / regulatory actions, orders, notifications etc. and / or and acts and omissions of third parties etc. affecting or impacting the service, the interface or the API work, its information and data, or such communications. Customer acknowledges and agrees that Augmont/Wishfin is not responsible or liable whatsoever for delays, failures, or other loss due to, caused by or resulting from any such problems, in whole or in part. If your gold account is over credited or wrongfully credited / debited, then Augmont/Wishfin has right to reverse / cancel without notice or require cancellation / reversal of such transaction at its sole discretion and debit / credit the gold to / from your gold account, as the case may be. Augmont/Wishfin shall not be liable for any wrong transfer of Gold by you to another gold account (including but not limited to transfer to a different user / customer etc.) and the gold grams shall not be reversed to you in case of an erroneous transfer and / or in case the transferee has already transacted the Gold transferred.
  19. Upon Augmont confirming the purchase, redemption, sale-back of Gold in his / her gold account by Customer, the order / request of Customer to purchase / redemption / sale-back / transfer, as the case may be, shall be binding on the Customer and cannot be cancelled.
  20. The Customer shall inform immediately, in any case no later than [30] days of the transaction, of any irregularities or discrepancies that may exist in his/her gold account, failing which it shall be deemed that there is no error or discrepancies in the gold account. All records maintained by Augmont/Wishfin, in electronic or documentary form of the instructions of the Customer and such other details (including, but not limited to payments made or received) pursuant to the Terms, shall as against the Customer, be deemed to be conclusive evidence of such instructions.
  21. The Customer understands and acknowledges that any purchase, redemption, sale- back or transfer from / to gold account will be on instructions received by the Customer, and the Customer will not violate any applicable laws or regulations for the time being in force in or outside India. The Customer shall be responsible for complying with applicable laws in respect of purchase, redemption, sale-back to and from the Gold account including but not limited to the Prevention of Money Laundering Act, 2002, the Prohibitions of Benami Property Transactions Act, 1998, Income Tax Act, 1961 etc including amendment thereof. Customer also agrees and undertakes that he /she will not open any account/gold account in the name of any minor. Augmont/Wishfin will not be liable in any manner in this regard.
  22. The Customer feedbacks pertaining to products shall be deemed to be non- confidential and non-compensatory in nature. Augmont/Wishfin reserves the right, at its sole discretion to use such information for its internal purposes.
  23. In the event of termination / expiry of Augmont’s arrangement with Wishfin or otherwise at any point of time, Augmont and/or Wishfin may notify You to sell back Your Gold balance to Augmont or migrate Your gold account to an alternative platform and continue with Gold account on such alternative platform (as decided by Augmont/Wishfin).
  24. These Terms shall be governed by and interpreted and construed in accordance with the laws of India. The courts in Delhi shall have exclusive jurisdiction in respect of any matters arising therefrom.
  25. In the event any dispute arises out of or in connection with the Terms herein, including the validity hereof, the parties hereto shall endeavor to settle such dispute amicably in the first instance. The attempt to bring about an amicable settlement shall be treated as having failed as soon as one of the parties hereto, after reasonable attempts, which shall continue for not less than 15 (Fifteen) calendar days, gives a notice to this effect, to the other party in writing.
  26. Waiver: Any failure or delay by Wishfin/Augmont to enforce or exercise any provision of these Terms, or any related right, shall not constitute a waiver by Wishfin/Augmont of that provision or right. The exercise of one or more of a Wishfin/Augmont’s rights hereunder shall not be a waiver of, or preclude the exercise of, any rights or remedies available to Augmont/Wishfin under these Terms or in law or at equity. Any waiver of any provision shall only be effective if made in writing and executed by a duly authorized officer of Augmont/Wishfin.
  27. Force Majeure: If performance under these Terms by Wishfin/Augmont is prevented, restricted, delayed or interfered with by reason of labor disputes, strikes, acts of God, floods, lightning, severe weather, shortages of materials, rationing, inducement of any virus, Trojan or other disruptive mechanisms, any event of hacking or illegal usage of the Platform, utility or communication failures, earthquakes, war, revolution, acts of terrorism, civil commotion, acts of public enemies, blockade, embargo or any law, order, proclamation, regulation, ordinance, demand or requirement having legal effect of any government or any judicial authority or representative of any such government, or any other act whatsoever, whether similar or dissimilar to those referred to in this clause, which are beyond the reasonable control of the Wishfin/Augmont and could not have been prevented by reasonable precautions then the Augmont/Wishfin shall in to be excused and discharged from such performance to the extent of and during the period of such force majeure event, and such non-performance shall, in no manner whosoever, amount to a breach by the Wishfin/Augmont of its obligations herein.
  28. Absence of relationship: You represent and warrant to Wishfin/Augmont that You have sufficient experience and knowledge to make informed decisions to purchase/ redeem/ sale-back Gold/Redeemable Products. You acknowledge that You are making all of Your own decisions in connection with purchases or redemption or sale-back and that You have not relied on any information made available by Wishfin/Augmont, and that Wishfin/Augmont is not making any recommendation with respect to such purchases/redemption/sale-back/ of Gold/redeemable products. No relationship other than seller-purchaser, including, without limitation, any agent- principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship, exists between You and Augmont. Further, these Terms do not constitute any agent-principal relationship, any advisor-advisee relationship, any employee-employer relationship, any franchisee-franchisor relationship, any joint venture relationship or any partnership relationship between You and Wishfin.
  29. Electronic Order Risks: Order entry systems have been designed to provide an efficient and dependable method for entering orders. Commercial internet service providers are not 100% reliable and a failure by one or more of these providers may affect internet-based order entry. You acknowledge that the order entry system is an electronic mechanical system and as such may be subject to failure beyond the control of Wishfin/Augmont. Therefore, Wishfin/Augmont shall not be responsible for errors, negligence, inability to execute orders, delays in transmission, delivery or execution of order due to breakdown or failure of transmission or communication facilities, or to any other cause beyond Wishfin/Augmont’s control or anticipation. You acknowledge that pricing or typographical errors may occur and that therefore, in the event that a product is listed at an incorrect price or with incorrect information due to an error in pricing or product information, Wishfin/Augmont reserves the right, at our sole discretion, to refuse or cancel or reject any orders placed for the products. Furthermore, Augmont/Wishfin reserves the right to deny refuse or cancel or reject any orders placed in case of market volatility and/ or unusual circumstances or conditions. This includes, without limitation, unexpected unavailability of product/Gold.
  30. Customer responsibility for taxes, tariffs and duties: You acknowledge that You are solely responsible for all taxes, tariffs and duties that may be incurred as a result of purchase/redemption/ of Gold/redeemable products. Wishfin/Augmont will only collect taxes, tariffs and duties on transactions to the extent explicitly required by law. It is Your responsibility to be aware and properly address any taxes, tariffs and duties to which You may be subject by any local, state and/ or federal governments. If You have any questions about taxes, tariffs and duties, You should consult a tax or other professional about Your unique circumstances. Wishfin/Augmont does not represent to provide advice or recommendations about Your specific taxes, tariffs and duties and any statements made by us are only for the purpose of raising issues for You to discuss with Your tax or other professional.
  31. Indemnification: Customer hereby agrees to indemnify and keep Wishfin indemnified from and against all actions, claims, demands, proceedings, losses, damages, personal injury, costs, charges and expenses, directly or indirectly, whatsoever (‘Losses’) which Wishfin or its employees, agents, workers or representative may at any time incur, sustain, suffer or be put to as a consequence of or by reason of or arising out of:
    1. the usage of the Platform by the Customer;
    2. by reason of Augmont ‘s acting in good faith and taking or refusing to take or omitting to take action on the Customer’s instructions, and in particular arising directly or indirectly out of the negligence, mistake or misconduct of the Customer;
    3. breach or noncompliance of the Terms and relating to the Gold account; and/or
    4. fraud or dishonesty relating to any transaction by the Customer. Without prejudice to the foregoing, Wishfin shall be under no liability whatsoever to the Customer in respect of any loss or damage arising directly or indirectly out of: (i) Effecting transaction based on instructions received from Customers, (ii) The instruction of a Customer to transfer Gold from his / her gold account to another gold account, (iii) The exercise by Augmont of its right to terminate / exercise the facility/services provided on the Platform, (iv) Any injury to the credit, character and reputation of the Customer due to use of facility/ services on the Platform, (v) Any misstatement, misrepresentation, error or omission in any details disclosed by Wishfin if it receives any process, summons, order, injunction, execution distrait, levy lien, information or notice which Wishfin in good faith believes/ calls into question the Customer’s ability, or the ability of someone purporting to be authorized by the Customer, to make the transfer.
  32. Augmont/Wishfin may, at its option and without liability to the Customer or such other person, decline to allow the Customer to obtain any portion of his gold/ product, or may handover such gold/product over to an appropriate authority and take any other steps required by applicable law.
  33. Disclaimers and limits of liability: Wishfin does not make any representations, recommendations, projections, warranties or guarantees of any kind, either expressed or implied, as to the performance of the Gold/Redeemable Products with respect to future prices or any return on investment.
  34. You acknowledge that Wishfin will not be liable to You or any other person for indirect, consequential, special, incidental, punitive, or exemplary damages, including, without limitation, lost profits, lost savings and lost revenues (collectively, the “excluded damages”), whether or not characterized in negligence, tort, contract, or other theory of liability. In no event will Wishfin or any of its directors, employees total liability to You for all damages, losses, liabilities and causes of action under these Terms and the facility/ services provided by Wishfin collectively exceed total amount paid by You, if any, for access to that particular products or services. The foregoing limitation of liability shall apply to the fullest extent permitted by law in the applicable jurisdiction.
  35. You expressly agree that use of the Platform is at your sole risk. While we/Wishfin will take all reasonable precautions to ensure uninterrupted and error-free operations, your access and use of the Platform is at your sole risk. The service is provided on an “as is” and “as available” basis. Augmont/Wishfin and our licensors, suppliers, vendors, parent, holding, subsidiary and related companies, affiliates, officers, agents and employees expressly disclaim all warranties of any kind, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and non-infringement. In no event shall Augmont/Wishfin be liable for any direct, indirect, incidental, special, punitive, consequential damages, or any damages whatsoever, including, but not limited to, damages for loss of profits, goodwill, use, data, or other intangible losses resulting from:
    1. The use or the inability to use our services or access content,
    2. The cost of procurement of substitute goods and services resulting from transactions entered into through or from the Platform,
    3. The unauthorized access to or alterations of your transmissions or data,
    4. Statements or conduct of any third party on the service, or
    5. Any other matter relating to any service or product offered, delivered or agreed to be delivered, even if Augmont/Wishfin has been advised of the possibility of damages.
  36. You declare that You are an individual not having registration and neither required to take registration under Central Goods and Service Tax Act 2017, State Goods and Service Tax Act 2017, Integrated Goods and Service Tax Act 2017 and Union Territory Goods and Service Tax Act 2017.
  37. You declare that gold You are selling was previously owned by You for personal use.
  38. You declare that You are not an unregistered dealer of gold and silver or any other precious metal ornament or any related product.
  39. If there has been any misrepresentation by You, You would be solely responsible for all types the tax, interest and penalty due to the government at any given point of time.
  40. Except where noted otherwise, the prices displayed for products on the Platform represents the value of the respective product. For certain transactions, you shall bear fees and charges in addition to payment for prices displayed on the Platform. Such additional fees and charges shall be as are stated on the Platform. Please pay attention to the details of your transactions, because your total price for a transaction may include taxes, fees and shipping costs, which you are responsible for paying.