TERMS OF USE
INTRODUCTION
THIS DOCUMENT IS AN ELECTRONIC RECORD AS PER THE TERMS OF THE INFORMATION TECHNOLOGY ACT, 2000 AND RULES MADE THEREUNDER AS APPLICABLE AND THE PROVISIONS PERTAINING TO ELECTRONIC RECORDS IN VARIOUS STATUTES AS AMENDED BY THE INFORMATION TECHNOLOGY ACT, 2000 TIME TO TIME. THIS ELECTRONIC RECORD IS GENERATED BY A COMPUTER SYSTEM AND DOES NOT REQUIRE ANY PHYSICAL OR DIGITAL SIGNATURES.
THIS DOCUMENT IS PUBLISHED IN ACCORDANCE WITH THE PROVISIONS OF RULE 3(1) OF THE INFORMATION TECHNOLOGY (INTERMEDIARIES GUIDELINES) RULES, 2011 WHICH REQUIRES PUBLISHING THE RULES AND REGULATIONS, PRIVACY POLICY, AND TERMS OF USE FOR ACCESS OR USAGE OF THE PLATFORM.
TERMS OF USE
Caratone Technologies Private Limited (“We”, “Us”, “Company” or “Caratone”), a private limited company incorporated under the Companies Act, 2013 with its registered office at, provides the services to its Users (as defined hereafter) related to purchasing, selling, safekeeping, vaulting, delivery, fulfillment of gold, including digital gold, backed by gold bullions and coins with purity as mentioned, and related services to the Customers, on or through the Platform (as defined hereafter) (“Services”).
These terms and conditions (“Terms of Use” or “Terms”) set out the terms on which the users or customers including but not limited to any individual entering into transactions using the Platform (as defined hereafter) or any other buyer or seller as may be stipulated in these Terms (“You” or “Your” or “User”) can access and register on the website https://www.caratone.app including its mobile application – Caratone, collectively the platform (“Platform”) operated and managed by Caratone.
These Terms of Use must be read in conjunction with our Privacy Policy accessible at:
Privacy Policy.
These Terms of Use are applicable to any person accessing the Platform. By accessing the Platform You indicate that You have read, understood and unequivocally agree to be bound by these Terms of Use, the Privacy Policy and any other policies of Caratone or that may be communicated to You from time to time. Caratone reserves all rights in, or pertaining to the Platform, that are not expressly enumerated in these Terms of Use.
You understand that the Gold is being offered for purchase by Caratone, and the User can also sell the Gold through the Platform. As per these Terms of Use, the Gold purchased by You will be accounted in a customer account maintained by Caratone and the corresponding quantity of Gold in physical form will be stored with Brink’s India Pvt. Limited (“Custodian”). Caratone has appointed an administrator, Vistra Corporate Services (India) Private Limited (“Trustee Administrator”) in order to safeguard Your interest. You agree to the appointment of such Trustee Administrator and the Custodian and accede to the terms for such arrangement with the Trustee Administrator. The Trustee Administrator shall be responsible for monitoring the physical Gold held on Your behalf with the Custodian.
You are advised to read this Terms of Use and the Privacy Policy carefully before registering on the Platform or accessing any material and/or information through the Platform. The Company retains an unconditional right to modify or amend this Terms of Use, without any requirement to notify You of the same. It shall be Your responsibility to check this Terms of Use periodically for changes.
1. DEFINITIONS
For the purposes of these Terms of Use, the following definitions apply:
Business Day: means any day other than a Saturday, Sunday, or public holiday in India.
Customer Account: means the account opened by You on the Platform for the purpose of transacting in digital gold and accessing related services.
Customer Request: means any Delivery Request, Sale Request, Exchange Request, or Transfer Request submitted by You through the Platform.
Currency Value: means the Indian Rupee value at which Precious Metal is offered for purchase or sale-back on the Platform at any given time.
Delivery Request: means a request submitted by You for physical delivery of Precious Metal.
DGIPL / SafeGold: means Digital Gold India Private Limited, the entity that provides Digital Gold services including purchase, sale-back, vaulting, and delivery services under the brand name "SafeGold".
Final Claim Period: means a period of three years during which unclaimed sale proceeds are held in a Trustee-administered bank account before being transferred to Prime Minister’s Relief Fund or any other designated fund.
Final Sale Proceeds: means the proceeds from the sale of Your Precious Metal holdings, net of applicable storage charges, fees, and taxes.
Grace Period: means the one-year period following the expiry of the Maximum Storage Period during which DGIPL will attempt to contact You to arrange delivery or provide bank details for sale proceeds.
Maximum Storage Period: means the maximum period for which Precious Metal may be stored in the vault, as notified on the Platform from time to time.
Payment Instrument: means the payment methods accepted on the Platform, including but not limited to UPI, credit cards, debit cards, net banking, and other digital payment methods.
Precious Metal: means gold, including digital gold, backed by gold bullions and coins with purity as mentioned, meeting the purity standards displayed on the Platform.
Return Request: means a request to return delivered Precious Metal due to tampering or other valid grounds.
Trustee Administrator: means the entity appointed to monitor Customer Precious Metal holdings and enforce charges to protect customer interests.
Threshold Quantity: means the minimum quantity of Precious Metal required for physical delivery, as notified on the Platform.
2. ELIGIBILITY
a.) Age and Competence
Use of the Platform and/or the Services is available only to persons who can enter into legally binding contracts under the Indian Contract Act, 1872, and to a person resident in India. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872 including minors, un-discharged insolvents, and persons of unsound mind are not eligible to use the Platform or the Services. Caratone reserves the right to terminate any person's membership and/or refuse to provide such person with access to the Platform and/or any Services if it is brought | to Caratone's notice or if it is discovered that such person is not eligible to use the Platform and/or any Service.
b.) Parental Responsibility
If You are the parent or guardian of a child under 18 years of age, by registering/by creating an account or profile on the Platform, You provide Your consent to Your child's registration and You agree to be bound by these Terms of Use and the Privacy Policy in respect of their use of our Platform, failing which the User should not access the Platform for any reason whatsoever.
c.) Verification and Termination
The Company reserves the right to verify Your eligibility at any time and may terminate or refuse access to any User who is found to be ineligible or who provides false or misleading information.
d.) Tax Declaration
Further, by using the Platform, You confirm that You are not registered under any applicable Goods and Services Tax Act, 2017 and that if, in the course of Your relationship with our Caratone. You become registered under the applicable Goods and Services Tax Act, 2017. You shall inform Us of Your change in status immediately, and no later than 24 hours of such change, and provide any relevant information and documents, as may be requested by Us. The Company shall not be liable for any actions pursuant to change of Your status on registration under the applicable Goods and Services Tax Act, 2017 and rules made thereunder. If necessary. You shall seek independent tax advice, and these Terms of Use do not constitute any investment and/or tax advice to You.
3. REGISTRATION
a.) Registration
The Services are available to only those who have subscribed to the Platform by registering and creating account with Us. You can register to the Platform by providing Your personal information including name, age, gender and registered mobile number. The registration will be validated by sending one time password (OTP) to registered mobile number. We may also ask You for certain financial information, including Your billing address, bank account details, or other payment related details or other payment method data, and debit instructions or other standing instructions to process payments for the Platform Services (as defined below).
b.) KYC Requirements
The Company may verify Your KYC information through third-party KYC service providers, government databases, and other verification mechanisms. Such KYC verification may be conducted via PAN, e-PAN, Form 60, and verification through issuing authorities or DigiLocker.
c.) Suspension of Account
You agree to: (a) provide correct details when prompted on the Platform and failure to do so may invalidate Your request to use Services; (b) authorise the Platform and the Company to retain the information shared by You for the purpose of using the Platform and/or accessing the Services and for any marketing campaign undertaken by the Company and/or third party service providers; and (c) by giving Your details. You agree to abide by these Terms and the Privacy Policy. Also, by registering. You agree that You will not allow others to use Your account and that You are fully responsible for all activities that occur under Your account.
d.)
We may assume that any communications we receive under Your account have been made by You. By providing such personal information, You consent to receive all information, communication and instructions relating to the Platform, the Services offered by the Platform and/or third-party service providers, and for availing special offers and promotional benefits. You shall solely be responsible for the appropriate use of the same. You shall immediately notify the Company of any unauthorized use / breach of Your password or account and ensure that You exit from Your account at the end of each session.
e.)
The Company reserves the right to refuse service, terminate accounts, remove or edit content, or cancel orders in their sole and absolute discretion. The Company cannot and will not be liable for any loss or damage arising from Your failure to comply with these Terms and Conditions. You may be held liable for losses incurred by the Company or any other user of or visitor to the Platform due to authorized or unauthorized use of Your Account as a result of Your failure in keeping Your Account information secure and confidential.
4. USER OBLIGATIONS
a.) Account Security
You must keep Your login credentials, passwords, and other account access information confidential and secure. You must notify Caratone promptly of any unauthorised use of Your account. You are liable for all activities conducted under Your account, whether authorised by You or not.
b.) Accuracy of Information
You must provide complete, accurate, and up-to-date information during registration and throughout Your use of the Platform. The Company may suspend Your account if inaccuracies are discovered.
c.) Lawful Use
You must not engage in any prohibited conduct, including but not limited to hacking, infringement of intellectual property rights, uploading unlawful content, or using the Platform for any illegal purpose. You must comply with all applicable laws and regulations.
d.) Payment Information Security
You must not share payment information, including UPI PINs, OTPs, CVVs, card details or any other sensitive payment credentials, with any person. The Company and its payment partners are not liable for fraud or loss resulting from Your disclosure of such information.
5. PURCHASE OF DIGITAL GOLD
a.) Minimum Purchase
You may place an order to purchase Precious Metal at the Currency Value or market-linked price displayed on the Platform at the time of Your order.
b.) Pricing
Prices for Precious Metal vary intra-day based on market conditions and are not guaranteed to match any particular market benchmark. The price applicable to Your order is the price displayed at the time Your order is confirmed.
c.) Payments
Payments must be made through supported Payment Instruments via authorised payment gateways. All applicable taxes, including GST, will be charged in accordance with applicable law.
d.) Order Cancellation
Orders are generally non-cancellable once placed. If payment fails for any reason, the order will be automatically cancelled. The Company reserves the right to accept or reject any order at its sole discretion.
e.) Refunds
If an order is rejected by the Company and/or DGIPL, if applicable, an order, any payments received will be refunded to Your linked bank account within a reasonable timeframe.
f.) Invoice
An invoice will typically be issued within [insert number of days] Business Days following successful payment and acceptance of Your KYC documentation.
6. TITLE, VAULTING AND INSURANCE
a.) Allocation and Purity
Upon confirmation of a valid order, the Precious Metal purchased is allocated and held with the Custodian on Your behalf. All gold meets a minimum purity standard of 99.5% (and may be 99.5%, 99.9%, or 99.99% as specified).
b.) Title Transfer
Beneficial ownership and title to the Precious Metal are deemed to transfer to You upon vault allocation and issuance of the final invoice, subject to applicable laws.
c.) Insurance
The Custodian maintains insurance coverage consistent with global industry practices, including coverage for fire, theft, and natural perils. Certain exclusions apply, including but not limited to war, nuclear events, and acts of terrorism.
7. STORAGE CHARGES AND UNCLAIMED PROCEEDS
a.) Free Storage Period
Free storage is provided for a period as notified on the Platform (typically five years from the date of purchase).
b.) Post-Free Period Charges
After the expiry of the free storage period, storage charges may be levied. Such charges will be deducted from Your Precious Metal balance on a monthly basis. If Your Precious Metal balance is insufficient to cover storage charges, DGIPL may sell a portion of Your holdings to recover unpaid charges.
c.) Maximum Storage Period
The Company and/or DGIPL may establish a Maximum Storage Period for holdings. Upon expiry of the Maximum Storage Period, a one-year Grace Period will commence, provided that such period may be changed from time to time as notified on the Platform. During the Grace Period, the Company and/or DGIPL will attempt to contact You at least once using the contact information on file to arrange for physical delivery or to obtain bank account details for remittance of sale proceeds.
d.) Final Sale and Claim Period
If You are unreachable during the Grace Period or fail to respond, DGIPL may purchase Your Precious Metal holdings at the prevailing displayed purchase price. The Final Sale Proceeds (after deduction of applicable storage charges, fees, and taxes) will be deposited in a bank account administered by the Trustee Administrator for a three-year Final Claim Period.
e.) Unclaimed Proceeds
If Final Sale Proceeds remain unclaimed at the end of the Final Claim Period, such amounts may be transferred to the Prime Minister's Relief Fund or other fund designated by DGIPL or as required by law.
8. PHYSICAL DELIVERY
a.) Delivery Request
You may place a Delivery Request for physical delivery of Precious Metal. Applicable minting charges, delivery charges, and taxes must be paid at the time of the request. Your Customer Account will be debited provisionally upon submission of the Delivery Request.
b.) Threshold Quantity
Physical delivery is only available for holdings that meet or exceed the Threshold Quantity as notified on the Platform. Fractional amounts below the Threshold Quantity will be sold at prevailing rates, and the proceeds will be credited to Your bank account.
c.) Delivery Timeline
DGIPL will endeavour to deliver the Precious Metal within seven Business Days (or such other period as notified) to the delivery address You provide.
d.) Address Changes
Address changes are generally not permitted after a Delivery Request has been processed. Limited pre-shipment address changes may be allowed where offered on the Platform.
e.) Identity and Address Proof
You may be required to provide valid identity and address proof at the time of delivery.
f.) Inspection and Tamper Evidence
You must inspect packages upon delivery and record any evidence of tampering. You must promptly raise a Return Request if tampering is detected. Valid Return Requests due to tampering will result in re-delivery within a stipulated period (typically 14 Business Days). Frivolous or repeated Return Requests may lead to blacklisting from future deliveries.
g.) Failed Delivery
If You are not available at the delivery address, re-delivery attempts may be made. If delivery ultimately fails and the package is returned to DGIPL with intact packaging, Your account will be credited with the Precious Metal net of applicable charges. Re-delivery charges will be borne by You.
9. SALE-BACK OF DIGITAL GOLD
a.) Sale-Back Facility
You may sell Your Precious Metal holdings back during market hours at the displayed sell price on the Platform. The sale-back service is provided on a best-efforts basis and is only available when the bullion market is operational. Buyers may include DGIPL or third-party purchasers. The Company and/or DGIPL is not liable for the actions or omissions of third-party purchasers.
a.) Settlement
Sale proceeds are typically remitted to Your linked bank account within two Business Days, or such reasonable additional time as may be required. You are responsible for ensuring the accuracy of Your bank account details. The Company and/or DGIPL is not liable for delays or losses resulting from errors in Your bank details.
10. TRANSFERS, GIFTS AND SPECIAL FEATURES
a.) Gift and Transfer Features
The Company and/or DGIPL may offer features that allow You to gift or transfer Precious Metal to other users. Such transfers and gifts are final and irrevocable once accepted by the recipient. If a gift or transfer is not accepted by the recipient within the prescribed time period, it may revert to Your account.
b.) Jewellery Exchange
The Company and/or DGIPL may offer the ability to exchange Precious Metal for jewellery with designated partners. Additional charges for jewellery making, design, and delivery are borne by You. DGIPL may reject non-compliant exchange requests.
11. FRAUD MANAGEMENT AND SECURITY
a.) Liability for Fraud
The Company and DGIPL and their payment partners are not liable for fraud, unauthorised transactions, or losses resulting from Your disclosure of payment information.
b.) Suspected Fraudulent Activity
If the Company and/or DGIPL suspects fraudulent activity on Your account, it may conduct KYC re-checks, freeze Your account, reverse transactions (including by selling Precious Metal at the prevailing rate), and share Your details with law enforcement and regulatory authorities. The Company and/or DGIPL is not obligated to reverse transactions where the fraudulent user has already sold the Precious Metal or taken physical delivery.
12. FEES, CHARGES AND CURRENCY
a.) Fees
You are liable for all platform fees, service fees, transaction charges, minting charges, delivery charges, storage charges, and other fees disclosed on the Platform. All fees are subject to revision upon notice and are non-refundable unless otherwise specified.
b.) Currency
All payments and transactions on the Platform are denominated in Indian Rupees (INR).
13. TAXES AND GST
a.) Applicable Taxes
All applicable taxes, including Goods and Services Tax (GST), will be charged on purchases, sale-backs, deliveries, transfers, and other transactions in accordance with applicable law. You are responsible for all taxes and duties applicable to Your transactions beyond those that the Company and/or DGIPL is required to collect and remit under law.
a.) GST Status Declaration
You may be required to declare that You are not registered under the GST Act. If Your GST registration status changes, You must promptly notify DGIPL and provide supporting documents upon request.
14. MODIFICATION, SUSPENSION AND TERMINATION
a.) Modification and Suspension
DGIPL may modify, suspend, or terminate Your access to the Platform and Services for any reason, including but not limited to unlawful use, KYC issues, suspected fraud, or breach of these Terms.
b.) Events of Default
In the event of DGIPL’s insolvency, winding up, or other Events of Default, the Trustee will initiate processes to notify customers and settle balances. Holdings below 1 gram may be sold and proceeds remitted and holdings above 1 gram may be delivered. Unclaimed proceeds will be held in escrow for one year and thereafter transferred to the Prime Minister’s Relief Fund if unclaimed.
c.) Effect of Termination
Upon termination of Your account, Your account may be deactivated and Your information may be deleted, except as required by law or for legitimate business purposes. The provisions relating to disclaimers, limitation of liability, indemnity, and governing law will survive termination.
15. DISPUTE RESOLUTION, GOVERNING LAW AND GRIEVANCE
a.) Dispute Resolution
These Terms and Your use of the Platform are governed by the laws of India. The courts at Mumbai, India, shall have exclusive jurisdiction over any disputes arising out of or relating to these Terms or Your use of the Platform.
b.) Arbitration
Any dispute, controversy, or claim arising out of or relating to these Terms, or the breach, termination, or invalidity thereof, shall be settled by arbitration in accordance with the Arbitration and Conciliation Act, 1996. The arbitration shall be conducted by a sole arbitrator appointed by mutual agreement, and the seat of arbitration shall be Lucknow, Uttar Pradesh India.
c.) Grievance Officer
In accordance with the Information Technology Act, 2000, and the rules made thereunder, the Company has appointed a Grievance Officer. The contact details of the Grievance Officer are published on the Platform. Complaints and grievances will be addressed in accordance with applicable law.
16. LIABILITY, WARRANTIES AND INDEMNITY
a.) No Guaranteed Returns
The Company and/or DGIPL do not guarantee any returns or assured returns on Precious Metal. Pricing is not guaranteed and is subject to market fluctuations. You bear full responsibility for conducting Your own due diligence before transacting.
b.) Disclaimer of Warranties
DGIPL disclaims all warranties, express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, and non-infringement. DGIPL does not warrant that the Platform will be error-free, secure, or uninterrupted.
c.) Limitation of Liability
To the maximum extent permitted by law, the Company shall not be liable for any special, indirect, incidental, consequential, or punitive damages, including but not limited to loss of profits, data, or goodwill, arising out of or relating to Your use of the Platform or Services.
d.) Indemnity
You agree to indemnify, defend, and hold harmless DGIPL, Caratone, and their respective officers, directors, employees, and agents from and against any and all claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or relating to Your breach of these Terms, Your negligence or wilful misconduct, or Your unlawful use of the Platform or Services.
17. DATA, CONFIDENTIALITY AND INTELLECTUAL PROPERTY
a.) Data Collection and Sharing
DGIPL may collect, store, transmit, and share Your data solely for the purpose of providing the Services and as required to fulfil its obligations to the Trustee Administrator, subject to confidentiality obligations and applicable data protection laws.
b.) Intellectual Property
DGIPL and Caratone own all intellectual property rights in the Platform, including but not limited to trademarks, logos, content, software, and design. You must not copy, modify, distribute, or create derivative works based on the Platform or its content. Infringements may result in legal action.
18. FORCE MAJEURE
DGIPL and the Trustee are discharged from performance of their obligations during Force Majeure events, including but not limited to pandemics, epidemics, natural disasters, acts of God, war, terrorism, civil unrest, cyber incidents, government orders, and regulatory changes. Non-performance during Force Majeure is not a breach of these Terms.
19. GENERAL PROVISIONS
a.) Assignment
The Company and/or DGIPL may assign, transfer, or delegate its rights and obligations under these Terms without Your consent. You may not assign Your rights or obligations without Caratone’s prior written consent.
b.) Severability
If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.
c.) Waiver
No waiver of any provision of these Terms shall be deemed a further or continuing waiver of such provision or any other provision. Caratone’s failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.
20. COMPLIANCE WITH LAWS
You must comply with all applicable laws and regulations including but not limited to anti-money laundering (AML), counter-financing of terrorism (CFT), and other statutory requirements. DGIPL may report unlawful use or suspicious activities to relevant authorities.
21. CONTACT INFORMATION
For questions, complaints, or grievances, please contact our Grievance Officer at the contact details published on the Platform in accordance with the Information Technology Act, 2000, and the rules made thereunder.
Grievance Officer:
Ashutosh Singh,
caratonetechnologies@gmail.com
+91-8299040563
1/220, SECTOR-1, GOMTI NAGAR VISTAR, Gomti Nagar, Lucknow, Uttar Pradesh - 226010
Response timeline: 4-5 working days.
