We have two schemes, one year and six month. The one year scheme is for purchasing 999 pure gold coins/pendants with a minimum weight of 4 gm. The price of the gold coin will be the price of the Muthoot Gold coins on the booking date. The tenure of the scheme will be 12 months. Any Individual singly or jointly with another can join in the scheme. At the time of booking, the customer has to remit 16.66% of the total cost of the coin and a onetime payment of 3% as processing charges. The remaining amount has to be remitted in eleven equal monthly advance payments. The actual billing will be done on the due date which is 12 months after joining the scheme. As per rules the customs duty and all other taxes have to be paid based on the price of the billing date. Hence any change in the customs duty and other taxes during the pendency of the scheme have to be remitted by the customer at the time of billing.
The second scheme (Six Month) plans an individual singly or jointly with any other person can join. The customer can ensure to get the coin/bars after 6 months, on booking days price by making the first advance payment being the amount equal to 1/6th of the total amount of the coin/bar. A processing fee of 3% will be charged along with the first advance Minimum 2gm gold coin/bar has to be purchased to become a member of the 6months plan. Premature withdrawal is not allowed to this plan.
Benefits to customer
· Customer is saved from price fluctuations.
· Minimal amount of today helps to make big earning of tomorrow.
*TERMS AND CONDITIONS of One Year Scheme
1. The name of the plan will be Kanaka Vrishty Insta Gold New Scheme. It is for purchasing gold coins/bars/pendants from the first party by paying its price by way of monthly advance payments by the second party.
2. The purchase price of the gold coins/bars/pendants will be paid by the purchaser by way of monthly advance payments.
3. The total numbers of advance payments are limited to twelve. It will be counted from the date of payment of the first advance.
4. First advance will be 16.66% of the total value of gold booked and remaining amount has to be paid in 11 equal monthly advances. A processing fee of 3% of total value will be charged along with the first advance.
5. Premature withdrawal of the amount remitted is not permitted. If the customer wishes to discontinue from the scheme then first advance remitted will become lapsed and gold coin/bar equivalent to the remaining amount will be issued only after completion of scheme period on booking day’s price.
6. The customer has to pay the first advance amount at the time of joining the scheme and the future advance amounts shall be paid on the same day on the succeeding months, failing which the customer shall be deemed to have defaulted the payment. Five days grace period will be allowed to the investor for remitting advance payments. If not remitted within the grace period of 5 days, overdue interest @ Re1 per Rs.1000/- per day will be levied for the number of days delayed from the due date.
7. Final settlement of scheme will not be made in the form of cash, but will be only in the form of Gold coin/bars.
8. For determining the value of the gold coin/bar/pendant under this plan price of Muthoot Gold Coins/Pendants on day of the first advance payment will be taken into account.
9. Change in the category, type and denomination of booked gold is not permitted.
10. Additional discounts/ offers are not applicable for the purchase under this scheme.
11. Any increase/additions in taxes/duties and making charges after joining the scheme, such amount will have to be borne by the customer.
12. Booking price of gold is inclusive of 8% customs duty and 1% VAT which may vary according to the fluctuations in gold price/customs duty or change/addition of any other tax. Subsequent changes in the taxes/duties after booking will be added in the remaining advance payment of the customer / at the time of maturity and the amount has to be remitted by the client.
13. The decisions of the management of M/s Muthoot Precious Metals Corporation shall be final with respect to the scheme. If any dispute arises, the Legal jurisdiction will only be at Ernakulam.
14. The period of this plan, due date of advance payment, final date for payment, maturity date of this plan and the minimum advance amount for each customer is separately attached as payment schedule based on the date of joining and will be treated as a part of this agreement.
15. M/s Muthoot Precious Metals Corporation, reserve all their rights to alter the terms and conditions of this agreement without prior notice to the customer will be bound by the alterations thus made.
16. M/s. MUTHOOT PRECIOUS METALS CORPORATION represented by its ------------Mr.---------------------------------
17. If by the directive of government/regulators the company is forced to stop the scheme, the company will give gold equal to the proportionate amount remitted by the client or the scheme will be continued /closed as per the directive of the government/regulators for which the company will not be responsible.
18. For customers opting for Virtual Account System (VAS) the monthly remittance will be equal to the amount mentioned in the payment schedule. In case of delay in making monthly remittance, penalty amount (as per clause no.6) will be collected at the time of making final invoice, as applicable.
19. The original of this agreement is kept by the first party.