Terms & Conditions with effect from 14-Jul-23
KALPAVRUKSHA TRUE PAY PLAN
1.
Kalpavruksha
True Pay Plan [“the Plan”] is a plan to enable the Participant
to purchase jewellery from the showroom of Tribhovandas
Bhimji Zaveri Ltd. [“TBZ – The Original” or “TBZ”].
2.
The Plan is an installment
plan. Under the plan, every Participant is required to pay the Monthly Installment [defined herein below] for a period of 10 [ten]
months. During the Plan Period [defined herein below], the Participant cannot
increase/decrease the amount of the Monthly Installment but the Participant may be permitted by
TBZ to open a fresh separate account under the prevailing Plan. The present
terms and conditions shall be applicable to Participants that have enrolled
under the Plan on or after 14-Jul-23.
3.
As per the terms and conditions of the Plan,
3.1.
“Discount” means the percentage discount of one
Monthly Installment, to be availed by the Participant
only upon completion of the Plan by the Participant by consistently depositing the
Monthly Installments on time and in full, in
accordance with the terms and conditions contained herein. The percentage
discount offered shall be calculated on the basis of the number of monthly
instalments paid by the Participant as per the terms specified herein below;
3.2.
“Last Due Date of the Plan Period” shall mean the
last date of the last calendar month in which the Tenth Monthly Installment is due;
3.3.
“Maturity Amount” shall mean the total amount of
the Monthly Installments paid by the Participant and
the amount equal to the Discount subject to the terms and conditions provided herein..
3.4.
“Maturity Date” of the Plan means the 31st [thirty
first] day after payment of the last Monthly Installment,
by the Participant under the Plan, which shall be applicable only after the
Participant making the 5th monthly payment;
3.5.
“Monthly Installment”
means the amount to be paid by the Participant each month, for a period of 10 [ten]
consecutive months to TBZ on the terms and conditions contained herein. This
amount shall not be lower than Rs. 3,000/- [Rupees Three Thousand only] and can
be a higher amount in multiples of Rs. 1,000/- [Rupees One Thousand only];
3.6.
Participant” means any individual who is a citizen
of India and is competent to contract under law;
3.7.
“Plan Period” means the period during which the
Participant is liable to pay the ten Monthly Installments
and one month thereafter.; and
3.8.
“Showroom” or “Showrooms” means the stores owned
and operated by TBZ
Payment
The first Monthly Instalment is payable when the
Participant enrolls under the Plan. The remaining 9 [nine]
Monthly Installments are payable in the 9 [nine]
successive calendar months, any time during the calendar month. For example, if
the Participant enrolls for the Plan on 5th January
2023, then the first installment will be payable
simultaneously with such enrolment i.e., on 5th January, 2023. The next installment
will be payable on or after 1st February,
2023 but on or before the last day of February, 2023. Accordingly, the last
Monthly Instalment, i.e., 10th installment,
shall be payable between 1st and 31st October, 2023. Maturity Date of the Plan will be the 31st day
after such payment of the last Monthly Installment.
The Participant will be required to carry the KP Card ,KP
Terms & condition (Valid for KPs started at Stores) given to the
Participant at the time of making the payment of the monthly installment and any other document that may be indicated by
TBZ or required under law. In the event the customer defaults in making the
payment of a monthly instalment, the payment made thereafter shall first be
applied towards the payment of the month for which the payment has been
defaulted / skipped.
4.
The Monthly Installment
may be paid by cash, cheque (payable at par) in favour of ‘Tribhovandas
Bhimji Zaveri Limited’, National Automated Clearing House (NACH), Credit Card,
Debit Card or online payment on or before the last date of the
each calendar month.
5.
TBZ shall not be responsible for any online payment
failure and money being debited from the customer’s account. In case of any
payment failure, the Participant is requested to check with their banks or
other service providers. It is the responsibility of the Participant to enter
the details properly and correctly. The monthly payments should reach TBZ on or
before the last date of the each calendar month.
6.
If the Monthly Installments
are paid by cheque/ demand draft/ pay order, the same must be dated and
deposited on or before 25th day of each calendar month to be considered as
payment within time. Outstation cheque will be accepted provided the same shall
be payable at par.
7.
In case any cheque is dishonored,
the Participant will be charged an amount in the sum of Rs.200/- [Rupees Two
Hundred only] or actual bank charges, whichever is higher. Under no
circumstances, will a refund will be given by TBZ to
the Participant. TBZ shall not be liable in the event TBZ is unable to inform
the Participant of such dishonor on or before the
last date of a calendar month.
8. Discount
8.1.
Discount shall be calculated on
the basis of the number of months for which a Participant pays the
monthly instalment. The Participant can opt to exit the Plan anytime during the
tenure of the Plan, subject to the terms mentioned herein.
8.2.
No discount shall be offered to a Participant who
opts to exit the Plan before completing 5 [five] months. Discount shall be
offered on an incremental basis after 5 [five] months as per the table below:
|
No. of months for which the Participant pays the
monthly instalment |
Discount being Percentage of one Monthly
Instalment that the Participant shall be entitled to in case of GOLD
JEWELLERY |
Discount being Percentage of one Monthly
Instalment that the Participant shall be entitled to in case of DIAMOND
JEWELLERY |
|
1 month |
Nil |
Nil |
|
2 months |
Nil |
Nil |
|
3 months |
Nil |
Nil |
|
4 months |
Nil |
Nil |
|
5 months |
20% |
30% |
|
6 months |
25% |
40% |
|
7 months |
30% |
50% |
|
8 months |
40% |
65% |
|
9 months |
55% |
85% |
|
10 months |
75% |
110% |
8.3.
A participant shall be eligible for the specified
discount percentage only on timely payment of the monthly instalment for the minimum
number of months required for the corresponding discount amount.
8.4.
During the tenure of the Plan if the Participant,
defaults 1 [one] instalment for the first time, then the Participant shall be
permitted to regularise the same by paying 2 [two] months instalment in the
subsequent month. In case the Participant defaults another time (whether
consecutively or otherwise), then the Participant shall be permitted to
regularise the same by paying skipped months’ instalment in the subsequent
month however, the final discount amount as eligible will be reduced by 35%.
8.5.
IF THE PARTICIPANT DEFAULTS IN PAYING 3 [THREE] OR
MORE INSTALMENTS, WHETHER CONSECUTIVE OR OTHERWISE, THEN THE ENTIRE DISCOUNT
AMOUNT SHALL LAPSE.
8.6.
The Discount percentage category i.e.
Gold Jewellery or Diamond Jewellery can be opted for at the time of redemption
and shall be dependent on the jewellery being purchased by the customer at the
time of redemption. Whether a particular jewellery falls under the Gold
Jewellery category or Diamond Jewellery category, shall be determined by TBZ
and its decision in that regard shall be final.
9.
On
successful completion of the Plan and after the Maturity Date and within TWENTY FIVE days thereafter.
9.1.
The Participant shall be entitled to buy, in a single
transaction, only gold jewellery and/ or diamond/ precious/ semi-precious stone
studded jewellery, from the ready to sell stock, from the showroom(s) of TBZ.
It is clarified that gold coins, gold bars, silver coins, silver bars, silver
jewellery, silver articles, gift vouchers etc. cannot be purchased under the
Plan.
9.2.
It is clarified that the purchase will have to be
by way of a single transaction on the same day. Such purchase shall be equal to
the Maturity Amount provided that if the total purchase value (excluding taxes)
is higher than the Maturity Amount, the Participant shall pay the differential
amount. Under no circumstances will a cash refund be given to the Participant
for any unused Maturity Amount. TBZ does not make any representation or guarantee
that jewellery of the value exactly equivalent to the Maturity Amount will be
available in the showroom of TBZ.
9.3.
Such purchase must be made
within 25 [TWENTY FIVE] days from the Maturity Date.
The Participant shall be required to remain present personally at the time of
making the purchase. After the said period of 25 [twenty
five] days, the Discount shall lapse , the Maturity
Amount shall stand reduced to that extent and the Maturity Amount will then be
equal to the total Monthly Installments paid by the
Participant. Further, it will be deemed that the Participant has agreed to
accept purchase of simple 24kt TBZ gold coin at the selling price of TBZ for
the 24kt TBZ gold prevailing on the next business working day immediately after
expiry of the period of 25 [twenty five] days from the
maturity date plus making charges at Rs.50/gram plus applicable taxes (“TBZ’s
Applicable Price”). Accordingly, the aggregate amounts of the Monthly Installments paid by the Participant will be applied
/appropriated by TBZ for selling 24kt TBZ gold coin/s at TBZ’s Applicable price
and the transaction under this Plan will be completed. The Participant shall
not be entitled to the Discount. Any statutory deduction will be applied by
TBZ. All other applicable provisions relating to the sale of Jewellery under
this Plan shall also apply to sale of 24Kt TBZ gold coin/s.
9.4.
Such sold 24kt TBZ gold coin/s will be held by TBZ
for such participant without any risk on TBZ. The Participant shall be charged
a handling and storage fee of 1% per month of the invoice value plus service
tax and any other taxes as applicable on a pro-rata basis for the duration of
the time that the coin/s remain/s uncollected. In the event the
Participant fails to collect the coin/s or otherwise on or before the expiry of
100 months from the date of purchase and when TBZ has started to hold the coin,
then the Participant shall not be entitled to the gold coin/s or any other product
and TBZ shall be deemed that the Participant has forfeited his / her / their /
its rights.
9.5.
The purchase price of the jewellery shall be TBZ’s
price of the jewellery (which would include price of the gold / diamond,
precious/semi-precious stones, which may be contained in such product, as also
making charges, variable charges, other charges, and all applicable taxes) as
prevailing at the time and on the day the Participant selects and purchases
jewellery.
9.6.
Campaigns/ promotion offers/ benefits/ discounts
offered by TBZ can be combined with/ availed at the time of purchase of jewellery
under the Plan. However, different Plans under the KP Scheme either by the
same Participant or different Participant(s) cannot be merged or combined.
9.7.
TBZ shall not be liable under any circumstances to
pay any interest under the Plan on the installments,
paid by the Participant. Under no circumstances will a cash refund be given to
the Participant in respect of the Maturity Amount.
10. Under
no circumstances, will a refund will be given by TBZ
to the Participant. Further, in the event the participant fails to successfully
make payment of all 10 Monthly Installments
(including voluntary exit from the Plan as set out herein and has not purchased
the jewellery within 56 [fifty six] days from the Last Due Date of the Plan
Period then the Participant agrees, by default to have opted on the 57th
day from the Last Due Date of the Plan Period to accept purchase of simple 24
kt gold coin as per the terms and conditions outlined herein above. TBZ on
behalf of the Participant is authorised to execute and complete the purchase of
the simple 24 kt gold coin as per the terms and conditions outlined herein
above.
11. In the event the Participant
opts to exit the Plan:
11.1.
within 7 [seven] days of the enrollment
and payment of the first Monthly Installment, the
entire first Monthly Installment will be refunded to
the Participant only by NEFT/ RTGS/ Cheque, irrespective of the Participant’s
mode of payment. The Participant is required to provide a written intimation of
such desire to exit from the Plan, to be received by TBZ within 7 [seven] days
of the date of enrollment and payment of the first
Monthly Instalment. Subsequent to the receipt of such
intimation, TBZ will require atleast 7 [seven] working
days to process such refund. In certain cases, TBZ may require more time to
process such refund and the Participant shall not hold TBZ
liable for the same; or
11.2.
after the 7th day of the enrollment
as mentioned herein above but before payment of the third Monthly Installment, then the Participant shall be liable for an
amount in the sum of Rs.500/- [Rupees Five Hundred only] towards administrative
fees along with any tax thereon. The Participant shall not be entitled to the
Discount. The Participant will be able to purchase jewellery only upto the extent of the Monthly Installments
less Rs.500/- [Rupees Five Hundred Only] and any tax thereon deducted towards
administrative fees or jewellery of price higher than the amount of Monthly Installments paid by the Participant subject to payment of
the differential amount. Under no circumstances, will a
refund will be given by TBZ to the Participant; or
11.3.
after payment of the 3rd Monthly Installment but before the payment of minimum five Monthly
Instalments, the Participant shall not be entitled to the Discount and the
Participant will be able to purchase jewellery only upto
the extent of the Monthly Installments paid by the
Participant or jewellery of price higher than the amount
of Monthly Installments paid by the Participant
subject to payment of the differential amount. Under no circumstances, will a refund will be given by TBZ to the Participant.
General
12. In
the event the Participant is desirous of exiting the Plan, either within seven
days of joining of the plan or after seven days of joining and at any point of
time before completion of the plan, the same must be informed in writing to TBZ
by filling up the requisite Plan Exit Form.
13. TBZ
will not be responsible or liable to send reminders in respect of the terms and
conditions of the Plan including but not limited to the payment of Monthly Installments or to buy jewellery at the expiry of Maturity
Date.
14. TBZ
reserves the right to alter, amend, add or delete any
part of the Plan without prior notice to the Participant.
15. TBZ
reserves the right to suspend the Plan at any time, without prior notice to the
Participants. In such event, the Participant shall be eligible to purchase jewellery
for the total amount of Monthly Installments paid by
the Participant. In addition, thereto the Participant will be entitled to a
proportionate Discount on a pro rata basis to the total amount of Monthly Installment paid by the participant.
16. The
liability of TBZ under the Plan, is limited to the total amount of Monthly
Instalments paid by the Participant.
17. The
Participant shall, under no circumstances, be entitled to ask for refund of the
amounts of Monthly Installments paid or any part thereof
except as detailed herein.
18. The
Participant cannot assign and/ or transfer his/her rights and obligations under
the Plan to any other person/s.
19. Every
enrollment of the Participant under the Plan will
have to be operated separately and various enrollments
by the same/ different Participant cannot be merged or combined at the time of
settlement of the Plan.
20. By
enrolling to the Plan, the Participant expressly consents to receiving calls,
text messages and electronic mails, including auto-dialed
and pre-recorded calls, messages and mails, from TBZ,
its affiliates, marketing partners, agents and others who may call or send
messages or electronic mails to the Participant on behalf of TBZ, in connection
with the Plan, at the contact details provided by the Participant to TBZ.
21. The
Participant may make a nomination in favour of one person by providing the
necessary and valid documentation as will be specified by TBZ. In the event of
death of the Participant, the Plan shall stand terminated automatically. The
nominee claiming the balance in any account shall avail the balance only on
submission of adequate identity proof, succession certificate, indemnity
undertaking to indemnify TBZ from claims and any other document required by
TBZ.
22. In
the absence of valid nomination, the legal representative or heirs of the
deceased Participant will be recognized by TBZ, only upon production of
necessary documents viz. the Death Certificate of the deceased, survivorship/
legal heir certificate, NOC from other surviving legal heir(s), Indemnity
undertaking to indemnify TBZ from claims and any other documents required by
TBZ. The same will be forwarded to TBZ’s Solicitors for approval. TBZ will
require atleast 2 [two] weeks to complete the process
set out herein. The entitlement of the legal representative or heirs shall be
the same as that of the Nominee as detailed above.
23. Any
conditions which are explicitly not covered herein above would be at the
discretion of TBZ. The decision of TBZ in this regard shall be final.
24. Disputes
arising out of or in connection with the Plan and the terms and conditions
contained herein, if any, will be subject to the jurisdiction of the Courts in
Mumbai only, to the exclusion of the jurisdiction of any other Court.
25. TBZ
reserves the right to modify/ amend the terms and conditions of the Plan, if so
required, due to any change in the law or any change in the interpretation of
the law or if required by any regulatory authority/ies.
26. Participant
shall provide: (i) a copy of his/her photo
identification proof like Passport/ Driving License/ PAN card/ Voter ID/ UID
Card; and (ii) present address proof like electricity bill or landline
telephone bill or bank passbook of the period not preceding by more than 6
months or UID Card, as required by TBZ, at the time of enrollment
in the Plan for authentication. The Participant states that all documents as
provided by the Participant are true and correct and in the event of any
misrepresentation, TBZ shall have the right to treat the same as a default on
part of the Participant and the terms relating to Termination above shall
apply. Without valid photo identity proof and address proof, enrollment will not be allowed. TBZ will be entitled to
retain a copy of such identity proof and residential proof duly self-attested
by the Participant. In case of any change in the contact/ address details, the
Participant is required to intimate the same to the Showroom within 7 [seven]
days from such change.
27. For
purchase of jewellery as per the Plan, whether after Maturity Date or earlier,
the Participant will have to personally be present at the showroom of TBZ along
with a valid photo identity proof, plan enrollment
card, enrollment counterpart copy and all receipts
for the payment of all Monthly Installments made
under the Plan. TBZ will keep a self-attested copy of such identity proof.
28. THE
PARTICIPANT UNDERSTANDS AND ACCEPTS THAT PURCHASE OF JEWELLERY UNDER THE PLAN
HAS TO BE COMPLETED BEFORE CLOSE OF BUSINESS ON THE 25TH DAY FROM
THE MATURITY DAY OR 56TH DAY FROM THE LAST DUE DATE OF THE PLAN
PERIOD, AS APPLICABLE FAILING WHICH THE PARTICIPANT SHALL ACCEPT SALE OF 24 KT
TBZ GOLD COIN/S BY TBZ TO THE PARTICIPANT AS MENTIONED ABOVE. THE SALE UNDER
THIS PLAN CANNOT AND WILL NOT BE DEFERRED BEYOND THE SAID DAY. IN THE EVENT THE
PARTICIPANT WISHES TO COLLECT SUCH GOLD COIN, A FOUR DAYS
ADVANCE NOTICE IN WRITING MUST BE PROVIDED. THIS GOLD COIN WILL HAVE TO BE
COLLECTED FROM TBZ WITHIN 100 MONTHS.
29. Terms & Conditions
pertaining to Digital Online only:
I.
New Users and already KP users can login /sign up
on the KP online portal.
II.
New users can upload their documents in the
mentioned format and size.
III.
Once the details are entered for the first time users and the first payment is made, verification
shall take place at the nearest convenient store as entered by the
customer.
IV.
Verification shall take 24 - 48 hours from the
store level.
V.
Upon successful verification, the KP shall be
active. The activation date shall be the date of the first payment.
VI.
In event of document rejection, the first payment
made shall be refunded back to the customer within 7-10 working days.
VII.
The customer can make payment via any Credit Card, Debit
Card or Net banking.
VIII.
User shall not be allowed to edit any personal
details from the online portal, he shall have to visit his nearest store or
email the store to edit any detail if required.
IX.
Existing KP customers, can login sign up and choose
any number of months installments and pay any amount
higher or equal to the installment amount.
X.
Upon Non Payment of any installment on time, there shall be a deduction in the
discount amount.
30. All
customers that have enrolled in a KP Plan prior to 14-Jul-23, shall at any time
before the successful completion under that plan and / or at the time of
purchase be entitled to opt for the benefits either under the Plan that they
had enrolled under or under the present Plan. All customers that have enrolled
in a KP Plan prior to 14-Jul-23, who do not complete the purchase as per the
terms and conditions of their enrolled plan shall be governed by the present
Terms and Conditions.
31. I
have read and have been explained by the staff of TBZ. In the event I do not
understand English, I have informed the same to the staff of TBZ, who have
thereafter explained the same to me in the language of my choice. I have
clearly understood the above terms and conditions and agree to abide by the
same.