KALPAVRUKSHA EASY PAY PLAN
1. Kalpavruksha Easy 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 hereinbelow;
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 7 th 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 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 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 ,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.