Terms for India

These terms apply to you if you, or the sender or recipient of your payment, are in India. They add to the main Terms.

Regulatory position

• Money entering India is received, converted and paid out only by Indian authorised dealer banks, payment-aggregator (cross-border) licensees or other entities authorised by the Reserve Bank of India. Vaulte is not one of them and does not hold money.
• Payments into India are fiat only. The recipient receives Indian rupees; no crypto-asset is delivered to an Indian recipient.
• Each payment must have a true purpose code and supporting invoice or document. Export receipts are reported by the authorised dealer through the Export Data Processing and Monitoring System; eFIRA, FIRC and eBRC are issued by the bank or the Directorate General of Foreign Trade, not by Vaulte.
• Individuals: remittances out of India follow the Liberalised Remittance Scheme and the limits set under the Foreign Exchange Management Act, 1999 (currently USD 250,000 per financial year); tax collected at source may apply; you must not use another person's limit. We enforce the limits we are told about and may refuse anything above them.

Fees and taxes

Fees exclude Goods and Services Tax, which we add at the rate in force (currently 18% on our service fee) and show on a tax invoice. Where an Indian customer or a customer with Indian operations must deduct tax at source or pay tax on a foreign remittance, that is their responsibility. We issue tax invoices with the particulars the GST law requires and keep copies for the period it specifies.

Electronic records and consent

You agree that these terms are an electronic contract under the Information Technology Act, 2000, valid without a physical signature. You consent to receive communications and statements electronically.

Consumers and complaints

If you are a consumer, nothing in these terms limits your rights under the Consumer Protection Act, 2019, including the right to approach a consumer commission. Complaints: the Grievance Officer. Governing law: the laws of India, with the courts at New Delhi, India having jurisdiction. Disputes with businesses go to arbitration seated in New Delhi as the main Terms provide, and courts at New Delhi have exclusive jurisdiction for court proceedings that the arbitration clause allows or supports.

Records

We keep KYC and transaction records for at least 5 years after the relationship ends, as the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 require, and share them with the Financial Intelligence Unit–India and other authorities as the law requires.