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Terms and Conditions for Leasing of Gold

For the purpose of enabling You to earn additional gold as interest on the unutilized gold that is accumulated in Your GAP Account, Augmont facilitates leasing of Your gold subject to Your acceptance of the following terms and conditions that are applicable for leasing of gold.

You are aware that the gold accumulated on the Platform shall be leased by Augmont with Jay Jewlers ("Jeweller") and as such upon giving consent for leasing of gold, it shall be deemed to mean that You accept and irrevocably agree to allow and authorize Augmont to lease gold that is being accumulated in Your GAP Account ("Leased Gold").

The terms and conditions for leasing of gold shall be as follows:

  1. For facilitating leasing of the Gold, You hereby authorize Augmont to transfer the gold that is being accumulated in Your Account to the account of the Jeweller.

  2. You shall be entitled to receive Interest at such rate as per the Lease Scheme that is opted by the respective Customer on the Leased Gold from the 1st day of the subsequent month till the Repayment Date (i.e. date of maturity of Lease or date on which Sell-back request is raised by You) or such other date as agreed between the Jeweller and Augmont at their sole discretion. You shall be entitled to receive proportionate Interest till the date on which Sell-back request is raised by You.

  3. In case of any default by the Jeweller to pay the Interest and/or any other dues payable by the Jeweller pursuant to these terms, You understand and acknowledge that Augmont shall in good faith take such actions as it may deem fit to adequately protect Your interests.

  4. You also agree and understand that the Jeweller has the right of repayment of the Leased Gold on or prior to the expiry of the term indicated by Jeweller for a particular Scheme.

  5. You can partially or wholly sell-back any such quantity of Leased Gold and Interest that is accrued thereon (hereinafter referred to as "Repayment Leased Gold") by raising a Sell-back request for such quantity of Repayment Leased Gold that is lying with the Jeweller as per these terms and conditions.

  6. You agree and understand that the Interest on the Leased Gold shall be paid on monthly basis in the relevant grams of Gold which shall be reflected in Your Account on the 1st day of the following month.

  7. In order to secure and safeguard Your interests, the Jeweller shall provide Security against such Leased Gold in favour of Augmont on Your behalf, which shall be enforceable by Augmont in case the Jeweller defaults in making the payment for the principal Leased Gold and the Interest thereon. Security shall mean such security as provided by the Jeweller to Augmont in such form and manner as agreed between them.

  8. The Jeweller shall be solely liable for the Leased Gold from the leased date. The liability of the Jeweller shall subsist until the Repayment Date or the date on which the Jeweller undertakes to make the repayment towards the principal Leased Gold and Interest thereon in entirety to You, whichever is earlier.

  9. You agree and understand that Augmont is merely a facilitator, facilitating the lease of the Leased Gold between You and the Jeweller. You shall be solely responsible for undertaking appropriate and effective analysis before undertaking any lease of gold with the Jeweller pursuant to the Lease Scheme and Terms and Conditions for Leasing.

  10. You further acknowledge and agree that Augmont, its affiliates and their respective officers, directors, employees and agents shall have no liability to You or any other person for Your Leased Gold or other decisions in relation thereto.

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