Foreign Outward Remittance through the Jupiter Mobile banking app
Terms and Conditions
These terms and conditions of use (“Terms”) govern the access and use of the Foreign Outward Remittance Feature (“Service”) on the mobile application (“Jupiter App”) of Amica Financial Technologies Private Limited (“Jupiter”). Please read these Terms carefully before accepting. By accepting these Terms, You agree that You have read, understood, acknowledged and accepted the Terms to access and avail the Services. The Service enables You to remit money/ funds outside India, in accordance with the Liberalised Remittance Scheme (“LRS”) of the Reserve Bank of India (“RBI”). For the purposes of providing the Service to you, we partner with Fairex Asia Limited (“Fairexpay”). Fairex Asia Limited have further arrangement with different AD 1 and AD 2 Banks/Financial Institutions in India (“Partner Banks”) (Collectively “Partners”).
In these Terms, wherever the context so requires, ‘You’ or ‘Your’ or ‘User’ shall mean any natural person who has already signed up on the Jupiter App and intends to avail the Services. Further, wherever the context so requires, ‘We’, ‘Us’ or ‘Company’ shall mean Amica Financial Technologies Private Limited, a company registered under the Companies Act, 2013.
This document is an electronic record in terms of the Information Technology Act, 2000 (“IT Act”), the rules made thereunder as applicable, and the provisions pertaining to electronic records in various statutes as amended by the IT Act. This electronic record is generated by a computer system and does not require any physical or digital signatures.
- You understand you are eligible to avail the Service under these Terms:
- If you are a person resident in India under the Income Tax Act, 1961;
- full KYC has been completed;
- you are an individual resident in India as defined in Foreign Exchange Management Act, 1999 (“FEMA”), and eligible to draw foreign exchange under the LRS;
- The total amount of foreign exchange to be remitted by you from all sources, including any remittances made by availing this Service, shall not exceed USD 250,000 during a financial year starting from April 1 and ending on March 31;
- The beneficiary (that is the person to whom the remittance will be made by you by availing this Service) (“Beneficiary”) is a person Resident outside India or an entity incorporated outside India as defined under the applicable law.
- The remittance made by you under this Service does not and will not constitute a transaction listed in Schedule I, Schedule II or Schedule III of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time.
- You comply and continue to comply with all provisions of Applicable Law, in including the Act, the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and any other rules, regulations, notifications thereunder. Please note that neither Jupiter nor its Partners are liable for this compliance and it is your sole responsibility to comply with the Act and rules thereunder.
- In the event, you fail to adhere to any of the conditions set out above, you shall be liable to not avail of the Services and you must inform Jupiter at the earliest that you do not comply with the above conditions.
- In the event you proceed to avail the Service without complying with all the above mentioned conditions, you shall be liable for any penal action that may be taken by any regulatory authority under Applicable Laws, including the Act. Further, the Partner Banks may report the same to the RBI.
- In the event you fail to adhere to the above undertaking, Jupiter or the Partner Bank shall be entitled to suspend your provision of the Service with immediate effect without notice, and neither Jupiter or the Partners, or its agents, affiliates, employees, directors or representatives, shall be liable for any (a) lost profits, loss of goodwill or opportunity, or special, indirect, incidental, punitive, or consequential damages of any kind whatsoever; (b) matter beyond its or their reasonable control, even if Jupiter or its agents, affiliates, employees, directors or representatives has been advised of the possibility of any of the aforementioned damages.
- By availing the Service, you understand and acknowledge that you shall also abide by the Terms, and shall provide all information as requested by the Partners in order to provide you the Service, including the PAN number and any other information required for know your customer purposes.
- You agree and acknowledge that it shall be your responsibility to provide the information as required to avail the Service and neither Jupiter nor its Partners will be liable for any mistake or error made by you in providing the information. You shall also be responsible to enter the details of the Beneficiary, including the details related to the (a) bank of the Beneficiary, (b) bank account number of the Beneficiary and (c) intermediary bank. You agree that neither Jupiter or its Partners will be liable to verify the information provided by you and shall not be liable if any remittance initiated by you is made to a wrong account due you to the incorrect information provided by you.
- Jupiter along with the Partners, allows you to make the remittance on the Jupiter App, that is subject to the limits as displayed to you over the Jupiter App or as informed to you time to time through any communication means. You understand and agree that these limits may change at the sole discretion of Jupiter along with the Partners.
- The time taken and mode of remittance made by the Partners to process the transaction made by you shall be subject to the Partner’s internal policies and applicable laws.
- The remittance made by you shall be subject to the foreign exchange rates that are prevailing in the market at any given point of time plus markup (“Fx Rates”). Please note that the Fx Rates are subject to change, and the Fx Rate that was displayed on the Jupiter App at the time of initiating the remittance request may differ than the final Fx Rate that will be charged for making the remittance. Jupiter and the Partners disclaim all liability in relation to any loss suffered by you due to this change in the Fx Rate. Please note that all remittances are initiated in the INR currency.
- Jupiter and/ or the Partners reserve the right to reject the remittance request made by you, if at any time, Jupiter and/ or the Partners (as applicable) are of the view that you are no longer in compliance with the Act and rules thereunder, or in the event there is any incorrect or incomplete information shared by you or if there are insufficient funds in your Jupiter account or any other such reason at the sole discretion of Jupiter and/ or the Bank (as applicable).
- Jupiter and the Partners provide this service to you subject to the payment of the commission and charges as displayed on your Jupiter App. Commission and charges are subject to applicable taxes.
- You agree and allow Jupiter and/or the Partners (as applicable) to debit your account maintained on the Jupiter App, after the remittance request initiated by you has been processed.
- It shall be your responsibility to ensure that at the time of availing this Service, your account with Jupiter has sufficient balance to process the remittance.
- You hereby agree and acknowledge that any remittance made by you shall also be subject to any further charges/ deductions made by foreign banks who process tour remittance as per applicable rules and regulations of the respective country and/ or bank, and therefore the final amount received by the Beneficiary may differ. It is your responsibility to check the applicable charges charged/ deductions prior to making the remittance and keep adequate margin in the amount of remittance to ensure the required amount reaches the Beneficiary. Neither Jupiter nor its Partners will be liable for any such charges and have no control over such charges.
- Jupiter, its Partners and or its agents, affiliates, employees, directors or representatives, shall not be liable for any delay by third parties, including foreign banks, to process the remittance.
- You hereby confirm and undertake that the above foreign outward remittance being requested by you are in full compliance with applicable laws. You agree and acknowledge that Jupiter and its Partners are providing you the Service on a good faith basis.
- You shall be solely and absolutely responsible for the confidentiality of the account credentials which includes, but not limited to, customer id, password etc. and will be fully responsible for all transactions processed through the customer's credentials, including any unauthorized use or misuse of such account credentials by entities other than the customer. You agree and acknowledge that Jupiter and its Partners, will not be held responsible for any such loss and you shall undertake to indemnify Jupiter, its Partners and or its agents, affiliates, employees, directors or representatives against any liability, claims, damages etc. on account of such unauthorized use or misuse of your account.
- Jupiter and its Partners shall endeavour to ensure that alerts are communicated to you for the actions / transactions initiated by you while availing this Service. However, you agree that Jupiter, its Partners and or its agents, affiliates, employees, directors or representatives will not be held responsible or liable for any costs, loss, damage etc. due to delay in dispatch of non-dispatch of such alerts (or) delayed receipt or non-receipt of such alerts for whatsoever reason.
- Jupiter may, to the maximum extent permitted by law and in its sole discretion, change, modify any of the Terms without intimating the user.
- These Terms shall be governed by and construed in accordance with the laws of India.
- The Partners and/ or Jupiter (as applicable) may disclose the information of your transactions if required or permitted by any applicable law, rule or regulations or at the request of any public or regulatory authority or if such disclosure is required for the purposes of preventing fraud, without requiring your specific consent.
- You agree that, in the event of the transfer getting delayed or withheld at the foreign bank(s), for any reason whatsoever, you shall have no claim against Jupiter and/or Partners for such delay or withholding of funds including but not limited to delay in the receipt of the remittance at the beneficiary end, rejection of credits by the beneficiary’s bank, transaction not traceable post execution of the remittance. All the activities under these Terms are done on the best effort basis.
- In case of transaction reversals/returns by the beneficiary bank, Jupiter and/or Partners shall have the right to credit the funds back to your account after deducting any applicable return/processing charges including correspondent bank charges. Further, you understand and consent that Jupiter can share your bank details including transactional details with the Partners to this effect.
- Jupiter reserves the right to add, alter, vary and modify any or all of the above Terms at any time at its discretion without any notice.
- These Terms are subject to Indian law and you hereby submit to the exclusive jurisdiction of the courts of Mumbai in India.