Terms of Use

Last Updated: 8/6/2025

1. Acceptance of Terms

This document is an electronic record in terms of Information Technology Act, 2000, amendments thereof from time to time and the rules thereunder as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.Please read the terms of use carefully before registering, accessing or using the Karatpay (defined below). The terms and conditions are a legal contract ("Agreement") between You and BNR Precious Metals Private Limited (“Karatpay”) having its registered office at 711, Aurum Mall, 18/22, Sheikh Memon St, opposite Hanuman temple, Zaveri Bazaar, Kalbadevi, Mumbai, Maharashtra 400002. You agree and acknowledge that you have read the terms and conditions set forth below. If you do not agree to these terms and conditions or do not wish to be bound by these terms and conditions, you may not use the Services and/or immediately terminate the Services and/or uninstall the mobile application.We may amend the terms and conditions at any time by posting an updated version at the website and Mobile App (App/Platform). The updated version of the Terms of Service shall take effect immediately upon posting. Your continued use of the App following the posting of changes will mean that You accept and agree to the revisions including additional Terms or removal of portions of these Terms, modifications etc.

2. Definition

“We”, “Us”, “Our” - shall refer to BNR Precious Metals Private Limited. “You”, “Yours”, “Yourself”, “User”- refers to any registered business, registered user of the App, including but not limited to users of services provided by “Karatpay” - The mobile application, hosted by Karatpay/BNR Precious Metals Pvt. Ltd. and for providing services to its users, including its business partners and service providers and also includes any and all Services provided directly or as an intermediary. “Karatpay” - shall include all services extended but not limited to trade and logistics of Bullion.

3. Eligibility

By accessing the Service and Karatpay App You represent that:-

  • You are a business registered with GST/MSME/MCA/ROC
  • You are capable of entering into a contract /legally binding agreement
  • You have the right, authority and capability to enter into this Agreement abiding by all the provisions of the “terms of use”
  • You are not impersonating any person or entity, or falsely stating your affiliation with any person or entity. Karatpay shall reserve the right to terminate your contract to use in case of any incorrect representation of the above-mentioned conditions
  • The mandatory information and valid document details mentioned by you are true & correct and belong to You
  • We will at all times assume (and by using this App you warrant that) you have the legal ability to purchase Bullion and otherwise use this Platform, and are capable of being bound by these Terms and Conditions

4. Registration

In order to use the Services you need to register on the Karatpay App/Platform and provide us with accurate and complete information as required. You are also required to keep your accounts, KYC details and contact information complete and updated at all times.Once you sign-up on App you are entitled to a Karatpay Account. Once registered, certain services may ask you for additional information in order or avail such service and may involve creation of sub-accounts for availing such services.Karatpay Account - An account that you create when you sign-up/register with Karatpay to access the Services, including the following:

  • This account allows you to access the App, browse through the Service, make payment using net banking, UPI or any other mode of payment with or without Payment Gateway for the purchase of bullion
  • The Company may also ask You to provide certain additional information about yourself on a case-to-case basis
  • Access to Karatpay Account enables you to browse through services provided by Karatpay and in order to avail, enroll or use any such Service you may need to additionally register for such services by providing some more information as required under the Terms of Use of such products/services
  • Allows you to share and maintain the Know Your Customer “KYC” details and information for underwriting purposes for other financial and non-financial products available on the App
  • You further agree to the Privacy Policy as applicable for BNR Precious Metals Pvt Ltd entity. In order to avail the Services, you need a mobile, internet or any other supported device that meets the compatibility requirements of accessing the app and the website, which may change from time to time
  • You agree to comply with the provisions of the Prevention of Money Laundering Act, 2002 and undertake to provide true, complete, and updated KYC information as required. The user affirms that funds or assets used on the platform are not derived from or intended for any unlawful activity
  • The services offered on the Platform shall include, but is not limited to the following: (a) facilitating buying of Gold; (b) Transferring your gold to other registered business who have business engagement with You; (c) maintaining a record of Your personal information and financial transactions in a secure and confidential manner; (d) requesting physical delivery of the bullion; (“Platform Services”)
  • The KYC verification shall be undertaken based on the GST Certificate and other relevant documents issued to You
  • We shall verify Your details from the database of the issuing authority
  • GST of 3% is applicable on Bullion Purchase and GST of 18% on other services
  • You agree that You shall not copy, reproduce, sell, redistribute, publish, enter into a database, display, perform, modify, alter, transmit, license, create derivatives from, transfer or in any way exploit any part of any information, content, materials, services available from or through the App/Platform, except that You may download the App for Your commercial use
  • You agree that You will not use the App/Platform in any manner or engage in any activity that may damage, disable or impair or adversely affect the use of the Platform or interfere with any other users’ use, legal rights, or enjoyment of the Platform. Further, You agree not to remove any text, copyright or other proprietary notices contained in the content downloaded from the App/Platform

5. Placing of order

  1. You can purchase Gold on the Platform on a pre-payment basis or as per the terms agreed between BNR and You on a case-to-case basis.
  2. Once the payments are received by BNR Precious Metals Private Limited and the KYC information (if and where applicable) is found acceptable, BNR Precious Metals Private Limited shall issue an invoice to You confirming the Customer Order placed within a period of 5 (five) business days of placing such order, in a manner it may deem fit.
  3. Notwithstanding anything to the contrary contained in these Terms and Conditions, the Company and/or BNR Precious Metals Private Limited shall be entitled to accept or reject the User, for any reason whatsoever, at its sole and exclusive discretion. The money shall be refunded in case of order rejection.
  4. Once the Customer Order is placed, You are not entitled to cancel such a Customer Order; provided however that such Customer Order shall stand cancelled if the payment fails for any reason whatsoever. The Platform and/or BNR Precious Metals Private Limited reserves the right to cancel the Customer Order, at its sole discretion, if Your information provided prior to placing the Customer Order is not found acceptable and the Platform and/or BNR Precious Metals Private Limited is of the opinion that You are not eligible to purchase Gold from BNR Precious Metals Private Limited.
  5. In case of rejection of any of Your Customer Orders, where payments have been received by Karatpay/BNR Precious Metals Private Limited, such payments shall be returned to You in accordance with these Terms of Use or the terms and conditions of BNR Precious Metals Private Limited, as applicable.
  6. The quantity of Gold purchased by You shall be stored with BNR Precious Metals on Your behalf. You hereby authorize BNR Precious Metals Private Limited to store such physical gold products purchased by You pursuant to the Customer Order, including, but not limited to, bullion or coins.
  7. Your purchase of the physical gold corresponding to Your Customer Order shall be deemed completed—and title deemed passed to You—once the relevant portion of the Customer Gold is stored in the vault on Your behalf in accordance with the terms and conditions of BNR Precious Metals Private Limited, until You request direct delivery. Upon completion of a valid transfer initiated by You, the corresponding quantity of metal shall be deemed under the rightful ownership of the transferee.
  8. Security Trustee: The Custodian maintains insurance policy/ies covering losses due to fire, lightning, theft, cyclone, earthquake, flood, etc. Events such as war, revolution, or nuclear radiation are not covered. Any outstanding expenses or charges payable until actual delivery or fulfilment of Your Customer Orders will be disclosed in the terms and conditions of BNR Precious Metals Private Limited.

6. Pricing and Payment policy

  1. Except where noted otherwise, the price displayed on the App/Platform represents the market-linked price of Gold as indicated by BNR Precious Metals Private Limited.
  2. Market linked prices means that these quotes are linked to the prices of gold in the commercial bullion spot market in India. However, it does not indicate that the gold prices displayed on the Platform will always be the same as that of the prevalent prices displayed in other commercial bullion markets. As a purchaser, it is your responsibility to compare the prices and take appropriate decisions after adequate diligence. Notwithstanding the foregoing, you understand that these prices may vary multiple times within a day.
  3. Your payment obligations for any Customer Order depend on the prices displayed at the relevant time.
  4. Payment policy: Payments are accepted through the options made available on the App/Platform, which may include redirection to third-party payment gateways or UPI applications.
  5. At the time of purchase, fulfilment, sale and/or transfer of Gold, relevant taxes will be charged as per government regulations. Detailed payment, delivery, warranty, cancellation and refund terms are subject to the terms and conditions of BNR Precious Metals Private Limited available on Karatpay website.
  6. If there is delay of the payment beyond terms agreed, BNR may deduct the penalty charges and the difference as applicable from price rise, from the margin submitted by you and reserve the right to remove your account from Karatpay and settle the payment between the two parties.

7. Delivery of Gold

  1. For the purposes of making delivery to You, You are required to provide a valid address and authorized person(s) information to BNR Precious Metals Private Limited. If there is any change in the address or authorised persons to take delivery of physical bullion on your behalf, it’s the sole responsibility of Yours to make this information available to BNR Precious Metals. Any issues arising out of delay in providing this information or wrong information, BNR Precious Metals shall not be held responsible.
  2. In the event that Platform and/or BNR Precious Metals Private Limited or it’s third party logistics partner has not been able to contact You or your authorized person(s)during the delivery using the contact information provided by You, BNR Precious Metals Private Limited shall recall the bullion to its office and the charges shall be payable by You for such an event. Further such an event may accompany vaulting charges at BNR for such a number of days and charges as specified by BNR Precious Metals in their terms of business with You.
  3. Metal will only be dispatched from BNR Precious Metals when it is insured.
  4. List of serviceable location - Click here
  5. The bullion requested for delivery shall be delivered to the address provided by you within three (3) working days from the time of request to the delivery locations mentioned above except for the situations wherein the logistics services are hampered by riots, war, strikes, floods, or any other natural or manmade calamity.
  6. Delivery charges as per the agreed terms between both the parties.

8. Insurance

It is strongly recommended to the Users to have their own insurance policy covering possible risks for the metal in transit. For the bullion dispatched by BNR Precious Metals on behalf of the party to their supplier, insurance of either party (sending or receiving) shall be required. In case both the parties do not have their insurance policy(ies), BNR Precious Metals shall cover the risks by levying a charge as notified by them and agreed by the customer at the stage of onboarding with Karatpay. Such charges are subject to change with time of which the User shall be updated.

9. Return, Refund and Cancellation Policy

  1. Once the order is purchased from the app, the order cannot be cancelled without levying penalty charges.
  2. You reserve the right to get the money deposited with BNR Precious Metals refunded, subject to no dues pending with BNR Precious Metals arising out of any orders/deliveries placed or cancelled on their app “Karatpay” or communicated to them over email/whatsapp/any other modes of communication. Such refund shall be processed within 5(five) working days from the date of such request by the User
  3. On delivery of the metal, if bullion is found to be not in confirmation with the invoice and terms agreed between the parties, the recipient shall report immediately to BNR Precious Metals Pvt. Ltd. over email with relevant proof verifying such claim without destroying the bullion in any form. Expenses for such return shall be borne by the customer or BNR as discussed amicably upon validation or refuting of such claim by the recipient.

10. Offers and rewards

From time-to-time Karatpay may run marketing and promotional campaigns wherein it may provide offers which may offer incentive that Karatpay may decide at its discretion. For the purpose of clarity, these Offer(s) shall be subject to certain additional terms and conditions, such as details of such Offer(s), validity etc. You acknowledge that a particular Offer(s) cannot be clubbed with or used in conjunction with any other promotion, discount, vouchers or Offer(s).Karatpay reserves the right to, modify specific terms applicable to each Offer(s) and/or these terms and conditions from time to time or at any time, reject, modify or discontinue, temporarily or permanently, any such Offer(s), with or without prior notice and the decision of Karatpay shall be final and binding in this regard. In such cases, such revision will be updated on the Karatpay application/platform accordingly.

11. Intellectual Property Rights

Intellectual Property Rights for the purpose of this Terms of Use shall always mean and include copyrights whether registered or not, patents including rights of filing patents, trademarks, trade names, trade dresses, house marks, collective marks, associate marks and the right to register them, designs both industrial and layout, geographical indicators, moral rights, broadcasting rights, displaying rights, distribution rights, selling rights, abridged rights, translating rights, reproducing rights, performing rights, communicating rights, adapting rights, circulating rights, protected rights, joint rights, reciprocating rights, infringement rights. All those Intellectual Property rights arising as a result of domain names, internet or any other right available under applicable law shall vest in the domain of Karatpay or BNR Precious Metals Private Limited entity(ies) or associated directors/partners/Key managerial persons etc. as the owner of such domain name. The Parties hereto agree and confirm that no part of any Intellectual Property rights mentioned hereinabove is transferred in the name of User and any intellectual property rights arising as a result of these presents shall also be in the absolute ownership, possession and Our control or control of its licensors, as the case may be.All material on the Karatpay website and mobile application, including images, illustrations, audio clips, and video clips, are protected by copyrights, trademarks, and other intellectual property rights of BNR Precious Metals Private Limited. Material on Websites is solely for Your personal use. You must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by email or other electronic means and whether directly or indirectly and You must not assist any other person to do so. Without the prior written consent of the owner, modification of the materials, use of the materials on any other platform or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited.

12. Termination

You agree that Karatpay at its sole discretion may terminate your contract without prior notice and restrict your access to the App/Platform if determined that You have violated the terms of use and You consent that in case Karatpay suffers losses, not limited to monetary losses, due to Your actions, We can take injunctive relief or any other legal action as deemed necessary within the said circumstances and Karatpay is not liable for any loss to You due to termination.

13. Limitation of Liability

Financial and non-financial transactions performed by You on the Platform are always processed by You or under Your exclusive authorization.In no event will Karatpay be liable for any indirect, consequential, incidental, special or punitive damages, including without limitation damages for loss of profits or revenues, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether in contract, negligence, tort or otherwise, arising from the use of or inability to use the Services, however caused and whether arising in contract, tort, negligence, warranty or otherwise.

14. Indemnification

You shall indemnify and hold harmless Karatpay(BNR Precious Metals Pvt. Ltd.) or its owner, licensee, affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys' fees, made by any third party or penalty imposed due to or arising out of Your breach of this Terms of Use, privacy Policy and other Policies, or Your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.

15. Force Majeure

A Force Majeure Event shall mean any event that is beyond the reasonable control of Karatpay and shall include but not limited to war, riots, fire, flood, acts of God, explosion, strikes, lockouts, slowdowns, prolonged shortage of energy supplies, Pandemic, computer hacking, unauthorized access to computer data and storage devices, computer crashes ,acts of state, governmental, legal or regulatory actions prohibiting or impeding Karatpay Money from performing its respective obligations under the contract.

16. Dispute, Governing Law & Jurisdiction

This Agreement and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with this Terms of Use, including the construction, validity, performance or termination thereunder, shall be governed by and construed in accordance with the laws of the Republic of India. Subject to and without prejudice to the amicable settlement, the courts in Mumbai, Maharashtra shall have exclusive jurisdiction to try and adjudicate all matters arising in connection with your use of the Services or other matters covered herein.

17. Disclaimers

As part of this continual innovation and improvement, we sometimes may add or remove features and functionalities, increase, or decrease limits to our Services, start offering new services or stop offering old ones on our Platform. Such offering can also be due to discontinuation of any service or offering on the Platform by third party service providers or business partners.We may record or monitor Our conversation with you for records and monitoring the quality of our conversations.Any content downloaded or otherwise obtained through the use of our Platform is done at your own discretion and risk, and We cannot confirm that such documents or contents are error or virus free and You understand and acknowledge that you are solely responsible for any damage to your devices, for any loss of data that may result from the download of such contents.Karatpay and third-party partners make no warranty, express or implied regarding the quality of Services including but not limited to:

  • the Services will meet your requirements
  • the Services will be uninterrupted, timely or error free; or
  • any products, information or material obtained by You in connection with the services will meet Your requirements.

Except as expressly provided herein and to the full extent permitted by law, the Services are provided "as is ", "as available " and "with all faults ". All such warranties, representations, conditions, undertakings and terms, whether express or implied, are hereby excluded. It is Your responsibility to evaluate the accuracy, completeness and usefulness of the Services and other information provided by Karatpay or generally available. We do not authorize anyone to make any warranty on our behalf and You should not rely on any such statement.If you have a dispute with other parties, you release Karatpay (and our affiliates and officers, directors, agents, and employees thereof) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes.If you receive any email or communications in the name of Karatpay or its affiliates, you must verify the authenticity of such messages to be coming from the official IDs/numbers which shall be displayed on our website. The domain of Karatpay is ‘karatpay.in’ and any changes in the email ids associated with this domain shall be notified beforehand. The Users are strongly advised to kindly verify the correct credentials of the sender and verify with BNR Precious Metals Pvt. Ltd. official contact details as shared on their platforms.

18. Contact Us

BNR Precious Metals Private Limited 711, Aurum Mall, 18/22, Sheikh Memon St, opposite Hanuman temple, Zaveri Bazaar, Kalbadevi, Mumbai, Maharashtra 400002

Tel: +91-7977020103
Email: support@karatpay.in

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