Terms and Conditions
Policy On ‘ Know Your Customer ’ Guidelines And ‘Anti-Money Laundering’ Standards Introduction:
The Reserve Bank of India (“RBI”) has issued Master Direction on Issuance and Operation of Prepaid Payment Instruments (“Direction”) which governs the functioning of the companies issuing prepaid payment instruments (“PPI”). Among other things contained in the Direction, RBI requires adoption of ‘Know Your Customer’ (“KYC”) guidelines - Anti Money Laundering (AML), as defined in the PML Act (defined hereinafter), thereby setting standards for prevention of money laundering activities and corporate practices while dealing with their customers from time to time, by the entities issuing PPI and their agents. These guidelines incorporate the recommendations made by the Financial Action Task Force on anti-money laundering standards and combating financing of terrorism as these are being used as the International Benchmark for framing the stated policies, by the regulatory authorities.
In view of the same, Arsh Credit Fintech Private Limited (Formerly known as VirgosoftIT Services Private Limited) (“Company” or “RFPL”) has adopted a robust policy frame work on KYC and AML measures in line with the prescribed RBI guidelines(“KYC-AML Policy” or this “Policy”). The Company shall adopt all the best practices prescribed by RBI from time to time and shall make appropriate modifications to the Policy, if necessary, to conform to the standards so prescribed. The contents of the Policy shall always be read in tandem/auto- corrected with the changes/modifications which shall be advised by RBI from time to time.
Objective :
The objective of the Policy is to prevent the Company from being used, intentionally or unintentionally, by criminal elements for money laundering activities or terrorist financing activities. KYC procedures shall also enable the Company to know and understand its Customers (defined hereinafter) and its financial dealings better which in turn will help it to manage its risks prudently. Senior Management includes Directors of the Company. Responsibility will be explicitly allocated within the Company for ensuring that the policies and procedures as applicable to Company are implemented effectively.
This Policy includes 7 (seven) key elements:
Applicability
It may be noted that this Policy as stated in this document shall prevail over anything else contained in any other document, process, circular and / or instruction that has been issued by RFPL in this regard and shall be applicable to all verticals and products of the Company, whether existing or rolled out in future.
Arsh Credit – KYC & AML Policy
Strictly Confidential
TERMS AND CONDITIONS
Speedify Payment Private Limited (“Speedify Payment”) is a private company limited building the largest network of its Direct Business Outlets (DBOs). These outlets are equipped with technology and connectivity to provide retail financial services via a one-stop payments solution platform for its end consumers.
In connection therewith, subject to and on the terms and conditions set out herein, Speedify Payment has agreed to provide the Speedify Payment Services (defined hereinafter) to you (the merchant/ the user) and you, hereby, agree to avail the Speedify Payment Services.
By Clicking “I Accept” or “I Agree” on the signup page, or by accessing and using our products and/or services in any way, you agree to be bound by these terms and conditions.
DEFINITIONS
Application means the Application Form, whether physical or digital, submitted by the Merchant and verified and accepted by Speedify Payment for the purpose of availing Digital Seva Kendra’s services.
Customer means any person who contracts with you for purchase of goods and/or services and makes a payment or remittance thereunder.
Direct Business Outlets (DBOs) means the outlets operated by the agents/representatives of Digital Seva Kendra.
Equipment shall mean the equipment specified in the Application as may be provided for/caused to be provided for authorization by Speedify Payment to the Merchant. Equipment does not include Speedify Payment’s systems (embedded and supporting software), confidential documentation or any related and other Intellectual Property Rights supplied by Speedify Payment.
Intellectual Property Rights shall deem to mean and include all copyright, designs, inventions patents, service marks, trademarks (in each case, whether registered or arising at common law, or its overseas equivalent) or applications for any of these, formulations, trade names, business names, inventions, discoveries, trade secrets, know-how, source code, object code, technical information, commercial and financial data and all other industrial or intellectual property rights (whether or not registered).
Merchant means and includes a Direct Business Outlet.
Other Equipment means devices such as android/Sound Box or other cell phones, bluetooth printer etc. that may be sold by Speedify Payment to the Merchant on an outright sale basis as specified in the Application.
Processing Mechanism means the payment mechanism through the internet or such other mode of payment and delivery as may be notified by Speedify Payment from time to time, including but not limited to Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS) and/or UPI (defined hereinafter).
Speedify Payment Gateway means and includes the software, applications and systems of Digital Seva Kendra and or its service providers through which a Valid Charge and payment of the Valid Charge to the Merchant is processed.
Support Services shall mean transaction processing services through Speedify Payment Gateway.
Terms and Conditions for Arsh Credit Wallet usage
Terms and Conditions of "Arsh Credit" Wallet Services provided by Arsh Credit Fintech Pvt. Ltd. (hereinafter referred to as "RFPL") having its registered office at 2nd Floor, DLF Centre, Sansad Marg, New Delhi-110001, India under the license of Reserve Bank of India (RBI) as semi-closed system payment instruments comprising of the "Arsh Credit" Wallet from RFPL.
These 'Terms and Conditions' (defined below) and any attachments or accompanying supplement(s) shall also include the terms and conditions stated on RFPL's website www.speedifypayment.com, governing usage of the PPI ("Arsh Credit Wallet Account") held by you ("You/user/Customer") you hereby agree to abide by these Terms and Conditions and You shall be deemed to have unconditionally agreed to and accepted these terms by performing a transaction with the PPI and shall have complied with all the relevant notifications/ guidelines / circulars issued by the Reserve Bank of India (RBI)/ any other competent authority / statutory or regulatory body/ies governing the issue and use of the PPI. RFPL disclaims all liability on account of any breach by You of the relevant notifications/ guidelines / circulars in force at the relevant time and as may be modified from time to time, governing usage of the PPIs.You understand and agree that RFPL reserves the right to update the Digital Seva Kendra Terms and Conditions from time to time. If these Terms and Conditions are not acceptable, you must not use the PPI.
These terms and conditions are an electronic record in the form of an electronic contract formed under information technology act, 2000 and rules made thereunder and the amended provisions pertaining to electronic documents / records in various statutes as amended by the information technology act, 2000. the same does not require any physical, electronic or digital signature. it is disclosed in compliance with section 21 of payment and settlement systems act, 2007 and as required to be disclosed under policy guidelines on issuance and operation of pre-paid payment instruments in India.
These terms and conditions will be effective upon your acceptance of the same (in electronic form or by means of an electronic record or other means) and will govern the relationship between you and rfpl for the use of the ppi and you unconditionally agree to abide by the same. if any of these terms and conditions conflict with any other document/electronic record in this behalf, these terms and conditions shall prevail, until further changes/ modifications are notified by RFPL.