Remittances
Last updated on September 15, 2023
Introduction
These Terms and Conditions ("Terms") govern the use of the website www.moneeflo.com ("Website") and the remittance services ("Services") offered by MoneeFlo Technologies Pvt. Ltd. ("MoneeFlo," "we," "us," or "our"), a company incorporated under the Companies Act, 2013, with its registered office at [Registered Office Address].
By accessing or using our Website and Services, you ("User," "you," or "your") agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms, you must not use our Website or Services.
Use of Services
Our Services enable you to make remittances for educational purposes under the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI). The Services are provided on a technology platform that facilitates the placement of requests for remittance and tracking of such requests.
Eligibility
To use our Services, you must be a resident of India, at least 18 years old, and capable of entering into legally binding contracts. You must also have a valid bank account with a bank in India and hold a valid PAN and Aadhaar card.
User Obligation
You agree to provide true, accurate, and complete information as required for transactions and to keep this information updated. You are responsible for the security of your account credentials and for all activities that occur under your account. You agree not to use the Services for any illegal or unauthorized purposes.
Fees and Charges
MoneeFlo may set and revise fees and charges for the Services at any time. You are responsible for all fees and charges associated with your use of the Services, including any applicable taxes.
Declarations
By using our Services, you make the following declarations:
You are a resident Indian.
The total amount of foreign exchange purchased from or remitted through all sources in India during this financial year, including this proposed remittance, is within USD 250,000, the limit prescribed by the Reserve Bank of India under the Foreign Exchange Management Act, 1999.
The foreign exchange proposed to be remitted is for the purpose mentioned in your application.
The transaction does not exceed the limit for the financial year or any other limit prescribed by the Reserve Bank of India.
You are aware of the requirements under the Income Tax Act, 1961, and undertake to provide all necessary information and documents as required by the Income Tax Department.
You confirm that the proposed remittance does not involve any purpose for which the drawal of foreign exchange is prohibited or requires prior approval of the central government.
You also agree to indemnify MoneeFlo and its authorized partners for any tax, interest, or penalty levied by the Income Tax Authorities or courts in India for non-compliance with the relevant provisions of the income tax law in regard to this remittance.
Limitation of Liability
MoneeFlo shall not be liable for any direct, indirect, incidental, special, or consequential damages arising out of or in connection with your use of our Services, except as otherwise required by applicable law.
Governing Law and Dispute Resolution
These Terms shall be governed by and construed in accordance with the laws of India. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in [Jurisdiction].
Amendments
MoneeFlo reserves the right to amend these Terms at any time. Any changes will be posted on our Website and will become effective immediately upon posting.
How to contact us
If you have any questions or concerns about these Terms or our Services, please contact us at hello@moneeflo.com.