MERCHANT SECURITY DEPOSIT CANCELLATION & REFUND POLICY

Merchant Onboarding :

By signing up and accepting these Terms & Conditions, you (“The Merchant”) agree to be bound by the following provisions regarding the Security Deposit and its Redemption Process.

Refundable Security Deposit:

Upon successful onboarding, Genie Moneyy (Techno Tara Private Limited) shall collect a refundable security deposit of INR 1,599/- from The Merchant. The Security Deposit is intended to safeguard against objectionable or fraudulent conduct by The Merchant.

Duration of Security Deposit:

The Security Deposit shall be held by Genie Moneyy (Techno Tara Private Limited) for a period of 181 days from the date of onboarding and security Deposit collection.

Merchant Welcome Bonus :

Upon successful onboarding, Genie Moneyy (Techno Tara Private Limited) shall assign a Welcome Bonus of of INR 300/- to the Merchant. This Welcome Bonus will be added with the Security Deposit of INR 1,599/-, making it INR 1,899/-, which can be redeemed together by the Merchant after completion of the stipulated 181 days from the date of onboarding process completion and Security Deposit collection.

Issuance of Wallet Points of Equal Weightage :

Genie Moneyy (Techno Tara Private Limited) shall assign equal number of points (1899) to the Merchant within 48 hours from the completion of the Onboarding Process and deposit of the Security amount, which will be displayed in the Merchant’s Wallet inside the App itself. This will be available to view till the time the Merchants completes the stipulated time period of 181 days and claims for Redemption digitally through the Mobile App only.

Eligibility for Redemption :

The Merchant becomes eligible to claim or redeem the Security Deposit of INR 1599/- (along with the Welcome Bonus of INR 300/-) after the completion of the Holding Period, provided their business conduct has not been deemed objectionable or fraudulent by Genie Moneyy (Techno Tara Private Limited).

Evaluation of Business Conduct :

Genie Moneyy (Techno Tara Private Limited) reserves the right to evaluate The Merchant’s business conduct during the Holding Period. This evaluation includes, but is not limited to, assessing The Merchant’s compliance with the Terms & Conditions, fulfilment of customer orders, adherence to ethical business practices, and absence of fraudulent activities.

Objectionable or Fraudulent Conduct :

It Genie Moneyy (Techno Tara Private Limited) determines, at its sole discretion, that The Merchant’s business conduct is objectionable or fraudulent, the security deposit may be fortified in its entirety, and The Merchant may be subject to additional penalties or termination of their account.

Claiming / Redeeming the Security Deposit :

To claim or redeem the security deposit, The Merchant must submit a written request to Genie Money (Techno Tara Private Limited) through the App / Email / WhatsApp after completing the Holding Period. Genie Moneyy (Techno Tara Private Limited) will review the request and conduct a final evaluation of The Merchant’s business conduct.

Disbursement of Security Deposit :

If The Merchant’s business conduct is found to be satisfactory and not objectionable or fraudulent, Genie Moneyy (Techno Tara Private Limited) will initiate the disbursement of the security deposit within a reasonable time frame, typically within 30 days from the date of the redemption request.

Deductions from the Security Deposit :

In the event that The Merchant has outstanding dues, penalties or charge owed to Genie Moneyy (Techno Tara Private Limited) such amounts may be deducted from the security deposit before initiating the disbursement. Genie Moneyy (Techno Tara Private Limited) will provide a detailed account of any deductions made, along with the final disbursed amount.

Tax Deductions :

All applicable taxes, including Goods & Services Tax (GST) or any other applicable taxes, levies, or charges, shall be deducted from the Security Deposit, if required by Law.

Communication and Notifications :

Genie Moneyy (Techno Tara Private Limited) will communicate with The Merchant regarding the status of the security deposit, including any deductions or the redemption process, through the contact information provided during onboarding.

Dispute Resolution :

Any disputes related to the security deposit or its redemption shall be subject to the dispute resolution provisions outlined in the general Terms & Conditions on the website.

DISTRIBUTOR SECURITY DEPOSIT CANCELLATION & REFUND POLICY

Effective Date : 24/05/2023

Thank you for partnering with Genie Moneyy and choosing to be a Distributor with us. We value your partnership and commitment to onboard Merchants for our business in the market. This Refund Policy outlines the terms and conditions governing the refundable security deposit and the refund process for our Distributors.

Refundable Security Deposit –

As a Distributor, you are required to deposit a refundable security deposit based on your category, which will be determined by the expected performance in terms of our Merchant onboarding criteria for Distributors, which are as follows:

Silver Category : Maximum 150 Merchants – Security Deposit of INR 51,000/-

Gold Category : Maximum 250 Merchants – Security Deposit of INR 78,000/-

Platinum Category: Maximum 400 Merchants – Security Deposit of INR 98,000/-

Diamond Category: Maximum 500 Merchants – Security Deposit of INR 1,24,000/-

The security deposit must be made at the time of signing the Distributor Agreement and will be held by Genie Moneyy for a mandatory lock-in period of 181 days from the date of making the deposit.

Refund Process –

Post the lock-in period of 181 days, you, as a Distributor, may initiate a refund of your security deposit by submitting a written request to Genie Moneyy.

The refund request should be sent to a pre-assigned email ID and must include relevant details, such as the account information and contact details.

Upon receipt of the refund request, Genie Moneyy will initiate internal verifications to assess your eligibility for the refund based on feedback from the market, onboarded Merchants, and customers associated with your business.

If no complaints or objections have been substantiated against you during the lock-in period, Genie Moneyy will process the refund within 60 business days from the date of the refund request.

Penalties & Complaints –

In the event that complaints or objections are received against you during or after the lock-in period, Genie Moneyy reserves the right to impose appropriate penalties at its discretion.

Penalties, if applicable, will be deducted from the security deposit before initiating the refund.

Genie Moneyy will inform you in writing about the complaints and penalties, if any, before proceeding with the refund process.

Refund Amount –

The refund amount will be equivalent to the security deposit made by you, subject to any applicable deductions for penalties, as mentioned above.

Genie Moneyy will provide a detailed account of any deductions made, along with the final disbursed amount.

The refund will be made through the same payment method used for the original deposit.

Refund Eligibility –

You are eligible for a refund of your security deposit if no complaints or objections have been substantiated against you during the lock-in period.

The decision to approve or deny the refund request will be at the sole discretion of Genie Moneyy.

Amendments to the Refund Policy –

Genie Moneyy reserves the right to modify or update this Refund Policy at any time without prior notice.

Any changes made to the Refund Policy will be effective immediately upon posting the revised version on our website.

Declaration from the Distributor –

By becoming a Distributor and making the security deposit, you acknowledge that you have read, understood, and agreed to the terms and conditions of this Refund Policy.

Contact Us –

If you have any questions or need further clarification regarding our Refund Policy, please contact our customer support team at support@geniemoney.in