Terms & Conditions
These terms and conditions regulate the use of Semi-Closed Wallet or such other services which may be added from time to time under the brand name “IAMO Bazaar Wallet” (hereinafter referred to as “IAMO Bazaar Wallet” or just “Wallet”) offered by IAMO Solutions Private 533-A Esplanade One Mall, Rasulgarh, Bhubaneswar, Odisha 751010, India (hereinafter referred to as “IAMO Bazaar ”/ “we”/”us”/”our”).
Whenever the context requires “User”/ “you”/ ”your” shall mean any natural or legal person who is a resident of India, at least 18 (eighteen) years of age who is eligible to contract within the meaning of the Indian Contract Act, 1872, is not an undischarged insolvent and has registered for IAMO Bazaar Wallet by accepting these Wallet T&Cs. By proceeding to use the Wallet and/or other service offerings of IAMO Bazaar, you represent that you are not currently a Politically Exposed Person (“PEP”) as defined by the Reserve Bank of India in Master Direction DBR.AML.BC.No.81/14.01.001/2015-16. However, you agree and undertake to immediately notify IAMO Bazaar in circumstances where your status in this regard changes or you become related to a PEP by promptly notifying IAMO Bazaar in writing to ensure that appropriate steps are taken by applicable laws and IAMO Bazaar’s standard policy. You further understand that as a PEP you will be subject to additional customer due diligence requirements as determined by RBI as well as transaction monitoring and reporting requirements. As a PEP you hereby agree to fully comply with all the aforesaid additional customer due diligence requirements as well as cooperate with IAMO Bazaar to complete all continuing compliance requirements applicable to a PEP as will be notified to you by IAMO Bazaar to ensure uninterrupted use of your IAMO Bazaar Wallet and other service offerings of IAMO Bazaar.
Further, the term "Merchant" shall include any establishment and/or entity who accepts the IAMO Bazaar wallet as a payment method for offline purchase of goods and/or services. Similarly, the term "Buyer" shall refer to the person who purchases any of the goods or services provided offline by the Merchants and pays for such goods/ services through the IAMO Bazaar Wallet.
USING THE IAMO BAZAAR WALLET INDICATES YOUR AGREEMENT TO ALL THE TERMS AND CONDITIONS. HENCE, PLEASE READ THESE TERMS CAREFULLY BEFORE PROCEEDING. By impliedly or expressly accepting the Wallet T&Cs, you also agree and consent to be bound by all IAMO Bazaar Policies including the https://www.iamobazaar.com/PrivacyPolicy.
General Wallet Terms:
- Users may note that cash withdrawal from the Wallet is not allowed. Any outstanding credit in the Wallet must be utilized only to make payments for bona fide Transactions at Merchant locations or Person-to-bank transfers.
- The consumer can redeem his/her Wallet money if it is ₹100 or greater, KYC and bank account details should be verified and before redeem consumer should use his/her wallet balance minimum ₹199/- on same month for purchase anything from IAMO connected store or subscribe IAMO products.
- No interest is payable on the outstanding Wallet balances.
- A User is permitted to operate only 1 (one) Wallet. Any suspected violation of this condition shall constitute grounds for suspension of the User’s access to all Wallet accounts of the User.
IAMO Bazaar reserves the right to suspend/discontinue the Wallet at any time, for any cause, including, but not limited, to the following
- For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of any IAMO Bazaar Terms
- Any suspected discrepancy in the particular(s), KYC documentation provided by the Users; or
- To combat potential fraud, sabotage, wilful destruction, threat to national security or for any other force majeure event; or
- IAMO Bazaar in its sole opinion and discretion believes that cessation/ suspension of the User’s Wallet is necessary for any other legitimate purpose
KYC Compliance Terms:
- To provide a convenient experience to Users and ensure that all users sign up to be fully KYC compliant, IAMO Bazaar provides a digital-first process to enable Users to comply with KYC requirements. Through this paperless process, you can upload your KYC documents through the IAMO Bazaar Application. By continuing to use the IAMO Bazaar Services and opting to complete your KYC compliance to be eligible to use the IAMO Bazaar Wallet.
- KYC documents that IAMO Bazaar receives from you directly do not guarantee your continued use of your Wallet Account. However, you represent and warrant to IAMO Bazaar that the documents you submit and other information you share in connection with the KYC compliance process are true, updated, genuine and correct and you agree to keep IAMO Bazaar indemnified and harmless from all loss arising from third party claims including claims from government authorities in connection with the same.
- IAMO Bazaar reserves the right to reject documents submitted by You at the time of verification and require you to resubmit the requisite documents to satisfactorily complete KYC subject to such limitations and restrictions on reattempts as IAMO Bazaar may from time to time set out.
- If you submit your KYC documents necessary for Wallet and the documents are verified and approved by IAMO Bazaar, your Wallet Account will be upgraded within a reasonable period as will be notified to you by IAMO Bazaar. KYC is mandatory for reclaiming the wallet amount Its subsidiaries, affiliates, or its partners, whenever You opt to use these products and service offerings of Our affiliates and partners. You shall have the option to explicitly consent to IAMO Bazaar sharing your KYC information with any partners or affiliates/ subsidiaries of IAMO Bazaar in the event you opt to avail of service/ product offerings of our affiliates/ partners and once you have consented, these third parties shall be authorized to use such information purposes connected to their service/ product offerings which you have expressly consented to avail.
- Each cashback has a deduction of 25% If PAN Card KYC is not verified or 10% if PAN Card is verified.
- TDS will submit to respective buyers and sellers on yearly income more than Rs. 15000.
- Monthly TDS bill to sellers with GST No. or without GST No. You will continue to receive the promotional cashback received as Gift Voucher or Scratch card.
- Your Wallet Account will be reported to the RBI.
- However, you can reactivate the wallet subject to IAMO Bazaar completing appropriate due diligence and OTP based validation of the registered mobile number linked to your Wallet.
Governing law and Dispute Resolution
- If any dispute or difference of any kind whatsoever shall arise between the parties in connection with or arising out of or in connection with your use of the IAMO Bazaar Wallet, you and IAMO Bazaar designated employee or representative shall promptly and in good faith negotiate with a view to arriving at an amicable resolution and settlement of the dispute or difference
- In the event no amicable resolution or settlement is reached within a period of thirty (30) days, such dispute or difference shall be referred to a mutually acceptance single arbitrator or, upon the failure of the parties to agree upon a single arbitrator, within a period of ten (10) days, each party shall appoint one arbitrator each and the two appointed arbitrators shall appoint the third arbitrator who shall act as the presiding arbitrator under the provisions of the Indian Arbitration and Conciliation Act, 1996.