CARRET

TERMS OF USE

Part A. General

1. SCOPE: This site is owned and operated by Carretx Technologies Pvt. Ltd. and its Affiliates (hereinafter “we”, “us” “our”). By continuing to browse and use it, whether as a registered user or a guest, you agree to comply with and be bound by the present terms (“Terms”) which also includes our Privacy Policy and AML-KYC Policy . We reserve the right to modify, alter or update these terms from time to time and your usage of this site constitutes an agreement to be bound by such modifications, alterations, and updates. Certain specific products and services offered by us have separate terms and conditions relating to those services and you are required to read these Terms together with such service-specific terms.

2. PURPOSE: This site is made available for those seeking to use certain services pertaining to virtual digital assets (VDA) as they have been outlined in part E of this agreement.

3. ACKNOWLEDGEMENTS: You hereby acknowledge and agree that we are not a financial institution, bank, credit union, trust, hedge fund, broker or investment or financial advisor, and are not subject to the same laws, regulations, directives, requirements or fiduciary obligations applicable to such persons. You acknowledge and agree that no oral or written information or advice provided by us, our officers, directors, employees, or agents, nor any information obtained through our services, will or shall constitute investment, or financial advice. You are solely and exclusively responsible for all investment decisions made while using our services.

4. RIGHT OF REGISTERED USERS: Registered users having an account with us or our affiliates get a personal, restricted, non-exclusive, non-transferable, non-sublicensable, revocable, limited license to use our services, subject to the limitations and obligations outlined in these terms. Nothing here gives the user any right, title, or interest in the site or any intellectual property associated therewith.

5. RISKS: VDA markets entail certain inherent risks. By agreeing to these terms, you agree that we and/or our associates do not bear any responsibility for the losses you may incur by using the services on our site, whether our own or those of our affiliates and third parties. These risks include, but are not limited to, market risk, liquidity risk, legal risk, counterparty risk, risk of uninsured losses and risk of hacking and security weaknesses. You understand, acknowledge and agree that dealing or trading in Digital Assets are subject to market conditions and involve a high degree of risk. Price or value of Digital Assets is subject to constant and frequent fluctuations and you may accordingly suffer a partial or complete loss of funds owned by you in your account. You understand and acknowledge that We bear no responsibility or liability to you or any other person whatsoever for any losses or gains incurred in connection with your use of our Services.

Part B. Interpretation

6. "ACCOUNT" means the user account set up after registration on our site in accordance with part C of this agreement.

7. "AFFILIATE" means, in relation to either party, a direct or indirect subsidiary of the party, a holding company of the party, a company having common control and/or shareholding or any other subsidiary of that holding company.

8. "APPLICABLE LAWS" means the laws governing virtual digital assets in force in India, including but not limited to tax laws such as the Income Tax Act 1961, and anti money laundering laws such as the Prevention of Money Laundering Act 2002 and their bye-laws.

9. "APPLICABLE AUTHORITIES" refers to the authorities generally associated with or specifically invoked by or under applicable laws as well as the rules made by such authorities through delegation, notification or subordinate legislation, including but not limited to authorities such the Reserve Bank of India (RBI), the Financial Intelligence Unit (FIU), the Securities and Exchange Board of India (SEBI), all competent courts of India and others.

10. "AML/KYC" means anti-money laundering norms, specifically the laws and regulations associated with the Prevention of Money Laundering Act 2002, including all its bye-laws applicable to the parties prohibiting money laundering or any acts or attempted acts to conceal or disguise the identity or origin of; change the form of; or move, transfer, or transport, illicit proceeds, property, funds, fiat, or VDAs, including but not limited to the promotion of any unlawful activity such as fraud, tax evasion, embezzlement, financial crime, bribery, cyber theft or hack, narcotics trafficking, weapons proliferation, terrorism, or economic sanctions violations.

11. "ASSOCIATES" means each of the respective shareholders, directors, officers, affiliates, employees, contractors, agents, partners, insurers, and attorneys who or that are acting or performing or has acted or performed services offered by us.

12. "CLIENT" ("you" and "your", "user") refers to you, the person who visits, interacts with, registers on, creates an account, or otherwise uses our site and/or services in any way.

13. "FIAT" means the Indian Rupee (INR).

14. "REGISTRATION" refers to the processes outlined in part C in this agreement.

15. "SERVICES" refers, in the context of this agreement, to the full range of services outlined in part E of this agreement.

16. "SITE" refers to the website hosted on the domain 'https://www.carret.in/', and includes all its applications ("apps"), interfaces ("APIs"), intellectual properties such as copyrights, marks and designs, information including terms and disclaimers, as well as extensions and plugins associated therewith.

17. "VIRTUAL DIGITAL ASSET" (VDA) carries the same meaning as stipulated in section 2(47A) of the Income Tax Act 1961.

18. "WALLET ADDRESS" means an alphanumeric identifier that represents a potential destination for a VDA transfer, which typically is associated with a user's VDAs Wallet.

19. "DIGITAL WALLET" means a software application (or other mechanism) that provides a means for holding, storing, and transferring VDAs, including a user's VDAs Address, VDAs balance, and cryptographic keys.

Part C. Account & Registration

20. ACCOUNT CREATION: You must create your account to avail our services. You can do this by registering directly with us by providing your email ID, phone number and other details as may be required and stipulated on our site from time to time. You will also be required to activate your account by following the AML/KYC processes specified on the site. You are responsible for safeguarding your account and agree not to disclose your password to any third party. You agree that you will be solely responsible for any activities or actions taken through your account. You also agree to immediately notify us of any unauthorised access or use of your account by writing to us at contact@carret.in. We reserve our right to initiate any action, including a legal action before a court or relevant law enforcement agencies, in case you impersonate or illegally access or attempt to access the user account belonging to any other person. You also agree that such registration requirements may be updated from time to time in order for us to keep up with changes in applicable laws, and we may therefore require additional information from you in order to keep your account active. We reserve our rights to approve or reject your request for creating an account with us.

21. PERSONAL DETAILS: For purposes of registration you agree to share your name, photograph, contact details, bank account details, Tax identification details and any other additional information (such as source of funds and transaction history, etc.) as may be requested on our site and AML/KYC policy.

22. NO LICENCE: Activating or validating your account should not be construed as us granting you any license, allowing, permitting, encouraging or supporting your use of account or wallet for illegal, unlawful, fraudulent, unethical, or unauthorised purposes or to promote or facilitate any illegal, unlawful, fraudulent, unethical or unauthorised activities. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable laws, regulation, sanctions programs, legal process or request by applicable authorities.

23. ADDITIONAL DETAILS: We may require you to re-submit the user details including KYC and related documents or may require you to furnish any additional details as part of our ongoing due diligence, due to any suspicious action, transaction or behaviour from your account or under the order or direction from any applicable authority or court having competent jurisdiction.

24. INTERRUPTION OF SERVICE: In order to provide a seamless, uninterrupted and secure environment, we reserve our right to change, modify, repair, suspend and halt our Services through the Site. We will strive to provide you with a minimum downtime, however, we do not warrant that our Site and our Services will always be available/ uninterrupted. Our Services or Site may also get interrupted due to any issue faced by our Affiliates or any third party service providers. We will not be liable to you for any losses incurred due to any interruption, suspension or halt in our Services. We may suspend, withdraw, discontinue, or change all or any part of the Site without notice. We also reserve the right to restrict the availability of our Services in certain countries or regions.

25. UNAUTHORISED ACCESS: You are responsible for keeping your electronic devices and user account and wallet safe and secure by adopting reasonable security practices and operational safeguards. You are required to take all reasonable steps to avoid any loss, theft, misuse or unauthorised access to your electronic device which may result in unauthorised access to your account or wallet through our site. We will not be liable for any loss, theft, compromise or unauthorised access to your electronic device or your user account, funds held in your wallet or associated bank account, card details or other source(s) of payment.

26. REPRESENTATIONS & WARRANTIES:

• a. You represent and warrant:
  • i. that you have attained the age of majority and are competent to contract as per applicable laws;
  • ii. that if you are registering on behalf of any entity, you are legally authorised to enter into agreements on behalf of the entity as per applicable laws;
  • iii. that you are not a restricted person or a resident of any of the restricted jurisdictions as defined in these terms;
  • iv. that your use of our services will not violate any laws and regulations including licensing or approval requirements, anti-money laundering, terror financing, foreign exchange, privacy, data protection and other laws or regulations as applicable to you as per your jurisdiction;
  • v. that you will keep your account details up to date and will immediately inform us in case of any change in user information;
  • vi. that at the time of submitting the account registration, at the conclusion of the account activation, you are fully legally capacitated and are not under the influence of alcohol, drugs, psychoactive, toxic or other intoxicating substances;
  • vii. that you understand that your access credentials such as user name and password are confidential information and that you should not disclose such information to any third party. You also agree that you alone are responsible for taking necessary precautions to protect your own account and personal information;
  • viii. that you are providing true, accurate, current, and complete personal information at the time of registration and agree to maintain and keep such information up to date;
  • ix. that, if you are registering to use the site on behalf of a legal entity, (i) such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organisation; and (ii) you are duly authorised by such legal entity to act on its behalf;
  • x. that you understand the risks, including but not limited to those outlined in these terms, associated with using the site, that you are not otherwise prohibited or restricted from using the site under applicable laws;
  • xi. that you have not previously been suspended or removed from using our services;
  • xii. that you will not use our site or services in order to conceal or disguise the origin or nature of proceeds of crime or terrorist financing, or to further any breach of applicable AML Laws or Counter-Terrorist Financing Laws, or to deal in any unlawful VDAs, fiat, property, funds, or proceeds;
  • xiii. that you will not use our site and/or services with anything other than the VDAs, fiat, rewards, points that have been legally obtained by you and that are stored in your wallet under your full control;
  • xiv. that you will not falsify or materially omit any information or provide misleading or inaccurate information requested by us in the course of, directly or indirectly relating to, or arising from your activities on the site including at registration or during administration or other due diligence processes, and that if any information provided to us becomes incorrect, you will promptly provide corrected information to us at the risk of account suspension;
  • xv. that you will accurately and promptly inform us if you know or have reason to know whether any of the foregoing representations or warranties no longer is correct or becomes incorrect.

b. We make no representations, warranties, or guarantees to you of any kind. The site and the services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose. Without limiting the foregoing, we do not represent or warrant that the site, the services or associated materials are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components at the time of your use.

Part D. Due Diligence

27. AML/KYC COMPLIANCE: We are committed to providing safe, compliant, and reputable services to identify, detect, prevent, and report on money laundering, terrorist financing, and other improper activities under applicable laws. Accordingly, we insist on a comprehensive and thorough user due diligence process implementation and ongoing analysis and reporting. Your account must promptly provide all information requested and necessary to satisfy such due diligence requirements and obligations as requested by us from time to time as per applicable laws.

28. INSTITUTIONAL INFORMATION: We may, in accordance with our AML and other policies, require you to provide any additional information before executing any transaction of deposit, withdrawal, or transfer of fiat or VDAs to, from, or through any financial or non-financial institution to facilitate the provision of our services, and if applicable, you must provide all information requested and necessary to satisfy due diligence requirements and obligations pursuant to applicable laws and the compliance policies related thereto. You agree to provide prompt documentation, information, or records requested by us at any time.

29. RETENTION OF INFORMATION: You agree that we may need to retain certain information, documentation, and records on file pursuant to applicable laws and our contractual relationships, and therefore we hereby expressly reserve the right to keep such information, documentation, and records for a reasonable time as governed by our privacy and data policies.

30. ENHANCED DUE DILIGENCE: We reserve the right to refuse registration to, to bar transactions from or to, or to suspend or terminate our services subject to any limitations imposed by applicable laws. In lieu of refusing registration or ongoing administration of your wallet, we may perform enhanced due diligence procedures. At all times, you acknowledge that you may be subject to enhanced due diligence procedures in your use of the site and any service. If you decline to provide requested due diligence information or otherwise do not reply timely or substantively with the documentation or data requested, we have the absolute discretion to suspend or terminate your account and cease our services to you forthwith.

Part E. Services

31. Through our Site we, our affiliates and/or third parties provide you the following services: (i) online buying and selling of VDAs by the use of fiat currency, (ii) enabling transactions which include deposit and/or withdrawals of Fiat or VDAs, and (iii) online storage and custody of your VDAs. Any and all transactions are solely initiated upon your command and we only facilitate and execute transactions as per your instructions or as required under these Terms of our Services.

32. You hereby agree and understand and consent that We may be required to avail the services of our Affiliates and third-party service providers in order to facilitate, execute or settle any request/ transaction on our Site including the services third-party exchanges/ wallet providers or other digital asset service providers.

33. WALLET SERVICES: We will create and provide a Fiat Wallet and a Digital Wallet associated with your Account once your Account gets verified and activated. We reserve our right to refuse to execute any order and/or transaction initiated by you if they are in contravention to our policies, any Applicable Laws or any direction from any Applicable Authorities.

34. Your Fiat Wallet indicates your current Fiat holding and funds held therein can only be used to buy Supported VDAs from our Site or can be withdrawn to the Bank Account or payment source linked with your Account. Sale proceeds of your VDAs will be credited to your Fiat Wallet after deducting any applicable fee and/or tax. You can only buy any VDAs using funds in your Fiat Wallet. You can transfer Fiat from your linked Bank Account to your Fiat Wallet. Funds transferred into your Fiat Wallet may be reflected within 2-3 working days subject to any delay in the transfer and settlement of the amount as per banking practices and procedures.

35. Your Digital Wallet can store Supported VDAs and indicates details of your current holdings. You cannot use your Digital Wallet to hold or transact any unsupported VDAs. List of our Supported VDAs is indicated on our Site, and we will not be liable for any loss or damage caused to you if you attempt to transfer or hold any Supported VDAs in your Digital Wallet.

36. WITHDRAWALS: You may transfer your funds from your Fiat Wallet to your Linked Bank Account by raising a withdrawal request through our Site. We will process your withdrawal request within seven working days. You further agree that the use of such services and reward withdrawals may not always be fee-free due to operational and technical considerations.

Part F. Prohibited Uses

37. LIST OF PROHIBITIONS: You agree not to:

1. Use the site or any services in order to disguise the origin or nature of illicit proceeds of, or to further, any breach of applicable laws, or to transact or deal in, any contraband VDAs, fiat, funds, property, or proceeds;
2. Use the site or any of the services, approve, evade, avoid, or circumvent any applicable laws, including but not limited to AML-CFT norms, anti-corruption laws, and economic sanctions laws;
3. Obtain financing on the site, or use any services, with anything other than fiat, funds, keys, property, or VDAs that have been legally obtained by you and that belong to you;
4. Use the site or any services to engage in conduct that is detrimental to us or to any other site user, our affiliate or third party;
5. Falsify any account, wallet, or registration information provided to us, impersonate another natural or legal person or misrepresent your affiliation with a natural or legal person;
6. Falsify or materially omit any information or provide misleading or inaccurate information requested by us, including at registration or during the course of administering any services to you;
7. Cause injury to, or attempt to harm, us, our associate, affiliate or any third party through your access to the site or any services;
8. Have more than one account and more than one wallet on the site, or use any wallet on a one-time, 'throwaway' basis; any such additional wallets or one time 'throwaway' wallets may be terminated or suspended at our absolute discretion;
9. Access the site or use any services utilizing any virtual private network, proxy service, or any other third party service, network, or product with the effect of disguising your IP address or location;
10. Violate, cause a violation of, or conspire or attempt to violate these terms or applicable laws in any way.

38. ACTION UPON PROHIBITED USE: Any use as described in the above clause shall constitute a "Prohibited Use". If we determine that you have engaged in any Prohibited Use, we may address it through an appropriate sanction, in our sole and absolute discretion. Such sanction may include, but is not limited to, making a report to any Government, law enforcement, or other applicable authorities, without providing any notice to you about any such report; confiscation of any fiat, funds, property, proceeds, or VDAs in any wallet that you have on the site; and, suspending or terminating your access to any services or Fiat, funds, property, or VDAs from any wallet or account related to you.

Part G. Limitation of Liability

39. To the extent permitted by law, we will not be liable for any loss or damage caused to you through the use of our Site or in relation to or on account of access or inability to access our Site or obtain any of our Services. We, our subsidiaries, affiliates, its shareholders, its directors, officers, employees, representatives, contractors, suppliers shall not be liable for any incidental, special, punitive, consequential or similar damages or liabilities whatsoever arising out of our Services, any performance or non-performance of Services or any product provided by us.

40. VDAs, Fiat or other funds held in your Account may be targeted by hackers or malicious groups or organizations who may attempt to interfere with any transactions related to your VDAs through various means including malware attacks, distributed denial of service, consensus-based attacks, sybil attacks, phishing, smurfing and hacking. We will adopt and maintain a reasonable standard of security, however, we will not be liable to you for any loss or damage caused to you on account of any such attack or interference.

41. We may engage the services of Third Party Service Providers in connection with the development, operation and maintenance of our Site and Services or onboarding and verification of customers. We shall not be liable for any suspension, halt or interruption of our Services through the Online Platforms where such circumstances arise or result from any interruptions, errors, default or otherwise by any such third parties.

42. Notwithstanding any provision in this Agreement to the contrary, We shall not in any circumstances be liable for any loss, damage, liability, expense, fines or penalties or any other amount directly or indirectly caused by the use or operation of our Site or the introduction of viruses, worms or other destructive programs or any other commercial or economic losses, including such losses that arise out of or in connection with third party cyber-attacks or unauthorized access or use of our Site or the loss of any Indian Rupees or VDAs that can be transferred, stored or traded on our Site and/or otherwise surrendered to the courts or regulators or other statutory authorities under the Applicable Laws.

Part H. Intellectual Property

43. GENERAL RESTRICTIONS ON IP USE: All materials and information displayed on our site constitute the intellectual property of us, our affiliates or third parties. You agree not to appropriate, copy, display, or use such property or other content without express, prior, written permission from their rightful owner, including without limitation, as a domain name, as social media profile/handle, on a website, in an advertisement, as or in connection with a phone number, as or in connection with an email address, in internet search results, in meta data or code, or in any other manner.

44. SPECIFIC RESTRICTIONS ON USE OF MARKS: Unless otherwise indicated, all designs, trade names, trade marks, domain names, etc. ("marks") on the site are owned exclusively by us. We reserve all rights in our marks. You agree not to appropriate, copy, display, or use our marks or other content without our express, prior, written permission.

45. LINKING: You may link to our site's homepage or other pages, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval, or endorsement on our part without prior, express, written consent. The site may provide certain social media features that enable you to link, send communications, or display certain content from the site. You may use these features solely as they are provided by us. You may not establish a link from any website that is not owned by you, cause the site or portions of it to be displayed on or by any other site (for example, framing, deep linking, or in-line linking), or otherwise take any action with respect to the materials on the site that is inconsistent with any other provision of these Terms.

Part I. Termination & Disputes

46. SUSPENSION, TERMINATION AND CANCELLATION: We reserve the right to suspend, block, cancel or reverse a transaction and/or refuse to continue access to the Online Platforms are (even if even after funds have been debited from your User Account) if we discover that you are in breach of the Terms and Applicable Law. If your account is closed/ suspended/ cancelled/ deactivated, your Digital Assets or other funds will only be returned or allowed to be withdrawn upon payment of all outstanding charges to us and you may be required to produce your identity and other KYC documents and/or any additional details depending on the reason for closure / suspension / cancellation / deactivation. We also, in our sole discretion, may direct you to withdraw all your Digital funds within a reasonable period of time and subsequently close your account with us.

47. INDEMNITY: You agree to indemnify and hold us, our affiliates, subsidiaries, parent companies, contractors, licensors, and their respective directors, officers, employees, and agents (collectively, the "Indemnified Parties") harmless from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys' fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of the services or conduct in connection with the services, (ii) your breach or our enforcement of these terms, or (iii) your violation of any applicable law(s), regulations of any jurisdiction or rights of any third party during your use of the services. If you are obligated to indemnify the Indemnified Parties, pursuant to this clause, we shall have the right, in our sole discretion, to control any action or proceeding and to determine whether we wish to settle, and if so, on what terms. To the maximum extent permitted by applicable laws, in no event shall the Indemnified Parties be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including, without limitation, damages for loss of data, property information, revenue or profits, whether it be for business or financial benefit) arising out of or in connection with the access and use of any services, any performance or nonperformance of the services or any other product, services or other items provided by or on our behalf whether under contract, statute, strict liability or other theory, except to the extent of a final judicial or arbitral determination.

48. GOVERNING LAW AND DISPUTE RESOLUTION: You agree to first give us an opportunity to resolve any claims by contacting us on our website / mobile / desktop applications. If we are not able to resolve your claims within sixty working days of receiving the notice, you may seek relief through arbitration. Any dispute in connection with or arising out of your use of Our Services shall be adjudicated by a sole Arbitrator appointed with mutual consent of both the Parties in accordance with the provisions of Indian Arbitration and Conciliation Act, 1996 or any re-enactment or modification thereof. The seat of the arbitration will be at Bengaluru, India. The award of the Arbitrator shall be a reasoned award and shall be final and binding to the Parties. The Arbitration shall be conducted and the award shall be rendered in English language. This agreement shall be governed by the laws of India and any dispute in connection with or arising out of your use of our Services or Site shall be subject to the exclusive jurisdiction of the Courts at Bengaluru.

Part J. Miscellaneous

49. INDEPENDENT CONTRACTOR: We are an independent contractor and not your agent in the performance of these terms. The latter should under no circumstances be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties.

50. FORCE MAJEURE: We shall not assume any and all risks and liability, in connection with any force majeure event, including acts of God, labor disputes or other industrial disturbances, electrical, telecommunications, hardware, software or other utility failures, software or smart contract system bugs or weaknesses, earthquakes, storms or other nature-related events, acts or orders of government, actions of the government, change of laws, introduction of new law, acts of terrorism or war, epidemic, pandemic, technological change, changes to any blockchain-related protocol, information security attacks on service providers, and fraud conducted by third parties, and such other similar events which are beyond Our reasonable control.

51. SEVERABILITY: If any portion of these terms are held invalid or unenforceable, such invalidity or enforceability will not affect the other provisions, which will remain in full force and effect, and the invalid or unenforceable portion will be given effect to the greatest extent possible.

52. ASSIGNMENT: You may not assign or transfer any right to use the services or any of your rights or obligations under these terms without prior written consent from us, including by operation of law or in connection with any change of control. We may assign or transfer any or all of its rights or obligations under these terms, in whole or in part, without notice or obtaining your consent or approval.

53. WAIVER: The failure of a party to require performance of any provision will not affect that party's right to require performance at any time thereafter, nor will a waiver of any breach or default of these terms or any provision of these terms constitute a waiver of any subsequent breach or default or a waiver of the provision itself.