This document is an electronic record in terms of the Information Technology Act, 2000 and rules made there under as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.
The domain name www.mykycbank.org (hereinafter referred to as "Website") is owned by G&J KYC Information Centre (hereinafter referred to as “GJKIC”), a private company limited by guarantee incorporated under the provisions of Section 8 of the (Indian) Companies Act, 2013 with its registered office at D2/B, D Tower, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai - 400 051 and principal place of business at D2/B, D Tower, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051.
The Gems and Jewellery Industry (precious metals and precious stones) has been classified by the Financial Action Task Force (“FATF”) as a Designated Non-Financial Business or Profession (“DNFBP”). As part of the FATF guidelines, all participants in the industry are obligated to do a customer due diligence (“CDD”), monitor transactions, report suspicious transactions etc. for all transactions. While the FATF guidelines specifically refer only to transactions in cash, the Prevention of Money Laundering Act, 2002 in India does not make that differentiation. In many global jurisdictions, local regulations extend the guidelines to all transactions within the trade.
The Gems and Jewellery industry is highly fragmented, with many small and medium sized players. Many of these companies might not be in a position to implement the CDD requirements. Also, a majority of the transactions in the trade are within industry participants. This means that if there are multiple transactions with different members within the trade, there is a large duplication as CDD would need to be done repeatedly. This adds to the transaction costs in the industry.
The fragmented nature of the industry also means that there is a dearth of information available about the Gems and Jewellery companies.
The Website is a platform that enables the Registered Users (defined below) to: (a) disclose and store their Information (defined below) on the Website; (b) view the Information and KYC Information of other Registered Users, with their consent; and (iii) access to and interaction with other Registered Users to whom they are connected, through and on the Website. GJKIC is not and will not be a party to, or control in any manner, any transaction between the Registered Users. GJKIC operates to merely to store the Information of the Registered Users and facilitate exchange of Information, specifically customer due diligence related information, between Registered Users in a more efficient manner.
Registration and Profile Completion
The GJKIC Website is an online portal, accessible only to members who are registered with Approved Industry Entities. Such members are required to upload their Information, including copies of supporting know your customer (“KYC”) documents and such documents which provide information of the members in relation to the legal entity which they represent on the Website, as may be requested at the time of registering on the Website. Once the Information is provided, it is required to be submitted for review. GJKIC’s compliance team reviews each User’s application, and either indicates shortcomings, or approves the profile. A profile of a User on the Website that is incomplete, shall not be activated.
On approval, a unique number is generated and the Registered User’s profile is activated on the Website, with the Information of the Registered User. It is clarified that each of the Registered Users consent and agree that upon completion of the registration process on the Website, their Basic KYC Profile is available for viewing to: (i) all the other Registered Users on the Website who are connected to the relevant Registered User; and (ii) to Indirect Industry Users (defined later), based on the privacy settings of the relevant Registered User.
Each Registered User is also sent a copy of their entire Information as uploaded on the Website, which is required to be verified and signed by the authorised signatory of the Registered User. Such Information of a Registered User, along with the original documents relating to the Information, is required to be submitted to the respective Approved Industry Entities for verification. The Approved Industry Entities are required to verify the copy of the Information with the original documents and keep such verified copy of the Information and supporting KYC documents with themselves. Such verified copies which are received by the Approved Industry Entity will be either sent physically to the office of GJKIC or may be retained by the Approved Industry Entity and shared with GJKIC electronically. The GJKIC compliance team then rechecks the verified copy with the application made by a User, and confirms the documents. In the event the Registered User fails to submit their Information and/or the Approved Industry Entities fails to verify the Information submitted by any Registered User with the originals within the timelines specified for this purpose, GJKIC shall have the right to take such action as it shall deem fit in its sole discretion, including but not limited to the suspension and/or cancellation of the membership, in accordance with the disciplinary policy of GJKIC as available on the Website at https://www.mykycbank.org/MemberDisciplinaryAction.html.
Changes and Profile Updates
A similar process is followed for any changes in the Registered User’s Information. In the event of any change in the Information of a Registered User, such Registered User is expected to update the Information within 30 days from the date such a change is effected. The Website will allow the Registered User to update the relevant Information, which will then be reviewed and verified by the compliance team of GJKIC, after submission. The changes will be effected once the compliance team has confirmed the changes and documents submitted. These changes will be automatically visible to all the accepted connections of the Registered Users and will also be highlighted on their respective walls.
The updated Information of the Registered User and the supporting KYC documents will need to be verified against the physical original documents, by the respective Approved Industry Entity, in a process similar to the process mentioned above for profile activation.
Periodic Verification of Profile
There will also be additional periodic processes which will be required to either confirm that the profile of the Registered User is accurate or to confirm that there have been no changes to the Information of a Registered User, as it is displayed and/or available on the Website. The periodicity of these confirmations will be determined by the Website and notified to the Registered User. The abovementioned confirmations will be in the nature of the following:
Failure to respond to these requests could lead to a disciplinary action, as per the disciplinary policy of GJKIC as available on the Website.
The Registered Users Information covers all the KYC Information, including without limitation such KYC Information as maybe required and issued by statutory and regulatory authorities from time to time. Such KYC Information may include without limitation details on the ownership of the Registered User and that of the ultimate beneficial owner. The ultimate beneficial ownership information is currently accepted based on a self-declaration, but all such information which is uploaded on the Website by the Registered User will be verified by GJKIC’s compliance team. If any information is found to be incorrect and/or incomplete and/or misleading, the Registered User’s account on the Website may be suspended and/or blocked.
A Registered User can connect to other Users registered on the Website for sharing their KYC Information. For this purpose, a Registered User may send a connection request to other Registered Users to whom he/ she wishes to get connected. Such other Registered Users solely decides on the acceptance of such connection request from another Registered User and the connection is established after both Registered Users consent to the connection request.
Apart from the abovementioned connections, there may be automatic connections as detailed below, between a Registered User and Indirect Industry Users (defined later) of the Website, as and when required and the Registered Users confirm to the acceptance of such automatic connections and sharing of their KYC Information through such automatic connections. The Registered Users understand and confirm that the Registered Users may be subject to the following types of automatic connections:
Once a network connection between two Registered Users, either explicitly or automatically, has been established, each Registered User will be permitted to view the Basic KYC Profile of the connected Registered User.
If a Registered User wishes to view the complete KYC Information of another Registered User with supporting KYC documents, such interested Registered User will need to send a request to the other Registered User concerned for accepting the request to view its complete KYC Information, as available on the Website. Once the request is accepted by the other Registered User, a complete KYC Information of the other Registered User will be available to be viewed to the requesting Registered User.
Please note that it is up to the Registered User, whether to accept the following requests from another Registered User either (i) for establishing a connection; or (ii) for viewing full the complete KYC Information along with the supporting KYC documents of the relevant Registered User. GJKIC shall not be responsible for or in control the Information provided by You to other Registered Users which is made available on the Website, post acceptance of a connection from other Registered Users, either explicitly or automatically.
The privacy settings of the Registered Users on the Website should be used to determine the sharing of their respective KYC Information with other categories of industry stakeholders including without limitation the banks, financial institutions, regulatory authorities, insurance companies etc., who are not directly connected to the Registered User (“Indirect Industry Users”) as may be determined on the website from time to time. The aforementioned Indirect Industry Users are accepted connections of other Registered Users, who in turn, are connected to the Registered User in question, whose privacy settings will determine how their KYC Information is shared with Indirect Industry Users. This is an indirect connection and can be considered similar to a “Friend of Friend” or a “2nd Level connection”, but indirectly connected through the connections of another Registered User on the Website.
The sharing of the KYC Information with such Indirect Industry Users will be based on the privacy settings of the Registered User. The default setting will ask for the consent of the Registered User on every such request made for accessing the KYC Information from any Indirect Industry Users. The Registered User reserves the right to change his/ her privacy settings at any point of time and can also decide to agree automatically or refuse all such requests for viewing the KYC Information from a particular category of Indirect Industry User.
The Indirect Industry User categories may change from time to time, as per the requirement. The Users registered on the Website consent to the sharing of KYC Information with all categories of Indirect Industry Users either depending on either the default privacy setting or the option selected by the Registered User for every specific category of Indirect Industry Users.
GJKIC shall not be liable in any manner whatsoever for any content and/or Information provided by You on this Website, including without limitation, any information provided by You to other Registered Users.
The Users unconditionally consent to the verification and registration process detailed above and shall not have any claims against GJKIC in this regard. The Users also unconditionally consent that GJKIC shall not be liable for a breach of confidentiality of the Information of a User by the Approved Industry Entities.
Further, Users registering on the Website are required to be members of an Approved Industry Entity. Users who are not members of an Approved Industry Entity are not permitted to register on the Website.
The platform of this Website is an online portal, where Information can be uploaded and updated from time to time. This is verified by the compliance team of GJKIC, after which the Registered User can voluntarily and with free consent share his Information with other Registered Users on the platform.
This process is unique because it builds in a few specific features:
Communications When You use the Website and/or send emails and/or other data, information or communication to Us, You agree and understand that You are communicating with Us through electronic records and You consent to receive communications via electronic records from Us periodically and as and when required, which satisfy any legal requirement that is required of such communication in writing. We may communicate with You by email or by such other mode of communication, electronic or otherwise. You undertake to maintain Your updated e-mail address and other contact details for all communications with Us.
Please note that there could be risks in dealing with underage persons or people acting under false pretence.
The fees and other related charges (“Fee Policy”) associated with the membership of Registered Users is available on the Website at https://www.mykycbank.org/charges.html. GJKIC reserves the right to change its Fee Policy from time to time at its sole discretion, and You agree to be bound by such Fee Policy. In particular without any limitation, GJKIC may at its sole discretion introduce new services and/or modify some or all of the existing services offered on the Website. In such an event GJKIC reserves the right to introduce fees for the new services offered or amend and/or introduce fees for existing services, as the case may be. Changes to the Fee Policy shall be posted on the Website and such changes shall automatically become effective immediately after they are posted on the Website. Unless otherwise stated, all fees shall be quoted in Indian Rupees for Indian members and US Dollars for international Registered Users. You shall be solely responsible for compliance of all applicable laws including those in India for making payments to GJKIC.
You agree, undertake and confirm that Your use of the Website shall be strictly governed by the following binding principles:
You may use information on the products and services purposely made available on the Website for downloading, provided that You (1) do not remove any proprietary notice language in all copies of such documents, (2) use such information only for your personal, non-commercial informational purpose and do not copy or post such information on any networked computer or broadcast it in any media, (3) make no modifications to any such information, and (4) do not make any additional representations or warranties relating to such documents.
We may share Your Information with our affiliates, with Your express consent. These affiliates may market to You as a result of such sharing unless You explicitly opt-out. Our affiliates shall maintain and observe strict confidentiality of Your Information at all times.
YOU ACKNOWLEDGE THAT THE WEBSITE MAY BE UNDER CONSTANT UPGRADES, AND SOME FUNCTIONS AND FEATURES MAY NOT BE FULLY OPERATIONAL.
DUE TO THE LIMITATIONS INHERENT IN PROVIDING INFORMATION OBTAINED FROM MULTIPLE SOURCES, THERE MAY BE DELAYS, OMISSIONS, OR INACCURACIES IN THE CONTENT PROVIDED ON THE WEBSITE, INCLUDING THE DATA OR DELAY OR ERRORS IN FUNCTIONALITY OF THE WEBSITE. AS A RESULT, WE DO NOT REPRESENT THAT THE INFORMATION POSTED ON THE WEBSITE IS CORRECT IN EVERY CASE. WE EXPRESSLY DISCLAIM ALL LIABILITIES THAT MAY ARISE AS A CONSEQUENCE OF ANY UNAUTHORIZED USE OF CREDIT/ DEBIT CARDS/ BANKING METHODS.
YOU ACKNOWLEDGE THAT THIRD PARTY SERVICES AND ASSOCIATED LINKS ARE AVAILABLE ON THE WEBSITE. WE MAY HAVE FORMED PARTNERSHIPS OR ALLIANCES WITH SOME OF THESE THIRD PARTIES FROM TIME TO TIME IN ORDER TO FACILITATE THE PROVISION OF CERTAIN SERVICES TO YOU. HOWEVER, YOU ACKNOWLEDGE AND AGREE THAT AT NO TIME ARE WE MAKING ANY REPRESENTATION OR WARRANTY REGARDING ANY THIRD PARTY’S SERVICES NOR WILL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY CONSEQUENCES OR CLAIMS ARISING FROM OR IN CONNECTION WITH SUCH THIRD PARTY INCLUDING, AND NOT LIMITED TO, ANY LIABILITY OR RESPONSIBILITY FOR, DEATH, INJURY OR IMPAIRMENT EXPERIENCED BY YOU OR ANY THIRD PARTY. YOU HEREBY DISCLAIM AND WAIVE ANY RIGHTS AND CLAIMS YOU MAY HAVE AGAINST US WITH RESPECT TO THIRD PARTY’S SERVICES.
WHILE THE CONTENT PROVIDED ON THE WEBSITE WERE PREPARED TO PROVIDE ACCURATE INFORMATION REGARDING THE SUBJECT DISCUSSED, THE INFORMATION CONTAINED IN THE CONTENT IS BEING MADE AVAILABLE WITH THE UNDERSTANDING THAT WE MAKE NO GUARANTEES, REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESSED OR IMPLIED, WITH RESPECT TO PROFESSIONAL QUALIFICATIONS, EXPERTISE, QUALITY OF WORK OR OTHER INFORMATION HEREIN. FURTHER, WE DO NOT, IN ANY WAY, ENDORSE ANY SERVICE OFFERED OR DESCRIBED HEREIN. IN NO EVENT SHALL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DECISION MADE OR ACTION TAKEN IN RELIANCE ON SUCH INFORMATION.
GJKIC WILL NOT BE LIABLE TO YOU IN ANY WAY OR IN RELATION TO THE CONTENTS OF, OR USE OF, OR OTHERWISE IN CONNECTION WITH, THE WEBSITE. GJKIC DOES NOT WARRANT THAT THIS WEBSITE; INFORMATION, CONTENT, MATERIALS, PRODUCT (INCLUDING SOFTWARE) OR SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THE WEBSITE; THEIR SERVERS; OR ELECTRONIC COMMUNICATION SENT FROM US ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. NOTHING ON WEBSITE CONSTITUTES, OR IS MEANT TO CONSTITUTE, ADVICE OF ANY KIND.
WE SHALL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY LOSSES, CONSEQUENTIAL DAMAGES OR INJURY ARISING OUT OF OR RELATING TO THE INFORMATION PROVIDED ON THE WEBSITE. IN NO EVENT WILL WE NOR OUR LICENSORS/ SUB-CONTRACTORS NOR ANY OF OUR OFFICERS, SHAREHOLDERS, DIRECTORS, EMPLOYEES, AGENTS OR SUB-CONTACTORS OR AFFILIATES (“REPRESENTATIVES”) BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DECISION MADE OR ACTION TAKEN BY YOUR RELIANCE ON THE CONTENT CONTAINED HEREIN.
IN NO EVENT SHALL GJKIC OR ITS REPRESENTATIVES BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, DIRECT, INDIRECT, SPECIAL, PUNITIVE, OR OTHER DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF BUSINESS PROFITS, LOSS OF REPUTATION, BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION, OR OTHER PECUNIARY LOSS) ARISING OUT OF THE AGREEMENT, WEBSITE, SERVICES OR CONTENT OR THE USE OF OR INABILITY TO USE ANY PRODUCT OR SERVICE OR CONTENT ON THE WEBSITE, EVEN IF GJKIC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
THIS WEBSITE, ALL THE MATERIALS AND PRODUCTS (INCLUDING BUT NOT LIMITED TO SOFTWARE AND THE CONTENTS) AND SERVICES, INCLUDED ON OR OTHERWISE MADE AVAILABLE TO YOU THROUGH THIS WEBSITE ARE PROVIDED ON "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTIES INCLUDING RELATING TO THE TIMELINESS, CONTENT, SEQUENCE, ACCURACY, EFFECTIVENESS OR COMPLETENESS OF ANY INFORMATION OR DATA FURNISHED HEREUNDER OR THAT THE INFORMATION OR DATA PROVIDED HEREUNDER MAY BE RELIED UPON, EXPRESS OR IMPLIED EXCEPT OTHERWISE SPECIFIED IN WRITING.
Registered Users shall comply with all the applicable laws of India including but without limitation, the Information Technology Act, 2000 as amended from time to time and Prevention of Money Laundering Act, 2002 and the rules made there under as may be applicable.
If GJKIC suspects or has knowledge, that any of its Registered Users are involved in any activity that is intended to provide claims or information that is false, misleading or not genuine, then GJKIC may, while reserving its rights to initiate civil and/or criminal proceedings against the Registered User may also at its sole discretion suspend, block, restrict, cancel the display name of such Registered User and/or disqualify that Registered User and any related users from availing protection through this program.
GJKIC reserves its right to initiate civil and/or criminal proceedings against a Registered User who, files an invalid and/or false claim against GJKIC and/or provides false and/or misleading information. In addition to the legal proceedings as aforesaid, GJKIC may at its sole discretion suspend, block, restrict, cancel the display name and its related display names of such Registered User and/or disqualify that Registered User and any related users from availing protection through this program. Any person who knowingly and with intent to injure, defraud or deceive, files a fraudulent complaint containing false, incomplete, or misleading information may be guilty of a criminal offence and will be prosecuted to the fullest extent of the law. It is clarified that in the event of revocation, suspension or termination of the membership of the Registered User for reasons as detailed in this provision, the subscription charges paid by the defaulting Registered Member shall not be refunded and such defaulting Registered Member shall not have any claims against GJKIC in this regard.
GJKIC make no representation that information, data and/or other materials displayed on the Website are appropriate and/or available for use in countries other than India. Those who choose to access this Website from other countries other than India do so on their own initiative and GJKIC is not responsible for any transactions which occur between any Registered Users from countries other than India.
GJKIC respects the intellectual property of its Registered Users. In case You feel that our Trademark has been infringed, You can write to GJKIC at D2/B, D Tower, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051.
Tel: +91 22 4226 3600 / Email: info[at]mykycbank[dot]org /
Please for any questions or comments (including all inquiries related to copyright infringement) regarding this Website contact us on GJKIC at D2/B, D Tower, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051.
Tel: +91 22 4226 3600 / Email: info[at]mykycbank[dot] org/
Website: www.mykycbank.org .
In accordance with Information Technology Act, 2000 and rules made there under, the name and contact details of the Grievance Officer are provided below:
Name : Mr. Abhishek Shetty, Head - Compliance
Ph – +91 22 4226 3600; E-mail: abhishek.shetty[at]mykycbank[dot]org
Timing for Grievance Redressal: Monday to Friday – 10AM to 2PM
In accordance with General Data Protection Regulation and rules made there under, the name and contact details of the Data Protection Officer is provided below:
Name: Mr. Krishna Dhumal
Ph – +91 22 4226 3600; E-mail: support <dot> Dhumal [at] gjepcindia.com
Office No. D2/B, D Tower, West Core,
Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India
Tel: +91 22 4226 3600
GJKIC prohibits and discourages the use of language that is racist, hateful, sexual or obscene or in any manner discriminatory in nature.
[This policy extends to text within listings, on the Registered Users pages and all other areas of the Website that another Registered User may view. If the profane words are part of a title for the item being offered for sale, we allow sellers to 'blur' out the bulk of the offending word with asterisks (i.e., s*** or f***).]
If a feedback comment; or any communication made between Registered Users on the Website; or email communication between Registered Users in relation to transactions conducted on Website contain profanity, please review our feedback removal policy and submit a request for action/removal.
Disciplinary action may result in the indefinite suspension of a Registered User's account, temporary suspension, or a formal warning.
GJKIC will consider the circumstances of an alleged policy violation and the user's trading records before taking action.
Violations of this policy may result in a range of actions, including:
Private communication, including email correspondence is not regulated by GJKIC. GJKIC encourages its Registered Users to be professional, courteous and respectful when communicating by email through the Website.
However, GJKIC will investigate and can take appropriate action on certain types of unwanted emails that violate GJKIC policies.
Threats of Bodily Harm - GJKIC does not permit Registered Users to send explicit threats of bodily harm.
Misuse of GJKIC System - GJKIC allows Registered Users to facilitate transactions through the GJKIC system, but will investigate any misuse of this service.
Spoof (Fake) email - GJKIC will never ask you to provide sensitive information through email. In case you receive any spoof (fake) email, you are requested to report the same to Us through Our 'Contact Us' tab.
Spam (Unsolicited Commercial email) - GJKIC's spam policy applies only to unsolicited commercial messages sent by GJKIC Registered Users. GJKIC Users are not allowed to send spam messages to other Users.
GJKIC policy prohibits user-to-user threats of physical harm via any method including, phone, email and on Our public message boards.
Violations of this policy may result in a range of actions, including:
GJKIC does not take responsibility or liability for the actions, products, content and services on the Website, which are linked to and/or associated with affiliates and/or third party websites using the Website's application programme interface and/or otherwise. In addition, the Website may provide links to the third party websites of Our affiliated companies and certain other third party businesses for which, GJKIC assumes no responsibility for examining or evaluating the products and/or services offered by them. GJKIC does not warrant the offerings of, any of these businesses or individuals or the content of such third party website(s). GJKIC does not endorse, in any way, any third party website(s) or content thereof and shall not be held liable for any action/inaction, loss and/or damages that You may incur and/or suffer, from Your use of such third party websites.
“Basic KYC Profile” means basic information relating to a Registered User such as Proprietorship/ Partnership Firm/ Company Information, Name of the Directors and owners, beneficial ownership of the owners, Name and address of Proprietorship/ Partnership Firm/ Company, details of turnover range, bank information, details of branch offices and external findings such as details of associate companies, credit rating which the Registered Users agree to be displayed and made available on the Website, to all the other Registered Users.
“KYC Information” shall mean any and all ‘know your customer’ information and data required to be provided by a Registered User on the Website, as may be solely determined by GJKIC and required to be updated by the Registered Members from time to time;
“Information” shall mean any and all information of the Registered Users provided to the Company on the Website and/or for the purpose of the services to be rendered by the Company and/or as required under the policies of the Company, including without limitation KYC Information, as may be updated from time to time;
“ISP” shall mean internet service providers;
“You” or “Registered User” shall mean any natural and/or legal person who has agreed to register on the Website and access and use the services and tools on the Website, by providing its Information, at the time of registering on the Website as a registered user, using any electronic or digital system;
“We” or “Us” or “Our” shall mean GJKIC;
“Website” shall mean www.mykycbank.org and
“GJKIC” shall mean G&J KYC Information Centre.