MANGALAM PONMAGAL SEMIPPU THITTAM

Welcome to Sri Mangalam Jewellery. The Mangalam Ponmagal Semippu Thittam is an Advance Jewellery Purchase Scheme designed strictly to enable customers to accumulate advance payments towards purchasing 100% BIS 916 Hallmarked Gold or 925 Silver Jewellery. This scheme is NOT a financial deposit, investment, or banking scheme.

1. Scheme Nature & Regulatory Compliance

• This program operates strictly as an advance purchase installment scheme under applicable Indian retail and commercial trade laws.
• In full compliance with the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, Sri Mangalam Jewellery does NOT solicit or accept public deposits, nor does it pay any monetary interest, dividends, cash yield, or financial returns on customer advance payments.

2. Enrollment & Monthly Advance Payments

• Enrollment requires providing basic identity and contact details (Name, Mobile Number, Address, and Government ID if mandatory for billing).
• Members agree to pay fixed monthly advance installments on or before the due date agreed upon during enrollment.
• Payments must be made sequentially each month for the agreed scheme tenure.

3. Gold Weight / Advance Credit Structure

• Depending on the chosen plan option, monthly advance payments will either be converted into gold weight at the prevailing market gold rate on the exact day of receipt OR accumulated as a total advance monetary credit towards purchase.
• Official receipts will be generated for every payment made. Customers must verify details on their official scheme passbook/receipt immediately.

4. Redemption & Redemption Benefits

• Strictly Against Goods: Accumulated advances can ONLY be redeemed for purchasing physical Gold Jewellery, Silver Articles/Jewellery, or BIS Hallmarked Coins from Sri Mangalam Jewellery.
• No Cash Refunds: Under no circumstances will advance payments be refunded in cash or transferred to bank accounts.
• Special discounts on making charges (V.A.) or wastage benefits are applicable strictly upon successful completion of all monthly advance installments without default.

5. Pre-closure & Default Rules

• If a member wishes to close the scheme before completion, or defaults on monthly payments, they are entitled to purchase jewellery equivalent to the total advance payment collected up to that date.
• Pre-closed accounts or defaulted accounts forfeit entitlement to special scheme discounts, waivers, or promotional benefits.

6. Taxes & Statutory Levies

• Applicable Goods & Services Tax (GST) and any other government levies will be charged on the total final invoice value at the time of final redemption/jewellery delivery.

7. Governing Law & Jurisdiction

• This advance scheme agreement is governed by the laws of India. Any legal disputes arising out of this scheme shall be subject to the exclusive jurisdiction of the competent courts in Namakkal District / Tiruchengode, Tamil Nadu.

8. Showroom Contact