Terms & Conditions

Please read these Terms & Conditions carefully before participating in the Ponmagal Gold Saving Scheme. By making payments under the scheme, you agree to the terms below.

1. Goods and Services Tax (GST)

   Goods and Services Tax (GST) is mandatory and applicable on the total invoice value at the time of redemption.

2. Payment Timeliness & Scheme Termination Policy

   • Monthly payments must be made on or before the due date to retain full scheme benefits.
   • In case of delayed payment, scheme benefits will be reduced or may not be applicable.
   • Customers must pay at least 9 monthly dues within the 12-month period to remain eligible for full scheme benefits.
   • If fewer than 9 payments are made, the scheme will be terminated, and the customer must visit the showroom to redeem the accumulated gold weight. In this case, full making and wastage charges will apply on the redeemed item.
   • If a customer fails to pay any due for more than 90 days, the scheme will be automatically terminated and the same redemption terms (with full charges) will apply.

3. Redemption Rules & Restrictions

   • No Cash Refund
     Under no circumstances will the amount paid under this scheme be refunded in cash. Redemption is allowed only in the form of gold or silver ornaments, with full making and wastage charges applicable at the time of redemption.
   • Readymade Items Only
     Customers can redeem their scheme only for ready-made items available in the showroom. Custom orders or special manufacturing requests are not permitted.
   • No Offer Applicability
     Ongoing offers, discounts, or promotions in the showroom are not applicable to purchases made through this scheme at the time of redemption.
   • No Sales Return
     Products purchased through this scheme are not eligible for exchange or return. No sales returns will be accepted.

4. Documentation & Compliance

   • PAN Requirement for High-Value Accounts
     If the total value of payments exceeds ₹2,00,000, the customer must provide a valid PAN card at the time of redemption, in compliance with income tax regulations.

5. Other Terms

   • Market Rate Risk
     SMJ is not responsible for any increase or decrease in the gold/silver rate. All gold weight accumulation is based on the prevailing board rate at the time of each monthly payment.
   • Policy Changes
     All terms and conditions mentioned above are subject to change at the sole discretion of the company’s management.