TERMS AND CONDITIONS APPLICABLE TO INDIAN RESIDENTS FOR USING THE REMITX GERMAN BLOCKED ACCOUNT FACILITIES

I. PREAMBLE

The domain name www.remitx.com ("Website") is owned by REMITX ("REMITX"), a division of Capital India Finance Limited ("CIFL"). REMITX provides an online portal, accessible at https://gba.remitx.com ("Online Portal"), to students in India ("User" or "you") who wish to study in Germany by opening and maintaining blocked account, mandatory for obtaining German visa. The blocked account serves to prove the User's adequate financial means in order to receive a German visa.

The following terms and conditions ("Terms of Use") shall govern the use and operation of the blocked account and serve as an agreement between the User and REMITX. By choosing to utilize the services offered by REMITX and agreeing to open a blocked account, it shall be assumed that you have downloaded, read, understood and accepted these Terms of Use and given your consent to be bound by them. If you are unwilling to agree to these Terms of Use, you shall discontinue the further use of the services.

II. DEFINITIONS

1) "Blocked Account" means the allocation (identified through an identification number) made in a special form of escrow account in the Federal Republic of Germany which serves as evidence of sufficiency of User's financial means for a period ("Blocked Account Operation Period") which is earlier of either: (a) the expiry of first 12 months of their stay; or (b) the Residence Period.

2) "Residence Period" means such number of months for which the Users intend to stay in Germany as per the terms of their visa.

III. ELIGIBILITY

1) The Blocked Account can only be used by contractually capable natural persons of at least 18 years of age.

2) In order to set-up a Blocked Account, every user is required to apply through the Online Portal and provide complete and accurate information in the application form in order to commence the process.

3) We reserve the right to reject any registration at any time at our sole discretion without stating any reasons.

IV. TOTAL BLOCKED AMOUNT

1) Upon completion of the application process and successful identification and verification of documents by us, the User is obligated to transfer the Total Amount (defined below) in the manner specified in paragraph (V) below.

2) The total amount ("Total Amount"), with respect to each of the User, will comprise of:

a. Blocked Amount for the proposed Residence Period, which is determined by the Foreign Office of the Federal Republic of Germany.

b. One time set up fees payable by the User as mentioned on the Online Portal.

c. Monthly service fees payable by the User as mentioned on the Online Portal, payable upfront in one lump sum.

d. Buffer Amount – the amount as mentioned on the Online Portal which is to be adjusted against the charges and expenses which are incurred in relation to remittance of funds, refund of the Blocked Amount, potential currency exchange rate fluctuations and/or any other charges that may be incurred during the operation of the Blocked Account. Buffer Amount excess (if any) will be paid to the User at the expiry of the Blocked Account Operation Period.

e. Tuition Fees – Any other additional amount that the relevant User wishes to add into the Blocked Amount (over and above the amounts set out in (a) to (d) above) for his usage in the Republic of Germany. However, the Tuition Fees shall not be in excess of 10000€.

The Tuition Fees will be disbursed to the User with the first monthly disbursement. It is further clarified that in case the Tuition Fees exceeds Indian Rupee (INR) equivalent of 10000€, the application of the User will not be processed any further by REMITX and the Total Amount , if transferred to REMITX Account (as defined below), will be returned by REMITX to the User, subject to deduction of applicable processing charges.

3) Blocked Account Deposit Facility Rate. Any amount transferred to the Blocked Account is subject to ECB (European Central Bank) deposit facility rate including bank security fund (interest rate is, currently (negative) 0.6% annually). Consequently, these fees will be deducted from the User's Buffer Amount for any unutilized Blocked Amount.

4) Service Providers. We are entitled to sub-mandate further service providers in order to activate the Blocked Account legally. Such service providers may be German law firms or payment service providers. By utilizing the Blocked Account services offered by us, the User hereby gives his/her explicit consent regarding disclosure of their personal data and information to the service providers mandated by us from time to time (the "Service Provider"). We currently commission the following German law firm as a service provider:

Rechtsanwalt Eric Neuendorff
Frankenweg 25
D-61381, Friedrichsdorf
Germany

V. TRANSFER OF TOTAL AMOUNT

1) The User will be required to deposit the Indian Rupee (INR) equivalent of the Total Amount into REMITX bank account in India as maybe notified by REMITX ("REMITX Account").

2) The Total Amount needs to be transferred in one single transaction from an account which is held in the name of the User. For every transaction, the User is obliged to indicate their unique User ID, issued upon successful registration, in the reference text field. Any transaction to the REMITX Account that cannot be clearly assigned to a User due to a missing User ID, partial payment or transfer by another person, may require additional verification or may, at the full discretion of REMITX, be sent back to the bank account of origin. Any applicable transaction cost will be charged to the User and be adjusted from the amount so received in the REMITX Account.

3) After receipt of the Total Amount in the REMITX Account and upon successful completion of the application process and submission of all requisite documents and information as requested by REMITX, the Blocked Amount will be credited to the Blocked Account of the User.

4) Upon successful reflection of the Blocked Amount in the Blocked Account, the User will be issued a blocked amount confirmation, required for the purpose of applying for visa.

VI. BLOCKED ACCOUNT ACTIVATION AND DISBURSEMENT

In order to activate the Blocked Account and receive monthly payments, each User will have to share the following documents (upfront at the time of activation of the Blocked Account) via the Online Portal:

1) Valid entry visa including the entry stamp of the Federal Republic of Germany;

2) Confirmation of the registration office of the Federal Republic of Germany for confirmation of the address data in Germany;

3) Proof of enrolment from the concerned University; and

4) Proof of the opening of a bank account in the Federal Republic of Germany, including all bank account details (name of account holder, account number, bank name and address, IBAN, BIC), which will be utilized to receive the monthly disbursements from the Blocked Account.

VII. CANCELLATION & REFUND POLICY

1) Cancellation of Blocked Account due to Visa Refusal

a. In the eventuality that your visa is refused by the German Foreign Office (embassy/consulates), you shall be required to provide proof of visa rejection along with your bank details from where the funds were remitted for funding of the Blocked Account. Once the refund of funds is established, the Service Provider will remit the refund amount to REMITX Account for local payment to the User, subject to deduction of applicable service charges, if any.

b. The cost for remittance of funds from Germany to India, including the currency exchange risk, will be borne by the User and shall be adjusted from the amounts being refunded.

c. The foreign exchange conversion rate for refund will be as per the rate set up by REMITX and will be binding on the User.

d. The refund will be in Indian Rupee (INR) only.

2) Cancellation of Blocked Account due to Early Completion of Studies or Early Departure

a. Upon early completion of your studies or in the eventuality of your early departure, you shall be required to provide air ticket as a proof of travel, cancelation of residence registration, along with your bank details from where the funds were remitted for funding of the Blocked Account and such other documents as may be required by REMITX for enable us to process the refund. Once the refund of funds is established, the Service Provider will remit the refund amount to REMITX Account for local payment to the User, subject to deduction of applicable service charges, if any.

b. The cost for remittance of funds from Germany to India, including the currency exchange risk, will be borne by the User and shall be adjusted from the amounts being refunded.

c. The foreign exchange conversion rate for refund will be as per the rate set up by REMITX and will be binding on the User.

d. The refund will be in Indian Rupee (INR) only.

VIII. TAX

All taxes (including statutory, governmental, withholding taxes, goods and services taxes and charges, customs and excise duties, other capital taxes) imposed by the Government of India on the remittance of the Total Amount and/or for operation of the Blocked Account from time to time will be charged to the User and shall be payable by the User.

IX. CUSTOMER DUE DILIGENCE REQUIREMENTS (CDD)

The User agrees and acknowledges that for opening the Blocked Account and undertaking any financial transaction through the Website, REMITX may undertake client/customer due diligence measurers and seek mandatory information required for KYC purpose, which as a customer you are obliged to give, while facilitating your request of foreign exchange requirements for overseas remittance in accordance with applicable Prevention of Money Laundering Act, 2002 and rules, as amended from time to time. REMITX may obtain sufficient information to establish, identity of each new customer, for the purpose of opening the Blocked account and for availing foreign exchange for overseas remittance to fund the Blocked Account.

In the event, payment towards purchase of foreign exchange is remitted through a bank account opened in the name of a third party (i.e. not being in your name), you agree and acknowledge that REMITX may refuse undertaking transaction, due to non-compliance /non- satisfaction on the explanation / non- clarification of payments that are received from third parties. You further agree and acknowledge that, in line with the requirements and obligations under the applicable laws including but not limited to Prevention of Money Laundering Act, 2002 and rules, all refunds shall be processed through us to the bank account which was used to remit payment against purchase of foreign exchange.

X. INTELLECTUAL PROPERTY

All trademarks and logos or registered trademarks and logos found on the Website and Online Portal should not be construed as granting, by implication, estoppels, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of CIFL or such third party that owns the trademark displayed on this Website.

REMITX and its logos are CIFL's registered trademarks. The Website content, including its design, layout, text, images, graphics, sound, video etc., embodies trade secrets and intellectual property rights protected under copyright and other laws. All title, ownership and intellectual property rights and its content shall remain with CIFL and its affiliates or licensor's of the Website content, as the case may be.

XI. DATA PROTECTION

Personal information supplied by user(s) during the use of the Website is governed by our privacy policy. Please click on the related link to know about our privacy policy.

XII. INDEMNITY

The User shall indemnify CIFL, its affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys' fees, made by any third party or penalty imposed due to or arising out of your breach of these Terms of Use or your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.

XIII. LIMITATION OF LIABILITY

The features and services on the Website and Online Portal are provided on an "as is" and "as available" basis, and CIFL hereby expressly disclaims any and all warranties, express or implied, including but not limited to any warranties of condition, quality, durability, performance, accuracy, reliability, merchantability or fitness for a particular purpose. Under no circumstances shall CIFL be held liable for any delay or failure or disruption of the content or services delivered through the Website or Online Portal resulting directly or indirectly from acts of nature, forces or causes beyond its reasonable control. If a transaction requires currency conversion, CIFL shall use the daily market exchange rate as a basis which may be subject to exchange rate fluctuations. REMITX shall not be liable for these exchange rate fluctuations. Furthermore, CIFL is not liable for additional charges if a User transfers the Total Blocked Amount to an account other than the one that is specified by REMITX in the account opening confirmation document.

The service providers providing services on the Website (including the Authorized Dealers remitting the funds on behalf of the User) are independent third party service providers and CIFL is not liable for the acts, errors, omissions, representations, warranties, delays, breaches or negligence of any such service providers or for any personal injuries, death, property damage, or other damages or expenses resulting therefore. CIFL and its affiliates have no liability for any loss, charges, damage and will make no refund in the event of any delay, cancellation, strike, force majeure or other causes beyond their direct control of CIFL.

Any loss incurred by the User due a discrepancy between the Blocked Amount prescribed by the Foreign Office of the Federal Republic of Germany and the Blocked Amount quantum calculated on the Online Portal of REMITX shall not be the liability of CIFL / REMITX and the User shall verify the accurate quantum of the Block Amount from the website of Foreign Office of the Federal Republic of Germany prior to remitting the Total Amount in the REMITX Account.

XIV. JURISDICTION

The Terms of Use are governed by and shall be interpreted in accordance with the laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. In the event of any dispute arising between CIFL on one hand and the User and/or any third party on the other hand, in relation to the Terms of Use, whether in contract or tort or otherwise, such User and/or third party hereby agree to submit to the jurisdiction of the courts located at Delhi, India for the resolution of all such disputes.

XV. GREIVANCE OFFICER

Any victim who suffers as a result of access or usage of computer resource by any person can notify their complaints against such access or usage of computer resource to:
Dept: Grievance cell.
Email: grievance@remitx.com
Contact Number: + 91 22 4938 5000

XVI. CHANGES TO THE POLICY

We keep our Terms of Use under regular review and hence we reserve the right to change this policy. If CIFL changes these Terms of Use, you will find the current version of the Terms of Use on our Website and any changes to the Terms of Use shall be binding of the Users.