Terms of Service

1. Acceptance

By creating an account on the IRG-GDP platform you confirm that you have read, understood, and agreed to these Terms of Service, the Privacy Notice, the IPR Claim Acknowledgement, and the Platform Disclaimer.

2. The platform

IRG-GDP is a platform operated by Intech Research Group (IRG) that facilitates the minting, transfer, and redemption of IRG Gold-Denominated Promissories (IRG-GDP) against physical gold held by jewellers under defined custody arrangements. The platform supports multiple roles (Jeweller, Household, Investor, Designer, Returnee, Ombudsman, Marketmaker, Licensee, Consultant, Trustee Banker, Administrator). Each role has specific rights and obligations described in the user-facing documentation.

3. Not a CIS, not crypto, not a payment aggregator

IRG-GDP is not a Collective Investment Scheme under SEBI regulations. No returns or profits are promised. IRG-GDP is not a digital asset or cryptocurrency. The platform is not a payment aggregator. Funds settle through banking partners under IRG's published trust account framework.

4. Eligibility & KYC

You must be an Indian resident aged 18 or above. You must complete KYC verification appropriate to your role. Jewellers require an IRG-issued licence before they may mint. False KYC information may result in account revocation and report to the appropriate authorities.

5. Fees

Fees applicable to each transaction are disclosed at point of action. Platform fees, IPR royalties, and applicable taxes are itemised. Fee schedules are listed in the public fee schedule and may be revised with 30 days' notice.

6. Dispute resolution

Disputes are handled in three tiers:

1. Direct resolution between the parties through the in-app inbox.
2. Ombudsman review — appoint an IRG-recognised ombudsman who issues a binding ruling.
3. Indian courts with jurisdiction in Mumbai for matters where the Ombudsman ruling is appealed.

7. Liability disclaimer

Use of this platform does not create any client or customer relationship between you and IRG. IRG disclaims liability for: (a) acts of third-party service providers (banks, jewellers, designers, market-makers); (b) losses from your own security lapses (compromised passwords, lost wallet keys); (c) regulatory changes that affect platform functionality.

8. Governing law

These Terms are governed by the laws of India. Exclusive jurisdiction is with the courts of Mumbai.

9. Gold earmarking and custody obligations

9.1 A gold earmarker ("Earmarker") who earmarks gold ornaments on the platform does so under a sub-licence granted by the Jeweller who certifies the gold. The Earmarker acknowledges that GDP units minted against their earmarked gold derive their value from the continued physical existence and integrity of that gold.

9.2 The Earmarker shall at all times maintain physical possession or demonstrable custody of the earmarked ornaments and shall not pledge, hypothecate, dispose of, or earmark the same ornaments on any other platform, with any other jeweller, or under any other arrangement — whether simultaneously or sequentially — while the earmark subsists on the IRG-GDP platform.

9.3 The Earmarker grants to IRG and its authorised representatives the right to capture, store, and use images of the earmarked ornaments and KYC records (Aadhaar, PAN) for the purpose of ornament identification, duplicate detection, independent verification, and enforcement under these Terms.

9.4 The Jeweller who certifies gold for minting warrants that their certification of the gold weight, purity, and 24-karat equivalent is accurate to the best of their professional knowledge and based on physical examination of the ornaments. The Jeweller acknowledges that their certification is relied upon by the platform, by Earmarkers, by investors, and by the Trustee Banker.

10. Independent verification and cooperation

10.1 IRG reserves the right to conduct periodic independent verifications of earmarked ornaments at any time during the subsistence of the earmark. Such verifications are a routine measure to maintain the integrity and trustworthiness of the ecosystem for all participants. A verification does not, by itself, constitute any finding against the Earmarker or the certifying Jeweller.

10.2 Earmarker's cooperation obligation. Upon receiving notice of a verification, the Earmarker shall make the earmarked ornaments available for physical examination by the independent verifier within a reasonable time. Failure to present the ornaments for examination shall be treated as a negative verification finding.

10.3 Jeweller's cooperation obligation. The certifying Jeweller shall cooperate with any inquiry arising from a verification finding, including providing records, correspondence, and any other material relevant to the original certification. The Jeweller shall not attempt to influence, contact, or interfere with the independent verifier assigned to a re-verification.

10.4 Verifier independence. The independent verifier assigned to a re-verification shall be a different jeweller from the one who originally certified the gold. The identity of the original certifying Jeweller shall not be disclosed to the verifier.

10.5 Auto-determination of result. The verification result is determined automatically by the platform based on a comparison of the independently verified 24-karat equivalent gold weight against the original certification. A deviation within 2% (two per cent) is treated as a positive result. A deviation exceeding 2%, or a failure to present the ornaments, is treated as a negative result.

10.6 Bonus GDP entitlement conditional on verification. Where an Earmarker is subject to a pending verification, any bonus GDPs allocated to the Earmarker from the Corpus Fund returns shall be held in inactive status until the verification is resolved. Upon a positive result, the held bonus GDPs shall be activated. Upon a negative result, the held bonus GDPs shall be subject to the consequences described in Section 11.

11. Consequences of negative verification and Corpus Fund adjustment

11.1 Show cause notice. Upon a negative verification finding, the Earmarker shall receive a written notice specifying the finding and providing 30 (thirty) calendar days to present fresh evidence, request a second assessment, or provide an explanation. The notice shall inform the Earmarker of their right to approach the IRG Ombudsman for independent review and redressal at any time.

11.2 Right to contest. The Earmarker may contest the finding within the 30-day period by presenting an independent assay certificate, purchase documentation, or other evidence supporting the original gold declaration, or by requesting a reassessment. If the contest is upheld (whether by the platform administrator or by the Ombudsman), the verification record shall be updated to positive, and any held bonus GDPs shall be activated.

11.3 Enforcement upon expiry of the 30-day period. If the Earmarker fails to contest within 30 days, or if the contest is not upheld, the following consequences shall apply:

(a) Cancellation of GDP units. All GDP units minted against all gold earmarked by the Earmarker on the platform shall be cancelled and removed from circulation. This applies to all earmarks by the same Earmarker — not only the specific ornament that was the subject of the verification — as a negative finding calls into question the reliability of all gold declared by that Earmarker.

(b) Release of earmarked gold. The earmark on the Earmarker's gold ornaments shall be lifted. The gold shall no longer be pledged to the platform and shall be fully available to the Earmarker to hold, use, or dispose of without any claim from the platform.

(c) Account closure. The Earmarker's account on the platform shall be closed. The closure shall be recorded against the Earmarker's registered identity and KYC credentials.

(d) Right to demand Corpus Fund buyback. Where GDP units cancelled under clause 11.3(a) have been traded to third-party holders who acquired them in good faith, IRG shall have the right to call upon the Corpus Fund to buy back such GDP units from the affected holders at the prevailing Benchmark value and cancel them. This ensures that innocent holders are made whole and that the platform's GDP-to-gold parity is maintained. The cost of the buyback shall be borne by the Corpus Fund and shall be recoverable from the Earmarker (and, where the certifying Jeweller is found to have been negligent or complicit, jointly from the Jeweller) as a debt due to the platform.

(e) Jeweller consequences. Where a negative verification finding arises from inaccurate certification by the Jeweller (as distinct from the Earmarker's failure to present ornaments), the Jeweller's certification record shall be subject to quality review. Repeated or material inaccuracies may result in suspension or revocation of the Jeweller's IRG licence, in addition to the Jeweller's joint liability under clause 11.3(d).

11.4 Ombudsman jurisdiction preserved. The Earmarker's right to seek independent review through the IRG Ombudsman is preserved at all stages, including after enforcement. The Ombudsman may recommend reinstatement if new evidence warrants it.