Paybito provides inter alia Paybito Android App, Paybito iPhone App (collectively “Paybito App” ) and / or Paybito website at “www.paybito.com” (“Paybito Website”) and / or use of the current or future services, products or any other features, technologies, or functionalities (collectively “Paybito offers”). Paybito App, Paybito Website and Paybito Offers are collectively referred to hereunder, as “Paybito Services”. The terms governing such offer of services, the consideration payable, limitations applicable thereto and the representations and warranties of Paybito are more fully set out herein.
Users are required to read, review, understand and then agree to the terms hereunder before using or availing of Paybito's services. By executing this agreement, Users are deemed to have understood the technology behind creation and circulation of cryptocurrencies and are deemed to have expressly given their consent to be bound by the Terms herein, including the representations, warranties and disclosures set out hereunder. Once the terms contained hereunder are accepted by a User, the same shall be binding on the User availing of the Paybito Services. User shall ensure that no third party uses its account on the Paybito App or Paybito Website without executing the terms hereof. Further, in addition to the terms contained herein, Users shall be bound by the terms and conditions governing purchase, sale or trading of Cryptocurrencies, as stipulated by the issuers thereof. Users shall be permitted to avail of the Paybito Services including the User Account only after reading the terms herein and in the policy documents set out hereunder and after agreeing to the same.
(A) Paybito offers a platform for trading in cryptocurrencies. Presently the platform offers trading in Bitcoins. Paybito is neither the creator nor administrator of any cryptocurrencies. It merely trades in the same. Paybito has no control over the generation, distribution, retention (except in its wallets) or termination of cryptocurrencies. Paybito does not control market volatility of Cryptocurrencies. It merely acts as an intermediary for the services offered, which are more fully set out hereunder.
(B) Paybito does not provide any warranty of any kind, either express or implied. Paybito Services and the products offered therein are provided on an “as-is” and “as available” basis. User avails of the Paybito Services and / or dealing in Crytocurrencies at their own risk and with full disclosure of possible wiping out of the entire holding or valuation in the account of the User, in the event of the occurrence of any of the Risk Factors including but not limited to changes in regulatory or legal position in India or restrictions that may be placed on Paybito. It is hereby expressly declared that Paybito offers no warranty of any kind regarding Paybito App and Paybito Services.
(C) Paybito Services are strictly available for use only within jurisdictions that permit transactions or trading in cryptocurrencies or where such transactions have not been curtailed. In the event that a User resides in any such jurisdiction where transactions in Cryptocurrencies is prohibited, Users shall not use Paybito App and / or Paybito Services to conduct any transaction in Cryptocurrencies. In the event that such transgression is brought to the notice of Paybito, the Company shall forthwith cease operation of the Paybito account by the User and shall extend all cooperation to the enforcement authorities. Users are therefore duly warned against availing Paybito services, where there is a specific ban against the transactions envisaged and offered by Paybito. Users shall be solely responsible for ensuring compliance with the above duty and responsibility to follow the laws of the country of residence. Subject to confirmation by the User to be bound by the terms contained herein, Paybito hereby grants to the User a personal, non-exclusive, non-transferable, non-sub-licensable, and limited right to use Paybito App and Paybito Services.
(D) Users are hereby duly cautioned that presently in India, Virtual Currencies, as a medium for payment is not authorized by any central bank or monetary authority of India. The Reserve Bank of India (“RBI”) has issued two circulars in 2013 and again in 2017, cautioning users regarding the risks involved with respect to Virtual Currency. Copies of these circulars are available at https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247 and https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=39435. Users in India shall therefore avail of the Paybito services subject to the above caution issued by the Reserve Bank of India.
(E) Paybito may use third party service providers including for rendering some of the Paybito Services or for facilitating the same. User agrees and confirms consent for collection, use, dissemination and retention by such third parties of the personal and sensitive personal data of User. User shall be bound by the terms of service of such third parties to the same extent as Paybito would be bound. Paybito shall however not be responsible or liable for any commissions or omissions by such third parties including with respect to data protection or compliance with applicable laws and regulations with respect thereto.
(F) These terms shall be applicable to existing and new Users. Paybito reserves the right to modify or amend the terms herein and an intimation thereof shall be sent to existing Users, who may decide to opt out of the service. Continued use of the Paybito Services shall be deemed to amount to confirmation and acceptance of the modified or altered terms hereof.
(G) The Parties affirm that the terms set out hereunder signify their mutually agreed terms, supported by just consideration and shall be binding on both parties.
(A) Paybito offers a platform for its registered Users to buy or sell Cryptocurrencies. Presently Paybito offers its services for buying and selling of Bitcoins.
(B) Subject to the conditions set out above, Users may utilize the Paybito Services to:
(C) User shall also ensure that all of the above services are availed of only for legal purposes and through legal means.
User may open an account with Paybito subject to the following conditions.
(A) Opening of Account
(B) Data Disclosures & Consent
(C) Know Your Customer Compliance
Only Users complying with the following Know Your Customers (“KYC”) procedures would be allowed to avail of Paybito Services:
(D) VERIFICATION PROCESS
(A) Users shall be bound by the policies, rules and User Guidelines prescribed by Paybito periodically, the terms of which shall form part of these presents.
(B) User is hereby cautioned that Paybito does NOT take payments in cash and has not authorised any person including its employees to accept any payments in cash. User shall not give cash to any person including based on any representation that such person may make with respect to creating an account or depositing the same on behalf of User. User is also hereby cautioned that each account is intended only for the use of a single user. Hence no User shall either offer or accept from another services for investing in Cryptocurrencies through abother User’s Paybito account.
(C) Users are required to conduct all transactions on the Paybito Services only through duly authenticated bank accounts of the User. All payments shall be made in Indian Rupees (INR) for purchase or sale of cryptocurrencies on the Paybito Services. User shall ensure that immediate intimation of payments made, the bank details from which such payment was made and the Paybito account to which it is to be credited are immediately informed to Paybito through the Paybito App. Payments made to Paybito without furnishing the above details shall be deemed to be “unaccounted” payments and Paybito shall not be liable for non – accounting or crediting of such sums or of the cryptocurencies to the User Account for the said sum. Paybito shall also not be responsible for any loss, harm or damage that may be caused to the User due to such non – crediting of the said sum including loss from fluctuations in the price of bitcoins pending verification of the above details or non – purchase or crediting thereof. User shall be solely responsible for ensuring prompt intimation of the above details to Paybito to ensure immediate completion of the transaction of purchase of Cryptocurrencies. Paybito shall not take any responsibility or liability for unaccounted for monies deposited to its bank account from unregistered users or from anonymous sources. Paybito shall be entitled to appropriate such unaccounted payments to its account and User shall forfeit the same if the verification details sought for above are not furnished to Paybito within Seven Days of the deposit.
(D) Paybito offers the Paybito Services for consideration in the form of transaction fees, as intimated to User prior to completion of the transaction. User hereby agrees to such payments, on terms set out on the Paybito Website. All payments due to Paybito shall be debited from User accounts. All payments to Paybito shall be in INR except for payments made through cryptocurrencies.
Paybito has zero tolerance towards use of its Paybito Services for any illegal purpose. Any such abuse by any User shall result in forthwith termination of the account and reporting of such activities to concerned regulatory and statutory authorities.
(A) Users shall be bound by the terms of the Anti-Money Laundering Policy (“AML Policy”) in addition to the terms contained herein. The terms of the AML Policy shall be read as part and parcel of these presents.
(B) Users shall ensure that the terms of the AML Policy is strictly complied with. Paybito shall not allow its Paybito App and / or Paybito Services and any future platforms that it might support, to be used for any illegal purpose including for money laundering or the funding of terrorism or any other criminal activities.
(C) Paybito shall report all suspicious activities to the concerned authorities to ensure initiation of investigation and prosecution. Users are therefore strongly cautioned against misuse of the Paybito Services in any manner for illegal activities.
(D) Acceptance of the terms herein shall tantamount to acceptance of the AML Policy and the terms contained therein. Users are required to read, understand and affirm the AML Policy before clicking the “I Accept” button to these Terms of Service. Paybito may periodically review and revise, modify or update the AML Policy to ensure that it complies with the requisites of applicable Law. By accepting the terms herein and by continued use of the Paybito Services, Users are deemed to have agreed to such revised terms of the AML Policy and shall be bound by the same. Users who do not wish to abide by the same are not permitted to continue use of the Paybito Services and the same shall stand terminated upon compliance with the process set out therefor.
(E) Paybito reserves the right to decline or discontinue, as the case may be, any account, at its discretion, with present as well as prospective Users at all times. In the event of any suspicious activity being disclosed or a User is suspected of abusing the Paybito Services or platform, Paybito shall have the right but not the obligation to suspend or terminate any account of a User, until a reasonable and satisfactory explanation with supporting documents is provided.
(F) Where applicable, intimation of such suspension or termination shall be duly sent to the User and the accumulated monies or Bitcoins in the account of such User shall be duly secured and shall accrue in favour of such User, unless otherwise appropriated by Paybito towards dues owed to it or is retained pending confirmation from a regulatory or statutory authority or in compliance with an order from a Government Authority or Court. Amounts lying in the accounts of Users suspected of illegal activities or of abusing the platform shall however not be released in favour of such User until the requisite documents and explanations, as set out above are furnished or upon receipt of an order permitting the same from an appropriate Court or Government authority.
(A) Users are hereby duly cautioned against use of the Paybito Services for illegal activities. Any such use or attempt to use Paybito Services for illegal activities shall tantamount to abuse of the terms of this Agreement, which would result in forthwith termination of this agreement without notice and appropriation of the amounts lying in the User account.
(B) Paybito shall engage the services of nodal officer/s for ensuring compliance with its policies including the AML and KYC Policies (“Nodal Officer”). The Nodal Officer shall also provide all details required by regulatory and statutory authorities.
(C) Upon identification of “suspicious transactions”, as stipulated in the AML Policy, or as per the internal vigilance process, the Nodal Officer shall forthwith initiate processes for suspension or termination of the User account and for reporting the same applicable regulatory and/or law enforcement authorities.
(D) Paybito may periodically review, revise, modify or update the KYC and AML Policies including to ensure its compliance with subsisting / new regulations and legal requirements. Amended AML and KYC Policies shall be uploaded on the Paybito Website and Paybito shall also intimate User of such amendments. Non-receipt of such intimation shall not exonerate User from complying with the revised AML and KYC Policies. Continued use of the Paybito Services shall be deemed consent to such revised terms. User shall ensure due compliance with such amended AML and KYC Policies within timeframes prescribed for the same. Failure to do so shall amount to a material breach, which could result in suspension, cancellation or termination of this agreement. User may also opt to terminate the Agreement by following prescribed procedures, in the event that the User does not wish to comply with such revised policies.
(A) Users shall ensure strict compliance with the following user guidelines set out hereunder (“User Guidelines”):
(B) The above requirements are mandatory to ensure security of the User accounts and to ensure authenticity of the same. Failure to comply with any of the above shall amount to a material breach, which may result in suspension, cancellation and / or termination of the User account and Paybito shall be entitled to claim loss or damage caused to it due to such material breach by a User.
(A) Subject to compliance of the above User Guidelines, User is entitled to the benefits of the Paybito Services;
(B) Paybito shall take all measures to ensure rendering of its services to User. Paybito shall however not be responsible or liable for disruption or cessation of Paybito Services due either to Regulatory, Governmental or Judicial actions or technical issues or due to circumstances beyond their control.
(C) Users shall bear all liabilities towards taxes, as applicable.
(A) Paybito is not the creator or developer of any cryptocurrency including “Bitcoins”. Paybito has no control over creation or issuance of any cryptocurrency including “Bitcoins”. Paybito cannot be held responsible or liable for the fluctuation or volatility of the price of any cryptocurrency including “Bitcoins”, and does not have any control over the price fluctuations in any cryptocurrency including “Bitcoins”. Paybito does not advise any User to invest or speculate in any cryptocurrency including “Bitcoins” and does not guarantee any returns or profits. Paybito does not extend any warranties with respect to any of the products or cryptocurrencies which it offers as part of Paybito services.
(B) Users may decide to avail of Paybito services, subject to the above and the representations and disclosures set out hereunder:
(C) Paybito takes best efforts to provide uninterrupted services to its customers but it shall not be responsible or liable for disruptions or cessation of Paybito Services beyond the control of Paybito. Paybito does not give any guarantee for uninterrupted access or against any delay, failure, errors, omissions or loss of transmitted information.
(D) Paybito may suspend use of Paybito App and Services for maintenance and will take best efforts to give reasonable notice. However in cases of emergency such prior notice may not be feasible and absence of such notice shall not amount to deficiencies of any nature, which User is hereby required to acknowledge.
(E) If Paybito were to cease its operations in the event of change in regulations or law, the same shall not amount to any wilful act of deficiency or otherwise and User shall not hold Paybito responsible or liable for the same.
(F) Paybito does not provide any investment advice in connection with or related to cryptocurrencies. Any data or details including of the value, range, volatility of Bitcoins, and events that may affect/have affected the value of Bitcoins, is for information purpose only. User shall not rely on the same either as advice or inducement to invest in cryptocurrencies or bitcoins. Paybito will not be liable for any loss suffered by User in connection with any transaction involving any cryptocurrencies.
(A) Subject to compliance by the User of the User Guidelines and the terms contained herein, Paybito covenants to comply with the following:
(A) Paybito shall not be liable for any loss, harm or damage caused to the User due to discontinuation of any cryptocurrency that is being offered through the Paybito Services;
(B) Paybito shall not be liable for any disruption of service, whereby the User is denied access to the cryptocurrencies / Bitcoins, including those stored on the User’s Paybito account;
(C) Paybito shall not be liable for any loss, harm or damage caused to the User through loss of any cryptocurrency stored on the User’s account for any reason whatsoever, save and except due to a wilful and malicious commission or omission by Paybito directly resulting in such loss. Paybito shall not be liable for discontinuation of its services, which is warranted due to Force Majeure or regulatory directions that may be issued with respect to cryptocurrencies;
(D) Paybito shall not be liable for any loss caused to User due to fluctuations in the price of cryptocurrencies. Paybito does not guarantee profits from sale or purchase or transfers of cryptocurrencies.
(E) Paybito shall be responsible to account for only such services, as is within its control, in the event of termination of this agreement or closure of the Company. This liability is also subject to applicable laws and deductions including towards dues owed to Paybito or to any government or regulatory authority.
(F) Paybito shall not be liable for any loss, harm, damage caused to User for suspension, cancellation or termination of a User account including for reasons of User violations or in compliance with judicial, regulatory or government orders;
(G) User agrees that Paybito will not be liable to User or to any third party for termination of the User Account or restricting access to the Paybito Services;
(H) User shall not be entitled to any damages for any reason whatsoever including for consequential or compensatory damages against Paybito for any reasons including suspension, cancellation or termination of the User Account or for cessation of Paybito Services. The User shall only be entitled to refund / recovery of the amounts credited to the User Account, subject to deductions towards dues owed to Paybito and other legal, regulatory or statutory dues or those stipulated by a Court of law. In the event that the cryptocurrencies or specifically bitcoins lying in all accounts are seized or Paybito is unable to access or convert the same into INR for payment to User, Paybito shall not be held liable or responsible for the same. User is cautioned to avail of the Paybito Services subject to the above risk. At no point of time will Paybito, its directors, shareholders, employees, representatives or assigns be held liable for any claims whatsoever for cessation of services or termination thereof. All claims shall be limited to the amounts lying in the account of the User, subject to the abovementioned deductions.
(A) Paybito services offer / may offer third party products, which include transactions in the cryptocurrency named “Bitcoin”; third party consumer products and services including vouchers for payments for third party service providers or for purchasing products distributed by third parties ;
(B) Paybito may also provide links or other forms of reference to other websites (“External Websites”) or resources over which Paybito may not have control;
(C) Paybito offers such third party products, services or links to for the sole purpose of enhancing User experience. Paybito makes no representations whatsoever about any External Websites which User may access through Paybito or for products or services that a User may avail of through the Paybito Services;
(D) Paybito does not guarantee or provide any warranty for the quality, sustainability or longevity of any of the products or services. Paybito’s liability is limited to honouring the monetary value of the vouchers issued to User;
(E) The Paybito App and Paybito Website may contains third party links, which may lead users to third party content or external websites. Paybito does not undertake any responsibility or liability whatsoever for any such third party content, including correctness thereof or the security or integrity of the links and content hosted therein;
(F) Users are directed to ensure extension of suitable guarantees or warranties by the distributors of products, as Paybito does not extend any such facility;
(A) Paybito services are offered only on the digital domain, which is subject to risks including offensive attacks. Paybito shall not be liable for any loss, harm or damage caused to the User’s account or the monies or cryptocurrencies accrued therein if the same arises due to Force Majeure including commissions or omissions by third parties, forces of nature, offensive attacks on Paybito servers or on the personal devices of the users or any loss caused by conditions or events beyond the reasonable control of Paybito.
(B) The above limitation on liability includes any Force Majeure event set out hereunder including acts of god; fire, act of terrorists, act of civil or military authorities, civil disturbance, war, strike or other labour dispute, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond reasonable control of Paybito; offensive attacks including virus attack, hacking, denial of service attack or theft of the personal devices of the User resulting in loss or damage of the account. The validity and enforceability of any remaining provisions shall not be affected by any such condition.
(C) Paybito shall not be liable for any harm, loss or damage caused to User due to a data breach of confidential information of the User, including of the User account details or User password, including when such breach has occurred due to the User sharing the details with third parties or the User’s failure to follow due diligence. Paybito shall also not be responsible for disclosure by User of account details including by falling prey by way of a phishing attack.
(D) “Force Majeure” shall mean and include any cause arising from or attributable to acts, or events, beyond the reasonable control of Paybito, including natural calamity, strikes, terrorist action or threat, civil commotion, riot, crowd disorder, invasion, war, threat of or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, structural damage, epidemic or other natural disaster, calamity, attacks including through computer viruses, hacking, denial of service attacks, ransomware or other manmade disruptions or any law, order enactment, statutory direction, legislation, regulation, rule or ruling of government or any court of law or of a Government or regulatory authority.
(A) User shall indemnify Paybito, its representatives, Affiliates and their respective directors, officers, shareholders, representatives and assigns (the “Indemnified Parties”) shall indemnify and hold harmless the Indemnified Parties against and in respect of any and all claims, losses, damages, expenses, costs or other liabilities (including attorney’s fees) incurred or suffered by the Indemnified Parties in any manner from or due to any failure or default by the User, to duly perform its obligations under this Agreement and the terms contained herein or due to any material breach by User of the User Guidelines or due to any misrepresentation under this Agreement or in compliance of its terms.
(B) Paybito shall indemnify User and hold harmless against and in respect of claims, losses, damages, expenses, costs or other liabilities (including attorney’s fees) incurred or suffered by the User solely due to any proven wilful and malicious act or default by Paybito. This indemnity is subject to the representations and warranties set out herein above i.e., Paybito shall not be liable for any claim, action, loss, damage, expenses, costs or other liabilities including attorney’s fees arising out of risks or consequences set out in the representations and warranties herein or for actions initiated by Paybito against User for suspension, cancellation or termination of the account for any reason. Liability of Paybito in any event shall be limited to the amounts actually received from the User as consideration. User shall be required to submit proof thereof for substantiating the claim.
(C) These provisions shall survive the expiration or termination of this Agreement.
(A) Unless otherwise specified, all materials on Paybito App and Services are the property of Paybito and are protected under copyright, trademark and other applicable laws;
(B) Users may view, print, and/or download a copy of such Materials on any single computer solely for your personal, informational, non-commercial use, provided you keep intact all copyright and other proprietary notices;
(C) The trademarks, service marks and logos of Paybito and others used in Paybito and Services (“Trademarks”) are the property of Paybito and their respective owners;
(D) The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Website belong to Paybito;
(E) User or visitor to our website or any persons using or viewing our Apps are strictly prohibited from copying, reproducing, publishing, republishing, circulating, modifying, uploading, transmitting, collecting and / or distributing the trademarks and materials of Paybito in any form or by any means, whether manual or automated;
(F) Any unauthorized use of such property will be in direct violation of copyright, trademark, and other applicable laws and will result in criminal and / or civil legal actions and penalties;
(G) Users shall not reverse engineer or disassemble any aspects of the Paybito App or Paybito Services for any reason whatsoever. Any such action shall amount to violation of the Paybito IPR in and to such software;
(H) Paybito Services includes third party IP including the software used for creating or distributing Cryptocurrencies. Paybito does not own any rights to such third party IP and is bound by the license terms for such IP. Users shall also be bound by the license terms and shall violate any third party IP that resides on or is accessible through the Paybito Services.
(A) Users may submit their complaints to Paybito in the contact form available at paybito.com. Such complaints may be either with respect to Paybito Services or any problems faced by Users in connection with their accounts with Paybito. Paybito shall revert, as soon as possible to such complaints.
(B) Paybito will not be able to resolve the following complaints:
User and Paybito agree and confirm the following terms for continuation, suspension, cancellation or termination of this agreement.
This Agreement shall come into effect upon confirmation of the terms by the User herein and subsist till termination of the same upon any of the reasons set out hereunder (“Term”).
Paybito reserves the right to suspend or terminate a User account for the following among other reasons (“Termination”).
Paybito shall suspend and after verification terminate a User account immediately upon the occurrence of any of the following:
(A) Use of the account for suspicious or illegal activities;
(B) Failure of User to comply with the KYC norms;
(C) Misrepresentations or misstatements by Users;
(D) Failure of Users to update KYC details, when called upon;
(E) Failure of Users in complying with the User Guidelines set out above or default in complying therewith or willful violation thereof;
(F) Violation of the terms hereof or of any of the Policies, Rules and Code of conduct prescribed by Paybito from time to time, by a User, which is not remedied despite receipt of notice, within the time set out in such communication, for such remedial action;
(G) Inactive accounts lying dormant for over six months;
(A) Any notice or other communication provided for in this Agreement shall be sent only through electronic mail. User hereby agrees to receive electronic or any other form of communication and notifications from Paybito. Email messages sent over the Internet are not always secure and Paybito is not responsible or liable for non – receipt of such communication by User. Once the email is dispatched by Paybito, it shall be deemed to have been served on the User. Paybito shall be deemed to have received communications from the User only upon actual receipt into the Inbox of the account of the person to whom such communication is addressed and acknowledged. Paybito shall not be liable or responsible for non – receipt of communications or for any damages incurred by the result of sending email messages over the Internet.
(B) All communications to Paybito shall be at our contact form available atpaybito.com. Paybito shall ensure that any change or modification to the same is uploaded on the Paybito Website.
(C) All communications to User shall be at the electronic mail address provided by User, as part of the KYC norms or via in – App messages or SMS to the User’s registered mobile number. User shall ensure that any change in the electronic mail address or communication option is duly intimated to Paybito.
(A) This Agreement shall be governed by and construed in accordance with the laws of India.
(B) The parties agree to irrevocably submit to the exclusive jurisdiction of the courts in Ahmedabad for the resolution of any disputes arising from this Agreement or in connection therewith or pursuant thereto.
This Agreement or any rights or obligations hereunder shall not be assigned by the Service Provider to any third party without the prior written consent of the Customer. The Customer may assign all or any of his rights without prior intimation or approval of the Service Provider to any third Party.
This Agreement shall bind and inure to the benefit of the parties, and their respective successors and permitted assigns.
(A) The invalidity or unenforceability of any provision of this Agreement shall not in any way affect, impair or render unenforceable this Agreement or any other provision contained herein, which shall remain in full force and effect.
(B) This Agreement shall be considered divisible as to such provision, which is deemed to be invalid or unenforceable and the remainder of this Agreement shall be enforceable and binding on the Parties.
No provision of this Agreement may be waived or changed except by a writing signed by the party against whom such waiver is sought to be enforced. The failure or omission by either party at any time to enforce or require strict or timely compliance to any provision of this Agreement shall not affect or impair that provision or any other provision in any way or the rights of such party hereof, to avail itself of the remedies it may have in respect of any subsequent breach of that or any other provision.
The Recitals, Schedules and Annexures in this Agreement shall form part of this Agreement and the contents thereof shall be read into this Agreement. Headings are for the purpose of easy reference and shall not affect the meaning or interpretation of this Agreement.
This Agreement, and the other agreements contemplated hereby, constitute the entire agreement.
(A) User shall be solely responsible and liable for ensuring payment of all applicable taxes arising due to or pursuant to execution of these terms or availing of Paybito Services.
(B) Paybito shall not be responsible for either determining the tax liability of the User or for collecting, reporting or remitting any taxes arising from any transaction.
(C) The above is subject to any changes to the statutory or regulatory process under applicable laws.
None of the provisions of this Agreement shall be deemed to constitute a partnership between the parties hereto and no party shall have any authority to bind or shall be deemed to be the agent of the other(s) in any way. User shall not misrepresent or mislead or induce any person to avail of Paybito Services or to invest in any Cryptocurrency.
This Agreement is subject to confirmation by the Government of India of the legality of dealing in Cryptocurrencies and in the event that the Government of India were to hold such dealing to be invalid or illegal in India, this Agreement shall stand automatically terminated without further notice to User. Paybito has given full disclosure of the current Government and regulatory status with respect to Cryptocurrencies in India and the risk involved in dealing with or investing in the same. User is deemed to have understood, agreed to and accepted the risk and costs of such investment.
(A)These terms may be periodically reviewed and revised. The revised draft will be uploaded on the Paybito Website and will reflect the modified date of the terms. User is required to periodically visit the website and review terms and any changes thereto.
(B) Continued use of the Paybito Services constitutes agreement of User to the terms contained herein and any amendments thereto.
(A) “Applicable Laws” means and refers to the laws of India including the Anti – Money Laundering laws contained in the Prevention of Money Laundering Act, 2002 and the Information Technology Act, 2000, as amended and other applicable laws of the land;
(B) “Bitcoin” refers to a type of cryptocurrency, whose creator is identified only as “Satoshi Nakamoto” and which is created using open source software. Bitcoin is not issued by any centralised authority or Government but uses “peer-to-peer technology” to operate, manage transactions and ensure authenticity (for more information on Bitcoins, please refer to http://www.bitcoin.org).
(C) “Cryptocurrency”, means virtual currencies, which are open instruments usable on any online platform and which may be acquired or disposed of only as a digital transaction.
(D) “INR” shall mean Indian Rupees.