Vyoora Jewels India Pvt. Ltd. is committed to preventing the use of its business for money laundering, terrorist financing or tax evasion. This policy summarises the Know Your Customer (KYC) and anti-money laundering (AML) measures we follow under the Prevention of Money-laundering Act, 2002 (“PMLA”), the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, and the Income-tax law.
1. Why this applies to us
Dealers in precious metals and precious stones are notified under the PMLA as reporting entities for specified transactions. Independently of those thresholds, the Income-tax law requires PAN for high-value sales and restricts cash transactions. We apply these rules to sales, exchanges, buybacks and, when launched, digital gold accounts.
2. Our principles
- We do not deal with anonymous customers or in fictitious names.
- We identify our customers, and where applicable their beneficial owners, before completing transactions that require it.
- We keep proper records of transactions and identity documents for the period required by law.
- We monitor transactions and report those that are suspicious to the Financial Intelligence Unit – India (FIU-IND).
- We train our staff and have designated a Principal Officer for AML compliance.
3. When we ask for KYC
| Situation | What we ask for |
|---|---|
| Purchases above ₹2 lakh (single bill or linked bills) | PAN (or Form 60 where permitted), name and address |
| Buyback or exchange of gold | Photo ID, PAN where required, and bank details in the seller’s name |
| Corporate and bulk orders | Entity documents (such as CIN and GSTIN), authorisation of the signatory, and identification of beneficial owners |
| Transactions meeting PMLA thresholds or appearing unusual | Full customer due diligence, including verification of identity and address |
| Digital gold accounts (when launched) | KYC at account opening, as described in the platform terms |
4. Documents we accept
- Permanent Account Number (PAN) card or e-PAN;
- Passport, driving licence, voter ID card, job card issued by NREGA, or letter issued by the National Population Register; or
- Aadhaar — offered voluntarily, with the first eight digits masked. We do not store full Aadhaar numbers.
We may verify documents through official databases or authorised verification agencies, and may ask for additional documents where necessary.
5. Cash and third-party payments
- We do not accept cash of ₹2 lakh or more from a person in a day, for a single transaction, or for transactions relating to one event or occasion.
- We do not split bills to avoid any threshold, and we will not accept a request to do so.
- Payments must come from the customer’s own account or instrument. We may decline payments from third parties.
- Buyback proceeds are paid only by bank transfer to an account in the seller’s name.
6. Monitoring and reporting
We watch for unusual patterns — such as attempts to avoid KYC, inconsistent information, or transactions without an apparent purpose — and apply enhanced due diligence to higher-risk customers, including politically exposed persons. We screen against sanctions lists issued under Indian law. Suspicious transactions are reported to FIU-IND as required. By law, we cannot tell a customer that a report has been made.
7. Record keeping
Transaction records and KYC documents are retained for at least five years after the transaction or the end of the business relationship, or longer if required by law or an ongoing investigation. They are stored securely and handled under our Privacy Policy.
8. Our right to decline
We may refuse, delay or cancel a transaction if KYC is not completed, documents cannot be verified, or we have reasonable grounds to suspect a breach of law. Any amount received for a cancelled transaction will be returned to the source account, subject to applicable law.
9. Contact
For questions about this policy, contact our compliance team at grievance@vyoorajewels.com.