We may revise these Terms as well as update the App and Services from time to time, so please keep visiting this page regularly. If you do not agree with any part of these Terms, please stop using the App immediately. We also encourage you to contact our Grievance Team to discuss your disagreements.
Trading of crypto assets may result in total loss of your investment. Sale and purchase of crypto assets such as Bitcoin involves a high degree of risk to your capital. The value of your cryptocurrency assets may increase or decrease at any time and there is no guarantee on return of capital.
Bitcoins may not be appropriate purchases for all individuals and you should seek independent advice prior to purchasing any Bitcoin. Additionally, the availability of Nuo and your ability to use the services may be detrimentally impacted by regulatory changes and uncertainty.
If you use Nuo and trade in crypto assets via Nuo, you will represent that you are able to bear such risk.
i. Services we provide: Nuo provides the following services to you (“Services”):
a. place orders for purchase of Bitcoin (please note that you will not be able to withdraw Bitcoins from your Nuo Account);
b. deposit and withdraw INR onto and from the platform; and
c. place orders for sale of Bitcoin.
ii. Eligibility: To use Nuo and avail our Services, you must first sign-up and create a user account with us (“Nuo Account”). In order to sign-up, you must be compliant with the following:
a. You must be competent to enter into a contract under applicable laws of India.
b. You must be a citizen of the Republic of India.
c. You do not have any other Nuo Account and have not been rejected in the past from opening a Nuo Account.
d. Fulfil our KYC and AML requirements.
e. You must not be a politically exposed person or listed in the UN Sanctions List.
iii. Creating a Nuo Account: To create a Nuo Account, you may either provide us with your Email-ID or link an existing Google Account with your Nuo Account. In both cases, we will authenticate with a one-time password. You must also provide us the following details:
a. your name as provided in your PAN Card; and
b. email ID; and
c. PAN; and
d. Selfie photograph; and
e. Aadhaar details.
iv. Creating M-PIN: Once your Nuo Account has been set-up, you will be required to create an M-PIN to enable security of Nuo on your mobile device. You will not be able to use Nuo if you lose your M-PIN.
By accessing and using Nuo, you represent that you are not on any trade or economic sanctions
lists or a politically exposed person. You shall not use the Nuo Account to engage in any of the
following activities or any activity of a like manner (“Prohibited Uses”):
i. Committing fraud; and/or
ii. Gambling; and/or
iii. Money laundering; and/or
iv. Intellectual property infringement; and/or
v. Attempt to unduly enrich yourself; and/or
vi. Scrape/hack/or in any way damage or interfere with the system or architectural integrity of Nuo;
vii. Collect any user information such as email addresses/phone numbers etc. from other Nuo users;
viii. Engage in any activities that may harm our reputation and goodwill;
ix. Executing malicious sales or purchases; and/or
x. Any illegal or unlawful activities.
If we become aware that you have carried out any Prohibited Uses from your Nuo Account, we shall take appropriate steps against you. These steps may include: (i) suspending or terminating your Nuo Account; and/or (ii) banning you from Nuo; and/or (iii) reporting you to appropriate law enforcement authorities; and/or (iv) starting legal proceedings against you.
i. Duty to provide true information: The information you provide is used by us to determine your eligibility for using Nuo. It is critical that all information you provide to us is true, complete, not misleading and is regularly updated by you. If all or any part of this information is incorrect, incomplete, or misleading, it would be a breach of these Terms. You must further ensure that you do not do anything that can make the information provided by you incorrect, incomplete, or misleading later. If you discover any information provided is incorrect, incomplete, or misleading, then please write to our Grievance Team immediately.
ii. Duty to be responsible: Considering the nature of the App and Services provided, please ensure that you keep your mobile device safe. You are solely responsible for all activities that occur. under your Nuo Account and any amounts debited or credited to your bank account. You should keep your password safe and not disclose your Nuo Account details to any third party or share the account with any third party. If you think someone has gained access to your Nuo Account, please contact our Grievance Team immediately.
iii. Obligation to indemnify: To the extent permitted under applicable law, you agree, to indemnify us (i.e., the Company), our affiliates, directors, agents, and employees from and against all complaints, demands, claims, damages, losses, costs, liabilities and expenses, including attorney’s fees, due to, arising out of or relating in any way to (i) your access to or use of the App and/or Services; (ii) your breach of these Terms, (iii) your breach of any applicable laws or third-party rights.
iv. Ensure compatibility and keep updated: You must ensure that you keep updating Nuo as and when we release new versions of it. Failure to do so may make you incapable of using Nuo. You should also ensure that you are able to use Nuo with your preferred bank account.
i. Deposit of INR: Once your Nuo Account has been set-up, you can load money in INR denomination against the account. Such loading shall be reflected in your ledger entry. You may add the money using a credit card, debit card, or UPI. Loading of funds may be done manually, or as part of a recurring transaction. The money held in your Nuo Account will not earn any interest.
ii. Unsuccessful loading: If an attempt to load funds into your Nuo Account is not successful, you authorise us to cancel any related Order (defined below) or to debit other payment methods provided by you by any amount necessary to complete the Order in question. You are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid overdraft, or similar fees charged by your payment provider.
i. Purchase of Bitcoin: Once your Nuo Account is set-up, you may make INR deposits on the platform and engage in fiat-to-crypto trading. You will be able to place only market buy/sell orders for purchase or sale of Bitcoins from Nuo (“Order”). In order to place a purchase Order, you will be required to input the INR amounts you are willing to spend and we will reflect the amount of Bitcoin you may be able to purchase for the amount. Provided, however, the minimum Order size shall be Rs. 1,000 (Rupees One Thousand) and maximum order size shall be Rs. 50,000 (Rupees Fifty Thousand). Once you agree to the aforementioned trade, the Order will be placed. Such placed Orders will be reflected against your Nuo Account.
ii. Sale of Bitcoin: You will be able to sell Bitcoin held by you on Nuo via your Nuo Account for INR. To make a sale, you must inform us the amount of Bitcoin you wish to sell and we will inform you the amount payable in exchange. Once you agree to the trade, the sale order will be placed. Once the order has been placed, it will be reflected against your Nuo Account.
iii. Cancellation: In case we are not able to close your purchase or sell Order within 2 (two) minutes of the Order being placed, then the Order shall be cancelled. You will not be able to cancel your Orders once it has been placed. If sufficient balance does not exist against your Nuo Account to execute an Order, then we may cancel the entire Order.
iv. Trade corrections: You acknowledge and agree that we may correct, reverse, cancel or take any other reasonable steps with respect to any trade which we deem to be erroneous or abnormal. We shall have the sole discretion to determine the procedure to nullify or correct any contracts that have gone into effect erroneously and determine the amounts to make necessary profit and loss adjustments, etc. We will notify you of such corrective measures once we reach our decisions regarding the same. We will be exempted from any responsibility for compensating any damage suffered by any registered user in regard to the order or contract cancellation or the Services.
v. Finality of transactions: By using the Services, you accept that all transactions are final and irreversible. By using the Services, you accept that we reserve the right to liquidate or close anytrade at any time, regardless of the profit or loss that you may have incurred while trading.
vi. Unauthorized and incorrect Orders: Unless notified otherwise, we will assume that every Order placed from your Nuo Account has been authorized by you. If you believe that an Order from your Nuo Account was carried out without your permission (“Unauthorised Order”) or been carried out incorrectly or is not complete (“Incorrect Order”), you must contact us as soon as possible. In any case, information regarding such Orders should be relayed to us within 3 (three) hours from it taking place. You should check your Nuo Account regularly to ensure that no such Orders have been executed.
vii. Withdrawal of Funds: You may withdraw and settle the funds (whether in INR deposits or Bitcoin) held by you on Nuo in INR only. Please note that you will not, at any point, be allowed to withdraw in Bitcoins that you may have purchased on Nuo. You may withdraw and settle funds by making a request on Nuo to transfer such funds into a linked bank account at any time (“Withdrawal Request”). We will endevaour to settle each Withdrawal Request within 3 (three) working days of such request being made, subject to any delays in the relevant banking channels. You acknowledge that, upon a receipt of notification by us based on reasonable grounds, the time period required to settle a Withdrawal Request may be considerably more than the 3 days’ period specified in the preceding paragraph. We may limit the maximum amounts that you can withdraw on a daily basis. We will notify you such limits as and when we implement and/or modify it. We shall verify the bank account provided by you with a penny-drop test.
i. Trading Fees. We will charge a commission of on every trade made by you on and through Nuo, whether a sale or purchase.
ii. Withdrawal Fees. All withdrawals from Nuo will be in INR and you will be charged a flat rate of Rs. 10 on every withdrawal you make from Nuo.
To provide the Services to you, we need to use various third-party services. This includes payment gateway service provider (such as Mobikwik), KYC verifiers, and third-party exchanges (such as WazirX etc.). While we have appropriate agreements in place with these third parties, we do not accept any liabilities that may rise from our use of/reliance on such third-party services.
Nuo is only a trade facilitator. Our responsibility is limited to enable a purchase and sale of Bitcoins at rates agreed to by you. These trade services are offered in lieu of a fee. We accept no responsibility for the terms that we communicate to you in good faith. We are not liable for any losses that may occur as a result of your engaging in trades. We do not accept responsibility for any amounts transferred to your bank account or any remittance to your account that has failed. However, we shall undertake all reasonable steps to ensure such actions do not take place.
Nuo and Services are provided on an “as is” basis without any representation or warranties, express or implied except otherwise specified in writing. We do not warrant the quality of the Services or Nuo, including its uninterrupted, timely, secure or error-free provision, continued compatibility on assigns, and each of their respective investors, directors, officers, employees or agents be liable for any special, incidental, punitive, direct, indirect or consequential damages or losses suffered as a consequence of a breach of the Terms by another user or arising out of the use of or the reliance on any of the Services or on Nuo. In the event any exclusion contained herein is held to be invalid for any reason then, such liability shall be limited to the Fees paid by you to us in the preceding 3 (three) months.
i. All of the content on Nuo, including, all images, illustrations, graphics, video clips, text, reports generated, trademarks, as well as its underlying codes and algorithm constitutes our intellectual property.
ii. We give you a limited, non-transferrable, non-sublicensable and revocable license to access Nuo and use its features for your personal, lawful requirements only. You do not have the right to duplicate, distribute, create derivative works of display, or commercially exploit our intellectual property, directly or indirectly, without our prior written permission.
iii. You provide us with a limited, non-exclusive, global, royalty free license to use your name, likeness, comments, reviews and image for promotional and marketing purposes.
i. Termination by us: If we decide to terminate your Nuo Account for any reason, we will inform you of such decision on the App or by email. We will not be liable for any losses or damages that you may suffer from such termination of your Nuo Account.
ii. Termination by you: You may cancel your Nuo Account at any time by withdrawing all balances and emailing us about such cancellation at: firstname.lastname@example.org. Upon termination of these Terms and your Account, you remain liable for all transactions made while the Account was operational.
In case you want to opt-out of receiving notifications, promotional emails and messages, updates etc. from us, you may write to us informing the same at: email@example.com. Please note, that if we deem certain notifications as important for you, we will continue to share it with you.
In order to address any questions or grievances that you may have regarding the use of App or Services, please contact our grievance team (“Grievance Team”) in the following manner:
Without limiting the foregoing, under no circumstances shall we be held liable for any damage, loss, loss of services of Nuo, due to deficiency in provision of the Services resulting directly or indirectly from acts of nature, forces, or causes beyond its reasonable control, including, without limitation, internet failures, computer equipment failures, telecommunication equipment failures, or any other government regulations, floods, storms, electrical failure, civil disturbances, riots.
You understand that certain taxes may be applicable on the sale and purchase of Bitcoins. You alone will be required to determine your tax liability and payment of any taxes that may arise from these trades. We will be exempted from compensating any registered user for damage that it has suffered as a result of enactment of or amendment to any law, cabinet order, decree, rule, order, notification, circular notice, ordinance, guideline, or other regulation on crypto assets in the future, or as a result of enactment of or amendment to any relevant taxation rule including that pertaining to the consumption tax in the future.
i. Modification: We reserve the right to modify, suspend, or discontinue the Services (in whole or in part) with or without notice to you, at our sole discretion. You agree that we will not be liable to you or to any third party for any modification, suspension, or discontinuation of the Services or any part thereof.
II. Notification: We shall notify you of any relevant information pertaining to your use of the Services by push notification on the App, SMS, instant messaging services or email. You may reach out to us via firstname.lastname@example.org.
III. Disputes: These Terms and any action related thereto will be governed by the laws of Govt. of India. Any disputes arising out of or related to the Terms, Nuo, or the Services(collectively, “Dispute(s)”) shall be subject to the jurisdiction of the courts located in Bangalore. All Disputes shall be referred to and finally resolved by arbitration, held in accordance with the provisions of the Reserve Bank of India, including any amendment or modification thereto. The arbitral tribunal shall consist of a sole arbitrator appointed by Nuo Capital Pte. Ltd. The seat and venue of arbitration shall be Bangalore. The language of the arbitration proceedings shall be English. Each party shall bear its own expenses and costs in relation to the arbitral proceedings, unless otherwise stated in the award.
IV. Assignment: You shall not assign or transfer any right or obligation that has accrued to you under these Terms, and any attempt by you to assign or transfer such rights and obligations, shall be null and void. We may assign or transfer any right or obligations that accrued in our favour, at our sole discretion, without any restriction.
V. Waiver: Unless otherwise stated expressly, any delay or failure in our exercising any rights/remedies arising out of these Terms and/or other policies available on the App, shall not constitute a waiver of rights or remedies and no single/partial exercise of any rights or remedies, hereunder, shall prevent any further exercise of the rights/remedies by us.
VI. Survival: You acknowledge that your representations, undertakings, and warranties and the clauses relating to indemnities, limitation of liability, repayment of loan, governing law & arbitration and these general provisions shall survive the efflux of time and the termination of these Terms.
VII. Severability: If any provision of these Terms is held illegal or unenforceable, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. Any such provision held invalid, illegal or unenforceable shall be substituted by a provision of similar import reflecting the original intent of the parties to the extent permissible under applicable laws.