Gift Card KYC

Gift Card KYC

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Deal Cadet
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My Paytm KYC has expired.
If I purchase BigBazaar gift card of Rs20000,
will I get that.Or I need to submit my KYC.

5 Comments  |  
2 Dimers
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Deal Lieutenant
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they issue Goldback for Non Kyc

Missing
Deal Cadet
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712
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desiman wrote:

they issue Goldback for Non Kyc

I am not talking about cashback/Goldback.
Will the ask for KYC to issue 10K+ gift cards.
Because as per RBI guidelines, it is mandatory to have KYC for such transaction.

Missing
Deal Lieutenant
92
6351
111
Expand
LS27 wrote:

I am not talking about cashback/Goldback.
Will the ask for KYC to issue 10K+ gift cards.
Because as per RBI guidelines, it is mandatory to have KYC for such transaction.

i suppose that RBI KYC is above 10000 for cashbacks

why KYC for gift cards above 10k rolleyes

Terms & Conditions
*If you have not completed your KYC or have breached your monthly wallet limit, you will receive Goldback (inclusive of 3% GST)
*This cash back offer is being extended by One97 Communications Limited for using your Paytm Wallet. Paytm Wallet can be used for all transactions including shopping, recharges, utility bill payments, movie tickets, travel bookings and payments at stores accepting Paytm as a payment mode.

  • Promo codes are subject to maximum cash back amounts
  • Cash back received will be credited to your Paytm Wallet
  • Promo codes are not applicable for Cash on Delivery (COD) mode of payment
  • If product purchased on EMI payment mode, Cash back gets credit post return policy
  • If product comes under no return policy, Cash back gets credited post 7 days of delivery date
  • Missing
    Deal Cadet
    39
    712
    10
    Expand
    desiman wrote:

    i suppose that RBI KYC is above 10000 for cashbacks

    why KYC for gift cards above 10k rolleyes

    Terms & Conditions
    *If you have not completed your KYC or have breached your monthly wallet limit, you will receive Goldback (inclusive of 3% GST)
    *This cash back offer is being extended by One97 Communications Limited for using your Paytm Wallet. Paytm Wallet can be used for all transactions including shopping, recharges, utility bill payments, movie tickets, travel bookings and payments at stores accepting Paytm as a payment mode.

    • Promo codes are subject to maximum cash back amounts
  • Cash back received will be credited to your Paytm Wallet
  • Promo codes are not applicable for Cash on Delivery (COD) mode of payment
  • If product purchased on EMI payment mode, Cash back gets credit post return policy
  • If product comes under no return policy, Cash back gets credited post 7 days of delivery date
  • 10.1 Gift instruments

    Banks and non-bank entities are permitted to issue prepaid gift instruments subject to the following conditions:

    1. Maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-.

    2. These instruments shall not be reloadable.

    3. Cash-out or refund or funds transfer shall not be permitted for such instruments.

    4. KYC details of the purchasers of such instruments shall be maintained by the PPI Issuer. Separate KYC would not be required for customers who are issued such instruments against debit to their bank accounts in India.

    5. Entities shall adopt a risk based approach, duly approved by their Board, in deciding the number of such instruments which can be issued to a customer, transaction limits, etc.

    6. The gift instruments may be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.

    7. The provisions of paragraph 13 on validity and redemption, as applicable, shall be adhered to.

    8. The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

    Missing
    Deal Cadet
    39
    712
    10
    Expand
    LS27 wrote:

    10.1 Gift instruments

    Banks and non-bank entities are permitted to issue prepaid gift instruments subject to the following conditions:

    1. Maximum value of each prepaid gift instrument shall not exceed Rs.10,000/-.

    2. These instruments shall not be reloadable.

    3. Cash-out or refund or funds transfer shall not be permitted for such instruments.

    4. KYC details of the purchasers of such instruments shall be maintained by the PPI Issuer. Separate KYC would not be required for customers who are issued such instruments against debit to their bank accounts in India.

    5. Entities shall adopt a risk based approach, duly approved by their Board, in deciding the number of such instruments which can be issued to a customer, transaction limits, etc.

    6. The gift instruments may be revalidated (including through issuance of new instrument) as per the Board approved policy of the issuer.

    7. The provisions of paragraph 13 on validity and redemption, as applicable, shall be adhered to.

    8. The features of such PPIs shall be clearly communicated to the PPI holder by SMS / e-mail / post or by any other means at the time of issuance of the PPI / before the first loading of funds.

    This is RBI master circulation.
    According to point 4, if we have paid through bank account separate KYC is not required.

    Missing