PPI Forfeiture Policy

OBJECTIVE

This policy defines standard procedure & guidelines to forfeit outstanding balances in PPIs that have outlived their validity

VALIDITY

Both Reloadable & Non- Reloadable PPIs shall be valid for twelve months from the date of following:

1. Date of issuance

2. Last upload or reload

3. Last utilization of PPI Whichever is later

SUSPENSION

On completion of validity of the PPI, following process shall be followed for suspension:

1. Notice* for suspension** prior to 30 days in advance

2. Notice* for suspension** prior to 15 days in advance

3. Notice* for suspension** one day prior to suspension

*User will be notified either through SMS or Email or phone call or a combination of 2 or 3 of these methods

**Suspension will mean that PPI will not be allowed to do any further transactions

Post completion of validity, PPI will be suspended

FORFEITURE

The Board of Directors shall approve forfeiture of PPI amount in its quarterly meeting. The company (Appnit Technologies Pvt Ltd.) shall provide wallet wise information of balance outstanding along with process followed for suspension & forfeiture.

Upon approval, outstanding balances in all such PPIs shall be forfeited but the minimum time period to forfeit the amount would be 3 years from suspension.

REACTIVATION & CLAIM

Post forfeiture of the outstanding balance in PPI, user can claim his outstanding amount within a period of six months from the date of suspension by writing to the company at care@oxymoney.com

User can also ask for reactivation of the suspended PPI within the time PPI is suspended but not forfeited. Such requests should also be forwarded to the company at care@oxymoney.com .