PPI EXPIRY & FORFEITURE POLICY
|OBJECTIVE||This policy defines standard procedure & guidelines regarding expiry and forfeiture of outstanding balances in PPIs that have outlived their validity|
|VALIDITY||Both Reloadable & Non- Reloadable PPIs shall have a minimum validity of one year from the date of following:
1. Date of issuance
2. Last upload or reload
3. Last utilization of PPI
Whichever is later
|SUSPENSION||SUSPENSION Before completion of validity of the PPI, following process shall be followed
1. Notice* for suspension** prior to 45 days in advance
2. Notice* for suspension** prior to 30 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/Expired.
|FORFEITURE & REACTIVATION||Company’s CEO & CFO shall approve forfeiture of PPI amount as per RBI guidelines.
Upon approval, outstanding balances in all such PPIs shall be forfeited.
Expired wallet reactivation will not be allowed.
|REFUND CLAIM||PPI holder can approach Spice for refund of outstanding balance amount, at any time after the expiry date of PPI. PPI holder can claim refund y writing a email on
Company Finance team after due diligence will process such request’s and transfer balance outstanding of wallet in bank account of the PPI holder.