SPICE DIGITAL LIMITED
PPI EXPIRY & FORFEITURE POLICY
|Spice Digital Limited|
|VALIDITY||All PPIs shall have a validity period of five years from the date of following:
1. Date of issuance
2. Last upload or reload
3. Last utilization of PPI
Whichever is later.
|EXPIRATION AND CLOSURE OF PPIs||
Before expiry of validity period of the PPI, the Company shall caution the PPI holder at reasonable intervals (as follows) by sending the caution notices by either through SMS or Email or phone call or by any other means.
1 st Notice: 45 days prior to expiry of validity period;
2 nd Notice:30 days prior to expiry of validity period;
3 rd Notice: one day prior to expiry of validity period;
PPI holder not reloading or utilizing the PPI until the date of expiry of the validity period will result in the expiry and closure of PPI and thereupon, expired PPI shall not be allowed for any further transactions.
PPI holder can approach the Company for refund of outstanding balance amount, at any time after the expiry of validity period of PPI. PPI holder can claim refund by writing an email on
The Company’s Finance Team, after due diligence, will process such requests and transfer balance outstanding in the PPI wallet to the verified bank account of the PPI holder.
|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 PPI wallet reactivation will not be allowed.|