WHAT INFORMATION DO WE COLLECT?

• The personal information you provide on this Website remains subject to the terms of the Privacy Policy. GEO VPL Finance gives the highest priority to safeguarding our users’ privacy. The personal information you furnish to this website will be handled with utmost care and will be confided only to concerned third party.
• We collect information from you when you register on our site, place an order, subscribe to our newsletter, respond to a survey, fill out a form. The personal information that we collect includes the data required to identify or contact you such as name, email address, residential address, phone number etc.

WHAT DO WE USE YOUR INFORMATION FOR?

Any of the information we collect from you may be used in one of the following ways:

• Your information can be used by us to offer you a more personalised experience.
• The information and feedback we receive from you can be used for improving our website.
• Your information can help us to more effectively respond to your customer service requests and support needs.
• Your information will not be exchanged or sold to any other company for any reason, without your consent.
• Your information will be revealed in the case of any legal issue or if demanded by legal authorities.
• To administer a contest, promotion, survey or other site feature.
• To send promotional emails and notifications.

HOW DO WE PROTECT YOUR INFORMATION?

• We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, or access your personal information. We employ encryption and other physical security measures to protect your personal information updated on our website, against unauthorized access and disclosure. But, GEO VPL Finance is in no way responsible for any unauthorized use of your information from our site.

DO WE USE COOKIES?

• GEO VPL Finance website uses cookies and other tracking technologies to gather information about your utilization of our Website and Services. We collect information including your device, browser type, ISP, domain name, access time, page views and IP address. We track the details only to know how frequently you visit our Website and the intention is analytics.

DO WE DISCLOSE ANY INFORMATION TO OUTSIDE PARTIES?

• We do not trade or transfer your personal or private information to any third parties. This excludes our team members who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential.
• We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety.

YOUR CONSENT

• By using our site, you consent to our websites privacy policy.

CONTACTING US

• If there are any questions regarding this privacy policy you may contact us at info@geovpl.com.

A. Auction

• The term “Auction” used in the policy shall mean realization of the security through Public Auction only.

B. Organization Structure for Auction Proceedings

• The Company shall have a dedicated Auction Department at the Head Office to take care of the auction procedure as per the approved policy. The Department will function under the overall control of Auction Manager.

C. Appraisal of Gold

• The Gold pledged with the Company is verified/ examined/ scrutinsed by a gold smith/appraiser exclusively reserved for this purpose, the respective gold loan is disbursed to the customer based on his expert review. The appraised gold shall be subject to reappraisal.

D. Auction after completion of tenure of the loan

• Auction process must begin in respect of all accounts on completion of the tenure of the loan on which interest due has not been paid in full or where the account has not been settled.
• The Managing Director of the company will have the power to adjourn the auction on the recommendation of the Department Head (Accounts) where at-least 50% of the interest due has been paid..
• An auction can also be deferred by the Managing Director at his own discretion upon request made by the customers on reasonable grounds.

E. Auction before completion of tenure of the loan

• Auction department shall regularly monitor the realizable value of gold and in any instance where the realizable value of gold is less than the actual value, such accounts shall be taken up for auction even before the completion of the tenure of the loan with adequate notice served upon the customer.
• At the time of reappraisal, accounts in which the pledged ornaments have been detected with low quality/more than the stone weight deducted at the time of issue of loans may be taken up for auction before the completion of the loan tenure with prior notice as detailed in G.
• In normal course the branch will ascertain the purity of the collateral security (Gold) before sanctioning the loan, but due to misjudgment at the time of sanction of the loan, there could be a chance that the collateral is of low quality. In such an instance the Company shall send a registered notice to the customer, explaining the details as and when such an item is identified. If the loan account remains unsettled after the issue of the aforesaid notice, such loan accounts shall be listed for Auction.
• At the time of re-appraisal if the realizable value falls below the initial appraised value of the pledged gold, the customer will be intimated by way of notice within 1 week and a time span of 15 days shall be given to the customer to settle the loan account.

F. Selection and Approval of Auction Centers, Safe Custody, Security Arrangements

• The auction shall be conducted in the same town or taluk in which the branch that has extended the loan is situated. Auction Centers should be provided with appropriate, adequate and functional infrastructure such as space, storage arrangements, CCTV cameras, electronic weighing balance etc.
• The pre-auction notice will contain a clause detailing the date, time and the venue of the auction in case of change in auction center and notice will be displayed detailing the same in the auction center on the day of auction.
• Physical transfer of gold from various branches to the Auction Centre shall be carried out in line with regulatory directions which shall be subject to modification from time to time. The modes are detailed below.
• Mode A: Authorised Officer of the company may collect auction packet as and when they visit branches under their control and pool the packets in his station branch and keep it in the safe custody of the Authorised Officer. At the prescribed time they may transfer the packets to the auction center. The mode of transport, timing, fixation of limit and number of officials to accompany will be decided based on the quantity and approval from the corporate office.
• Mode B: A dedicated auction team will be setup for receiving the auction packets from branches on a specified date given by the corporate office. Verification, lot creation and grading shall be done by the auction team as and when the packets are received and kept the same in joint custody of the Auction team and the authorized officer concerned.

G. Authorisation for Auction of Gold:

• The Auction department will finalize the list of accounts subject to auction and ensure that the list is intact, complete and incompliance with the approved Auction Policy.

H. Mode and Periodicity for Sending Notices, Intimation to the Borrower -

• The company will inform the due amount to the customers by telephone and SMS.
• After the due period, a notice in local language shall be sent to all customers in the auction list requesting them to settle the loan accounts within 7 days of receipt of the Notice.
• Once the Auction list is finalized, a notice in local language shall be sent to all customers in the auction list furnishing the date & venue of auction at least 15 days prior to the auction by registered post with acknowledgement due requesting the customer to settle the loan accounts, failing which the security would be liable to be put on auction without further notice, for recovery of the dues.
• When such letters are returned undelivered, intensive action should be taken to locate the borrower, reconfirm the KYC documents and re-evaluate the security. The responsibility for ensuring the compliance would be vested with the branches.
• The responsibility for ensuring the compliance with the above policy guidelines shall vest with the respective authorized officer.

I. Public Notification/ Advertisement

• The auction will be announced to the public by issue of an advertisement in atleast two news papers, one in vernacular language and another in a national daily, atleast 20 calendar days before the scheduled auction date. Copy of the auction advertisement shall be displayed in the branch and compliance of which must be ensured by the respective Cluster Managers.

J. Preparation of Auction Lots , Appointing Auctioneer and Reserve Price fixation

• The gold taken up for auction will be segregated into appropriate lots to facilitate disposal based on purity of gold.
• The Board of Directors appoints one Auctioneer from the approved panel of Auctioneers.
• The reserve price for the pledged ornaments shall not be less than 85 percent of the previous 30 day average closing price of 22 carat gold as declared by the Bombay Bullion Association Ltd. (BBA) and value of the jewellery of lower purity in terms of carats shall be proportionately reduced.

K. Due diligence on Participants, Earnest Money Deposit (EMD)

• Proper and acceptable documents for identification of the participants in an auction should be obtained before permitting them into the auction hall.
• Proper KYC documents and PAN card shall be submitted by every participant. If the participant is representing a Company/ Firm, proper authorization, copy of registration and PAN card of the company shall be submitted to participate in the auction in addition to participant's KYC documents.
• The company or any of its related entities shall not participate in the auction, further there shall be an arm’s length relationship in all transactions during the auction including with group companies and related entities.
• A reasonable amount of Earnest Money Deposit (EMD) should be insisted upon from every participant on such date as maybe decided by the management from time to time.

L. Mode of Payment by Successful Bidders & Delivery of Gold to Successful Bidders

• A minimum percentage of the bid amount as decided by the management from time to time including the Earnest Money Deposit (EMD) lying with the Auctioneer shall be insisted upon from the successful bidders on the date of the auction itself. Successful bidders should be given a letter in a pre-approved format along with the terms and conditions. The balance shall be payable within 48 hours from the date of auction. Delivery of gold to successful bidders should be made only after confirmation of full receipt of payment or realization of cheque / draft along with taxes due. An officer of the company should ensure that the bidder has a proper acknowledgement for the receipt of gold in a duly approved format and with a verified signature.

M. Refund of Surplus/ Instance of Deficit

• Appropriate accounting entries should be put through in the customer loan accounts within 5 working days after the full receipt of auction proceeds.
• Surplus, if any, arising in individual accounts should be refunded to the customer within 30 days from the date of auction through crossed account payee cheque with the covering letter detailing full details of the value fetched in the auction and the outstanding dues (principle plus interest, any other expenses ancillary or incidental to effect legal auction) adjusted and any amount over and above the loan outstanding which the borrower is entitled to.
• However, a rightful lien on such surplus may be retained, adjusted/settled against other loan accounts of the customer, subject to proper notice, in case the borrower has other unsettled liabilities with the Company.
• The post-auction notices will be forwarded to all the customers whose sale proceeds were in deficit with full details of the value fetched in the auction and the outstanding dues adjusted after a critical analysis of such a loan.
• Legal auction for recovery of shortfall in individual accounts may be considered where required and justified after a cost-benefit analysis is done and the same shall be put up to the management for approval.

N. Maintenance of registers / records

• All registers and records mandatorily required under law and as per instructions issued by the Company shall be properly maintained and updated under the safe custody of the Auction Department and subject to periodical internal audit.

O. Disclosures

• NBFCs shall disclose in their annual reports the details of the auctions conducted during the financial year including the number of loan accounts, outstanding amounts, value fetched and whether any of its sister concerns participated in the auction.

P. Tax, Cost and Expense

• Applicable tax, cost and any other expense incurred by the Company including GST relating to the auction of the respective accounts shall be recovered from the said auction amount before refunding the surplus amount to the customer.

Q. Amendment

• The management reserves its right to amend or modify the policy in whole or in part, at any time.