Fairexpay - Terms & Conditions

The use of www.fairexpay.com, including its services such as the Remittance Facility (defined hereinafter) and tools, is governed by the following terms and conditions (hereinafter referred to as "Terms and Conditions") and the applicable policies incorporated herein by reference. If you transact on www.fairexpay.com, you are subject to the policies applicable to such transactions. By merely using www.fairexpay.com, you enter into a binding agreement with the Company, and these Terms and Conditions, including the policies, constitute your binding obligations with the Company.

For the purpose of these Terms and Conditions, wherever the context so requires, "You" or "User" shall mean any natural or legal person who agrees to become a purchaser, seller, or remitter on www.fairexpay.com by providing the required information and data. The Company allows users to browse www.fairexpay.com but does not permit purchases, sales, or remittances without providing the necessary information for transactions involving 'Foreign Exchange products' on www.fairexpay.com or otherwise.

When you use any of the services provided by us through www.fairexpay.com, you will be subject to the rules, guidelines, policies, terms, and conditions applicable to such services. These are deemed to be incorporated into these Terms and Conditions and are considered part and parcel of them. We reserve the right, at our sole discretion, to change, modify, add, or remove portions of these Terms and Conditions at any time without prior written notice to you. It is your responsibility to review these Terms and Conditions periodically for updates or changes. Your continued use of www.fairexpay.com following the posting of changes will mean that you accept and agree to the revisions or updates as applicable. As long as you comply with these Terms and Conditions, we grant you a personal, non-exclusive, non-transferable, limited privilege to enter and use www.fairexpay.com.

The use of www.fairexpay.com is available only to persons who can form legally binding contracts under The Indian Contract Act, 1872. Persons who are "incompetent to contract" within the meaning of the Indian Contract Act, 1872, including but not limited to minors and undischarged insolvents, are not eligible to use www.fairexpay.com. If you are a minor, i.e., under the age of 18 years, you are not eligible to be a User of www.fairexpay.com and shall not transact on or use www.fairexpay.com. As a minor, if you wish to use or transact on www.fairexpay.com, such use or transaction must be made by your legal guardian or parents. The Company reserves the right to refuse to provide you with access to www.fairexpay.com if it is brought to our notice or if it is discovered that you are under the age of 18 years.

Overview of Remittance Facility

The Remittance Facility (as defined below) is available through AD1/AD2 on www.fairexpay.com. This service provides a Registered User with a technology platform to place requests for Remittance Facility and track the status through www.fairexpay.com. To use these facilities, the Registered User must transfer funds from their own resident individual account maintained with their AD1 in India. Remittance Facility requests can only be made by the Registered User for the purposes permitted by the AD1/AD2.

1. Fees and Charges

AD1/AD2 can set and revise its own fees and charges for facilities (including the Remittance Facility) at any time. Availability of facilities displayed or offered on or through www.fairexpay.com is subject to change. AD1/AD2 shall provide a 30-day prior notice for implementing changes in fees and charges. Nothing on www.fairexpay.com constitutes an offer, promise, or commitment to grant any facility. While AD1/AD2 endeavours to post accurate and updated information, the Registered User must verify this information before taking any action or entering into any transaction. Fairexpay does not control and is not responsible for any fees or charges imposed by any AD1/AD2 involved in the international wire transfer, including correspondent or Beneficiary AD1/AD2, or any other third parties in connection with the wire transfer.

Registered Users acknowledge that Fairexpay would affect the conversion at the applicable exchange rate prevailing on the day of conversion, subject to availability. The prevailing exchange rate at the time of conversion is applicable for processing the user’s transaction request. Neither the Registered User nor the Beneficiary/recipient will be entitled to any interest for the period during which the funds are with AD1/AD2, are in the course of remittance, or for any other period.

2. Eligible Users

To access and use the product and avail the Remittance Facility, the Registered User must be at least 18 years of age and capable of entering into legally binding contracts under the applicable law. The Registered User must be a resident individual holding an AD1 account with any AD1 in India and must possess a PAN card and Aadhaar card. Customers with accounts previously classified as delinquent are not eligible for the Remittance Facility.

To access and use the product and avail the Remittance Facility, the Registered User must be at least 18 years of age and capable of entering into legally binding contracts under the applicable law. The Registered User must be a resident individual holding an AD1 account with any AD1 in India and must possess a PAN card and Aadhaar card. Customers with accounts previously classified as delinquent are not eligible for the Remittance Facility.

Residents of India can access, use, and avail www.fairexpay.com and its facilities only as permitted by the domestic laws of India and other applicable countries. Non-residents understand that by accessing, using, and availing www.fairexpay.com and its facilities, they may be violating local laws. The Registered User agrees to be solely and absolutely liable for any resulting liability and will indemnify AD1/AD2 against any incurred liability.

3. Registration Information

Limited access to www.fairexpay.com is available to non-Registered Users. Non-Registered Users cannot avail the Remittance Facility. To obtain increased access and avail the Remittance Facility, one must register on www.fairexpay.com as a Registered User. Upon registration, the relevant Registered User ID and Registered User Password will be assigned. The Registered User agrees not to register more than once for availing the Remittance Facility.

The Registered User must provide true, accurate, current, and complete information as prompted by the registration form (for self or Beneficiary) on www.fairexpay.com and update this information to keep it true, accurate, current, and complete at all times. If AD1/AD2 determines that any information is untrue, inaccurate, not current, or incomplete, AD1/AD2 retains the right to terminate the Registered User's registration and refuse access to www.fairexpay.com or any facilities, including the cancellation of pending transactions.

AD1/AD2 reserves the right to request additional information and/or proof of authenticity from the Registered User at any time. The Registered User's continued access to www.fairexpay.com and facilities, including the completion of any ongoing transaction, may be subject to AD1/AD2's receipt of such additional information or proof. The Registered User is solely responsible for maintaining the confidentiality of all Registered User IDs and Passwords and is fully responsible for all transactions and activities that occur under their ID and Password, including any unauthorized use. AD1/AD2 shall have no obligation to verify the authenticity of any transaction or activity.

The Registered User agrees to log out from their account at the end of each session and immediately notify AD1/AD2 of any suspected loss, theft, unauthorized usage of the Registered User ID or Password, any other breach of security, or any unauthorized transaction or activity. If the Registered User forgets their Password, AD1/AD2 may allow the Registered User to reset their password or enable the user ID as per the process detailed on www.fairexpay.com, subject to verification of identity. AD1/AD2 reserves the right to reject the registration of any remitter if not satisfied with the Know Your Customer (KYC) and anti-money laundering checks. AD1/AD2 retains the right to terminate the registration of any Registered User and refuse access to or use of www.fairexpay.com or any facilities, including the cancellation of pending transactions.

4. Acceptable Use

A Registered User/Visitor Shall Not:

  • Illegal Activities: Use or access www.fairexpay.com or any facility to perform, facilitate, or support activities that violate Facility T&C or jurisdictional regulations, including money laundering, illegal gambling, fraud, or funding terrorist organizations.

  • Restriction and Inhibition: Restrict or inhibit any other person from accessing, using, and enjoying www.fairexpay.com or the facilities.

  • Intellectual Property: Modify, copy, distribute, transmit, display, perform, publish, license, create derivative works from, transfer, or sell any information, designs, logos, trademarks, software, facilities, products, or services obtained through www.fairexpay.com without proper permission.

  • Unlawful Content: Post or transmit any unlawful, fraudulent, libelous, defamatory, obscene, pornographic, profane, threatening, abusive, hateful, offensive, or otherwise objectionable content, including content that encourages criminal conduct or violates any law.

  • Unsolicited Communication: Post or transmit advertisements, solicitations, chain letters, pyramid schemes, investment opportunities, or other unsolicited commercial communication without written permission from AD1/AD2, and refrain from spamming or flooding

  • Harmful Software: Post or transmit information or software containing viruses, trojan horses, worms, or other harmful components.

  • Exploitation: Exploit any information, software, or other material obtained from or through www.fairexpay.com for commercial purposes without proper authorization

  • Copyright Infringement: Upload, post, publish, reproduce, transmit, or distribute any material protected by copyright or proprietary rights without permission from the copyright owner or other right holder.

  • Reverse Engineering: Attempt to decompile or reverse engineer any software available on www.fairexpay.com.

  • Security Subversion: Attempt to hack into www.fairexpay.com or subvert any security measure. Report any security shortcomings to AD1/AD2 in writing.

  • Commercial Exploitation: Reproduce, duplicate, copy, sell, resell, or exploit any portion of www.fairexpay.com, use of the facilities, or access to www.fairexpay.com for commercial purposes beyond the service scope.

  • Confidentiality: Disclose any confidential information relating to AD1/AD2 or affiliate partners obtained through using or accessing www.fairexpay.com.

5. Limitations of Offering

  • Non-Advisory Role: AD1/AD2 does not assess the prudence of instructions or transactions by Registered Users. Registered Users should seek professional advice before making decisions.

  • User Errors: AD1/AD2 is not responsible for errors or omissions made by Registered Users in providing necessary information for the Remittance Facility. Incorrect information can lead to the loss of transferred funds without AD1/AD2's liability

  • Discretionary Compliance: AD1/AD2 may refuse to comply with Registered Users' instructions or requests at its sole discretion without providing reasons.

  • Non-revocability: Registered Users cannot amend, cancel, or revoke transaction requests after submission. AD1/AD2 may allow cancellations at its discretion, charging for any exchange losses incurred.

  • Promotional Offers: Registered Users are entitled to only one promotional offer per transaction and must verify their eligibility. AD1/AD2 is not liable for the performance or quality of third-party rewards or prizes.

  • Third-Party Services: AD1/AD2 is not responsible for the quality, safety, legality, or delivery of third-party goods or services paid for using www.fairexpay.com facilities.

  • Additional Terms: Registered Users may need to agree to additional terms and execute various documents to avail specific facilities. AD1/AD2 retains the right to terminate registrations and refuse access or use of facilities.

6. Disclaimers

  • As-Is Basis: www.fairexpay.com, its information, and facilities are provided "as is" without warranties of any kind, including accuracy, continuity, performance, fitness for purpose, completeness, title, compatibility, non-infringement, and freedom from viruses.

  • Security: Despite appropriate security measures, AD1/AD2 does not guarantee immunity from denial of service attacks, unauthorized access, or other security breaches. AD1/AD2 disclaims liability for such incidents.

  • Communication Security: Communications via the internet are not always secure, and AD1/AD2 is not liable for unauthorized interception of email or other communications.

  • Third-Party Delays: AD1/AD2 disclaims responsibility for delays or failures caused by actions of international AD1/AD2s and Service Providers involved in wire transfers.

  • Operational Interruptions: Facilities may be interrupted due to various reasons beyond AD1/AD2's control, including system maintenance, network failures, or natural disasters. AD1/AD2 does not guarantee uninterrupted services.

  • Liability Limitation: AD1/AD2 is not liable for any direct, indirect, incidental, punitive, or consequential damages arising from or related to www.fairexpay.com or facilities, with liability limited to fees paid by the Registered User for specific facilities.

  • Data Protection Compliance: Registered Users/Visitors/Referrers must comply with data protection laws when referring potential users or registering for the Remittance Facility.

7. Facilities Provided by Third Parties

  • Third-Party Services: Some facilities require third-party services, and AD1/AD2 makes no warranty on their behalf. Users may be charged by third parties and must follow their terms and conditions.

  • Independent Contracts: Users must independently contract and agree to third-party terms for services. AD1/AD2 is not liable for any loss or damage from transactions or dealings with third-party service providers.

  • No Liability: AD1/AD2 is not responsible for the performance, quality, or any other aspect of third-party services. Users must address any issues directly with the third parties.

8. Terms of Specific Facilities

8.1 Alerts: AD1/AD2 will endeavour to send alerts as instructed but is not liable for delays or non-receipt. Non-receipt of alerts does not discharge users' payment obligations.

8.2 Remittance Facility:

  • Subject to regulatory approvals and other terms, users can initiate outward remittances.

  • Users must pay the total remittance amount, including charges and taxes.

  • AD1/AD2 processes requests upon receipt of clear funds and sends a SWIFT message for remittance.

  • AD1/AD2 is not responsible for the beneficiary account's credit but will refund returned funds after deducting charges.

  • Remittance requests must be processed within a validity period, and AD1/AD2 may cancel transactions if funds are received late.

  • AD1/AD2 disclaims liability for delays, errors, disputes, or default of financial institutions.

  • Users must ensure compliance with exchange control laws and indemnify AD1/AD2 for violations.

  • Maximum remittance transaction value is limited to USD 250,000 per financial year, subject to third-party transfer limits.

  • AD1/AD2 is not liable for funds impounded by regulatory authorities in the relevant country.

9. Others

The Registered User acknowledges that submitting a request does not guarantee the transaction will be processed. The AD1/AD2 reserves the right to reject transactions based on regulatory and internal guidelines. The Registered User must ensure that the requested limit is accurate and has not been exceeded for the current financial year for any accounts held individually or collectively with any AD1/AD2. The Registered User authorizes the AD1/AD2 to debit the savings account, along with applicable charges, and effect the foreign exchange remittance directly (applicable only for CONTRACTED AD1/AD2 India account holders).

The Registered User understands that if the transaction reference number is not displayed upon submission, they should check for E-mail or SMS confirmation. For CONTRACTED AD1/AD2 India account holders, if the service request number is not displayed, the user should verify the receipt of email confirmation and check if the debit is posted in the account. Re-initiating without confirming may result in duplicate debits. The Registered User agrees to adhere to the turn-around time and cut-off timings for raising the request and funding the account as per the timelines informed on www.fairexpay.com. The cut-off timing is applicable on working days (Monday to Friday, excluding AD1/AD2 holidays in India and the country of remittance).

The Registered User confirms they are not a foreign national. This facility is only for telegraphic or wire transfers. The AD1/AD2 is not liable for funds not credited or delayed at the Beneficiary AD1/AD2/intermediary AD1/AD2's end. The exchange rate is applicable only if the designated account is funded within the validity period. Transactions must be funded from the Registered User’s self-resident savings account. If funds are transferred from a joint account, the Registered User must be the primary account holder. Funds from accounts where the Registered User is not the primary account holder will be rejected and returned within seven working days.

10. Referral Transactions

Referral Transactions related to recommendations/referrals by the Referrer are transactions of the AD1/AD2. The Referrer must confirm the legality and validity of KYC documents as per AD1/AD2 instructions. AD1/AD2 is responsible for KYC compliance per Master Direction DBR.AML.BC. No.81/14.01.001/2015-16. The Referrer agrees to provide additional information/documents as required by AD1/AD2. The AD1/AD2 has the discretion to accept/reject referrals and use them as deemed appropriate. Referral Transactions are subject to Nostro Account charges and Article 3 compliance. The Alliance Partner is not liable for claims/complaints related to Referral Transactions and will transfer complaints to AD1/AD2 within one business day.

Refunds under Referral Transactions are based on the return credit in the Nostro Account and subject to conversion charges per Article 3. TCS collected by AD1/AD2 is non-refundable and should be adjusted during ITR filing. The customer is responsible for the accuracy of information provided for Referral Transactions; delays or rejections due to incorrect details are not the responsibility of AD1/AD2 or the Alliance Partner. Payments for Referral Transactions must be made from the customer's account; third-party payments will be rejected.

11. Proprietary and Intellectual Property Rights

AD1/AD2 owns or is an authorized user of all trademarks and copyrighted content on www.fairexpay.com. Visitors are not permitted to download, reproduce, store, or transmit any part of the website without express permission from AD1/AD2, except for personal use. Unauthorized use may violate copyright, trademark, and other laws and may result in penalties. AD1/AD2, Alliance Partners, and Service Providers do not grant any license or authorization for the use of their intellectual property by placing it on the website. Visitors may print information for personal use only.

12. Use of Information

By agreeing to the Facility T&C, Registered Users and Visitors consent to AD1/AD2's privacy policy available on www.fairexpay.com. They authorize AD1/AD2 and its group companies to share information with financial institutions, credit bureaus, statutory bodies, and other entities as necessary. Users authorize AD1/AD2 to access call records and other information disclosed to third party service providers. Data is collected during the ordinary course of the banking relationship and may be used for processing applications, conducting credit checks, designing financial services, marketing, and other purposes.

AD1/AD2 may disclose information to its head office, affiliates, auditors, vendors, regulatory bodies, and other authorized persons as required by law. Information may be shared with third parties for credit review, debt collection, marketing, and other administrative purposes. Data may be transferred overseas and disclosed under applicable laws and regulations.

13. No Agency or AD1/AD2 Relationship

The Facility T&C and the use of www.fairexpay.com do not create an agency, partnership, joint venture, employer-employee, or AD1/AD2-customer relationship between the Registered User/Visitor and AD1/AD2 or Service Providers. The use of the Remittance Facility does not establish a checking account or other AD1/AD2 accounts and does not create a fiduciary or escrow capacity. Funds held during remittance processing are not insured by any government authority. Facilities offered are not funds transfer or transmission services, and user requests are not payment orders or other requests for funds transfer.

14. Indemnity

Visitors and Registered Users agree to indemnify AD1/AD2 and their affiliates, directors, officers, and employees against any claims, liabilities, damages, costs, expenses, and legal proceedings arising from the use of the www.fairexpay.com site. This includes issues related to inaccurate registration information, message transmission, and violations of the terms and conditions. Registered Users also agree to indemnify AD1/AD2 against any false or misleading information provided.

15. Suspension or Termination of Access

AD1/AD2 can suspend or terminate a Registered User's account without notice if they violate the terms and conditions, or if AD1/AD2 believes the user's actions are inappropriate or illegal. This includes instances of death, bankruptcy, or other factors affecting creditworthiness. Until suspension or termination takes effect, the Registered User is responsible for any transactions made using their ID.

16. Governing Law and Jurisdiction

The terms and conditions, and any transactions through www.fairexpay.com, are governed by the laws of India. All disputes will be resolved in Indian courts, but AD1/AD2 may choose to pursue legal action in other jurisdictions if deemed appropriate. Disputes encompass all types of claims, including those made as part of class actions, and AD1/AD2 disclaims liability for non-compliance with laws outside India.

17. No Waiver

Failure or delay by AD1/AD2 to enforce any right or provision does not constitute a waiver. Any waiver must be in writing and signed by AD1/AD2. A waiver on one occasion does not prevent future enforcement of the same right or provision.

18. Severability

If any provision of the terms and conditions is deemed invalid or unenforceable, the remaining provisions will continue to be in effect. Efforts should be made to reflect the parties' intentions as closely as possible within the bounds of the law.

19. Limitation

Claims or causes of action related to the use of www.fairexpay.com or its facilities must be filed within three months of the incident. Claims filed after this period are barred.

20. Notices

AD1/AD2 may notify Registered Users via email, mail, telephone, or other means. Notices to AD1/AD2 must be delivered in writing. General notices may also be published on the website or in newspapers and have the same effect as individual notices. Electronic communications, including emails and website downloads, are considered duly delivered.

21. Miscellaneous

AD1/AD2 can subcontract or use agents for functions related to the website and its facilities. Visitors must obtain their own internet access and necessary equipment. Content on the website may vary depending on browser limitations, and AD1/AD2 disclaims responsibility for any errors or unavailability caused by these limitations. Communications will be in English.

22. Definitions and Interpretations

Key terms are defined, such as "Alerts," "Alliance Partner," "Beneficiary," "Beneficiary AD1/AD2," "Call Centre," "Declaration," "Nostro Account," "Person," "Referrer," "Registered User," "Registered User Account," "Registered User ID," "Registered User Password," "Relevant Country," "Remittance Facility," "Service Provider," and "Visitor." Interpretations of these terms include gender inclusivity, singular and plural usage, and references to laws and regulations as amended over time. The term "include" is interpreted without limitation.

These sections establish the framework for user responsibility, the governing laws, communication protocols, and definitions critical for understanding and adhering to the Terms of Service for www.fairexpay.com.


1. Financial Limits and Declarations:

I hereby declare that:

  • I am a resident Indian.

  • I am not a holder of the Beneficiary's account to which the remittance is being made, except for remittances sent under the purpose of "remittance to own account abroad."

  • The total amount of foreign exchange purchased from or remitted through all sources in India during this financial year, including this proposed remittance, is within USD 250,000 (USD two hundred and fifty thousand only), the limit prescribed by the Reserve Bank of India for the said purpose under the Foreign Exchange Management Act, 1999.

  • Foreign exchange proposed to be remitted from CONTRACTED AD1/ AD2 India is for the purpose mentioned in this application.

  • The transaction, details of which are specifically mentioned in the application, does not cross the limit for the financial year or any other limit prescribed by the Reserve AD1/ AD2 of India under the Foreign Exchange Management Act, 1999 for the said purpose.

  • I am aware that the Finance Act, 2015 has amended Section 195(6) of the Income Tax Act, 1961, whereby the person responsible for making any payments to non-residents, whether or not chargeable to tax in India, is compulsorily required to furnish information in such form and manner as may be prescribed. I am aware of the penal provisions that would be applicable to me/us as a remitter in case of non-compliance. However, the rules prescribing the forms have not been notified by the Central Board of Direct Taxes (CBDT)/Finance Ministry. Currently, Rule 37bb prescribing requirement for furnishing of Form 15ca and certificate in Form 15cb is applicable only in respect of payment chargeable to tax. In my view, the current Rule 37bb is not applicable for payments which are not chargeable to tax, and hence, I am unable to comply with the requirement for the payment not chargeable to tax until the new rules are notified by the CBDT/Finance Ministry.

  • I hereby confirm that the amount to be remitted is not chargeable to be taxed in India. Therefore, Form 15ca and Form 15cb as per provisions of Rule 37bb of the Income Tax Rules, 1962 are not required to be submitted. In the event there is any income tax query/inquiry/notice demanding details/information in India in respect of this particular remittance, I/we undertake to provide all the necessary information/document to CONTRACTED AD1/ AD2 India as required by the Income Tax Department. Further, I/we shall indemnify CONTRACTED AD1/ AD2 India for any tax/interest or penalty levied by the Income Tax/Income Tax Appellate Authorities/courts in India for non-deduction of tax or non-compliance with the relevant provisions of income tax law in regard to this remittance.

  • I hereby confirm that in case it has been identified at any time during the financial year that I have breached the permissible limit of remittances under the extant regulations, then CONTRACTED AD1/ AD2 India will not be responsible for any such breach by me and I agree to adhere to the penal provisions prescribed by the Reserve AD1/ AD2 of India in this regard.

  • In the event there is any enquiry from any statutory/regulatory authorities in respect of this particular remittance, I undertake to provide all the necessary information/documents to CONTRACTED AD1/ AD2 India as may be required in this regard. Further, I undertake to indemnify CONTRACTED AD1/ AD2 India for any tax/interest or penalty levied by the Income Tax/Income Tax Appellate Authorities/courts in India for non-deduction of tax or non-compliance with the relevant provisions of income tax law with regard to this remittance.

  • I, being a Person resident in India, hereby declare that the transaction proposed to be done under the liberalized remittance scheme, issued and amended by the Reserve AD1/ AD2 of India from time to time, is not in the nature of remittance for margins or margin calls to overseas exchanges/overseas counterparties or for purposes prohibited under the Foreign Exchange Management Act, 1999 or any rules, regulations or guidelines issued under the said act, like remittances for purchase of FCCBs issued by Indian companies in overseas secondary markets, remittance for foreign exchange trading abroad, etc.

2. Declaration on Prohibited Transactions:

I hereby declare that the proposed remittance does not involve, and is not designed for any purpose for which the withdrawal of foreign exchange is prohibited, viz:

  • Travel to Nepal and/or Bhutan,

  • A transaction with a Person resident in Nepal or Bhutan, and

  • Transactions under Rule 3 and transactions which require prior approval of the Central Government under Rule 4 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, read with Schedule I and Schedule II thereof, viz:

3. Prohibited Transactions:

  • Remittance out of lottery winnings.

  • Remittance of income from racing/riding etc. or any other hobby.

  • Remittance for purchase of lottery tickets, banned/proscribed magazines, football pools, sweepstakes, etc.

  • Payment of commission on exports made towards equity investment in joint ventures/wholly owned subsidiaries abroad of Indian companies.

  • Remittance of dividends by any company to which the requirement of dividend balancing is applicable.

  • Payment of commission on exports under Rupee State Credit Route, except commission up to 10% of invoice value of exports of tea and tobacco.

  • Payment related to "Call Back Services" of telephones.

  • Remittance of interest income on funds held in Non-Resident Special Rupee (Account) Scheme.

Other Declarations:

I hereby declare that the purpose of remittance and transaction details as mentioned above are true to the best of my knowledge and do not involve, and are not designed for the purpose of, any contravention or evasion of the provisions of the Foreign Exchange Management Act, 1999, or any rule, regulation, notification, direction, or order made thereunder. I agree that I shall be responsible and liable for any incorrect detail provided by me. I also hereby agree and undertake to give such information/documents as will reasonably satisfy CONTRACTED AD1/ AD2 India about this transaction in terms of the above declaration. I further agree that once the funds remitted by me have been transmitted by CONTRACTED AD1/ AD2 India to the correspondent and/or Beneficiary AD1/ AD2s, CONTRACTED AD1/ AD2 India shall not be responsible for any delays in the disbursement of such funds, including the withholding of such funds by the correspondent and/or Beneficiary AD1/ AD2s. I agree that in the event the transaction gets rejected by the Beneficiary AD1/ AD2 because of any incorrect information submitted by me, then any charges levied by the Beneficiary AD1/ AD2 and/or intermediary AD1/ AD2 and exchange loss incurred in this connection can be recovered by CONTRACTED AD1/ AD2 India from the amount returned by the correspondent AD1/ AD2. I also understand that if I refuse to comply with any such requirement or make any unsatisfactory compliance therewith, CONTRACTED AD1/ AD2 India shall refuse to undertake the transaction and shall, if it has reason to believe that any contravention/evasion is contemplated by me, report the matter to the Reserve AD1/ AD2 of India. I agree that in the event the transaction is cancelled or revoked by me after submitting the request for processing to CONTRACTED AD1/ AD2 India, which the AD1/ AD2 may accept at its discretion and on a best-effort basis, any exchange loss incurred in this connection can be debited from the funds paid to CONTRACTED AD1/ AD2 India for executing the transaction.