info@alaknandavaults.com +91-11-9811845888

ALAKNANDA VAULTS™ (P) LTD.

CIN No. U74899DL1987PTC026826

“Locker and Vault Policy”

Introduction:
  • Established in Jan'1987, ALAKNANDA VAULTS™ has successfully attained its ambitious goal of assuming the leadership in the physical security equipment business in New Delhi as a result of its dynamic and market-oriented customer service management.
Secrecy and Confidentiality:
  • We will ensure utmost secrecy of the Safe Deposit Lockers hired by the customer and will not divulge any information about hiring of lockers, mode of operation etc. to anyone, except when the disclosure is required with the clear consent of the hirer(s) or in compliance with the orders of a competent authority having statutory powers.
  • Our lockers will be available to any person, having KYC(original) to meet the requirements of a contract. Thus, lockers can be hired by an individual, two or more individuals jointly, by firms, limited/private companies, societies, associations, clubs etc.
Allotment of locker:
  • Allotment of lockers shall be based on the duly filled-in application of the prospective hirer(s) as per the printed format provided by us.
  • Due diligence will be conducted on the applications and strict KYC norms will be observed while allotment of locker/safe/cabinet.
Providing a copy of the agreement:
  • By filing a request, the customer can obtain a copy of signed agreements.
Rental Tariff and Recovery of Rent:
  • Locker rent will be decided by the company, depending on their size from time to time.
Recovery of rent from hirer(s):
  • Safe Deposit Locker rent will be payable annually, in advance, and in the event of locker rent remaining unpaid, when due, the company will have the right to refuse access to the locker. The lease period of one year will start from the date of hiring the locker and will continue till the preceding day of the corresponding date in the subsequent year.
Operations of Safe Deposit Vaults/Lockers:
  • The Hirer/s can operate the Safe Deposit Locker only on the Company working days and during the business hours of the company. Before operating the locker the hirer/s should sign the access slip, attendance register which shall be kept at our premises . The Locker can be surrendered at any time without any damage by anyone / joint holder of the locker after clearing dues to the company
Measures relating to lockers which have remained unoperated
  • When the lockers have remained unoperated for 1 year or more, we immediately try to contact the locker-hirer and advise him/her/them to operate the locker. This exercise will be carried out even if the locker hirer is paying the rent regularly. Further we will ask the locker hirer to give, in writing, the reasons why he/she did not operate the locker. In case the locker-hirer(s) has some genuine reasons as in the case of NRIs or persons who are out of town due to a transferable job etc., we will allow the locker hirer to continue with the locker. If the locker-hirer does not respond nor operate the locker, we will consider opening the lockers after giving due notice to him/her as per RBI Notification Dated 7/12/19 i.e https://www.timesnownews.com/business-economy/personalfinance/planning- investing/article/your-bank-might-open-your-locker-in-this-situation/523959
Embossing identification code:
  • Co’s name/ Key No. is embossed on all the locker keys to facilitate authorities in identifying the ownership of the locker keys.
Break-Open of Locker:
  • Locker may be broken open either at the request of the hirer(s) or by us due to default in payment of prescribed charges or for any other reason with permission from the Hon’ble Court. Break Open charges shall be recoverable from the hirer(s). We shall engage the suppliers of the locker unit to break open the lockers.
    1. When the locker is to be broken open at the request of the hirer, this shall take place in the presence of all the co-hirers or his authorized representative.
    2. When the locker is broken open by the ALAKNANDA VAULTS™ because of non-operation as per RBI guidelines , the customer shall be provided notice in advance and thereafter it will be broken open by the representative of the manufacturers /suppliers in the presence of legal advisers/board authorized staff members & witnesses.
Appropriation of “Caution Money” towards overdue locker rent and other charges.
  • In cases where the locker is broken open by the us for non-payment of locker rent after taking permission from the Hon’ble court , the Caution Money deposited by the hirer/s, if any, will be appropriated for recovery of expenses incurred by the us in
    1. breaking open the locker,
    2. replacement of lock, and
    3. recovery of our dues on account of
    1. overdue locker rent,
    2. interest on overdue locker rent and in any other charges due on that account.
Freezing / Unfreezing of Lockers
  • ALAKNANDA VAULTS™ will give due cognizance to orders received from a competent authority having statutory powers for freezing / unfreezing of locker.
Death of the hirer:
  • Notice of knowledge of the death of a hirer or a surviving hirer / hirers will be recorded in the Locker Record with date and source of information.
  • Thereafter access to the locker should be allowed on production of legal representation.
  • Access may however be allowed, for making an inventory of the contents with a view to obtaining the necessary legal representation to known heirs of the deceased in the presence of their lawyers / solicitors or to persons authorised by a court for this purpose. Where authority has been given to the survivor or survivors to operate the locker in writing specifically at the time of lease of the locker, in the case of joint account, the question of legal representation does not arise unless the survivor also dies.
Procedure for return of contents of Lockers to Survivor/Nominee/Legal heirs:
  • In order to ensure that the contents of lockers are returned to the genuine nominee, as also to verify the proof of death.
  • However, We will take the following precautions before handing over the contents:
  • We will exercise due care and caution in establishing the identity of the survivor(s) / nominee (s) and the fact of death of the locker hirer by obtaining appropriate documentary evidence;
  • ALAKNANDA VAULTS™ will note that since the access given to the survivor(s) / nominee (s), subject to the foregoing conditions, would constitute a full discharge of the our liability, insistence on production of legal representation is superfluous and unwarranted and only serves to cause entirely avoidable inconvenience to the survivor(s) / nominee (s) and would, therefore, invite serious supervisory disapproval. In such case, therefore, while giving access to the survivor(s) /nominee(s) of the deceased locker hirer, we will desist from insisting on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee(s).
  • ALAKNANDA VAULTS™ shall also be guided by the provisions of Sections 45 ZC to 45 ZF of the Regulation Act, 1949 and the Companies (Nomination) Rules, 1985 and the relevant provisions of Indian Contract Act and Indian Succession Act.
  • Further, in case the nominee/ survivor(s) / legal heir(s) wishes to continue with the locker, ALAKNANDA VAULTS™ may enter into a fresh contract with nominee/survivor(s) / legal heir(s) and also adhere to KYC norms in respect of the nominee/ legal heir(s).
Surrender of Locker:
  • Locker can be surrendered by the hirer/s at any time during the contract period through a written application and handing over of keys to the our officials. ALAKNANDA VAULTS™ can also request for surrender of locker with due notice.
  • In cases where the hirer wishes to surrender the locker before expiry of existing lease period, surplus of rent over the 12 months tenure, if any, will not be refunded.
  • Surrender of the locker after expiry of the lease period, will be allowed on payment of arrears of locker rent, at the stipulated rate structure.
Settlement of Claim:
  • Settlement of claim to the nominee or the legal heirs shall be subject to the following
  • Proper identification and establishing the identity of the survivor(s) / nominee(s)
  • Production of death certificate issued by competent authority.
  • There should not be any order from a competent court restraining the ALAKNANDA VAULTS™ from giving access to the locker of the deceased.
Other aspects:
  • ALAKNANDA VAULTS™ will exercise due care and necessary precautions for the protection of lockers and the locker hirer while operating the locker.
  • In case the claimant does not have the locker keys, locker needs to be broken open. This should be done post obtaining documentation and approval.
  • Nomination, cancellation or variation in existing nomination can be made either at the time of hiring of the locker or subsequently at any time during occupancy of the locker.
  • The prescribed form of nomination or cancellation / variation of nomination, as the case may be obtained from hirer/s duly completed in all respects, which will be recorded in a register maintained with us and an acknowledgement given to the hirer.
  • No notice of claim of any person, other than hirer/s of a locker, will be entertained by ALAKNANDA VAULTS™. ALAKNANDA VAULTS™ is also not bound by any such notice even though expressly given, provided that where any decree, order, certificate or other authority from a court of competent jurisdiction relating to the locker or its contents is produced before us, ALAKNANDA VAULTS™ shall take due note of such decree, order, certificate or other authority.
  • Where the hirer/s prefers not to nominate, the same will be recorded in the application form.
Cameras & Recording:
  • All the Branches are under 24*7 surveillance.
Disclaimer:
  • ALAKNANDA VAULTS™ will, in no way, be responsible / liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law.
Force Majeure:
  • ALAKNANDA VAULTS™ shall not be liable if any transaction does not fructify or may not be completed or for any failure on part of the ALAKNANDA VAULTS™ to perform any of its obligations contemplated hereunder if performance is prevented, hindered or delayed by a force majeure event (defined below), and in such case its obligations shall be suspended for so long as the Force Majeure. “Force Majeure Event” means any event due to any cause beyond the reasonable control of ALAKNANDA VAULTS™, including without limitations, unavailability of any communication systems, breach, or virus in the processes or payment or delivery mechanism, sabotage, fire, flood, explosion, natural disasters or other “Acts of God”, war, damage to the ALAKNANDA VAULTS™ facilities or of its correspondent ALAKNANDA VAULTS™ civil commotion, strikes or industrial action of any kind, riots, insurrection, war, acts of government, computer hacking, unauthorized access to computer data and storage devices, computer crashes, malfunctioning in the computer terminal or the systems getting affected by any malicious, destructive or corruptive code or program, mechanical or technical errors/failures or power shut down, faults or failures in telecommunication etc., which prevents it from performing its obligations within the specified service delivery parameters.
Right to alter or add Rules:
  • ALAKNANDA VAULTS™ reserves the right to alter or add to these rules and such alteration and additions shall be binding on the account holder. Such alteration will be made known to the account holders at the registered office of the Company.

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