Refund Policy

1. Scope

1.1 This Refund Policy explains when and how MAG-AL Electrominerals Private Limited (“1O1 Minerals”, “we” or “us”) refunds amounts paid to it through the 1O1 Minerals B2B portal (the “Portal”). These include Subscription Fees, Security Deposits, advances and payments for Orders.

1.2 We sell every Product as principal. Every refund is therefore made by us, not by any supplier or third party.

1.3 Orders are supplied on credit. Where an invoice has not yet been paid, any amount due back to you is settled by a credit note that reduces the amount you owe. A refund in money arises only where you have paid more than you owe.

1.4 This Policy forms part of, and should be read with, our Terms and Conditions and our Cancellation Policy. If this Policy conflicts with the Terms, the Terms prevail. The Portal is for business use only, and this Policy applies to business-to-business transactions.

2. When a Refund Is Payable

2.1 You are entitled to a refund in the situations set out below. Each refund is subject to Section 4 (How Refunds Are Calculated). “Initiated within” is counted from the event shown in the third column.

3. What Is Not Refundable

3.1 No refund is payable for:

• (a) orders that have been confirmed on the portal
• (b) quantity variations within the agreed tolerance (plus or minus 5% unless the Order Confirmation states otherwise) or within the 0.5% normal transit variation, since you are invoiced for the quantity actually delivered;
• (c) detention, demurrage, unloading, storage or freight charges caused by your delay or by your refusal to accept delivery;
• (d) late-payment interest, and any part of the Security Deposit applied against overdue amounts;
• (e) charges levied by your own bank; and
• (f) any payment made to an account other than our designated bank account or the Payment Gateway. Such a payment does not discharge your obligation to us.

4. How Refunds Are Calculated

4.1 Credit note first. Where an amount becomes due to you, we issue a credit note. If you have unpaid invoices, the credit note is first adjusted against them. Only the net balance due to you is refunded.

4.2 Set-off. We may deduct from any refund any amount you owe us under the Terms, including overdue invoices, interest and charges.

4.3 Deductions on cancellations you request. Where you cancel an Order, we deduct the cancellation charges set out in the Cancellation Policy and the payment gateway charges incurred on the original payment. GST is added where applicable.

4.4 GST. Where a refund relates to a taxable supply, we issue a GST credit note under section 34 of the Central Goods and Services Tax Act, 2017, and the refund includes the GST charged. If the statutory time limit for a GST credit note has passed, we issue a commercial credit note and refund the value excluding GST. You must reverse any input tax credit that the law requires you to reverse.

4.5 No interest. No interest is payable on a refund initiated within the timelines in this Policy. All refunds are made in Indian Rupees.

5. How and When Refunds Are Paid

5.1 Mode. Refunds are made only by:

• (a) reversal through the Payment Gateway to the account from which you paid (for “Pay Now” net-banking payments); or
• (b) NEFT or RTGS to a verified bank account held in your own business name.

We do not refund in cash, by cheque, or to any third-party account. Where an Order was financed by a bank or financing partner, the refund is made to that partner.

5.2 Timelines. Refunds are initiated within the periods stated in Section 2. Once a refund is initiated, the time taken for it to reach your account depends on the banks and the Payment Gateway. This is outside our control.

5.3 Confirmation. When a refund is initiated, we notify you by email and record it in your account ledger on the Portal, with the transaction reference (UTR).

5.4 Change of bank details. A refund can be made to a new bank account only after we have verified it and received confirmation from your authorized signatory, as required by the Terms.

6. Requests, Queries and General Terms

6.1 Automatic refunds. You do not need to apply for refunds arising from lapsed orders, cancellations by us, duplicate payments we identify. We process these ourselves.

6.2 Requests. For any other refund, raise a request through the “Service Request” section of the Portal, or write to our support team. Your request should include:

• the Order number;
• the invoice number;
• the payment reference (UTR or gateway transaction ID);
• the amount; and
• the reason for the request.

Quality and shortage claims must be raised within the periods set out in the Terms (48 hours for shortage or transit damage, and 7 days for quality).

6.3 Changes. We may update this Policy by publishing a revised version on the Portal. Changes do not affect refunds already due.

6.5 Governing law. This Policy is governed by the laws of India, and disputes are resolved as provided in the Terms.