The MYRINR currency pair has seen a prolonged consolidation in a narrow range. Presently the pair is testing the lower end of the range. The support at 17.50 is crucial. It bounced back sharply from this level. Expected range is 17.35-18.00. Current Exchange rate of MYR/INR is 17.78. Preferable to hedge the commitments of outwards remittances on any decline towards 17.60.
NOTICE
This website allows communication and interaction between Lotus Group and the customer. By the access of this website and/or the use of all or any of its pages, the customer is deemed to understand and agrees to be bound by the terms and conditions herein. If the customer does not agree to accept any of the terms and conditions herein, the customer is advised to immediately discontinue access and/or use of this website or any part thereof. The customer is to note that the customer's access or use of this site shall be at the customer's own risk and initiative and the customer shall be responsible for compliance of all applicable laws.
DEFINITIONS
In these Terms of Service (Terms & Conditions), unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them:
LOTUS
Refers Lotus Group Ent Sdn Bhd, a body corporate licensed by Bank Negara Malaysia and having its Corporate Office at 19-06, 19th Floor, Semua House, Jalan Bunus 6, 50100 Kuala Lumpur, Malaysia and all its successors & assigns.
LOTUS REMIT
Refers to online remittance facility offered by LOTUS through THE SITE.
THE SITE
Refers to the website www.lotusremit.com
CUSTOMER
Refers to Customer named in the registration form and shall, where the context requires, include any authorized representative of the Customer.
USER
Refers to a customer of LOTUS authorized to use Lotus Remit.
CONFIDENTIAL INFORMATION
Refers to the information obtained by the customer through LOTUS for availing various services through Lotus Remit.
PERSONAL INFORMATION
Refers to the information about the user obtained by LOTUS in connection with Lotus Remit.
ACCOUNT
Refers to the user’s online remittance account or any other type of account so designated by LOTUS for the operations through the use of THE SITE.
INSTRUCTION
Refers to any request or instruction that is received from the customer by LOTUS through Lotus Remit.
Applicability of Terms
These terms mentioned herein form the contract between the User using Lotus Remit and LOTUS. By applying for Lotus Remit and accessing the service the User acknowledges and accepts these Terms of Service (Terms & Conditions). Any conditions relating to the accounts of customer other than these Terms will continue to apply except that in the event of any conflict between these Terms and the account conditions, these Terms will continue to prevail. The agreement shall remain valid until it is replaced by another agreement or terminated by either party or account is closed, whichever is earlier.
MONEY TRANSFER THROUGH LOTUS GROUP ENT SDN BHD
Money transfers initiated through Lotus Group Ent Sdn Bhd generally take 2-3 working days to be credited to the beneficiary account. This may extend based on the holidays and difference in time zones at the sending & the receiving countries. Exceeding amount limitations, regulatory restrictions or other restrictions in certain countries may delay the transaction. Lotus Group Ent Sdn Bhd does not accept deposits on behalf of any bank. Applicable law prohibits money transmitters from doing business with certain individuals and countries. Lotus Group Ent Sdn Bhd is required to screen all transactions against lists of names provided by the governments of the countries in which we do business, including the US Treasury Department’s Office of Foreign Assets Control (OFAC) and the UNSCR list. If a potential match is identified, Lotus Group Ent Sdn Bhd researches the transaction to determine if the name matched is the individual on the relevant list. On occasion, customers are required to provide additional identification or information which results in transaction delay
REMITTANCE CHARGES:
Written information explaining how Lotus Group Ent Sdn Bhd charges the sender for making a money transfer will either be displayed prominently at our location or shown to the sender prior to completion of the send transaction. Unless applicable law in the destination country requires otherwise, the sender will bear all fees for the money transfer. In certain cases, payment of a money transfer may be subject to local taxes and service charges.
FOREIGN EXCHANGE:
Money transfer payments will normally be made in the currency of the destination country (in some countries payment is available in U.S. dollars or other alternate currency). In addition to the transfer fee applicable to each transfer and if the currency which the sender presents to an Agent is not the currency to be received by the receiver, all currency is converted at Lotus Group Ent Sdn Bhd’s then current rate of exchange. The currency will be converted at the time of transfer and the receiver will receive the foreign currency amount shown on this form. Lotus Group Ent Sdn Bhd calculates its rate of exchange based on commercially available interbank rates plus a margin. The exchange rate applied may be less favorable than some publicly reported commercial exchange rates used in transactions between banks and other financial institutions. Any difference between the currency exchange rate offered to customers and the currency exchange rate received will be kept by Lotus Group Ent Sdn Bhd or its group companies in addition to the transfer fees. Additional information about exchange rates for specific destination countries can be obtained by calling the number below or on our website www.lotusremit.com Sending money to countries that provide payment in multiple currencies: Senders must select the currency of payment at the time the send money transaction is made. The transfer fee and the money Lotus Group Ent Sdn Bhd or its group companies make when it changes the funds into foreign currency may vary based upon the payment currency selected.
REFUND:
The principal and the transfer fee refunds are made to the sender if Lotus Group Ent Sdn Bhd is unable to complete the transaction as a result of its operational reasons. Transfer fees are not refunded if the transfer is stopped at the sender’s request or if the transaction cannot be completed due to incorrect information provided by the sender.
LIABILITY:
LOTUS GROUP ENT SDN BHD OR ITS GROUP COMPANIES DO NOT GUARANTEE THE DELIVERY OF ANY GOODS OR SERVICES PAID FOR BY MEANS OF A MONEY TRANSFER THROUGH LOTUS GROUP ENT SDN BHD. THE SENDER’S TRANSACTION DATA IS CONFIDENTIAL AND SHOULD NOT BE SHARED WITH ANY OTHER PERSON OTHER THAN THE RECEIVER. THE SENDER IS CAUTIONED AGAINST SENDING MONEY TO ANY PERSON HE DOES NOT KNOW. IN NO EVENT SHALL LOTUS GROUP ENT SDN BHD OR ITS GROUP COMPANIES BE LIABLE IF THE SENDER COMMUNICATES TRANSACTIONAL DATA TO ANY PERSON OTHER THAN HIS RECEIVER. When Lotus Group Ent Sdn Bhd collects credit or debit card or other non-cash form of payment, neither Lotus Group Ent Sdn Bhd nor its group companies assume any obligation to process or pay the money transfer if the form of payment is uncollectible, nor do they assume any liability for damages resulting from nonpayment of the money transfer due to non-collection of payment. Lotus Group Ent Sdn Bhd reserves the right to change these terms and conditions or the offered service without notice. Lotus Group Ent Sdn Bhd or its group companies may refuse to provide service to any person.
DATA PROTECTION:
The personal information (“Information”) provided solely by the customer on the remittance application form together with other personal data which is collected or generated during the course of your relationship with us is processed by Lotus Group Ent Sdn Bhd and/or its group companies under applicable laws. Lotus Group Ent Sdn Bhd has collected and will process the Information for the purposes of providing the requested services as well as for administration, customer service, payment confirmation, user validation, fraud prevention, product/business development and other related activities. The Information may also be used in connection with other services, products, commercial communications, convenience and/or rewards programs for which you have signed up with Lotus Group Ent Sdn Bhd or its affiliates. If you choose to provide details of your telephone number, mobile and/or your email in the fields above, this means that you also expressly consent to receive commercial communications and/or a notification of collection of your money transfer or payment service in the indicated medium (phone/SMS/email/MMS), and agree that any charges imposed by relevant service providers are your sole responsibility. If you do not wish to receive such communications or notifications, please contact Lotus Group Ent Sdn Bhd. Lotus Group Ent Sdn Bhd will process Information that you give us about another person including details about the receiver of the money transfer or payment service (the “Third Party’s Information”) in order to execute the transaction. Provision of your Information and Third Party’s Information that is required for fulfillment of the services is obligatory.). Without the relevant Information and Third Party’s Information, Lotus Group Ent Sdn Bhd is unable to execute the money transfer or payment service. Lotus Group Ent Sdn Bhd may disclose or transfer your Information and Third Party’s Information to third parties with whom it has a contractual relationship to protect Information and Third Party’s Information such as authorized service providers, Agents and other third parties as reasonably required for the purposes indicated in these Terms and Conditions, and to carry out the money transfer, payment service, to facilitate future transactions, for verification purposes, to assist Lotus Group Ent Sdn Bhd to understand and improve its product and service offerings and/or to supplement your Information with data from publicly available sources. Lotus Group Ent Sdn Bhd may also disclose Information to third parties, where reasonably necessary, for the purposes of the prevention and detection of crime, prosecution of offenders, for purposes of national security or when required by law. Your Information may be accessed by Lotus Group Ent Sdn Bhd and its group companies, and all other legal Lotus Group Ent Sdn Bhd entities, for any of the purposes set out in these Terms and Conditions. You hereby consent to the transfer and disclosure by Lotus Group Ent Sdn Bhd for any purpose of your Information and Third Party’s Information, as well as any other information relating to you and your account, to all third parties, including but not limited to those indicated above. Lotus Group Ent Sdn Bhd retains your Information, marketing preferences and transaction history based on record retention schedules for no longer than is necessary for the purposes for which the data was collected and in compliance with applicable laws. If you do not perform another transaction within the retention time period, the Information as well as all marketing preferences will be deleted. You have a right to access and to request a copy of your Information for which Lotus Group Ent Sdn Bhd reserves the right to charge a nominal amount as a service fee. You may also correct Information which is incomplete, inaccurate, misleading or out-of-date. If you wish to exercise these rights please call Lotus Group Ent Sdn Bhd using the number below during regular business hours.
CUSTOMER COMPLAINT:
If you are not satisfied with the service or if you have any inquiry or complaint in respect of your Information, you should telephone the number below. Written details of Lotus Group Ent Sdn Bhd’s dispute resolution procedure is available at all our branches & website. A representative will investigate your concerns fairly and will endeavor to do so speedily.
TRANSFERS TO INDIA:
As per RBI circular RBI/2010-11/235 DPSS (CO) EPPD No. / 863 / 04.03.01 / 2010-11 October 14, 2010, please ensure that the account number mentioned is correct. In India the banking systems will not be matching your name with the account number. Incorrect account number may lead the credit to end up in the mentioned account, the recovery of which is not guaranteed.
DISCLAIMER:
This transaction is executed by Lotus Group Ent Sdn Bhd (747923-M) in conjunction with Lotus Forex Limited, Hong Kong subject to the condition that it will not be held liable for delay/nonpayment/ underpayment/ non-delivery due to reasons beyond its control and disruption of communication systems. Payment at destination is subject to rules and regulations of that country. The Company is also not responsible if the information provided by the customer is inadequate or incorrect. FOR CUSTOMER SERVICE OR COMPLAINTS PLEASE CALL: 03 26940014 For further information on our company, products & service visit www.lotusremit.com Copyright 2014 Lotus Group Ent Sdn Bhd. All Rights Reserved
This privacy policy applies for the collection, use, maintenance and disclosure of the information collected from our customers. This privacy policy applies to the site www.lotusremit.com and all the products and services offered on the site and/or its mobile app of LGESB.
We are always committed towards the safeguarding of our customers’ privacy and security. This privacy statement is meant to explain what kind of personal information we actually collect about you. Along with this it also explains with whom we share this information. Here, personal information refers to information such as name and email that can be used in identifying an individual.
We may collect personal information from you in order to process transactions, provide product and services, and to administer our business. The type of information you might be asked, could be your name, email address, and phone number. We may collect above mentioned information at the LGESB branches, of your visit to our website and/or mobile app, or when you register on our site and/or mobile app, and during other activities we make available on our website and/or mobile app. But the above information is only collected if you voluntarily allow us to do so. Refusal to supply your personal information solely lies upon you, and we do not collect any such information without your consent.
For a better experience, while using our Service, we may require you to provide us with certain personally identifiable information. The information that we request will be retained by us and used as described in this privacy policy.
We want to inform you that whenever you use our Service, in a case of an error in the app we collect data and information (through third-party products) on your phone called Log Data. This Log Data may include information such as your device Internet Protocol (“IP”) address, device name, operating system version, the configuration of the app when utilizing our Service, the time and date of your use of the Service, and other statistics.
Cookies are files with a small amount of data that are commonly used as anonymous unique identifiers. These are sent to your browser from the websites that you visit and are stored on your device's internal memory.
This Service does not use these “cookies” explicitly. However, the app may use third-party code and libraries that use “cookies” to collect information and improve their services. You have the option to either accept or refuse these cookies and know when a cookie is being sent to your device. If you choose to refuse our cookies, you may not be able to use some portions of this Service.
We may employ third-party companies and individuals due to the following reasons:
We want to inform users of this Service that these third parties have access to their Personal Information. The reason is to perform the tasks assigned to them on our behalf. However, they are obligated not to disclose or use the information for any other purpose.
We value your trust in providing us your Personal Information, thus we are striving to use commercially acceptable means of protecting it. But remember that no method of transmission over the internet, or method of electronic storage is 100% secure and reliable, and we cannot guarantee its absolute security.
This Service may contain links to other sites. If you click on a third-party link, you will be directed to that site. Note that these external sites are not operated by us. Therefore, we strongly advise you to review the Privacy Policy of these websites. We have no control over and assume no responsibility for the content, privacy policies, or practices of any third-party sites or services.
These Services do not address anyone under the age of 18. We do not knowingly collect personally identifiable information from children under 18 years of age. In the case we discover that a child under 18 has provided us with personal information, we will immediately delete this from our servers. If you are a parent or guardian and you are aware that your child has provided us with personal information, please contact us so that we will be able to do the necessary actions.
We use your personal information in a variety of ways. The purpose of use includes such as for processing your transaction, to improve our site and/or mobile app, to effectively respond to our customer service request and support needs, to solve any problems that may hamper the processing of the transaction, to prevent any illicit activity from occurring, for the process of verification and risk management, and for our own marketing related activities.
How we protect the information?LGESB uses appropriate data collection, storage and processing practices to protect against any loss, disclosure, misuse, and alteration of your personal information stored in our database. Sensitive and private data is encrypted with digital signature which is transmitted over secured communication channel. Access to your personal information is restricted only to those authorized personal.
We do not sell, trade, or rent your personal identification information to others. But we may share the information with our affiliates and our agents to assist us in our business activities. We may also share the information if required by the governing law for the purpose of cooperation with criminal or government investigations. If LGESB finds your transaction as suspicious, then your information may be shared with the concerned authority of the country, which may further share your information.
You may find advertising or other content on our Site that link to the sites and services of our service partners. We do not control the content or links that appear on these sites and are not responsible for the practices employed by websites linked to or from our Site. In addition, these sites or services, including their contents and links, may be constantly changing. These sites and services may have their own privacy policies. Browsing and interaction on any other website, including websites which have a link to our Site, is subject to that website and their own terms and policies.
LGESB can update this privacy policy at any time on its own discretion. However, when we do so, we will revise the updated date at the bottom of this page. We encourage you to frequently check this page for any changes in order to stay informed about how we are helping to protect your personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications time and again.
By using this Site and/or mobile app, you show your acceptance towards this privacy policy. If you do not agree to this policy, please do not use our Site and/or mobile app. Your continued use of the Site and/or mobile app following the posting of changes to this policy will be deemed your acceptance of those changes.
Should you have any queries, concerns or complaints in relation to this Privacy Notice, do not hesitate to contact us at admin@lotusremit.com
