Gift Voucher that Earns Fees for Forecasting (See sample calculations or use the calculator on the site)
GSG Gift Vouchers come with the benefit of earning Fees for Forecasting till they are redeemed based on the forecasting indicated at the time of purchase of the gift vouchers.
The scheme is based upon the benefits of forecasting from community of Buyers, which helps the community of Sellers plan their inventory better thus lowering the costs, a benefit which is passed on to the Buyers by way of this Gift Voucher Scheme that earns fees for forecasting for the beneficiary of the Gift Vouchers at time of redemption.
Buyer may purchase a Gift Voucher for any sum between Rs. 1,000/- to Rs. 20,000/- in multiples of Rs. 500/- with GSG, and indicate the products that it is likely to be redeemed for vide purchase over the next 180 days, which is treated like a forecast. Minimum forecast period required is 30 days. This is treated as the Face Value of the Gift Voucher.
If the Gift Voucher is redeemed to make a purchase anytime between 31 to 180 days during those 180 days from the date of purchase of Gift Voucher, then the beneficiary gets a FORECAST MET FEES calculated @ 0.066% per day on the purchase amount of goods applicable from the date of initial purchase of Gift Voucher to the date of actual purchase of goods. This amounts to a FORECAST MET FEES of approx.. 2% per month or 24% per annum (on annualized basis) on the amount for purchases made. This fees is over and above any other discounts being offered by the vendors or other special promotions being run by www.gaonsegaon.com
If the purchase value of the goods at time of redemption is less than the Face/Purchase Value of the Gift Voucher amount, then the goods purchased value less the FORECAST MET FEES as calculated above is settled against the face value of the Gift Voucher, and remainder amount stays as balance in the Gift Voucher for future purchases and continues to be eligible for same bonus or FORECAST FEES as described above from the date of initial purchase of Gift Voucher.
If the purchase value is higher than the face value of the Gift Voucher, then the buyer gets the FORECAST MET FEES as calculated above on the complete Gift Voucher Face Value amount, and has to pay only the differential price between the actual price less the sum total of Gift Voucher Face Value amount and FORECAST MET FEES as calculated above.
If the beneficiary does not make any purchases of goods inspite of the forecast made by purchaser of the Gift Voucher, or if the beneficiary purchases less than the face value of the Gift Voucher, then in a way he has still helped the forecasting system with some degree of probability, and his purchases earn him the FORECAST MET FEES as described above, whereas remainder or balance money in the Gift Voucher will be refunded along with 7.5% of the initial advance payment or remainder amount as applicable within 3 working days of completion of the 180 days Gift Voucher validity duration from the date of purchase of Gift Voucher, which amounts to approx. 15% per annum. Such refund is obviously made on presentation of the Gift Voucher.
Thus in short, the beneficiary of the Gift Voucher gains FORECAST MET FEES to the extent equal to 0.066% on daily basis (approx.. equal to 24% per annum on annualized basis) for the purchases he makes against the redemption of Gift Voucher between 31 to 180 days of purchase of Gift Voucher, otherwise he gets a full refund of his remaining money with FORECAST PARTICIPATION FEES calculated @ 3.75% (approx.. 15% per annum on annualized basis) within 3 working days of completion of the 180 day validity period of the Gift Voucher on presentation of the Gift Voucher.
Extended Refund Window :- Even though the validity of the Gift Voucher is 180 days for redemption, but if due to some reason beneficiary is unable to present the Gift Voucher for refund of remaining amount within 3 days of completion of the 180 day validity period for redemption for refund, then buyer/beneficiary is permitted an extended refund window of another 185 days , i.e. total of 365 days. However, the benefits of the FORECAST FEES as described above will obviously apply only for the 180 days validity period.
The Gift Voucher Scheme is for a limited period only, and maybe withdrawn anytime without any prior notice by www.gaonsegaon.com for new participants. However, all benefits as described above will apply and will be honoured for Gift Vouchers already purchased once advance has been paid along with forecast for the Gift Vouchers.
Gift Voucher Redemption Scheme Calculation-
|Sample Calculation :- (Please read the Gift Voucher Scheme carefully and see the sample caclculator on the site)|
|Gift Voucher with Purchase/Face Value of Rs. 20,000/- on 01st January 2015 (Date of Payment for Gift Voucher is counted as Day Zero, and next day as Day 1)|
|Figures in negative indicate amount to be paid by the Buyer/Beneficiary to the Company (Shown in Red)|
|If purchase value of goods is lower than the remainder amount on Gift Voucher , then FORECAST MET FEES will apply on the goods purchase amount|
|If purchase value of goods is higher than the remainder amount on Gift Voucher, then FORECAST MET FEES will apply on the remainder amount (Shown in Yellow)|
|Secnario 1||Scenario 2||Sceanrio 3||scenario 4||Scenario 5||Scenario 6|
|Initial Face/Purhcase Value of Gift Voucher along with forecast of potential Purchase||20000.00||20000.00||20000.00||20000.00||20000.00||20000.00|
|First Purchase on 01st Feb. 2015 (after 31 days)||7000.00||0.00||0.00||0.00||0.00||0.00|
|FORECAST MET FEES on first purchase calculated @ 0.066% per day for 31 days||143.22||0.00||0.00||0.00||0.00||0.00|
|Effective purchase price for the item||6856.78||0.00||0.00||0.00||0.00||0.00|
|Remainder Amount on Gift Voucher after first purchase||13143.22||20000.00||20000.00||20000.00||20000.00||20000.00|
|Second Purchase on 16th Feb. 2015 (after 46 days)||8000.00||15000.00||0.00||0.00||18000.00||0.00|
|FORECAST MET FEES on second purchase calculated @ 0.066% per day for 46 days||242.88||455.40||0.00||0.00||546.48||0.00|
|Effective purchase price for the item||7757.12||14544.60||0.00||0.00||17453.52||0.00|
|Remainder Amount on Gift Voucher after second purchase||5386.10||5455.40||20000.00||20000.00||2546.48||20000.00|
|Third purchase on 11th March (after 69 days)||4000.00||4000.00||0.00||0.00||8000.00||0.00|
|FORECAST MET FEES on third purchase calculated @ 0.066% per day for 69 days||182.16||182.16||0.00||0.00||115.97||0.00|
|Effective purchase price for the item||3817.84||3817.84||0.00||0.00||7884.03||0.00|
|Remainder Amount on Gift Voucher after third purchase||1568.26||1637.56||20000.00||20000.00||-5337.55||20000.00|
|Fourth purchase on 26th April (after 115 days)||800.00||2000.00||19000.00||24000.00||0.00||0.00|
|FORECAST MET FEES on fourth purchase calculated @ 0.066% per day for 115 days||60.72||124.29||1442.10||1518.00||0.00||0.00|
|Effective purchase price for the item||739.28||1875.71||17557.90||22482.00||0.00||0.00|
|Remainder Amount on Gift Voucher after fourth purchase||828.98||-238.15||2442.10||-2482.00||0.00||20000.00|
|Amount against which no purchases were made||828.98||0.00||2442.10||0.00||0.00||20000.00|
|Refund due on 30th June 2015, i.e. after 180 days of Initial Purchase of Gift Voucher||828.98||0.00||2442.10||0.00||0.00||20000.00|
|FORECAST PARTICIPATION FEES due on refund @ 7.5% of remainder amount||62.17||0.00||183.16||0.00||0.00||1500.00|
|Sum total to be paid to Buyer within 3 working days of 30th June 2015||891.15||0.00||2625.26||0.00||0.00||21500.00|