‘Mint’ means issuance of tokens against the acceptance of INR and ‘Redeem’ means re-purchase back of tokens and return of INR to the user.
Once your TrueINR account is set up and has been verified, and you have deposited enough TrueINR to your TrueINR account you will be able to redeem them.
Before proceeding, please review the TrueINR fees & taxes schedule.
- Go to Smart Exchange.
- Enter the amount you wish to exchange or convert, choose the currency TrueINR to INR and check that all the information displayed is correct. When ready, click “Exchange”.
- Review the transaction inserted from the “Smart Exchange History” on dashboard, then go to “INR Wallet” click on Withdraw INR to Bank , enter amount you wish to withdraw and verify your OTP/Email link or 2fa code and click “Confirm”
- You will now receive an email (check your inbox or spam folder) confirming that we received your withdraw request.
TrueINR users can redeem TrueINR tokens for the respective fiat currency on the Platform. All TrueINR tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying representative fiat currency (e.g., Indian Paisa) respectively, upon redemption. TrueINR always maintains 1 : 1 ratio to INR and can be redeemed at any time against it.
TrueINR has partnered with an independent, off jurisdiction, crypto-asset recognising bank account to safeguard the fiat funds in an auditable environment. Such fiat funds are readily available for remittance or redemption by partnering with multiple payment gateways in India and/or abroad to provide a seamless experience to the Indian users.
TrueINR is India-driven and supports INR in direct and convertible nature. Remittance made in USD, if any, shall be converted to INR and equivalent TrueINR tokens issued to the user. However the redemption back shall be in form of INR only.