- Players can withdraw the money in the host wallet by clicking on the ‘withdraw’ button present on the a) private contest creation & join page b)private contest transaction page.
- To withdraw the money, the user need to provide PAN details and must be KYC verified.
- If these details are already provided by the user beforehand (for RC or MEC) then they may not provide it again.
- The money can be withdrawn in the user’s bank account.
- The minimum amount needed for withdrawal is Rs.100.
- Users will not be able to choose the amount they can withdraw and the entire amount in their wallet will be withdrawn at that point of time.
- The withdraw will go through the JBPM rules before getting processed.
- Apart from all the regular checks, an additional check is added where if the money withdrawn at any point is greater than Rs.12,500 it will go through our risk team.
- This transfer will happen manually through ENET and may take 3-5 days (same as that for the existing manual process).
- TDS will be deducted based on the % defined by the Indian government from the withdrawn money itself
- The user may choose to claim the same from the government
- Once the transaction is processed, the user will receive an email on their registered email ID with a copy of invoice generated by MEC from the user’s end charging MEC for the commission
- In case the user has provided the GST details, it will also be added in the invoice
- The email with invoice copy will also ask users to provide their GST details (if they want) to the support team of MEC to be updated in the system
- The subsequent invoices will have the GST details updated
- In case the processing of the payment fails, the money will be returned to the user’s wallet and a credit note will also be mailed to the user’s registered email
- There is no limit on the number of withdrawals that a user can make per month
- There is no charge on the withdraw made for host wallet
- The withdraws for host wallet will not be considered for the count of free withdrawals available for regular wallet.
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