How can players withdraw from the host wallet?
- Players can withdraw the money in the host wallet by clicking on the ‘withdraw’ button present on a) private contest creation & join page and b) private contest transaction page.
- To withdraw the money, the user needs 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- The money can be withdrawn in the user’s bank account.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- Users will not be able to choose the amount they can withdraw and the entire amount in their wallet will be withdrawn at that point of time.
- Apart from all the regular checks, an additional check is added where if the money withdrawn at any point is greater than Rs.12,500 it will go through our risk team.
- The money may take 3-5 days to be credited in the user's account.
- TDS will be deducted based on the % defined by the Indian government from the withdrawn money itself.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 the host wallet.
- The withdrawals for the host wallet will not be considered for the count of free withdrawals available for the regular wallet.
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