Refund Policy
PAYMENT TERMS
The below terms govern all payment-related transactions made by You, and You agree to abide by them.
1. PAYMENT ACCOUNTS
I. By accessing and using Our Platform, you are provided with the following categories of accounts for processing and reconciling Your payments:
a) Unutilized Account - This account holds any amount remitted by You through a designated payment gateway for availing Our Services; and
b) Winning Account - This account holds your winnings in any Paid Contests.
2. DISCOUNT OFFERED
I. In order to conduct promotional activities and provide incentives, we may issue discounts to You which may be utilised for joining any paid Public Contest(s) (“Discount(s)”). You agree to the following
II. You shall not be permitted to transfer or withdraw any amount of Discounts offered to any other account including Your bank account.
III. The utilisation of any Discount shall be subject to certain terms which will be notified to You at the time of issuance of any Discount.
IV. Discount shall be issued at our sole discretion and will not be demanded as a matter of right.
V. Discount will be applied towards the Pre-designated Amount for joining any Contest.
VI. Upon termination of Your Account, all Discounts shall be forfeited and You shall not have any right or interest on such Discount.
VII. Any Discount issued to you may take up to 24 hours to reflect in their respective Discount account as defined below. You agree not to hold Us responsible or liable for any delay, including any loss of opportunity to join any Contest(s) due to delay in crediting the Discount.
VIII. In the event of any conflict between these Terms and the terms specific to the Discount, if any, the Discount terms shall prevail.
We offer the following Discounts
3. Discount Point
I. We may award discount points at the time of a successful deposit in your Unutilised Account (“Discount Point”). Your utilisation of the Discount Points shall be subject to the following terms and conditions:
II. Discount Points shall be valid for a period of three (03) months from the date of issuance
III. Discount Points shall be credited to your Discount Point account (“Discount Point Account”).
IV. While participating in any Paid Contest, a certain percentage of available Discount Points in Your Discount Point Account shall be applied to the Pre-Designated Amount.
V. Deduction of Discount Points from the Pre-Designated Amount is in addition to any other Discounts available to You.
VI. You agree that in the event of any request for refund of the amount deposited in the Unutilised Account, any Discount Points awarded to you in connection with such amount deposited shall stand forfeited and you will not be able to utilise such Discount Points.
VII. If a match is abandoned or cancelled, the applicable Discount Points deducted from the Pre-Designated Amount shall be returned to Your Discount Point Account.
4. Discount Bonus
We may at our discretion as part of our Promotion issue a Discount bonus to You in accordance with the terms and conditions applicable to such Promotions. (“Discount Bonus”). In addition to the terms relating to the Promotion, you agree to the following:
I. Discount Bonus shall be credited to your Discount Bonus account upon fulfilling the applicable conditions under the respective Promotions (“Discount Bonus Account”).
II. Discount Bonus will be automatically deducted from the Pre- Designated Amount payable by You.
III. Discount Bonuses shall be valid for a period of 14 days from the date of the credit
5. Discount Coupons.
I. We may grant Discount coupons at Our sole discretion and each Discount coupon shall be governed by the specific terms and conditions as notified by Us at the time of grant of such Discount coupons. You acknowledge that Discount coupons shall have their own validity and specific terms and conditions available on the Platform. In case of any conflict between these Terms and the terms specific to the Discount coupon, the terms specific to the Discount coupon shall prevail.
6. PRE - DESIGNATED AMOUNT PAYMENT
I. When You join any Contest, subject to the deduction of Discount Bonus and Discount Points (if any), the Pre-Designated Amount gets debited first from the Unutilised Account, and then from Your Winnings Account. For the Unutilized Account, debits will be made in order of the date when the funds were first credited.
II. If You do not have enough balance in either of your Accounts to participate in any Paid Contest, you will need to remit the Pre-Designated Amount required to join the Contest(s). You agree that any amount deposited shall be subject to deduction of applicable GST in accordance with these Terms.
7. WITHDRAWALS PROCESSING
I. You will be prompted to provide certain documents for processing your payments and verification purposes at the time of your first withdrawal.
II. The name mentioned on the identification document as provided by You at the time of withdrawal should correspond with the name provided by You at the time of Account creation.
III. We will process your withdrawal after verifying your bank account details and/ or UPI ID (as applicable). Upon verification, we will debit the amount from your Winning Account and transfer it online to your bank account at the earliest.
IV. We may charge any processing fee for the online transfer of funds from your Winning Account to Your bank account
V. We depend on banks and third parties to process transactions on Our Platform. Thus, we may take up to 24 hours to process any payments to Your bank account. You agree not to hold Us responsible or liable for any delay in processing any payments.
VI. A transaction, once confirmed, is final, and no cancellation is permissible.
8. TAXES PAYABLE
I. From 01 October 2023, 28% GST is applicable on the amount deposited by You in Your Unutilised Account. You can view the GST paid on each deposit made by You in the Unutilised Account on the ‘My Transaction’ page on the Platform. The GST value listed on the invoice shall be the final GST amount charged to You
II. All winnings shall be subject to deduction of tax (“TDS”) as per the Income Tax Act 1961. With effect from 1st April 2023, TDS of 30% shall be deducted from Net Winnings (“NW”) on each withdrawal request placed by You.
III. For the purpose of calculating NW:
a) calculation of NW for the first withdrawal during the Financial Year (“FY”):
NW = A - (B+C)
A = Aggregate amount withdrawn from the Winning Account;
B = Aggregate amount of non-taxable deposit made in the Unutilised Account till the time of withdrawal;
C = balance amount in the Unutilised Account and the Winning Account at the beginning of the FY (“Opening Balance”);
NW shall be Zero if the sum of B & C is equal to or greater than A
b) calculation of NW during the FY in each subsequent withdrawal from the Winning Account
NW =A-(B+C+E)
A = Aggregate amount withdrawn from the Winning Account till the time of such withdrawal including the amount of such subsequent withdrawal;
B = Aggregate amount of non-taxable deposit made in the Unutilised Account till the time of such subsequent withdrawal;
C = balance amount in the Unutilised Account and the Winning Account at the beginning of the FY (“Opening Balance”);
E = NW comprised in earlier withdrawal or withdrawals during the FY until this subsequent withdrawal if tax has been deduced on winnings comprised in such withdrawal or withdrawals
NW shall be Zero if the sum of B, C & E is equal to or greater than A
c) calculation of NW at the end of the FY
NW =(A+D)-(B+C+E)
A = Aggregate amount withdrawn from the Winning Account during the FY;
B = Aggregate amount of non-taxable deposit made in the Unutilised Account during the FY;
C = balance amount in the Unutilised Account and the Winning Account at the beginning of the FY (“Opening Balance”);
D = balance amount in the Unutilised Account and Winning Account at the end of the FY (“Closing Balance”) and
E = Net Winnings comprised in earlier withdrawal or withdrawals during the FY until this subsequent withdrawal if tax has been deduced on winnings comprised in such withdrawal or withdrawals;
NW shall be Zero if the sum of B, C & E is equal to or greater than sum of A & D
IV. In the event, you do not withdraw any of Your winnings during a financial year and You have Net Winning balance as of 31 March of each year, then TDS of 30% shall be deducted on such Net Winnings balance from Your Winning Account as on 31 March as calculated above.
V. In case of any revisions by the Government of India to the aforementioned rate or the definition of Net Winnings in the future, TDS will be deducted by Us in accordance with the then-current prescribed TDS rate and the revised definition of Net Winnings. Winners will be provided TDS certificates in respect of such tax deductions. The Winners shall be responsible for payment of any other applicable taxes, including but not limited to, income tax, gift tax, etc. in respect of the Net Winnings. We shall not in any manner be responsible for users' individual tax matters.
9. REFUNDS
I. We will refund any amount left in your Unutilised Account if your Account gets suspended or removed
a) due to Our failure to provide Services,
b) any instruction received from any government or regulatory authority
c) We will refund the Pre-Designated Amount paid by You in case any Contest is abandoned in accordance with these Terms.
II. We shall deactivate Your Account pursuant to any direction issued by an appropriate government agency and/or competent authority. If We receive requisite instructions from such authority, we shall refund the deposited amount from Your Unutilised Account to the source account, subject to applicable processing fees.
III. In the event Our Services are not available due to reasons outside Our control, including but not limited to any failure to perform due to unforeseen circumstances or cause beyond Our control, such as acts of god, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, accidents, pandemic, epidemic, network infrastructure failures, strikes, or shortages of transportation facilities, fuel, energy, labour or materials or any cancellation of services available on Our Platform (each a “Force Majeure Event”), then We reserve the right to cancel any Contest and process refund of the Pre - Designated Amount.
IV. In the event of a Paid Contest involving up to 4 Users, where all the Users have entered the same teams (including the same Captain, Vice-captain and Back Up replacement), the Pre-Designated Amount shall be refunded to all the users after the match starts. The refund shall be credited to the account from which the Pre-designated Amount was utilized. For a Paid Contest involving 5 or more Users, where all the Users have entered the same teams (including the same Captain, Vice-captain and Back Up replacement), the Prize Money Pool shall be equally divided between the Users.
V. If there is any request for withdrawal of amount deposited in Unutilised Account, such refund request shall be processed net of GST i.e. applicable 28% GST paid on the amount deposited in Unutilised Account. GST amount shall not be refunded as per applicable government laws.
10. USER FUNDS
I. You hereby authorise Us to appoint an independent third-party/ trustee/ escrow agent to act on your behalf in a fiduciary capacity (“Third Party”) with respect to holding any amount belonging to You and undertaking actions, consents, approvals and any other requisite instructions necessary for such amount.
II. You acknowledge that
a) We do not hold any right, title and/or interest in the amount deposited by You.
b) the amount deposited by You will be used only for participation in the Paid Contest.
c) any amount deposited by You, shall not be forfeited by Us except in case where We receive an instruction from any government agency or competent authority.
III. You further authorize Us to instruct the Third Party to open a non-interest earning bank account(s) which will be used for the following payouts:
a) withdrawal of Your winnings;
b) payment of Platform Fee;
c) payment of taxes as applicable towards TDS on Net Winnings; and
d) Government (toward GST payable)
