11.1 – In order to participate in Cash Games, you are required to maintain a positive Cash Balance in your Accounts.
11.2 – The Cash Balance will comprise of two components- Monies residing in your Chips Account and monies residing in your Winnings and Bonus Accounts. In relation to such Cash Balance, you undertake/ understand the following:
a). All credits to your Chips Account (“Cash Credits”) made by you must be through the third-party payment gateway(s) made available on the Platform by the Company. The Company is not responsible for authorization/denial of any such transactions, and such transactions are subject to and must be undertaken in accordance with the terms and conditions specified by such third-party payment gateways. The Company may however reverse any transaction, in which case the relevant amount would be refunded to the instrument/account which was used to perform the transaction
b). It is further agreed and acknowledged by the Users that all credits in the Chips Account made by the respective Users shall at all times be held by the Company in trust, for and on behalf of the respective Users till such amount is deducted from the Chips Account to enable the Users to participate and play the Cash Games.
c). All Cash Credits must be through instruments/accounts which belong to you and are in your name.
d). All transactions on the Platform must be conducted in Indian Rupees.
e). Any winnings in Cash Games will be credited exclusively to the Winnings Component of the Winnings and Bonus Account. Any Bonus Amount shall also be credited exclusively to the Bonus Component of your Winnings and Bonus Accounts in accordance with Section 20 of this Agreement,
f). The Users agree and acknowledge that the Company shall facilitate to collect and receive the winning amount from the other participants in the Cash game and transfer to the winner. The Company shall hold the same in the Winnings Component of the Winnings and Bonus Account, in trust for and on behalf of the winner until such time as the User may decide to utilize it to play a Cash Game or withdraw the same, in accordance with the terms and conditions of this Agreement.
h). A cash amount corresponding to the aggregate of the amounts in the Chips Account and the Winnings and Bonus Accounts of all Users is maintained in an unencumbered and non-interest bearing bank account(s) by the Company at all times, separate from other funds of the Company. Such Cash Balances are available to either be played to the extent of amount lying in the Chips Account or be withdrawn to the extent of amount lying in Winnings and Bonus Account at any time by Users, subject to specific restrictions contained in the Agreement. To the extent permitted by law, the claims of Users over amounts corresponding to their Cash Balances will be given preference over all other claims.
i). Any withdrawal of amounts from your Accounts (“Cash Withdrawal”) may be carried out only in accordance with the terms of this Agreement.
j). User’s relevant details required for the processing of payment from ace2three to the user’s account will be shared with our payment partners.
k). The Company may impose daily/per-session limits, or other types of limits, upon your ability to perform cash credits or Cash Withdrawals, in order to encourage responsible play as well as to prevent unauthorized or illegal activity. You will be informed of such limits at the time when they are imposed, and will also be informed of any change to such limits. While you may request that such limits be modified, the Company reserves the right to impose and modify such limits using its sole discretion.
l). Cash Withdrawals may be requested by you at any time, subject to any limits which have been imposed and in accordance with the terms and conditions of this Agreement. Such Cash Withdrawal will be affected by the Company by way of bank transfer to your bank account. Your preference in this regard will be given due consideration. Please note that any Cash Withdrawal will be affected by the Company only in favour of an Indian Rupee account in your name.
m). The Cash Balance does not carry any interest. The Cash Balance is not transferable or negotiable, except to the extent as may be expressly permitted by the Agreement. Further, no Cash Withdrawal will be allowed from the Cash Balance associated with the Accounts of each User, unless the relevant User has played sufficient number of Cash Games (which may be determined solely by the Company in its discretion) subsequent to the last recorded Cash Credit.
n). Except in the manner as provided under Section 19 of this Agreement, no Cash Withdrawal would be permitted from the Chips Account. Cash Withdrawals may be permitted only from the Winnings Component, garnered by participation in the requisite number of Cash Games (as determined by the Company in its discretion) and the Bonus Amounts residing in the Bonus Component credited by the Company. To additionally clarify, any Cash Withdrawal would be permitted exclusively from the Winnings and Bonus Account. When the respective User chooses to withdraw such winnings from the Winnings and Bonus Account, the Company on receipt of the request in the specified form would transfer the specified amount to the Users
o). Cash Credits made for participation in the Cash Games are not available for Cash Withdrawals and the same may be utilized only to gain a seat on the table or in a tournament. Thus no Cash Withdrawal is permitted by redeeming the chips in the Chips Account.
p). Accordingly, while adding chips from the Cash Balance in order to gain a seat on the table or in a tournament, the non refundable component, i.e. the Chips Account, gets deducted first followed by the refundable component, i.e .the Winnings and Bonus Account, to ensure the maximum possible part of the left over amount in the Cash Balance is available for refund through Cash Withdrawal. Further, within the Winnings and Bonus Account, the Bonus Component gets deducted first while adding chips followed by the Winnings Component.
q). In the event that, for a period of more than 300 days, you (i) maintain a Cash Balance and (ii) fail to participate in a Cash Game, the Company reserves the right to forfeit with the entire amount in the Chips Account as it deems fit. Further the Company shall refund the entire amount in the Winnings and Bonus Account (lying more than 300 days) to your bank account available with us or in case of non-availability of your bank account details, the Company may require you to provide those details to process the refund. In case of non-submission of bank account details within scheduled time, the Company reserves the right to forfeit the amount in the Winnings and Bonus Account or otherwise deal with such amount as it deems fit. In case of forfeiture, the amount forfeited by the Company shall be considered as Gross amount charged which is inclusive of Service Tax / Goods and Service Tax (GST) as may be applicable. These requirements and provisions may be modified from time to time in accordance with changes to the relevant tax and other laws.
11.3 – The Company is obligated to deduct tax at source (“TDS”) in case of Cash Games upon winnings of more than Rs. 10,000/- in a single game tourney, as the case may be. In such cases, winnings shall be credited to your Winnings and Bonus Account after deducting TDS @ 30%. Please note that in accordance with the provisions of Section 6.1 above, you must possess a valid PAN and provide your PAN details and proof thereof immediately upon request, in order to enable us to credit such winnings and allow for Cash Withdrawals in this respect. If you fail to provide valid PAN details within 60 days from the date of completion of game in which your winnings are more than Rs. 10,000/- and subject to TDS deduction, the Company reserves the right to forfeit the winnings of said game after remitting applicable TDS to Government authorities. In case of forfeiture, the amount forfeited by the Company shall be considered as Gross amount charged which is inclusive of Service Tax / Goods and Service Tax (GST) as may be applicable. These requirements and provisions may be modified from time to time in accordance with changes to the relevant tax and other laws.