Paytm charging 4% for transferring funds from Wallet to Bank

I do not know how helpful it is but maybe for some people who need extra money in their account which they currently don't have but can pay the credit card bill when next payday comes ?
 
right. taking cash on credit card has very high interest. so this can technically be used to get cash interest free for around 50 days. as long as transfers from wallets to credit card is free.
 
almost all wallets let you transfer funds directly to bank account. i dont think they (can or do) differentiate between money that was received from others or added through credit card.
 
Ok. So, I had loaded money with ICICI & HDFC Credit Cards. Now to test, I have clicked on Return to Bank for the ICICI one. Are you sure it will go to my "bank account". If so, which one? As I have used 1-2 accounts to load over the past. Or is it a different process flow, where you give full bank details of credit?
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and you are right. 🙁

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so two parties would need to get involved 😛 one guy can transfer funds from cc to his friend and get it back to wallet and transferred to bank account? lol
 

So, this means, what can be done however, is, I can load the money from credit card. Transfer to you. You can take it to your bank & do me a NEFT/IMPS/UPI
 
Transferring money to friend wud have tax implications! (atleast for KYC accounts)

Either u have to show it as loan or gift.

In case of loan it needs some agreement (in case IT department demands)

In case of gift - it shud be < 50000Rs (total money received from all friends in a year)

If > 50k then u have to pay tax on full amount based on ur slot (i.e. 10% to 30%)
 
Make it family then. But are you saying non-interest small hand loan needs agreement? Realistically speaking that would be impractical.
 
Again, it would be impractical, especially if the money is paid in installments or mixed mode. I guess it would be better to claim that amount as gifts to each other 😀
 
in any case, these small transactions are unlikely to be much cause of concern unless you are doing on a daily basis. especially considering the times these days. i have seen cases where people have taken deposits in Paytm in exchange for cash because of the shortage around.

you can always blame the government that you had to do these weird transactions to make ends meet.
 

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