PayTM supports taking money and then paying for various merchants based on the services. However the implementation seems to be faulty that it does not support paise transfer even when merchants debit that way. For example, if I fund 100 rs. in my PayTM wallet today. I make a transaction for 65.25, there is a balance of 34.75. This 75 paise I can not either withdraw or transfer to anyone else because it will not support decimals and only round integers. Neither I can fund .25 or 1.25 to make it a round and then transfer.

It means a number of .75 is going to the pockets of PayTM owners/directors giving a lot of black money circulation. PayTM also does not have PAN Card and hence people can park black money in the website. Neither there is a proper grievance board who can responsibly look into the issue.

Petition Filed to

  1. RBI via DEABD/E/2015/05385
  2. Central Board of Direct Taxes via CBODT/E/2015/04869

Response from CBODT:

This is a complaint in the nature of Tax Evasion Petition against the third party. A print out of the same alongwith the attachment is being sent to CIT(Investigation), Room No. 155A, North Block, New Delhi-110 001 for appropriate necessary action