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Slice Super CC: MITC

I'm trying to fully understand the reward structure of my Slice credit card and I've hit a point of confusion, specifically with the term "Monies".

Here’s the reward scheme as Slice explains it:

· Till 3 lakh Monies: 1% rewards ·On reaching 3 lakh Monies: 1.5% rewards ·On reaching 5 lakh Monies: 2% rewards ·If avg. quarterly balance (last 90 days) is >5 lakh, after 5 lakh Monies: 3%

My questions are:

1. What exactly is the definition of "Monies"? From what I can tell,it seems to be the lifetime cumulative spend on the card. Is that accurate? For example, once my total all-time spending on the card crosses ₹3,00,000, my reward rate should permanently bump up to 1.5%. Is this correct?
2. Do "Monies" expire? Is this lifetime cumulative spend tracker reset annually,or does it continue forever?
3. This is the biggest confusion: REDEMPTION REDUCES MONIES! I noticed that when I redeem my reward points,my "Monies" balance also decreases by the amount of points/cashback I redeem. For example if I earned 100000 monies and once I redeem it to cash(rs 1000), my monies reduces to 0.

does this mean to earn 2% or 3% if I should not convert my monies to cash till it reaches to 5 lakh monies
 
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