If you have booked the ticket online through IRCTC and it doesn't get confirmed until charting, IRCTC will refund your amount. Hence traveling on PQWL, no matter what class you're in, will be treated as ticketless travel and penalized accordingly.
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You can cancel a PQWL ticket, but you don't have to. If it was purchased online, and remained waiting at the time of charting, your refund will be automatically credited to your account in 3–4 days.
If you have a PQWL ticket, it means you are on the waiting list for a specific quota. Whether you can travel or not depends on whether your ticket gets confirmed before the journey date. If your ticket is not confirmed, you may not be allowed to board the train.
Once the tickets from the Pooled Quota is filled, PQWL tickets are issued. Chances of PQWL tickets getting confirmed are usually very low, as in the priority list of waiting list tickets it comes after GNWL.
PQWL 1 tickets can be confirmed if there is sufficient space available on the train after all passengers with higher priority reservations have been accommodated.
Once the tickets from the Pooled Quota is filled, PQWL tickets are issued. Chances of PQWL tickets getting confirmed are usually very low, as in the priority list of waiting list tickets it comes after GNWL. Your ticket status of PQWL 54 has low chances of conformation though the journey is one month ahead.
PQWL - Under Pooled Quota Waitlist, passengers travelling between intermediate stations and have a separate waitlist from the general waitlist. 8. RLWL - A Remote Location Waitlist has high chances of confirmation.
All types of waiting lists are WL. GNWL is the best. You will get into it if you book from the starting station, or from a few particular 'charting' stations en-route. PQWL is a special type of WL which combines short journey spans on a longer route.
PQWL tickets are distributed once the Pooled Quota tickets have sold out. Confirmation of PQWL tickets is unlikely because they are lower on the priority list than even the GNWL tickets.