Sahara Refund Portal
On Tuesday, July 18, the Union Government opened the CRCS-Sahara Refund Portal. Amit Shah, the Union Minister of Cooperation and Home Affairs, introduced the platform in Delhi. The service will assist thousands of Sahara Group depositors in getting their money back.
“With the launch of the Sahara Refund Portal, the process of returning depositors’ money that was stuck in four cooperative societies of the Sahara Group has started,” Union Minister Amit Shah declared.
The Ministry of Cooperation had earlier stated in a statement dated July 17 that it had filed an application with the Hon’ble Supreme Court of India to address the grievances of genuine members/depositors of the Sahara Group of Cooperative Societies for payment of their legitimate deposits.
The Central Registrar of Cooperative Societies (CRCS) will receive Rs. 5000 crores from the “Sahara-SEBI Refund Account” in order to pay the legitimate debts owed by the authentic depositors of the Sahara Group of Cooperative Societies. This directive was issued by the Honourable Supreme Court on March 29, 2023.
“The Sahara Group of Cooperative Societies, namely Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd., have developed a portal for the submission of legitimate claims by the genuine depositors,” the statement continued.
Who is eligible to apply for Sahara Refund Portal?
Applying for a refund through the CRCS Sahara Refund Portal is open to eligible depositors of the four Sahara group societies: Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
What is the amount of the refund?
Full information regarding the refund is available in the FAQ posted on the Sahara Refund Portal at https://mocrefund.crcs.gov.in/Faq. The refund facility will pay depositors up to Rs 5000 crore in the first phase. However, in the first phase, the maximum amount that any depositor can receive is Rs 10,000.
According to Amit Shah, investors will initially receive a trial return of Rs 10,000. If the trial is successful, the refund amount can be gradually increased.
According to Shah, up to 1 crore and 7 lakh investors can sign up on the return portal and receive up to Rs 10,000 in the first phase. Four crore depositors are qualified to get up to Rs 10,000. According to Amit Shah, more choices regarding depositors’ claims—who have more money stranded in the cooperative societies of the Sahara Group—will be made if this strategy is successful. The refund procedure will be completed online.
How to use the Sahara Refund Portal to apply for a refund ?
The application process can be started by depositors by going to the CRCS refund portal. They will need to provide information like:
The following must be provided: membership number; deposit account number; Aadhaar-linked mobile number (required); deposit certificates or passbook; PAN card (if the claim amount is Rs. 50,000 or more) (Mandatory)
The depositor’s bank account and mobile phone must be connected to their Aadhaar in order to submit the claim. They will also need to submit the information of the receipt. Shah added that in order for the refund to be processed further, depositors will need to download a form, fill it out, and re-upload it on the portal.
How will the CRCS Sahara Refund Portal function?
The CRCS-Sahara Refund Portal’s goal is to safeguard cooperative members’ interests. Depositors who had made genuine claims in the cooperative societies of the Sahara Group—Sahara CreditCooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.—will have their legitimate claims addressed with the aid of the portal.
Keep an eye on: Supreme Court order: Amit Shah establishes the Sahara Refund Portal
The Central Registrar of Cooperative Societies (CRCS) will receive Rs 5000 crore from the “Sahara-SEBI Refund Account” in order to pay the legitimate debts owed by the authentic depositors of the Sahara Group of Cooperative Societies. This directive was issued by the Supreme Court of India in an order dated March 29, 2023.
Cooperation.gov.in’s Sahara Refund Link: Time, Amount Cap
The government had previously stated on March 29 that funds from the four cooperative societies of the Sahara Group, totaling 10 crore investors, would be reimbursed to them in nine months. Following the aforementioned SC order, the announcement was made.
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FAQs
How much time does it take to receive a refund?
Within 45 days, Shah promised, the money would be transferred into the claimants’ bank account.
