CRCS-Sahara Refund Portal Launched: Launch of the CRCS-Sahara Refund Portal: The Union Government has today launched the CRCS-Sahara Refund Portal. Amit Shah, Union Home Minister and Minister of Cooperation, unveiled the portal in Delhi. The portal will assist billions of Sahara Group depositors in recovering their funds.
With the inauguration of the Sahara Refund Portal, the process of returning depositors’ funds, which were stuck in four cooperative societies of the Sahara Group, has begun, as stated by Union Minister Amit Shah.
Previously, in a statement dated 17 July, the Ministry of Cooperation stated, “To address the concerns of genuine members/depositors of Sahara Group of Cooperative Societies for payment of their legitimate deposits, the Ministry of Cooperation had filed an application with the Supreme Court of India. The Supreme Court, in an order dated March 29, 2023, directed that Rs. 5,000 crores be transferred from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies.”
“A Portal has been developed for the submission of legitimate claims by the genuine depositors of 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,” the statement continued.
CRCS-Sahara Refund Portal Link Online
Even though the Sahara Refund Portal has been launched, its online link was inoperable at 2.19 p.m. on July 18. The CRCS-Sahara Refund Portal is accessible via the Ministry of Cooperation’s website (https://cooperation.gov.in/).
What amount will be refunded?
The refund portal will initially disburse up to Rs 5,000 crore to depositors. In the first phase, however, each depositor will only be able to withdraw Rs 10,000.
Amit Shah stated that investors will initially receive a trial return of Rs 10,000. If the trial is successful, the quantity of refund may be increased gradually.
In the initial segment, 1 billion and 7 lakh investors can register on the refund portal and claim up to Rs 10,000, according to Shah. Four billion depositors are eligible to receive up to Rs 10,000.
Amit Shah stated that once this initiative is successful, additional decisions will be made to resolve the claims of depositors who have more money stuck in the cooperative societies of the Sahara Group. The entire refund procedure will be conducted online.
How to use the Sahara Refund Portal: Two prerequisites
For lodging a claim, the Aadhaar number of the depositor must be linked to their mobile phone numbers and bank accounts. They must also provide receipt information. Shah added that depositors will be required to obtain a form, fill it out, and re-upload it to the portal for the refund to be processed.
How long will the refund process take?
Shah guaranteed that the funds will be deposited into the plaintiffs’ bank accounts within 45 days.
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What will the CRCS Sahara Refund Portal accomplish?
The CRCS-Sahara Refund Portal is designed to safeguard the interests of cooperative members. The portal will assist in addressing the legitimate claims of depositors who had invested funds in the cooperative societies of the Sahara Group, namely Sahara CreditCooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Society Ltd.
Supreme Court order
In its order dated 29 March 2023, the Supreme Court of India directed that Rs 5,000 crore be transferred from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for distribution against the legitimate dues of the genuine depositors of Sahara Group of Cooperative Societies.
Earlier on March 29, the Government stated that 10 crore investors in the four cooperative societies of Sahara Group would receive their money back within nine months. The announcement was made following the aforementioned Supreme Court order.
