“The process of returning the money of depositors, which was stuck in four cooperative societies of Sahara Group, has started with the launch of Sahara Refund Portal,” Union Minister Amit Shah said while launching the refund portal.
Earlier in a statement dated July 17, the Ministry of Cooperation said, “To address the grievances of genuine members/depositors of Sahara Group of Cooperative Societies for payment of their legitimate deposits, the Ministry of Cooperation had filed an application in the Hon’ble Supreme Court of India. The Hon’ble Supreme Court vide its order dated 29th March, 2023 had directed that Rs. 5000 Crores be transferred out of 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 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,” it added.
Who can apply?
Eligible depositors of 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 – can apply for refund on the CRCS Sahara Refund Portal.
CRCS-Sahara Refund Portal Link Online
The link of the website to apply for Sahara Refund online is https://mocrefund.crcs.gov.in.
How much money will be refunded?
You can check full details about the refund in the FAQ shared on the Sahara Refund Portal (https://mocrefund.crcs.gov.in/Faq).
In the initial phase, the refund portal will disburse up to Rs 5000 crore to depositors. However, each depositor will be able to get only Rs 10,000 in the first phase.
Amit Shah said that initially Rs 10,000 will be returned to investors on a trial basis. Slowly, the amount of refund may be increased if the trial succeeds.
As many as 1 crore and 7 lakh investors can register on the refund portal and claim up to Rs 10,000 in the initial phase, Shah said. There are 4 crore depositors who are eligible to get up to Rs 10,000.
Amit Shah said once this initiative succeeds, further decisions to address claims of depositors, who have more money stuck in the Sahara Group’s cooperative societies will be taken. The entire process of refund will be online.
How to apply on Sahara Refund Portal: Two conditions
For making the claim, the depositor’s Aadhaar should be linked to their Mobile numbers and Bank accounts. They will have to provide receipt details also. Shah also said that depositors will have to download a form, fill it and re-upload it on the portal for further processing of the refund.
How long will it take to get a refund?
Shah assured that the money will be deposited into the bank account of the claimants within 45 days.
What will CRCS Sahara Refund Portal do?
The purpose of the CRCS-Sahara Refund Portal is to protect the interests of members of the cooperatives. The portal will help address the genuine claims of depositors who had invested money in Sahara Group’s cooperative societies namely – Sahara CreditCooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd.
