Portal Launched To Help 10 Crore Sahara Depositors Get Refund

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The CRCS-Sahara Refund Portal was launched today, bringing much-awaited relief to as many as 10 crore people. The portal will facilitate the process of refunding the money that depositors put in four cooperative societies of Sahara Group,

“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.

Amit Shah said that initially Rs 10,000 will be returned to investors on a trial basis. Gradually, the amount of refund may be increased if the trial succeeds.

As many as 1.7 crore investors can register on the refund portal and claim up to Rs 10,000 in the first phase. According to Mr Shah, there are 4 crore depositors who are eligible to get up to Rs 10,000.

Mr Shah assured Sahara depositors that their money is safe and that they will receive a refund within 45 days of registering on the CRCS-Sahara Refund Portal.

How will the portal work?

The CRCS-Sahara Refund Portal will work by linking your Aadhaar number to your mobile phone number and bank account. You will also need to provide receipt details. Once you have done this, you will be able to download a form, fill it out, and re-upload it to the portal. The refund process will then begin.

How long will it take to get a refund?

Mr Shah said the money will be deposited into the bank account of the claimant within 45 days. The Home Minister urged to use the Common Services Centers (CSC) digital services in case of any confusion.

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 Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd and Stars Multipurpose Cooperative Society Ltd.

What was the Supreme Court order?

In its order dated 29th March 2023, the Supreme Court said that Rs 5,000 crore 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 Sahara Group of Cooperative Societies.

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