Summary

Sahara India Refund Portal: CRCS-Sahara Refund Portal has been developed to address the genuine claims of depositors who had invested money in co-operative societies of Sahara Group, which include Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited.

Expansion

Union Home Minister and Cooperation Minister Amit Shah launched the CRCS-Sahara Refund Portal in Delhi on Tuesday. The objective of this portal is to help crores of depositors belonging to Sahara Group to get their money back.

What did the Finance Minister say on the money stuck in Sahara?

Sahara India Real Estate Corporation Limited (SIRECL) had deposits of Rs 19,400.87 crore with 2.33 crore investors, according to Union Finance Minister Nirmala Sitharaman in a written reply to a question in the Lok Sabha in December 2022. Also, Sahara Housing Investment Corporation Limited (SHICL) had deposits of Rs 6380.50 crore from 75 lakh investors.

What is the purpose of CRCS-Sahara Refund Portal?

CRCS-Sahara Refund Portal is developed to address the genuine claims of the depositors who had invested money in co-operative societies of Sahara Group, which include Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Ltd. and Stars Multipurpose Cooperative Society Ltd. About 2.5 crore people have deposits of at least Rs 30,000 in Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited.

Why was the portal made, what is the order of the Supreme Court in this matter?

The Ministry of Cooperation had filed an application in the Supreme Court on July 17 to address the grievances of genuine members/depositors of cooperatives of Sahara group. The Supreme Court in its order dated March 29, 2023 directs the Central Registrar of Cooperative Societies (CRCS) to transfer Rs 5000 crore from the ‘Sahara-SEBI Refund Account’ for payment of legitimate dues to genuine depositors of Sahara group cooperatives Had given.

Refund Process and Amount

In the initial phase, the refund portal will disburse up to Rs 5,000 crore to depositors. Each depositor will be able to get a maximum of Rs 10,000 in the first phase. Initially, Rs 10,000 will be returned to investors on a trial basis, the refund amount will be increased if the trial is successful.

CRCS-Sahara Refund Portal Links and Functionality

The link of CRCS-Sahara Refund Portal is available on the website of Ministry of Cooperation (https://cooperation.gov.in/). However, the online link of the portal was not activated till 02.40 PM on 18th July. It is likely to be activated soon.

Eligibility and Claim Process

In the first phase, 1 crore 7 lakh investors can register on the refund portal and can claim up to Rs 10,000 during the initial phase. A total of 4 crore depositors will be eligible to claim up to Rs 10,000 in subsequent phases. To claim, the depositors’ Aadhaar should be linked with their mobile number and bank accounts. They should also have the deposit receipt with them. Depositors will be required to download a form, fill it and re-upload it on the portal for further processing of refund.

Timelines and preparation

Amit Shah assured that the money would be deposited in the bank accounts of the claimants within 45 days. After the success of this initiative, further decision will be taken to settle the claims of the depositors with huge amount stuck in the co-operative societies of Sahara group. The entire refund process will be conducted online to streamline and expedite the proceedings.

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.

 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,

Amit Shah 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 day

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.

Sahara India Refund Portal

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