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.
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.
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.
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 up to Rs 30,000 each in Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited.
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 has not been activated till 02.40 PM on 2nd July. It is likely to be activated soon.
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.
