Government launches CRCS-Sahara Refund Portal to help Sahara depositors get refund

On a significant occasion, Union Cooperation Minister Amit Shah launched the ‘CRCS-Sahara Refund Portal,’ aiming to facilitate over 10 crore depositors of Sahara Group in claiming their money back within a timeframe of 45 days. Highlighting the importance of the portal, Shah assured depositors that they would receive their refunds swiftly after registering themselves on the platform. The initiative marks the beginning of the process of returning the money stuck in four cooperative societies of the Sahara Group.

Background and Supreme Court Order

• In March 2023, the Central government announced its commitment to returning the money to 10 crore investors of the four cooperative societies associated with Sahara Group within nine months.
• The Supreme Court order was issued, directing the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).
• This fund is intended to be utilized for disbursement against the legitimate dues of genuine depositors of the Sahara Group of Cooperative Societies.

The CRCS-Sahara Refund Portal and Depositor Information

• The refund portal, developed by a subsidiary of IFCI Ltd, offers a convenient platform for depositors to submit their legitimate claims.
• Approximately 2.5 crore individuals, holding deposits up to Rs 30,000 in four 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, are eligible to use the portal to claim their refunds.

Refund Process and Amounts

• Depositors seeking refunds can visit the website at mocrefund.crcs.gov.in to initiate the claim process.
• Amit Shah stated that depositors would initially receive up to Rs 10,000 as a refund, with the possibility of an enhancement for those with higher investment amounts.
• In the first phase, the allocated corpus of Rs 5,000 crore will cater to the needs of 1.7 crore depositors.
• Once this fund is exhausted, the government plans to approach the Supreme Court to seek additional funds for processing the refunds of other depositors with larger amounts.

Essential Requirements for Depositors

To initiate the refund process, depositors are required to possess two essential elements:

• Aadhaar registration with a mobile number and Aadhaar linking with the bank account where the refund will be deposited.
• Additionally, depositors must provide their receipt details and download, fill, and re-upload a form on the portal for the seamless processing of their refund claims.

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