Union Home Minister Amit Shah, who heads the federal government, today launched the CRCS-Sahara refund portal in Delhi. The purpose of the portal is to help millions of people associated with the Sahara claim the benefits to which they are entitled.
Background and Supreme Court instructions:
The Ministry of Cooperatives has filed a lawsuit, and the complaints against the real members/investors of the cooperatives of the Sahara Group should be heard by the Supreme Court on July 17. The court, in its order dated March 29, 2023, ordered the transfer of INR 5,000 from Sahara-SEBI’s repayment account to the Central Registrar of Cooperative Societies (CRCS) against legal fees of cooperative members of Sahara Group.
Purpose of CRCS-Sahara Reimbursement Portal:
CRCS-Sahara Refund Portal has been created to address the genuine demands of investors who have invested money in Sahara Group Cooperatives Limited including Sahara Credit Cooperative Society Limited and Sahara India Credit Cooperative Society Limited. Link and functionality with the CRCS-Sahara reimbursement portal:
A link to the CRCS-Sahara Refund portal is available on the website of the Ministry of Cooperation (https://cooperation.gov.in/). However, the portal’s link was not working until July 18 at 2:40 p.m.
Return process and amount:
Initially, the refund portal will distribute up to INR 5,000 to investors. Each investor can claim a maximum of INR 10,000 in the first phase. Initially, investors will be refunded up to INR 10,000 during the trial period and this refund amount may increase after a successful trial period. Eligibility and Application Process:
Around 1.07 million investors can register on the redemption portal and claim up to INR 10,000 during this phase. A total of 4 million depositors are eligible for up to INR 10,000. For redemption, depositors need to link Aadhaar with their mobile phone and bank account. Deposit cards must also be provided. Investors need to download the form, fill it and then re-upload it to the portal to process the refund.
Timeline and future initiatives:
Amit Shah confirmed that the refunds will be credited to the claimants’ bank accounts within 45 days of the claim. If this initiative proves to be successful, further decisions will be considered regarding the claims of the investors stuck in the Sahara Group cooperatives for larger amounts.