CRCS Refund Portal Launch: The central government has launched the CRCS-Sahara Refund Portal today. The inauguration of the portal took place in Delhi by the Union Home Minister and Cooperation Minister, Amit Shah. More than 10 crore Sahara Group depositors would use this facility to demand their money back CRCS-Sahara Refund Portal.
सहारा की सहकारी समितियों में जिन लोगों के रुपये कई सालों से डूबे हुए थे, उसे लौटाने की प्रक्रिया शुरू कर दी गई है। “सहारा रिफंड पोर्टल” के शुभारंभ कार्यक्रम से लाइव… https://t.co/TBmAukHaio
— Amit Shah (@AmitShah) July 18, 2023
Union Minister Amit Shah declared during the opening of the Sahara Refund Portal that “with the opening of the Sahara Refund Portal, the process of refunding the money of depositors trapped in the four cooperative committees of the Sahara Group has started.”
Earlier, in a statement on July 17, the Ministry of Cooperation stated, “To resolve complaints regarding the payment of valid deposit amounts to the actual members/depositors of Sahara Group’s cooperative committees, the Ministry of Cooperation had filed an application in the Honorable Supreme Court. The Honorable High Court had directed, through its order dated March 29, 2023, to transfer Rs. 5,000 crores from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for the payment of valid dues of the depositors of Sahara Group’s cooperative committees.”
Despite the launch of the Sahara Refund Portal, the online link of the portal was not working until 12:32 PM on July 18.
How much money will be refunded?
In the initial phase, the Refund Portal will facilitate payments of up to 5,000 crore rupees to the depositors. However, in the first phase, each depositor will only be eligible to receive a maximum of 10,000 rupees.
Amit Shah mentioned that initially, investors will receive a refund of 10,000 rupees on a trial basis. If the trial is successful, the refund amount can be gradually increased.
According to Amit Shah, at least 1 crore 7 lakh investors can register on the Refund Portal and submit claims for up to 10,000 rupees during the first round.
Amit Shah stated that once this initial phase is successful, decisions will be made to address the claims of depositors who have a larger amount stuck in the cooperative committees of the Sahara Group. The entire refund process will be conducted online.
How to claim a refund on the Sahara Refund Portal: Two conditions
To claim a refund, the depositor must be linked to their mobile number and bank accounts. They will also need to provide the details of their receipt. Shah also mentioned that depositors will need to download a form for the further process of refund, fill it out, and upload it on the portal.
How soon can I expect to get my refund from CRCS-Sahara Refund Portal: Link?
Shah assured that the money will be deposited into the bank accounts of claimants within 45 days.
What will CRCS-Sahara Refund Portal do?
The objective of the CRCS-Sahara Refund Portal is to protect the interests of members of cooperative committees. The portal will assist in addressing the claims of depositors who have invested in the cooperative committees of Sahara Group – Sahara Credit Cooperative Society Limited, Sahara Unnati Multi-Purpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multi-Purpose Cooperative Society Limited.
Supreme Court’s order
In its order dated March 29, 2023, the Supreme Court of India directed that Rs. 5,000 crores be transferred from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for the payment of valid dues of depositors in Sahara Group’s cooperative committees.