CRCS-Sahara Refund Portal Launched in 2023
The Union Government, led by Union Home Minister and Minister of Cooperation Amit Shah, has launched the CRCS-Sahara Refund Portal. The portal aims to facilitate the refund process for more than 10 crore depositors of the Sahara Group, enabling them to claim their money back.
During the launch event held in Delhi, Union Minister Amit Shah emphasized that the launch of the Sahara Refund Portal signifies the commencement of the process to return the funds of depositors that were previously stuck in four cooperative societies of the Sahara Group.
The portal is designed to streamline and expedite the refund process, ensuring that depositors can easily access and claim their rightful money. By providing a centralized platform, the portal will enhance efficiency and transparency in managing the refund procedure.
The launch of the CRCS-Sahara Refund Portal is a significant step towards addressing the financial concerns of the depositors associated with the Sahara Group. It demonstrates the government’s commitment to resolving financial disputes and safeguarding the interests of depositors.
In a statement dated July 17, the Ministry of Cooperation acknowledged the grievances faced by genuine members and depositors of the Sahara Group of Cooperative Societies regarding the payment of their legitimate deposits. To address these concerns, the ministry filed an application in the Hon’ble Supreme Court of India.
The Supreme Court, through its order dated March 29, 2023, directed the transfer of Rs. 5000 Crores from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS). This transfer was intended for the disbursement of funds to fulfill the legitimate dues of the genuine depositors associated with the Sahara Group of Cooperative Societies.
The statement highlights the government’s efforts to provide a resolution to the grievances of depositors and take necessary steps to ensure the rightful distribution of funds. The involvement of the Ministry of Cooperation and the Supreme Court’s directive reflect a concerted approach to address the concerns of depositors and facilitate the repayment process.
The Ministry of Cooperation has developed a dedicated portal to facilitate the submission of legitimate claims by genuine depositors of the Sahara Group of Cooperative Societies. The portal is designed to cater specifically to depositors associated with the following cooperative societies:
1. Sahara Credit Cooperative Society Ltd.
2. Saharayan Universal Multipurpose Society Ltd.
3. Humara India Credit Cooperative Society Ltd.
4. Stars Multipurpose Cooperative Society Ltd.
The development of this portal aims to streamline the process of claim submission and ensure that genuine depositors can easily provide the required information and documentation to support their claims. The portal serves as a centralized platform for depositors to access and submit their legitimate claims, enhancing efficiency and transparency in the overall refund process.
By utilizing the portal, depositors associated with the aforementioned cooperative societies will have a dedicated platform to assert their claims, ensuring that their grievances are addressed in a structured and organized manner.
CRCS-Sahara Refund Portal Link Online
Even as the Sahara Refund Portal has been launched, the online link of the portal was not working at the time of writing as of 12.32 pm on July 18.
The CRCS-Sahara Refund Portal aims to address the legitimate claims of depositors who had invested money in Sahara Group’s 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. The portal will serve as a platform for depositors to submit their claims and receive refunds.
In the initial phase, the portal will disburse up to Rs 5,000 crore to depositors, with each depositor being eligible to receive a maximum of Rs 10,000. This initial phase will serve as a trial basis, and the amount of refund may be increased based on the success of the trial.
To claim a refund on the portal, depositors need to fulfill two conditions: their Aadhaar should be linked to their mobile numbers and bank accounts, and they need to provide receipt details. Depositors will have to download a form, fill it, and re-upload it on the portal for further processing of the refund.
Once a claim is submitted, the money will be deposited into the bank account of the claimants within 45 days, as assured by Amit Shah. The entire process of refund will be conducted online through the CRCS-Sahara Refund Portal.
The primary objective of the portal is to protect the interests of cooperative society members and ensure that genuine depositors can claim their rightful refunds. The portal will streamline the refund process, enabling depositors to submit their claims and receive the refunds they are entitled to.
