Sahara Refund Portal
Central Government recently unveiled the ‘Sahara Refund Portal‘. This online platform aims to facilitate the return of hard-earned money to millions of depositors who invested in the Sahara Group of Cooperative Societies. The goal is to complete the refund process within approximately 45 days. This is a momentous occasion as it marks the first instance where depositors are receiving refunds in a case involving multiple government agencies and asset seizures.
Which Sahara Schemes are eligible for a Refund?
During the launch, Shah assured the depositors that their funds cannot be withheld any longer and that they can expect to receive their refunds within 45 days after registering on the portal. The CRCS-Sahara Refund Portal has been specifically developed to enable genuine depositors of the following schemes to submit their legitimate claims.
- Sahara Credit Cooperative Society Ltd.
- Saharayan Universal Multipurpose Society Ltd.
- Humara India Credit Cooperative Society Ltd.
- Stars Multipurpose Cooperative Society Ltd.
In the initial phase, the portal will process the claims of approximately 17 million depositors. The government had previously announced that the money would be returned to 100 million investors of these four cooperative societies within a timeframe of 9 months, following a Supreme Court order to transfer Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).
Initially, depositors will receive refunds of up to Rs 10,000, with plans to increase the amount for those who have invested larger sums. The allocated corpus of Rs 5,000 crore will cover the needs of 17 million depositors in the first phase. It is estimated that around 25 million individuals have deposits of up to Rs 30,000 in these four cooperative societies.
Once the initial Rs 5,000 crore has been utilized, the government intends to approach the Supreme Court and request additional funds to process refunds for depositors with higher investment amounts.
How does the portal function?
The CRCS-Sahara Refund Portal operates by connecting your Aadhaar number with your mobile phone number and bank account. Additionally, you will need to provide details of the receipt. Once you have completed these steps, you can download a form, fill it out, and upload it back onto the portal. This will initiate the refund process.
For a step-by-step guide on how to apply, depositors can visit cooperation.gov.in and access the CRCS-Sahara Refund Portal, CRCS-Sahara Refund Video, and CRCS-Sahara Refund Tutorial tabs.
How long will it take to receive a refund?
The money will be deposited into the claimant’s bank account within 45 days. The Home Minister advises using the digital services provided by Common Services Centers (CSC) in case of any confusion.
To initiate the claim process, depositors must register themselves on the CRCS-Sahara Refund Portal. Two important requirements for the claim process include Aadhaar registration linked with a mobile number and linking Aadhaar with the bank account where the refund will be deposited. Depositors are also required to provide details of their receipts.