Union Home Minister and Cooperation Minister Amit Shah launched the CRCS-Sahara Refund Portal in Delhi on Tuesday. The objective of this portal is to help crores of depositors belonging to Sahara Group get their money back.
Why was the portal made, what is the order of the Supreme Court in this matter?
The Ministry of Cooperation applied to the Supreme Court on July 17 to address the grievances of genuine members/depositors of cooperatives of the Sahara group. The Supreme Court in its order dated March 29, 2023, directs the Central Registrar of Cooperative Societies (CRCS) to transfer Rs 5000 crore from the 'Sahara-SEBI Refund Account' for payment of legitimate dues to genuine depositors of Sahara group cooperatives given.
What is the purpose of the CRCS-Sahara Refund Portal?
CRCS-Sahara Refund Portal is developed to address the genuine claims of the depositors who had invested money in co-operative societies of Sahara Group, which include Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Ltd. and Stars Multipurpose Cooperative Society Ltd. About 2.5 crore people have deposits of at least Rs 30,000 in Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited.
CRCS-Sahara Refund Portal Links and Functionality
The link to CRCS-Sahara Refund Portal is available on the website of the Ministry of Cooperation (https://cooperation.gov.in/). However, the online link of the portal was not activated till 02.40 PM on 18th July. It is likely to be activated soon.
Refund Process and Amount
In the initial phase, the refund portal will disburse up to Rs 5,000 crore to depositors. Each depositor will be able to get a maximum of Rs 10,000 in the first phase. Initially, Rs 10,000 will be returned to investors on a trial basis, the refund amount will be increased if the trial is successful.
Eligibility and Claim Process
In the first phase, 1 crore 7 lakh investors can register on the refund portal and can claim up to Rs 10,000 during the initial phase. A total of 4 crore depositors will be eligible to claim up to Rs 10,000 in subsequent phases. To claim, the depositors' Aadhaar should be linked with their mobile numbers and bank accounts. They should also have the deposit receipt with them. Depositors will be required to download a form, fill it and re-upload it on the portal for further processing of refund.
timelines and preparation
Amit Shah assured that the money would be deposited in the bank accounts of the claimants within 45 days. After the success of this initiative, further decisions will be taken to settle the claims of the depositors with huge amounts stuck in the cooperative societies of Sahara Group. The entire refund process will be conducted online to streamline and expedite the proceedings.
Answers to questions related to Sahara India Refund Portal
What is CRCS-Sahara Refund Portal?
CRCS-Sahara Refund Portal is a platform launched by the Government of India to facilitate the refund process for crores of depositors of cooperative societies of Sahara Group.
How much money will be refunded through the Sahara refund portal?
In the initial phase, the refund portal will disburse up to Rs 5000 crore to the depositors. Each depositor will be able to claim Rs 10,000 in the first phase. This is part of a trial initiative, and the refund amount may be increased depending on the success of the trial.
What are the conditions for claiming a refund on the Sahara refund portal?
Depositors have to fulfill two conditions to claim a refund on the Sahara refund portal. Firstly, their Aadhaar should be linked to their mobile number and bank accounts. Second, they will have to provide the receipt details and fill up a form, which they will have to re-upload on the portal for further processing of the refund.
How long will it take for the depositors to get their refund?
The money will be credited to the bank accounts of the claimants within 45 days from the date of filing the claim on the portal.
What is the purpose of the CRCS-Sahara Refund Portal?
The objective of the CRCS-Sahara Refund Portal is to protect the interests of the members of cooperative societies of the Sahara Group. This will address the bona fide claims of the depositors, who had invested money in Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Humara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited. The portal will help these depositors to get their legitimate dues as per the order of the Supreme Court.
How does the depositor know that his form has been filled correctly?
On successful submission of the claim on the portal, a number will be generated on the portal and will also be sent through SMS to the registered mobile number of the claimant.
What did the Finance Minister say about the money stuck in Sahara?
Sahara India Real Estate Corporation Limited (SIRECL) had deposits of Rs 19,400.87 crore with 2.33 crore investors, according to Union Finance Minister Nirmala Sitharaman in a written reply to a question in the Lok Sabha in December 2022. Also, Sahara Housing Investment Corporation Limited (SHICL) had deposits of Rs 6380.50 crore from 75 lakh investors.
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