The Union Government has commenced the process of refunding ₹5,000 crore to depositors whose funds are held in four cooperative societies of the Sahara Group. Cooperation Minister Amit Shah launched the ‘CRCS-Sahara Refund Portal’ to facilitate the refund, emphasizing its transparent and trial-based approach.
CRCS Sahara Refund Portal and Its Development
The CRCS Sahara Refund Portal, designed by a subsidiary of IFCI, serves as the platform for depositors to apply for refunds online. This portal streamlines the refund process and ensures ease of access for eligible individuals seeking to recover their invested funds.
Eligibility and Application Process on the Sahara Refund Portal
Depositors of four specified Sahara group societies, namely Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd., are eligible to apply for a refund on the CRCS Sahara Refund Portal.
To apply on the portal, depositors must link their Aadhaar to their mobile numbers and bank accounts and provide relevant receipt details. The portal facilitates a streamlined application process, ensuring a seamless experience for depositors seeking refunds.
Timeline for Refund Disbursement
Cooperation Minister Amit Shah has assured depositors that the refund amount will be deposited into their bank accounts within 45 days. This commitment aims to provide timely relief and restitution to the depositors affected by the Sahara Group’s cooperative societies.
Benefits of the Sahara Refund Portal for Investors
Approximately one crore depositors are expected to benefit initially from the CRCS Sahara Refund Portal. Notably, this includes around 1.78 crore small investors who had amounts up to ₹30,000 stuck in these societies. The introduction of the portal marks a significant achievement towards returning funds to the rightful claimants.
Application Procedure on the Sahara Refund Portal
The application process on the CRCS Sahara Refund Portal involves several steps:
- Access the CRCS Sahara Refund Portal.
- Enter the 12-digit Membership Number, the last 4 digits of the Aadhaar Number, the 10-digit Aadhaar-linked Mobile Number, and the Captcha. Click “Get OTP.”
- Enter the received OTP.
- Provide consent as prompted by Aadhaar.
- Accept the terms and conditions by clicking “I agree.”
- Enter the 12-digit Aadhaar Number and click “Get OTP.”
- Enter the received OTP and click “Verify OTP.”
- Verify the displayed Aadhaar user details.
- Enter the details from the Certificate of Deposit.
- Click “Submit Claim” to review all the entered details.
- Affix the latest photograph and sign the claim form along with the photograph.
- Upload the claim form and a copy of the PAN card (mandatory for claim amounts of Rs50,000 or more) on the “Upload Document” screen.
- Make a note of the claim request number for future reference.
Refund Amounts and Distribution
The refund process will commence with the first payment, wherein up to ₹10,000 will be reimbursed to one crore investors who had deposited ₹10,000 or more. This phased approach ensures a smooth and efficient disbursement of funds to the deserving depositors.
Accessing Additional Information
For comprehensive details regarding the refund process, depositors can refer to the FAQ section available on the Sahara Refund Portal, providing a comprehensive understanding of the process and addressing any queries or concerns.
