Union Cooperation Minister, Amit Shah, has launched the ‘CRCS-Sahara Refund Portal’ in Delhi, signaling a significant step towards refunding the hard-earned money of millions of depositors in four cooperative societies of the Sahara Group within a swift 45-day period. This move comes following the Supreme Court’s order in March, directing the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS) for disbursement to legitimate depositors.
Terming it a historic moment, Amit Shah emphasized that this was the first instance where depositors received refunds in a case involving multiple government agencies, each of which has conducted seizures. He assured the depositors that their money would be straightforward and they could expect refunds within 45 days after registering on the portal.
The government’s commitment to returning the money to 10 crore investors of the four cooperative societies within nine months has led to the development of the ‘CRCS-Sahara Refund Portal.’ Initially, depositors will receive up to Rs 10,000 as a refund, which will be increased for those who have invested higher sums. The allocated fund of Rs 5,000 crore will sufficiently meet the needs of 1.7 crore depositors in the first phase. The four cooperative societies involved are Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd, with a total of 2.5 crore depositors with amounts up to Rs 30,000.
Once the initial Rs 5,000 crore is utilized, the government plans to approach the Supreme Court to request additional funds to process total refunds for other depositors with higher amounts. The portal’s development, facilitated by a subsidiary of IFCI, allows depositors to submit legitimate claims for a hassle-free refund process.