The Sahara Refund Portal was created to allow genuine depositors of the Sahara Group’s cooperative societies to submit legal claims.
On Tuesday, the federal government inaugurated the CRCS-Sahara Refund Portal, with the goal of assisting nearly 10 crore Sahara Group cooperative society depositors in retrieving their funds.
During the introduction of the refund portal, Union Minister Amit Shah stated, “The process of repaying the money of depositors, which was stuck in four cooperative societies of Sahara Group, has begun with the launch of Sahara Refund Portal.”
“The Sahara Refund Portal has been created to facilitate the submission of legitimate claims by genuine consumers of the Sahara Group’s cooperative societies, namely Sahara Credit Cooperative Society Ltd, Humara India Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, and Stars Multipurpose Cooperative Society Ltd,” according to an earlier statement from the Ministry of Cooperation.
Who will gain?
Within nine months, money would be returned to 10 crore depositors of the four cooperative organizations (Sahara Credit Cooperative Society Ltd, Humara India Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, and Stars Multipurpose Cooperative Society Ltd).
This instruction came in response to a Supreme Court ruling directing the payment of Rs 5,000 crore from the Sahara-Sebi reimbursement account to the Central Registrar of Cooperative Societies (CRCS) on March 29.
How to claim a refund online?
The Sahara Refund Portal may be accessed immediately online via the Ministry of Cooperation’s website (https://cooperation.gov.in). Although the connection was not available at the time of publication, it is expected to be online shortly.
Genuine depositors from the aforementioned Sahara Group cooperative societies can file claims by login into this site and completing the online application form.
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For claim processing, depositors must upload all needed papers and have an Aadhaar-linked cellphone number and a bank account.
The claim application will be verified by the Sahara Group of Co-operative Societies after 30 days of submission.
The time it takes to process a claim
Within 15 days of the verification procedure, applicants will get information on their claim status by text message or on the site.
The full claim processing time is estimated to be 45 days. It is vital to highlight that all claims connected to the four societies must be submitted in a single claim application form.
There is no charge for submitting the online form, and refund claims can only be done via the online portal.
In the first phase, a total of Rs 5,000 crore would be released to bonafide depositors via the platform. However, in the first phase, each depositor would receive only Rs 10,000.
The reimbursement amount will be enhanced if the first step is successful.
Amit Shah stated that about 4 crore depositors are eligible for up to Rs 10,000 and that if the move is successful, additional steps would be taken to address the claims of depositors with larger sums of money trapped in Sahara Group’s cooperative societies.
