Union Cooperation Minister Amit Shah took a significant step on Tuesday by introducing the ‘CRCS-Sahara Refund Portal.’ This online platform aims to assist more than 10 crore depositors associated with the Sahara Group in reclaiming their funds within a span of 45 days.
Describing this moment as historic, Shah assured depositors that they would receive their refunds within 45 days of registering on the portal. The Union Home Minister emphasized that the launch of the Sahara Refund Portal marked the commencement of the process to return the funds, which had been entangled in four cooperative societies of the Sahara Group.
In a move to alleviate the concerns of 10 crore investors affiliated with the four cooperative societies, the Central government announced on March 29 that the money would be repaid within nine months. This decision was reinforced by a Supreme Court order, directing the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).
Introducing the CRCS-Sahara Refund Portal
Here’s a comprehensive guide to the CRCS-Sahara Refund Portal launch:
- Approximately 2.5 crore individuals have deposits of up to Rs 30,000 in four cooperative societies: Sahara Credit Cooperative Society Ltd, Saharayn Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd.
- The refund portal, developed by a subsidiary of IFCI Ltd, facilitates the submission of legitimate claims by the depositors associated with these cooperative societies.
Website and Registration:
- The portal, officially launched by Amit Shah, can be accessed at mocrefund.crcs.gov.in.
- Depositors are required to visit the website to initiate the refund process.
The toll-Free Number of the CRCS-Sahara Refund Portal is 1800 103 6891 / 1800 103 6893.
You can call on the above number if you’re getting any technical issues during the registration process for the CRCS-Sahara Refund Portal.
Refund Details and Process
The Ministry of Cooperation released a statement on July 17, clarifying the refund procedure for genuine members and depositors of the Sahara Group of Cooperative Societies. As per the statement:
“To address the grievances of genuine members/depositors of Sahara Group of Cooperative Societies for payment of their legitimate deposits, the Ministry of Cooperation had filed an application in the Hon’ble Supreme Court of India. The Hon’ble Supreme Court vide its order dated 29th March 2023 had directed that Rs. 5000 Crores be transferred out of the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies.”
Amit Shah stated that depositors would initially receive refunds up to Rs 10,000, and the amount would be increased for those who have invested larger sums. The initial phase, with a corpus of Rs 5,000 crore, will cater to the needs of 1.7 crore depositors.
Shah further explained that once the initial corpus is utilized, the government will approach the Supreme Court to request additional funds for processing the refunds of depositors with higher investment amounts.
How to Claim Refunds via the CRCS-Sahara Refund Portal?
Amit Shah outlined the essential steps for depositors to reclaim their funds from the CRCS-Sahara refund portal:
Aadhaar Registration: Depositors must ensure they have Aadhaar registration linked to their mobile numbers.
Aadhaar-Bank Account Linking: It is essential to link Aadhaar with the bank account where the refund amount will be deposited.
Receipt Details: Depositors need to provide accurate receipt details during the refund process.
Depositors should download the form provided on the portal, fill it out accurately, and re-upload it for processing the refund.
By following these steps, depositors can initiate their refund claims efficiently through the user-friendly CRCS-Sahara Refund Portal.
You can also approach consumer court using Voxya, India’s trusted platform for resolving consumer complaints. It helps consumers to get a replacement, refund, and compensation from Sahara India.
If you are looking for a refund from Sahara India, File a Complaint Now!