Contents
- 1 Returning Money to Depositors: A Welcome Move
- 2 Beneficiaries of the Initiative
- 3 Supreme Court Order Facilitating Refunds
- 4 Accessing the Sahara Refund Portal
- 5 Submitting Claims and Ensuring Eligibility
- 6 Verification Process by Sahara Group of Co-operative Societies
- 7 Claim Processing and Notifications
- 8 Online Portal for Refund Claims
- 9 Phase-wise Disbursement and Future Considerations
- 10 FAQs
The central government took a significant step on Tuesday with the launch of the CRCS-Sahara Refund Portal. This portal aims to provide assistance to over 10 crore depositors associated with Sahara Group cooperative societies in recovering their money. The initiative is set to alleviate the financial concerns of numerous individuals.
Returning Money to Depositors: A Welcome Move
Union Minister Amit Shah, during the launch event, emphasized the importance of returning the money to depositors that had been stuck in four cooperative societies of the Sahara Group. The commencement of the Sahara Refund Portal marks the beginning of the refund process for these depositors.
“The Sahara Refund Portal has been developed for the submission of legitimate claims by genuine depositors of the Sahara Group’s cooperative societies, namely Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd,” stated the Ministry of Cooperation in an earlier statement.
Beneficiaries of the Initiative
The plan primarily focuses on returning the money to 10 crore depositors associated with four cooperative societies, namely Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd. The goal is to complete this process within a span of nine months, providing much-needed relief to the affected individuals.
Supreme Court Order Facilitating Refunds
This directive follows an order from the Supreme Court on March 29. The court instructed the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). The order paved the way for the establishment of the CRCS-Sahara Refund Portal.
Accessing the Sahara Refund Portal
The Sahara Refund Portal is accessible online through the Ministry of Cooperation’s official website (https://cooperation.gov.in). While the link was not operational at the time of publishing this report, it is expected to become functional in the near future. The portal will serve as the primary platform for depositors to engage with the refund process.
Submitting Claims and Ensuring Eligibility
Genuine depositors belonging to the cooperative societies mentioned above can submit their claims by logging into the portal and completing the online application form. It is essential for depositors to upload all the required documents and possess an Aadhaar-linked mobile number and a bank account for claim processing.
Verification Process by Sahara Group of Co-operative Societies
Upon submission of the claim application, the Sahara Group of Co-operative Societies will verify the authenticity of the claims within 30 days. This verification process ensures that the refunds are allocated to legitimate depositors, promoting transparency and fairness.
Claim Processing and Notifications
Applicants will receive notifications regarding their claim status either through a text message or on the portal within 15 days after the verification process. The entire claim processing period is expected to take approximately 45 days. It is important to note that applicants must submit all claims related to the four societies in a single claim application form.
Online Portal for Refund Claims
The online portal is the sole platform for submitting refund claims. Depositors are not required to pay any fees for submitting the online form. The convenience and accessibility of the portal streamline the refund process for the benefit of all depositors involved.
Phase-wise Disbursement and Future Considerations
In the initial phase, a total of Rs 5,000 crore will be disbursed through the portal to genuine depositors. However, each depositor will receive a refund of only Rs 10,000 in the first phase. The success of this initial phase will determine the course of action for subsequent phases.
Union Minister Amit Shah highlighted that around 4 crore depositors are eligible to receive up to Rs 10,000 in this initial phase. If the initiative proves successful, further measures will be taken to address the claims of depositors with higher amounts of money stuck in Sahara Group’s cooperative societies. The government remains committed to ensuring the financial well-being of all depositors affected by this situation.
FAQs
The CRCS-Sahara Refund Portal is an online platform launched by the central government to assist depositors of Sahara Group cooperative societies in recovering their money. It provides a streamlined process for submitting refund claims and ensures transparency in the refund distribution.
The portal is designed to benefit over 10 crore depositors associated with four cooperative societies of the Sahara Group, namely Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd.
The aim is to complete the refund process within a span of nine months. However, the entire claim processing period, including verification and disbursement, is expected to take approximately 45 days.
The Sahara Refund Portal can be accessed online through the official website of the Ministry of Cooperation (https://cooperation.gov.in). Depositors can log in to the portal to submit their claims and track the progress of their refund application.
Depositors need to ensure that they upload all the required documents while submitting their claim application. Additionally, they should possess an Aadhaar-linked mobile number and a bank account for claim processing.
The Sahara Group of Co-operative Societies will verify the claim application within 30 days of submission. Depositors will receive notifications regarding their claim status within 15 days after the verification process.
No, all claims related to the four cooperative societies (Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd) must be submitted in a single claim application form.
In the initial phase, each depositor will receive a refund of Rs 10,000. This disbursement will be made from the allocated amount of Rs 5,000 crore.
No, there is no fee for submitting the online form. The refund claims can only be made through the online portal, and there are no additional charges associated with the process.
If the first phase of refunds, where each depositor receives Rs 10,000, proves successful, further measures will be taken to address the claims of depositors with higher amounts of money stuck in Sahara Group’s cooperative societies. The government is committed to resolving the financial concerns of all affected depositors.