The Union Government has launched the CRCS-Sahara Refund Portal today, a significant step towards addressing the grievances of over 10 crore depositors associated with the Sahara Group. The portal was inaugurated by Union Home Minister and Minister of Cooperation, Amit Shah, in Delhi. This initiative aims to facilitate the refund process and enable depositors to reclaim their hard-earned money.

During the launch of the refund portal, Union Minister Amit Shah expressed his commitment to returning the depositors' money, which had been stuck in four cooperative societies of the Sahara Group. He stated, "The process of returning the money of depositors, which was stuck in four cooperative societies of Sahara Group, has started with the launch of Sahara Refund Portal."

The Ministry of Cooperation had previously filed an application in the Hon'ble Supreme Court of India to address the concerns of genuine members and depositors of Sahara Group of Cooperative Societies. In response, the Supreme Court ordered the transfer of Rs. 5000 Crores from the 'Sahara-SEBI Refund Account' to the Central Registrar of Cooperative Societies (CRCS) for disbursing the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. This paved the way for the development of the Sahara Refund Portal.

The newly launched portal is designed to facilitate the submission of legitimate claims by the 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. By providing receipt details, linking Aadhaar to mobile numbers and bank accounts, and filling and re-uploading a form on the portal, depositors can initiate the refund process.

In the initial phase, the refund portal will disburse up to Rs. 5000 crore to depositors, allowing each depositor to claim a maximum of Rs. 10,000. Union Minister Amit Shah highlighted that this initial trial phase would refund Rs. 10,000 to investors. The refund amount may be increased gradually if the trial succeeds. A significant number of 1 crore and 7 lakh investors can register on the refund portal and claim up to Rs. 10,000 during this phase.

Amit Shah emphasized that this initiative was just the beginning, and further decisions to address the claims of depositors with higher amounts stuck in the Sahara Group's cooperative societies would be taken once this phase succeeds. The entire process of refund will be conducted online, ensuring efficiency and transparency.

Depositors can expect the refunded amount to be deposited into their bank accounts within 45 days. The promptness of the refund process aims to alleviate the financial burden on depositors and provide them with much-needed relief.

The launch of the CRCS-Sahara Refund Portal signifies the government's dedication to protecting the interests of cooperative society members. It aims to address the genuine claims of depositors who had invested their money in Sahara Group's cooperative societies, including Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd.

The Supreme Court's order dated March 29, 2023, played a crucial role in expediting the refund process. It directed the transfer of Rs. 5000 crore from the 'Sahara-SEBI Refund Account' to the Central Registrar of Cooperative Societies (CRCS) for disbursing the legitimate dues of the genuine depositors of Sahara Group of Cooperative Societies.

Earlier, the government had assured that the money would be returned to the 10 crore investors associated with the four cooperative societies of the Sahara Group within a span of 9 months. This assurance was given following the Supreme Court's order mentioned above.

The launch of the CRCS-Sahara Refund Portal marks a significant milestone in the government's efforts to ensure the return of deposited funds to millions of investors. This user-friendly portal, combined with the commitment of the government, instills hope and confidence among depositors. It showcases the government's proactive approach in addressing the concerns of the public and creating a favorable environment for cooperative societies to thrive.

Companies Details

Sahara Credit Co-Operative Society Limited.
Saharyan Universal Multipurpose Society Limited.
Humara India.
Stars Multipurpose Co-Operative Society Limited.

Documents Required For Refund Registration

• Aadhar Card
• Photographs.
• Id proof.
• Address Proof.
• Bank account details.
• Bond Certificate Original.
• Receipts original.

CRCS Sahara India Refund Application Form 2023

• First, you can visit the official website of the CRCS refund portal.
• Now you can click on the Sahara refund option.
• Now refund application form will be open.
• You can fill out the required detail in the refund form.
• Attach your needed documents with the refund application form.
• Now submit the form on the CRCS official website - https://mocrefund.crcs.gov.in/
• Sahara India Refund Key Points
• The money given by Sahara Refund will be directly transferred to your bank account.
• After the completion of the application process, within 10 – 15 days, your money will be transferred to the bank account.
• A total of 20 lakh people’s money is stuck in Sahara India Company.
• A Refund order has been issued by the Supreme Court on 29th March 2023.
• The toll-free helpline number of CRCS is 1800 266 7575.