Sahara Refund Process- On July 18, 2023, the Union Home Minister and Minister of Cooperation, Amit Shah, inaugurated the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal, a platform designed to facilitate refunds to investors. The Sahara India Pariwar, a prominent conglomerate in India, has faced legal and regulatory challenges regarding the refund of funds collected from investors in its various financial schemes and ventures. Amit Shah announced that the first installment of ₹10,000 will be disbursed to the 1 crore investors who contributed to the Sahara India Pariwar. To avail of the refund, investors are required to submit specific documents and register on the CRCS Sahara Refund Portal.
Sahara Refund Process
Main Contents
- Sahara Refund Process
- Eligibility Criteria for Sahara Refund on CRCS- Sahara Refund Portal
- How to Register for the CRCS Sahara Refund Portal?
- How to Claim on the Sahara Refund Portal?
- Conclusion
- FAQ’S
- Who is eligible for a refund on the CRCS Sahara Refund Portal?
- How can depositors register for the CRCS Sahara Refund Portal?
- What documents are required to claim a refund on CRCS Sahara Refund Portal?
- How can depositors track the status of their refunds?
- What is the Sahara Fraud case, and how does it relate to the refund process?
The Ministry of Cooperation has been proactive in strengthening the cooperative movement in the country and safeguarding the interests of cooperative members. As part of these efforts, the Ministry filed an application in the Hon’ble Supreme Court of India to address the grievances of genuine members/depositors of Sahara Group of Cooperative Societies. In response, the Supreme Court, through its order dated March 29, 2023, directed the transfer of ₹5000 Crores from the “Sahara-SEBI Refund Account” to the CRCS for transparent disbursement to legitimate depositors.
The CRCS Sahara Refund Portal facilitates the submission of legitimate claims by genuine depositors of 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. The portal ensures user-friendliness, efficiency, and transparency, with the entire process conducted digitally. Access to the portal is available through the Ministry of Cooperation website: https://cooperation.gov.in.
Sahara Refund Process Details
| Details | Description |
|---|---|
| Refund Portal | CRCS Sahara Refund Portal |
| Eligibility | Legal depositors of Sahara societies: Humara India Credit Cooperative Society Limited, Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, and Stars Multipurpose Cooperative Society Limited |
| Registration Process | 1. Visit the portal and click on “Depositor Registration”. |
| 2. Enter last 4 digits of Aadhar Card and linked mobile number. | |
| 3. Verify OTP received on mobile to complete registration. | |
| Required Documents | 1. Deposit Certificate/Passport. |
| 2. Claim Request Form. | |
| 3. PAN Card (for refunds above ₹50,000). | |
| 4. Aadhaar-seeded Bank account, membership number, and Aadhaar linked Mobile number. | |
| Claim Process | 1. Login to Depositor account. |
| 2. Enter Aadhar details and verify OTP. | |
| 3. Fill out claim details accurately. | |
| 4. Upload necessary documents. | |
| 5. Generate pre-filled claim request form. | |
| 6. Affix recent photograph and sign claim form. | |
| 7. Upload claim form and PAN card. | |
| 8. Note down claim request number for future reference. | |
| Category | Trending |
| Refund Duration | Expectation of 45 days for completion of refund process. |
| Challenges | Verification of a large number of investors and their investments. |
| Addressing discrepancies in submitted documents and details. | |
| Managing logistics of refund disbursement on a massive scale. |
Eligibility Criteria for Sahara Refund on CRCS- Sahara Refund Portal
The CRCS- Sahara Refund Portal is designed to facilitate refunds to legal depositors of Sahara societies. Eligible depositors include individuals who have invested in the following genuine and legal Sahara societies:
- Humara India Credit Cooperative Society Limited, Kolkata.
- Sahara Credit Cooperative Society Limited, Lucknow.
- Saharayan Universal Multipurpose Society Limited, Bhopal.
- Stars Multipurpose Cooperative Society Limited, Hyderabad.
To qualify for a refund through the CRCS- Sahara Refund Portal, depositors must file an online request for a refund via the portal. Only those who meet these criteria will be eligible to receive refunds.
How to Register for the CRCS Sahara Refund Portal?
To register on the CRCS Sahara Refund Portal, depositors need to follow these steps:
- Depositor Registration:
- Visit the homepage of the CRCS Sahara Refund Portal and click on “Depositor Registration”.
- Enter the last 4 digits of your Aadhar Card and the mobile number linked to Aadhar on the registration page.
- Receive and enter the OTP (One-Time Password) to verify your registration.
- Depositor Login:
- After successful registration, log in to the CRCS Sahara Refund Portal using the same Aadhar Card details.
- Enter the last 4 digits of your Aadhar card and the linked mobile number.
- Verify the OTP received on the registered mobile number to log in.
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Required Documents to Claim for CRCS Sahara Refund
To process a refund request on the CRCS Sahara Refund Portal, depositors must submit the following documents:
- Deposit Certificate/Passport: Proof of investment in the respective Sahara Group cooperative society.
- Claim Request Form: A accurately filled-out online application form on the CRCS Sahara Refund Portal.
- PAN Card: Mandatory for refunds of ₹50,000 and above, essential for verification and compliance.
- Aadhaar-seeded Bank account, membership number, and Aadhaar-linked Mobile number are also mandatory.
These documents are crucial for transparency and verification of the claims made by depositors.
How to Claim on the Sahara Refund Portal?
- Log in to your Depositor login account on the CRCS Sahara Refund Portal.
- Enter Aadhar card details and receive OTP for verification.
- Agree to the terms and conditions and enter Aadhar details.
- Add claim details, generate a pre-filled claim request form, affix a recent photograph, and sign across the photo and claim form.
- Upload the claim form with a copy of your PAN card.
- Receive a claim request number for future reference.
Checking Refund Status
Depositers will receive SMS notifications if their refunds are approved. They can also log in to the portal to track the refunding process, which typically takes up to 45 days.
Understanding Sahara Fraud
The Sahara Fraud case involved a financial scam under Sahara India Pariwar, a conglomerate violating securities laws. After legal battles, the Supreme Court directed Sahara to refund the collected funds to investors, leading to the establishment of the Sahara Claims Refund System (CRCS).
Conclusion
In conclusion, the CRCS- Sahara Refund Portal serves as a crucial platform for facilitating refunds to legal depositors of Sahara societies. By adhering to the outlined eligibility criteria and following the registration and claiming processes diligently, depositors can avail themselves of their rightful refunds. The portal ensures transparency and efficiency in handling refund requests, supported by the submission of mandatory documents for verification.
Despite the challenges faced in verifying investments and addressing discrepancies, the portal strives to expedite the refunding process within a reasonable timeframe. Ultimately, the establishment of the Sahara Claims Refund System marks a significant step towards rectifying the implications of the Sahara Fraud case and providing restitution to affected investors.
FAQ’S
Who is eligible for a refund on the CRCS Sahara Refund Portal?
Legal depositors of Sahara societies, including Humara India Credit Cooperative Society Limited, Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, and Stars Multipurpose Cooperative Society Limited, are eligible for refunds.
How can depositors register for the CRCS Sahara Refund Portal?
Visit the homepage of CRCS Sahara Refund Portal and click on “Depositor Registration”. Enter the last 4 digits of your Aadhar Card and the linked mobile number to receive an OTP for verification. Enter the received OTP and complete the registration process.
What documents are required to claim a refund on CRCS Sahara Refund Portal?
Deposit Certificate/Passport. Claim Request Form. PAN Card (for refunds above ₹50,000). Aadhaar-seeded Bank account, membership number, and Aadhaar linked Mobile number.
How can depositors track the status of their refunds?
Depositors will receive SMS notifications upon approval of refunds. They can also log in to the portal to track the refunding process, typically completed within 45 days.
What is the Sahara Fraud case, and how does it relate to the refund process?
The Sahara Fraud case involved a financial scam under Sahara India Pariwar. After legal battles, the Supreme Court directed Sahara to refund the collected funds to investors, leading to the establishment of the Sahara Claims Refund System (CRCS).
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