Sahara India refund portal: In a major relief, the Centre on Tuesday launched the Sahara India refund portal to refund Rs 5,000 crore of depositors whose funds are struck in four cooperative societies of Sahara Group. Union Home Minister and Minister of Cooperation Amit Shah this morning launched the portal. This development is expected to help crores of small investors awaiting the return of their hard-earned savings.
Background of the development
Earlier on March 29, the Centre had assured that the money will be returned to 10 crore investors within 9 months. The announcement followed 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).
When will the process start?
While launching the 'CRCS-Sahara Refund Portal' to facilitate the refund, Amit Shah said: "The process of returning the amount of Rs 5,000 crore to the investors is starting today in a transparent manner on a trial basis. This is the beginning of the refund of monies to the depositors (of Sahara Group)".
He further said after the completion of the Rs 5,000 crore payment, another appeal will be made in the Supreme Court to return the amount to the remaining investors.
Who will be benefited?
"The portal will initially benefit about one crore depositors," Amit Shah added. Elaborating on the process to be followed by the depositors, Shah said first payment up to Rs 10,000 will be made to one crore investors who had deposited Rs 10,000 or more. He informed that complete data of all the four societies is available online for applying on CRCS-Sahara Refund Portal. All necessary provisions have been made in this process so that there is no scope for any kind of manipulation or injustice to any genuine investor, he said.
People who have not made any investments cannot receive any refund in any way from this portal, but those who have invested will receive the refunds for sure," Shah stressed, and appealed to the affected investors to register online through the facility of CSC.
How to claim?
Investor in Sahara Group will have to link his/her Aadhaar card to mobile numbers and bank accounts. "I assure you the money will be deposited into their bank accounts within 45 days," Shah said. He added that now, crores of people are going to receive their hard-earned money, which was stuck due to scams. Shah said that approximately 1.78 crore small investors, whose money up to Rs 30,000 is stuck, will get their money back and it is a great achievement.
Sahara India refund portal
The portal has been developed by a subsidiary of IFCI. The link is available on this website - https://cooperation.gov.in/.
