In an order dated March 29, 2023, the Supreme Court of India directed the transfer of Rs. 5,000 crore from the Sahara-SEBI Refund Account to the Central Registrar of Cooperative Societies (CRCS). The body, in turn, was supposed to disburse the total amount against any legitimate request from the investors in the Sahara Group. On March 4, 2024, Amit Shah, the Union Home Minister, announced the CRCS-Sahara Refund Portal to refund the deposits.
In How Many Days Will Depositors Get Their Money Back?
The minister has assured that depositors will get their money back in 45 days from the date of registration on the portal. “To address the grievances of genuine members/depositors of Sahara Group of Cooperative Societies for payment of their legitimated deposits, an application was filed by the Ministry of Cooperation in the Hon’ble Supreme Court of India, on which the Hon’ble Supreme Court vide its order dates 29.03.2023,” mentions the official press release.
Members Of These Societies Can Apply
The four societies include Saharai Credit Cooperative Society Ltd, Saharayan Univeral Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd. Those who deposited their money in these schemes can log in through the refund portal, submit their claim by filling an online application (with the required documents), and receive their money back in 45 days. “Depositors are requested to submit all the claims pertaining to all fur societies in the same claim application form.”
What Documents Are Required To Register?
The depositors must have outstanding dues from Stars Multipurpose Cooperative Society Limited, Hyderabad, before March 29, 2023, and from the other three societies before March 22, 2022. Users will need an Aadhaar-linked mobile number and bank account to register on the online portal. Further, they would also have to present documents that specify their deposit number and membership details.
Those who claim a refund of more than Rs. 50,000 must submit their PAN cards. However, when we visited the website to compile this report, we saw a note that read, “We are currently accepting resubmissions for claims aggregating up to Rs. 19,999.” To register, head to “https://mocrefund.crcs.gov.in/Help” and register on the home page by entering the Aadhaar-linked mobile number. Following this, users must verify their credentials with an OTP.
You can follow Smartprix on Twitter, Facebook, Instagram, and Google News. Visit smartprix.com for the most recent news, reviews, and tech guides.
