In a momentous event, Union Cooperation Minister Amit Shah unveiled the ‘CRCS-Sahara Refund Portal,’ a transformative platform that seeks to streamline the refund process for over 10 crore depositors affiliated with the Sahara Group. The portal’s primary objective is to facilitate the return of funds to these depositors within an ambitious timeframe of 45 days. By launching this initiative, Shah reassured the depositors that they can expect swift refunds once they register on the platform. This marks the commencement of the much-awaited process to release the funds locked in four cooperative societies associated with the Sahara Group.
Back in March 2023, the Central government made a firm commitment to expedite the refund process for 10 crore investors linked to the four cooperative societies within a timeline of nine months. A Supreme Court order directed the transfer of Rs 5,000 crore from the Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS) for the explicit purpose of disbursing legitimate dues to genuine depositors of the Sahara Group of Cooperative Societies.
The newly developed refund portal, created by a subsidiary of IFCI Ltd, offers a convenient and user-friendly platform for depositors to submit their legitimate claims. Approximately 2.5 crore individuals, holding deposits up to Rs 30,000 in 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, are eligible to utilize the portal for claiming their refunds.
To initiate the claim process, depositors seeking refunds can visit the website at mocrefund.crcs.gov.in. Amit Shah highlighted that depositors will initially receive refunds of up to Rs 10,000, with the possibility of an increase for those who invested larger amounts. In the initial phase, the allocated corpus of Rs 5,000 crore will cater to the needs of 1.7 crore depositors. After this fund is fully utilized, the government plans to approach the Supreme Court to seek additional funds to process refunds for depositors with larger amounts.
To ensure smooth processing of their refund claims, depositors are required to register their Aadhaar with a mobile number and link it with the bank account where the refund will be deposited. Additionally, they must provide their receipt details and download, fill, and re-upload a form on the portal. This meticulous approach aims to expedite the refund process and provide much-needed relief to the numerous depositors associated with the Sahara Group.