In a significant move towards facilitating the refund of deposits, the Centre has taken action to return ₹5,000 crore to depositors whose funds have been stuck in four cooperative societies of the Sahara Group. Cooperation Minister Amit Shah officially launched the ‘CRCS-Sahara Refund Portal’ on Tuesday, signifying the commencement of the transparent refund process on a trial basis. The portal, developed by a subsidiary of IFCI, aims to ensure a smooth and efficient refund mechanism for investors.
Sahara Refund Portal Direct Online Link: https://mocrefund.crcs.gov.in
Eligibility for Sahara Refund:
The Sahara Refund is specifically available to eligible depositors who have invested in any of the following four cooperative societies of the Sahara Group:
- Sahara Credit Cooperative Society Ltd.
- Saharayan Universal Multipurpose Society Ltd.
- Humara India Credit Cooperative Society Ltd.
- Stars Multipurpose Cooperative Society Ltd.
How to Apply on the CRC Sahara Refund Portal?
Applying for a Sahara Refund on the CRCS Sahara Refund Portal requires depositors to follow a step-by-step process. Before initiating the application, depositors must ensure that their Aadhaar is linked to their mobile numbers and bank accounts, as this information will be crucial during the application process. Additionally, they need to provide receipt details related to their investment. Below is a guide on how to apply on the portal:
Step 1: Visit the CRCS Sahara Refund Portal
Access the CRCS Sahara Refund Portal through the official website: https://mocrefund.crcs.gov.in
Step 2: Register on the Portal (If Not Registered)
If you are a first-time user, you will need to register on the portal. Provide accurate personal details, including your name, mobile number, email address, and Aadhaar number. Create a secure password to protect your account.
Step 3: Log in to the Portal
Once registered, log in to the portal using your credentials – mobile number and password. Keep your login details confidential to ensure the security of your account.
Step 4: Fill in the Refund Application Form
After logging in, navigate to the refund application form. Provide all the necessary details related to your investment with the specific Sahara cooperative society. This includes your investment receipt details and other relevant information.
Step 5: Upload Required Documents
Attach scanned copies of essential documents to support your refund claim. These may include:
a) Aadhaar Card: Ensure that your Aadhaar is linked to your mobile number and bank account as this will be verified during the process.
b) Bank Account Details: Provide the details of the bank account where you want the refund amount to be credited.
c) Investment Receipts: Upload copies of investment receipts or any other documents that verify your investment in the Sahara cooperative society.
Step 6: Review and Submit
Thoroughly review all the information provided in the application form and the attached documents. Ensure that all details are accurate and complete before clicking the submit button.
Step 7: Receive Acknowledgment
Upon successful submission, you will receive an acknowledgment of your refund application. Save or take a screenshot of this acknowledgment for future reference.
Step 8: Track the Refund Status
You can track the status of your refund application on the CRCS Sahara Refund Portal using the unique application reference number provided in the acknowledgment.
How Much Time is It Going to Take to Get a Refund?
As per the statement made by Cooperation Minister Amit Shah, eligible claimants can expect to receive their refund within 45 days. This assurance indicates that the government is committed to ensuring a relatively quick and efficient refund process for the depositors who have applied through the CRCS Sahara Refund Portal.
The introduction of the Sahara Refund portal is expected to bring significant benefits to investors, especially small depositors who have funds stuck in the Sahara cooperative societies. Cooperation Minister Amit Shah stated that the portal’s implementation will initially benefit approximately one crore depositors, highlighting the positive impact it will have on a large number of individuals seeking refunds.
Furthermore, Minister Shah emphasized that approximately 1.78 crore small investors, whose investment amounts are up to ₹30,000, will be able to reclaim their money through the refund process facilitated by the portal. This achievement is deemed substantial, as it addresses the financial concerns of a significant portion of investors who had relatively smaller amounts invested with the Sahara cooperative societies.
Eligibility for Sahara Refund:
Investors who meet the following criteria are eligible to apply for a refund through the Sahara Refund process:
Depositors of the following three Sahara cooperative societies:
- Sahara Credit Cooperative Society Limited
- Saharayan Universal Multipurpose Society Limited
- Hamara India Credit Cooperative Society Limited
The deposits must have been made before March 22, 2022.
If an investor satisfies both of the above conditions, they are considered eligible to apply for a refund through the CRCS Sahara Refund Portal. The refund process is designed to assist and benefit those depositors who have invested in the specified Sahara cooperative societies before the mentioned date. By fulfilling these eligibility criteria, depositors can initiate their refund claims and avail themselves of the return of their investments through the online portal in a transparent and efficient manner.
What is the Amount of Money That Will Be Refunded?
As per Cooperation Minister Amit Shah’s statement, the refund amount will be distributed in a phased manner, with the first payment being up to ₹10,000. This initial payment will be made to one crore investors who had deposited ₹10,000 or more with the specified Sahara cooperative societies before March 22, 2022.