After launching the CRCS-Sahara Refund Portal, Cooperation Minister Amit Shah on Tuesday said that depositors will get the refund in 45 days after registering on the portal -- https://mocrefund.crcs.gov.in.

The portal, which can also be accessed through the Cooperation Ministry website, will ensure transfer of the claimed amount directly to the depositor’s Aadhaar-linked bank account within 45 days of online claim submission and uploading of documents, after verification of claims, an official statement said.

The government has asked genuine depositors of Sahara Credit Cooperative Society, Saharayan Universal Multipurpose Society, Hamara India Credit Cooperative Society and Stars Multipurpose Cooperative Society (all managed by the Sahara Group), to submit their claims through the portal.

SC order

The Supreme Court, in its March 29 order, had directed that ₹5,000 crore be transferred out of the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies. The apex court has also appointed Justice R Subhash Reddy, a former judge of Supreme Court, to monitor the disbursement. Four senior Officers on Special Duty (OSDs) have been appointed, one each for four societies, to assist the central registrar in the refund process.

Shah said that the process of returning the amount of ₹5,000 crore to the investors has started in a transparent manner on a trial basis and after the completion of entire refund, another appeal will be made in the Supreme Court to return the amount to the remaining investors.

First phase

He also said that in first phase, refund will be made up to ₹10,000, each to about one crore investors even though their deposits could be more. He also said that as many as 1.60 crore investors would be eligible to get refund of their entire deposits, while there are about four crore investors who could get the refund of upto ₹10,000, each in the initial phase.

Further, up to ₹30,000 deposit of each of 2.5 crore investors could be returned, he added.

He said that complete data of all the four societies is available online for applying on this portal. As all necessary provisions have been made in this process, there is no scope of any kind of manipulation or injustice to any genuine investor, the Minister added.

Shah also clarified that people who have not made any investment (in any of these four cocieties) cannot receive any refund in any way from this portal. He said that the investor’s Aadhaar card must be linked to their mobile number, and the Aadhaar card must be linked to their bank account. He also directed officials to make arrangements for filing of applications through Common Service Centers (CSCs).

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