Amit Shah, Union Home Minister and Minister of Cooperation, launched the disbursement of funds to the legitimate depositors of the Sahara Group of Cooperative Societies in New Delhi. The funds are being transferred through the CRCS-Sahara Refund Portal. The event was attended by BL Verma, the Union Minister of State for Cooperation, R. Subhash Reddy, a former Supreme Court Judge, Gyanesh Kumar, the Secretary of the Ministry of Cooperation, and four Senior Officers on Special Duty (OSD) responsible for facilitating the refund process. Some depositors who have already received their refunds were also present at the ceremony.
Amit Shah, representing the Indian government under Prime Minister Narendra Modi's leadership, emphasized their commitment to protecting the rights of impoverished and middle-class citizens and addressing issues faced by the most underprivileged sections of society. The Ministry of Cooperation achieved a significant milestone by swiftly refunding deposited money to genuine depositors.
Sahara Refund Amount
The initial plan was to refund depositors within 45 days of registering on the CRCS-Sahara Refund Portal, launched on July 18, 2023, but due to collaborative efforts, the funds were transferred in less than a month. Each of the 112 beneficiaries received Rs. 10,000 in their bank accounts, bringing contentment and confidence to millions of investors.
Shah highlighted the challenges faced during the formation of the Ministry of Cooperation, including strengthening the cooperative structure and updating laws established 75 years ago, as well as rebuilding public trust in cooperative institutions.
Sahara Refund Process
Despite these challenges, the ministry successfully helped millions of investors by refunding crores of rupees stuck in Sahara Group's four cooperative societies over the past 15 years. The CRCS-Sahara refund portal witnessed approximately 33 lakh investors registering for the refund process.
Amit Shah, the union home minister and Minister of Cooperation, announced that the Ministry of Cooperation has initiated the refunding process for investors stuck in Sahara Group's four cooperative societies. Collaborating with stakeholders and filing a petition in the Supreme Court led to a historic judgment, resulting in the formation of a committee to ensure transparent refunds to genuine depositors. The first phase of refunding has started, with 112 small investors receiving Rs 10,000 each, and the next installments will be processed faster. Shah emphasized the government's responsibility to safeguard citizens' deposits and thanked those involved in the efficient transfer of funds. The depositors expressed their gratitude for the ministry's efforts.
Currently, an SOP is being prepared by the auditor, with the help of Amicus Curiae, to verify claims in the first stage of the refunding process. The CRCS-Sahara Refund Portal was launched on July 18, 2023, for genuine depositors of Sahara Group's cooperative societies.
Supreme Court on Sahara Refund
The Supreme Court ordered the transfer of Rs. 5000 Crores from the "Sahara-SEBI Refund Account" to the Central Registrar of Cooperative Societies (CRCS) for disbursement to genuine depositors of Sahara Group. Justice R. Subhash Reddy and Advocate Gaurav Agrawal supervise the disbursement process. Four Senior Officers on Special Duty (OSDs) assist in the refund process for each society. The online portal for claims submission is user-friendly, efficient, and transparent, requiring Aadhaar card verification. Verified claims will be refunded within 45 days, subject to fund availability. Genuine depositors must have an Aadhaar-linked mobile number, bank account, and necessary documents. The portal can be accessed through the Ministry of Cooperation website.
