On 29th March, the press information bureau (PIB) issued an unusual press release about a Supreme Court (SC) order in a public interest litigation (PIL) seeking refund of money deposited with four cooperative societies set up by the notorious Sahara Pariwar. The release declared that the SC has “ordered the refund to about 10 crore investors of four cooperative societies of Sahara Group.” It hailed this as a ‘historic decision’ by the SC, and gave credit to the prime minister (PM) and the ministry of cooperation for protecting “the interests of the poor and underprivileged.”
The Sahara Refund portal was created to refund depositors of the Sahara Group of Cooperative Societies within 45 days of claiming. The Union Home Minister and Minister of Cooperation unveiled this portal in New Delhi. This portal was formed upon an order from the Supreme Court on 29 March 2023.
What is Sahara Refund Portal?
The Sahara Refund portal was launched on 18 July 2023. Sahara Refund portal lets depositors of four well-known cooperative societies submit legitimate refund claims. The cooperative societies are:
- Humara India Credit Cooperative Society Limited, Kolkata
- Sahara Credit Cooperative Society Limited, Lucknow
- Saharayan Universal Multipurpose Society Limited, Bhopal
- Stars Multipurpose Cooperative Society Limited, Hyderabad
This portal is easily accessible for users, maintaining efficiency and transparency.
Sahara India Refund 2023
Sahara India Refund is a process of refunding money to investors who made deposits and have outstanding dues with the Sahara Group. Sahara, which belongs to the Sahara India Pariwar, is a major conglomerate in India. Over the last few years, Sahara India Refund portal has been involved in the refunding process for genuine investors.
Central Registrar of Cooperative Societies
Since the creation of the Sahara Refund portal, the Ministry of Cooperation has undertaken measures to protect the interests of depositors of the Sahara Group of Cooperative Societies. To address the investment issues of genuine depositors, the Honourable Supreme Court of India ordered the transfer of Rs. 5,000 crores from the ‘Sahara SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS).
This amount is for disbursing dues of genuine members of the Sahara Group of Cooperative Societies. However, to get their money back directly in their respective bank accounts, the depositors must submit proof of identity along with proof of their claims. They must also have their Aadhaar linked with their mobile number and keep all necessary documents ready in hand.
Genuine members who claim a refund are charged no additional fees. The Sahara Group of Cooperative Societies will verify the claim application within 30 days of submission. Depositors will receive the claim decision via SMS within 15 days after verification, i.e. 45 days after the claim application form.
Eligibility
- Depositors must have deposited before 22 March 2022 and have outstanding dues receivable from Humara India Credit Cooperative Society Limited, Sahara Credit Cooperative Society Limited, and Saharayan Universal Multipurpose Society Limited.
- Depositors must have deposited before 29 March 2023 and have outstanding dues receivable from Stars Multipurpose Cooperative Society Limited.
Documents Required
- Membership number
- Deposit account number
- Aadhaar card linked with a mobile number and bank account
- PAN card if the claim amount exceeds Rs. 50,000
- Passbook/Deposit certificates
Register on Sahara India Refund
Step 1: Visit the Sahara Refund portal.
Step 2: Click on the ‘Depositor Registration’ tab.
Step 3: Enter the last 4-digits of your Aadhaar number, mobile number and captcha code and click on ‘Get OTP’.
Step 4: Enter the OTP and click on ‘Verify OTP’.
FAQs
How to apply online for a Sahara refund?
- Visit the Sahara Refund portal.
- Click on the ‘Depositor Registration’ tab. Enter the the last 4-digits of your Aadhaar number, mobile number, and OTP received on your mobile number.
- Once you log in, accept the UIDAI conditions and click ‘I Agree’.
- Enter the required details and add your claim.
- Click on ‘Generate Claim Request Form’. The claim form will be displayed on the screen.
- Download the form and add your photograph and signature.
- Log in to the Sahara Refund portal and upload the filled claim form and documents.
Can Sahara money be refunded?
Yes, depositors of the Sahara Group of Cooperative Societies can get a refund of their money by applying for it in the Sahara Refund portal.