CRCS-Sahara Refund: Union Minister of Cooperation, Amit Shah, launched the transfer of funds to the genuine depositors of four cooperatives of Sahara Group of Cooperative Societies through CRCS-Sahara Refund Portal on Friday. In the first leg of transfers, 112 small investors will receive the first tranche of Rs 10,000 each. The minister informed that so far 18 lakh depositors have registered on the CRCS-Sahara Refund Portal, which had been launched on July 18.

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"So far, 18 lakh investors have registered on the portal. ...Today, about Rs 10,000 each has been transferred into the bank account of 112 investors," he said after releasing the amount.

 

CRCS-Sahara Refund: Second tranche transfer date

The minister informed that the next tranche of funds will be transferred soon as the audit has been completed.

However, he assured that all Sahara investors will receive their money back. "I want to assure and I am fully confident that all depositors will get their funds in the coming days," he said, congratulating the depositors.

He further informed that it is responsibility of the government to ensure that investors' money is safe and returned to them.

The minister also said that the money of Sahara depositors had been stuck for the last 12 to 15 years due to the management's fault and delay in court litigations.

Highlighting the efforts made by Ministry of Cooperation to secure Rs 5,000 crore from the Sebi-Sahara Fund, Shah said the ministry took an initiative of bringing all government bodies concerned, including CBI and Income Tax department on this issue and made a common appeal before the Supreme Court that small investors should get the first right over the funds.

"If we have to strengthen cooperative movement in the country, then we have to strengthen the trust in cooperatives," he asserted.

 

CRCS-Sahara Refund Portal

On March 29 this year, the government had stated that within the time frame of 9 months - approximately 10 crore investors of Sahara will receive the money they had invested in the four cooperative societies.

The announcement followed a Supreme Court order directing transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS).

The CRCS-Sahara Refund Portal has been developed by a subsidiary of IFCI, for submission of legitimate claims by depositors of these cooperative societies.

There are two important requirements for registration on the portal — Aadhaar registration with mobile and Aadhaar-linking with the bank account where refund is to be deposited.

Common Services Centre would also help and guide depositors for online registration on the portal for refund.

(With Agency Inputs)