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February 28, 2024
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‘Sahara Refund Portal’ launched to facilitate the return of depositors’ money

NEW DELHI: On Tuesday, Union Home and Cooperation Minister Amit Shah unveiled the ‘Central Registrar-Sahara Refund Portal,’ a crucial step towards returning the funds of millions of depositors affected by the Sahara Group’s four cooperative societies.

Describing the moment as historic, Minister Shah emphasized that this marks the first instance where depositors will receive a refund in a case involving multiple agencies, all of which have made seizures in connection with the case.

Assuring the depositors, Shah stated that their money is now assured and that they can expect a refund within 45 days of registering on the portal. This move aims to address the sense of insecurity among people towards cooperative societies.

To ensure a comprehensive approach, discussions were held with all stakeholders, including SEBI (Securities and Exchange Board of India), ED (Enforcement Directorate), Income Tax Department, CBI (Central Bureau of Investigation), and the Law Officer.

The decision to launch the ‘Sahara Refund Portal’ was made following consultations with these stakeholders and was based on the Supreme Court’s order dated March 29, 2023. The court order directed the resolution of complaints related to the payment of valid deposit amounts to depositors of Sahara Group’s cooperative societies.

As per the order, a sum of ₹5,000 crores was instructed to be transferred from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) for the payment of legitimate dues to genuine depositors of Sahara Group’s cooperative societies.

Minister Shah highlighted that the initiative has commenced with ₹5,000 crores, and once this amount is returned to investors, the government will approach the Supreme Court to address the remaining investors’ claims.

As a trial basis, one crore investors will receive a refund of up to ₹10,000. The government aims to streamline the refund process and ensure the return of legitimate dues to depositors affected by the Sahara Group’s cooperative societies.

The launch of the ‘Sahara Refund Portal’ signifies a significant step forward in addressing the concerns of depositors and restoring their faith in cooperative societies. The government’s commitment to resolving this issue is evident, and it marks a crucial milestone in providing financial relief to the affected individuals.

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