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Sahara Refund
15 min read
Reclaiming Trust by Navigating the Sahara Refund Process
Vignya Parvathaneni
Posted on

The Sahara Refund portal was established to facilitate the refund process for depositors of the Sahara Group's Cooperative Societies, mandated by a Supreme Court order on March 29, 2023. This initiative aims to return funds within 45 days of claim submission. It was launched in New Delhi by the Union Home Minister and Minister of Cooperation; the portal allows genuine depositors affected by the Sahara scam to reclaim their investments through a simple process.

Sahara India Refund 2023 Overview

Sahara India Refund pertains to the repayment of funds to investors who deposited money with the Sahara Group. This corporation, Sahara India Parivar, is prominent in India's financial landscape. The Sahara Refund portal has been pivotal in managing refund claims for genuine investors over recent years.

Role of Central Registrar of Cooperative Societies

The Ministry of Cooperation and the Central Registrar of Cooperative Societies (CRCS) play crucial roles in safeguarding depositor interests. The CRCS received Rs. 5,000 crores from the 'Sahara SEBI Refund Account' as directed by the Supreme Court of India. These funds are earmarked for clearing dues owed to genuine members of Sahara Group Cooperative Societies.

Eligibility for Sahara Refund

To qualify for a refund through the Sahara Refund portal, depositors must meet the following criteria:

Deposits Timeline

  • Deposited before March 22, 2022, with outstanding dues from Humara India Credit Cooperative Society Limited, Sahara Credit Cooperative Society Limited, and Saharayan Universal Multipurpose Society Limited.
  • Deposited before March 29, 2023, with outstanding dues from Stars Multipurpose Cooperative Society Limited.

Documentation Required for Sahara Refund

To apply for a Sahara refund, eligible depositors must prepare the following documents:

Basic Documents

  • Membership number of the cooperative society.
  • Deposit account number.

Identity Verification

  •    Aadhaar card linked with a mobile number and bank account.

Additional Documents (if applicable)

  • PAN card if the claimed amount exceeds Rs. 50,000.
  • Passbook or deposit certificates related to the deposits.

These documents are essential for verifying the depositor's identity and claim details, guaranteeing a smooth processing of refund requests.

How to Register and Apply on Sahara Refund Portal

Registration Process

  1. Visit the Sahara Refund portal and click on 'Depositor Registration'.
  2. Enter the last 4 digits of Aadhaar number, mobile number, and captcha code.
  3. Verify OTP to complete registration.

Application Process

  1. Log in to the portal using 'Depositor Login'.
  2. Enter Aadhaar number and mobile number to receive OTP. After verifying, agree to UIDAI conditions.
  3. Fill in personal details, verify Aadhaar-linked bank details, and enter claim information.
  4. Upload filled claim form with PAN and necessary documents.
  5. Receive acknowledgment and SMS confirmation upon successful submission.

Checking Sahara Refund Status

After submitting a claim:

  1. Visit the Sahara Refund portal and log in as a depositor.
  2. Verify OTP and access your claim details and current status.

In conclusion, the Sahara Refund portal stands as a critical tool for depositors seeking recovery from their investments in Sahara Group Cooperative Societies. It guarantees transparency, efficiency, and promptness in the refund process. Accuracy in application details is vital to avoid delays or discrepancies in processing. For further assistance or to initiate a claim, depositors can visit the Sahara Refund portal directly at this link (https://mocrefund.crcs.gov.in/depositor/#/home).

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