Apply for Sahara money refund, follow this process

The Government of the Union has launched today the CRCS-Sahara Refund Portal, whose objective is to help millions of depositors of the Sahara Group to claim the return of their money. The portal was launched in Delhi by the Union Home Minister and Cooperation Minister, Amit Shah.

During the launch, Union Minister Amit Shah announced that the Sahara Refund Portal had now initiated the process of returning depositors' money, which the Sahara Group's four cooperative societies had previously stuck.

Previously, the Ministry of Cooperation had taken measures to attend to the claims of the members and genuine depositors of the Cooperative Societies of the Sahara Group for the payment of their legitimate deposits. To this end, the Ministry had filed an application with the Supreme Court of India.

The Supreme Court, in its order dated March 29, 2023, ordered the transfer of Rs. Rs 5000 crore from 'Sahara-SEBI Redemption Account' to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of the genuine depositors of the Sahara Group of Cooperative Societies.

How to Apply Online For Sahara India Refund 2023?

• Visit the CRCS-Sahara Refund Portal on the Ministry of Cooperation website (https://cooperation.gov.in/). Check if the online link is functional and accessible.

• Ensure that your Aadhaar is linked to your mobile number and bank account. This is a crucial requirement for making a claim.

• Gather all your deposit receipts as proof of your investment with Sahara Group's cooperative societies.
• Download the refund application form from the portal.

• Fill out the form completely and accurately with all the necessary details.

• Re-upload the filled form on the portal for further processing of the refund.

• Wait for the refund process to be completed. The portal will disburse up to Rs 10,000 to eligible depositors in the initial phase.

• If the trial is successful, there might be a possibility of increasing the refund amount.

• The refund will be directly deposited into the bank account linked to your Aadhaar within 45 days of filing the claim.

How to apply to SEBI for Sahara refund?

SEBI has provided a toll-free number and email address for investors seeking Sahara Refund. To get in touch with SEBI regarding any investment queries, investors should email them directly at [email protected]. They can also reach out to SEBI through their toll-free numbers for Sahara refund: 1800 266 7575 or 1800 22 7575.

CRCS-Sahara Refund Portal Link Online

You can access the Sahara Refund Portal online through the Ministry of Cooperation website at https://cooperation.gov.in. The link was not operational at the time of publishing this report, but we expect it to become operational in the near future.

How much money will the refund be?

At first, the redemption portal will return up to Rs 5000 crore to depositors. However, each depositor can receive only Rs 10,000 in the first phase.

Amit Shah mentioned that initially, investors will get Rs 10,000 as proof. If the test is successful, the refund amount may gradually increase.

Investors of around 1 crore 7 lakhs can register on the redemption portal and claim up to Rs 10,000 in the initial phase, according to Shah. There are Rs 4 crore depositors who are eligible to receive up to Rs 10,000.

How long will it take to get a refund?

The claimants will have the money deposited into their bank account within 45 days.

Eligibility and claim process

To be eligible for the refund, nearly 1 crore and 7 lakh investors can register on the refund portal and claim up to Rs 10,000 during the initial phase. In total, 4 crore depositors are eligible to claim up to Rs 10,000.

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