Claim Refund, Eligibility, & Process

Union Home Minister and Minister of Cooperation, Amit Shah, launched the “CRCS-Sahara Refund Portal” with the objective of refunding deposits to the depositors of four cooperative societies owned by the Sahara Group.

The Supreme Court, in an order dated March 29, 2023, directed that Rs. 5000 Crores be transferred from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS) for disbursement against the legitimate dues of genuine depositors of the Sahara Group of Cooperative Societies.

This article provides important information, FAQs, and a step-by-step guide on how to utilize the CRCS-Sahara Refund Portal for claiming refunds.

Who are eligible for refund through the CRCS Sahara Refund Portal?

The following cooperative societies’ genuine and legitimate depositors are eligible for refunds through the CRCS-Sahara Refund Portal:

1. Humara India Credit Cooperative Society Limited, Kolkata.
2. Sahara Credit Cooperative Society Limited, Lucknow.
3. Saharayan Universal Multipurpose Society Limited, Bhopal.
4. Stars Multipurpose Cooperative Society Limited, Hyderabad.

What is the eligibility criteria for filing a claim on the CRCS Sahara Refund Portal?

Claim Process: To file a claim on the CRCS-Sahara Refund Portal, depositors must meet the following eligibility criteria:

1. For Humara India Credit Cooperative Society Limited, Kolkata, Sahara Credit Cooperative Society Limited, Lucknow, and Saharayan Universal Multipurpose Society Limited, Bhopal, the deposit and outstanding dues must have been made before March 22, 2022.
2. For Stars Multipurpose Cooperative Society Limited, Hyderabad, the deposit and outstanding dues must have been made before March 29, 2023.

What details does a Depositor need to provide with the Claim Request form/ Application?

To initiate the refund process, depositors need the following documents and information:

1. Aadhaar-linked mobile number.
2. Aadhaar-linked bank account.
3. Deposit number and investment details.
4. PAN card (if the claim deposit is above Rs. 50,000).

Steps to Register and Claim Refund:

1. Visit the CRCS-Sahara Refund Portal: https://mocrefund.crcs.gov.in/Help.
2. Click on the “Registration” option on the homepage.
3. Enter your Aadhaar-linked mobile number and account number, then click on “Generate OTP.”
4. Enter the OTP received and verify it.
5. Once the OTP is verified, your application will be registered for the refund process.

Claim Verification and Refund Timeline:

1. After submitting the application, the Sahara group committee will verify the details within 30 days.
2. Within 45 days of application submission, depositors will be notified through SMS or the website regarding the status of their claim.
3. The refund amount will be directly credited to the depositor’s Aadhaar-seeded bank account after 45 days from the successful claim submission.

Note: Aadhaar Seeding is mandatory for secure fund transfer to the depositor’s bank account.

Conclusion

The CRCS-Sahara Refund Portal offers an efficient and transparent process for depositors to claim their refunds from the Sahara Group’s cooperative societies. By following the registration steps and providing the necessary documents, eligible depositors can ensure a smooth refund process. The government’s commitment to resolving this issue and returning the deposits to the rightful owners is a significant step towards safeguarding the interests of depositors.

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