The Union Government, led by Union Home Minister and Cooperation Minister, inaugurated the CRCS-Sahara Refund Portal in Delhi. The webpage seeks to assist millions of Sahara Group depositors in reclaiming their funds.
On July 17, the Ministry of Cooperation petitioned the Supreme Court to settle the claims of real members/depositors of Sahara Group cooperative organizations. In its decision dated March 29, 2023, the Supreme Court directed that Rs 5000 crores will be transferred from the ‘Sahara-SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) for payout against lawful dues of bonafide depositors of the Sahara Group of Cooperative Societies.
The goal of the CRCS-Sahara Refund Portal
The CRCS-Sahara Refund Portal was created to address legitimate depositor claims in Sahara Group cooperative societies such as Sahara Credit Cooperative Society Ltd., Saharayan Universal Multipurpose Society Ltd., Humara India Credit Cooperative Society Ltd., and Stars Multipurpose Cooperative Society Ltd.
The refund facility would initially pay out up to Rs 5000 crore to depositors. In the first phase, each depositor would be eligible for a maximum of Rs 10,000. On a trial basis, Rs 10,000 will be refunded to investors, with the option of raising the refund amount if the experiment is successful.
Eligibility and the Claim Procedure
Approximately around one crore and seven lakh investors can register. During the first phase, you can claim up to Rs 10,000 using the refund site. A total of 4 crore depositors are entitled to collect up to Rs 10,000. To make a claim, depositors’ Aadhaar IDs and bank accounts must be linked to each other. Deposit receipts are also required. Depositors will be required to download a form, fill it out, and re-upload it to the site for further refund processing.
What Are The Deadlines For Filing Claims Through The CRCS Sahara Refund Portal?
Depositors of Sahara Group Cooperative Societies who placed their money before the following dates and have outstanding receipts are eligible:
Depositors of the three societies listed below who made their deposits before March 22, 2022
- Sahara Credit Cooperative Society Limited
- Limited Saharayan Universal Multipurpose Society
- Hamara India Credit Cooperative Society Limited is a credit cooperative in India.
Depositors of the following societies listed below who made their deposits before March 29, 2023
- Stars Multipurpose Cooperative Society Limited
Documents Are Required To Apply On The CRCS Sahara Refund Portal
The depositor must have the following below-mentioned documents
- Membership number
- Deposit account number
- Mobile Number linked with Aadhaar (Mandatory)
- Certificate of Deposit/Passbook
- PAN Card (if the claim amount is Rs.50,000/- and above it is mandatory)
15 Steps To Apply For CRCS Sahara Refund Portal
Step 1: Navigate to the CRCS Sahara Refund Portal: CLICK HERE or search for https://mocrefund.crcs.gov.in/. Enter your 12-digit Membership Number, the last four digits of your Aadhaar Number, your 10-digit Aadhaar-linked Mobile Number, and the Captcha to register as a depositor. Then, choose “Get OTP.”
Step 2: Enter the OTP that was sent to your Aadhaar-linked mobile number and finish the registration process.
Step 3: On the depositor login screen, input your Aadhaar Number’s last four digits, your Aadhaar-linked Mobile Number, and the Captcha. Select “Get OTP.”
Step 4: Enter the OTP.
Step 5: Once logged in, provide Aadhaar with your approval. Accept the terms and conditions on the following page by clicking “I agree.”
Step 6: Enter your 12-digit Aadhaar Number on the Personal Details screen and click “Get OTP.” The OTP will be sent to your Aadhaar-linked mobile number.
Step 7: Enter your OTP and then click “Verify OTP.”
Step 8: After validating the OTP, your Aadhaar user data, including First Name, Middle Name, Last Name, Date of Birth, and Father/Husband Name, will be shown.
Step 9: You can optionally input your email address and select “Save Email,” then click the “Next” button.
Step 10: Enter the information from the Certificate of Deposit.
Step 11: In the grid below, click “Submit Claim” to see all of the details. You can enter several claim requests here.
Step 12: Once all of the claim information has been submitted, the pre-filled claim request form will be generated. Please input all claims before completing the form, since it cannot be modified or added later.
Step 13: Attach your most recent photos and sign the claim form alongside it.
Step 14: On the “Upload Document” screen, upload the claim form and a copy of your PAN card. (If the claim is for Rs. 50,000 or more, a PAN card is required.) The claim request form, signed with a photograph and a PAN card, has a size restriction of 12MB and 50KB.
Step 15: A thank you page with a claim request number will display. Take down the claim request number for future reference.