Sahara Refund: How to reclaim your deposits from CRCS

Amit Shah, who serves as the Union Home Minister and Minister of Cooperation, has introduced a new online portal to facilitate the refund process for depositors of the Sahara Group of Cooperative Societies. This initiative comes after a Supreme Court order on March 29, which mandated the transfer of ₹5,000 crore from the "Sahara-SEBI Refund Account" to the Central Registry of Cooperative Societies (CRCS) for the benefit of investors in the Sahara Cooperative Societies.

The portal was launched in New Delhi and aims to expedite the refund process for depositors who were affected by the Sahara scam. The government has assured depositors that they will receive their refunds within 45 days through this online platform.

Who are eligible to get the refund

Eligibility for the refund are :

• One crore investors who had deposited ₹10,000 or more are eligible for the first payment of up to ₹10,000.
• Deposit made before March 22, 2022, in Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, and Hamara India Credit Cooperative Society Limited makes depositors eligible for the refund.
• Deposit made before March 29, 2023, in Stars Multipurpose Cooperative Society Limited also qualifies depositors for the refund.
• After the ₹5,000 crore payment, another appeal will be made to return the same to other depositors in Sahara Cooperative Societies.

Documents Required For Sahara Refund

Documents required for Sahara Refund are :

• Deposit Account Number: The unique account number provided by Sahara for the deposited amount.
• Mobile Number linked with Aadhaar (Mandatory): The mobile number that is linked to your Aadhaar card, as it is a mandatory requirement for the refund process.
• Membership Number: The membership number provided by Sahara Cooperative Societies for identification purposes.
• Certificate of Deposit/Passbook: Official document or passbook showing the details of your deposit with Sahara.
• PAN Card (if the claim amount exceeds Rs. 50,000): If the refund amount exceeds Rs. 50,000, a PAN card is required for verification and tax purposes.

How to do registration on Sahara Refund Portal

• Provide the following details - Last 4 digits of Aadhaar Number and 10 digit Aadhaar linked Mobile Number. Click on "Get OTP."

• Check your Aadhaar linked Mobile Number for the OTP.
• Enter the received OTP on the portal.
• Complete the registration process.

Step to claim Sahara Refund

Here are the steps to claim refund on CRCS Refund Portal

• Access the Depositor Login page.

• Enter the last 4 digits of your Aadhaar Number and 10-digit Aadhaar-linked Mobile Number. Click on "Get OTP" and enter the OTP received on your mobile.
• Give consent and accept the terms and conditions by clicking on "I Agree."
• On the Personal Details screen, provide your 12-digit Aadhaar Number and click on "Get OTP" again.
• Verify your details displayed, such as first name, middle name, last name, DOB, and Father/Husband name.
• Optionally, provide your Email ID.
• Enter details of your Certificate of Deposit and click on "Add Claim" to add multiple Claim Details. Click on "Submit Claim" once all claim data is entered.
• Generate the Prefilled Claim Request Form.
• Affix your recent photograph and sign across the photo and the Claim form.
• Upload the Claim Form and a copy of your PAN Card (mandatory for claim amounts Rs. 50,000 or above) on the "Upload Documents" screen.
• Note down the claim request for future reference.

How long will it take to get a refund?

Amit Shah, in his assurance, stated that the refund money for the claimants would be deposited into their bank accounts within 45 days. This means that the process of refunding the claimed amount should be completed within 45 days from the date of submission of the claim request and all required documents.

How can depositors track the status of their refund request?

Depositors can track their refund request status through the Sahara Refund Portal. They will receive updates via SMS and can access real-time information, ensuring a hassle-free and transparent experience during the refund process.

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