DH Deciphers | Sahara refund portal: All you need to know about eligibility, claim processes

The central government recently unveiled a portal to facilitate depositors, whose money is stuck in Sahara Group Cooperative Societies, in claiming their refunds. The move follows a Supreme Court's order dated 29th March 2023, which directed the transfer of Rs 5,000 crore from Sahara-SEBI Refund Account to the Central Registrar of Cooperative Societies (CRCS) account for disbursement against the legitimate dues of the genuine depositors. In this issue of DH Deciphers, Gyanendra Keshri decodes eligibility and processes to be followed for claiming the refunds.

What is the CRCS-Sahara Refund Portal?

The Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal is a dedicated online portal to facilitate the depositors whose money is stuck in four Sahara group cooperative societies. These are: Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited and Stars Multipurpose Cooperative Society Limited. The website to facilitate the refund is https://mocrefund.crcs.gov.in.

Who is eligible for refunds through the CRCS-Sahara Refund Portal?

As of now, not all investors are eligible to get the refund. There are two main points to be noted. First, you can apply only if you have deposited Rs 10,000 or more. The second point to be noted is dates until which you must have made the deposits. Two dates have been fixed for deciding the eligibility for refunds, depending on which cooperative society you have made the deposits. For three cooperative societies – Humara India Credit Cooperative Society Limited, Sahara Credit Cooperative Society Limited and Saharayan Universal Multipurpose Society Limited – the eligibility date is 22nd March 2022. In the case of Stars Multipurpose Cooperative Society Limited the eligibility date is 29th March 2023. All depositors who have made deposits and have outstanding dues receivable before these dates are eligible for filing the claim request.

Will I receive all my money back at one go?

No. In the first stage, payment up to Rs 10,000 will be made to one crore investors. Suppose, your total deposit is Rs 50,000, you will receive only Rs 10,000 in the first stage.

Is there any fee for making the application?

No. It’s free of cost. So you don’t need to make any payments for filling the claim form.

What are the details required?

You need to provide the following details to apply for the claims. (1) Membership number (2) Deposit Account number (3) Aadhaar (4) Aadhaar-linked Mobile number (5) Deposit certificates or Passbook (6) PAN (mandatory only if claim amount is Rs 50,000/- and above). Depositors must provide Aadhaar-seeded Bank account details to receive the refund.

What are the documents required to be uploaded?

You need to upload the following documents: (1) Claim Request Form (2) Deposit certificate or passbook (3) PAN Card (if claim amount is Rs 50,000/- and above).

Is there any timeframe for processing the refund?

Yes. The amount will be credited to the bank account of an eligible depositor within 45 days of making online application. There are two main stages in processing the refund – verification and release of funds. The responsibility of verification of claim data lies with the respective Sahara societies. Sahara societies have been given a timeframe of 30 days to verify the claim. After verification by Sahara societies, the authorised verifier and the Central Registrar of Cooperative Societies (CRCS) is required to process the claim in the next 15 days. However, there is a catch! The payment is “subject to fund availability”.