The Centre begins refunding Sahara investors Rs 5,000 crore.
Cooperation Minister Amit Shah said 1.78 crore small investors whose money up to Rs 30,000 is stalled will get it recovered, a fantastic achievement.
NEW DELHI: The Centre on Tuesday began refunding Rs 5,000 crore of depositors whose funds are stricken in four cooperative societies of Sahara Group, a move that may benefit crores of small investors waiting for their investments.
The government promised to repay 10 crore investors of the four cooperative organisations within nine months on March 29.
The Supreme Court ordered the payment of Rs 5,000 crore from the Sahara-Sebi refund account to the CRCS.
“The process of returning the amount of Rs 5,000 crore to the investors is starting today in a transparent manner on a trial basis,” Cooperation Minister Amit Shah said, launching the CRCS-Sahara Refund Portal. This begins Sahara Group depositor refunds.”
After the Rs 5,000 crore payout, another Supreme Court appeal will refund the money to the remaining investors, he claimed. “The portal will initially benefit about one crore depositors,” he said.
Shah said the reimbursement process will restore small investors’ faith in credit cooperative societies after a string of scams.
The portal allows genuine depositors of Sahara Group Cooperative Societies (Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited) to submit claims.
Shah explained that one crore investors who contributed Rs 10,000 or more will receive the first payout of up to Rs 10,000.
He said the CRCS-Sahara Refund Portal has all four societies’ data.
He added all required procedures have been implemented to prevent manipulation or injustice to legitimate investors.
“People who have not made any investments cannot receive any refund in any way from this portal, but those who have invested will receive the refunds for sure,” Shah said, urging impacted investors to register online through CSC.
Sahara Group investors must link their Aadhaar cards to bank and mobile accounts.
“I assure you the money will be deposited into their bank accounts within 45 days,” Shah stated. He claimed that crores of scam victims will now recover their hard-earned money.
Shah said it was a remarkable success to return 1.78 crore small investors’ money up to Rs 30,000.
IFCI subsidiary developed the portal.
Apply for Sahara Refund online at https://mocrefund.crcs.gov.in.
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