New Delhi: Amit Shah, the Union Home Minister and Minister of Cooperation, has initiated the process of transferring funds to legitimate depositors of the Sahara Group of Cooperative Societies through a dedicated online portal. On the launch day, 112 beneficiaries received ₹10,000 each directly into their bank accounts. The Ministry of Cooperation issued a press release assuring that all investors will soon receive their rightful refunds.
During his speech, Amit Shah emphasized the government’s commitment, led by Prime Minister Narendra Modi, to safeguarding the rights of all citizens. He lauded the Ministry of Cooperation for achieving a significant milestone in this endeavour, highlighting the collective efforts of various agencies to expedite the return of deposited funds to investors.
Originally, the CRCS-Sahara Refund Portal was unveiled on July 18, 2023, with a promise to reimburse genuine depositors within 45 days of registration. However, collaborative efforts between the Supreme Court-appointed committee and government bodies have resulted in an efficient process. Amit Shah revealed that approximately 33 lakh investors have registered on the CRCS-Sahara refund portal.
The portal’s development aims to facilitate the submission of legitimate claims by authentic depositors associated with the Sahara Group of Cooperative Societies, which includes entities like Sahara Credit Cooperative Society Ltd, Saharayan Universal Multipurpose Society Ltd, Humara India Credit Cooperative Society Ltd, and Stars Multipurpose Cooperative Society Ltd. It’s important to note that the Ministry of Cooperation filed an application in the Supreme Court of India to address grievances and ensure the payment of legitimate deposits to members and depositors of the Sahara Group of Cooperative Societies.
Responding to this application, the Supreme Court, in a March 29 order this year, directed the transfer of ₹5,000 crores from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS). This allocation is intended for disbursing rightful dues to the genuine depositors associated with the Sahara Group of Cooperative Societies. The government announced in March its commitment to returning funds to around 10 crore investors across the four cooperative societies within a nine-month timeframe.
Comments