Sahara Refund Portal: Union Minister Amit Shah transfers initial refund to depositors

The Union Minister for Cooperation Amit Shah on Friday transferred the initial refund of Rs 10,000 to 112 depositors who claimed it via the Central Registrar of Cooperative Societies (CRCS)-Sahara Refund Portal.

Till date as many as eighteen lakh investors have already registered on the platform, Shah said at the event. The portal was launched on July 18.

Speaking at the event, Shah said that the Modi government is determined to return the money to the investors who lost their money in the four cooperatives of Sahara.


"If we want to strengthen the objective of cooperation, we need to strengthen the belief in cooperation as well. It is the responsibility of the government to keep safe the hard-earned savings of the people of the country as per rights given by the constitution," he added.

He also assured the depositors that in the coming time, the depositors will receive their entire claim amount.

Investors in any of the four Sahara societies can claim refund for investments of Rs 10,000 and more via the online portal. However, only Rs 10,000 would be received as initial payment within 45 days.

If the depositors have outstanding dues against deposits before the specified dates, will the money be allocated. The specified dates are: for Humara India Credit Cooperative Society Limited from Kolkata; Sahara Credit Cooperative Society Limited, Lucknow; Saharayan Universal Multipurpose Society Limited, Bhopal, the depositors must have outstanding dues before March 22, 2022.

Meanwhile for Stars Multipurpose Cooperative Society Limited, Hyderabad, the said date is March 29, 2023.

The depositor’s identity will be verified using their Aadhar cards. After which, if the claims are found genuine, payment will be credited to their bank account within 45 days of filing their online claims, subject to fund availability.

However, only Aadhaar seeded bank account depositors can file a claim.

The depositors are mandated to submit documents and details like Membership number, Deposit Account number, Aadhaar linked Mobile number, Deposit certificates or Passbook, and PAN card (mandatory if the claim amount is Rs 50,000 and above) with their claim requests form.

Parliament on August 1, passed the Multi-State Cooperative Societies (Amendment) Bill 2023, which seeks to strengthen cooperatives by making their functioning more transparent, introducing a system of regular elections and prohibiting the appointment of related persons. The bill, approved by the Lok Sabha on July 25, 2023, was passed in the Rajya Sabha by voice vote as the opposition staged a walkout earlier.

The bill, as the Ministry says, provides for norms for the appointment of employees, which ensures that there are no nepotism practices and strengthening cooperatives is integral to India's economy.