Sahara Refund Process: Simple Steps to Get Your Money

Sahara Refund Process: Simple Steps to Get Your Money

Last Updated : May 15, 2024, 6:45 p.m.

If you are one of the many investors affected by the Sahara investment issue, you might be wondering how to get your money back.

Don’t fret; the Sahara refund portal is here to help!

In this guide, we will walk you through the entire process of claiming your refund from Sahara.

We will also cover how to access the portal, the required documents, and the steps to submit your claim.

So, without further ado, let’s begin!

What is the Sahara Refund Portal?

The Sahara refund portal was introduced on July 18, 2023, by the Union Home Minister and Minister of Cooperation, Amit Shah. The portal was formed upon an order from the Supreme Court on March 29, 2023.

It aims to facilitate the refund process for genuine depositors who invested and have outstanding dues with the Sahara Group cooperative societies.

If you have money owed to you, you can claim it and expect to receive it within 45 days.

The Role of Central Registrar of Cooperative Societies (CRCS)

Since the Sahara Refund portal was set up, the Ministry of Cooperation has taken steps to look after the interests of people who deposited money with the Sahara Group of Cooperative Societies.

Following the investment problems, the Supreme Court of India directed that Rs. 5,000 crores be moved from the ‘Sahara SEBI Refund Account’ to the Central Registrar of Cooperative Societies (CRCS) to help genuine depositors.

This money is meant to pay back the genuine members of the Sahara Group of Cooperative Societies. To receive their money directly in their bank accounts, depositors must provide proof of identity and their claim. They also need to link their Aadhaar with their mobile number and have all required documents ready.

Members who request a refund won't have to pay any extra fees. The Sahara Group of Cooperative Societies will check the claim within 30 days of submission. Depositors will then get a text message with the decision about their claim within 15 days after the check is done, which is 45 days in total from when they submitted the claim form.

Eligibility Criteria to Claim Refund

You must meet the below eligibility criteria for the Sahara refund process and claim your invested amount:

1. Depositors must have invested the amount before 22 March 2022 and have outstanding dues with the following Sahara societies:

  • Humara India Credit Cooperative Society Limited, Kolkata
  • Sahara Credit Cooperative Society Limited, Lucknow
  • Saharayan Universal Multipurpose Society Limited, Bhopal
  • Stars Multipurpose Cooperative Society Limited, Hyderabad

2. Depositors must have deposited before 29 March 2023 and have outstanding dues receivable from Stars Multipurpose Cooperative Society Limited.

How Much Money Will be Refunded?

In the first stage, a total of Rs. 5000 crore will be paid back to depositors through the refund portal, with each depositor eligible to receive Rs. 10,000. Amit Shah explained that this initial payment of Rs. 10,000 to investors is a trial. If the trial is successful, the refunded amounts might increase.

Amit Shah mentioned that around 1.07 crore investors can sign up on the refund portal and claim up to Rs 10,000 during this phase. Overall, 4 crore depositors qualify to receive this amount.

He added that if this initiative is successful, further steps will be considered to resolve the claims of depositors with larger amounts tied up in the Sahara Group’s cooperative societies. The entire refund process will be conducted online.

Documents Required to Apply for a Refund

Eligible depositors must have the following documents to claim a refund:

  • Membership number
  • Deposit account number
  • PAN card if the claim amount exceeds Rs. 50,000
  • Aadhaar card linked with a mobile number and bank account
  • Passbook/deposit certificates

Steps to Apply for Sahara Refund

Here is a detailed step-by-step guide you should follow to apply to get back your money:

Step 1: Visit the Sahara refund portal .

Step 2: Navigate to the ‘Depositor Registration’ tab.

Step 3: Enter the last 4 digits of your Aadhaar number along with your mobile number linked to the Aadhaar.

Step 4: Type in the OTP received to complete your registration.

Step 5: Log in to the Sahara refund portal by clicking on the ‘Depositor Login’ tab.

Step 6: Fill in the details like the last 4 digits of your Aadhaar number, mobile number, and the OTP received.

Step 7: Once logged in, provide your consent by clicking on ‘I Agree’.

Step 8: On the personal details screen, enter your 12-digit Aadhaar number and click ‘Get OTP’.

Step 9: Enter the OTP and then click on the verify button.

Step 10: Check the details fetched and auto-filled from Aadhaar on the next page.

Step 11: You also have the option to enter your email address. Click on ‘Save Email’ and proceed further.

Step 12: After entering the required information, click 'Add Claim'.

Step 13: Your claim details will appear. Click 'Next'.

Step 14: On the following page, click 'Generate Claim Request Form'.

Step 15: The claim form will be shown on your screen. Click 'Download Form'.

Step 16: Attach your latest photograph and signature on the claim form.

Step 17: Upload the claim form and a copy of your PAN card on the ‘Upload Document’ screen.

Step 18: Once you successfully upload the form, you will receive an acknowledgement number. The refunding process will take around 45 days.

Sahara India Refund Form 2023 PDF Download

You can download the Sahara Refund form by accessing the Sahara Refund portal . First, log in, enter your personal information and Aadhaar details, then click on 'Generate Claim Request Form'.

After this, click the 'Generate Claim Refund Form' button to download the PDF of the form. To complete your claim, attach your photo and signature to the form and upload it back onto the Sahara Refund portal.

How to Check Sahara Refund Status?

Once you have raised the claim for a refund on the portal, you can check the Sahara refund status by following the below steps:

Step 1: Visit the Sahara Refund portal .

Step 2: Go to the ‘Depositor Login’ tab.

Step 3: Enter the last 4 digits of your Aadhaar, mobile number, and captcha code and click on ‘Get OTP’.

Step 4: Enter the OTP and click on ‘Verify OTP’.

Step 5: The login page will display the details and status of your claim.

Summing Up!

The Sahara Refund portal is an important platform for Sahara group investors to claim a refund of their deposits. It’s essential to ensure that all details, including personal information and financial documents, are accurate to avoid any delays.

Related Post