Sahara Refund: In a significant move, the Indian government has announced an increase in the refund limit for small investors of Sahara Group cooperative societies. This decision brings relief to many who had invested their hard-earned money in various Sahara schemes.
Refund Limit Increased
The government has raised the refund limit from Rs 10,000 to Rs 50,000 for small depositors of Sahara Group cooperative societies. This fivefold increase is expected to provide substantial relief to investors who had put larger amounts into Sahara’s schemes.
Current Progress of Refunds
To date, the government has disbursed Rs 370 crore to over 4.29 lakh depositors through the CRCS (Central Registrar of Cooperative Societies)-Sahara Refund Portal. This portal, launched on July 18, 2023, was created to facilitate the refund process for genuine depositors of four multi-state cooperative societies of the Sahara Group.
Impact of the Increased Limit
With the new refund limit of Rs 50,000, officials estimate that about Rs 1,000 crore will be paid out to investors in the next 10 days. This rapid disbursement is expected to provide significant financial relief to a large number of small investors who have been waiting for their funds.
Careful Examination of Claims
The government is exercising caution in the refund process. Each claim is being carefully examined before issuing refunds to ensure that only genuine depositors receive their money. This thorough vetting process is crucial to prevent fraudulent claims and ensure fair distribution of funds.
Societies Involved in the Refund Process
The refund process covers four Sahara Group multi-state cooperative societies:
1. Sahara Credit Cooperative Society Ltd., Lucknow
2. Saharayan Universal Multipurpose Society Ltd., Bhopal
3. Hamara India Credit Cooperative Society Ltd., Kolkata
4. Stars Multipurpose Cooperative Society Ltd., Hyderabad
Legal Background
This refund process stems from a Supreme Court order dated March 29, 2023. Following this order, Rs 5,000 crore was transferred from the SEBI-Sahara refund account to the Central Registrar of Cooperative Societies (CRCS) on May 19, 2023. The distribution of these funds is being overseen by Justice R Subhash Reddy, ensuring a fair and transparent process.
Digital Distribution of Funds
The refund process is being conducted digitally, which allows for faster and more efficient distribution of funds. This modern approach helps in reaching a large number of depositors quickly and reduces the chances of errors or fraud in the distribution process.
Conclusion
The government’s decision to increase the refund limit for Sahara Group investors is a welcome move for thousands of small depositors. While the process of examining claims and distributing funds is ongoing, this increase from Rs 10,000 to Rs 50,000 represents a significant step towards providing relief to those affected by the Sahara Group’s financial issues. As the refund process continues, it remains crucial for investors to stay informed and follow the official channels for updates on their claims.
